Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | BKCC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | false | ||
Entity Registrant Name | BLACKROCK CAPITAL INVESTMENT CORPORATION | ||
Entity Central Index Key | 0001326003 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding | 72,571,907 | ||
Entity Public Float | $ 264.3 | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 814-00712 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-2725151 | ||
Entity Address, Address Line One | 50 Hudson Yards | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10001 | ||
City Area Code | 212 | ||
Local Phone Number | 810-5800 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report. | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | Los Angeles, California |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Investments at fair value | $ 570,489,084 | $ 552,563,994 |
Cash and cash equivalents | 9,531,190 | 12,750,121 |
Interest, dividends and fees receivable | 5,515,446 | 3,671,722 |
Due from broker | 1,946,507 | 0 |
Deferred debt issuance costs | 1,055,117 | 1,511,418 |
Receivable for investments sold | 12,096 | 690,550 |
Prepaid expenses and other assets | 510,706 | 788,469 |
Total assets | 589,060,146 | 571,976,274 |
Liabilities | ||
Debt (net of deferred issuance costs of $996,839 and $425,272) | 253,003,161 | 196,875,330 |
Dividends payable | 7,257,191 | 7,392,972 |
Income incentive fees payable (see Note 3) | 3,403,349 | 170,002 |
Accrued capital gains incentive fees (see Note 3) | 0 | 1,544,569 |
Management fees payable | 2,186,540 | 2,122,519 |
Interest Rate Swap at fair value | 1,332,299 | 0 |
Interest and debt related payables | 738,719 | 601,379 |
Payable for investments purchased | 600,391 | 11,679,798 |
Accrued administrative expenses | 397,299 | 384,225 |
Accrued expenses and other liabilities | 1,618,844 | 1,553,507 |
Total liabilities | 270,537,793 | 222,324,301 |
Commitments and contingencies (see Note 9) | ||
Net assets | ||
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 84,481,797 and 84,478,251 issued and 72,571,907 and 73,876,987 outstanding | 84,482 | 84,478 |
Paid-in capital in excess of par | 850,199,351 | 852,360,178 |
Distributable earnings (losses) | (458,387,778) | (434,303,297) |
Treasury stock at cost, 11,909,890 and 10,601,264 shares held | (73,373,702) | (68,489,386) |
Total net assets | 318,522,353 | 349,651,973 |
Total liabilities and net assets | $ 589,060,146 | $ 571,976,274 |
Net assets per share | $ 4.39 | $ 4.73 |
Non-Controlled, Non-Affiliated Investments | ||
Assets | ||
Investments at fair value | $ 551,686,646 | $ 526,504,945 |
Non-Controlled, Affiliated Investments | ||
Assets | ||
Investments at fair value | 3,574,438 | 4,131,978 |
Controlled Investments | ||
Assets | ||
Investments at fair value | $ 15,228,000 | $ 21,927,071 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cost | $ 658,300,164 | $ 614,626,655 |
Deferred issuance costs, debt | $ 996,839 | $ 425,272 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 84,481,797 | 84,478,251 |
Common stock, shares outstanding | 72,571,907 | 73,876,987 |
Treasury stock, shares | 11,909,890 | 10,601,264 |
Non-Controlled, Non-Affiliated Investments | ||
Cost | $ 569,528,145 | $ 520,501,274 |
Non-Controlled, Affiliated Investments | ||
Cost | 3,849,638 | 5,027,616 |
Controlled Investments | ||
Cost | $ 84,922,381 | $ 89,097,765 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Investment income | ||||
Total investment income | $ 57,935,794 | $ 46,245,020 | $ 67,115,500 | |
Operating expenses | ||||
Interest and other debt expenses | 13,140,402 | 11,620,899 | 15,584,214 | |
Management fees | 8,311,686 | 7,784,188 | 10,799,832 | |
Incentive fees on income | 3,422,362 | 249,385 | 6,304,333 | |
Incentive fees on capital gains(1) | [1] | (1,544,569) | 1,544,569 | 0 |
Administrative expenses | 1,407,775 | 1,354,283 | 1,457,979 | |
Professional fees | 836,788 | 1,100,008 | 1,964,252 | |
Insurance expense | 747,428 | 809,356 | 650,432 | |
Director fees | 613,750 | 622,500 | 652,250 | |
Investment advisor expenses | 103,276 | 350,000 | 350,000 | |
Other operating expenses | 1,525,774 | 1,011,273 | 1,433,054 | |
Total expenses, before incentive fee waiver | 28,564,672 | 26,446,461 | 39,196,346 | |
Incentive fee waiver (see Note 3) | 0 | (79,383) | (6,304,333) | |
Total expenses, net of incentive fee waiver | 28,564,672 | 26,367,078 | 32,892,013 | |
Net investment income | [1] | 29,371,122 | 19,877,942 | 34,223,487 |
Net realized gain (loss): | ||||
Net realized gain (loss) | 1,196,573 | (19,077,032) | (115,988,233) | |
Net change in unrealized appreciation (depreciation): | ||||
Net change in unrealized appreciation (depreciation) on Interest Rate Swap | (1,332,299) | 0 | 0 | |
Net change in unrealized appreciation (depreciation) on Foreign currency translation | 0 | (285,360) | 135,427 | |
Net change in unrealized appreciation (depreciation) | (27,080,719) | 65,687,318 | (22,087,857) | |
Net realized and unrealized gain (loss) | (25,884,146) | 46,610,286 | (138,076,090) | |
Net increase (decrease) in net assets resulting from operations | $ 3,486,976 | $ 66,488,228 | $ (103,852,603) | |
Net investment income per share-basic | [1] | $ 0.40 | $ 0.27 | $ 0.49 |
Earnings (Loss) per share - basic | [1] | $ 0.05 | $ 0.90 | $ (1.49) |
Weighted average shares outstanding—basic | 73,314,124 | 74,153,145 | 69,801,849 | |
Net investment income per share-diluted | [1],[2] | $ 0.40 | $ 0.27 | $ 0.49 |
Earnings (Loss) per share - diluted | [1],[2] | $ 0.05 | $ 0.83 | $ (1.49) |
Weighted average shares outstanding—diluted | 81,042,705 | 91,146,882 | 86,795,585 | |
Non-Controlled, Non-Affiliated Investments | ||||
Investment income | ||||
Interest income (excluding PIK): | $ 54,387,478 | $ 40,366,030 | $ 31,426,192 | |
PIK interest income | 1,138,311 | 2,092,736 | 5,026,084 | |
PIK dividend income | 319,524 | 15,177 | 0 | |
Other income | 1,633,795 | 839,678 | 620,705 | |
Net realized gain (loss): | ||||
Net realized gain (loss) | 1,196,573 | 21,408,577 | (12,941,524) | |
Net change in unrealized appreciation (depreciation): | ||||
Net change in unrealized appreciation (depreciation) | (23,845,171) | 20,125,055 | (2,123,600) | |
Non-Controlled, Affiliated Investments | ||||
Investment income | ||||
Interest income (excluding PIK): | 0 | 11,867 | 474,862 | |
PIK interest income | 456,686 | 481,800 | 461,367 | |
Dividend income (excluding PIK) | 0 | 71,500 | 0 | |
Other income | 0 | 0 | (3,055) | |
Net realized gain (loss): | ||||
Net realized gain (loss) | 0 | (7,989,591) | (43,851,965) | |
Net change in unrealized appreciation (depreciation): | ||||
Net change in unrealized appreciation (depreciation) | 620,438 | 6,932,957 | 35,523,356 | |
Controlled Investments | ||||
Investment income | ||||
Interest income (excluding PIK): | 0 | 718,571 | 19,794,470 | |
PIK interest income | 0 | 0 | 1,053,664 | |
Dividend income (excluding PIK) | 0 | 1,647,661 | 8,190,499 | |
Other income | 0 | 0 | 70,712 | |
Net realized gain (loss): | ||||
Net realized gain (loss) | 0 | (32,496,018) | (59,194,744) | |
Net change in unrealized appreciation (depreciation): | ||||
Net change in unrealized appreciation (depreciation) | $ (2,523,687) | $ 38,914,666 | $ (55,623,040) | |
[1] Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the years ended December 31, 2022 and 2021 (see Note 3). For the years ended December 31, 2022 and 2020, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive (see Note 8). |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Beginning balance | $ 349,651,973 | $ 315,010,277 | $ 435,608,981 | |
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||
Issuance of common stock - stock distribution and reinvestment | 17,487,028 | |||
Issuance of common stock from the conversion of the 2022 Convertible Notes | $ 30,000 | |||
Repurchase of common stock, value | (4,884,316) | (2,192,527) | (3,627,604) | |
Net investment income | [1] | 29,371,122 | 19,877,942 | 34,223,487 |
Net realized and unrealized gain (loss) | (25,884,146) | 46,610,286 | (138,076,090) | |
Dividends to common stockholders, excluding tax return of capital | [2] | (27,571,457) | (22,084,873) | (21,964,429) |
Tax return of capital | (1,741,425) | (7,569,132) | (8,641,096) | |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | 0 | 0 | ||
Ending balance | $ 318,522,353 | 349,651,973 | 315,010,277 | |
Cumulative Effect of Adjustment | ||||
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||
Ending balance | [3] | $ (449,398) | ||
Common Stock | ||||
Beginning balance | $ 84,478 | $ 84,478 | $ 77,861 | |
Beginning balance, Shares | 73,876,987 | 74,466,665 | 68,836,255 | |
Issuance of common stock - stock distribution and reinvestment | $ 6,617 | |||
Issuance of common stock - stock distribution and reinvestment, Shares | 6,616,964 | |||
Issuance of common stock from the conversion of the 2022 Convertible Notes | $ 4 | |||
Issuance of common stock from the conversion of the 2022 Convertible Notes, Shares | 3,546 | |||
Repurchase of common stock, value | $ 0 | $ 0 | $ 0 | |
Repurchase of common stock, Shares | (1,308,626) | (589,678) | (986,554) | |
Net investment income | $ 0 | $ 0 | $ 0 | |
Net realized and unrealized gain (loss) | 0 | 0 | 0 | |
Dividends to common stockholders, excluding tax return of capital | [2] | 0 | 0 | 0 |
Tax return of capital | 0 | 0 | 0 | |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | 0 | 0 | ||
Ending balance | $ 84,482 | $ 84,478 | $ 84,478 | |
Ending balance, Shares | 72,571,907 | 73,876,987 | 74,466,665 | |
Common Stock | Cumulative Effect of Adjustment | ||||
Ending balance | [3] | $ 0 | ||
Paid in Capital in Excess of Par | ||||
Beginning balance | 852,360,178 | $ 858,079,713 | $ 849,240,398 | |
Issuance of common stock - stock distribution and reinvestment | 17,480,411 | |||
Issuance of common stock from the conversion of the 2022 Convertible Notes | 29,996 | |||
Repurchase of common stock, value | 0 | 0 | 0 | |
Net investment income | 0 | 0 | ||
Net realized and unrealized gain (loss) | 0 | 0 | 0 | |
Dividends to common stockholders, excluding tax return of capital | [2] | 0 | 0 | 0 |
Tax return of capital | (1,741,425) | (7,569,132) | (8,641,096) | |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | 3,888,233 | 1,849,597 | ||
Ending balance | $ 850,199,351 | 852,360,178 | 858,079,713 | |
Paid in Capital in Excess of Par | Cumulative Effect of Adjustment | ||||
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||
Ending balance | [3] | $ (4,337,631) | ||
Distributable Earnings (Loss) | ||||
Beginning balance | (434,303,297) | (476,857,055) | (351,040,023) | |
Issuance of common stock - stock distribution and reinvestment | 0 | |||
Issuance of common stock from the conversion of the 2022 Convertible Notes | 0 | |||
Repurchase of common stock, value | 0 | 0 | 0 | |
Net investment income | 29,371,122 | 19,877,942 | 34,223,487 | |
Net realized and unrealized gain (loss) | (25,884,146) | 46,610,286 | (138,076,090) | |
Dividends to common stockholders, excluding tax return of capital | [2] | (27,571,457) | (22,084,873) | (21,964,429) |
Tax return of capital | 0 | 0 | 0 | |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | (3,888,233) | (1,849,597) | ||
Ending balance | $ (458,387,778) | (434,303,297) | (476,857,055) | |
Distributable Earnings (Loss) | Cumulative Effect of Adjustment | ||||
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||
Ending balance | [3] | $ 3,888,233 | ||
Treasury Stock at Cost | ||||
Beginning balance | (68,489,386) | (66,296,859) | (62,669,255) | |
Issuance of common stock - stock distribution and reinvestment | 0 | |||
Issuance of common stock from the conversion of the 2022 Convertible Notes | 0 | |||
Repurchase of common stock, value | (4,884,316) | (2,192,527) | (3,627,604) | |
Net investment income | 0 | 0 | 0 | |
Net realized and unrealized gain (loss) | 0 | 0 | 0 | |
Dividends to common stockholders, excluding tax return of capital | [2] | 0 | 0 | 0 |
Tax return of capital | 0 | 0 | 0 | |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | 0 | 0 | ||
Ending balance | $ (73,373,702) | $ (68,489,386) | $ (66,296,859) | |
Treasury Stock at Cost | Cumulative Effect of Adjustment | ||||
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||
Ending balance | [3] | $ 0 | ||
[1] Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the years ended December 31, 2022 and 2021 (see Note 3). Dividends for annual periods are determined in accordance with federal income tax regulations and there may be differences between book and tax amounts (see Note 2). See Notes 2 and 4 for further information related to the adoption of ASU 2020-06. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net increase (decrease) in net assets resulting from operations | $ 3,486,976 | $ 66,488,228 | $ (103,852,603) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net realized (gain) loss | (1,196,573) | 19,077,032 | 115,988,233 |
Net change in unrealized (appreciation) depreciation of investments | 25,748,420 | (65,972,678) | 22,223,284 |
Net change in unrealized (appreciation) depreciation on Interest Rate Swap | 1,332,299 | 0 | 0 |
Net change in unrealized (appreciation) depreciation on foreign currency translation | 0 | 285,360 | (135,427) |
Interest and dividend income paid in kind | (1,914,521) | (2,589,713) | (6,541,115) |
Net amortization of investment discounts and premiums | (3,418,622) | (2,487,926) | (1,300,764) |
Amortization of deferred debt issuance costs | 1,071,844 | 1,565,241 | 1,977,676 |
Amortization of original issue discount | 0 | 942,208 | 890,695 |
Changes in assets and liabilities: | |||
Purchase of investments | (229,891,157) | (272,247,211) | (137,077,906) |
Proceeds from disposition of investments | 192,448,280 | 250,607,406 | 277,596,336 |
Decrease (increase) in interest, dividends and fees receivable | (1,544,640) | (1,744,206) | 3,650,987 |
Decrease (increase) in due from broker | (1,946,507) | 0 | 0 |
Decrease (increase) in receivable for investments sold | 678,454 | 4,748,957 | (3,568,072) |
Decrease (increase) in prepaid expenses and other assets | 277,763 | (379,112) | (877,792) |
Increase (decrease) in payable for investments purchased | (11,079,407) | 2,485,881 | 1,881,417 |
Increase (decrease) in interest and debt related payables | 137,340 | 98,697 | (254,790) |
Increase (decrease) in management fees payable | 64,021 | (190,928) | (937,746) |
Increase (decrease) in income incentive fees payable | 3,233,347 | (1,679,595) | 0 |
Increase (decrease) in accrued capital gains incentive fees | (1,544,569) | 1,544,569 | 0 |
Increase (decrease) in accrued administrative expenses | 13,074 | (4,839) | 16,657 |
Increase (decrease) in accrued expenses and other liabilities | 65,337 | (1,109,062) | 958,059 |
Net cash provided by (used in) operating activities | (23,978,841) | (561,691) | 170,637,129 |
Financing activities | |||
Repayment of 2022 Convertible Notes | (143,720,000) | 0 | 0 |
Proceeds from issuance of 2025 Private Placement Notes | 92,000,000 | 0 | 0 |
Draws on Credit Facility | 230,000,000 | 137,000,000 | 135,800,000 |
Repayments of Credit Facility draws | (122,000,000) | (121,800,000) | (271,400,000) |
Dividends paid to common stockholders | (29,448,663) | (22,261,033) | (22,755,572) |
Repurchase of common shares | (4,884,316) | (2,192,527) | (3,627,604) |
Payments of debt issuance costs | (1,187,111) | (767,459) | 0 |
Net cash provided by (used in) financing activities | 20,759,910 | (10,021,019) | (161,983,176) |
Net increase (decrease) in cash and cash equivalents | (3,218,931) | (10,582,710) | 8,653,953 |
Cash and cash equivalents at beginning of period | 12,750,121 | 23,332,831 | 14,678,878 |
Cash and cash equivalents at end of period | 9,531,190 | 12,750,121 | 23,332,831 |
Supplemental cash flow information | |||
Interest payments | 11,038,096 | 8,014,632 | 12,322,040 |
Tax payments | 101,056 | 100,050 | 108,050 |
Share issuance — conversion of 2022 Convertible Notes | 30,000 | 0 | 0 |
Share issuance - stock distribution and reinvestment | $ 0 | $ 0 | $ 17,487,028 |
Consolidated Schedules of Inves
Consolidated Schedules of Investments - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 658,300,164 | $ 614,626,655 | |||
Fair Value | $ 570,489,084 | 552,563,994 | |||
Metals And Mining | Kemmerer Holdings, LLC (WMLP) | Limited Partnership/Limited Liability Company Interests | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[4],[5],[6] | 753,850 | |||
Fair Value | [1],[2],[4],[5],[6],[7] | $ 746,074 | |||
Shares | [1],[2],[4],[5],[6] | 8 | |||
Investments | |||||
Schedule Of Investments [Line Items] | |||||
Total Debt Investment | 179.10% | 158.10% | [1],[6] | ||
Cost | $ 658,300,164 | [8],[9],[10] | $ 614,626,655 | [1],[3],[6] | |
Fair Value | $ 570,489,084 | [8],[10],[11] | $ 552,563,994 | [1],[6],[7] | |
Debt Investments | |||||
Schedule Of Investments [Line Items] | |||||
Total Debt Investment | 175.90% | 154.50% | |||
Cost | $ 598,534,207 | [8],[9],[10],[12] | $ 554,695,401 | [1],[3],[6],[13] | |
Fair Value | 560,266,004 | [8],[10],[11],[12] | 540,074,737 | [1],[6],[7],[13] | |
Debt Investments | Aerospace & Defense | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 7,590,711 | [8],[9],[10],[12] | 9,113,711 | [1],[3],[6],[13] | |
Fair Value | 7,527,989 | [8],[10],[11],[12] | 9,158,164 | [1],[6],[7],[13] | |
Debt Investments | Automobiles | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 2,505,506 | [8],[9],[10],[12] | 2,760,852 | [1],[3],[6],[13] | |
Fair Value | $ 2,535,420 | [8],[10],[11],[12] | 2,863,064 | [1],[6],[7],[13] | |
Debt Investments | Building Products | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13] | 2,138,719 | |||
Fair Value | [1],[6],[7],[13] | 2,202,766 | |||
Debt Investments | Building Products | Porcelain Acquisition Corporation (Paramount) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[12] | Apr. 30, 2027 | |||
Debt Investments | Capital Markets | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 1,029,438 | [8],[9],[10],[12] | 1,017,351 | [1],[3],[6],[13] | |
Fair Value | 1,065,228 | [8],[10],[11],[12] | 1,076,993 | [1],[6],[7],[13] | |
Debt Investments | Commercial Services & Supplies | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 6,652,192 | [8],[9],[10],[12] | 4,832,589 | [1],[3],[6],[13] | |
Fair Value | 6,236,204 | [8],[10],[11],[12] | 4,842,873 | [1],[6],[7],[13] | |
Debt Investments | Construction & Engineering | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13] | 8,788,866 | |||
Fair Value | [1],[6],[7],[13] | 8,825,638 | |||
Debt Investments | Consumer Finance | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10] | 14,953,763 | |||
Fair Value | [8],[10],[11] | 14,666,740 | |||
Debt Investments | Containers & Packaging | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 13,765,427 | [8],[9],[10] | 11,094,793 | [1],[3],[6],[13] | |
Fair Value | 13,997,622 | [8],[10],[11] | 11,426,426 | [1],[6],[7],[13] | |
Debt Investments | Distributors | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13] | 2,328,568 | |||
Fair Value | [1],[6],[7],[13] | 2,256,616 | |||
Debt Investments | Diversified Consumer Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 48,353,473 | [8],[9],[10] | 36,054,001 | [1],[3],[6],[13] | |
Fair Value | 46,025,835 | [8],[10],[11] | 36,833,255 | [1],[6],[7],[13] | |
Debt Investments | Diversified Financial Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 105,845,201 | [8],[9],[10] | 94,376,258 | [1],[3],[6],[13] | |
Fair Value | 82,648,607 | [8],[10],[11] | $ 74,690,139 | [1],[6],[7],[13] | |
Debt Investments | Diversified Financial Services | 2010 Holdco, Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 6.75% | |||
Maturity | [1],[6],[13] | Mar. 26, 2026 | |||
Principal | [1],[6],[13] | $ 6,605,469 | |||
Cost | [1],[3],[6],[13] | 6,493,415 | |||
Fair Value | [1],[6],[7],[13] | $ 6,569,138 | |||
Debt Investments | Diversified Financial Services | 2010 Holdco, Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 6% | |||
Total Coupon | [1],[6],[13],[14],[15] | 6.75% | |||
Maturity | [1],[6],[13],[14],[15] | Mar. 26, 2026 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (1,322) | |||
Debt Investments | Diversified Financial Services | Callodine Commercial Finance L L C | Subordinated Debt | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[16] | 0.25% | |||
Spread | [1],[6],[13],[16] | 8.50% | |||
Total Coupon | [1],[6],[13],[16] | 8.75% | |||
Maturity | [1],[6],[13],[16] | Oct. 08, 2026 | |||
Principal | [1],[6],[13],[16] | $ 5,000,000 | |||
Cost | [1],[3],[6],[13],[16] | 5,000,000 | |||
Fair Value | [1],[6],[7],[13],[16] | $ 5,000,000 | |||
Debt Investments | Diversified Financial Services | Callodine Commercial Finance L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 9% | |||
Total Coupon | [1],[6],[13] | 10% | |||
Maturity | [1],[6],[13] | Nov. 03, 2025 | |||
Principal | [1],[6],[13] | $ 25,000,000 | |||
Cost | [1],[3],[6],[13] | 25,000,000 | |||
Fair Value | [1],[6],[7],[13] | 25,175,000 | |||
Debt Investments | Diversified Telecommunication Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13] | 4,251,144 | |||
Fair Value | [1],[6],[7],[13] | 4,324,198 | |||
Debt Investments | Health Care Providers & Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 22,366,911 | [8],[9],[10] | 20,251,769 | [1],[3],[6],[13] | |
Fair Value | 21,097,447 | [8],[10],[11] | 20,482,384 | [1],[6],[7],[13] | |
Debt Investments | Health Care Technology | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 25,980,449 | [8],[9],[10] | 23,905,484 | [1],[3],[6],[13] | |
Fair Value | 25,380,349 | [8],[10],[11] | 24,366,262 | [1],[6],[7],[13] | |
Debt Investments | Hotels, Restaurants & Leisure | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10] | 5,131,948 | |||
Fair Value | [8],[10],[11] | 5,087,470 | |||
Debt Investments | Insurance | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 14,147,478 | [8],[9],[10] | 10,870,746 | [1],[3],[6],[13] | |
Fair Value | 14,213,824 | [8],[10],[11] | 11,015,454 | [1],[6],[7],[13] | |
Debt Investments | Internet & Catalog Retail | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10] | 6,690,245 | |||
Fair Value | [8],[10],[11] | 5,670,715 | |||
Debt Investments | Internet Software & Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 66,853,671 | [8],[9],[10] | 61,359,332 | [1],[3],[6],[13] | |
Fair Value | 63,165,311 | [8],[10],[11] | 61,797,048 | [1],[6],[7],[13] | |
Debt Investments | IT Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 14,845,592 | [8],[9],[10] | 8,784,602 | [1],[3],[6],[13] | |
Fair Value | 13,999,657 | [8],[10],[11] | 8,950,296 | [1],[6],[7],[13] | |
Debt Investments | Life Sciences Tools & Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10] | 2,108,923 | |||
Fair Value | [8],[10],[11] | 2,108,529 | |||
Debt Investments | Machinery | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 5,210,880 | [8],[9],[10] | 5,246,366 | [1],[3],[6],[13] | |
Fair Value | 5,338,545 | [8],[10],[11] | 5,446,341 | [1],[6],[7],[13] | |
Debt Investments | Media | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 6,835,091 | [8],[9],[10],[12] | 17,280,854 | [1],[3],[6],[13] | |
Fair Value | 5,969,099 | [8],[10],[11],[12] | 17,460,513 | [1],[6],[7],[13] | |
Debt Investments | Metals And Mining | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13] | 3,134,169 | |||
Fair Value | [1],[6],[7],[13] | 3,134,168 | |||
Debt Investments | Paper & Forest Products | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[12] | 9,849,424 | |||
Fair Value | [8],[10],[11],[12] | 9,547,415 | |||
Debt Investments | Professional Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 41,780,199 | [8],[9],[10],[12] | 34,915,444 | [1],[3],[6],[13] | |
Fair Value | 40,804,744 | [8],[10],[11],[12] | 35,665,090 | [1],[6],[7],[13] | |
Debt Investments | Real Estate Management & Development | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[12] | 6,464,268 | |||
Fair Value | [8],[10],[11],[12] | 6,300,500 | |||
Debt Investments | Road And Rail | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13] | 58,071,523 | |||
Fair Value | [1],[6],[7],[13] | 57,901,861 | |||
Debt Investments | Semiconductors & Semiconductor Equipment | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[12] | 2,115,579 | |||
Fair Value | [8],[10],[11],[12] | 2,053,600 | |||
Debt Investments | Software | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 87,306,974 | [8],[9],[10],[12] | 41,852,956 | [1],[3],[6],[13] | |
Fair Value | 86,430,992 | [8],[10],[11],[12] | 42,578,155 | [1],[6],[7],[13] | |
Debt Investments | Textiles, Apparel & Luxury Goods | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 9,719,530 | [8],[9],[10],[12] | 22,885,848 | [1],[3],[6],[13] | |
Fair Value | 9,821,542 | [8],[10],[11],[12] | 23,262,565 | [1],[6],[7],[13] | |
Debt Investments | Trading Companies And Distributors | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 3,472,874 | [8],[9],[10],[12] | 3,457,575 | [1],[3],[6],[13] | |
Fair Value | 3,342,087 | [8],[10],[11],[12] | 3,444,964 | [1],[6],[7],[13] | |
Debt Investments | Specialty Retail | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 11,424,472 | [8],[9],[10],[12] | 8,338,090 | [1],[3],[6],[13] | |
Fair Value | $ 11,115,033 | [8],[10],[11],[12] | $ 8,453,391 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Aerospace & Defense | Unanet, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0% | |||
Spread | [1],[6],[13] | 6.25% | |||
Total Coupon | [1],[6],[13] | 6.38% | |||
Maturity | [1],[6],[13] | May 31, 2024 | |||
Principal | [1],[6],[13] | $ 6,632,653 | |||
Cost | [1],[3],[6],[13] | 6,597,643 | |||
Fair Value | [1],[6],[7],[13] | $ 6,632,653 | |||
Debt Investments | LIBOR(M) | Aerospace & Defense | Unanet, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0% | |||
Spread | [1],[6],[13] | 6.25% | |||
Total Coupon | [1],[6],[13] | 6.38% | |||
Maturity | [1],[6],[13] | May 31, 2024 | |||
Principal | [1],[6],[13] | $ 1,709,184 | |||
Cost | [1],[3],[6],[13] | 1,704,021 | |||
Fair Value | [1],[6],[7],[13] | $ 1,709,184 | |||
Debt Investments | LIBOR(M) | Aerospace & Defense | Unanet, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0% | |||
Spread | [1],[6],[13] | 6.25% | |||
Total Coupon | [1],[6],[13] | 6.38% | |||
Maturity | [1],[6],[13] | May 31, 2024 | |||
Principal | [1],[6],[13] | $ 816,327 | |||
Cost | [1],[3],[6],[13] | 812,047 | |||
Fair Value | [1],[6],[7],[13] | $ 816,327 | |||
Debt Investments | LIBOR(M) | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.75% | |||
Total Coupon | [1],[6],[13] | 7.75% | |||
Maturity | [1],[6],[13] | Feb. 25, 2026 | |||
Principal | [1],[6],[13] | $ 2,801,159 | |||
Cost | [1],[3],[6],[13] | 2,763,855 | |||
Fair Value | [1],[6],[7],[13] | $ 2,863,064 | |||
Debt Investments | LIBOR(M) | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.75% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.75% | |||
Maturity | [1],[6],[13],[14],[15] | Feb. 25, 2026 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (3,003) | |||
Fair Value | [1],[6],[7],[13] | $ 0 | |||
Debt Investments | LIBOR(M) | Capital Markets | Pico Quantitative Trading, LLC | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1.50% | |||
Spread | [1],[6],[13] | 7.25% | |||
Total Coupon | [1],[6],[13] | 8.75% | |||
Maturity | [1],[6],[13] | Feb. 07, 2025 | |||
Principal | [1],[6],[13] | $ 560,228 | |||
Cost | [1],[3],[6],[13] | 532,261 | |||
Fair Value | [1],[6],[7],[13] | $ 571,993 | |||
Debt Investments | LIBOR(M) | Commercial Services & Supplies | Thermostat Purchaser I I I Inc Reedy Industries | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 7.25% | |||
Total Coupon | [1],[6],[13] | 8% | |||
Maturity | [1],[6],[13] | Aug. 31, 2029 | |||
Principal | [1],[6],[13] | $ 2,615,252 | |||
Cost | [1],[3],[6],[13] | 2,577,525 | |||
Fair Value | [1],[6],[7],[13] | $ 2,596,945 | |||
Debt Investments | LIBOR(M) | Commercial Services & Supplies | Thermostat Purchaser I I I Inc Reedy Industries | Second Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 7.25% | |||
Total Coupon | [1],[6],[13],[14],[15] | 8% | |||
Maturity | [1],[6],[13],[14],[15] | Aug. 31, 2029 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (3,216) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (3,133) | |||
Debt Investments | LIBOR(M) | Consumer Finance | Barri Financial Group L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7.75% | |||
Total Coupon | [1],[6],[13] | 8.75% | |||
Maturity | [1],[6],[13] | Jun. 30, 2026 | |||
Principal | [1],[6],[13] | $ 12,356,957 | |||
Cost | [1],[3],[6],[13] | 12,098,329 | |||
Fair Value | [1],[6],[7],[13] | $ 12,480,527 | |||
Debt Investments | LIBOR(M) | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[17],[18],[19] | 1% | [1],[6],[13],[15],[20],[21] | |
Spread | 9% | [8],[10],[12],[17],[18],[19] | 9% | [1],[6],[13],[15],[20],[21] | |
Total Coupon | 14.21% | [8],[10],[12],[17],[18],[19] | 10% | [1],[6],[13],[15],[20],[21] | |
Maturity | Apr. 30, 2025 | [8],[10],[12],[17],[18],[19] | Sep. 30, 2025 | [1],[6],[13],[15],[20],[21] | |
Principal | $ 12,653,058 | [8],[10],[12],[17],[18],[19] | $ 11,763,158 | [1],[6],[13],[15],[20],[21] | |
Cost | 12,727,131 | [8],[9],[10],[12],[17],[18],[19] | 11,862,855 | [1],[3],[6],[13],[15],[20],[21] | |
Fair Value | $ 12,176,370 | [8],[10],[11],[12],[17],[18],[19] | $ 11,735,918 | [1],[6],[7],[13],[15],[20],[21] | |
Debt Investments | LIBOR(M) | Diversified Consumer Services | Whele LLC (Perch) | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7.50% | |||
Total Coupon | [1],[6],[13] | 8.50% | |||
Maturity | [1],[6],[13] | Oct. 15, 2025 | |||
Principal | [1],[6],[13] | $ 6,842,404 | |||
Cost | [1],[3],[6],[13] | 6,895,074 | |||
Fair Value | [1],[6],[7],[13] | $ 6,862,932 | |||
Debt Investments | LIBOR(M) | Diversified Financial Services | Gordon Brothers Finance Company | Unsecured Debt | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[22],[23],[24] | 1% | [1],[6],[13],[25],[26],[27] | |
Spread | 11% | [8],[10],[12],[22],[23],[24] | 11% | [1],[6],[13],[25],[26],[27] | |
Total Coupon | 17.38% | [8],[10],[12],[22],[23],[24] | 14% | [1],[6],[13],[25],[26],[27] | |
Maturity | Oct. 31, 2021 | [8],[10],[12],[22],[23],[24] | Oct. 31, 2021 | [1],[6],[13],[25],[26],[27] | |
Principal | $ 37,686,148 | [8],[10],[12],[22],[23],[24] | $ 41,861,533 | [1],[6],[13],[25],[26],[27] | |
Cost | 37,686,148 | [8],[9],[10],[12],[22],[23],[24] | 41,861,533 | [1],[3],[6],[13],[25],[26],[27] | |
Fair Value | $ 15,228,000 | [8],[10],[11],[12],[22],[23],[24] | $ 21,927,071 | [1],[6],[7],[13],[25],[26],[27] | |
Debt Investments | LIBOR(M) | Diversified Financial Services | Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8.50% | |||
Total Coupon | [1],[6],[13] | 9.50% | |||
Maturity | [1],[6],[13] | Jul. 05, 2026 | |||
Principal | [1],[6],[13] | $ 5,000,000 | |||
Cost | [1],[3],[6],[13] | 4,914,140 | |||
Fair Value | [1],[6],[7],[13] | $ 4,935,000 | |||
Debt Investments | LIBOR(M) | Diversified Telecommunication Services | Metro Net Systems Holdings L L C | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 7% | |||
Total Coupon | [1],[6],[13] | 7.75% | |||
Maturity | [1],[6],[13] | Jun. 02, 2029 | |||
Principal | [1],[6],[13] | $ 1,414,105 | |||
Cost | [1],[3],[6],[13] | 1,394,246 | |||
Fair Value | [1],[6],[7],[13] | $ 1,413,680 | |||
Debt Investments | LIBOR(M) | Diversified Telecommunication Services | Metro Net Systems Holdings L L C | Second Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 7% | |||
Total Coupon | [1],[6],[13] | 7.75% | |||
Maturity | [1],[6],[13] | Jun. 02, 2029 | |||
Principal | [1],[6],[13] | $ 2,911,392 | |||
Cost | [1],[3],[6],[13] | 2,856,898 | |||
Fair Value | [1],[6],[7],[13] | $ 2,910,518 | |||
Debt Investments | LIBOR(M) | Electrical Equipment | Advanced Lighting Technologies, LLC | Second Lien Sr Secured Notes | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[22],[23],[28],[29] | 2% | |||
Interest Rate, PIK | [8],[10],[12],[22],[23],[28],[29] | 16% | |||
Interest Rate, Cash | [8],[10],[12],[22],[23],[28],[29] | 6% | |||
Total Coupon | [8],[10],[12],[22],[23],[28],[29] | 28.33% | |||
Maturity | [8],[10],[12],[22],[23],[28],[29] | Mar. 16, 2027 | |||
Principal | [8],[10],[12],[22],[23],[28],[29] | $ 2,362,743 | |||
Cost | [8],[9],[10],[12],[22],[23],[28],[29] | 935,927 | |||
Fair Value | [8],[10],[11],[12],[22],[23],[28],[29] | $ 708,823 | |||
Debt Investments | LIBOR(M) | Health Care Equipment & Supplies | Zest Acquisition Corp. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[30] | 1% | [1],[6],[13] | |
Spread | 7% | [8],[10],[12],[30] | 7% | [1],[6],[13] | |
Total Coupon | 11.39% | [8],[10],[12],[30] | 8% | [1],[6],[13] | |
Maturity | Mar. 14, 2026 | [8],[10],[12],[30] | Mar. 14, 2026 | [1],[6],[13] | |
Principal | $ 15,000,000 | [8],[10],[12],[30] | $ 15,000,000 | [1],[6],[13] | |
Cost | 14,930,552 | [8],[9],[10],[12],[30] | 14,913,632 | [1],[3],[6],[13] | |
Fair Value | $ 14,025,000 | [8],[10],[11],[12],[30] | $ 14,925,000 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 11.54% | |||
Maturity | [8],[10],[12] | May 06, 2027 | |||
Principal | [8],[10],[12] | $ 2,868,709 | |||
Cost | [8],[9],[10],[12] | 2,826,856 | |||
Fair Value | [8],[10],[11],[12] | $ 2,710,930 | |||
Debt Investments | LIBOR(M) | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 7.25% | |||
Total Coupon | [8],[10],[12],[19] | 11.54% | |||
Maturity | [8],[10],[12],[19] | May 06, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (2,786) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (10,545) | |||
Debt Investments | LIBOR(M) | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.25% | |||
Total Coupon | [8],[10],[12] | 10.63% | |||
Maturity | [8],[10] | Oct. 01, 2026 | |||
Principal | [8],[10] | $ 1,933,651 | |||
Cost | [8],[9],[10] | 1,907,627 | |||
Fair Value | [8],[10],[11] | $ 1,807,963 | |||
Debt Investments | LIBOR(M) | Internet Software & Services | Astra Acquisition Corp | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0.75% | [8],[10],[12] | 0.75% | [1],[6],[13],[31] | |
Spread | 8.88% | [8],[10],[12] | 8.88% | [1],[6],[13],[31] | |
Total Coupon | 13.26% | [8],[10],[12] | 9.63% | [1],[6],[13],[31] | |
Maturity | Oct. 25, 2029 | [8],[10] | Oct. 25, 2029 | [1],[6],[13],[31] | |
Principal | $ 7,164,842 | [8],[10] | $ 7,166,565 | [1],[6],[13],[31] | |
Cost | 7,034,117 | [8],[9],[10] | 7,023,233 | [1],[3],[6],[13],[31] | |
Fair Value | $ 6,376,709 | [8],[10],[11] | $ 7,041,150 | [1],[6],[7],[13],[31] | |
Debt Investments | LIBOR(M) | Internet Software & Services | FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 2.75% | |||
Spread | [1],[6],[13] | 6.75% | |||
Total Coupon | [1],[6],[13] | 9.50% | |||
Maturity | [1],[6],[13] | Feb. 01, 2024 | |||
Principal | [1],[6],[13] | $ 15,000,000 | |||
Cost | [1],[3],[6],[13] | 14,872,703 | |||
Fair Value | [1],[6],[7],[13] | $ 15,135,000 | |||
Debt Investments | LIBOR(M) | Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1.80% | |||
Spread | [1],[6],[13] | 7% | |||
Total Coupon | [1],[6],[13] | 8.80% | |||
Maturity | [1],[6],[13] | Feb. 01, 2025 | |||
Principal | [1],[6],[13] | $ 1,562,500 | |||
Cost | [1],[3],[6],[13] | 1,552,233 | |||
Fair Value | [1],[6],[7],[13] | $ 1,546,875 | |||
Debt Investments | LIBOR(M) | Internet Software & Services | Pluralsight, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 8% | |||
Total Coupon | [8],[10],[12],[19] | 12.36% | |||
Maturity | [8],[10],[19] | Apr. 06, 2027 | |||
Principal | [8],[10],[19] | $ 465,183 | |||
Cost | [8],[9],[10],[19] | 451,936 | |||
Fair Value | [8],[10],[11],[19] | $ 428,899 | |||
Debt Investments | LIBOR(M) | Internet Software & Services | Quartz Holding Company (Quick Base) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[6],[13] | ||
Spread | 8% | [8],[10],[12] | 8% | [1],[6],[13] | |
Total Coupon | 12.38% | [8],[10],[12] | 8.10% | [1],[6],[13] | |
Maturity | Apr. 02, 2027 | [8],[10] | Apr. 02, 2027 | [1],[6],[13] | |
Principal | $ 5,512,958 | [8],[10] | $ 5,512,958 | [1],[6],[13] | |
Cost | 5,446,114 | [8],[9],[10] | 5,433,497 | [1],[3],[6],[13] | |
Fair Value | $ 5,358,595 | [8],[10],[11] | $ 5,512,958 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Media | NEP II, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[6],[13],[31] | ||
Spread | 7% | [8],[10],[12],[30] | 7% | [1],[6],[13],[31] | |
Total Coupon | 11.38% | [8],[10],[12],[30] | 7.10% | [1],[6],[13],[31] | |
Maturity | Oct. 19, 2026 | [8],[10],[12],[30] | Oct. 19, 2026 | [1],[6],[13],[31] | |
Principal | $ 3,131,760 | [8],[10],[12],[30] | $ 3,131,760 | [1],[6],[13],[31] | |
Cost | 2,921,510 | [8],[9],[10],[12],[30] | 2,880,854 | [1],[3],[6],[13],[31] | |
Fair Value | $ 2,274,441 | [8],[10],[11],[12],[30] | $ 3,060,513 | [1],[6],[7],[13],[31] | |
Debt Investments | LIBOR(M) | Professional Services | GI Consilio Parent, LLC | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0.50% | [8],[10],[12] | 0.50% | [1],[6],[13] | |
Spread | 7.50% | [8],[10],[12] | 7.50% | [1],[6],[13] | |
Total Coupon | 11.88% | [8],[10],[12] | 8% | [1],[6],[13] | |
Maturity | May 14, 2029 | [8],[10],[12] | May 14, 2029 | [1],[6],[13] | |
Principal | $ 5,000,000 | [8],[10],[12] | $ 5,000,000 | [1],[6],[13] | |
Cost | 4,959,969 | [8],[9],[10],[12] | 4,953,068 | [1],[3],[6],[13] | |
Fair Value | $ 4,795,000 | [8],[10],[11],[12] | $ 5,050,000 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[20],[21] | 1% | |||
Spread | [1],[6],[13],[20],[21] | 8.75% | |||
Total Coupon | [1],[6],[13],[20],[21] | 9.75% | |||
Maturity | [1],[6],[13],[20],[21] | Feb. 17, 2025 | |||
Principal | [1],[6],[13],[20],[21] | $ 9,892,491 | |||
Cost | [1],[3],[6],[13],[20],[21] | 9,718,436 | |||
Fair Value | [1],[6],[7],[13],[20],[21] | $ 9,991,416 | |||
Debt Investments | LIBOR(M) | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[20],[21] | 1% | |||
Spread | [1],[6],[13],[20],[21] | 8.75% | |||
Total Coupon | [1],[6],[13],[20],[21] | 9.75% | |||
Maturity | [1],[6],[13],[20],[21] | Feb. 17, 2025 | |||
Principal | [1],[6],[13],[20],[21] | $ 5,300,000 | |||
Cost | [1],[3],[6],[13],[20],[21] | 5,209,445 | |||
Fair Value | [1],[6],[7],[13],[20],[21] | $ 5,353,000 | |||
Debt Investments | LIBOR(M) | Professional Services | RigUp, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1.50% | [8],[10],[12] | 1.50% | [1],[6],[13] | |
Spread | 7% | [8],[10],[12] | 7% | [1],[6],[13] | |
Total Coupon | 11.81% | [8],[10],[12] | 8.50% | [1],[6],[13] | |
Maturity | Mar. 01, 2024 | [8],[10],[12] | Mar. 01, 2024 | [1],[6],[13] | |
Principal | $ 500,000 | [8],[10],[12] | $ 500,000 | [1],[6],[13] | |
Cost | 496,559 | [8],[9],[10],[12] | 494,061 | [1],[3],[6],[13] | |
Fair Value | $ 492,500 | [8],[10],[11],[12] | $ 499,500 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Professional Services | TLE Holdings, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 5.50% | |||
Total Coupon | [8],[10],[12] | 9.88% | |||
Maturity | [8],[10],[12] | Jun. 28, 2024 | |||
Principal | [8],[10],[12] | $ 3,820,368 | |||
Cost | [8],[9],[10],[12] | 3,583,613 | |||
Fair Value | [8],[10],[11],[12] | $ 3,658,003 | |||
Debt Investments | LIBOR(M) | Professional Services | TLE Holdings, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 5.50% | |||
Total Coupon | [8],[10],[12] | 9.88% | |||
Maturity | [8],[10],[12] | Jun. 28, 2024 | |||
Principal | [8],[10],[12] | $ 977,931 | |||
Cost | [8],[9],[10],[12] | 917,326 | |||
Fair Value | [8],[10],[11],[12] | $ 936,369 | |||
Debt Investments | LIBOR(M) | Professional Services | VT TopCo, Inc. (Veritext) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0.75% | [8],[10],[12] | 0.75% | [1],[6],[13] | |
Spread | 6.75% | [8],[10],[12] | 6.75% | [1],[6],[13] | |
Total Coupon | 11.13% | [8],[10],[12] | 7.50% | [1],[6],[13] | |
Maturity | Aug. 04, 2026 | [8],[10],[12] | Aug. 17, 2026 | [1],[6],[13] | |
Principal | $ 1,064,655 | [8],[10],[12] | $ 1,064,655 | [1],[6],[13] | |
Cost | 1,059,229 | [8],[9],[10],[12] | 1,057,877 | [1],[3],[6],[13] | |
Fair Value | $ 1,019,407 | [8],[10],[11],[12] | $ 1,064,655 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Software | Aerospike, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 7.50% | [8],[10],[12] | 7.50% | [1],[6],[13] | |
Total Coupon | 11.88% | [8],[10],[12] | 8.50% | [1],[6],[13] | |
Maturity | Dec. 29, 2025 | [8],[10],[12] | Dec. 29, 2025 | [1],[6],[13] | |
Principal | $ 2,416,867 | [8],[10],[12] | $ 2,416,867 | [1],[6],[13] | |
Cost | 2,397,971 | [8],[9],[10],[12] | 2,392,765 | [1],[3],[6],[13] | |
Fair Value | $ 2,375,297 | [8],[10],[11],[12] | $ 2,392,698 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Software | Oversight Systems, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 7% | [8],[10],[12] | 7% | [1],[6],[13] | |
Total Coupon | 11.38% | [8],[10],[12] | 8% | [1],[6],[13] | |
Maturity | Sep. 24, 2026 | [8],[10],[12] | Sep. 24, 2026 | [1],[6],[13] | |
Principal | $ 1,543,315 | [8],[10],[12] | $ 1,558,944 | [1],[6],[13] | |
Cost | 1,519,175 | [8],[9],[10],[12] | 1,529,069 | [1],[3],[6],[13] | |
Fair Value | $ 1,481,582 | [8],[10],[11],[12] | $ 1,515,449 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M) | Software | Zilliant Incorporated | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 4.50% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 2% | |||
Total Coupon | [8],[10],[12],[28] | 10.85% | |||
Maturity | [8],[10],[12],[28] | Dec. 21, 2027 | |||
Principal | [8],[10],[12],[28] | $ 1,550,239 | |||
Cost | [8],[9],[10],[12],[28] | 1,524,752 | |||
Fair Value | [8],[10],[11],[12],[28] | $ 1,454,124 | |||
Debt Investments | LIBOR(M) | Software | Zilliant Incorporated | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19],[28] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[19],[28] | 4.50% | |||
Interest Rate, Cash | [8],[10],[12],[19],[28] | 2% | |||
Total Coupon | [8],[10],[12],[19],[28] | 10.85% | |||
Maturity | [8],[10],[12],[19],[28] | Dec. 21, 2027 | |||
Principal | [8],[10],[12],[19],[28] | $ 0 | |||
Cost | [8],[9],[10],[12],[19],[28] | (2,442) | |||
Fair Value | [8],[10],[11],[12],[19],[28] | $ (22,963) | |||
Debt Investments | LIBOR(M) | Software | Zilliant Incorporated | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.35% | |||
Maturity | [8],[10],[12],[19] | Dec. 21, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (2,458) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (9,185) | |||
Debt Investments | LIBOR(M) | Trading Companies And Distributors | Blackbird Purchaser Inc Ohio Transmission Corp | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 7.50% | |||
Total Coupon | [8],[10],[12] | 11.88% | |||
Maturity | [8],[10],[12] | Apr. 08, 2027 | |||
Principal | [8],[10],[12] | $ 3,539,347 | |||
Cost | [8],[9],[10],[12] | 3,480,055 | |||
Fair Value | [8],[10],[11],[12] | $ 3,391,402 | |||
Debt Investments | LIBOR(M) | Trading Companies And Distributors | Blackbird Purchaser Inc Ohio Transmission Corp | Second Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 7.50% | |||
Total Coupon | [8],[10],[12],[19] | 11.88% | |||
Maturity | [8],[10],[12],[19] | Apr. 08, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (7,181) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (49,315) | |||
Debt Investments | LIBOR(M) | Specialty Retail | Hanna Andersson LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 6% | [8],[10],[12] | 6.25% | [1],[6],[13] | |
Total Coupon | 10.29% | [8],[10],[12] | 7.25% | [1],[6],[13] | |
Maturity | Jul. 02, 2026 | [8],[10],[12] | Jul. 02, 2026 | [1],[6],[13] | |
Principal | $ 7,147,915 | [8],[10],[12] | $ 7,332,377 | [1],[6],[13] | |
Cost | 7,040,248 | [8],[9],[10],[12] | 7,195,048 | [1],[3],[6],[13] | |
Fair Value | $ 6,811,963 | [8],[10],[11],[12] | $ 7,303,048 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(M)/SOFR(M) | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28],[32] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[28],[32] | 3% | |||
Interest Rate, Cash | [8],[10],[12],[28],[32] | 3% | |||
Total Coupon | [8],[10],[12],[28],[32] | 10.34% | |||
Maturity | [8],[10],[12],[28],[32] | Dec. 17, 2027 | |||
Principal | [8],[10],[12],[28],[32] | $ 1,837,108 | |||
Cost | [8],[9],[10],[12],[28],[32] | 1,796,699 | |||
Fair Value | [8],[10],[11],[12],[28],[32] | $ 1,781,995 | |||
Debt Investments | LIBOR(M)/PRIME | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19],[32] | 1% | |||
Spread | [8],[10],[12],[19],[32] | 6.25% | |||
Total Coupon | [8],[10],[12],[19],[32] | 11.21% | |||
Maturity | [8],[10],[19],[32] | Oct. 01, 2026 | |||
Principal | [8],[10],[19],[32] | $ 183,333 | |||
Cost | [8],[9],[10],[19],[32] | 180,108 | |||
Fair Value | [8],[10],[11],[19],[32] | $ 167,083 | |||
Debt Investments | LIBOR(Q) | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 11.45% | |||
Maturity | [8],[10],[12] | Apr. 15, 2026 | |||
Principal | [8],[10],[12] | $ 2,301,990 | |||
Cost | [8],[9],[10],[12] | 2,274,343 | |||
Fair Value | [8],[10],[11],[12] | $ 2,301,990 | |||
Debt Investments | LIBOR(Q) | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 11.39% | |||
Maturity | [8],[10],[12] | Apr. 15, 2026 | |||
Principal | [8],[10],[12] | $ 233,430 | |||
Cost | [8],[9],[10],[12] | 231,163 | |||
Fair Value | [8],[10],[11],[12] | $ 233,430 | |||
Debt Investments | LIBOR(Q) | Building Products | Porcelain Acquisition Corporation (Paramount) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 5.75% | [8],[10],[12] | 6% | [1],[6],[13] | |
Total Coupon | 10.48% | [8],[10],[12] | 7% | [1],[6],[13] | |
Maturity | [1],[6],[13] | Apr. 30, 2027 | |||
Principal | $ 2,514,995 | [8],[10],[12] | $ 2,196,481 | [1],[6],[13] | |
Cost | 2,475,461 | [8],[9],[10],[12] | 2,155,551 | [1],[3],[6],[13] | |
Fair Value | $ 2,530,084 | [8],[10],[11],[12] | $ 2,200,874 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Building Products | Porcelain Acquisition Corporation (Paramount) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7% | |||
Maturity | [1],[6],[13],[14],[15] | Apr. 30, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (16,832) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ 1,892 | |||
Debt Investments | LIBOR(Q) | Commercial Services & Supplies | Kellermeyer Bergensons Services LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.41% | |||
Maturity | [8],[10],[12] | Nov. 07, 2026 | |||
Principal | [8],[10],[12] | $ 1,584,967 | |||
Cost | [8],[9],[10],[12] | 1,576,423 | |||
Fair Value | [8],[10],[11],[12] | $ 1,423,301 | |||
Debt Investments | LIBOR(Q) | Commercial Services & Supplies | Kellermeyer Bergensons Services LLC | First Lien Delayed Draw Term Loan A | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.41% | |||
Maturity | [8],[10],[12] | Nov. 07, 2026 | |||
Principal | [8],[10],[12] | $ 348,708 | |||
Cost | [8],[9],[10],[12] | 346,720 | |||
Fair Value | [8],[10],[11],[12] | $ 313,140 | |||
Debt Investments | LIBOR(Q) | Commercial Services & Supplies | Kellermeyer Bergensons Services LLC | First Lien Delayed Draw Term Loan B | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.41% | |||
Maturity | [8],[10],[12] | Nov. 07, 2026 | |||
Principal | [8],[10],[12] | $ 482,944 | |||
Cost | [8],[9],[10],[12] | 480,224 | |||
Fair Value | [8],[10],[11],[12] | $ 433,684 | |||
Debt Investments | LIBOR(Q) | Commercial Services & Supplies | Thermostat Purchaser I I I Inc Reedy Industries | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 11.98% | |||
Maturity | [8],[10],[12] | Aug. 31, 2029 | |||
Principal | [8],[10],[12] | $ 2,615,252 | |||
Cost | [8],[9],[10],[12] | 2,581,172 | |||
Fair Value | [8],[10],[11],[12] | $ 2,432,184 | |||
Debt Investments | LIBOR(Q) | Commercial Services & Supplies | Thermostat Purchaser I I I Inc Reedy Industries | Second Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 7.25% | |||
Total Coupon | [8],[10],[12],[19] | 11.98% | |||
Maturity | [8],[10],[12],[19] | Aug. 31, 2029 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (2,797) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (31,327) | |||
Debt Investments | LIBOR(Q) | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.50% | |||
Total Coupon | [1],[6],[13] | 7.50% | |||
Maturity | [1],[6],[13] | Aug. 10, 2027 | |||
Principal | [1],[6],[13] | $ 3,189,333 | |||
Cost | [1],[3],[6],[13] | 3,110,747 | |||
Fair Value | [1],[6],[7],[13] | $ 3,106,411 | |||
Debt Investments | LIBOR(Q) | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.50% | |||
Maturity | [1],[6],[13],[14],[15] | Aug. 10, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (23,480) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (50,695) | |||
Debt Investments | LIBOR(Q) | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.50% | |||
Maturity | [1],[6],[13],[14],[15] | Nov. 23, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (20,526) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (21,726) | |||
Debt Investments | LIBOR(Q) | Construction & Engineering | Sunland Asphalt & Construction, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 7% | |||
Maturity | [1],[6],[13] | Jan. 13, 2026 | |||
Principal | [1],[6],[13] | $ 2,500,081 | |||
Cost | [1],[3],[6],[13] | 2,458,489 | |||
Fair Value | [1],[6],[7],[13] | $ 2,492,581 | |||
Debt Investments | LIBOR(Q) | Construction & Engineering | Sunland Asphalt & Construction, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 7% | |||
Maturity | [1],[6],[13] | Jan. 13, 2026 | |||
Principal | [1],[6],[13] | $ 840,652 | |||
Cost | [1],[3],[6],[13] | 826,136 | |||
Fair Value | [1],[6],[7],[13] | $ 836,567 | |||
Debt Investments | LIBOR(Q) | Construction & Engineering | PHRG Intermediate, LLC (Power Home) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 6.75% | |||
Maturity | [1],[6],[13] | Dec. 16, 2026 | |||
Principal | [1],[6],[13] | $ 2,500,000 | |||
Cost | [1],[3],[6],[13] | 2,437,500 | |||
Fair Value | [1],[6],[7],[13] | $ 2,462,500 | |||
Debt Investments | LIBOR(Q) | Containers & Packaging | BW Holding, Inc. (Brook & Whittle) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 7.50% | |||
Total Coupon | [1],[6],[13] | 8.25% | |||
Maturity | [1],[6],[13] | Dec. 14, 2029 | |||
Principal | [1],[6],[13] | $ 2,229,219 | |||
Cost | [1],[3],[6],[13] | 2,179,061 | |||
Fair Value | [1],[6],[7],[13] | $ 2,179,061 | |||
Debt Investments | LIBOR(Q) | Containers & Packaging | BW Holding, Inc. (Brook & Whittle) | Second Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 7.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 8.25% | |||
Maturity | [1],[6],[13],[14],[15] | Dec. 14, 2029 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (8,708) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (8,708) | |||
Debt Investments | LIBOR(Q) | Containers & Packaging | PVHC Holding Corp. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 4.75% | [8],[10],[12] | 4.75% | [1],[6],[13] | |
Total Coupon | 9.48% | [8],[10],[12] | 5.75% | [1],[6],[13] | |
Maturity | Aug. 02, 2024 | [8],[10],[12] | Aug. 02, 2024 | [1],[6],[13] | |
Principal | $ 10,178,225 | [8],[10],[12] | $ 10,284,525 | [1],[6],[13] | |
Cost | 9,299,671 | [8],[9],[10],[12] | 8,924,440 | [1],[3],[6],[13] | |
Fair Value | $ 9,771,096 | [8],[10],[11],[12] | $ 9,256,073 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Distributors | Colony Display L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.50% | |||
Total Coupon | [1],[6],[13] | 7.50% | |||
Maturity | [1],[6],[13] | Jun. 30, 2026 | |||
Principal | [1],[6],[13] | $ 2,370,595 | |||
Cost | [1],[3],[6],[13] | 2,327,386 | |||
Fair Value | [1],[6],[7],[13] | $ 2,294,736 | |||
Debt Investments | LIBOR(Q) | Distributors | Colony Display L L C | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.50% | |||
Maturity | [1],[6],[13],[14],[15] | Jun. 30, 2026 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | 1,182 | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (38,120) | |||
Debt Investments | LIBOR(Q) | Diversified Consumer Services | SellerX Germany GmbH & Co. Kg (Germany) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[20],[21] | 1% | |||
Spread | [1],[6],[13],[20],[21] | 8% | |||
Total Coupon | [1],[6],[13],[20],[21] | 9% | |||
Maturity | [1],[6],[13],[20],[21] | Nov. 23, 2025 | |||
Principal | [1],[6],[13],[20],[21] | $ 5,537,893 | |||
Cost | [1],[3],[6],[13],[20],[21] | 5,484,992 | |||
Fair Value | [1],[6],[7],[13],[20],[21] | $ 5,511,312 | |||
Debt Investments | LIBOR(Q) | Diversified Consumer Services | SellerX Germany GmbH & Co. Kg (Germany) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[17],[18],[19],[28] | 1% | [1],[6],[13],[14],[15],[20],[21] | |
Interest Rate, PIK | [8],[10],[12],[17],[18],[19],[28] | 3% | |||
Interest Rate, Cash | [8],[10],[12],[17],[18],[19],[28] | 8% | |||
Spread | [1],[6],[13],[14],[15],[20],[21] | 8% | |||
Total Coupon | 15.73% | [8],[10],[12],[17],[18],[19],[28] | 9% | [1],[6],[13],[14],[15],[20],[21] | |
Maturity | Nov. 23, 2025 | [8],[10],[12],[17],[18],[19],[28] | Nov. 23, 2025 | [1],[6],[13],[14],[15],[20],[21] | |
Principal | $ 6,344,642 | [8],[10],[12],[17],[18],[19],[28] | $ 0 | [1],[6],[14],[15],[20],[21] | |
Cost | 6,280,873 | [8],[9],[10],[12],[17],[18],[19],[28] | (45,728) | [1],[3],[6],[13],[14],[15],[20],[21] | |
Fair Value | $ 6,255,561 | [8],[10],[11],[12],[17],[18],[19],[28] | $ (46,342) | [1],[6],[7],[13],[14],[15],[20],[21] | |
Debt Investments | LIBOR(Q) | Diversified Consumer Services | Thras Io L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[31] | 1% | |||
Spread | [1],[6],[13],[31] | 7% | |||
Total Coupon | [1],[6],[13],[31] | 8% | |||
Maturity | [1],[6],[13],[31] | Dec. 18, 2026 | |||
Principal | [1],[6],[13],[31] | $ 7,376,378 | |||
Cost | [1],[3],[6],[13],[31] | 7,261,963 | |||
Fair Value | [1],[6],[7],[13],[31] | $ 7,302,615 | |||
Debt Investments | LIBOR(Q) | Diversified Consumer Services | Thras Io L L C | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15],[31] | 1% | |||
Spread | [1],[6],[13],[15],[31] | 7% | |||
Total Coupon | [1],[6],[13],[15],[31] | 8% | |||
Maturity | [1],[6],[13],[15],[31] | Dec. 18, 2026 | |||
Principal | [1],[6],[13],[15],[31] | $ 3,091,832 | |||
Cost | [1],[3],[6],[13],[15],[31] | 3,012,793 | |||
Fair Value | [1],[6],[7],[13],[15],[31] | 3,033,624 | |||
Debt Investments | LIBOR(Q) | Diversified Financial Services | 2010 Holdco, Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[3],[6],[13],[14],[15] | $ (4,073) | |||
Debt Investments | LIBOR(Q) | Diversified Financial Services | Callodine Commercial Finance L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 9% | |||
Total Coupon | [8],[10],[12] | 13.73% | |||
Maturity | [8],[10],[12] | Nov. 03, 2025 | |||
Principal | [8],[10],[12] | $ 25,000,000 | |||
Cost | [8],[9],[10],[12] | 25,000,000 | |||
Fair Value | [8],[10],[11],[12] | $ 24,775,000 | |||
Debt Investments | LIBOR(Q) | Diversified Financial Services | Callodine Commercial Finance L L C | Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15] | 1% | |||
Spread | [1],[6],[13],[15] | 9% | |||
Total Coupon | [1],[6],[13],[15] | 10% | |||
Maturity | [1],[6],[13],[15] | Nov. 03, 2025 | |||
Principal | [1],[6],[15] | $ 0 | |||
Cost | [1],[3],[6],[15] | 0 | |||
Fair Value | [1],[6],[7],[13],[15] | $ 56,452 | |||
Debt Investments | LIBOR(Q) | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[17],[18] | 1% | [1],[6],[13],[20],[21] | |
Spread | 9.25% | [8],[10],[12],[17],[18] | 9.25% | [1],[6],[13],[20],[21] | |
Total Coupon | 13.91% | [8],[10],[12],[17],[18] | 10.25% | [1],[6],[13],[20],[21] | |
Maturity | Feb. 11, 2025 | [8],[10],[12],[17],[18] | Feb. 11, 2025 | [1],[6],[13],[20],[21] | |
Principal | $ 11,300,000 | [8],[10],[12],[17],[18] | $ 11,300,000 | [1],[6],[13],[20],[21] | |
Cost | 11,160,087 | [8],[9],[10],[12],[17],[18] | 11,111,243 | [1],[3],[6],[13],[20],[21] | |
Fair Value | $ 11,085,300 | [8],[10],[11],[12],[17],[18] | $ 11,028,800 | [1],[6],[7],[13],[20],[21] | |
Debt Investments | LIBOR(Q) | Electrical Equipment | Advanced Lighting Technologies, LLC | Second Lien Sr Secured Notes | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[25],[26],[33],[34] | 2% | |||
Interest Rate, PIK | [1],[6],[13],[25],[26],[33],[34] | 16% | |||
Interest Rate, Cash | [1],[6],[13],[25],[26],[33],[34] | 6% | |||
Total Coupon | [1],[6],[13],[25],[26],[33],[34] | 26% | |||
Maturity | [1],[6],[13],[25],[26],[33],[34] | Mar. 16, 2027 | |||
Principal | [1],[6],[13],[25],[26],[33],[34] | $ 1,976,481 | |||
Cost | [1],[3],[6],[13],[25],[26],[33],[34] | 935,927 | |||
Fair Value | [1],[6],[7],[13],[25],[26],[33],[34] | $ 652,239 | |||
Debt Investments | LIBOR(Q) | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 3.50% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 3.50% | |||
Total Coupon | [8],[10],[12],[28] | 11.68% | |||
Debt Investments | LIBOR(Q) | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | ||||
Spread | [8],[10],[12] | 7.50% | |||
Debt Investments | LIBOR(Q) | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Total Coupon | [8],[10],[12] | 12.23% | |||
Maturity | [8],[10],[12] | Oct. 26, 2026 | |||
Principal | [8],[10],[12] | $ 5,769,231 | |||
Cost | [8],[9],[10],[12] | 5,762,481 | |||
Fair Value | [8],[10],[11],[12] | $ 5,480,769 | |||
Debt Investments | LIBOR(Q) | Health Care Providers & Services | Tempus, LLC (Epic Staffing) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 7% | |||
Maturity | [1],[6],[13] | Feb. 05, 2027 | |||
Principal | [1],[6],[13] | $ 4,050,005 | |||
Cost | [1],[3],[6],[13] | 3,977,128 | |||
Fair Value | [1],[6],[7],[13] | $ 4,090,505 | |||
Debt Investments | LIBOR(Q) | Health Care Providers & Services | Tempus, LLC (Epic Staffing) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15] | 1% | |||
Spread | [1],[6],[13],[15] | 6% | |||
Total Coupon | [1],[6],[13],[15] | 7% | |||
Maturity | [1],[6],[13],[15] | Feb. 05, 2027 | |||
Principal | [1],[6],[13],[15] | $ 1,528,379 | |||
Cost | [1],[3],[6],[13],[15] | 1,495,592 | |||
Fair Value | [1],[6],[7],[13],[15] | $ 1,569,223 | |||
Debt Investments | LIBOR(Q) | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7.25% | |||
Total Coupon | [1],[6],[13] | 8.25% | |||
Maturity | [1],[6],[13] | May 06, 2027 | |||
Principal | [1],[6],[13] | $ 2,875,899 | |||
Cost | [1],[3],[6],[13] | 2,826,567 | |||
Fair Value | [1],[6],[7],[13] | $ 2,824,133 | |||
Debt Investments | LIBOR(Q) | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 7.25% | |||
Total Coupon | [1],[6],[13],[14],[15] | 8.25% | |||
Maturity | [1],[6],[13],[14],[15] | May 06, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (3,422) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (3,451) | |||
Debt Investments | LIBOR(Q) | Health Care Technology | Care A T C Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 7.25% | [8],[10],[12] | 7.25% | [1],[6],[13] | |
Total Coupon | 11.99% | [8],[10],[12] | 8.25% | [1],[6],[13] | |
Maturity | Mar. 14, 2024 | [8],[10],[12] | Mar. 14, 2024 | [1],[6],[13] | |
Principal | $ 7,664,445 | [8],[10],[12] | $ 8,070,508 | [1],[6],[13] | |
Cost | 7,608,680 | [8],[9],[10],[12] | 7,963,784 | [1],[3],[6],[13] | |
Fair Value | $ 7,541,813 | [8],[10],[11],[12] | $ 8,151,213 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Health Care Technology | Care A T C Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[26] | 1% | |||
Spread | [1],[6],[13],[14],[26] | 7.25% | |||
Total Coupon | [1],[6],[13],[14],[26] | 8.25% | |||
Maturity | [1],[6],[13],[14],[26] | Mar. 14, 2024 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[26] | (3,141) | |||
Fair Value | [1],[6],[7],[13] | $ 0 | |||
Debt Investments | LIBOR(Q) | Health Care Technology | Gainwell Acquisition Corp. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 8% | [8],[10],[12] | 8% | [1],[6],[13] | |
Total Coupon | 11.74% | [8],[10],[12] | 9% | [1],[6],[13] | |
Maturity | Oct. 02, 2028 | [8],[10],[12] | Oct. 02, 2028 | [1],[6],[13] | |
Principal | $ 2,016,737 | [8],[10],[12] | $ 2,016,737 | [1],[6],[13] | |
Cost | 2,008,293 | [8],[9],[10],[12] | 2,007,083 | [1],[3],[6],[13] | |
Fair Value | $ 1,899,767 | [8],[10],[11],[12] | $ 2,055,055 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Health Care Technology | Sandata Technologies L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[6],[13] | ||
Spread | 6% | [8],[10],[12] | 6% | [1],[6],[13] | |
Total Coupon | 10.75% | [8],[10],[12] | 6.25% | [1],[6],[13] | |
Maturity | Jul. 23, 2024 | [8],[10],[12] | Jul. 23, 2024 | [1],[6],[13] | |
Principal | $ 4,500,000 | [8],[10],[12] | $ 4,500,000 | [1],[6],[13] | |
Cost | 4,476,424 | [8],[9],[10],[12] | 4,462,694 | [1],[3],[6],[13] | |
Fair Value | $ 4,396,500 | [8],[10],[11],[12] | $ 4,545,000 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Health Care Technology | Sandata Technologies L L C | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[6],[13],[14],[15] | ||
Spread | 6% | [8],[10],[12],[19] | 6% | [1],[6],[13],[14],[15] | |
Total Coupon | 10.29% | [8],[10],[12],[19] | 6.25% | [1],[6],[13],[14],[15] | |
Maturity | Jul. 23, 2024 | [8],[10],[12],[19] | Jul. 23, 2024 | [1],[6],[13],[14],[15] | |
Principal | $ 500,000 | [8],[10],[12],[19] | $ 0 | [1],[6],[14],[15] | |
Cost | 497,481 | [8],[9],[10],[12],[19] | (3,964) | [1],[3],[6],[13],[14],[15] | |
Fair Value | $ 488,500 | [8],[10],[11],[12],[19] | $ 0 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.25% | |||
Total Coupon | [1],[6],[13] | 7.25% | |||
Maturity | [1],[6],[13] | Oct. 01, 2026 | |||
Principal | [1],[6],[13] | $ 1,953,382 | |||
Cost | [1],[3],[6],[13] | 1,921,257 | |||
Fair Value | [1],[6],[7],[13] | $ 1,918,221 | |||
Debt Investments | LIBOR(Q) | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15] | 1% | |||
Spread | [1],[6],[13],[15] | 6.25% | |||
Total Coupon | [1],[6],[13],[15] | 7.25% | |||
Maturity | [1],[6],[13],[15] | Oct. 01, 2026 | |||
Principal | [1],[6],[13],[15] | $ 66,667 | |||
Cost | [1],[3],[6],[13],[15] | 62,659 | |||
Fair Value | [1],[6],[7],[13],[15] | $ 62,167 | |||
Debt Investments | LIBOR(Q) | Internet Software & Services | Magenta Buyer, LLC (McAfee) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0.75% | [8],[10],[12],[30] | 0.75% | [1],[6],[13],[31] | |
Spread | 8.25% | [8],[10],[12],[30] | 8.25% | [1],[6],[13],[31] | |
Total Coupon | 12.67% | [8],[10],[12],[30] | 9% | [1],[6],[13],[31] | |
Maturity | Jul. 27, 2029 | [8],[10],[30] | Jul. 27, 2029 | [1],[6],[13],[31] | |
Principal | $ 7,000,000 | [8],[10],[30] | $ 7,000,000 | [1],[6],[13],[31] | |
Cost | 6,913,061 | [8],[9],[10],[30] | 6,902,759 | [1],[3],[6],[13],[31] | |
Fair Value | $ 5,483,310 | [8],[10],[11],[30] | $ 6,936,580 | [1],[6],[7],[13],[31] | |
Debt Investments | LIBOR(Q) | Internet Software & Services | MetricStream, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8% | |||
Total Coupon | [1],[6],[13] | 9% | |||
Maturity | [1],[6],[13] | Sep. 28, 2024 | |||
Principal | [1],[6],[13] | $ 11,002,285 | |||
Cost | [1],[3],[6],[13] | 10,842,185 | |||
Fair Value | [1],[6],[7],[13] | $ 10,683,219 | |||
Debt Investments | LIBOR(Q) | Internet Software & Services | MetricStream, Inc. | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8% | |||
Total Coupon | [1],[6],[13] | 9% | |||
Maturity | [1],[6],[13] | Sep. 28, 2024 | |||
Principal | [1],[6],[13] | $ 1,466,971 | |||
Cost | [1],[3],[6],[13] | 1,437,645 | |||
Fair Value | [1],[6],[7],[13] | $ 1,437,632 | |||
Debt Investments | LIBOR(Q) | Internet Software & Services | Pluralsight, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 8% | |||
Total Coupon | [8],[10],[12] | 11.83% | |||
Maturity | [8],[10] | Apr. 06, 2027 | |||
Principal | [8],[10] | $ 12,069,635 | |||
Cost | [8],[9],[10] | 11,881,653 | |||
Fair Value | [8],[10],[11] | $ 11,598,919 | |||
Debt Investments | LIBOR(Q) | Internet Software & Services | Suited Connector, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 7% | |||
Maturity | [1],[6],[13] | Dec. 01, 2027 | |||
Principal | [1],[6],[13] | $ 1,431,818 | |||
Cost | [1],[3],[6],[13] | 1,403,426 | |||
Fair Value | [1],[6],[7],[13] | $ 1,403,182 | |||
Debt Investments | LIBOR(Q) | Internet Software & Services | Suited Connector, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7% | |||
Maturity | [1],[6],[13],[14],[15] | Dec. 01, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (3,312) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (6,818) | |||
Debt Investments | LIBOR(Q) | Internet Software & Services | Suited Connector, LLC | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15] | 1% | |||
Spread | [1],[6],[13],[15] | 6% | |||
Total Coupon | [1],[6],[13],[15] | 7% | |||
Maturity | [1],[6],[13],[15] | Dec. 01, 2027 | |||
Principal | [1],[6],[13],[15] | $ 68,182 | |||
Cost | [1],[3],[6],[13],[15] | 63,693 | |||
Fair Value | [1],[6],[7],[13],[15] | $ 63,636 | |||
Debt Investments | LIBOR(Q) | IT Services | Idera, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 10.50% | |||
Maturity | [8],[10] | Feb. 04, 2029 | |||
Principal | [8],[10] | $ 2,867,296 | |||
Cost | [8],[9],[10] | 2,849,793 | |||
Fair Value | [8],[10],[11] | $ 2,351,183 | |||
Debt Investments | LIBOR(Q) | IT Services | Puppet, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8.50% | |||
Total Coupon | [1],[6],[13] | 9.50% | |||
Maturity | [1],[6],[13] | Jun. 19, 2023 | |||
Principal | [1],[6],[13] | $ 1,000,000 | |||
Cost | [1],[3],[6],[13] | 985,601 | |||
Fair Value | [1],[6],[7],[13] | $ 983,000 | |||
Debt Investments | LIBOR(Q) | Machinery | Sonny's Enterprises, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.75% | |||
Total Coupon | [1],[6],[13] | 7.75% | |||
Maturity | [1],[6],[13] | Aug. 05, 2026 | |||
Principal | [1],[6],[13] | $ 1,444,796 | |||
Cost | [1],[3],[6],[13] | 1,418,822 | |||
Fair Value | [1],[6],[7],[13] | $ 1,473,692 | |||
Debt Investments | LIBOR(Q) | Machinery | Sonny's Enterprises, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.75% | |||
Total Coupon | [1],[6],[13] | 7.75% | |||
Maturity | [1],[6],[13] | Aug. 05, 2026 | |||
Principal | [1],[6],[13] | $ 3,894,753 | |||
Cost | [1],[3],[6],[13] | 3,827,544 | |||
Fair Value | [1],[6],[7],[13] | $ 3,972,649 | |||
Debt Investments | LIBOR(Q) | Media | MBS Opco, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 9% | |||
Total Coupon | [1],[6],[13] | 10% | |||
Maturity | [1],[6],[13] | Dec. 29, 2022 | |||
Principal | [1],[6],[13] | $ 14,400,000 | |||
Cost | [1],[3],[6],[13] | 14,400,000 | |||
Fair Value | [1],[6],[7],[13] | $ 14,400,000 | |||
Debt Investments | LIBOR(Q) | Professional Services | Dude Solutions Holdings, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.25% | |||
Total Coupon | [1],[6],[13] | 7.25% | |||
Maturity | [1],[6],[13] | Jun. 13, 2025 | |||
Principal | [1],[6],[13] | $ 9,251,731 | |||
Cost | [1],[3],[6],[13] | 9,123,045 | |||
Fair Value | [1],[6],[7],[13] | $ 9,270,234 | |||
Debt Investments | LIBOR(Q) | Professional Services | Dude Solutions Holdings, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.25% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.25% | |||
Maturity | [1],[6],[13],[14],[15] | Jun. 13, 2025 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (15,988) | |||
Fair Value | [1],[6],[7],[13] | $ 0 | |||
Debt Investments | LIBOR(Q) | Road And Rail | St George Warehousing Trucking Co Of California Inc | First Lien Last Out Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8.98% | |||
Total Coupon | [1],[6],[13] | 9.98% | |||
Maturity | [1],[6],[13] | Apr. 28, 2023 | |||
Principal | [1],[6],[13] | $ 37,544,921 | |||
Cost | [1],[3],[6],[13] | 37,544,921 | |||
Fair Value | [1],[6],[7],[13] | $ 37,263,334 | |||
Debt Investments | LIBOR(Q) | Road And Rail | St George Warehousing Trucking Co Of California Inc | First Lien Last Out Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8.98% | |||
Total Coupon | [1],[6],[13] | 9.98% | |||
Maturity | [1],[6],[13] | Apr. 28, 2023 | |||
Principal | [1],[6],[13] | $ 7,696,249 | |||
Cost | [1],[3],[6],[13] | 7,696,249 | |||
Fair Value | [1],[6],[7],[13] | $ 7,638,527 | |||
Debt Investments | LIBOR(Q) | Software | Aras Corporation | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[28] | 1% | [1],[6],[13],[33] | |
Interest Rate, PIK | 3.75% | [8],[10],[12],[28] | 3.75% | [1],[6],[13],[33] | |
Interest Rate, Cash | 3.25% | [8],[10],[12],[28] | 3.25% | [1],[6],[13],[33] | |
Total Coupon | 10.94% | [8],[10],[12],[28] | 8% | [1],[6],[13],[33] | |
Maturity | Apr. 13, 2027 | [8],[10],[12],[28] | Apr. 13, 2027 | [1],[6],[13],[33] | |
Principal | $ 4,442,604 | [8],[10],[12],[28] | $ 3,876,087 | [1],[6],[13],[33] | |
Cost | 4,383,120 | [8],[9],[10],[12],[28] | 3,804,903 | [1],[3],[6],[13],[33] | |
Fair Value | $ 4,273,786 | [8],[10],[11],[12],[28] | $ 3,829,574 | [1],[6],[7],[13],[33] | |
Debt Investments | LIBOR(Q) | Software | Aras Corporation | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[33] | 1% | |||
Interest Rate, PIK | [1],[6],[13],[33] | 3.75% | |||
Interest Rate, Cash | [1],[6],[13],[33] | 3.25% | |||
Total Coupon | [1],[6],[13],[33] | 8% | |||
Maturity | [1],[6],[13],[33] | Apr. 13, 2027 | |||
Principal | [1],[6],[13],[33] | $ 409,525 | |||
Cost | [1],[3],[6],[13],[33] | 406,401 | |||
Fair Value | [1],[6],[7],[13],[33] | $ 404,611 | |||
Debt Investments | LIBOR(Q) | Software | Aras Corporation | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.50% | |||
Maturity | [1],[6],[13],[14],[15] | Apr. 13, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (5,415) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (3,686) | |||
Debt Investments | LIBOR(Q) | Software | Bluefin Holding, LLC (BlackMountain) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[5],[6],[13] | ||
Spread | 7.75% | [8],[10],[12] | 7.75% | [1],[6],[13] | |
Total Coupon | 12.48% | [8],[10],[12] | 7.93% | [1],[6],[13] | |
Maturity | Sep. 03, 2027 | [8],[10],[12] | Sep. 06, 2027 | [1],[6],[13] | |
Principal | $ 4,809,535 | [8],[10],[12] | $ 4,809,535 | [1],[6],[13] | |
Cost | 4,762,954 | [8],[9],[10],[12] | 4,753,821 | [1],[3],[6],[13] | |
Fair Value | $ 4,756,630 | [8],[10],[11],[12] | $ 4,809,535 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Software | CyberGrants Holdings, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 6.50% | |||
Total Coupon | [1],[6],[13] | 7.25% | |||
Maturity | [1],[6],[13] | Sep. 08, 2027 | |||
Principal | [1],[6],[13] | $ 2,833,333 | |||
Cost | [1],[3],[6],[13] | 2,792,694 | |||
Fair Value | [1],[6],[7],[13] | $ 2,809,817 | |||
Debt Investments | LIBOR(Q) | Software | CyberGrants Holdings, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.25% | |||
Maturity | [1],[6],[13],[14],[15] | Sep. 08, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (1,866) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (2,306) | |||
Debt Investments | LIBOR(Q) | Software | CyberGrants Holdings, LLC | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.25% | |||
Maturity | [1],[6],[13],[14],[15] | Sep. 08, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (3,950) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (2,306) | |||
Debt Investments | LIBOR(Q) | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.25% | |||
Total Coupon | [8],[10],[12] | 10.98% | |||
Maturity | [8],[10],[12] | Sep. 08, 2027 | |||
Principal | [8],[10],[12] | $ 2,833,333 | |||
Cost | [8],[9],[10],[12] | 2,798,816 | |||
Fair Value | [8],[10],[11],[12] | $ 2,746,350 | |||
Debt Investments | LIBOR(Q) | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.98% | |||
Maturity | [8],[10],[12],[19] | Sep. 08, 2027 | |||
Principal | [8],[10],[12],[19] | $ 54,686 | |||
Cost | [8],[9],[10],[12],[19] | 53,168 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 46,158 | |||
Debt Investments | LIBOR(Q) | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.98% | |||
Maturity | [8],[10],[12],[19] | Sep. 08, 2027 | |||
Principal | [8],[10],[12],[19] | $ 103,311 | |||
Cost | [8],[9],[10],[12],[19] | 100,015 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 94,783 | |||
Debt Investments | LIBOR(Q) | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 7% | |||
Maturity | [1],[6],[13] | Dec. 17, 2027 | |||
Principal | [1],[6],[13] | $ 1,506,667 | |||
Cost | [1],[3],[6],[13] | 1,476,673 | |||
Fair Value | [1],[6],[7],[13] | $ 1,476,533 | |||
Debt Investments | LIBOR(Q) | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7% | |||
Maturity | [1],[6],[13],[14],[15] | Dec. 17, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (2,630) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (5,333) | |||
Debt Investments | LIBOR(Q) | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7% | |||
Maturity | [1],[6],[13],[14],[15] | Dec. 17, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (2,648) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (2,667) | |||
Debt Investments | LIBOR(Q) | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[17],[18],[28] | 1% | [1],[6],[13],[20],[21] | |
Interest Rate, PIK | [8],[10],[12],[17],[18],[28] | 3% | |||
Interest Rate, Cash | [8],[10],[12],[17],[18],[28] | 4.50% | |||
Spread | [1],[6],[13],[20],[21] | 7% | |||
Total Coupon | 12.25% | [8],[10],[12],[17],[18],[28] | 8% | [1],[6],[13],[20],[21] | |
Maturity | Mar. 31, 2027 | [8],[10],[12],[17],[18],[28] | Mar. 31, 2027 | [1],[6],[13],[20],[21] | |
Principal | $ 3,799,349 | [8],[10],[12],[17],[18],[28] | $ 3,686,254 | [1],[6],[13],[20],[21] | |
Cost | 3,742,283 | [8],[9],[10],[12],[17],[18],[28] | 3,618,969 | [1],[3],[6],[13],[20],[21] | |
Fair Value | $ 3,730,961 | [8],[10],[11],[12],[17],[18],[28] | 3,700,999 | [1],[6],[7],[13],[20],[21] | |
Debt Investments | LIBOR(Q) | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18],[19],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[17],[18],[19],[28] | 3% | |||
Interest Rate, Cash | [8],[10],[12],[17],[18],[19],[28] | 4.50% | |||
Total Coupon | [8],[10],[12],[17],[18],[19],[28] | 12.25% | |||
Maturity | [8],[10],[12],[17],[18],[19],[28] | Mar. 31, 2027 | |||
Principal | [8],[10],[12],[18],[19],[28] | $ 0 | |||
Cost | [8],[9],[10],[12],[17],[18],[19],[28] | (5,816) | |||
Fair Value | $ (7,373) | [8],[10],[11],[12],[17],[18],[19],[28] | $ 0 | [1],[6],[7],[13],[15],[33] | |
Debt Investments | LIBOR(Q) | Software | Rhode Holdings Inc Kaseya | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[33] | 1% | |||
Interest Rate, PIK | [1],[6],[13],[33] | 1% | |||
Interest Rate, Cash | [1],[6],[13],[33] | 5.50% | |||
Total Coupon | [1],[6],[13],[33] | 7.50% | |||
Maturity | [1],[6],[13],[33] | May 02, 2025 | |||
Principal | [1],[6],[13],[33] | $ 5,447,060 | |||
Cost | [1],[3],[6],[13],[33] | 5,385,185 | |||
Fair Value | [1],[6],[7],[13],[33] | $ 5,474,295 | |||
Debt Investments | LIBOR(Q) | Software | Rhode Holdings Inc Kaseya | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15],[33] | 1% | |||
Interest Rate, Cash | [1],[6],[13],[15],[33] | 5.50% | |||
Total Coupon | [1],[6],[13],[15],[33] | 7.50% | |||
Maturity | [1],[6],[13],[15],[33] | May 02, 2025 | |||
Principal | [1],[6],[13],[15],[33] | $ 892,155 | |||
Cost | [1],[3],[6],[13],[15],[33] | 880,561 | |||
Fair Value | [1],[6],[7],[13],[15],[33] | $ 898,138 | |||
Debt Investments | LIBOR(Q) | Software | Rhode Holdings Inc Kaseya | First Lien Delayed Draw Term Loan | Cash | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, PIK | [1],[6],[13],[15],[33] | 1% | |||
Debt Investments | LIBOR(Q) | Software | Rhode Holdings Inc Kaseya | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 7.50% | |||
Maturity | [1],[6],[13],[14],[15] | May 02, 2025 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (3,898) | |||
Fair Value | [1],[6],[7],[13],[15],[33] | $ 0 | |||
Debt Investments | LIBOR(Q) | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15],[20],[21] | 1% | |||
Spread | [1],[6],[13],[14],[15],[20],[21] | 7% | |||
Total Coupon | [1],[6],[13],[14],[15],[20],[21] | 8% | |||
Maturity | [1],[6],[13],[14],[15],[20],[21] | Mar. 31, 2027 | |||
Principal | [1],[6],[14],[15],[20],[21] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15],[20],[21] | $ (7,173) | |||
Debt Investments | LIBOR(Q) | Software | SEP Vulcan Acquisition, Inc. (Tasktop) (Canada) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[20],[21] | 1% | |||
Spread | [1],[6],[13],[20],[21] | 7% | |||
Total Coupon | [1],[6],[13],[20],[21] | 8% | |||
Maturity | [1],[6],[13],[20],[21] | Mar. 16, 2027 | |||
Principal | [1],[6],[13],[20],[21] | $ 3,016,305 | |||
Cost | [1],[3],[6],[13],[20],[21] | 2,961,731 | |||
Fair Value | [1],[6],[7],[13],[20],[21] | $ 3,046,468 | |||
Debt Investments | LIBOR(Q) | Software | SEP Vulcan Acquisition, Inc. (Tasktop) (Canada) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15],[20],[21] | 1% | |||
Spread | [1],[6],[13],[14],[15],[20],[21] | 7% | |||
Total Coupon | [1],[6],[13],[14],[15],[20],[21] | 8% | |||
Maturity | [1],[6],[13],[14],[15],[20],[21] | Mar. 16, 2027 | |||
Principal | [1],[6],[14],[15],[20],[21] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15],[20],[21] | (7,489) | |||
Fair Value | [1],[6],[7],[13],[15],[33] | $ 0 | |||
Debt Investments | LIBOR(Q) | Software | Superman Holdings, LLC (Foundation Software) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 6.13% | [8],[10],[12] | 6.50% | [1],[6],[13] | |
Total Coupon | 10.85% | [8],[10],[12] | 7.50% | [1],[6],[13] | |
Maturity | Aug. 31, 2027 | [8],[10],[12] | Aug. 31, 2027 | [1],[6],[13] | |
Principal | $ 4,616,646 | [8],[10],[12] | $ 4,663,724 | [1],[6],[13] | |
Cost | 4,536,715 | [8],[9],[10],[12] | 4,569,238 | [1],[3],[6],[13] | |
Fair Value | $ 4,538,163 | [8],[10],[11],[12] | $ 4,682,378 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(Q) | Software | Superman Holdings, LLC (Foundation Software) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[19] | 1% | [1],[6],[13],[14],[15] | |
Spread | 6.13% | [8],[10],[12],[19] | 6.50% | [1],[6],[13],[14],[15] | |
Total Coupon | 10.85% | [8],[10],[12],[19] | 7.50% | [1],[6],[13],[14],[15] | |
Maturity | Aug. 31, 2026 | [8],[10],[12],[19] | Aug. 31, 2026 | [1],[6],[13],[14],[15] | |
Principal | $ 0 | [8],[10],[12],[19] | $ 0 | [1],[6],[14],[15] | |
Cost | (5,050) | [8],[9],[10],[12],[19] | (6,420) | [1],[3],[6],[13],[14],[15] | |
Fair Value | $ (5,601) | [8],[10],[11],[12],[19] | $ 0 | [1],[6],[7],[13],[15],[33] | |
Debt Investments | LIBOR(Q) | Software | Syntellis Performance Solutions, Inc. (Axiom Software) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7% | |||
Total Coupon | [1],[6],[13] | 8% | |||
Maturity | [1],[6],[13] | Aug. 02, 2027 | |||
Principal | [1],[6],[13] | $ 847,510 | |||
Cost | [1],[3],[6],[13] | 826,019 | |||
Fair Value | [1],[6],[7],[13] | $ 864,460 | |||
Debt Investments | LIBOR(Q) | Software | Zilliant Incorporated | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[33] | 0.75% | |||
Interest Rate, PIK | [1],[6],[13],[33] | 6.50% | |||
Total Coupon | [1],[6],[13],[33] | 7.25% | |||
Maturity | [1],[6],[13],[33] | Dec. 21, 2027 | |||
Principal | [1],[6],[13],[33] | $ 1,481,481 | |||
Cost | [1],[3],[6],[13],[33] | 1,452,019 | |||
Fair Value | [1],[6],[7],[13],[33] | $ 1,451,852 | |||
Debt Investments | LIBOR(Q) | Software | Zilliant Incorporated | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15],[33] | 0.75% | |||
Interest Rate, PIK | [1],[6],[13],[14],[15],[33] | 6.50% | |||
Total Coupon | [1],[6],[13],[14],[15],[33] | 7.25% | |||
Maturity | [1],[6],[13],[14],[15],[33] | Dec. 21, 2027 | |||
Principal | [1],[6],[14],[15],[33] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15],[33] | (3,666) | |||
Fair Value | [1],[6],[7],[13],[14],[15],[33] | $ (7,407) | |||
Debt Investments | LIBOR(Q) | Software | Zilliant Incorporated | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 6% | |||
Total Coupon | [1],[6],[13],[14],[15] | 6.75% | |||
Maturity | [1],[6],[13],[14],[15] | Dec. 21, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (2,948) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (2,963) | |||
Debt Investments | LIBOR(Q) | Textiles, Apparel & Luxury Goods | WH Buyer, LLC (Anne Klein) | First Lien FILO Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7.38% | |||
Total Coupon | [1],[6],[13] | 8.38% | |||
Maturity | [1],[6],[13] | Dec. 31, 2025 | |||
Principal | [1],[6],[13] | $ 16,426,962 | |||
Cost | [1],[3],[6],[13] | 16,314,152 | |||
Fair Value | [1],[6],[7],[13] | $ 16,591,232 | |||
Debt Investments | LIBOR(Q) | Trading Companies And Distributors | Blackbird Purchaser Inc Ohio Transmission Corp | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 7.50% | |||
Total Coupon | [1],[6],[13] | 8.25% | |||
Maturity | [1],[6],[13] | Apr. 08, 2027 | |||
Principal | [1],[6],[13] | $ 3,539,347 | |||
Cost | [1],[3],[6],[13] | 3,469,160 | |||
Fair Value | [1],[6],[7],[13] | $ 3,468,560 | |||
Debt Investments | LIBOR(Q) | Trading Companies And Distributors | Blackbird Purchaser Inc Ohio Transmission Corp | Second Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 0.75% | |||
Spread | [1],[6],[13],[14],[15] | 7.50% | |||
Total Coupon | [1],[6],[13],[14],[15] | 8.25% | |||
Maturity | [1],[6],[13],[14],[15] | Apr. 08, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (11,585) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (23,596) | |||
Debt Investments | LIBOR(Q) | Specialty Retail | Calceus Acquisition, Inc. (Cole Haan) | First Lien Term Loan B | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | [8],[10],[12],[30] | 0% | [1],[6],[13],[31] | |
Spread | 5.50% | [8],[10],[12],[30] | 5.50% | [1],[6],[13],[31] | |
Total Coupon | 10.23% | [8],[10],[12],[30] | 5.68% | [1],[6],[13],[31] | |
Maturity | Feb. 12, 2025 | [8],[10],[12],[30] | Feb. 12, 2025 | [1],[6],[13],[31] | |
Principal | $ 3,678,280 | [8],[10],[12],[30] | $ 171,349 | [1],[6],[13],[31] | |
Cost | 3,399,559 | [8],[9],[10],[12],[30] | 164,623 | [1],[3],[6],[13],[31] | |
Fair Value | $ 3,387,070 | [8],[10],[11],[12],[30] | $ 160,782 | [1],[6],[7],[13],[31] | |
Debt Investments | LIBOR(Q) | Technology Hardware, Storage & Peripherals | Sum Up Holdings Luxembourg S A R L United Kingdom | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15],[20],[21] | 1% | |||
Spread | [1],[6],[13],[15],[20],[21] | 7% | |||
Total Coupon | [1],[6],[13],[15],[20],[21] | 8% | |||
Maturity | [1],[6],[13],[15],[20],[21] | Feb. 17, 2026 | |||
Principal | [1],[6],[13],[15],[20],[21] | $ 5,403,099 | |||
Cost | [1],[3],[6],[13],[15],[20],[21] | 5,296,171 | |||
Fair Value | [1],[6],[7],[13],[15],[20],[21] | $ 5,186,242 | |||
Debt Investments | LIBOR(Q) | Tobacco Related | Juul Labs Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1.50% | |||
Spread | [1],[6],[13] | 7% | |||
Total Coupon | [1],[6],[13] | 8.50% | |||
Maturity | [1],[6],[13] | Aug. 02, 2023 | |||
Principal | [1],[6],[13] | $ 13,051,497 | |||
Cost | [1],[3],[6],[13] | 12,994,616 | |||
Fair Value | [1],[6],[7],[13] | $ 12,999,291 | |||
Debt Investments | LIBOR(Q) | Wireless Telecommunication Services | OpenMarket, Inc. (Infobip) (United Kingdom) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0.75% | [8],[10],[12],[17],[18] | 0.75% | [1],[6],[13],[20],[21] | |
Spread | 6.25% | [8],[10],[12],[17],[18] | 6.25% | [1],[6],[13],[20],[21] | |
Total Coupon | 10.98% | [8],[10],[12],[17],[18] | 7% | [1],[6],[13],[20],[21] | |
Maturity | Sep. 17, 2026 | [8],[10],[12],[17],[18] | Sep. 17, 2026 | [1],[6],[13],[20],[21] | |
Principal | $ 4,937,500 | [8],[10],[12],[17],[18] | $ 4,987,500 | [1],[6],[13],[20],[21] | |
Cost | 4,841,489 | [8],[9],[10],[12],[17],[18] | 4,868,610 | [1],[3],[6],[13],[20],[21] | |
Fair Value | $ 4,781,475 | [8],[10],[11],[12],[17],[18] | $ 4,844,359 | [1],[6],[7],[13],[20],[21] | |
Debt Investments | SOFR(Q) | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1.50% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 11.98% | |||
Maturity | [8],[10],[12] | Feb. 07, 2025 | |||
Principal | [8],[10],[12] | $ 500,000 | |||
Cost | [8],[9],[10],[12] | 489,418 | |||
Fair Value | [8],[10],[11],[12] | $ 505,000 | |||
Debt Investments | SOFR(Q) | Capital Markets | Pico Quantitative Trading, LLC | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1.50% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 11.61% | |||
Maturity | [8],[10],[12] | Feb. 07, 2025 | |||
Principal | [8],[10],[12] | $ 560,228 | |||
Cost | [8],[9],[10],[12] | 540,020 | |||
Fair Value | [8],[10],[11],[12] | $ 560,228 | |||
Debt Investments | SOFR(Q) | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.32% | |||
Maturity | [8],[10],[12] | Aug. 23, 2028 | |||
Principal | [8],[10],[12] | $ 1,366,200 | |||
Cost | [8],[9],[10],[12] | 1,333,250 | |||
Fair Value | [8],[10],[11],[12] | $ 1,334,367 | |||
Debt Investments | SOFR(Q) | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.49% | |||
Maturity | [8],[10],[12],[19] | Aug. 23, 2028 | |||
Principal | [8],[10],[12],[19] | $ 357,991 | |||
Cost | [8],[9],[10],[12],[19] | 342,382 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 335,983 | |||
Debt Investments | SOFR(Q) | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.32% | |||
Maturity | [8],[10],[12],[19] | Aug. 23, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (5,182) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (5,128) | |||
Debt Investments | SOFR(Q) | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.84% | |||
Maturity | [8],[10],[12] | Mar. 31, 2028 | |||
Principal | [8],[10],[12] | $ 3,275,107 | |||
Cost | [8],[9],[10],[12] | 3,209,605 | |||
Fair Value | [8],[10],[11],[12] | $ 3,157,203 | |||
Debt Investments | SOFR(Q) | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.84% | |||
Maturity | [8],[10],[12],[19] | Mar. 31, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (10,731) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (38,632) | |||
Debt Investments | SOFR(Q) | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.84% | |||
Maturity | [8],[10],[12],[19] | Mar. 31, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (10,731) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (19,316) | |||
Debt Investments | SOFR(Q) | Containers & Packaging | BW Holding, Inc. (Brook & Whittle) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 7.50% | |||
Total Coupon | [8],[10],[12] | 12.05% | |||
Maturity | [8],[10],[12] | Dec. 14, 2029 | |||
Principal | [8],[10],[12] | $ 4,559,359 | |||
Cost | [8],[9],[10],[12] | 4,465,756 | |||
Fair Value | [8],[10],[11],[12] | $ 4,226,526 | |||
Debt Investments | SOFR(Q) | Diversified Consumer Services | Elevate Brands OpCo LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 8.50% | |||
Total Coupon | [8],[10],[12],[19] | 13.23% | |||
Maturity | [8],[10],[12],[19] | Mar. 15, 2027 | |||
Principal | [8],[10],[12],[19] | $ 7,900,096 | |||
Cost | [8],[9],[10],[12],[19] | 7,812,573 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 7,830,210 | |||
Debt Investments | SOFR(Q) | Diversified Consumer Services | Fusion Holding Corp. (Finalsite) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.25% | |||
Total Coupon | [8],[10],[12] | 10.78% | |||
Maturity | [8],[10],[12] | Sep. 14, 2029 | |||
Principal | [8],[10],[12] | $ 3,200,924 | |||
Cost | [8],[9],[10],[12] | 3,131,854 | |||
Fair Value | [8],[10],[11],[12] | $ 3,131,144 | |||
Debt Investments | SOFR(Q) | Diversified Consumer Services | Fusion Holding Corp. (Finalsite) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [12],[19] | 0.75% | |||
Spread | [12],[19] | 6.25% | |||
Total Coupon | [12],[19] | 10.78% | |||
Maturity | [12],[19] | Sep. 15, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [9],[12],[19] | (5,534) | |||
Fair Value | [11],[12],[19] | $ (5,592) | |||
Debt Investments | SOFR(Q) | Diversified Consumer Services | Accordion Partners LLC | First Lien Delayed Draw Term Loan A | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 11.08% | |||
Maturity | [8],[10],[12],[19] | Aug. 29, 2029 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | 1,316 | |||
Fair Value | [8],[10],[11],[12],[19] | $ (7,017) | |||
Debt Investments | SOFR(Q) | Diversified Financial Services | Accordion Partners LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.83% | |||
Maturity | [8],[10],[12],[19] | Aug. 29, 2029 | |||
Principal | [8],[10],[12],[19] | $ 5,356,151 | |||
Cost | [8],[9],[10],[12],[19] | 5,240,066 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 5,216,891 | |||
Debt Investments | SOFR(Q) | Diversified Financial Services | Accordion Partners LLC | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.83% | |||
Maturity | [8],[10],[12],[19] | Aug. 31, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (9,941) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (12,162) | |||
Debt Investments | SOFR(Q) | Diversified Financial Services | Accordion Partners LLC | First Lien Delayed Draw Term Loan B | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.83% | |||
Maturity | [8],[10],[12],[19] | Aug. 29, 2029 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (12,562) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (15,203) | |||
Debt Investments | SOFR(Q) | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[12],[28] | Jun. 28, 2028 | |||
Principal | [8],[10],[12],[28] | $ 2,703,036 | |||
Cost | [8],[9],[12],[28] | 2,657,008 | |||
Fair Value | [8],[10],[11],[12],[28] | $ 2,121,343 | |||
Debt Investments | SOFR(Q) | Health Care Providers & Services | Opco Borrower, LLC (Giving Home Health Care) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 11.18% | |||
Maturity | [8],[10],[12] | Aug. 19, 2027 | |||
Principal | [8],[10],[12] | $ 341,602 | |||
Cost | [8],[9],[10],[12] | 338,323 | |||
Fair Value | [8],[10],[11],[12] | $ 335,658 | |||
Debt Investments | SOFR(Q) | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.50% | |||
Spread | [8],[10],[12] | 7.50% | |||
Total Coupon | [8],[10],[12] | 12.05% | |||
Maturity | [8],[10],[12] | Oct. 26, 2026 | |||
Principal | [8],[10],[12] | $ 3,538,462 | |||
Cost | [8],[9],[10],[12] | 3,491,614 | |||
Fair Value | [8],[10],[11],[12] | $ 3,361,538 | |||
Debt Investments | SOFR(Q) | Health Care Technology | E S O Solutions Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7% | |||
Total Coupon | [8],[10],[12] | 11.59% | |||
Maturity | [8],[10],[12] | May 03, 2027 | |||
Principal | [8],[10],[12] | $ 8,380,593 | |||
Cost | [8],[9],[10],[12] | 8,238,137 | |||
Fair Value | [8],[10],[11],[12] | $ 8,045,370 | |||
Debt Investments | SOFR(Q) | Health Care Technology | E S O Solutions Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 7% | |||
Total Coupon | [8],[10],[12],[19] | 11.59% | |||
Maturity | [8],[10],[12],[19] | May 03, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (8,938) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (24,651) | |||
Debt Investments | SOFR(Q) | Hotels, Restaurants & Leisure | OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18] | 0.75% | |||
Spread | [8],[10],[12],[17],[18] | 6.25% | |||
Total Coupon | [8],[10],[12],[17],[18] | 10.68% | |||
Maturity | [8],[10],[12],[17],[18] | Jun. 03, 2027 | |||
Principal | [8],[10],[12],[17],[18] | $ 5,234,481 | |||
Cost | [8],[9],[10],[12],[17],[18] | 5,139,378 | |||
Fair Value | [8],[10],[11],[12],[17],[18] | $ 5,098,385 | |||
Debt Investments | SOFR(Q) | Hotels, Restaurants & Leisure | OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18],[19] | 0.75% | |||
Spread | [8],[10],[12],[17],[18],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[17],[18],[19] | 10.68% | |||
Maturity | [8],[10],[12],[17],[18],[19] | Jun. 03, 2027 | |||
Principal | [8],[10],[12],[17],[18],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[17],[18],[19] | (7,430) | |||
Fair Value | [8],[10],[11],[12],[17],[18],[19] | $ (10,915) | |||
Debt Investments | SOFR(Q) | Insurance | Ameri Life Holdings L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 5.75% | |||
Total Coupon | [8],[10],[12] | 9.58% | |||
Maturity | [8],[10],[12] | Aug. 31, 2029 | |||
Principal | [8],[10],[12] | $ 4,121,752 | |||
Cost | [8],[9],[10],[12] | 4,043,233 | |||
Fair Value | [8],[10],[11],[12] | $ 3,952,760 | |||
Debt Investments | SOFR(Q) | Insurance | Ameri Life Holdings L L C | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 5.75% | |||
Total Coupon | [8],[10],[12],[19] | 9.58% | |||
Maturity | [8],[10],[12],[19] | Aug. 31, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (9,728) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (21,124) | |||
Debt Investments | SOFR(Q) | Internet Software & Services | Anaconda, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.50% | |||
Total Coupon | [8],[10],[12] | 11.86% | |||
Maturity | [8],[10] | Aug. 22, 2027 | |||
Principal | [8],[10] | $ 1,938,957 | |||
Cost | [8],[9],[10] | 1,920,501 | |||
Fair Value | [8],[10],[11] | $ 1,911,811 | |||
Debt Investments | SOFR(Q) | Internet Software & Services | Gympass US, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 4% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 4% | |||
Total Coupon | [8],[10],[12],[28] | 12.77% | |||
Maturity | [8],[10],[28] | Jul. 08, 2027 | |||
Principal | [8],[10],[28] | $ 1,922,747 | |||
Cost | [8],[9],[10],[28] | 1,905,105 | |||
Fair Value | [8],[10],[11],[28] | $ 1,890,061 | |||
Debt Investments | SOFR(Q) | Internet Software & Services | Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18],[28] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[17],[18],[28] | 6.50% | |||
Interest Rate, Cash | [8],[10],[12],[17],[18],[28] | 0.75% | |||
Total Coupon | [8],[10],[12],[17],[18],[28] | 11.46% | |||
Maturity | [8],[10],[17],[18],[28] | Jan. 24, 2028 | |||
Principal | [8],[10],[17],[18],[28] | $ 3,845,195 | |||
Cost | [8],[9],[10],[17],[18],[28] | 3,774,506 | |||
Fair Value | [8],[10],[11],[17],[18],[28] | $ 3,736,760 | |||
Debt Investments | SOFR(Q) | IT Services | Avalara, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 11.83% | |||
Maturity | [8],[10],[12] | Oct. 19, 2028 | |||
Principal | [8],[10],[12] | $ 2,250,000 | |||
Cost | [8],[9],[10],[12] | 2,194,940 | |||
Fair Value | [8],[10],[11],[12] | $ 2,182,500 | |||
Debt Investments | SOFR(Q) | IT Services | Avalara, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 7.25% | |||
Total Coupon | [8],[10],[12],[19] | 11.83% | |||
Maturity | [8],[10],[12],[19] | Oct. 19, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (5,443) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (6,750) | |||
Debt Investments | SOFR(Q) | IT Services | Madison Logic Holdings, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7% | |||
Total Coupon | [8],[10],[12] | 11.58% | |||
Maturity | [8],[10],[12] | Dec. 29, 2028 | |||
Principal | [8],[10],[12] | $ 5,008,771 | |||
Cost | [8],[9],[10],[12] | 4,858,604 | |||
Fair Value | [8],[10],[11],[12] | $ 4,858,508 | |||
Debt Investments | SOFR(Q) | IT Services | Madison Logic Holdings, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 7% | |||
Total Coupon | [8],[10],[12],[19] | 11.58% | |||
Maturity | [8],[10],[12],[19] | Dec. 30, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (10,784) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (10,784) | |||
Debt Investments | SOFR(Q) | Machinery | Sonny's Enterprises, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 10.99% | |||
Maturity | [8],[10] | Aug. 05, 2026 | |||
Principal | [8],[10] | $ 1,430,193 | |||
Cost | [8],[9],[10] | 1,409,814 | |||
Fair Value | [8],[10],[11] | $ 1,444,495 | |||
Debt Investments | SOFR(Q) | Machinery | Sonny's Enterprises, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 10.99% | |||
Maturity | [8],[10] | Aug. 05, 2026 | |||
Principal | [8],[10] | $ 3,855,495 | |||
Cost | [8],[9],[10] | 3,801,066 | |||
Fair Value | [8],[10],[11] | $ 3,894,050 | |||
Debt Investments | SOFR(Q) | Media | Streamland Media Midco LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 11.11% | |||
Maturity | [8],[10],[12] | Aug. 31, 2023 | |||
Principal | [8],[10],[12] | $ 379,050 | |||
Cost | [8],[9],[10],[12] | 374,456 | |||
Fair Value | [8],[10],[11],[12] | $ 361,614 | |||
Debt Investments | SOFR(Q) | Media | Streamland Media Midco LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.75% | |||
Total Coupon | [8],[10],[12],[19] | 11.11% | |||
Maturity | [8],[10],[12],[19] | Aug. 31, 2023 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (1,460) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (5,520) | |||
Debt Investments | SOFR(Q) | Media | Terraboost Media Operating Company, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 8.14% | |||
Maturity | [8],[10],[12] | Aug. 23, 2026 | |||
Principal | [8],[10],[12] | $ 3,601,472 | |||
Cost | [8],[9],[10],[12] | 3,540,585 | |||
Fair Value | [8],[10],[11],[12] | $ 3,338,564 | |||
Debt Investments | SOFR(Q) | Paper & Forest Products | Alpine Acquisition Corp II (48 Forty) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 5.50% | |||
Total Coupon | [8],[10],[12] | 9.76% | |||
Maturity | [8],[10],[12] | Nov. 30, 2026 | |||
Principal | [8],[10],[12] | $ 10,063,709 | |||
Cost | [8],[9],[10],[12] | 9,866,133 | |||
Fair Value | [8],[10],[11],[12] | $ 9,579,644 | |||
Debt Investments | SOFR(Q) | Paper & Forest Products | Alpine Acquisition Corp II (48 Forty) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 5.50% | |||
Total Coupon | [8],[10],[12],[19] | 9.76% | |||
Maturity | [8],[10],[12],[19] | Nov. 30, 2026 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (16,709) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (32,229) | |||
Debt Investments | SOFR(Q) | Professional Services | DTI Holdco, Inc.(Epiq Systems, Inc.) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[30] | 0.75% | |||
Spread | [8],[10],[12],[30] | 7.75% | |||
Total Coupon | [8],[10],[12],[30] | 11.84% | |||
Maturity | [8],[10],[12],[30] | Apr. 26, 2030 | |||
Principal | [8],[10],[12],[30] | $ 5,007,465 | |||
Cost | [8],[9],[10],[12],[30] | 4,913,512 | |||
Fair Value | [8],[10],[11],[12],[30] | $ 4,586,000 | |||
Debt Investments | SOFR(Q) | Professional Services | ICIMS, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 3.88% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 3.38% | |||
Total Coupon | [8],[10],[12],[28] | 11.52% | |||
Maturity | [8],[10],[12],[28] | Aug. 18, 2028 | |||
Principal | [8],[10],[12],[28] | $ 11,060,029 | |||
Cost | [8],[9],[10],[12] | 10,873,218 | |||
Fair Value | [8],[10],[11],[12] | $ 10,640,854 | |||
Debt Investments | SOFR(Q) | Professional Services | ICIMS, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[19],[28] | 3.88% | |||
Interest Rate, Cash | [8],[10],[12],[19],[28] | 3.38% | |||
Total Coupon | [8],[10],[12],[19],[28] | 11.52% | |||
Maturity | [8],[10],[12],[19],[28] | Aug. 18, 2028 | |||
Principal | [8],[10],[12],[19],[28] | $ 0 | |||
Cost | [8],[9],[10],[12],[19],[28] | 0 | |||
Fair Value | [8],[10],[11],[12],[19],[28] | $ (111,339) | |||
Debt Investments | SOFR(Q) | Professional Services | ICIMS, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.75% | |||
Total Coupon | [8],[10],[12],[19] | 11.02% | |||
Maturity | [8],[10],[12],[19] | Aug. 18, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (17,307) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (39,921) | |||
Debt Investments | SOFR(Q) | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.75% | |||
Total Coupon | [8],[10],[12] | 12% | |||
Maturity | [8],[10],[12] | Apr. 30, 2026 | |||
Principal | [8],[10],[12] | $ 4,949,797 | |||
Cost | [8],[9],[10],[12] | 4,845,184 | |||
Fair Value | [8],[10],[11],[12] | $ 4,816,153 | |||
Debt Investments | SOFR(Q) | Software | Elastic Path Software Inc. (Canada) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18] | 1% | |||
Spread | [8],[10],[12],[17],[18] | 7.50% | |||
Total Coupon | [8],[10],[12],[17],[18] | 11.37% | |||
Maturity | [8],[10],[12],[17],[18] | Jan. 06, 2026 | |||
Principal | [8],[10],[12],[17],[18] | $ 1,893,754 | |||
Cost | [8],[9],[10],[12],[17],[18] | 1,878,821 | |||
Fair Value | [8],[10],[11],[12],[17],[18] | $ 1,875,195 | |||
Debt Investments | SOFR(Q) | Software | Elastic Path Software Inc. (Canada) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18] | 1% | |||
Spread | [8],[10],[12],[17],[18] | 7.50% | |||
Total Coupon | [8],[10],[12],[17],[18] | 12.12% | |||
Maturity | [8],[10],[12],[17],[18] | Jan. 06, 2026 | |||
Principal | [8],[10],[12],[17],[18] | $ 961,395 | |||
Cost | [8],[9],[10],[12],[17],[18] | 952,144 | |||
Fair Value | [8],[10],[11],[12],[17],[18] | $ 951,973 | |||
Debt Investments | SOFR(Q) | Software | Fusion Risk Management, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 3.75% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 3.25% | |||
Total Coupon | [8],[10],[12],[28] | 11.40% | |||
Maturity | [8],[10],[12],[28] | Aug. 30, 2028 | |||
Principal | [8],[10],[12],[28] | $ 362,133 | |||
Cost | [8],[9],[10],[12],[28] | 354,405 | |||
Fair Value | [8],[10],[11],[12],[28] | $ 349,821 | |||
Debt Investments | SOFR(Q) | Software | Fusion Risk Management, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 10.90% | |||
Maturity | [8],[10],[12],[19] | Aug. 30, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (762) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (1,220) | |||
Debt Investments | SOFR(Q) | Software | Grey Orange Incorporated | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 12.23% | |||
Maturity | [8],[10],[12] | May 06, 2026 | |||
Principal | [8],[10],[12] | $ 1,539,384 | |||
Cost | [8],[9],[10],[12] | 1,525,409 | |||
Fair Value | [8],[10],[11],[12] | $ 1,520,757 | |||
Debt Investments | SOFR(Q) | Software | Grey Orange Incorporated | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 7.25% | |||
Total Coupon | [8],[10],[12],[19] | 11.55% | |||
Maturity | [8],[10],[12],[19] | May 06, 2026 | |||
Principal | [8],[10],[12],[19] | $ 923,630 | |||
Cost | [8],[10],[12],[19] | 910,497 | |||
Fair Value | [8],[10],[12],[19] | $ 905,004 | |||
Debt Investments | SOFR(Q) | Software | GTY Technology Holdings Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 4.30% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 2.58% | |||
Total Coupon | [8],[10],[12],[28] | 11.46% | |||
Maturity | [8],[10],[12],[28] | Jul. 09, 2029 | |||
Principal | [8],[10],[12],[28] | $ 1,958,707 | |||
Cost | [8],[9],[10],[12],[28] | 1,922,412 | |||
Fair Value | [8],[10],[11],[12],[28] | $ 1,896,028 | |||
Debt Investments | SOFR(Q) | Software | GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 4.30% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 2.58% | |||
Total Coupon | [8],[10],[12],[28] | 11.40% | |||
Maturity | [8],[10],[12],[28] | Jul. 09, 2029 | |||
Principal | [8],[10],[12],[28] | $ 1,513,252 | |||
Cost | [8],[9],[10],[12],[28] | 1,484,207 | |||
Fair Value | [8],[10],[11],[12],[28] | $ 1,464,827 | |||
Debt Investments | SOFR(Q) | Software | GTY Technology Holdings Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.83% | |||
Maturity | [8],[10],[12],[19] | Jul. 09, 2029 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (6,532) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (11,160) | |||
Debt Investments | SOFR(Q) | Software | Kaseya Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 5.75% | |||
Total Coupon | [8],[10],[12] | 10.33% | |||
Maturity | [8],[10],[12] | Jun. 25, 2029 | |||
Principal | [8],[10],[12] | $ 7,444,189 | |||
Cost | [8],[9],[10],[12] | 7,337,399 | |||
Fair Value | [8],[10],[11],[12] | $ 7,220,864 | |||
Debt Investments | SOFR(Q) | Software | Kaseya Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 5.75% | |||
Total Coupon | [8],[10],[12],[19] | 10.33% | |||
Maturity | [8],[10],[12],[19] | Jun. 25, 2029 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (3,158) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (13,651) | |||
Debt Investments | SOFR(Q) | Software | Kaseya Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 5.75% | |||
Total Coupon | [8],[10],[12],[19] | 10.33% | |||
Maturity | [8],[10],[12],[19] | Jun. 25, 2029 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (6,318) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (13,651) | |||
Debt Investments | SOFR(Q) | Software | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[17],[18],[28] | 3.50% | |||
Interest Rate, Cash | [8],[10],[12],[17],[18],[28] | 3% | |||
Total Coupon | [8],[10],[12],[17],[18],[28] | 10.71% | |||
Maturity | [8],[10],[12],[17],[18],[28] | May 09, 2028 | |||
Principal | [8],[10],[12],[17],[18],[28] | $ 5,645,032 | |||
Cost | [8],[9],[10],[12],[17],[18],[28] | 5,541,077 | |||
Fair Value | [8],[10],[11],[12],[17],[18],[28] | $ 5,477,375 | |||
Debt Investments | SOFR(Q) | Software | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18],[19] | 1% | |||
Spread | [8],[10],[12],[17],[18],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[17],[18],[19] | 10.71% | |||
Maturity | [8],[10],[12],[17],[18],[19] | May 09, 2028 | |||
Principal | [8],[10],[12],[18],[19],[30] | $ 0 | |||
Cost | [8],[9],[10],[12],[17],[18],[19] | (10,516) | |||
Fair Value | [8],[10],[11],[12],[17],[18],[19] | $ (17,476) | |||
Debt Investments | SOFR(Q) | Software | Zendesk, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 11.04% | |||
Maturity | [8],[10],[12] | Nov. 22, 2028 | |||
Principal | [8],[10],[12] | $ 5,190,354 | |||
Cost | [8],[9],[10],[12] | 5,086,883 | |||
Fair Value | [8],[10],[11],[12] | $ 5,086,547 | |||
Debt Investments | SOFR(Q) | Software | Zendesk, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 11.04% | |||
Maturity | [8],[10],[12],[19] | Nov. 22, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (12,739) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (25,952) | |||
Debt Investments | SOFR(Q) | Software | Zendesk, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 11.04% | |||
Maturity | [8],[10],[12],[19] | Nov. 22, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (10,499) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (10,686) | |||
Debt Investments | SOFR(Q) | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.25% | |||
Total Coupon | [8],[10],[12] | 10.93% | |||
Maturity | [8],[10],[12] | Sep. 08, 2027 | |||
Principal | [8],[10],[12] | $ 9,862,348 | |||
Cost | [8],[9],[10],[12] | 9,737,884 | |||
Fair Value | [8],[10],[11],[12] | $ 9,826,843 | |||
Debt Investments | SOFR(Q) | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.93% | |||
Maturity | [8],[10],[12],[19] | Sep. 08, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (18,354) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (5,301) | |||
Debt Investments | SOFR(Q) | Technology Hardware, Storage & Peripherals | Sum Up Holdings Luxembourg S A R L United Kingdom | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18] | 1% | |||
Spread | [8],[10],[12],[17],[18] | 7% | |||
Total Coupon | [8],[10],[12],[17],[18] | 11.68% | |||
Maturity | [8],[10],[12],[17],[18] | Feb. 17, 2026 | |||
Principal | [8],[10],[12],[17],[18] | $ 10,842,857 | |||
Cost | [8],[9],[10],[12],[17],[18] | 10,679,921 | |||
Fair Value | [8],[10],[11],[12],[17],[18] | $ 10,452,514 | |||
Debt Investments | SOFR(M) | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 11.12% | |||
Maturity | [8],[10],[12],[19] | Nov. 23, 2027 | |||
Principal | [8],[10],[12],[19] | $ 240,763 | |||
Cost | [8],[9],[10],[12],[19] | 224,479 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 201,038 | |||
Debt Investments | SOFR(M) | Consumer Finance | Money Transfer Acquisition Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10] | 1% | |||
Spread | [8],[10] | 8.25% | |||
Total Coupon | [8],[10] | 12.67% | |||
Maturity | [8],[10] | Dec. 14, 2027 | |||
Principal | [8],[10] | $ 2,594,273 | |||
Cost | [8],[9],[10] | 2,542,769 | |||
Fair Value | [8],[10],[11] | $ 2,542,387 | |||
Debt Investments | SOFR(M) | Diversified Consumer Services | Whele LLC (Perch) | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 3% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 8.50% | |||
Total Coupon | [8],[10],[12],[28] | 16.20% | |||
Maturity | [8],[10],[12],[28] | Oct. 15, 2025 | |||
Principal | [8],[10],[12],[28] | $ 6,531,157 | |||
Cost | [8],[9],[10],[12],[28] | 6,564,537 | |||
Fair Value | [8],[10],[11],[12],[28] | $ 6,067,445 | |||
Debt Investments | SOFR(M) | Diversified Financial Services | 2010 Holdco, Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.42% | |||
Maturity | [8],[10],[12] | Mar. 26, 2026 | |||
Principal | [8],[10],[12] | $ 6,538,915 | |||
Cost | [8],[9],[10],[12] | 6,451,642 | |||
Fair Value | [8],[10],[11],[12] | $ 6,452,601 | |||
Debt Investments | SOFR(M) | Diversified Financial Services | 2010 Holdco, Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.42% | |||
Maturity | [8],[10],[12],[19] | Mar. 26, 2026 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (3,117) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (3,171) | |||
Debt Investments | SOFR(M) | Diversified Financial Services | Callodine Commercial Finance L L C | Subordinated Debt | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[35] | 0.25% | |||
Spread | [8],[10],[12],[35] | 8.50% | |||
Total Coupon | [8],[10],[12],[35] | 13.14% | |||
Maturity | [8],[10],[12],[35] | Oct. 08, 2027 | |||
Principal | [8],[10],[12],[35] | $ 5,000,000 | |||
Cost | [8],[9],[10],[12],[35] | 5,000,000 | |||
Fair Value | [8],[10],[11],[12],[35] | $ 4,930,000 | |||
Debt Investments | SOFR(M) | Diversified Financial Services | Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 8.50% | |||
Total Coupon | [8],[10],[12] | 12.93% | |||
Maturity | [8],[10],[12] | Jul. 05, 2026 | |||
Principal | [8],[10],[12] | $ 5,000,000 | |||
Cost | [8],[9],[10],[12] | 4,929,099 | |||
Fair Value | [8],[10],[11],[12] | $ 4,870,000 | |||
Debt Investments | SOFR(M) | Health Care Providers & Services | Opco Borrower, LLC (Giving Home Health Care) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 10.87% | |||
Maturity | [8],[10],[12],[19] | Aug. 19, 2027 | |||
Principal | [8],[10],[12],[19] | $ 6,250 | |||
Cost | [8],[9],[10],[12],[19] | 5,958 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 5,706 | |||
Debt Investments | SOFR(M) | Insurance | Integrity Marketings Acquisition, LLC | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 10.82% | |||
Maturity | [8],[10],[12] | Aug. 27, 2025 | |||
Principal | [8],[10],[12] | $ 5,167,753 | |||
Cost | [8],[9],[10],[12] | 5,078,283 | |||
Fair Value | [8],[10],[11],[12] | $ 5,126,411 | |||
Debt Investments | SOFR(M) | Insurance | Integrity Marketings Acquisition, LLC | First Lien Incremental Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 10.82% | |||
Maturity | [8],[10],[12],[19] | Aug. 27, 2025 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (396,355) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (41,342) | |||
Debt Investments | SOFR(M) | Internet Software & Services | Persado, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1.80% | |||
Spread | [8],[10],[12] | 7% | |||
Total Coupon | [8],[10],[12] | 11.12% | |||
Maturity | [8],[10] | Jun. 10, 2027 | |||
Principal | [8],[10] | $ 5,830,726 | |||
Cost | [8],[9],[10] | 5,754,713 | |||
Fair Value | [8],[10],[11] | $ 5,518,783 | |||
Debt Investments | SOFR(M) | Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1.80% | |||
Spread | [8],[10],[12],[19] | 7% | |||
Total Coupon | [8],[10],[12],[19] | 11.12% | |||
Maturity | [8],[10],[19] | Jun. 10, 2027 | |||
Principal | [8],[10],[19] | $ 1,562,500 | |||
Cost | [8],[9],[10],[19] | 1,552,329 | |||
Fair Value | [8],[10],[11],[19] | $ 1,111,570 | |||
Debt Investments | SOFR(M) | Internet Software & Services | Sailpoint Technologies Holdings, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.25% | |||
Total Coupon | [8],[10],[12] | 10.58% | |||
Maturity | [8],[10] | Aug. 16, 2029 | |||
Principal | [8],[10] | $ 4,111,714 | |||
Cost | [8],[9],[10] | 4,031,739 | |||
Fair Value | [8],[10],[11] | $ 3,987,129 | |||
Debt Investments | SOFR(M) | Internet Software & Services | Sailpoint Technologies Holdings, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6.25% | |||
Total Coupon | [8],[10],[12],[19] | 10.58% | |||
Maturity | [8],[10],[19] | Aug. 16, 2028 | |||
Principal | [8],[10],[19] | $ 0 | |||
Cost | [8],[9],[10],[19] | (6,262) | |||
Fair Value | [8],[10],[11],[19] | $ (9,712) | |||
Debt Investments | SOFR(M) | Life Sciences Tools & Services | Alcami Corporation | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7% | |||
Total Coupon | [8],[10],[12] | 11.42% | |||
Maturity | [8],[10] | Dec. 21, 2028 | |||
Principal | [8],[10] | $ 2,202,309 | |||
Cost | [8],[9],[10] | 2,125,543 | |||
Fair Value | [8],[10],[11] | $ 2,125,229 | |||
Debt Investments | SOFR(M) | Life Sciences Tools & Services | Alcami Corporation | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 7% | |||
Total Coupon | [8],[10],[12],[19] | 11.42% | |||
Maturity | [8],[10],[19] | Dec. 21, 2028 | |||
Principal | [8],[10],[19] | $ 0 | |||
Cost | [8],[9],[10],[19] | (6,392) | |||
Fair Value | [8],[10],[11],[19] | $ (6,423) | |||
Debt Investments | SOFR(M) | Life Sciences Tools & Services | Alcami Corporation | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 7% | |||
Total Coupon | [8],[10],[12],[19] | 11.42% | |||
Maturity | [8],[10],[19] | Dec. 21, 2028 | |||
Principal | [10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[19] | (10,228) | |||
Fair Value | [8],[10],[11],[19] | $ (10,277) | |||
Debt Investments | SOFR(M) | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18] | 1% | |||
Spread | [8],[10],[12],[17],[18] | 8.75% | |||
Total Coupon | [8],[10],[12],[17],[18] | 13.19% | |||
Maturity | [8],[10],[12],[17],[18] | Feb. 17, 2025 | |||
Principal | [8],[10],[12],[17],[18] | $ 9,892,491 | |||
Cost | [8],[9],[10],[12],[17],[18] | 9,759,102 | |||
Fair Value | [8],[10],[11],[12],[17],[18] | $ 9,655,071 | |||
Debt Investments | SOFR(M) | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[18] | 1% | |||
Spread | [8],[10],[12],[17],[18] | 8.75% | |||
Total Coupon | [8],[10],[12],[17],[18] | 13.19% | |||
Maturity | [8],[10],[12],[17],[18] | Feb. 17, 2025 | |||
Principal | [8],[10],[12],[17],[18] | $ 5,300,000 | |||
Cost | [8],[9],[10],[12],[17],[18] | 5,234,978 | |||
Fair Value | [8],[10],[11],[12],[17],[18] | $ 5,172,800 | |||
Debt Investments | SOFR(M) | Real Estate Management & Development | Greystone Select Company, II, LLC (Passco) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1.50% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 10.94% | |||
Maturity | [8],[10],[12] | Mar. 21, 2027 | |||
Principal | [8],[10],[12] | $ 4,661,332 | |||
Cost | [8],[9],[10],[12] | 4,576,784 | |||
Fair Value | [8],[10],[11],[12] | $ 4,577,428 | |||
Debt Investments | SOFR(M) | Real Estate Management & Development | Greystone Select Company, II, LLC (Passco) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1.50% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 10.94% | |||
Maturity | [8],[10],[12],[19] | Mar. 21, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | 20,817 | |||
Fair Value | [8],[10],[11],[12],[19] | $ (121,195) | |||
Debt Investments | SOFR(M) | Semiconductors & Semiconductor Equipment | Emerald Technologies (U.S.) AcquisitionCo, Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[30] | 1% | |||
Spread | [8],[10],[12],[30] | 6.25% | |||
Total Coupon | [8],[10],[12],[30] | 10.67% | |||
Maturity | [8],[10],[12],[30] | Dec. 29, 2027 | |||
Principal | [8],[10],[12],[30] | $ 1,899,037 | |||
Cost | [8],[9],[10],[12],[30] | 1,865,593 | |||
Fair Value | [8],[10],[11],[12],[30] | $ 1,785,095 | |||
Debt Investments | SOFR(M) | Semiconductors & Semiconductor Equipment | Emerald Technologies (U.S.) AcquisitionCo, Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.42% | |||
Maturity | [8],[10],[12],[19] | Dec. 29, 2026 | |||
Principal | [8],[10],[12],[19] | $ 330,137 | |||
Cost | [8],[9],[10],[12],[19] | 249,986 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 268,505 | |||
Debt Investments | SOFR(M) | Software | AlphaSense, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7% | |||
Total Coupon | [8],[10],[12] | 11.44% | |||
Maturity | [8],[10],[12] | Mar. 11, 2027 | |||
Principal | [8],[10],[12] | $ 8,673,018 | |||
Cost | [8],[9],[10],[12] | 8,592,729 | |||
Fair Value | [8],[10],[11],[12] | $ 8,594,961 | |||
Debt Investments | SOFR(M) | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[12],[19],[28] | 3% | |||
Interest Rate, Cash | [8],[10],[12],[19],[28] | 3% | |||
Total Coupon | [8],[10],[12],[19],[28] | 10.28% | |||
Maturity | [8],[10],[12],[19],[28] | Dec. 17, 2027 | |||
Principal | [8],[10],[12],[19],[28] | $ 0 | |||
Cost | [8],[9],[10],[12],[19],[28] | (1,748) | |||
Fair Value | [8],[10],[11],[12],[19],[28] | $ (8,000) | |||
Debt Investments | SOFR(M) | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.28% | |||
Maturity | [8],[10],[12],[19] | Dec. 17, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (2,208) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (4,000) | |||
Debt Investments | SOFR(M) | Software | Kong Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[28] | 1% | |||
Interest Rate, PIK | [8],[10],[28] | 3.25% | |||
Interest Rate, Cash | [8],[10],[28] | 5.50% | |||
Total Coupon | [8],[10],[28] | 12.99% | |||
Maturity | [8],[10],[28] | Nov. 01, 2027 | |||
Principal | [8],[10],[28] | $ 2,100,294 | |||
Cost | [8],[9],[10],[28] | 2,058,551 | |||
Fair Value | [8],[10],[11],[28] | $ 2,058,288 | |||
Debt Investments | SOFR(M) | Software | Syntellis Parent, LLC (Axiom Software) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 10.82% | |||
Maturity | [8],[10],[12] | Aug. 02, 2027 | |||
Principal | [8],[10],[12] | $ 7,652,145 | |||
Cost | [8],[9],[10],[12] | 7,502,382 | |||
Fair Value | [8],[10],[11],[12] | $ 7,422,580 | |||
Debt Investments | LIBOR(S) | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1.50% | |||
Spread | [1],[6],[13] | 7.25% | |||
Total Coupon | [1],[6],[13] | 8.75% | |||
Maturity | [1],[6],[13] | Feb. 07, 2025 | |||
Principal | [1],[6],[13] | $ 500,000 | |||
Cost | [1],[3],[6],[13] | 485,090 | |||
Fair Value | [1],[6],[7],[13] | $ 505,000 | |||
Debt Investments | LIBOR(S) | Commercial Services & Supplies | Kellermeyer Bergensons Services LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 5.75% | |||
Total Coupon | [1],[6],[13] | 6.75% | |||
Maturity | [1],[6],[13] | Nov. 07, 2026 | |||
Principal | [1],[6],[13] | $ 1,601,307 | |||
Cost | [1],[3],[6],[13] | 1,590,431 | |||
Fair Value | [1],[6],[7],[13] | $ 1,585,294 | |||
Debt Investments | LIBOR(S) | Commercial Services & Supplies | Kellermeyer Bergensons Services LLC | First Lien Delayed Draw Term Loan A | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 5.75% | |||
Total Coupon | [1],[6],[13] | 6.75% | |||
Maturity | [1],[6],[13] | Nov. 07, 2026 | |||
Principal | [1],[6],[13] | $ 352,288 | |||
Cost | [1],[3],[6],[13] | 349,723 | |||
Fair Value | [1],[6],[7],[13] | $ 348,765 | |||
Debt Investments | LIBOR(S) | Commercial Services & Supplies | Kellermeyer Bergensons Services LLC | First Lien Delayed Draw Term Loan B | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15] | 1% | |||
Spread | [1],[6],[13],[15] | 5.75% | |||
Total Coupon | [1],[6],[13],[15] | 6.75% | |||
Maturity | [1],[6],[13],[15] | Nov. 07, 2026 | |||
Principal | [1],[6],[13],[15] | $ 319,881 | |||
Cost | [1],[3],[6],[13],[15] | 318,126 | |||
Fair Value | [1],[6],[7],[13],[15] | $ 315,002 | |||
Debt Investments | LIBOR(S) | Construction & Engineering | Sunland Asphalt & Construction, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 11.15% | |||
Maturity | [8],[10],[12] | Jan. 13, 2026 | |||
Principal | [8],[10],[12] | $ 2,474,828 | |||
Cost | [8],[9],[10],[12] | 2,442,580 | |||
Fair Value | [8],[10],[11],[12] | $ 2,420,381 | |||
Debt Investments | LIBOR(S) | Construction & Engineering | Sunland Asphalt & Construction, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 11.15% | |||
Maturity | [8],[10],[12] | Jan. 13, 2026 | |||
Principal | [8],[10],[12] | $ 832,161 | |||
Cost | [8],[9],[10],[12] | 821,187 | |||
Fair Value | [8],[10],[11],[12] | $ 813,853 | |||
Debt Investments | LIBOR(S) | Diversified Consumer Services | Thras Io L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[30] | 1% | |||
Spread | [8],[10],[12],[30] | 7% | |||
Total Coupon | [8],[10],[12],[30] | 11.17% | |||
Maturity | [8],[10],[12],[30] | Dec. 18, 2026 | |||
Principal | [8],[10],[12],[30] | $ 7,301,869 | |||
Cost | [8],[9],[10],[12],[30] | 7,207,747 | |||
Fair Value | [8],[10],[11],[12],[30] | $ 6,434,771 | |||
Debt Investments | LIBOR(S) | Diversified Consumer Services | Thras Io L L C | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19],[30] | 1% | |||
Spread | [8],[10],[12],[19],[30] | 7% | |||
Total Coupon | [8],[10],[12],[19],[30] | 11.17% | |||
Maturity | [8],[10],[12],[19],[30] | Dec. 18, 2026 | |||
Principal | [8],[10],[12],[19],[30] | $ 3,060,601 | |||
Cost | [8],[9],[10],[12],[19],[30] | 2,995,971 | |||
Fair Value | [8],[10],[11],[12],[19],[30] | $ 2,373,093 | |||
Debt Investments | LIBOR(S) | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6% | |||
Total Coupon | [1],[6],[13] | 7% | |||
Maturity | [1],[6],[13] | Jun. 28, 2028 | |||
Principal | [1],[6],[13] | $ 2,693,250 | |||
Cost | [1],[3],[6],[13] | 2,642,028 | |||
Fair Value | [1],[6],[7],[13] | $ 2,531,655 | |||
Debt Investments | LIBOR(S) | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0% | |||
Spread | [1],[6],[13] | 7.50% | |||
Total Coupon | [1],[6],[13] | 7.85% | |||
Maturity | [1],[6],[13] | Oct. 26, 2026 | |||
Principal | [1],[6],[13] | $ 5,769,231 | |||
Cost | [1],[3],[6],[13] | 5,760,375 | |||
Fair Value | [1],[6],[7],[13] | $ 5,769,231 | |||
Debt Investments | LIBOR(S) | Health Care Providers & Services | Team Services Group, LLC | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12] | 1% | [1],[6],[13] | |
Spread | 9% | [8],[10],[12] | 9% | [1],[6],[13] | |
Total Coupon | 13.93% | [8],[10],[12] | 10% | [1],[6],[13] | |
Maturity | Nov. 13, 2028 | [8],[10],[12] | Nov. 13, 2028 | [1],[6],[13] | |
Principal | $ 6,554,543 | [8],[10],[12] | $ 6,554,543 | [1],[6],[13] | |
Cost | 6,393,439 | [8],[9],[10],[12] | 6,376,646 | [1],[3],[6],[13] | |
Fair Value | $ 6,161,270 | [8],[10],[11],[12] | $ 6,521,770 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(S) | Health Care Technology | Care A T C Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 9.73% | |||
Maturity | [8],[10],[12] | Mar. 14, 2024 | |||
Principal | [8],[10],[12] | $ 338,074 | |||
Cost | [8],[9],[10],[12] | 336,302 | |||
Fair Value | [8],[10],[11],[12] | $ 332,665 | |||
Debt Investments | LIBOR(S) | Health Care Technology | E S O Solutions Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[26] | 1% | |||
Spread | [1],[6],[13],[14],[26] | 7% | |||
Total Coupon | [1],[6],[13],[14],[26] | 8% | |||
Maturity | [1],[6],[13],[14],[26] | May 03, 2027 | |||
Principal | [1],[6],[13],[14],[26] | $ 6,794,312 | |||
Cost | [1],[3],[6],[13],[14],[26] | 6,666,863 | |||
Fair Value | [1],[6],[7],[13],[14],[26] | $ 6,794,312 | |||
Debt Investments | LIBOR(S) | Health Care Technology | E S O Solutions Inc | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7% | |||
Total Coupon | [1],[6],[13] | 8% | |||
Maturity | [1],[6],[13] | May 03, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13] | (10,980) | |||
Fair Value | [1],[6],[7],[13] | $ 0 | |||
Debt Investments | LIBOR(S) | Insurance | Ameri Life Holdings L L C | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8.50% | |||
Total Coupon | [1],[6],[13] | 9.50% | |||
Maturity | [1],[6],[13] | Mar. 18, 2028 | |||
Principal | [1],[6],[13] | $ 9,035,066 | |||
Cost | [1],[3],[6],[13] | 8,886,830 | |||
Fair Value | [1],[6],[7],[13] | $ 9,035,066 | |||
Debt Investments | LIBOR(S) | Internet & Catalog Retail | Syndigo, LLC | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0.75% | [8],[10],[12] | 0.75% | [1],[6],[13] | |
Spread | 8% | [8],[10],[12] | 8% | [1],[6],[13] | |
Total Coupon | 13.21% | [8],[10],[12] | 8.75% | [1],[6],[13] | |
Maturity | Dec. 14, 2028 | [8],[10] | Dec. 14, 2028 | [1],[6],[13] | |
Principal | $ 4,673,472 | [8],[10] | $ 4,673,472 | [1],[6],[13] | |
Cost | 4,617,397 | [8],[9],[10] | 4,609,839 | [1],[3],[6],[13] | |
Fair Value | $ 3,598,574 | [8],[10],[11] | $ 4,661,788 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(S) | Internet Software & Services | Pluralsight, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 8% | |||
Total Coupon | [1],[6],[13] | 9% | |||
Maturity | [1],[6],[13] | Apr. 06, 2027 | |||
Principal | [1],[6],[13] | $ 12,069,635 | |||
Cost | [1],[3],[6],[13] | 11,847,614 | |||
Fair Value | [1],[6],[7],[13] | $ 12,045,495 | |||
Debt Investments | LIBOR(S) | Internet Software & Services | Pluralsight, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[14],[15] | 1% | |||
Spread | [1],[6],[13],[14],[15] | 8% | |||
Total Coupon | [1],[6],[13],[14],[15] | 9% | |||
Maturity | [1],[6],[13],[14],[15] | Apr. 06, 2027 | |||
Principal | [1],[6],[14],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[14],[15] | (16,344) | |||
Fair Value | [1],[6],[7],[13],[14],[15] | $ (1,861) | |||
Debt Investments | LIBOR(S) | Internet Software & Services | Suited Connector, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.92% | |||
Maturity | [8],[10] | Dec. 01, 2027 | |||
Principal | [8],[10] | $ 1,396,023 | |||
Cost | [8],[9],[10] | 1,371,786 | |||
Fair Value | [8],[10],[11] | $ 1,119,610 | |||
Debt Investments | LIBOR(S) | Internet Software & Services | Suited Connector, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.92% | |||
Maturity | [8],[10],[19] | Dec. 01, 2027 | |||
Principal | [8],[10],[19] | $ 0 | |||
Cost | [8],[9],[10],[19] | (2,185) | |||
Fair Value | [8],[10],[11],[19] | $ (67,500) | |||
Debt Investments | LIBOR(S) | Internet Software & Services | Suited Connector, LLC | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.98% | |||
Maturity | [8],[10] | Dec. 01, 2027 | |||
Principal | [8],[10] | $ 227,273 | |||
Cost | [8],[9],[10] | 223,453 | |||
Fair Value | [8],[10],[11] | $ 182,273 | |||
Debt Investments | LIBOR(S) | IT Services | Ensono, Inc. | Second Lien Term Loan B | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[6],[13] | ||
Spread | 8% | [8],[10],[12] | 8% | [1],[6],[13] | |
Total Coupon | 13.15% | [8],[10],[12] | 8.35% | [1],[6],[13] | |
Maturity | May 28, 2029 | [8],[10] | May 28, 2029 | [1],[6],[13] | |
Principal | $ 5,000,000 | [8],[10] | $ 5,000,000 | [1],[6],[13] | |
Cost | 4,958,482 | [8],[9],[10] | 4,952,045 | [1],[3],[6],[13] | |
Fair Value | $ 4,625,000 | [8],[10],[11] | $ 5,100,000 | [1],[6],[7],[13] | |
Debt Investments | LIBOR(S) | IT Services | Idera, Inc. | Second Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 0.75% | |||
Spread | [1],[6],[13] | 6.75% | |||
Total Coupon | [1],[6],[13] | 7.50% | |||
Maturity | [1],[6],[13] | Feb. 04, 2029 | |||
Principal | [1],[6],[13] | $ 2,867,296 | |||
Cost | [1],[3],[6],[13] | 2,846,956 | |||
Fair Value | [1],[6],[7],[13] | $ 2,867,296 | |||
Debt Investments | LIBOR(S) | Professional Services | TLE Holdings, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 5.50% | |||
Total Coupon | [1],[6],[13] | 6.50% | |||
Maturity | [1],[6],[13] | Jun. 28, 2024 | |||
Principal | [1],[6],[13] | $ 3,860,372 | |||
Cost | [1],[3],[6],[13] | 3,483,842 | |||
Fair Value | [1],[6],[7],[13] | $ 3,532,240 | |||
Debt Investments | LIBOR(S) | Professional Services | TLE Holdings, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 5.50% | |||
Total Coupon | [1],[6],[13] | 6.50% | |||
Maturity | [1],[6],[13] | Jun. 28, 2024 | |||
Principal | [1],[6],[13] | $ 988,027 | |||
Cost | [1],[3],[6],[13] | 891,658 | |||
Fair Value | [1],[6],[7],[13] | $ 904,045 | |||
Debt Investments | LIBOR(S) | Real Estate Management & Development | Greystone Affordable Housing Initiatives, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1.25% | [8],[10],[12],[17] | 1.25% | [1],[6],[13],[20] | |
Spread | 6% | [8],[10],[12],[17] | 6% | [1],[6],[13],[20] | |
Total Coupon | 9.05% | [8],[10],[12],[17] | 7.25% | [1],[6],[13],[20] | |
Maturity | Mar. 02, 2026 | [8],[10],[12],[17] | Mar. 02, 2026 | [1],[6],[13],[20] | |
Principal | $ 1,866,667 | [8],[10],[12],[17] | $ 1,866,667 | [1],[6],[13],[20] | |
Cost | 1,866,667 | [8],[9],[10],[12],[17] | 1,866,667 | [1],[3],[6],[13],[20] | |
Fair Value | $ 1,844,267 | [8],[10],[11],[12],[17] | $ 1,866,667 | [1],[6],[7],[13],[20] | |
Debt Investments | LIBOR(S) | Road And Rail | Keep Truckin Inc | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7.25% | |||
Total Coupon | [1],[6],[13] | 8.25% | |||
Maturity | [1],[6],[13] | Apr. 08, 2025 | |||
Principal | [1],[6],[13] | $ 13,000,000 | |||
Cost | [1],[3],[6],[13] | 12,830,353 | |||
Fair Value | [1],[6],[7],[13] | $ 13,000,000 | |||
Debt Investments | LIBOR(S) | Software | Aras Corporation | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 9.50% | |||
Maturity | [8],[10],[12],[19] | Apr. 13, 2027 | |||
Principal | [8],[10],[12],[19] | $ 102,381 | |||
Cost | [8],[9],[10],[12],[19] | 97,919 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 90,710 | |||
Debt Investments | LIBOR(S) | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 7.75% | |||
Total Coupon | [1],[6],[13] | 8.75% | |||
Maturity | [1],[6],[13] | Apr. 30, 2026 | |||
Principal | [1],[6],[13] | $ 5,038,407 | |||
Cost | [1],[3],[6],[13] | 4,903,903 | |||
Fair Value | [1],[6],[7],[13] | $ 5,083,752 | |||
Debt Investments | LIBOR(S) | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13] | 1% | |||
Spread | [1],[6],[13] | 6.25% | |||
Total Coupon | [1],[6],[13] | 7.25% | |||
Maturity | [1],[6],[13] | Sep. 08, 2027 | |||
Principal | [1],[6],[13] | $ 6,666,667 | |||
Cost | [1],[3],[6],[13] | 6,571,045 | |||
Fair Value | [1],[6],[7],[13] | $ 6,671,333 | |||
Debt Investments | LIBOR(S) | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[15] | 1% | |||
Spread | [1],[6],[13],[15] | 6.25% | |||
Total Coupon | [1],[6],[13],[15] | 7.25% | |||
Maturity | [1],[6],[13],[15] | Sep. 08, 2027 | |||
Principal | [1],[6],[15] | $ 0 | |||
Cost | [1],[3],[6],[13],[15] | 651 | |||
Fair Value | [1],[6],[7],[13],[15],[33] | $ 0 | |||
Debt Investments | SOFR(S) | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.50% | |||
Total Coupon | [8],[10],[12],[19] | 11.54% | |||
Maturity | [8],[10],[12],[19] | Nov. 23, 2027 | |||
Principal | [8],[10],[12],[19] | $ 3,565,730 | |||
Cost | [8],[9],[10],[12],[19] | 3,482,162 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 3,448,061 | |||
Debt Investments | SOFR(S) | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19],[32] | 1% | |||
Spread | [8],[10],[12],[19],[32] | 6.50% | |||
Total Coupon | [8],[10],[12],[19],[32] | 11.36% | |||
Maturity | [8],[10],[12],[19],[32] | Nov. 23, 2027 | |||
Principal | [8],[10],[12],[19],[32] | $ 4,900,908 | |||
Cost | [8],[9],[10],[12],[19],[32] | 4,795,212 | |||
Fair Value | [8],[10],[11],[12],[19],[32] | $ 4,684,152 | |||
Debt Investments | SOFR(S) | Consumer Finance | Freedom Financial Network Funding, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 9% | |||
Total Coupon | [8],[10],[12] | 13.95% | |||
Maturity | [8],[10],[12] | Sep. 21, 2027 | |||
Principal | [8],[10],[12] | $ 5,193,335 | |||
Cost | [8],[9],[10],[12] | 5,068,461 | |||
Fair Value | [8],[10],[11],[12] | $ 5,037,535 | |||
Debt Investments | SOFR(S) | Consumer Finance | Freedom Financial Network Funding, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 9% | |||
Total Coupon | [8],[10],[12],[19] | 13.95% | |||
Maturity | [8],[10],[12],[19] | Sep. 21, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (20,519) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (51,933) | |||
Debt Investments | SOFR(S) | Distributors | Colony Display L L C | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 9.50% | |||
Total Coupon | [8],[10],[12] | 13.91% | |||
Maturity | [8],[10],[12] | Jun. 30, 2026 | |||
Principal | [8],[10],[12] | $ 2,357,384 | |||
Cost | [8],[9],[10],[12] | 2,322,817 | |||
Fair Value | [8],[10],[11],[12] | $ 2,185,295 | |||
Debt Investments | SOFR(S) | Diversified Financial Services | GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.75% | |||
Total Coupon | [8],[10],[12] | 11.15% | |||
Maturity | [8],[10],[12] | Aug. 21, 2028 | |||
Principal | [8],[10],[12] | $ 7,104,830 | |||
Cost | [8],[9],[10],[12] | 6,969,338 | |||
Fair Value | [8],[10],[11],[12] | $ 6,897,369 | |||
Debt Investments | SOFR(S) | Diversified Financial Services | GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6.75% | |||
Total Coupon | [8],[10],[12],[19] | 11.15% | |||
Maturity | [8],[10],[12],[19] | Aug. 21, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (18,625) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (57,773) | |||
Debt Investments | SOFR(S) | Diversified Financial Services | Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.44% | |||
Maturity | [8],[10],[12],[19] | Oct. 04, 2027 | |||
Principal | [8],[10],[12],[19] | $ 3,475,919 | |||
Cost | [8],[9],[10],[12],[19] | 3,453,599 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 3,298,870 | |||
Debt Investments | SOFR(S) | Diversified Financial Services | Wealth Enhancement Group, LLC | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 1% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.44% | |||
Maturity | [8],[10],[12],[19] | Oct. 04, 2027 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (1,849) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (10,098) | |||
Debt Investments | SOFR(S) | Health Care Providers & Services | PHC Buyer, LLC (Patriot Home Care) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 10.70% | |||
Maturity | [8],[10],[12] | May 04, 2028 | |||
Principal | [8],[10],[12] | $ 3,798,739 | |||
Cost | [8],[9],[10],[12] | 3,729,472 | |||
Fair Value | [8],[10],[11],[12] | $ 3,677,559 | |||
Debt Investments | SOFR(S) | Health Care Providers & Services | PHC Buyer, LLC (Patriot Home Care) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 10.70% | |||
Maturity | [8],[10],[12],[19] | May 04, 2028 | |||
Principal | [8],[10],[12],[19] | $ 0 | |||
Cost | [8],[9],[10],[12],[19] | (11,384) | |||
Fair Value | [8],[10],[11],[12],[19] | $ (46,396) | |||
Debt Investments | SOFR(S) | Insurance | Ameri Life Holdings L L C | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 5.75% | |||
Total Coupon | [8],[10],[12],[19] | 10.15% | |||
Maturity | [8],[10],[12],[19] | Aug. 31, 2029 | |||
Principal | [8],[10],[12],[19] | $ 686,959 | |||
Cost | [8],[9],[10],[12],[19] | 670,390 | |||
Fair Value | [8],[10],[11],[12],[19] | $ 644,711 | |||
Debt Investments | SOFR(S) | Insurance | Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 6% | |||
Total Coupon | [8],[10],[12] | 11.12% | |||
Maturity | [8],[10] | Nov. 01, 2028 | |||
Principal | [8],[10] | $ 852,379 | |||
Cost | [8],[9],[10] | 840,617 | |||
Fair Value | [8],[10],[11] | $ 814,022 | |||
Debt Investments | SOFR(S) | Insurance | Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[19] | 0.75% | |||
Spread | [8],[10],[12],[19] | 6% | |||
Total Coupon | [8],[10],[12],[19] | 11.11% | |||
Maturity | [8],[10],[19] | Nov. 01, 2028 | |||
Principal | [8],[10],[19] | $ 1,859,529 | |||
Cost | [8],[9],[10],[19] | 1,833,303 | |||
Fair Value | [8],[10],[11],[19] | $ 1,763,340 | |||
Debt Investments | SOFR(S) | Internet Software & Services | InMoment, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[28] | 0.75% | |||
Interest Rate, PIK | [8],[10],[12],[28] | 2.50% | |||
Interest Rate, Cash | [8],[10],[12],[28] | 5% | |||
Total Coupon | [8],[10],[12],[28] | 11.58% | |||
Maturity | [8],[10],[28] | Jun. 08, 2028 | |||
Principal | [8],[10],[28] | $ 11,460,476 | |||
Cost | [8],[9],[10],[28] | 11,247,733 | |||
Fair Value | [8],[10],[11],[28] | $ 11,195,739 | |||
Debt Investments | SOFR(S) | Internet Software & Services | Reveal Data Corporation et al [Member] | First Lien FILO Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 6.50% | |||
Total Coupon | [8],[10],[12] | 9.92% | |||
Maturity | [8],[10] | Mar. 09, 2028 | |||
Principal | [8],[10] | $ 2,814,549 | |||
Cost | [8],[9],[10] | 2,752,981 | |||
Fair Value | [8],[10],[11] | $ 2,721,951 | |||
Debt Investments | SOFR(S) | Leisure Products | Peloton Interactive, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12],[17],[30] | 0.50% | |||
Spread | [8],[10],[12],[17],[30] | 7% | |||
Total Coupon | [8],[10],[12],[17],[30] | 11.76% | |||
Maturity | [8],[10],[17],[30] | May 25, 2027 | |||
Principal | [8],[10],[17],[30] | $ 2,631,567 | |||
Cost | [8],[9],[10],[17],[30] | 2,542,648 | |||
Fair Value | [8],[10],[11],[17],[30] | $ 2,581,119 | |||
Debt Investments | SOFR(S) | Road And Rail | Motive Technologies Inc. (fka Keep Truckin, Inc.) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.25% | |||
Total Coupon | [8],[10],[12] | 11.03% | |||
Maturity | [8],[10],[12] | Apr. 08, 2025 | |||
Principal | [8],[10],[12] | $ 15,000,000 | |||
Cost | [8],[9],[10],[12] | 14,848,983 | |||
Fair Value | [8],[10],[11],[12] | $ 14,895,000 | |||
Debt Investments | SOFR(S) | Software | JOBVITE, Inc. (Employ, Inc.) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 8% | |||
Total Coupon | [8],[10],[12] | 10.93% | |||
Maturity | [8],[10],[12] | Aug. 05, 2028 | |||
Principal | [8],[10],[12] | $ 7,017,052 | |||
Cost | [8],[9],[10],[12] | 6,847,683 | |||
Fair Value | [8],[10],[11],[12] | $ 6,779,876 | |||
Debt Investments | SOFR(S) | Software | Nvest, Inc. (SigFig) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 1% | |||
Spread | [8],[10],[12] | 7.50% | |||
Total Coupon | [8],[10],[12] | 11.49% | |||
Maturity | [8],[10],[12] | Sep. 15, 2025 | |||
Principal | [8],[10],[12] | $ 2,349,466 | |||
Cost | [8],[9],[10],[12] | 2,318,584 | |||
Fair Value | [8],[10],[11],[12] | $ 2,289,789 | |||
Debt Investments | Fixed Interest Rate | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Sr Secured Convertible Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[6],[13],[20],[21],[33] | 0% | |||
Interest Rate, PIK | [1],[6],[13],[20],[21],[33] | 3.50% | |||
Interest Rate, Cash | [1],[6],[13],[20],[21],[33] | 3.50% | |||
Total Coupon | [1],[6],[13],[20],[21],[33] | 7% | |||
Maturity | [1],[6],[13],[20],[21],[33] | Oct. 02, 2023 | |||
Principal | [1],[6],[13],[20],[21],[33] | $ 1,582,052 | |||
Cost | [1],[3],[6],[13],[20],[21],[33] | 1,582,052 | |||
Fair Value | [1],[6],[7],[13],[20],[21],[33] | $ 2,433,196 | |||
Debt Investments | Fixed | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Sr Secured Convertible Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | ||||
Interest Rate, PIK | [8],[10],[12],[17],[18],[28] | 3.50% | |||
Interest Rate, Cash | [8],[10],[12],[17],[18],[28] | 3.50% | |||
Total Coupon | [8],[10],[12],[17],[18],[28] | 7% | |||
Maturity | [8],[10],[12],[17],[18],[28] | Apr. 30, 2025 | |||
Principal | [8],[10],[12],[17],[18],[28] | $ 1,638,321 | |||
Cost | [8],[9],[10],[12],[17],[18],[28] | 1,638,321 | |||
Fair Value | [8],[10],[11],[12],[17],[18],[28] | $ 1,762,833 | |||
Debt Investments | Fixed | Internet Software & Services | Magenta Buyer, LLC (McAfee) | First Lien Incremental Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | ||||
Spread | [8],[10],[12],[30] | 12% | |||
Total Coupon | [8],[10],[12],[30] | 12% | |||
Maturity | [8],[10],[30] | Jul. 27, 2028 | |||
Principal | [8],[10],[30] | $ 667,101 | |||
Cost | [8],[9],[10],[30] | 600,391 | |||
Fair Value | [8],[10],[11],[30] | $ 620,404 | |||
Debt Investments | Fixed | Metals And Mining | Kemmerer Operations, LLC (WMLP) | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | 0% | [1],[5],[6],[13],[33] | ||
Interest Rate, PIK | 15% | [8],[10],[12],[19],[28],[36] | 15% | [1],[5],[6],[13],[33] | |
Total Coupon | 15% | [8],[10],[12],[19],[28],[36] | 15% | [1],[5],[6],[13],[33] | |
Maturity | Jun. 21, 2023 | [8],[10],[12],[19],[28],[36] | Jun. 21, 2023 | [1],[5],[6],[13],[33] | |
Principal | $ 1,956,190 | [8],[10],[12],[19],[28],[36] | $ 3,091,618 | [1],[5],[6],[13],[33] | |
Cost | 1,956,190 | [8],[9],[10],[12],[19],[28],[36] | 3,091,619 | [1],[3],[5],[6],[13],[33] | |
Fair Value | $ 1,956,190 | [8],[10],[11],[12],[19],[28],[36] | $ 3,091,618 | [1],[5],[6],[7],[13],[33] | |
Debt Investments | Fixed | Metals And Mining | Kemmerer Operations, LLC (WMLP) | First Lien Delayed Draw Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [1],[5],[6],[13],[33] | 0% | |||
Interest Rate, PIK | [1],[5],[6],[13],[15],[33] | 15% | |||
Total Coupon | [1],[5],[6],[13],[15],[33] | 15% | |||
Maturity | [1],[5],[6],[13],[15],[33] | Jun. 21, 2023 | |||
Principal | [1],[5],[6],[13],[15],[33] | $ 42,550 | |||
Cost | [1],[3],[5],[6],[13],[15],[33] | 42,550 | |||
Fair Value | [1],[5],[6],[7],[13],[15],[33] | $ 42,550 | |||
Debt Investments | Fixed | Specialty Retail | Calceus Acquisition, Inc. (Cole Haan) | First Lien Sr Secured Notes | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 0% | [8],[10],[12] | 0% | [1],[6],[13],[15] | |
Spread | 9.75% | [8],[10],[12] | 9.75% | [1],[6],[13],[15] | |
Total Coupon | 9.75% | [8],[10],[12] | 9.75% | [1],[6],[13],[15] | |
Maturity | Feb. 19, 2025 | [8],[10],[12] | Feb. 19, 2025 | [1],[6],[13],[15] | |
Principal | $ 1,000,000 | [8],[10],[12] | $ 1,000,000 | [1],[6],[13],[15] | |
Cost | 984,665 | [8],[9],[10],[12] | 978,419 | [1],[3],[6],[13],[15] | |
Fair Value | $ 916,000 | [8],[10],[11],[12] | $ 989,561 | [1],[6],[7],[13],[15] | |
Debt Investments | PRIME | Internet & Catalog Retail | CommerceHub, Inc. | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [8],[10],[12] | 0.75% | |||
Spread | [8],[10],[12] | 5.25% | |||
Total Coupon | [8],[10],[12] | 12.25% | |||
Maturity | [8],[10] | Dec. 29, 2027 | |||
Principal | [8],[10] | $ 2,225,715 | |||
Cost | [8],[9],[10] | 2,072,848 | |||
Fair Value | [8],[10],[11] | $ 2,072,141 | |||
Debt Investments | PRIME | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Revolver | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | 1% | [8],[10],[12],[19] | 0% | [1],[5],[6],[13],[15] | |
Spread | 6.75% | [8],[10],[12],[19] | 6.75% | [1],[6],[13],[15] | |
Total Coupon | 14.25% | [8],[10],[12],[19] | 10% | [1],[6],[13],[15] | |
Maturity | Apr. 30, 2026 | [8],[10],[12],[19] | Apr. 30, 2026 | [1],[6],[13],[15] | |
Principal | $ 519,073 | [8],[10],[12],[19] | $ 164,264 | [1],[6],[13],[15] | |
Cost | 505,266 | [8],[9],[10],[12],[19] | 147,108 | [1],[3],[6],[13],[15] | |
Fair Value | $ 501,333 | [8],[10],[11],[12],[19] | $ 164,264 | [1],[6],[7],[13],[15] | |
Equity Securities | |||||
Schedule Of Investments [Line Items] | |||||
Total Debt Investment | 3.20% | 3.60% | [1],[6] | ||
Cost | $ 59,765,957 | [8],[9],[10] | $ 59,931,254 | [1],[3],[6] | |
Fair Value | 10,223,080 | [8],[10],[11] | $ 12,489,257 | [1],[6],[7] | |
Equity Securities | Blackbird Purchaser Inc Ohio Transmission Corp | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, PIK | [1],[6],[33],[34] | 12.50% | |||
Cost | [1],[3],[6],[33],[34] | $ 2,428,240 | |||
Fair Value | [1],[6],[7],[33],[34] | $ 2,428,688 | |||
Shares | [1],[6],[33],[34] | 2,478 | |||
Equity Securities | Capital Markets | |||||
Schedule Of Investments [Line Items] | |||||
Cost | 1,862,881 | [8],[9],[10] | $ 1,862,881 | [1],[3],[6] | |
Fair Value | 38,478 | [8],[10],[11] | 58,357 | [1],[6],[7] | |
Equity Securities | Capital Markets | Limited Partnership/Limited Liability Company Interests | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[6],[34] | 1,848,077 | |||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[6],[34] | 91,445 | |||
Equity Securities | Capital Markets | Warrants to Purchase Membership Units | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [1],[2],[6],[34] | Feb. 07, 2030 | |||
Cost | [1],[2],[3],[6],[34] | $ 14,804 | |||
Fair Value | [1],[2],[6],[7],[34] | $ 58,357 | |||
Shares | [1],[2],[6],[34] | 162 | |||
Equity Securities | Capital Markets | Marsico Holdings, LLC | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[29],[37] | 1,848,077 | |||
Fair Value | [8],[10],[11],[29],[37] | $ 0 | |||
Shares | [8],[10],[29],[37] | 91,445 | |||
Equity Securities | Capital Markets | Pico Quantitative Trading Holdings, LLC, | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[29],[37] | Feb. 07, 2030 | |||
Cost | [8],[9],[10],[29],[37] | $ 14,804 | |||
Fair Value | [8],[10],[11],[29],[37] | $ 38,478 | |||
Shares | [8],[10],[29],[37] | 162 | |||
Equity Securities | Diversified Consumer Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 0 | [8],[9],[10] | $ 0 | [1],[3],[6] | |
Fair Value | $ 1,431,195 | [8],[10],[11] | $ 1,820,495 | [1],[6],[7] | |
Equity Securities | Diversified Consumer Services | Warrants To Purchase Preferred Series B Shares | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [1],[2],[6],[20],[21],[34] | Nov. 23, 2028 | |||
Fair Value | [1],[2],[6],[7],[20],[21],[34] | $ 126,699 | |||
Shares | [1],[2],[6],[20],[21],[34] | 48 | |||
Equity Securities | Diversified Consumer Services | Warrants To Purchase Preferred Series A1 Shares | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [1],[2],[6],[20],[21],[34] | Apr. 28, 2028 | |||
Fair Value | [1],[2],[6],[7],[20],[21],[34] | $ 1,693,796 | |||
Shares | [1],[2],[6],[20],[21],[34] | 182 | |||
Equity Securities | Diversified Consumer Services | Razor Group GmbH (Germany) | Warrants To Purchase Preferred Series A1 Shares | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[17],[18],[29],[37] | Apr. 28, 2028 | |||
Cost | $ 0 | [9] | $ 0 | [1],[2],[3],[6],[20],[21],[34] | |
Fair Value | [8],[10],[11],[17],[18],[29],[37] | $ 702,914 | |||
Shares | [8],[10],[17],[18],[29],[37] | 182 | |||
Equity Securities | Diversified Consumer Services | Razor Group GmbH (Germany) | Warrants To Purchase Series C Shares | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[17],[18],[29],[37] | Apr. 28, 2028 | |||
Cost | [8],[9],[10],[17],[18],[29],[37] | $ 0 | |||
Fair Value | [8],[10],[11],[17],[18],[29],[37] | $ 320,504 | |||
Shares | [8],[10],[17],[18],[29],[37] | 56 | |||
Equity Securities | Diversified Consumer Services | SellerX Germany GmbH & Co. Kg (Germany) | Warrants To Purchase Preferred Series B Shares | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[6],[20],[21],[34] | 0 | |||
Equity Securities | Diversified Consumer Services | Elevate Brands Holdco Inc | Warrants to Purchase Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[29],[37] | Mar. 14, 2032 | |||
Cost | [8],[9],[10],[29],[37] | $ 0 | |||
Fair Value | [8],[10],[11],[29],[37] | $ 31,965 | |||
Shares | [8],[10],[29],[37] | 66,428 | |||
Equity Securities | Diversified Consumer Services | Elevate Brands Holdco Inc | Warrants to Purchase Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[29],[37] | Mar. 14, 2032 | |||
Cost | [9] | $ 0 | |||
Fair Value | [8],[10],[11],[29],[37] | $ 25,645 | |||
Shares | [8],[10],[29],[37] | 33,214 | |||
Equity Securities | Diversified Consumer Services | MXP Prime Platform GmbH (SellerX) (Germany) | Warrants To Purchase Preferred Series B Shares | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[17],[18],[29],[37] | Nov. 23, 2028 | |||
Cost | [8],[9],[10],[29],[37] | $ 0 | |||
Fair Value | [8],[10],[11],[17],[18],[29],[37] | $ 97,941 | |||
Shares | [8],[10],[17],[18],[29],[37] | 48 | |||
Equity Securities | Diversified Consumer Services | PerchHQ LLC | Warrants to Purchase Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[29],[37] | Oct. 15, 2027 | |||
Cost | [8],[9],[10],[29],[37] | $ 0 | |||
Fair Value | [8],[10],[11],[29],[37],[38] | $ 252,226 | |||
Shares | [8],[10],[29],[37] | 45,283 | |||
Equity Securities | Diversified Financial Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 47,236,233 | [8],[9],[10] | 47,236,232 | [1],[3],[6] | |
Fair Value | 187,336 | [8],[10],[11] | $ 193,855 | [1],[6],[7] | |
Equity Securities | Diversified Financial Services | Warrants To Purchase Series D Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [1],[2],[6],[20],[21],[34] | Feb. 11, 2031 | |||
Fair Value | [1],[2],[6],[7],[20],[21],[34] | $ 188,409 | |||
Shares | [1],[2],[6],[20],[21],[34] | 7,662 | |||
Equity Securities | Diversified Financial Services | Warrants To Purchase Series E Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [1],[2],[6],[20],[21],[34] | Aug. 27, 2031 | |||
Fair Value | [1],[2],[6],[7],[20],[21],[34] | $ 5,446 | |||
Shares | [1],[2],[6],[20],[21],[34] | 508 | |||
Equity Securities | Diversified Financial Services | Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[6],[27] | $ 10,611,548 | |||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[6],[27] | 10,612 | |||
Equity Securities | Diversified Financial Services | Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Total Coupon | [1],[2],[6],[25],[27] | 13.50% | |||
Cost | [1],[2],[3],[6],[25],[27] | $ 36,624,684 | |||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[6],[25],[27] | 34,285 | |||
Equity Securities | Diversified Financial Services | Gordon Brothers Finance Company | Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[24],[37] | 10,611,548 | |||
Fair Value | [8],[9],[10],[11],[36],[37] | $ 0 | |||
Shares | [8],[10],[24],[37] | 10,612 | |||
Equity Securities | Diversified Financial Services | Gordon Brothers Finance Company | Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Total Coupon | [8],[10],[22],[24],[37] | 13.50% | |||
Cost | [8],[9],[10],[22],[24],[37] | $ 36,624,685 | |||
Fair Value | [8],[9],[10],[11],[22],[36],[37] | $ 0 | |||
Shares | [8],[10],[22],[24],[37] | 34,285 | |||
Equity Securities | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | Warrants To Purchase Series D Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[17],[18],[29],[37] | Feb. 11, 2031 | |||
Cost | $ 0 | [8],[9],[10],[18],[22],[29],[37] | $ 0 | [1],[2],[3],[6],[20],[21],[34] | |
Fair Value | [8],[10],[11],[17],[18],[29],[37] | $ 183,658 | |||
Shares | [8],[10],[17],[18],[29],[37] | 7,662 | |||
Equity Securities | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | Warrants To Purchase Series E Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[17],[18],[29],[37] | Aug. 27, 2031 | |||
Cost | $ 0 | [8],[10],[18],[22],[29],[37] | $ 0 | [1],[2],[3],[6],[20],[21],[34] | |
Fair Value | [8],[10],[11],[17],[18],[29],[37] | $ 3,678 | |||
Shares | [8],[10],[17],[18],[29],[37] | 508 | |||
Equity Securities | Internet Software & Services | FinancialForce.com, Inc. | Warrants To Purchase Series C Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | Jan. 30, 2029 | [8],[10],[29],[37] | Jan. 30, 2029 | [1],[2],[6],[34] | |
Cost | $ 100,544 | [8],[9],[10],[29],[37] | $ 100,544 | [1],[2],[3],[6],[34] | |
Fair Value | $ 211,350 | [8],[10],[11],[29],[37] | $ 260,550 | [1],[2],[6],[7],[34] | |
Shares | 450,000 | [8],[10],[29],[37] | 450,000 | [1],[2],[6],[34] | |
Equity Securities | Media | MBS Parent, LLC | Limited Partnership/Limited Liability Company Interests | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 0 | [8],[9],[10],[37],[39] | $ 500,000 | [1],[2],[3],[6],[40] | |
Fair Value | $ 0 | [8],[10],[11],[37],[39] | $ 819,502 | [1],[2],[6],[7],[40] | |
Shares | 546 | [8],[10],[37],[39] | 546 | [1],[2],[6],[40] | |
Equity Securities | Metals And Mining | Kemmerer Holdings, LLC (WMLP) | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[36],[37],[41] | $ 753,851 | |||
Fair Value | [8],[10],[11],[36],[37],[41] | $ 1,618,248 | |||
Shares | [8],[10],[36],[37],[41] | 8 | |||
Equity Securities | Software | Grey Orange International Inc | Warrants to Purchase Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Maturity | [8],[10],[29],[37] | May 06, 2032 | |||
Cost | [8],[9],[10] | $ 0 | |||
Fair Value | [8],[10],[11],[29],[37] | $ 8,849 | |||
Shares | [8],[10],[29],[37] | 2,087 | |||
Equity Securities | Trading Companies And Distributors | Blackbird Purchaser Inc Ohio Transmission Corp | Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, PIK | [8],[10],[28],[29] | 12.50% | |||
Cost | [8],[9],[10],[28],[29] | $ 2,762,941 | |||
Fair Value | [8],[10],[11],[28],[29] | $ 2,354,224 | |||
Shares | [8],[10],[28],[29] | 2,478 | |||
Equity Securities | Chemicals | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 1,139,597 | [8],[9],[10] | $ 1,139,597 | [1],[3],[6] | |
Fair Value | 0 | [8],[9],[10],[11] | 251,736 | [1],[6],[7] | |
Equity Securities | Chemicals | Common Stock | Class C Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[5],[6],[34] | 2,307,580 | |||
Equity Securities | Chemicals | Preferred Stock | Class A Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[5],[6],[34] | $ 1,139,597 | |||
Fair Value | [1],[2],[5],[6],[7],[34] | $ 251,736 | |||
Shares | [1],[2],[5],[6],[34] | 4,195,600 | |||
Equity Securities | Chemicals | Preferred Stock | Class B Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[5],[6],[34] | 2,936,920 | |||
Equity Securities | Chemicals | AGY Equity, LLC | Class A Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[10],[29],[36],[37] | 1,139,597 | |||
Fair Value | [8],[10],[11],[29],[36],[37] | $ 0 | |||
Shares | [8],[10],[29],[36],[37] | 4,195,600 | |||
Equity Securities | Chemicals | AGY Equity, LLC | Class B Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 0 | [8],[9],[10],[29],[36],[37] | $ 0 | [1],[2],[3],[5],[6],[34] | |
Fair Value | [8],[10],[11],[29],[36],[37] | $ 0 | |||
Shares | [8],[10],[29],[36],[37] | 2,936,920 | |||
Equity Securities | Chemicals | AGY Equity, LLC | Class C Common Stock | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 0 | [8],[9],[10],[29],[36],[37] | 0 | [1],[2],[3],[5],[6],[34] | |
Fair Value | [8],[10],[11],[29],[36],[37] | $ 0 | |||
Shares | [8],[10],[29],[36],[37] | 2,307,580 | |||
Equity Securities | Household Durables | Stitch Holdings, L.P. | Limited Partnership/Limited Liability Company Interests | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 5,909,910 | [8],[9],[10],[29],[37] | 5,909,910 | [1],[2],[3],[6],[34] | |
Fair Value | $ 4,373,400 | [8],[10],[11],[29],[37] | $ 5,910,000 | [1],[2],[6],[7],[34] | |
Shares | 5,910 | [8],[10],[29],[37] | 5,910 | [1],[2],[6],[34] | |
Equity Securities | Oil Gas And Consumable Fuels | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 0 | [8],[9],[10] | $ 0 | [1],[2],[3],[6] | |
Fair Value | 0 | [8],[10],[11] | 0 | [1],[2],[6],[7],[34] | |
Equity Securities | Oil Gas And Consumable Fuels | TER Management Resources, LLC (fka ETX Energy Management Company, LLC) | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[37] | 0 | |||
Fair Value | [8],[10],[11],[37] | $ 0 | |||
Shares | [8],[10],[37] | 53,815 | |||
Equity Securities | Oil Gas And Consumable Fuels | Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [8],[9],[10],[37],[38] | $ 0 | |||
Fair Value | [8],[10],[11],[37],[38] | $ 0 | |||
Shares | [8],[10],[37],[38] | 51,119 | |||
Equity Securities | Oil Gas And Consumable Fuels | ETX Energy Management Company, LLC | Limited Partnership/Limited Liability Company Interests | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[6] | 0 | |||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[6] | 53,815 | |||
Equity Securities | Oil Gas And Consumable Fuels | ETX Energy, LLC | Limited Partnership/Limited Liability Company Interests | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [1],[2],[3],[6],[42] | $ 0 | |||
Fair Value | [1],[2],[6],[7],[34] | $ 0 | |||
Shares | [1],[2],[6],[42] | 51,119 | |||
Cash And Cash Equivalents | |||||
Schedule Of Investments [Line Items] | |||||
Total Debt Investment | 3% | 3.60% | [1],[6] | ||
Fair Value | $ 9,531,190 | [8],[10],[11] | $ 12,750,121 | [1],[6],[7] | |
Cash and Investment | |||||
Schedule Of Investments [Line Items] | |||||
Total Debt Investment | 182.10% | 161.70% | [1],[6] | ||
Fair Value | $ 580,020,274 | [8],[10],[11] | $ 565,314,115 | [1],[6],[7] | |
Interest Rate Swap | |||||
Schedule Of Investments [Line Items] | |||||
Fixed interest rate | [43] | 2.633% | |||
Counterparty | [43] | CME | |||
Maturity date | [43] | Jun. 09, 2025 | |||
Payment Frequency | [43] | Annual | |||
Notional amount | [43] | $ 35,000,000 | |||
Fair value | [43] | $ (1,332,299) | |||
Interest Rate Swap | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Schedule Of Investments [Line Items] | |||||
Company Pays Floating | [43] | 1 Day SOFR | |||
[1] As of December 31, 2021, the Company generally uses GICS codes to identify the industry groupings. This information is unaudited. Non-income producing equity securities at December 31, 2021. Represents amortized cost for fixed income securities and cost for preferred and common stock, limited partnership/limited liability company interests and equity warrants/options. The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of 5% or more (but not more than 25%) of the voting securities of Kemmerer Operations, LLC and thus non-controlled, affiliated investments. Transaction and other information for “non-controlled, affiliated” investments under the 1940 Act, whereby the Company owns 5% or more (but not more than 25%) of the portfolio company’s outstanding voting securities, is presented in a separate table in Consolidated Schedules of Investments. Unless otherwise indicated, all investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2). Fair value is determined by or under the direction of the Company’s Board of Directors. See Note 2 for further details. As of December 31, 2022, the Company generally uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings. This information is unaudited. Represents amortized cost for fixed income securities and cost for preferred and common stock, limited partnership/limited liability company interests and equity warrants/options. Unless otherwise indicated, all investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2). Pursuant to Rule 2a-5 under the 1940 Act, the Company's Board of Directors designated the Advisor as the valuation designee to perform certain fair value functions, including performing fair value determinations. See Note 2 for further details. Approximately 99.2 % of the fair value of total senior secured loans in the Company’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), “L”, Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”, at the borrower’s option. In addition, 94.2 % of the fair value of such senior secured loans have floors of 0.50 % to 1.80 %. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2022 of all contracts within the specified loan facility. LIBOR and SOFR reset monthly (M), quarterly (Q) or semiannually (S). Approximately 98.9 % of the fair value of total senior secured loans in the Company’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (LIBOR), “L”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”, at the borrower’s option. In addition, 92.5 % of the fair value of such senior secured loans have floors of 0.25 % to 2.75 %. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2021 of all contracts within the specified loan facility. Negative balances represent unfunded commitments that were acquired and/or valued at a discount. Position or associated portfolio company thereof has an unfunded commitment as of December 31, 2021 (see Note 9). Note that there may be additional unfunded positions which do not have a funded component at period end, and therefore are not displayed herein. This investment will have a first lien security interest after the senior tranches are repaid. Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act may be subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022 , approximately 15.0 % of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act. Non-U.S. company or principal place of business outside the U.S. Position or associated portfolio company thereof has an unfunded commitment as of December 31, 2022 (see Note 9). Note that there may be additional unfunded positions which do not have a funded component at period end, and therefore are not displayed herein. Any negative balances represent unfunded commitments that were acquired and/or valued at a discount. Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act may be subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2021, approximately 11.7 % of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act. Non-U.S. company or principal place of business outside the U.S The investment is on non-accrual status as of December 31, 2022 and therefore non-income producing. At December 31, 2022, the aggregate fair value and amortized cost of the Company’s debt and preferred stock investments on non-accrual status represents 2.8 % and 11.8 % of the Company's debt and preferred stock investments at fair value and amortized cost, respectively. Total coupon includes default interest of 2.00 %. Transaction and other information for “controlled” investments under the 1940 Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities, is presented in a separate table of the Consolidated Schedules of Investments. The investment is on non-accrual status as of December 31, 2021 and therefore non-income producing. At December 31, 2021, the aggregate fair value and amortized cost of the Company’s debt and preferred stock investments on non-accrual status represents 4.2 % and 13.4 %, respectively. Total coupon includes default interest. Transaction and other information for “controlled” investments under the 1940 Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities, is presented in a separate table in Consolidated Schedules of Investments. Interest may be paid in cash or payment-in-kind (“PIK”), or a combination thereof which is generally at the option of the borrower. PIK earned is included in the cost basis of the security. In accordance with the Company’s policy, PIK is recorded on an effective interest method. Security is either exempt from registration under Rule 144A of the Securities Act of 1933 (the “Securities Act”), or sale of the security is subject to certain contractual restrictions. Securities that are exempt from registration under 144A may be resold in transactions, normally to qualified institutional buyers. In aggregate, these securities represent 2.9 % of the Company’s net assets at December 31, 2022. The acquisition dates for restricted securities of unaffiliated issuers were as follows as of December 31, 2022: Investment Initial Acquisition Date Marsico Holdings, LLC, Limited Partnership/Limited Liability Company Interests 11/28/2007 FinancialForce.com, Warrants to Purchase Series C Preferred Stock 1/30/2019 Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units 2/7/2020 Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock 2/11/2021 Advanced Lighting Technologies, LLC, Senior Secured Notes 3/16/2021 Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares 4/28/2021 Stitch Holdings, L.P., Limited Partnership Interests 7/30/2021 Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock 8/27/2021 MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Preferred Series B Shares 11/23/2021 Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock 12/14/2021 Elevate Brands Holdco Inc., Warrants to Purchase Common Stock 3/14/2022 Elevate Brands Holdco Inc., Warrants to Purchase Preferred Stock 3/14/2022 Grey Orange International Inc., Warrants to Purchase Common Stock 5/6/2022 PerchHQ LLC, Warrants to Purchase Common Stock 9/30/2022 Razor Group GmbH (Germany), Warrants to Purchase Series C Shares 12/23/2022 Investments are considered other than Level 3 in accordance with ASC Topic 820 (see Note 2). Investments are considered other than Level 3 in accordance with ASC Topic 820 (see Note 2). Portions of the loan bear interest using a combination of LIBOR, SOFR, and/or the Prime rate. The total coupon represents the weighted average interest rate at December 31, 2022 of all contracts within the loan facility. Interest may be paid in cash or PIK, or a combination thereof which is generally at the option of the borrower. PIK earned is included in the cost basis of the security. In accordance with the Company’s policy, PIK is recorded on an effective yield basis. Securities are either exempt from registration under Rule 144A of the Securities Act, or sale of the security is subject to certain contractual restrictions. Securities that are exempt from registration under 144A may be resold in transactions, normally to qualified institutional buyers. In aggregate, these securities represented 3.3 % of the Company’s net assets as of December 31, 2021. The acquisition dates for restricted securities of unaffiliated issuers were as follows as of December 31, 2021: Investment Initial Acquisition Date Marsico Holdings, LLC, Limited Partnership/Limited Liability Company Interests 11/28/2007 FinancialForce.com, Warrants to Purchase Series C Preferred Stock 1/30/2019 Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units 2/7/2020 Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock 2/11/2021 Advanced Lighting Technologies, LLC, Senior Secured Notes 3/16/2021 Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares 4/28/2021 Stitch Holdings, L.P., Limited Partnership Interests 7/30/2021 Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock 8/27/2021 SellerX Germany GmbH & Co. Kg (Germany), Warrants to Purchase Preferred Series B Shares 11/23/2021 Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock 12/14/2021 This investment will have a first lien security interest after the senior tranches are repaid. Transaction and other information for “non-controlled, affiliated” investments under the Investment Company Act of 1940 (the “1940 Act”), whereby the Company owns 5% or more (but not more than 25%) of the portfolio company’s outstanding voting securities, is presented in a separate table of the Consolidated Schedules of Investments. Non-income producing equity securities at December 31, 2022 . The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) and PerchHQ LLC and thus non-controlled, non-affiliated investments. The Company is the sole stockholder of BCIC-MBS, LLC, a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of MBS Parent, LLC and thus a non-controlled, non-affiliated investment. The Company is the sole stockholder of BCIC-MBS, LLC, a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of MBS Parent, LLC and thus a non-controlled, non-affiliated investment. The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of 5% or more (but not more than 25%) of the voting securities of Kemmerer Operations, LLC and thus non-controlled, affiliated investments. The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of ETX Energy, LLC, and thus non-controlled, non-affiliated investments. Refer to Notes 2 and 4 for additional information on the Company’s Interest Rate Swap. |
Consolidated Schedules of Inv_2
Consolidated Schedules of Investments (Parenthetical) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule Of Investments [Line Items] | |||||
Percentage of not qualifying assets to total assets | 15% | 11.70% | |||
Percentage of default interest | 2% | ||||
Total Senior Secured Loans | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of fair value of loans bear interest with floor rate | 94.20% | 92.50% | |||
Total Senior Secured Loans | Floating Rate | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of fair value of loans bear interest at floor rate | 99.20% | 98.90% | |||
FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3% | ||||
Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan | LIBOR(S) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 1% | ||||
Diversified Financial Services | Worldremit Group Limited (United Kingdom) | First Lien Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3% | ||||
Internet Software & Services | MetricStream, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3.25% | ||||
Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 4.25% | ||||
Investments | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of aggregate fair value of net assets | 179.10% | 158.10% | [1],[2] | ||
Equity Securities | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of aggregate fair value of net assets | 3.20% | 3.60% | [1],[2] | ||
Restricted Securities | |||||
Schedule Of Investments [Line Items] | |||||
Investment companies owns percentage of net assets | 2.90% | 3.30% | |||
Cash And Cash Equivalents | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of aggregate fair value of net assets | 3% | 3.60% | [1],[2] | ||
Cash and Investment | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of aggregate fair value of net assets | 182.10% | 161.70% | [1],[2] | ||
Limited Partnership/Limited Liability Company Interests | Marsico Holdings, LLC | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Nov. 28, 2007 | Nov. 28, 2007 | |||
Warrants To Purchase Series C Preferred Stock | FinancialForce.com | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Jan. 30, 2019 | Jan. 30, 2019 | |||
Warrants to Purchase Membership Units | Pico Quantitative Trading Holdings, LLC, | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 07, 2020 | Feb. 07, 2020 | |||
Warrants To Purchase Series D Stock | Worldremit Group Limited (United Kingdom) | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 11, 2021 | Feb. 11, 2021 | |||
Senior Secured Notes | Advanced Lighting Technologies, LLC | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Mar. 16, 2021 | Mar. 16, 2021 | |||
Warrants To Purchase Preferred Series A1 Shares | Razor Group GmbH (Germany) | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Apr. 28, 2021 | Apr. 28, 2021 | |||
Limited Partnership Interests | Stitch Holdings, L.P. | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Jul. 30, 2021 | Jul. 30, 2021 | |||
Warrants To Purchase Series E Stock | Worldremit Group Limited (United Kingdom) | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Aug. 27, 2021 | Aug. 27, 2021 | |||
Warrants To Purchase Preferred Series B Shares | MXP Prime Platform GmbH (SellerX) (Germany) | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Nov. 23, 2021 | ||||
Warrants To Purchase Preferred Series B Shares | SellerX Germany GmbH & Co. Kg (Germany) | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Nov. 23, 2021 | ||||
Preferred Stock | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of investments in Non-accrual status at fair value | 2.80% | 4.20% | |||
Percentage of investments in Non-accrual status at cost | 11.80% | 13.40% | |||
Preferred Stock | Blackbird Holdco Inc | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Dec. 14, 2021 | Dec. 14, 2021 | |||
Warrants to Purchase Common Stock | Elevate Brands Holdco Inc | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Mar. 14, 2022 | ||||
Warrants to Purchase Common Stock | Grey Orange International Inc | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | May 06, 2022 | ||||
Warrants to Purchase Common Stock | PerchHQ LLC | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Sep. 30, 2022 | ||||
Warrants to Purchase Preferred Stock | Elevate Brands Holdco Inc | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Mar. 14, 2022 | ||||
Warrants To Purchase Series C Shares | Razor Group GmbH (Germany) | |||||
Schedule Of Investments [Line Items] | |||||
Initial Acquisition Date | Dec. 23, 2022 | ||||
Debt Investments | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of aggregate fair value of net assets | 175.90% | 154.50% | |||
Percentage of investments in Non-accrual status at fair value | 2.80% | 4.20% | |||
Percentage of investments in Non-accrual status at cost | 11.80% | 13.40% | |||
Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 1% | ||||
Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan | SOFR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [3],[4],[5] | 1.50% | |||
Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan | LIBOR(S) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 1.50% | |||
Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Incremental Term Loan | SOFR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [3],[4],[5] | 1.50% | |||
Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Incremental Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 1.50% | |||
Debt Investments | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | First Lien Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3% | ||||
Interest rate, floor | 1% | [3],[4],[5],[7],[8] | 1% | [1],[2],[6],[9],[10] | |
Debt Investments | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan | SOFR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 1.50% | ||||
Debt Investments | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan | LIBOR(S) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 1% | |||
Debt Investments | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [3],[4],[5],[11] | 1% | |||
Debt Investments | Internet Software & Services | FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 2.75% | |||
Debt Investments | Internet Software & Services | MetricStream, Inc. | First Lien Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 1% | |||
Debt Investments | Internet Software & Services | MetricStream, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 1% | |||
Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Term Loan | SOFR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 6.575% | ||||
Interest rate, floor | [3],[4],[5] | 1.80% | |||
Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 6.575% | ||||
Interest rate, floor | [3],[4],[5],[12] | 1.80% | |||
Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6] | 1.80% | |||
Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan | SOFR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3% | ||||
Interest rate, floor | [3],[4],[5],[7],[8] | 1% | |||
Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6],[9],[10] | 1% | |||
Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan | SOFR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3% | ||||
Interest rate, floor | [3],[4],[5],[7],[8] | 1% | |||
Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | [1],[2],[6],[9],[10] | 1% | |||
Debt Investments | Professional Services | RigUp, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 4% | 3.50% | |||
Interest rate, floor | 1.50% | [3],[4],[5] | 1.50% | [1],[2],[6] | |
Debt Investments | Software | Grey Orange Incorporated | First Lien Term Loan | SOFR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3.75% | ||||
Interest rate, floor | [3],[4],[5] | 1% | |||
Debt Investments | Software | Grey Orange Incorporated | First Lien Delayed Draw Term Loan | SOFR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3.75% | ||||
Interest rate, floor | [3],[4],[5],[12] | 1% | |||
Debt Investments | IT Services | Puppet, Inc. | First Lien Term Loan | LIBOR(Q) | |||||
Schedule Of Investments [Line Items] | |||||
Investment instrument exit fee percentage | 3% | ||||
Interest rate, floor | [1],[2],[6] | 1% | |||
Minimum | Total Senior Secured Loans | Floor Rate | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | 0.50% | 0.25% | |||
Maximum | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of aggregate fair value of net assets | 5% | ||||
Maximum | Total Senior Secured Loans | Floor Rate | |||||
Schedule Of Investments [Line Items] | |||||
Interest rate, floor | 1.80% | 2.75% | |||
[1] As of December 31, 2021, the Company generally uses GICS codes to identify the industry groupings. This information is unaudited. Unless otherwise indicated, all investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2). Approximately 99.2 % of the fair value of total senior secured loans in the Company’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), “L”, Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”, at the borrower’s option. In addition, 94.2 % of the fair value of such senior secured loans have floors of 0.50 % to 1.80 %. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2022 of all contracts within the specified loan facility. LIBOR and SOFR reset monthly (M), quarterly (Q) or semiannually (S). As of December 31, 2022, the Company generally uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings. This information is unaudited. Unless otherwise indicated, all investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2). Approximately 98.9 % of the fair value of total senior secured loans in the Company’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (LIBOR), “L”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”, at the borrower’s option. In addition, 92.5 % of the fair value of such senior secured loans have floors of 0.25 % to 2.75 %. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2021 of all contracts within the specified loan facility. Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act may be subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022 , approximately 15.0 % of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act. Non-U.S. company or principal place of business outside the U.S. Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act may be subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2021, approximately 11.7 % of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act. Non-U.S. company or principal place of business outside the U.S Interest may be paid in cash or payment-in-kind (“PIK”), or a combination thereof which is generally at the option of the borrower. PIK earned is included in the cost basis of the security. In accordance with the Company’s policy, PIK is recorded on an effective interest method. Position or associated portfolio company thereof has an unfunded commitment as of December 31, 2022 (see Note 9). Note that there may be additional unfunded positions which do not have a funded component at period end, and therefore are not displayed herein. Any negative balances represent unfunded commitments that were acquired and/or valued at a discount. |
Consolidated Schedules of Inv_3
Consolidated Schedules of Investments (Affiliate Security) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Schedule Of Investments [Line Items] | |||||||
Fair Value, Beginning Balance | $ 552,563,994 | ||||||
Net realized gain (loss) | 1,196,573 | $ (19,077,032) | $ (115,988,233) | ||||
Fair Value, Ending Balance | 570,489,084 | 552,563,994 | |||||
Non-Controlled Affiliate Security | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 456,686 | [1],[2] | 565,167 | [3],[4] | |||
Fair Value, Beginning Balance | 4,131,978 | [2] | 13,099,313 | [4] | |||
Net realized gain (loss) | 0 | [1],[2] | (7,989,591) | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | 620,438 | [1],[2] | 6,932,957 | [4] | |||
Acquisitions | 347,444 | [2],[5] | 4,055,495 | [4],[6] | |||
Dispositions | (1,525,422) | [2],[7] | (11,966,196) | [4],[8] | |||
Fair Value, Ending Balance | 3,574,438 | [2] | 4,131,978 | [2] | 13,099,313 | [4] | |
Non-Controlled Affiliate Security | AGY Equity, LLC | Class A Preferred Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[2] | 0 | [3],[4] | |||
Fair Value, Beginning Balance | 251,736 | [2] | 1,557,200 | [4] | |||
Net realized gain (loss) | 0 | [2],[9] | 0 | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | (251,736) | [1],[2] | (1,305,464) | [4] | |||
Acquisitions | 0 | [2],[5] | 0 | [4],[6] | |||
Dispositions | 0 | [2],[7] | 0 | [4],[8] | |||
Fair Value, Ending Balance | 0 | [2] | 251,736 | [2] | 1,557,200 | [4] | |
Non-Controlled Affiliate Security | AGY Equity, LLC | Class B Preferred Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[2] | 0 | [3],[4] | |||
Fair Value, Beginning Balance | 0 | [2] | 0 | [4] | |||
Net realized gain (loss) | 0 | [2],[9] | 0 | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | 0 | [1],[2] | 0 | [4] | |||
Acquisitions | 0 | [2],[5] | 0 | [4],[6] | |||
Dispositions | 0 | [2],[7] | 0 | [4],[8] | |||
Fair Value, Ending Balance | 0 | [2] | 0 | [2] | 0 | [4] | |
Non-Controlled Affiliate Security | AGY Equity, LLC | Class C Common Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[2] | 0 | [3],[4] | |||
Fair Value, Beginning Balance | 0 | [2] | 0 | [4] | |||
Net realized gain (loss) | 0 | [2],[9] | 0 | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | 0 | [1],[2] | 0 | [4] | |||
Acquisitions | 0 | [2],[5] | 0 | [4],[6] | |||
Dispositions | 0 | [2],[7] | 0 | [4],[8] | |||
Fair Value, Ending Balance | 0 | [2] | 0 | [2] | 0 | [4] | |
Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Delayed Draw Term Loan, First Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 1,170 | [1],[2] | 51,627 | [3],[4] | |||
Fair Value, Beginning Balance | 42,550 | [2] | 284,343 | [4] | |||
Net realized gain (loss) | 0 | [2],[9] | 0 | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | 0 | [1],[2] | 214,865 | [4] | |||
Acquisitions | 1,188 | [2],[5] | 51,818 | [4],[6] | |||
Dispositions | (43,738) | [2],[7] | (508,476) | [4],[8] | |||
Fair Value, Ending Balance | 42,550 | [2] | 284,343 | [4] | |||
Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Senior Secured Loan, First Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 455,516 | [1],[2] | 428,855 | [3],[4] | |||
Fair Value, Beginning Balance | 3,091,618 | [2] | 2,314,096 | [4] | |||
Net realized gain (loss) | 0 | [2],[9] | 0 | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | 0 | [1],[2] | 348,845 | [4] | |||
Acquisitions | 346,256 | [2],[5] | 428,677 | [4],[6] | |||
Dispositions | (1,481,684) | [2],[7] | 0 | [4],[8] | |||
Fair Value, Ending Balance | 1,956,190 | [2] | 3,091,618 | [2] | 2,314,096 | [4] | |
Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Limited Liability Co. Interest | |||||||
Schedule Of Investments [Line Items] | |||||||
Dispositions | [2],[7] | 0 | |||||
Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Delayed Draw Term Loan, First Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Fair Value, Ending Balance | [2] | 0 | |||||
Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Limited Liability Co. Interest | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[2] | 0 | [3],[4] | |||
Fair Value, Beginning Balance | 746,074 | [2] | 0 | [4] | |||
Net realized gain (loss) | 0 | [2],[9] | 0 | [4] | |||
Net increase or decrease in unrealized appreciation or depreciation | 872,174 | [1],[2] | 746,074 | [4] | |||
Acquisitions | 0 | [2],[5] | 0 | [4],[10] | |||
Dispositions | [4],[8] | 0 | |||||
Fair Value, Ending Balance | 1,618,248 | [2] | 746,074 | [2] | 0 | [4] | |
Non-Controlled Affiliate Security | Advanced Lighting Technologies, LLC | Warrants | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [4] | 0 | |||||
Fair Value, Beginning Balance | [4] | 0 | 0 | ||||
Net realized gain (loss) | [4] | 0 | |||||
Net increase or decrease in unrealized appreciation or depreciation | [4] | 0 | |||||
Acquisitions | [4],[6] | 0 | |||||
Dispositions | [4],[8] | 0 | |||||
Fair Value, Ending Balance | [4] | 0 | 0 | ||||
Non-Controlled Affiliate Security | Advanced Lighting Technologies, LLC | Senior Secured Note, Second Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [4] | 0 | |||||
Fair Value, Beginning Balance | [4] | 0 | 0 | ||||
Net realized gain (loss) | [4] | (1,999,678) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [4] | 2,181,306 | |||||
Acquisitions | [4],[6] | 0 | |||||
Dispositions | [4],[8] | (181,628) | |||||
Fair Value, Ending Balance | [4] | 0 | 0 | ||||
Non-Controlled Affiliate Security | Advanced Lighting Technologies, LLC | Senior Secured Loan, First Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [3],[4] | 13,185 | |||||
Fair Value, Beginning Balance | [4] | 0 | 3,223,664 | ||||
Net realized gain (loss) | [4] | (3,017,339) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [4] | 1,774,757 | |||||
Acquisitions | [4],[6] | 0 | |||||
Dispositions | [4],[8] | (1,981,082) | |||||
Fair Value, Ending Balance | [4] | 0 | 3,223,664 | ||||
Non-Controlled Affiliate Security | Advanced Lighting Technologies, LLC | Limited Liability Co. Interest | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [4] | 0 | |||||
Fair Value, Beginning Balance | [4] | 0 | 0 | ||||
Net realized gain (loss) | [4] | 0 | |||||
Net increase or decrease in unrealized appreciation or depreciation | [4] | 0 | |||||
Acquisitions | [4],[6] | 0 | |||||
Dispositions | [4],[8] | 0 | |||||
Fair Value, Ending Balance | [4] | 0 | 0 | ||||
Non-Controlled Affiliate Security | Advantage Insurance Inc | Preferred Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [3],[4] | 0 | |||||
Fair Value, Beginning Balance | [4] | 0 | 5,720,010 | ||||
Net realized gain (loss) | [4] | (2,972,574) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [4] | 2,972,574 | |||||
Acquisitions | [4],[6] | 0 | |||||
Dispositions | [4],[8] | (5,720,010) | |||||
Fair Value, Ending Balance | [4] | 0 | 5,720,010 | ||||
Non-Controlled Affiliate Security | Advantage Insurance Inc | Preferred Stock Series B | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [3],[4] | 71,500 | |||||
Fair Value, Beginning Balance | [4] | 0 | 0 | ||||
Net realized gain (loss) | [4] | 0 | |||||
Net increase or decrease in unrealized appreciation or depreciation | [4] | 0 | |||||
Acquisitions | [4],[6] | 3,575,000 | |||||
Dispositions | [4],[8] | (3,575,000) | |||||
Fair Value, Ending Balance | [4] | 0 | 0 | ||||
Controlled Affiliate Security | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[11] | 2,366,232 | [10],[12] | |||
Fair Value, Beginning Balance | [10] | 21,927,071 | [11] | 110,968,227 | |||
Net realized gain (loss) | 0 | [1],[11] | (32,496,018) | [10] | |||
Net increase or decrease in unrealized appreciation or depreciation | (2,523,687) | [9],[11] | 38,629,306 | [10],[13] | |||
Acquisitions | 0 | [11],[14] | 0 | [10],[15] | |||
Dispositions | (4,175,384) | [11],[16] | (95,174,444) | [10],[17] | |||
Fair Value, Ending Balance | 15,228,000 | [11] | 21,927,071 | [10],[11] | 110,968,227 | [10] | |
Controlled Affiliate Security | Gordon Brothers Finance Company | Unsecured Debt | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[11] | 0 | [10],[12] | |||
Fair Value, Beginning Balance | [10] | 21,927,071 | [11] | 22,850,000 | |||
Net realized gain (loss) | 0 | [9],[11] | 0 | [10] | |||
Net increase or decrease in unrealized appreciation or depreciation | (2,523,687) | [9],[11] | 504,323 | [10],[13] | |||
Acquisitions | 0 | [11],[14] | 0 | [10],[15] | |||
Dispositions | (4,175,384) | [11],[16] | (1,427,252) | [10],[17] | |||
Fair Value, Ending Balance | 15,228,000 | [11] | 21,927,071 | [10],[11] | 22,850,000 | [10] | |
Controlled Affiliate Security | Gordon Brothers Finance Company | Preferred Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | 0 | [1],[11] | 0 | [10],[12] | |||
Fair Value, Beginning Balance | [10] | 0 | [11] | 0 | |||
Net realized gain (loss) | 0 | [9],[11] | 0 | [10] | |||
Net increase or decrease in unrealized appreciation or depreciation | 0 | [9],[11] | 0 | [10],[13] | |||
Acquisitions | 0 | [11],[14] | 0 | [10],[15] | |||
Dispositions | 0 | [11],[16] | 0 | [10],[17] | |||
Fair Value, Ending Balance | 0 | [11] | 0 | [10],[11] | 0 | [10] | |
Controlled Affiliate Security | Gordon Brothers Finance Company | Common Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [1],[11] | 0 | |||||
Fair Value, Beginning Balance | [10] | 0 | [11] | 0 | |||
Net realized gain (loss) | 0 | [9],[11] | 0 | [10] | |||
Net increase or decrease in unrealized appreciation or depreciation | 0 | [9],[11] | 0 | [10],[13] | |||
Acquisitions | 0 | [11],[14] | 0 | [10],[15] | |||
Dispositions | 0 | [11],[16] | 0 | [10],[17] | |||
Fair Value, Ending Balance | 0 | [11] | 0 | [10],[11] | 0 | [10] | |
Controlled Affiliate Security | BCIC Senior Loan Partners, LLC: | Limited Liability Co. Interest | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [10],[12] | 1,647,661 | |||||
Fair Value, Beginning Balance | [10] | 0 | 36,150,259 | ||||
Net realized gain (loss) | [10] | (21,980,389) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [10],[13] | 25,758,053 | |||||
Acquisitions | [10],[15] | 0 | |||||
Dispositions | [10],[17] | (39,927,923) | |||||
Fair Value, Ending Balance | [10] | 0 | 36,150,259 | ||||
Controlled Affiliate Security | First Boston Construction Holdings L L C | Subordinated Debt | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [10],[12] | 163,125 | |||||
Fair Value, Beginning Balance | [10] | 0 | 32,625,000 | ||||
Net realized gain (loss) | [10] | 0 | |||||
Net increase or decrease in unrealized appreciation or depreciation | [10],[13] | 0 | |||||
Acquisitions | [10],[15] | 0 | |||||
Dispositions | [10],[17] | (32,625,000) | |||||
Fair Value, Ending Balance | [10] | 0 | 32,625,000 | ||||
Controlled Affiliate Security | First Boston Construction Holdings L L C | Limited Liability Co. Interest | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [10],[12] | 0 | |||||
Fair Value, Beginning Balance | [10] | 0 | 4,557,035 | ||||
Net realized gain (loss) | [10] | (2,290,144) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [10],[13] | 3,599,215 | |||||
Acquisitions | [10],[15] | 0 | |||||
Dispositions | [10],[17] | (5,866,106) | |||||
Fair Value, Ending Balance | [10] | 0 | 4,557,035 | ||||
Controlled Affiliate Security | Red Apple Stores Inc | Unsecured Debt | |||||||
Schedule Of Investments [Line Items] | |||||||
Acquisitions | [10],[15] | 0 | |||||
Controlled Affiliate Security | Red Apple Stores Inc | Preferred Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [10],[12] | 0 | |||||
Fair Value, Beginning Balance | [10] | 0 | 0 | ||||
Net realized gain (loss) | [10] | 0 | |||||
Net increase or decrease in unrealized appreciation or depreciation | [10],[13] | 0 | |||||
Acquisitions | [10],[15] | 0 | |||||
Dispositions | [10],[17] | 0 | |||||
Fair Value, Ending Balance | [10] | 0 | 0 | ||||
Controlled Affiliate Security | Red Apple Stores Inc | Common Stock | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [10],[12] | 0 | |||||
Fair Value, Beginning Balance | [10] | 0 | 0 | ||||
Net realized gain (loss) | [10] | (6,751,452) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [10],[13] | 6,751,452 | |||||
Acquisitions | [10],[15] | 0 | |||||
Dispositions | [10],[17] | 0 | |||||
Fair Value, Ending Balance | [10] | 0 | 0 | ||||
Controlled Affiliate Security | Red Apple Stores Inc | Senior Secured Note, Second Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Fair Value, Beginning Balance | [10] | $ 0 | |||||
Fair Value, Ending Balance | [10] | 0 | |||||
Controlled Affiliate Security | Red Apple Stores Inc | Senior Secured Loan Second Lien | |||||||
Schedule Of Investments [Line Items] | |||||||
Dividends and interest income | [10],[12] | 555,446 | |||||
Fair Value, Beginning Balance | [10] | 14,785,933 | |||||
Net realized gain (loss) | [10] | (1,474,033) | |||||
Net increase or decrease in unrealized appreciation or depreciation | [10],[13] | 2,016,263 | |||||
Dispositions | [10],[17] | $ (15,328,163) | |||||
Fair Value, Ending Balance | [10] | $ 14,785,933 | |||||
[1] Amounts reported above are for the year ended December 31, 2022. Dividends and interest income also includes fee income as applicable. The issuers of the securities listed on this schedule are considered non-controlled, affiliated investments under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities. Also includes fee income as applicable. The issuers of the securities listed on this schedule are considered non-controlled, affiliated investments under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities. Acquisitions include new purchases, PIK income and amortization of original issue and market discounts, and the movement of an existing portfolio company into this category from a different category for the year ended December 31, 2022. Acquisitions include new purchases, PIK income and amortization of original issue and market discounts, and the movement of an existing portfolio company into this category from a different category. Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category for the year ended December 31, 2022. Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. Amounts reported above are for the year ended December 31, 2022. Dividends and interest income also includes fee income as applicable. The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities. The issuers of securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities. Also includes fee income as applicable. Net unrealized gain (loss) before taxes includes the net change in unrealized appreciation (depreciation) on controlled investments and net change in unrealized appreciation (depreciation) on foreign currency translation associated with the controlled investments. For the year ended December 31, 2021, the net change in unrealized appreciation (depreciation) and foreign currency translation associated with the Red Apple Stores Inc.’s common stock was $ 285,360 and $( 285,360 ), respectively. Acquisitions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category for the year ended December 31, 2022. Acquisitions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category for the year ended December 31, 2022. Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
Consolidated Schedules of Inv_4
Consolidated Schedules of Investments (Affiliate Security) (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Investments [Line Items] | |||
Net change in unrealized appreciation (depreciation) | $ (27,080,719) | $ 65,687,318 | $ (22,087,857) |
Net change in foreign currency translation | $ 0 | (285,360) | 135,427 |
Maximum | |||
Schedule Of Investments [Line Items] | |||
Percentage of aggregate fair value of net assets | 5% | ||
Red Apple Stores Inc | |||
Schedule Of Investments [Line Items] | |||
Net change in unrealized appreciation (depreciation) | 285,360 | ||
Net change in foreign currency translation | $ (285,360) | ||
Non-Controlled, Affiliated Investments | |||
Schedule Of Investments [Line Items] | |||
Percentage of aggregate fair value of net assets | 1.10% | 1.20% | |
Net change in unrealized appreciation (depreciation) | $ 620,438 | $ 6,932,957 | $ 35,523,356 |
Controlled, Affiliated Investments | |||
Schedule Of Investments [Line Items] | |||
Percentage of aggregate fair value of net assets | 4.80% | 6.30% |
N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 09, 2022 | Jun. 13, 2017 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | ||
Cover [Abstract] | ||||||||||||||||
Entity Central Index Key | 0001326003 | |||||||||||||||
Amendment Flag | false | |||||||||||||||
Securities Act File Number | 814-00712 | |||||||||||||||
Document Type | 10-K | |||||||||||||||
Entity Registrant Name | BLACKROCK CAPITAL INVESTMENT CORPORATION | |||||||||||||||
Entity Address, Address Line One | 50 Hudson Yards | |||||||||||||||
Entity Address, City or Town | New York | |||||||||||||||
Entity Address, State or Province | NY | |||||||||||||||
Entity Address, Postal Zip Code | 10001 | |||||||||||||||
City Area Code | 212 | |||||||||||||||
Local Phone Number | 810-5800 | |||||||||||||||
Entity Well-known Seasoned Issuer | No | |||||||||||||||
Entity Emerging Growth Company | false | |||||||||||||||
Fee Table [Abstract] | ||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder Transaction Expenses Sales Load (as a percentage of offering price) — % (1) Offering Expenses (as a percentage of offering price) — % (2) Dividend Reinvestment Plan Fees — % (3) Total Stockholder Transaction Expenses (as a percentage of offering price) — % Annual Expenses (as a Percentage of Net Assets Attributable Management Fees 2.46 % (5) Incentive Fees 0.56 % (6) Interest Payments on Borrowed Funds 3.89 % (7) Other Expenses 1.55 % (8) Total Annual Expenses 8.46 % (9) (1) In the event that securities are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load. (2) The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated offering expenses borne by us as a percentage of the offering price. (3) The expenses of our dividend reinvestment plan are included in “Other Expenses.” | |||||||||||||||
Sales Load [Percent] | [1] | 0% | ||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | $ 0 | ||||||||||||||
Other Transaction Expenses [Abstract] | ||||||||||||||||
Other Transaction Expense 1 [Percent] | [3] | 0% | ||||||||||||||
Other Transaction Expenses [Percent] | 0% | |||||||||||||||
Annual Expenses [Table Text Block] | Stockholder Transaction Expenses Sales Load (as a percentage of offering price) — % (1) Offering Expenses (as a percentage of offering price) — % (2) Dividend Reinvestment Plan Fees — % (3) Total Stockholder Transaction Expenses (as a percentage of offering price) — % Annual Expenses (as a Percentage of Net Assets Attributable Management Fees 2.46 % (5) Incentive Fees 0.56 % (6) Interest Payments on Borrowed Funds 3.89 % (7) Other Expenses 1.55 % (8) Total Annual Expenses 8.46 % (9) (4) The “net assets attributable to common stock” used to calculate the percentages in this table is our average net assets of $337.8 million for the twelve-month period ended December 31, 2022. (5) Management Fees used for the purpose of this table actual amounts for the year ended December 31, 2022. Effective May 2, 2020, after the annual meeting of the Company’s stockholders, held on May 1, 2020, our Base Management Fee was reduced from 1.75% of total assets to 1.50% of total assets up to 200% of net asset value and 1.00% on total assets that exceed 200% (excluding cash), payable quarterly in arrears based on our total asset valuation at the end of the prior quarter. For more detailed information about the Management Fee, please see Note 3 to the consolidated financial statements. (6) Incentive Fees used for the purpose of this table equal the Company’s actual amounts for the year ended December 31, 2022, including i) the Company’s Incentive Fees based on income; and ii) Incentive Fees based on capital gains, which were reversed in accordance with GAAP for the year ended December 31, 2022. For purposes of this table, we have assumed that these fees will be payable (in the case of the incentive fees based on capital gains) and that they will remain constant, although they are based on our performance and will not be paid unless we achieve certain goals. As we cannot predict whether we will meet these thresholds, the Incentive Fee paid in future years, if any, may be substantially different than the fee earned historically. For more detailed information about the Incentive Fees, please see Note 3 to the consolidated financial statements. (7) “Interest Payments on Borrowed Funds” is based upon actual amounts incurred for the year ended December 31, 2022 and represents interest and other debt expenses incurred on our Credit Facility, 2025 Private Placement Notes and 2022 Convertible Notes (prior to their maturity). As of December 31, 2022, the amounts outstanding under our Credit Facility and 2025 Private Placement Notes were $162.0 million and $92.0 million (at par), respectively. For more detailed information about debt, please see Note 4 to the consolidated financial statements. (8) “Other Expenses” includes but not limited to our overhead expenses, including expenses of the Advisor reimbursable under the Company's Current Management Agreement and of the Administrator reimbursable under the administration agreement. Such expenses are based on actual amounts incurred for the year ended December 31, 2022. (9) “Total Annual Expenses” as a percentage of net assets attributable to common shares are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets. The SEC requires that the “Total Annual Expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness), rather than the total assets, including assets that have been funded with borrowed monies. If the “Total Annual Expenses” percentage were calculated instead as a percentage of total assets, our “Total Annual Expenses” would be 4.92% of total assets. | |||||||||||||||
Management Fees [Percent] | [4],[5] | 2.46% | ||||||||||||||
Interest Expenses on Borrowings [Percent] | [5],[6] | 3.89% | ||||||||||||||
Incentive Fees [Percent] | [5],[7] | 0.56% | ||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||
Other Annual Expenses [Percent] | [5],[8] | 1.55% | ||||||||||||||
Total Annual Expenses [Percent] | [5],[9] | 8.46% | ||||||||||||||
Expense Example [Table Text Block] | Example The following example illustrates the projected dollar amount of total cumulative expenses that you would pay on a $1,000 hypothetical investment in common shares, assuming (1) a 4.50% sales load (underwriting discounts and commissions) and offering expenses totaling 0.20%, (2) total net annual expenses of 7.90% of net assets attributable to common shares as set forth in the table above (other than Incentive Fees based on income and capital gains), and (3) a 5% annual return: 1 Year 3 Years 5 Years 10 Years Total Expenses Incurred (gross of Incentive Fee)* $ 121 $ 263 $ 397 $ 699 Total Expenses Incurred (net of Incentive Fee)** $ 129 $ 284 $ 428 $ 743 * Assumes that we will not realize any capital gains net of all realized capital losses and unrealized capital depreciation (and therefore no Incentive fee on capital gains is applied). ** Assumes no unrealized capital depreciation or realized capital losses and annual returns resulting entirely from net realized capital gains (and therefore subject to a 17.5 % Incentive fee on capital gains). No Incentive fee on income has been applied. | |||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the costs and expenses that an investor in a potential offering of our common stock would bear directly or indirectly. The following table and example should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. The following table and example represent our best estimate of the fees and expenses that we expect to incur during the next twelve months. | |||||||||||||||
Basis of Transaction Fees, Note [Text Block] | as a percentage of the offering price. | |||||||||||||||
Other Expenses, Note [Text Block] | (3) The expenses of our dividend reinvestment plan are included in “Other Expenses.” (8) “Other Expenses” includes but not limited to our overhead expenses, including expenses of the Advisor reimbursable under the Company's Current Management Agreement and of the Administrator reimbursable under the administration agreement. Such expenses are based on actual amounts incurred for the year ended December 31, 2022. | |||||||||||||||
Management Fee not based on Net Assets, Note [Text Block] | (5) Management Fees used for the purpose of this table actual amounts for the year ended December 31, 2022. Effective May 2, 2020, after the annual meeting of the Company’s stockholders, held on May 1, 2020, our Base Management Fee was reduced from 1.75% of total assets to 1.50% of total assets up to 200% of net asset value and 1.00% on total assets that exceed 200% (excluding cash), payable quarterly in arrears based on our total asset valuation at the end of the prior quarter. For more detailed information about the Management Fee, please see Note 3 to the consolidated financial statements. | |||||||||||||||
Acquired Fund Incentive Allocation, Note [Text Block] | (6) Incentive Fees used for the purpose of this table equal the Company’s actual amounts for the year ended December 31, 2022, including i) the Company’s Incentive Fees based on income; and ii) Incentive Fees based on capital gains, which were reversed in accordance with GAAP for the year ended December 31, 2022. For purposes of this table, we have assumed that these fees will be payable (in the case of the incentive fees based on capital gains) and that they will remain constant, although they are based on our performance and will not be paid unless we achieve certain goals. As we cannot predict whether we will meet these thresholds, the Incentive Fee paid in future years, if any, may be substantially different than the fee earned historically. For more detailed information about the Incentive Fees, please see Note 3 to the consolidated financial statements. | |||||||||||||||
Incentive Allocation [Percent] | 17.50% | |||||||||||||||
Acquired Fund Total Annual Expenses, Note [Text Block] | (9) “Total Annual Expenses” as a percentage of net assets attributable to common shares are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets. The SEC requires that the “Total Annual Expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness), rather than the total assets, including assets that have been funded with borrowed monies. If the “Total Annual Expenses” percentage were calculated instead as a percentage of total assets, our “Total Annual Expenses” would be 4.92% of total assets. | |||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Investment Objectives and Practices [Text Block] | We were incorporated in Delaware on April 13, 2005 and commenced operations with private funding on July 25, 2005, and completed our initial public offering on July 2, 2007. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in middle-market companies in the form of senior debt securities and loans, and our investment portfolio may include junior secured and unsecured debt securities and loans, each of which may include an equity component. | |||||||||||||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors Investing in our securities may be speculative and involves a high degree of risk. You should carefully consider these risk factors, together with all of the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto. The risks set out below are not the only risks we face. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our net asset value and the trading price of our common stock could decline, and you may lose all or part of your investment in us. Risks related to our business Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impacts our business, financial condition and earnings. General economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances, may have long-term negative effects on the U.S. and worldwide financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Company, including by making valuation of some of the Company’s securities uncertain and/or result in sudden and significant valuation increases or declines in the Company’s holdings. If there is a significant decline in the value of the Company’s portfolio, this may impact the asset coverage levels for the Company’s outstanding leverage. Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Company’s ability to achieve its investment objective. The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. In particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to supply chains and energy resources may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited "cold" wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Company's returns and net asset value. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. We have no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond our control. Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. The effects described above on our portfolio companies could impact their ability to make payments on their loans on a timely basis and may impact their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors. Recently, central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation. There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include: • severe declines in the market price of our securities or net asset value; • inability of the Company to accurately or reliably value its portfolio; • inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our stockholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures; • inability of the Company to pay any dividends and distributions or service its debt; • inability of the Company to maintain its status as a RIC under the Code; • declines in the value of our investments; • increased risk of default or bankruptcy by the companies in which we invest; • increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; • limited availability of new investment opportunities; • inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and • general threats to the Company’s ability to continue investment operations and to operate successfully as a BDC. We are subject to risks related to inflation. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Company’s investments may not keep pace with inflation, which may result in losses to shareholders. As inflation increases, the real value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Company would likely increase, which would tend to further reduce returns to shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our shareholders. This risk is greater for fixed-income instruments with longer maturities. Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets in the U.S. and abroad, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability, which may be evidenced by a lack of liquidity in debt capital markets, write-offs in the financial services sector, re-pricing of credit risk and failure of certain major financial institutions. While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the recent coronavirus (COVID-19) outbreak, generally subsided, uncertainty and periods of volatility still remain, and risks to a robust resumption of growth persist. Equity capital may be difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock immediately prior to any such sale at a price below net asset value. We did not obtain approval at our special meeting of stockholders held on May 3, 2022, to sell or otherwise issue shares of our common stock at a price below net asset value. We are seeking such stockholder approval at a special meeting of stockholders on May 3, 2023 for the twelve month period immediately following May 3, 2023 but there can be no assurance we will obtain such approval. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage ratio, as calculated in accordance with the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than our current leverage. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. Market conditions may in the future make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience. Further, if we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). In addition, significant changes in the capital markets, including disruption and volatility, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition and results of operations. Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Pursuant to Rule 2a-5 under the 1940 Act, the Company's Board of Directors has designated BCIA as the Company's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations (see Note 2 to the Company's consolidated financial statements for further information). As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by the Valuation Designee. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation, which reduces our net asset value. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations. Changes in legal, tax and regulatory regimes could negatively impact our business, financial condition and earnings. Changes enacted by the current presidential administration could significantly impact the regulation of financial markets in U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the Keystone XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The Company may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Company and its ability to achieve its investment objective. Additional risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. In addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to “sunset” provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international tax rules. In addition, the Biden administration has indicated that it intends to modify key aspects of the Code, including by increasing corporate and individual tax rates. The effect of these and other changes is uncertain, both in terms of the direct effect on the taxation of an investment in the Company’s shares and their indirect effect on the value of the Company’s assets, the Company’s shares or market conditions generally. Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There remains uncertainty about the future relationship between the U.S. and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. Uncertainty regarding the impact of the United Kingdom’s departure from the European Union could negatively impact our business, financial condition and earnings. On January 31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as “Brexit”. Following a transition period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (“UK/EU Trade Agreement”), which came into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United Kingdom’s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship. Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets, and adversely affect our ability, and the ability of our portfolio companies, to execute our respective strategies and to receive attractive returns. Rising interest rates or changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations. Our debt investments are generally based on floating rates, such as London Interbank Offer Rate (“LIBOR”), EURIBOR, Secured Overnight Financing Rate (“SOFR”), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. An increase in interest rates generally will increase the cost of borrowing for the companies in which we invest and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Because we have borrowed money, and may issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In this period of rising interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of Incentive Fees payable to our Advisor with respect to the portion of the Incentive Fee based on income. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. Changes relating to the London Interbank Offer Rate ("LIBOR") calculation process, the phase-out of LIBOR and the use of replacement rates for LIBOR may adversely affect the value of our portfolio securities. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. The announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. Since December 31, 2021, all sterling, euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or are no longer representative, and after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. As an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities. Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for securities linked to such rates. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an environment where LIBOR ceases to be published and may be an ineffective fallback following the discontinuation of LIBOR. On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. We may not replicate the historical performance of other investment companies and funds with which our investment professionals have been affiliated. The 1940 Act imposes numerous constraints on the investment activities of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of U.S. private companies or thinly traded public companies (public companies with a market capitalization of less than $250 million), cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. These constraints may hinder our Advisor’s ability to take advantage of attractive investment opportunities and to achieve our investment objectives. In addition, the investment philosophy and techniques used by our Advisor may differ from those used by other investment companies and funds advised by our Advisor. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies and funds with which our investment professionals have been affiliated, and we caution that our investment returns could be substantially lower than the returns achieved by such other companies. We are not managed by BlackRock, but rather one its subsidiaries and may not replicate the success of that entity or BlackRock. Our investment strategies differ from those of BlackRock or its affiliates. As a BDC, we are subject to certain investment restrictions that do not apply to BlackRock. Our performance may be lower or higher than the performance of other entities managed by BlackRock or its affiliates and their past performance is no guarantee of our future results. Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms. We are substantially dependent on our informal relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunitie | |||||||||||||||
Effects of Leverage [Table Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation is based on our level of leverage at December 31, 2022, which represented borrowings equal to 43.1% of our total assets. On such date, we also had $589.1 million in total assets; $ 570.5 million in total investments; $254.0 million in aggregate principal amount of debt outstanding; and $318.5 million of total net assets. In order to compute the “Corresponding Return to Common Stockholders,” the “Assumed Return on Portfolio (Net of Expenses Other than Interest)” is multiplied by the total value of our investment portfolio at December 31, 2022 to obtain an assumed return to us. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 5.36% by the $254.0 million of debt) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets at December 31, 2022 to determine the “Corresponding Return to Common Stockholders.” Actual interest payments may vary. Assumed Return on Portfolio (Net of Expenses Other than Interest) (1) -10% -5% 0% 5% 10% Corresponding Return to Common Stockholders - 22.1 % - 13.2 % - 4.3 % 4.7 % 13.6 % (1) The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. The table also assumes that we will maintain a constant level of leverage. The amount of leverage that we use will vary from time to time. | |||||||||||||||
Return at Minus Ten [Percent] | [10] | (22.10%) | ||||||||||||||
Return at Minus Five [Percent] | [10] | (13.20%) | ||||||||||||||
Return at Zero [Percent] | [10] | (4.30%) | ||||||||||||||
Return at Plus Five [Percent] | [10] | 4.70% | ||||||||||||||
Return at Plus Ten [Percent] | [10] | 13.60% | ||||||||||||||
Effects of Leverage, Purpose [Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. | |||||||||||||||
Share Price [Table Text Block] | Price Range of Common Stock Our common stock began trading on June 27, 2007 and is currently traded on The NASDAQ Global Select Market under the symbol “BKCC.” The following table lists the high and low closing sale price for our common stock, the closing sale price as a percentage of net asset value, or NAV, and quarterly dividends per share in each fiscal quarter for the years ended December 31, 2022, 2021 and 2020. On December 31, 2022, the reported closing price of our common stock was $ 3.62 per share. Stock Price Premium/(Discount) of Premium/(Discount) of NAV (1) High (2) Low (2) High Sales Price to NAV (3) Low Sales Price to NAV (3) Declared Fiscal Year ended December 31, 2022 First Quarter $ 4.70 $ 4.25 $ 4.00 ( 10 )% ( 15 )% $ 0.10 Second Quarter $ 4.57 $ 4.34 $ 3.46 ( 5 )% ( 24 )% $ 0.10 Third Quarter $ 4.56 $ 4.02 $ 3.38 ( 12 )% ( 26 )% $ 0.10 Fourth Quarter $ 4.39 $ 3.90 $ 3.42 ( 11 )% ( 22 )% $ 0.10 Fiscal Year ended December 31, 2021 First Quarter $ 4.35 $ 3.68 $ 2.65 ( 15 )% ( 39 )% $ 0.10 Second Quarter $ 4.68 $ 4.43 $ 3.48 ( 5 )% ( 26 )% $ 0.10 Third Quarter $ 4.74 $ 4.24 $ 3.81 ( 11 )% ( 20 )% $ 0.10 Fourth Quarter $ 4.73 $ 4.35 $ 3.80 ( 8 )% ( 20 )% $ 0.10 Fiscal Year ended December 31, 2020 First Quarter $ 5.35 $ 5.09 $ 1.47 ( 5 )% ( 73 )% $ 0.14 Second Quarter $ 4.84 $ 3.51 $ 1.79 ( 27 )% ( 63 )% $ 0.10 Third Quarter $ 4.24 $ 3.08 $ 2.31 ( 27 )% ( 46 )% $ 0.10 Fourth Quarter $ 4.23 $ 3.07 $ 2.34 ( 27 )% ( 45 )% $ 0.10 (1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. (2) The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter. (3) Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV. | |||||||||||||||
Lowest Price or Bid | [11] | $ 3.42 | $ 3.38 | $ 3.46 | $ 4 | $ 3.80 | $ 3.81 | $ 3.48 | $ 2.65 | $ 2.34 | $ 2.31 | $ 1.79 | $ 1.47 | |||
Highest Price or Bid | [11] | $ 3.90 | $ 4.02 | $ 4.34 | $ 4.25 | $ 4.35 | $ 4.24 | $ 4.43 | $ 3.68 | $ 3.07 | $ 3.08 | $ 3.51 | $ 5.09 | |||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | [12] | (11.00%) | (12.00%) | (5.00%) | (10.00%) | (8.00%) | (11.00%) | (5.00%) | (15.00%) | (27.00%) | (27.00%) | (27.00%) | (5.00%) | |||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | [12] | (22.00%) | (26.00%) | (24.00%) | (15.00%) | (20.00%) | (20.00%) | (26.00%) | (39.00%) | (45.00%) | (46.00%) | (63.00%) | (73.00%) | |||
Latest Share Price | $ 3.62 | |||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||
Long Term Debt [Table Text Block] | Unsecured Convertible Senior Notes Due 2022 On June 13, 2017, the Company issued $ 143,750,000 in aggregate principal amount ($125,000,000 of the initial offering and $18,750,000 of the underwriters’ exercise of the overallotment option) of 5.00% Convertible Notes due 2022 under an indenture, dated as of June 13, 2017 (the “2022 Convertible Notes Indenture”). Net proceeds to the Company from the offering, including the exercise of the overallotment option, were approximately $139,800,000. The 2022 Convertible Notes matured on June 15, 2022, and the Company fully repaid the aggregate outstanding $143,720,000 principal amount (post noteholder conversion) plus outstanding accrued interest. The interest rate on the notes was 5.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. Holders were able to convert their notes at their option prior to the close of business on the business day immediately preceding December 15, 2021, in integral multiples of $1,000 principal amount, only under certain circumstances. Upon noteholder conversion, the Company was able to pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election at an initial conversion rate of 118.2173 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $8.46 per share of the Company’s common stock. On or after December 23, 2021, the Company was able to redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at its option in accordance with their terms. During the year ended December 31, 2022, the Company issued 3,546 shares of common stock with an aggregate value of $30,000 to a noteholder who elected the conversion option in lieu of principal repayment pursuant to the redemption terms of the 2022 Convertible Notes Indenture . Unsecured Senior Notes Due 2025 On April 21, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance on June 9, 2022, of $ 92,000,000 in aggregate principal amount of senior unsecured notes in two tranches to qualified institutional investors in a private placement. The Company issued $ 35,000,000 in aggregate principal amount of 2025 Private Placement Notes with a fixed interest rate of 5.82% with interest to be paid semi-annually on June 9 and December 9 of each year, beginning on December 9, 2022 , and $ 57,000,000 in aggregate principal amount of 2025 Private Placement Notes bearing interest at a rate equal to SOFR plus 3.14% with interest to be paid quarterly on March 9, June 9, September 9, and December 9 of each year, beginning on September 9, 2022 . In addition, during any time that the rating assigned to the 2025 Private Placement Notes declines below investment grade, the 2025 Private Placement Notes will bear interest at a rate that is increased by 1.00%. The 2025 Private Placement Notes were issued at a closing which occurred on June 9, 2022. The 2025 Private Placement Notes will be due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Company may prepay the 2025 Private Placement Notes at its option, subject to a prepayment premium, in an amount equal to 2% on or before June 9, 2023, 1% after June 9, 2023 but on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, the Company will be obligated to offer to repay the 2025 Private Placement Notes at par if certain change in control events occur. The 2025 Private Placement Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In connection with the 2025 Private Placement Notes, the Company entered into a centrally cleared Interest Rate Swap to offset interest payable on the fixed rate tranche of the Notes. The notional amount of the Interest Rate Swap is $35,000,000 and matures on June 9, 2025. Under the swap agreement, the Company receives a fixed rate of 2.633% and pays a floating interest rate of SOFR. Such payments will be due annually. For the year ended December 31, 2022, the Company did not make any periodic payments. Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, “Derivatives and Hedging,” both the net interest receivable and the change in the fair value of the swap contract are presented as part of the change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations. For more information on the Company's debt, see Note 4 to the Company's consolidated financial statements. | |||||||||||||||
Long Term Debt, Title [Text Block] | Unsecured Convertible Senior Notes Due 2022 | |||||||||||||||
Risk Related To Business [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Risks related to our business Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impacts our business, financial condition and earnings. General economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances, may have long-term negative effects on the U.S. and worldwide financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Company, including by making valuation of some of the Company’s securities uncertain and/or result in sudden and significant valuation increases or declines in the Company’s holdings. If there is a significant decline in the value of the Company’s portfolio, this may impact the asset coverage levels for the Company’s outstanding leverage. Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Company’s ability to achieve its investment objective. The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. In particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to supply chains and energy resources may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited "cold" wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Company's returns and net asset value. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. We have no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond our control. Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. The effects described above on our portfolio companies could impact their ability to make payments on their loans on a timely basis and may impact their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors. Recently, central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation. There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include: • severe declines in the market price of our securities or net asset value; • inability of the Company to accurately or reliably value its portfolio; • inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our stockholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures; • inability of the Company to pay any dividends and distributions or service its debt; • inability of the Company to maintain its status as a RIC under the Code; • declines in the value of our investments; • increased risk of default or bankruptcy by the companies in which we invest; • increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; • limited availability of new investment opportunities; • inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and • general threats to the Company’s ability to continue investment operations and to operate successfully as a BDC. We are subject to risks related to inflation. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Company’s investments may not keep pace with inflation, which may result in losses to shareholders. As inflation increases, the real value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Company would likely increase, which would tend to further reduce returns to shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our shareholders. This risk is greater for fixed-income instruments with longer maturities. Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets in the U.S. and abroad, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability, which may be evidenced by a lack of liquidity in debt capital markets, write-offs in the financial services sector, re-pricing of credit risk and failure of certain major financial institutions. While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the recent coronavirus (COVID-19) outbreak, generally subsided, uncertainty and periods of volatility still remain, and risks to a robust resumption of growth persist. Equity capital may be difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock immediately prior to any such sale at a price below net asset value. We did not obtain approval at our special meeting of stockholders held on May 3, 2022, to sell or otherwise issue shares of our common stock at a price below net asset value. We are seeking such stockholder approval at a special meeting of stockholders on May 3, 2023 for the twelve month period immediately following May 3, 2023 but there can be no assurance we will obtain such approval. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage ratio, as calculated in accordance with the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than our current leverage. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. Market conditions may in the future make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience. Further, if we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). In addition, significant changes in the capital markets, including disruption and volatility, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition and results of operations. Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Pursuant to Rule 2a-5 under the 1940 Act, the Company's Board of Directors has designated BCIA as the Company's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations (see Note 2 to the Company's consolidated financial statements for further information). As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by the Valuation Designee. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation, which reduces our net asset value. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations. Changes in legal, tax and regulatory regimes could negatively impact our business, financial condition and earnings. Changes enacted by the current presidential administration could significantly impact the regulation of financial markets in U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the Keystone XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The Company may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Company and its ability to achieve its investment objective. Additional risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. In addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to “sunset” provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international tax rules. In addition, the Biden administration has indicated that it intends to modify key aspects of the Code, including by increasing corporate and individual tax rates. The effect of these and other changes is uncertain, both in terms of the direct effect on the taxation of an investment in the Company’s shares and their indirect effect on the value of the Company’s assets, the Company’s shares or market conditions generally. Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There remains uncertainty about the future relationship between the U.S. and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. Uncertainty regarding the impact of the United Kingdom’s departure from the European Union could negatively impact our business, financial condition and earnings. On January 31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as “Brexit”. Following a transition period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (“UK/EU Trade Agreement”), which came into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United Kingdom’s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship. Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets, and adversely affect our ability, and the ability of our portfolio companies, to execute our respective strategies and to receive attractive returns. Rising interest rates or changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations. Our debt investments are generally based on floating rates, such as London Interbank Offer Rate (“LIBOR”), EURIBOR, Secured Overnight Financing Rate (“SOFR”), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. An increase in interest rates generally will increase the cost of borrowing for the companies in which we invest and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Because we have borrowed money, and may issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In this period of rising interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of Incentive Fees payable to our Advisor with respect to the portion of the Incentive Fee based on income. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. Changes relating to the London Interbank Offer Rate ("LIBOR") calculation process, the phase-out of LIBOR and the use of replacement rates for LIBOR may adversely affect the value of our portfolio securities. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. The announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. Since December 31, 2021, all sterling, euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or are no longer representative, and after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. As an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities. Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for securities linked to such rates. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an environment where LIBOR ceases to be published and may be an ineffective fallback following the discontinuation of LIBOR. On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. We may not replicate the historical performance of other investment companies and funds with which our investment professionals have been affiliated. The 1940 Act imposes numerous constraints on the investment activities of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of U.S. private companies or thinly traded public companies (public companies with a market capitalization of less than $250 million), cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. These constraints may hinder our Advisor’s ability to take advantage of attractive investment opportunities and to achieve our investment objectives. In addition, the investment philosophy and techniques used by our Advisor may differ from those used by other investment companies and funds advised by our Advisor. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies and funds with which our investment professionals have been affiliated, and we caution that our investment returns could be substantially lower than the returns achieved by such other companies. We are not managed by BlackRock, but rather one its subsidiaries and may not replicate the success of that entity or BlackRock. Our investment strategies differ from those of BlackRock or its affiliates. As a BDC, we are subject to certain investment restrictions that do not apply to BlackRock. Our performance may be lower or higher than the performance of other entities managed by BlackRock or its affiliates and their past performance is no guarantee of our future results. Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms. We are substantially dependent on our informal relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunities, we will not be able to grow our portfolio of investments and achieve our investment objective. In addition, persons with whom we have informal relationships are not obligated to inform us of investment opportunities, and therefore such relationships may not lead to the origination of equity or other investments. Any loss or diminishment of such relationships could effectively reduce our ability to identify attractive portfolio companies that meet our investment criteria, either for direct investments or for investments through private secondary market transactions or other secondary transactions. The Advisor's liability is limited under the investment | |||||||||||||||
Market Disruptions and Other Geopolitical or Macroeconomic Events [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impacts our business, financial condition and earnings. General economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances, may have long-term negative effects on the U.S. and worldwide financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Company, including by making valuation of some of the Company’s securities uncertain and/or result in sudden and significant valuation increases or declines in the Company’s holdings. If there is a significant decline in the value of the Company’s portfolio, this may impact the asset coverage levels for the Company’s outstanding leverage. Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Company’s ability to achieve its investment objective. The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. In particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to supply chains and energy resources may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited "cold" wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Company's returns and net asset value. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. We have no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond our control. Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. The effects described above on our portfolio companies could impact their ability to make payments on their loans on a timely basis and may impact their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal. | |||||||||||||||
Economic Recessions or Downturns [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors. Recently, central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation. There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include: • severe declines in the market price of our securities or net asset value; • inability of the Company to accurately or reliably value its portfolio; • inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our stockholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures; • inability of the Company to pay any dividends and distributions or service its debt; • inability of the Company to maintain its status as a RIC under the Code; • declines in the value of our investments; • increased risk of default or bankruptcy by the companies in which we invest; • increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; • limited availability of new investment opportunities; • inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and • general threats to the Company’s ability to continue investment operations and to operate successfully as a BDC. | |||||||||||||||
Risks Related to Inflation [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We are subject to risks related to inflation. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Company’s investments may not keep pace with inflation, which may result in losses to shareholders. As inflation increases, the real value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Company would likely increase, which would tend to further reduce returns to shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our shareholders. This risk is greater for fixed-income instruments with longer maturities. | |||||||||||||||
Capital Markets may Experience Periods of Disruption and Instability [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets in the U.S. and abroad, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability, which may be evidenced by a lack of liquidity in debt capital markets, write-offs in the financial services sector, re-pricing of credit risk and failure of certain major financial institutions. While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the recent coronavirus (COVID-19) outbreak, generally subsided, uncertainty and periods of volatility still remain, and risks to a robust resumption of growth persist. Equity capital may be difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of common stock at a price less than net asset value without first obtaining approval for such issuance from our stockholders and our independent directors. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock immediately prior to any such sale at a price below net asset value. We did not obtain approval at our special meeting of stockholders held on May 3, 2022, to sell or otherwise issue shares of our common stock at a price below net asset value. We are seeking such stockholder approval at a special meeting of stockholders on May 3, 2023 for the twelve month period immediately following May 3, 2023 but there can be no assurance we will obtain such approval. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage ratio, as calculated in accordance with the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than our current leverage. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. Market conditions may in the future make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience. Further, if we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). In addition, significant changes in the capital markets, including disruption and volatility, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition and results of operations. | |||||||||||||||
Price Declines and Illiquidity in Corporate Debt Markets [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Pursuant to Rule 2a-5 under the 1940 Act, the Company's Board of Directors has designated BCIA as the Company's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations (see Note 2 to the Company's consolidated financial statements for further information). As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by the Valuation Designee. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation, which reduces our net asset value. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations. | |||||||||||||||
Changes in Legal, Tax and Regulatory Regimes Could Negatively Impact Business, Financial Condition and Earnings [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Changes in legal, tax and regulatory regimes could negatively impact our business, financial condition and earnings. Changes enacted by the current presidential administration could significantly impact the regulation of financial markets in U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the Keystone XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The Company may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Company and its ability to achieve its investment objective. Additional risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. In addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to “sunset” provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international tax rules. In addition, the Biden administration has indicated that it intends to modify key aspects of the Code, including by increasing corporate and individual tax rates. The effect of these and other changes is uncertain, both in terms of the direct effect on the taxation of an investment in the Company’s shares and their indirect effect on the value of the Company’s assets, the Company’s shares or market conditions generally. | |||||||||||||||
Changes to U.S. Tariff and Import Export Regulations [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There remains uncertainty about the future relationship between the U.S. and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. | |||||||||||||||
Uncertainty Regarding Impact of United Kingdom Departure from European Union [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Uncertainty regarding the impact of the United Kingdom’s departure from the European Union could negatively impact our business, financial condition and earnings. On January 31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as “Brexit”. Following a transition period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (“UK/EU Trade Agreement”), which came into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United Kingdom’s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship. Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets, and adversely affect our ability, and the ability of our portfolio companies, to execute our respective strategies and to receive attractive returns. | |||||||||||||||
Rising Interest Rates or Changes in Interest Rates [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Rising interest rates or changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations. Our debt investments are generally based on floating rates, such as London Interbank Offer Rate (“LIBOR”), EURIBOR, Secured Overnight Financing Rate (“SOFR”), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. An increase in interest rates generally will increase the cost of borrowing for the companies in which we invest and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Because we have borrowed money, and may issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In this period of rising interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of Incentive Fees payable to our Advisor with respect to the portion of the Incentive Fee based on income. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. | |||||||||||||||
Changes Relating to LIBOR Calculation [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Changes relating to the London Interbank Offer Rate ("LIBOR") calculation process, the phase-out of LIBOR and the use of replacement rates for LIBOR may adversely affect the value of our portfolio securities. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. The announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. Since December 31, 2021, all sterling, euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published or are no longer representative, and after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. As an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities. Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for securities linked to such rates. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an environment where LIBOR ceases to be published and may be an ineffective fallback following the discontinuation of LIBOR. On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. | |||||||||||||||
Replicate Historical Performance of Other Investment Companies [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may not replicate the historical performance of other investment companies and funds with which our investment professionals have been affiliated. The 1940 Act imposes numerous constraints on the investment activities of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of U.S. private companies or thinly traded public companies (public companies with a market capitalization of less than $250 million), cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. These constraints may hinder our Advisor’s ability to take advantage of attractive investment opportunities and to achieve our investment objectives. In addition, the investment philosophy and techniques used by our Advisor may differ from those used by other investment companies and funds advised by our Advisor. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies and funds with which our investment professionals have been affiliated, and we caution that our investment returns could be substantially lower than the returns achieved by such other companies. | |||||||||||||||
Business Model Depends upon Development and Maintenance of Strong Relationships [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms. We are substantially dependent on our informal relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunities, we will not be able to grow our portfolio of investments and achieve our investment objective. In addition, persons with whom we have informal relationships are not obligated to inform us of investment opportunities, and therefore such relationships may not lead to the origination of equity or other investments. Any loss or diminishment of such relationships could effectively reduce our ability to identify attractive portfolio companies that meet our investment criteria, either for direct investments or for investments through private secondary market transactions or other secondary transactions. | |||||||||||||||
Regulatory Restrictions that Restrict our Ability to Raise Capital [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | In addition to regulatory restrictions that restrict our ability to raise capital, our debt arrangements contain various covenants which, if not complied with, could accelerate repayment of our debt, thereby materially and adversely affecting our liquidity, financial condition and results of operations. The agreements governing our Credit Facility and our 2025 Private Placement Notes require us to comply with certain financial and operational covenants. These covenants include: • restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets; • restrictions on our ability to incur liens; and • maintenance of a minimum level of stockholders’ equity. As of December 31, 2022, we were in compliance with all applicable covenants for our outstanding borrowings. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, there are no assurances that we will continue to comply with the covenants in our debt arrangements. Failure to comply with these covenants would result in a default under these arrangements which, if we were unable to obtain a waiver from the lenders thereunder, could result in an acceleration of repayments on our debt and thereby have a material adverse impact on our business, financial condition and results of operations. | |||||||||||||||
Disposition Of Investments [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The disposition of our investments may result in contingent liabilities. Most of our investments will involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us. As of December 31, 2022, the Company is not aware of any contingent liabilities. | |||||||||||||||
Substantially All of Assets Subject to Security Interests under Borrowings [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Substantially all of our assets are subject to security interests under our borrowings and if we default on our obligations, we may suffer adverse consequences, including the lenders foreclosing on our assets. As of December 31, 2022, substantially all of our assets were pledged as collateral under our Credit Facility. If we default on our obligations under these debt facilities, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the distributions that we pay to our stockholders. In addition, if the lenders exercise their right to sell the assets pledged under our borrowings, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding. | |||||||||||||||
Credit Facility and Private Placement Mature [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our Credit Facility matures on April 23, 2025, and our 2025 Private Placement Notes mature on December 9, 2025, and any inability to renew, extend or replace our Credit Facility or 2025 Private Placement Notes could adversely impact our liquidity and ability to fund new investments or maintain distributions to our stockholders. We maintain a multi-currency $265.0 million senior secured credit facility with a group of lenders, under which we had $162.0 million of indebtedness outstanding at December 31, 2022. Undrawn amount under our Credit Facility was $103.0 million at December 31, 2022. The Credit Facility’s commitment may increase in size, under certain circumstances, up to a total of $325.0 million. The Credit Facility has a stated maturity date of April 23, 2025. We maintain $92.0 million of aggregate principal amount outstanding on 2025 Private Placement Notes which mature on December 9, 2025 unless previously repaid or redeemed in accordance with their terms. There can be no assurance that we will be able to renew, extend or replace the Credit Facility or 2025 Private Placement Notes upon its maturity on terms that are favorable to us, if at all. Our ability to renew, extend or replace the Credit Facility or 2025 Private Placement Notes will be constrained by then-current economic conditions affecting the credit markets. In the event that we are not able to renew, extend or replace the Credit Facility or 2025 Private Placement Notes at the time of its maturity, this could have a material adverse effect on our liquidity and ability to fund new investments, our ability to make distributions to our stockholders and our ability to qualify as a RIC. | |||||||||||||||
Incurring Additional Indebtedness Could Increase Risk [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Incurring additional indebtedness could increase the risk in investing in shares of our common stock. As a BDC regulated under the 1940 Act, we are generally required to maintain a certain asset coverage for senior securities representing indebtedness (i.e., debt) or stock (i.e., preferred stock). Following receipt of the necessary stockholder and Board approvals, effective May 2, 2020, the minimum asset coverage ratio requirement was reduced from 200% to 150%, pursuant to Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act (the “SBCAA”) (i.e., from a 1:1 debt to equity ratio to a 2:1 debt to equity ratio). Therefore, we may be able to issue an increased amount of senior securities and incur additional indebtedness in the future and, therefore, your risk of an investment in shares of our common stock may increase. If our asset coverage falls below the required limit, we will not be able to incur additional debt until we are able to comply with the asset coverage applicable to us. This could have a material adverse effect on our operations, and we may not be able to make distributions to stockholders. The actual amount of leverage that we employ will depend on our and our Board of Directors’ assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us. We have indebtedness outstanding pursuant to our Credit Facility and may enter into new facilities and/or may increase the size of our existing credit facilities. As of December 31, 2022, we had outstanding approximately $92.0 million of 2025 Private Placement Notes, and $162.0 million outstanding on our Credit Facility. Lenders under our Credit Facility and 2025 Private Placement Notes have fixed dollar claims on our assets that are superior to the claims of our common stockholders or any preferred stockholders. We have granted a security interest in our assets in connection with our Credit Facility. In the case of a liquidation event, those lenders would receive proceeds before our stockholders. In addition, borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our common stock. Leverage is generally considered a speculative investment technique. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more than it otherwise would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause the net asset value attributable to our common stock to decline more than it otherwise would have had we not leveraged. Similarly, any increase in our revenue in excess of interest expense on our borrowed funds would cause our net income to increase more than it would without the leverage. Any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on our common stock. Our ability to service any debt that we incur depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. Illustration . The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation is based on our level of leverage at December 31, 2022, which represented borrowings equal to 43.1% of our total assets. On such date, we also had $589.1 million in total assets; $ 570.5 million in total investments; $254.0 million in aggregate principal amount of debt outstanding; and $318.5 million of total net assets. In order to compute the “Corresponding Return to Common Stockholders,” the “Assumed Return on Portfolio (Net of Expenses Other than Interest)” is multiplied by the total value of our investment portfolio at December 31, 2022 to obtain an assumed return to us. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 5.36% by the $254.0 million of debt) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets at December 31, 2022 to determine the “Corresponding Return to Common Stockholders.” Actual interest payments may vary. Assumed Return on Portfolio (Net of Expenses Other than Interest) (1) -10% -5% 0% 5% 10% Corresponding Return to Common Stockholders - 22.1 % - 13.2 % - 4.3 % 4.7 % 13.6 % (1) The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. The table also assumes that we will maintain a constant level of leverage. The amount of leverage that we use will vary from time to time. | |||||||||||||||
Lack Of Liquidity In Investments [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The lack of liquidity in our investments may adversely affect our business. We make investments in private companies. A portion of these investments may be subject to legal and other restrictions on resale, transfer, pledge or other disposition or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, we face other restrictions on our ability to liquidate an investment in a business entity to the extent that we or the Advisor has or could be deemed to have material non-public information regarding such business entity. | |||||||||||||||
Substantial Portion of Portfolio Investments are Recorded at Fair Value [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | A substantial portion of our portfolio investments are recorded at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our Board of Directors and, as a result, there may be uncertainty regarding the value of our portfolio investments. The debt and equity investments that we make for which market quotations are not readily available will be valued at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our Board of Directors. The Valuation Designee approves in good faith the valuation of such securities. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Our net asset value could be adversely affected if determinations regarding the fair value of these investments were materially higher than the values ultimately realized upon the disposal of such investments. | |||||||||||||||
Borrowed Funds Investments Exposes to Risks [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our use of borrowed funds to make investments exposes us to risks typically associated with leverage. We borrow money and may issue additional debt securities or preferred stock to leverage our capital structure. As a result: • our common stock is exposed to incremental risk of loss and a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage; • adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage; • such securities are governed by an indenture or other instrument containing covenants restricting our operating flexibility; • we, and indirectly our stockholders, bear the cost of issuing and paying interest or making distributions on such securities; • any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common stock; and our ability to make distributions on our common stock will be restricted if our asset coverage ratio is not at least 150% and any amounts used to service indebtedness or preferred stock may not be available for such distributions | |||||||||||||||
Distributions to Stockholders [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | A portion of our distributions to stockholders may include a return of stockholder capital. We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. A portion of such distributions may include a return of stockholder capital. Distributions in excess of our current and accumulated earnings and profits are considered non-taxable distributions and serve to reduce the basis of our shares in the hands of the stockholders rather than being currently taxable, and as a result of the reduction of the basis of our shares, stockholders may incur additional capital gains taxes or may have lower capital losses. | |||||||||||||||
Difficulty In Paying Required Distributions [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. In accordance with U.S. GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. The increases in loan balances as a result of contracted PIK arrangements are included in income for the period in which such PIK interest was received, which is often in advance of receiving cash payment. We also may be required to include in income certain other amounts that we will not receive in cash. Any warrants that we receive in connection with our debt investments are generally valued as part of the negotiation process with the particular portfolio company. As a result, a portion of the aggregate purchase price for the debt investments and warrants are allocated to the warrants that we receive. This will generally result in “original issue discount,” or OID, for tax purposes, which we must recognize as ordinary income, increasing the amounts we are required to distribute to qualify for the federal income tax benefits applicable to RICs. Because such original issue discount income would not be accompanied by cash, we would need to obtain cash from other sources to satisfy such distribution requirements. If we are unable to obtain cash from other sources to satisfy such distribution requirements, we may fail to qualify for favorable tax treatment as a RIC and, thus, could become subject to a corporate-level income tax on all of our income. Other features of the debt instruments that we hold may also cause such instruments to generate original issue discount, resulting in a distribution requirement in excess of current cash received. Similarly, newly enacted tax legislation contains rules that may in certain other circumstances require the recognition of non-cash taxable income or may limit the deductibility of certain of our cash expenses. Since in certain cases we may recognize income before or without receiving cash representing such income or may be subject to limitations on the deductibility of cash expenses, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. If we are unable to meet these distribution requirements, we will not qualify for favorable tax treatment as a RIC or, even if such distribution requirements are satisfied, we may be subject to tax on the amount that is undistributed. Accordingly, we may have to sell some of our assets, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements and avoid tax. | |||||||||||||||
Original Issue Discount And PIK Interest [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | To the extent OID and PIK interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income. Our investments may include OID instruments and PIK interest arrangements, which represents contractual interest added to a loan balance and due at the end of such loan’s term. To the extent OID or PIK interest constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following: • The higher interest rates of OID and PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID and PIK instruments generally represent a significantly higher credit risk than coupon loans. • Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation. • OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID and PIK income may also create uncertainty about the source of our cash distributions. • For accounting purposes, any cash distributions to stockholders representing OID and PIK income are not treated as coming from paid-in capital, even if the cash to pay them comes from offering proceeds. As a result, despite the fact that a distribution representing OID and PIK income could be paid out of amounts invested by our stockholders, the 1940 Act does not require that stockholders be given notice of this fact by reporting it as a return of capital. • PIK interest has the effect of generating investment income at a compounding rate, thereby further increasing the Incentive Fees payable to the Advisor. Similarly, all things being equal, the deferral associated with PIK interest also decreases the loan-to-value ratio at a compounding rate. | |||||||||||||||
Unrealized Losses on Investment Portfolio [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Any unrealized losses we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution. Decreases in the market values or fair values of our investments will be recorded as unrealized depreciation. Any unrealized losses in our investment portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected investments. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. | |||||||||||||||
Conflicts of Interest [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our Advisor and its affiliates and employees may have certain conflicts of interest. As a global provider of investment management, risk management and advisory services to institutional and retail clients, BlackRock, the Advisor and their respective affiliates (for purposes of this discussion of potential conflicts, the “BlackRock Entities”), engage in a broad spectrum of activities, including sponsoring and managing a variety of public and private investment funds, funds of funds and separate accounts across fixed income, liquidity, equity, alternative investment and real estate strategies; providing financial advisory services; providing technology infrastructure and analytics under the BlackRock Solutions® brand and engaging in certain broker-dealer activities and other activities. Although the relationships and activities of the BlackRock Entities should help enable these entities to offer attractive opportunities and services to the Company, such relationships and activities create certain inherent actual and potential conflicts of interest. In the ordinary course of business, the BlackRock Entities engage in activities where their interests or the interests of their clients may conflict with the interests of the Company, certain investors or a group of investors, or the Company’s investments. The following discussion enumerates certain potential and actual conflicts of interest. Allocation of Investment Opportunities . The BlackRock Entities manage and advise numerous accounts for clients around the world, such as registered and unregistered funds and owners of separately managed accounts (collectively, “Client Accounts”). Client Accounts include funds and accounts in which the BlackRock Entities or their personnel have an interest (“BlackRock Accounts”). Certain of these Client Accounts have investment objectives, and utilize investment strategies, that are similar to the Company’s. As a result, certain investments may be appropriate for the Company and also for other Client Accounts. The BlackRock Entities’ allocation of investment opportunities among various Client Accounts presents inherent potential and actual conflicts of interest, particularly where an investment opportunity is limited. These potential conflicts are exacerbated in situations where BlackRock is entitled to higher fees and incentive compensation from certain Client Accounts than from other Client Accounts (including the Company), where the portfolio managers making an allocation decision are entitled to an incentive fee, carried interest or other similar compensation from such other Client Accounts, or where there are differences in proprietary investments in the Company and other Client Accounts. The prospect of achieving higher compensation or greater investment return from another investment vehicle or separate account than from the Company provides incentives for the Advisor or other BlackRock Entities to favor the other investment vehicle or separate account over the Company when, for example, allocating investment opportunities that the Advisor believes could result in favorable performance. It is the policy of BlackRock not to make decisions based on the foregoing interests or greater fees or compensation. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities or is managed by the Advisor will generally be an affiliate of the Company for purposes of the 1940 Act and the Company is generally prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, such affiliate, absent the prior approval of the Independent Directors and, in some cases, of the SEC. However, the Advisor and the funds managed by the Advisor have received an order providing an exemption from certain SEC regulations prohibiting transactions with affiliates (the “Order”). The Order requires that certain procedures be followed prior to making an investment subject to the Order and such procedures could in certain circumstances adversely affect the price paid or received by the Company or the availability or size of the position purchased or sold by the Company. The Advisor may also face conflicts of interest in making investments pursuant to the Order. The 1940 Act also prohibits certain “joint” transactions with certain of the Company’s affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of the Independent Directors and, in some cases, of the SEC. The Company is prohibited from buying or selling any security from or to any person who owns more than 25% of the Company’s voting securities and from or to certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit the Company’s ability to transact business with its officers or directors or their affiliates. To address actual and potential conflicts associated with allocation of investments, BlackRock has developed an investment allocation policy (the “Investment Allocation Policy”) and related guidelines. In addition, certain BlackRock Entities and business units have supplemental allocation policies for making allocation decisions among Client Accounts managed by such BlackRock Entities (together with the Investment Allocation Policy and related guidelines, the “Allocation Policy”). The Allocation Policy is intended to ensure that investment opportunities are allocated on a fair and equitable basis among Client Accounts over time, taking into account various factors including the Client Account’s investment objective, guidelines and restrictions and other portfolio construction considerations; available capital and liquidity needs; tax, regulatory and contractual considerations; risk or investment concentration parameters; supply or demand for a security at a given price level; size of available investment; unfunded capital commitments or cash availability and liquidity requirements; leverage limitations; regulatory restrictions; contractual restrictions (including with other clients); minimum investment size; relative size; and such other factors as may be relevant to a particular transaction or Client Account. The BlackRock Entities reserve the right to allocate investment opportunities appropriate for the investment objectives of the Company and other Client Accounts in any other manner deemed fair and equitable by the BlackRock Entities consistent with the Allocation Policy, the Order and applicable law. The application of the Allocation Policy, the Order and the foregoing considerations may result in a particular Client Account, including the Company, not receiving an allocation of an investment opportunity that has been allocated to other Client Accounts following the same or similar strategy, or receiving a smaller allocation than other Client Accounts or an allocation on an other than pro rata basis. Furthermore, as the investment programs of the Company and the other applicable Client Accounts change and develop over time, additional issues and considerations may affect the Allocation Policy and the expectations of the BlackRock Entities with respect to the allocation of investment opportunities to the Company and other Client Accounts. BlackRock and the Advisor reserve the right to change the Allocation Policy and guidelines relating thereto from time to time without the consent of or notice to stockholders, subject to the disclosure requirements of applicable law. As a general matter, it is expected the Company will participate in investments deemed appropriate for the Company’s strategy and either sourced by the investment personnel directly responsible for managing the Company (though investments sourced by such personnel may also be allocated to other Client Accounts that may be managed by other investment teams) or made available for investment by the Company pursuant to the terms of the Order. Allocation of Expenses . Side-by-side management by the BlackRock Entities of the Company and Client Accounts raises other potential and actual conflicts of interest, including those associated with allocating expenses attributable to the Company and one or more other Client Accounts. The Advisor and its affiliates will attempt to make such allocations on a basis that they consider to be fair and equitable to the Company under the circumstances over time and considering such factors as it deems relevant. The allocations of such expenses may not be proportional, and any such determinations involve inherent matters of discretion, e.g., in determining whether to allocate pro rata based on number of Client Accounts or proportionately in accordance with asset size, or in certain circumstances determining whether a particular expense has a greater benefit to the Company, other Client Accounts or the Advisor and/or its affiliates. Activities of Other Client Accounts . The BlackRock Entities will, from time to time, be actively engaged in transactions on behalf of other Client Accounts in the same investments, securities, derivatives and other instruments in which the Company will directly or indirectly invest. Trading for certain other Client Accounts is carried out without reference to positions held directly or indirectly by the Company and may have an effect on the value or liquidity of the positions so held or may result in another Client Account having an interest in an issuer adverse to that of the Company. Under certain circumstances and subject to the Order and applicable law, the Company may invest directly or indirectly in a transaction in which one or more other Client Accounts are expected, or seek, to participate or already have made, or concurrently will make or seek to make, an investment. The Company and the other Client Accounts may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the project or company involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. For example, the Advisor’s decisions on behalf of other Client Accounts to sell, redeem from or otherwise liquidate a security in which the Company is invested may adversely affect the Company, including by causing such investment to be less liquid or more concentrated, or by causing the Company to no longer participate in a controlling position in the investment or to lose the benefit of certain negotiated terms, including, without limitation, fee discounts. Conflicts will also arise in cases where the Company, directly or indirectly, and other Client Accounts invest in different parts of an issuer’s capital structure, including circumstances in which one or more Client Accounts may own private securities or obligations of an issuer and other Client Accounts may own public securities of the same issuer. If an issuer in which the Company, directly or indirectly, and one or more other Client Accounts hold different classes of securities (or other assets, instruments or obligations issued by such issuer) encounters financial problems, decisions over the terms of any workout will raise potential conflicts of interests (including, for example, conflicts regarding the terms of recapitalizations and proposed waivers, amendments or enforcement of debt covenants). As a result, one or more Client Accounts may pursue or enforce rights with respect to a particular issuer in which the Company has directly or indirectly invested, and those activities may have an adverse effect on the Company. Because of the different legal rights associated with debt and equity of the same portfolio company, BlackRock expects to face a potential conflict of interest in respect of the advice given to, and the actions taken on behalf of, the Company versus another Client Account (e.g., the terms of debt instruments, the enforcement of covenants, the terms of recapitalizations and the resolution of workouts or bankruptcies). For example, if the Company holds debt securities of an issuer and a Client Account directly or indirectly holds equity securities of the same issuer, then, if the issuer experiences financial or operational challenges, the Company may seek a liquidation of the issuer in which it may be paid in full, whereas the Client Account, as a direct or indirect equity holder, might prefer a reorganization that holds the potential to create value for the equity holders. Similarly, if additional capital is necessary as a result of financial or other difficulties, or to finance growth of other opportunities, subject to the Order and applicable law and regulation, a Client Account may not provide such additional capital and the Company may do so, or vice versa. In the event of an insolvency, bankruptcy or similar proceeding of an issuer, the Company may be limited (by applicable law, courts or otherwise) in the positions or actions it may be permitted to take due to other interests held or actions or positions taken by other Client Accounts. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, the Advisor and the other BlackRock Entities may find that their own interests, the interests of the Company and/or the interests of one or more other Client Accounts could conflict. Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis. The resolution of such conflicts will take into consideration the interests of the relevant parties, the circumstances giving rise to the conflict, the Order to the extent applicable and applicable law. Stockholders should be aware that conflicts will not necessarily be resolved in favor of the Company and that the Company could be adversely affected by the actions taken by BlackRock Entities on behalf of Client Accounts. In order to avoid or reduce the conflicts that may arise in cases where the Company, directly or indirectly, and other Client Accounts invest in different parts of an issuer’s capital structure, or for other reasons, the Company may choose not to invest in issuers in which other Client Accounts hold an existing investment, even if the Advisor believes such investment opportunity to be attractive and otherwise appropriate for the Company and is permitted under applicable law and regulation, which may adversely affect the performance of the Company. Other transactions by one or more Client Accounts also may have the effect of diluting the values or prices of investments held directly or indirectly by the Company or otherwise disadvantaging the Company. This may occur when portfolio decisions regarding the Company are based on research or other information that is also used to support portfolio decisions for other Client Accounts. When a BlackRock Entity implements a portfolio decision or strategy on behalf of a Client Account other than the Company ahead of, or contemporaneously with, similar portfolio decisions or strategies for the Company (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints or other factors could result in the Company receiving less favorable investment results, and the cost of implementing such portfolio decisions or strategies for the Company could increase, or the Company could otherwise be disadvantaged. Additionally, if the Company makes an investment in a portfolio company in conjunction with an investment made by another Client Account, the Company may not invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as such other Client Account. This likely will result in differences in investment cost, investment terms, leverage and associated expenses between the Company and any other Client Account. There can be no assurance that the Company and the other Client Accounts will exit the investment at the same time or on the same terms, and there can be no assurance that the Company’s return on such an investment will be the same as the returns achieved by any other Client Accounts participating in the transactions. Given the nature of these conflicts, there can be no assurance that the resolution of these conflicts will be beneficial to the Company. The BlackRock Entities may also, in certain circumstances and subject to the Order and applicable law and regulation, pursue or enforce rights or take other actions with respect to a particular issuer or investment jointly on behalf of the Company and other Client Accounts. In such circumstances, the Company may be adversely impacted by the other Client Accounts’ activities, and transactions for the Company may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had the other Client Accounts not pursued a particular course of action with respect to the issuer or investment. For example, one or more Client Accounts may dispose of or make an in kind distribution of its portion of an investment that is also held by the Company and other Client Accounts, and such action may adversely affect the Company and such other Client Accounts that continue to hold such investment. Conflicts may also arise because portfolio decisions made by the Advisor on behalf of the Company may benefit other BlackRock Entities or Client Accounts, including BlackRock Accounts. For example, subject to the Order and applicable law and regulation, the Company may invest directly or indirectly in the securities, bank loans or other obligations of issuers in which a Client Account has an equity, debt or other interest, or vice versa. In certain circumstances, the Advisor may be incentivized not to undertake certain actions on behalf of the Company in connection with such investments, in view of a BlackRock Entity’s or Client Account’s involvement with the relevant issuer or investment. Further, the Company may also engage in investment transactions that result in other Client Accounts being relieved of obligations or otherwise divesting of investments that the Company also holds or which cause the Company to have to divest certain investments. The purchase, holding and sale of investments by the Company may enhance the profitability of another Client Account’s own investments in and activities with respect to such investments. Without limiting the generality of the foregoing, the Company may invest, directly or indirectly, in equity of investments or issuers affiliated with the BlackRock Entities or in which a BlackRock Entity or a Client Account has a direct or indirect debt or other interest, or vice versa, and may acquire such equity or debt either directly or indirectly through public or private acquisitions. Such investments may benefit the BlackRock Entities or Client Accounts. In addition, the Advisor may be incentivized not to undertake certain actions on behalf of the Company in connection with such investments, in view of a BlackRock Entity’s or Client Account’s involvement with the relevant issuer or investment. Moreover, the Advisor’s investment professionals, its senior management and employees serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company. Accordingly, these individuals may have obligations to investors in those entities or funds, the fulfillment of which might not be in the best interests of the Company or stockholders. In addition, certain of the personnel employed by the Advisor or focused on the Company’s business may change in ways that are detrimental to the Company’s business. Transactions Between Client Accounts . Each of the BlackRock Entities and the Advisor reserve the right to conduct cross trades between the Company and other Client Accounts in accordance with applicable legal and regulatory requirements. The Advisor may cause the Company to purchase securities or other assets from or sell securities or other assets to, or engage in other transactions with, other Client Accounts or vehicles when the Advisor believes such transactions are appropriate and in the participants’ best interest, subject to applicable law and regulation. The Company may enter into “agency cross transactions,” in which a BlackRock Entity may act as broker for the Company and for the other party to the transaction, to the extent permitted under applicable law and regulation and the relevant Client Account governing documents. In such cases, the Advisor and such other Client Accounts or BlackRock Entities, as applicable, may have a potentially conflicting division of loyalties and responsibilities regarding both parties to the transaction. To the extent that any provision of Section 11(a) of the Exchange Act, or any of the rules promulgated thereunder, is applicable to any transactions effected by the Advisor, such transactions will be effected in accordance with the requirements of such provisions and rules. Proxy Voting . The Board of Directors has delegated to the Advisor discretion with respect to voting and consent rights of the assets of the Company. Consistent with applicable rules under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), BlackRock has adopted and implemented written proxy voting policies and procedures with respect to individual securities held by the Company that are reasonably designed: (i) to ensure that proxies are voted, consistent with its fiduciary obligations, in the best interests of Client Accounts under the circumstances over time; and (ii) to prevent conflicts of interest from influencing proxy voting decisions made on behalf of clients. Nevertheless, when votes are cast in accordance with BlackRock’s proxy voting policy and in a manner that BlackRock believes to be consistent with its fiduciary obligations, actual proxy voting decisions made on behalf of one Client Account may have the effect of favoring or harming the interests of other Client Accounts, including the Company. Stockholders may receive a copy of BlackRock’s proxy voting policy, upon request, and may also obtain a copy at: http://www.blackrock.com/corporate/en-us/about-us/responsible-investment/responsible-investment-reports. Investment Terms of Other Client Accounts . The investment terms offered to other Client Accounts or to investors in other Client Accounts with similar investment objectives as the Company may be different than those applicable to our stockholders and may create conflicts. In particular, with respect to investors in other Client Accounts that are managed as dedicated funds or with respect to other Client Accounts investing through separate accounts with similar investment objectives to the Company, information sharing may, to the extent permitted under applicable law and regulation, be more extensive, detailed and timely as compared to information available to our stockholders, and the other Client Accounts’ liquidity may not be subject to the restrictions that apply to our stockholders. Management of the Company . In connection with the management of the Company, the Board of Directors and/or the Advisor will have the right to make certain determinations on behalf of the Company, in its discretion. Any such determinations may affect stockholders differently and some stockholders may be adversely affected by such determinations by the Board of Directors or Advisor. Stockholders may be situated differently in a number of ways, including being resident of, or organized in, various jurisdictions, being subject to different tax rules or regulatory structures and/or having different internally- or externally-imposed investment policies, restrictions or guidelines. As a result, conflicts of interest may arise in connection with decisions made by the Board of Directors or the Advisor that may be more beneficial for certain stockholders. In making determinations on behalf of the Company, including in structuring and completing investments, the Advisor intends to consider the investment and tax objectives of the Company and the stockholders as a whole, not the investment, tax or other objectives of any stockholder individually. Subject to applicable law, including the 1940 Act, and the terms of the applicable contracts with the Company, BlackRock Entities may from time to time, and without notice to the Company or stockholders, insource or outsource to third-parties, including parties which are affiliated with BlackRock, certain processes or functions in connection with a variety of services that they provide to the Company in their administrative or other capacities. Such in-sourcing or outsourcing may give rise to potential conflicts of interest. Limited Access to Information; Information Advantage of Certain BlackRock Clients . As a result of receiving client reports, service on a Client Account’s advisory board, affiliation with the Advisor or otherwise, one or more BlackRock clients may have access to different information regarding the BlackRock Entities’ transactions, strategies or views, and may act on such information in accounts not controlled by the BlackRock Entities, which may have a material adverse effect on the performance of the Company. The Company and its investments may also be adversely affected by market movements or by decreases in the pool of available securities or liquidity arising from purchases and sales by, as well as increases of capital in, and withdrawals of capital from, other Client Accounts and other accounts of BlackRock clients not controlled by BlackRock. These effects can be more pronounced in respect of investments with limited capacity and in thinly traded securities and less liquid markets. Furthermore, our stockholders’ rights to information regarding the Advisor or the Company generally will be limited to applicable reporting obligations and information requirements under the Exchange Act and applicable state law. It is anticipated that the Advisor and its affiliates will obtain certain types of material information from or relating to the Company’s investments that will not be disclosed to stockholders because such disclosure is prohibited, including as a result of contractual, legal or similar obligations outside of BlackRock’s control. Such limitations on the disclosure of such information may have adverse consequences for stockholders in a variety of circumstances and may make it difficult for a stockholder to monitor the Advisor and its performance. Advisor Decisions May Benefit BlackRock Entities and BlackRock Accounts . BlackRock Entities may derive ancillary benefits from certain decisions made on behalf of the Company. While the Advisor will make decisions for the Company in accordance with its obligations to manage the Company appropriately, the fees, allocations, compensation and other benefits to the BlackRock Entities (including benefits relating to business relationships of the BlackRock Entities) may be greater as a result of certain portfolio, investment, service provider or other decisions made by the Advisor for the Company than they would have been had other decisions been made which also might have been appropriate for the Company. In addition, BlackRock Entities may invest in Client Accounts and therefore may indirectly derive ancillary benefits from certain decisions made by the Advisor. The Advisor may also make decisions and exercise discretion with respect to the Company that could benefit BlackRock Entities that have invested in the Company. Temporary Investments in Cash Management Products . Subject to applicable law, the Company may invest, on a temporary basis, in short-term, high-grade assets or other cash management products, including SEC-registered investment funds (open-end or closed-end) or unregistered funds, including any such funds that are sponsored, managed or serviced by advisory BlackRock Entities. In connection with any of these investments, the Company will bear all fees pertaining to the investment, including advisory, administrative or 12b-1 fees, and no portion of any fees otherwise payable by the Company will be offset against fees payable in accordance with any of these investments (i.e., there could be “double fees” involved in making any of these investments which would not arise in connection with a stockholder’s direct investment in such money market or liquidity funds, because a BlackRock Entity could receive fees with respect to both the management of the Company, on one hand, and such cash management products, on the other). In these circumstances, as well as in other circumstances in which any BlackRock Entities receive any fees or other compensation in any form relating to the provision of services, subject to the Company’s Governing Documents, no accounting, repayment to the Company or offset of the Advisory Fee will be required. Management Responsibilities . The employees and directors of the Advisor or its affiliates are not under any obligation to devote all of their professional time to the affairs of the Company, but will devote such time and attention to the affairs of the Company as BlackRock determines in its discretion is necessary to carry out the operations of the Company effectively. Employees and directors of the Advisor engage in other activities unrelated to the affairs of the Company, including managing or advising other Client Accounts, which presents potential conflicts in allocating management time, services and functions among the Company and other Client Accounts. These potential conflicts will be exacerbated in situations where employees may be entitled to greater incentive compensation or other remuneration from certain Client Accounts than from other Client Accounts (including the Company). The Advisor may, subject to applicable law, utilize the personnel or services of its affiliates in a variety of ways to make available to the Company BlackRock’s global capabilities. Although the Advisor believes this practice generally is in the best interests of its clients, it is possible that conflicts with respect to allocation of investment opportunities, portfolio execution, client servicing or other matters may arise due to differences in regulatory requirements in various jurisdictions, time differences or other reasons. The Advisor will seek to ameliorate any conflicts that arise and may determine not to utilize the personnel or services of a particular affiliate in circumstances where it believes the potential conflict outweighs the potential benefits. Investments by Directors, Officers and Employees of BlackRock Entities . The directors, officers and employees of BlackRock Entities are permitted to buy and sell public or private securities, commingled vehicles or other investments held by the Company for their own accounts, or accounts of their family members and in which such BlackRock Entity personnel may have a pecuniary interest, including through accounts (or investments in funds) managed by BlackRock Entities, in accordance with BlackRock’s personal trading policies. As a result of differing trading and investment strategies or constraints, positions taken by BlackRock Entity directors, officers, and employees may be the same as or different from, or made contemporaneously or at different times than, positions taken for the Company. Such persons and/or investment vehicles they manage also may invest in companies in the same industries as companies in which the Company expects to invest, and may compete with the Company for investment opportunities, and their investments may compete with the Company’s investments. In addition, BlackRock personnel may serve on the boards of directors of companies in the same industries as companies in which the Company expects to invest, which can give rise to conflicting obligations and interests. As these situations may involve potential conflicts of interest, BlackRock has adopted policies and procedures relating to personal securities transactions, insider trading and other ethical considerations. These policies and procedures are intended to identify and reduce actual conflicts of interest with clients and to resolve such conflicts appropriately if they do occur. Issues Relating to the Valuation of Assets . While securities | |||||||||||||||
Management Fees [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our Management Fee may induce our Advisor to cause us to incur additional leverage. Our Management Fee is calculated on the basis of total assets (excluding cash) including assets acquired with the proceeds of leverage. This may encourage the Advisor to use leverage to increase the aggregate amount of and the return on our investments, even when it may not be appropriate to do so, and to refrain from de-levering when it would otherwise be appropriate to do so. Under certain circumstances, the use of increased leverage may increase the likelihood of default, which would impair the value of our common stock. Given the subjective nature of the investment decisions made by our Adviser on our behalf, we will not be able to monitor this conflict of interest. | |||||||||||||||
Incentive Fees [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our Incentive Fee structure and the formula for calculating the Incentive Fee may incentivize our Advisor to pursue speculative investments. The Incentive Fee payable by us to the Advisor may create an incentive for the Advisor to pursue investments on our behalf that are riskier or more speculative than would otherwise be the case in the absence of such compensation arrangement. The Incentive Fee payable to the Advisor is based on two calculations (i) quarterly on income other than capital gains, if quarterly net investment income is above the specified hurdle rate and (ii) annually on capital gains, if net realized capital gains exceeds gross unrealized capital depreciation during the annual period defined in the Current Management Agreement (see Note 3 to the consolidated financial statements). The Incentive Fee payable by us to the Advisor also may induce the Advisor to invest on our behalf in instruments that have a deferred interest feature, even if such deferred payments would not provide cash necessary to enable us to pay current distributions to our stockholders. Under these investments, we would accrue interest over the life of the investment but would not receive the cash income from the investment until the end of the term, if at all. Our net investment income used to calculate the income portion of our Incentive Fee, however, will include accrued interest. Thus, a portion of this Incentive Fee would be based on income that we have not yet received in cash and may never receive in cash if the portfolio company is unable to satisfy such interest payment obligation to us. The foregoing risks could be increased because the Advisor is not obligated to reimburse us for any Incentive Fee received even if we subsequently incur losses or never receive in cash income that was previously accrued. | |||||||||||||||
Senior Management Personnel [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We are dependent upon senior management personnel of the Advisor for our future success, and if the Advisor is unable to retain qualified personnel or if the Advisor loses any member of its senior management team, our ability to achieve our investment objective could be significantly harmed. The success of the Company is highly dependent on the financial and managerial expertise of the Advisor. The loss of one or more of the voting members of the Investment Committee could have a material adverse effect on the performance of the Company. Although the Advisor and the voting members of the Investment Committee devote a significant amount of their respective efforts to the Company, they actively manage investments for other clients and are not required to (and will not) devote all of their time to the Company's affairs. | |||||||||||||||
Right To Resign [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The Advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. The Advisor has the right, under our investment management agreement, to resign at any time upon not more than 60 days’ written notice, whether we have found a replacement or not. If the Advisor resigns, we may not be able to find a new investment advisor or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our common stock may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Advisor and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations. | |||||||||||||||
Investments by Issuing Preferred Stock [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may in the future determine to fund a portion of our investments by issuing preferred stock, which would magnify the potential gains or losses and the risks of investing in us in the same manner as our borrowings. Preferred stock, which is another form of leverage, has the same risks to our common stockholders as borrowings because the dividends on any preferred stock we issue must be cumulative. Payment of such dividends and repayment of the liquidation preference of such preferred stock must take preference over any dividends or other payments to our common stockholders and preferred stockholders are not subject to any of our expenses or losses, and are not entitled to participate in any income or appreciation in excess of their stated preference. The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any dividends or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the 1940 Act, preferred stock constitutes a “senior security” for purposes of the asset coverage test. | |||||||||||||||
Highly Competitive Market for Investment Opportunities [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The highly competitive market in which we operate may limit our investment opportunities. A number of entities compete with us to make the types of investments that we make. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies, and, to the extent they provide an alternative form of financing, private equity funds. Additionally, because competition for investment opportunities generally has increased among alternative investment vehicles, such as hedge funds, those entities now invest in areas in which they have not traditionally invested, including making investments in middle-market private companies. As a result of these new entrants, competition for investment opportunities intensified over the past several years and may intensify further in the future. Some of our existing and potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions and valuation requirements that the 1940 Act imposes on us as a BDC and that the Code imposes on us as a RIC. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this existing and potentially increasing competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective. We do not seek to compete primarily based on the interest rates we offer, and we believe that some of our competitors make loans with interest rates that are comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on better terms to our portfolio companies than what we may have originally anticipated, which may impact our return on these investments. | |||||||||||||||
Members Of Board Of Directors [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effect of which may be adverse. Our Board of Directors has the authority to modify or waive certain of our investment objective, operating policies and strategies without prior notice and without stockholder approval (except as required by the 1940 Act). However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results or value of our common stock. Nevertheless, the effects could adversely affect our business and impact our ability to make distributions to our stockholders. | |||||||||||||||
Risks Related To Investments [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Risks related to our investments Our investments are risky and highly speculative, and we could lose all or part of our investment. We invest primarily in middle-market companies primarily through leveraged loans. Risks Associated with middle-market companies . Investing in private middle-market companies involves a number of significant risks, including: • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral; • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; • they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; • our executive officers, directors and the Advisor may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; • changes in laws and regulations, as well as their interpretations, may adversely affect their respective businesses, financial structures or prospects; and • they may have difficulty accessing the capital markets to meet future capital needs. Limited public information exists about private middle-market companies, and we expect to rely on the Advisor's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern disclosures and financial controls of public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment. Lower Credit Quality Obligations . Most of our debt investments are likely to be in lower grade obligations. The lower grade investments in which we invest may be rated below investment grade by one or more nationally-recognized statistical rating agencies at the time of investment or may be unrated but determined by the Advisor to be of comparable quality. Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. The debt that we invest in typically is not rated prior to our investment by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s). We may invest without limit in debt of any rating, as well as debt that has not been rated by any nationally recognized statistical rating organization. Investment in lower grade investments involves a substantial risk of loss. Lower grade securities or comparable unrated securities are considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for lower grade debt tend to be very volatile and are less liquid than investment grade securities. For these reasons, your investment in our company is subject to the following specific risks: • increased price sensitivity to a deteriorating economic environment; • greater risk of loss due to default or declining credit quality; • adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and • if a negative perception of the lower grade debt market develops, the price and liquidity of lower grade securities may be depressed. This negative perception could last for a significant period of time. Adverse changes in economic conditions are more likely to lead to a weakened capacity of a lower grade issuer to make principal payments and interest payments than an investment grade issuer. The principal amount of lower grade securities outstanding has proliferated in the past decade as an increasing number of issuers have used lower grade securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Similarly, downturns in profitability in specific industries could adversely affect the ability of lower grade issuers in that industry to meet their obligations. The market values of lower grade debt tend to reflect individual developments of the issuer to a greater extent than do higher quality investments, which react primarily to fluctuations in the general level of interest rates. Factors having an adverse impact on the market value of lower grade debt may have an adverse effect on our net asset value and the market value of our common stock. In addition, we may incur additional expenses to the extent we are required to seek recovery upon a default in payment of principal of or interest on our portfolio holdings. In certain circumstances, we may be required to foreclose on an issuer’s assets and take possession of its property or operations. In such circumstances, we would incur additional costs in disposing of such assets and potential liabilities from operating any business acquired. The secondary market for lower grade debt is unlikely to be as liquid as the secondary market for more highly rated debt, a factor which may have an adverse effect on our ability to dispose of a particular instrument. There are fewer dealers in the market for lower grade securities than investment grade obligations. The prices quoted by different dealers may vary significantly and the spread between the bid and asked price is generally larger than for higher quality instruments. Under adverse market or economic conditions, the secondary market for lower grade debt could contract further, independent of any specific adverse changes in the condition of a particular issuer, and these instruments may become highly illiquid. As a result, we could find it more difficult to sell these instruments or may be able to sell the securities only at prices lower than if such instruments were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating our net asset value. Since investors generally perceive that there are greater risks associated with lower grade debt of the type in which we may invest a portion of our assets, the yields and prices of such debt may tend to fluctuate more than those for higher rated instruments. In the lower quality segments of the fixed income markets, changes in perceptions of issuers’ creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the income securities market, resulting in greater yield and price volatility. Distressed Debt Securities Risk . At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished. We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt we hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities. Payment-in-kind Interest Risk . Our loans may contain a payment-in-kind, or PIK, interest provision. PIK investments carry additional risk as holders of these types of securities receive no cash until the cash payment date unless a portion of such securities is sold. If the issuer defaults the Company may obtain no return on its investment. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income. To avoid the imposition of corporate-level tax on us, this non-cash source of income needs to be paid out to stockholders in cash distributions or, in the event that we determine to do so and in certain cases, in shares of our common stock, even though we have not yet collected and may never collect the cash relating to the PIK interest. As a result, we may have to distribute a taxable stock dividend to account for PIK interest even though we have not yet collected the cash. Preferred Stock Risk . To the extent we invest in preferred securities, there are special risks, including: Deferral . Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes although we have not yet received such income. Subordination . Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Liquidity. Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities. Limited Voting Rights. Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Equity Security Risk . We may have exposure to equity securities. Although equity securities have historically generated higher average total returns than fixed-income securities over the long term, equity securities also have experienced significantly more volatility in those returns. The equity securities that we acquire may fail to appreciate and may decline in value or become worthless. A trading market or market value of our debt securities may fluctuate. In the event we issue debt securities, they may or may not have an established trading market. We cannot assure you that a trading market for debt securities will ever develop or be maintained if developed. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, debt securities we may issue. These factors include, but are not limited to, the following: • the time remaining to the maturity of these debt securities; • the outstanding principal amount of debt securities with terms identical to these debt securities; • the ratings assigned by national statistical ratings agencies; • the general economic environment; • the supply of debt securities trading in the secondary market, if any; • the redemption or repayment features, if any, of these debt securities; • the level, direction and volatility of market interest rates generally; and • market rates of interest higher or lower than rates borne by the debt securities. You should also be aware that there may be a limited number of buyers if and when you decide to sell your debt securities. This too may materially adversely affect the market value of the debt securities or the trading market for the debt securities. We may expose ourselves to risks if we engage in hedging transactions. We may enter into hedging transactions, which could expose us to risks associated with such transactions. We may utilize instruments such as forward contracts and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions and amounts due under our debt arrangements from changes in market interest rates. Use of these hedging instruments may include counterparty credit risk. Utilizing such hedging instruments does not eliminate the possibility of fluctuations in the values of such positions and amounts due under our debt arrangements or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The Dodd-Frank Act has made broad changes to the OTC derivatives market, granted significant new authority to the CFTC and the SEC to regulate OTC derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank Act is intended to regulate the OTC derivatives market by requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC has implemented mandatory clearing and exchange-trading of certain OTC derivatives contracts including many standardized interest rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts. This requirement may result in the portfolio and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject a portfolio to additional administrative burdens, and the safeguards established to protect trader anonymity may not function as expected. Future CFTC or SEC rulemakings to implement the Dodd-Frank Act requirements could potentially limit or completely restrict our ability to use these instruments as a part of our investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which we engage in derivative transactions could also prevent us from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments. In addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds (“Rule 18f-4”), which the Company was required to comply with as of August 19, 2022. As a result, the Company is required to implement and comply with the Rule 18f-4 limits on the amount of derivatives the Company can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require the Company, if the Company’s use of derivatives is more than a limited specified exposure amount (10% of net assets), to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The success of our hedging transactions will depend on our ability to correctly predict movements and interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings or debt arrangements being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. We are subject to credit risk related to investments in our portfolio companies and with our financial institutions and counterparties. The Company has investments in lower rated and comparable quality unrated senior and junior secured, unsecured and subordinated debt securities and loans, which are subject to a greater degree of credit risk than more highly rated investments. The risk of loss due to default by the issuer is significantly greater for holders of such securities and loans, particularly in cases where the investment is unsecured or subordinated to other creditors of the issuer. The Company may be exposed to counterparty credit risk, or the risk that an entity with which the Company has unsettled or open transactions may fail to or be unable to perform on its commitments. The Company manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Company to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Company’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value. Our portfolio investments will generally not be in publicly traded securities. As a result, although we expect that some of our equity investments may trade on private secondary marketplaces, the fair value of our direct investments in portfolio companies will often not be readily determinable. Under the 1940 Act, investments for which there are no readily available market quotations, including securities that while listed on a private securities exchange have not actively traded, will be valued at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our board of directors. The Valuation Designee determines the value of our investments in accordance with such valuation policy. In connection with such determination, the Valuation Designee utilizes the services of an independent valuation firm, which prepares valuation reports on a quarterly basis for most of our portfolio investments that are not publicly traded or for which we do not have readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded. However, the Valuation Designee retains ultimate authority as to the appropriate valuation of each such investment. The types of factors that the Valuation Designee takes into account in approving fair value with respect to such non-traded investments includes, as relevant and, to the extent available, the portfolio company’s earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company and other relevant factors. This information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, our fair value determinations with respect to any non-traded investments we hold may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our securities based on an overstated net asset value may pay a higher price than the value of our investments might warrant. Conversely, investors selling securities based on a net asset value that understates the value of our investments may receive a lower price for their securities than the value of our investments might warrant. We and the Advisor may be a party to legal proceedings in connection with our investments in our portfolio companies. From time to time, we and the Advisor may be a party to certain legal proceedings incidental to the normal course of our business, including the enforcement of our rights under contracts with our portfolio companies. While we cannot predict the outcome of these legal proceedings with certainty, we do not expect that these proceedings will have a material effect on our consolidated financial statements. W e may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. We do not generally intend to take controlling equity positions in our portfolio companies. To the extent that we do not hold a controlling equity interest in a portfolio company, we are subject to the risk that such portfolio company may make business decisions with which we disagree, and the stockholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments. In addition, we may not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. The portfolio companies we invest in usually have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Additionally, certain loans that we make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements, including agreements governing “first out” and “last out” structures, that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be in good faith under the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our portfolio holdings. When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment. We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance. Additionally, these companies may not be able to get a full tax deduction for such borrowings. Our portfolio companies may be highly leveraged. Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. Our portfolio companies may prepay loans, which prepayment may reduce stated yields in the future if capital returned cannot be invested in transactions with equal or greater expected yields. Certain of the loans we make are prepayable at any time, some of them at no premium to par. We cannot predict when such loans may be prepaid. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions | |||||||||||||||
Risky and Highly Speculative Investment [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our investments are risky and highly speculative, and we could lose all or part of our investment. We invest primarily in middle-market companies primarily through leveraged loans. Risks Associated with middle-market companies . Investing in private middle-market companies involves a number of significant risks, including: • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral; • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; • they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; • our executive officers, directors and the Advisor may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; • changes in laws and regulations, as well as their interpretations, may adversely affect their respective businesses, financial structures or prospects; and • they may have difficulty accessing the capital markets to meet future capital needs. Limited public information exists about private middle-market companies, and we expect to rely on the Advisor's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern disclosures and financial controls of public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment. Lower Credit Quality Obligations . Most of our debt investments are likely to be in lower grade obligations. The lower grade investments in which we invest may be rated below investment grade by one or more nationally-recognized statistical rating agencies at the time of investment or may be unrated but determined by the Advisor to be of comparable quality. Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. The debt that we invest in typically is not rated prior to our investment by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s). We may invest without limit in debt of any rating, as well as debt that has not been rated by any nationally recognized statistical rating organization. Investment in lower grade investments involves a substantial risk of loss. Lower grade securities or comparable unrated securities are considered predominantly speculative with respect to the issuer’s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for lower grade debt tend to be very volatile and are less liquid than investment grade securities. For these reasons, your investment in our company is subject to the following specific risks: • increased price sensitivity to a deteriorating economic environment; • greater risk of loss due to default or declining credit quality; • adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and • if a negative perception of the lower grade debt market develops, the price and liquidity of lower grade securities may be depressed. This negative perception could last for a significant period of time. Adverse changes in economic conditions are more likely to lead to a weakened capacity of a lower grade issuer to make principal payments and interest payments than an investment grade issuer. The principal amount of lower grade securities outstanding has proliferated in the past decade as an increasing number of issuers have used lower grade securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Similarly, downturns in profitability in specific industries could adversely affect the ability of lower grade issuers in that industry to meet their obligations. The market values of lower grade debt tend to reflect individual developments of the issuer to a greater extent than do higher quality investments, which react primarily to fluctuations in the general level of interest rates. Factors having an adverse impact on the market value of lower grade debt may have an adverse effect on our net asset value and the market value of our common stock. In addition, we may incur additional expenses to the extent we are required to seek recovery upon a default in payment of principal of or interest on our portfolio holdings. In certain circumstances, we may be required to foreclose on an issuer’s assets and take possession of its property or operations. In such circumstances, we would incur additional costs in disposing of such assets and potential liabilities from operating any business acquired. The secondary market for lower grade debt is unlikely to be as liquid as the secondary market for more highly rated debt, a factor which may have an adverse effect on our ability to dispose of a particular instrument. There are fewer dealers in the market for lower grade securities than investment grade obligations. The prices quoted by different dealers may vary significantly and the spread between the bid and asked price is generally larger than for higher quality instruments. Under adverse market or economic conditions, the secondary market for lower grade debt could contract further, independent of any specific adverse changes in the condition of a particular issuer, and these instruments may become highly illiquid. As a result, we could find it more difficult to sell these instruments or may be able to sell the securities only at prices lower than if such instruments were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating our net asset value. Since investors generally perceive that there are greater risks associated with lower grade debt of the type in which we may invest a portion of our assets, the yields and prices of such debt may tend to fluctuate more than those for higher rated instruments. In the lower quality segments of the fixed income markets, changes in perceptions of issuers’ creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the income securities market, resulting in greater yield and price volatility. Distressed Debt Securities Risk . At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished. We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt we hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities. Payment-in-kind Interest Risk . Our loans may contain a payment-in-kind, or PIK, interest provision. PIK investments carry additional risk as holders of these types of securities receive no cash until the cash payment date unless a portion of such securities is sold. If the issuer defaults the Company may obtain no return on its investment. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income. To avoid the imposition of corporate-level tax on us, this non-cash source of income needs to be paid out to stockholders in cash distributions or, in the event that we determine to do so and in certain cases, in shares of our common stock, even though we have not yet collected and may never collect the cash relating to the PIK interest. As a result, we may have to distribute a taxable stock dividend to account for PIK interest even though we have not yet collected the cash. Preferred Stock Risk . To the extent we invest in preferred securities, there are special risks, including: Deferral . Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes although we have not yet received such income. Subordination . Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Liquidity. Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities. Limited Voting Rights. Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Equity Security Risk . We may have exposure to equity securities. Although equity securities have historically generated higher average total returns than fixed-income securities over the long term, equity securities also have experienced significantly more volatility in those returns. The equity securities that we acquire may fail to appreciate and may decline in value or become worthless. | |||||||||||||||
Debt Securities May Fluctuate Trading Market or Market Value [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | A trading market or market value of our debt securities may fluctuate. In the event we issue debt securities, they may or may not have an established trading market. We cannot assure you that a trading market for debt securities will ever develop or be maintained if developed. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, debt securities we may issue. These factors include, but are not limited to, the following: • the time remaining to the maturity of these debt securities; • the outstanding principal amount of debt securities with terms identical to these debt securities; • the ratings assigned by national statistical ratings agencies; • the general economic environment; • the supply of debt securities trading in the secondary market, if any; • the redemption or repayment features, if any, of these debt securities; • the level, direction and volatility of market interest rates generally; and • market rates of interest higher or lower than rates borne by the debt securities. You should also be aware that there may be a limited number of buyers if and when you decide to sell your debt securities. This too may materially adversely affect the market value of the debt securities or the trading market for the debt securities. | |||||||||||||||
Risks if Engage in Hedging Transactions [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may expose ourselves to risks if we engage in hedging transactions. We may enter into hedging transactions, which could expose us to risks associated with such transactions. We may utilize instruments such as forward contracts and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions and amounts due under our debt arrangements from changes in market interest rates. Use of these hedging instruments may include counterparty credit risk. Utilizing such hedging instruments does not eliminate the possibility of fluctuations in the values of such positions and amounts due under our debt arrangements or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The Dodd-Frank Act has made broad changes to the OTC derivatives market, granted significant new authority to the CFTC and the SEC to regulate OTC derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank Act is intended to regulate the OTC derivatives market by requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC has implemented mandatory clearing and exchange-trading of certain OTC derivatives contracts including many standardized interest rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts. This requirement may result in the portfolio and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject a portfolio to additional administrative burdens, and the safeguards established to protect trader anonymity may not function as expected. Future CFTC or SEC rulemakings to implement the Dodd-Frank Act requirements could potentially limit or completely restrict our ability to use these instruments as a part of our investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which we engage in derivative transactions could also prevent us from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments. In addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds (“Rule 18f-4”), which the Company was required to comply with as of August 19, 2022. As a result, the Company is required to implement and comply with the Rule 18f-4 limits on the amount of derivatives the Company can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require the Company, if the Company’s use of derivatives is more than a limited specified exposure amount (10% of net assets), to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The success of our hedging transactions will depend on our ability to correctly predict movements and interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings or debt arrangements being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. | |||||||||||||||
Credit Risk Related to Investments in Portfolio Companies and Financial Institutions and Counterparties [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We are subject to credit risk related to investments in our portfolio companies and with our financial institutions and counterparties. The Company has investments in lower rated and comparable quality unrated senior and junior secured, unsecured and subordinated debt securities and loans, which are subject to a greater degree of credit risk than more highly rated investments. The risk of loss due to default by the issuer is significantly greater for holders of such securities and loans, particularly in cases where the investment is unsecured or subordinated to other creditors of the issuer. The Company may be exposed to counterparty credit risk, or the risk that an entity with which the Company has unsettled or open transactions may fail to or be unable to perform on its commitments. The Company manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Company to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Company’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. | |||||||||||||||
Investments Adversely Affect Determination Of Net Asset Value [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value. Our portfolio investments will generally not be in publicly traded securities. As a result, although we expect that some of our equity investments may trade on private secondary marketplaces, the fair value of our direct investments in portfolio companies will often not be readily determinable. Under the 1940 Act, investments for which there are no readily available market quotations, including securities that while listed on a private securities exchange have not actively traded, will be valued at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our board of directors. The Valuation Designee determines the value of our investments in accordance with such valuation policy. In connection with such determination, the Valuation Designee utilizes the services of an independent valuation firm, which prepares valuation reports on a quarterly basis for most of our portfolio investments that are not publicly traded or for which we do not have readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded. However, the Valuation Designee retains ultimate authority as to the appropriate valuation of each such investment. The types of factors that the Valuation Designee takes into account in approving fair value with respect to such non-traded investments includes, as relevant and, to the extent available, the portfolio company’s earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company and other relevant factors. This information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, our fair value determinations with respect to any non-traded investments we hold may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our securities based on an overstated net asset value may pay a higher price than the value of our investments might warrant. Conversely, investors selling securities based on a net asset value that understates the value of our investments may receive a lower price for their securities than the value of our investments might warrant. | |||||||||||||||
Legal Proceedings in Connection with Investments in Portfolio Companies [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We and the Advisor may be a party to legal proceedings in connection with our investments in our portfolio companies. From time to time, we and the Advisor may be a party to certain legal proceedings incidental to the normal course of our business, including the enforcement of our rights under contracts with our portfolio companies. While we cannot predict the outcome of these legal proceedings with certainty, we do not expect that these proceedings will have a material effect on our consolidated financial statements. | |||||||||||||||
No Control Over Portfolio Companies [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | e may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. We do not generally intend to take controlling equity positions in our portfolio companies. To the extent that we do not hold a controlling equity interest in a portfolio company, we are subject to the risk that such portfolio company may make business decisions with which we disagree, and the stockholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments. In addition, we may not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. | |||||||||||||||
Portfolio Companies Incur Debt [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. The portfolio companies we invest in usually have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Additionally, certain loans that we make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements, including agreements governing “first out” and “last out” structures, that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be in good faith under the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our portfolio holdings. When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment. We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. | |||||||||||||||
Subordinated Debt Investments [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance. Additionally, these companies may not be able to get a full tax deduction for such borrowings. | |||||||||||||||
Investments In Leveraged Portfolio Companies [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our portfolio companies may be highly leveraged. Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. | |||||||||||||||
Investment Concentration Risk [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Concentration of our assets in an issuer, industry or sector may present more risks than if we were more broadly diversified over numerous issuers, industries and sectors of the economy. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, we may, from time to time, invest a substantial portion of our assets in the securities of issuers in any single industry or sector of the economy or in only a few issuers. We cannot predict the industries or sectors in which our investment strategy may cause us to concentrate and cannot predict the level of our diversification among issuers to ensure that we satisfy diversification requirements for qualification as a RIC for U.S. federal income tax purposes. A downturn in an industry or sector in which we are concentrated would have a larger impact on us than on a company that does not concentrate in that particular industry or sector. Furthermore, the Advisor has not made and does not intend to make any determination as to the allocation of assets among different classes of securities. At any point in time we may be highly concentrated in a single type of asset, such as junior unsecured loans or distressed debt. Consequently, events which affect a particular asset class disproportionately could have an equally disproportionate effect on us. | |||||||||||||||
Failure To Make Follow On Investments [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our initial investment. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Our failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make such follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, because we are inhibited by compliance with BDC requirements or because we desire to maintain our tax status. | |||||||||||||||
Investments in Software, Internet and Catalog Retail and IT Services [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our investments in the Software, Internet & Catalog Retail, and IT Services sectors are subject to various risks, including intellectual property infringement issues and rapid technological changes, which may adversely affect our performance. Each industry contains certain industry related credit risks. General risks of companies in the Software, Internet & Catalog Retail, and IT Services sectors include intellectual property infringement liability issues, the inability to protect Internet software and other propriety technology, extensive competition and limited barriers to entry. Generally, the market for Internet software and services is categorized by rapid technological change, evolving industry standards, changes in customer requirements and frequent new product introduction and enhancements. If a portfolio company in the Internet software and services sector cannot develop new products and enhance its current products in response to technological changes and competing products, its business and operating results will be negatively affected. In addition, there has been a substantial amount of litigation in the Internet software and services relating to intellectual property rights. Regardless of whether claims that a company is infringing patents or other intellectual property have any merit, these claims are time-consuming and costly. Moreover, an Internet software and services company must monitor the unauthorized use of its intellectual property, which may be difficult and costly. A company’s failure to protect its intellectual property could put it at a disadvantage to its competitors and harm its business, results of operations and financial condition. If an internet software and services company in which we invest is unable to navigate these risks, our performance may be adversely affected. | |||||||||||||||
Investments in Financial Services [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our investments in the financial services sector are subject to various risks including volatility and extensive government regulation. These risks include the effects of changes in interest rates on the profitability of financial services companies, the rate of corporate and consumer debt defaults, price competition, governmental limitations on a company’s loans, other financial commitments, product lines and other operations and recent ongoing changes in the financial services industry (including consolidations, development of new products and changes to the industry’s regulatory framework). Insurance companies have additional risks, such as heavy price competition, claims activity and marketing competition, and can be particularly sensitive to specific events such as man-made and natural disasters (including weather catastrophes), terrorism, mortality risks and morbidity rates. | |||||||||||||||
Investments in Foreign Securities [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy contemplates that a portion of our investments may be in securities of foreign companies in order to provide diversification or to complement our U.S. investments, although we are required generally to invest at least 70% of our assets in companies organized and having their principal place of business within the U.S. and its possessions. Accordingly, we may invest on an opportunistic basis in certain non-U.S. companies, including those located in emerging markets, that otherwise meet our investment criteria. In regards to the regulatory requirements for business development companies, some of these investments may not qualify as investments in “eligible portfolio companies,” and thus may not be considered “qualifying assets.” “Eligible portfolio companies” generally include U.S. companies that are not investment companies and that do not have securities listed on a national exchange. If at any time less than 70% of our gross assets are comprised of qualifying assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the value of any qualifying assets, we would generally not be permitted to acquire any additional non-qualifying assets until such time as 70% of our then current gross assets were comprised of qualifying assets. We would not be required, however, to dispose of any non-qualifying assets in such circumstances. In addition, investing in foreign companies, and particularly those in emerging markets, may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks may be more pronounced for portfolio companies located or operating primarily in emerging markets, whose economies, markets and legal systems may be less developed. Further, we may have difficulty enforcing our rights as equity holders in foreign jurisdictions. In addition, to the extent we invest in non-U.S. companies, we may face greater exposure to foreign economic developments. Although it is anticipated that most of our investments will be denominated in U.S. dollars, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency may change in relation to the U.S. dollar. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk or, that if we do, such strategies will be effective. As a result, a change in currency exchange rates may adversely affect our profitability. | |||||||||||||||
Effect of Global Climate Change [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The effect of global climate change may impact the operations of our portfolio companies. There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. | |||||||||||||||
Invest in Covenant-lite Loans [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may invest in “covenant-lite” loans, which could have limited investor protections. We may invest in, or obtain exposure to, obligations that may be “covenant-lite,” which means such obligations lack, or possess fewer, financial covenants that protect lenders. Covenant-lite agreements feature incurrence covenants, as opposed to more restrictive maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes certain actions (e.g., issuing additional debt, paying a dividend, making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Furthermore, in the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default. | |||||||||||||||
Risks Related to Our Operations as a BDC [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Risks related to our operations as a BDC While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, the Advisor may face conflicts of interests and investments made pursuant to the exemptive order conditions could in certain circumstances adversely affect the price paid or received by us or the availability or size of the position purchased or sold by us. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities or is managed by the Advisor will generally be our affiliate for purposes of the 1940 Act and we are generally prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, such affiliate, absent the prior approval of our independent directors and, in some cases, of the SEC. However, the Advisor and the funds managed by the Advisor have received an exemption from certain SEC regulations prohibiting transactions with affiliates. The exemptive order requires that certain procedures be followed prior to making an investment subject to the order and such procedures could in certain circumstances adversely affect the price paid or received by us or the availability or size of the position purchased or sold by us. The Advisor may also face conflicts of interest in making investments pursuant to the exemptive order. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent directors and, in some cases, of the SEC. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities and from or to certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. Regulations governing our operation as a BDC may limit our ability to, and the way in which we raise additional capital, which could have a material adverse impact on our liquidity, financial condition and results of operations and may hinder the Advisor’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. Our business requires a substantial amount of capital. We may acquire additional capital from the issuance of additional shares of our common stock or from the additional issuance of senior securities (including debt and preferred stock). However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as “senior securities,” and we may borrow money from banks or other financial institutions, up to the maximum amount permitted by the 1940 Act. The 1940 Act, permits us to issue senior securities or incur indebtedness only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such issuance or incurrence. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous. • Senior Securities . As a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred securities they would rank “senior” to common stock in our capital structure, preferred stockholders would have separate voting rights and may have rights, preferences or privileges more favorable than those of our common stockholders. Furthermore, the issuance of preferred securities could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our common stockholders or otherwise be in the best interests of our common stockholders. • Additional Common Stock . Our Board of Directors may decide to issue common stock to finance our operations rather than issuing debt or other senior securities. As a BDC, we are generally not able to issue our common stock at a price below net asset value, or issue securities convertible into common stock, without first obtaining the required approvals from our stockholders and our independent directors. If our common stock trades at a discount to net asset value, those restrictions could adversely affect our ability to raise equity capital. Except in connection with the exercise of warrants or the conversion of convertible securities, in any such case the price at which our securities are to be issued and sold may not be less than a price, that in the determination of our Board of Directors, closely approximates the market value of such securities at the relevant time. We may also make rights offerings to our stockholders. If we raise additional capital by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our common stockholders at that time would decrease, and our common stockholders may experience dilution. Changes in the laws or regulations governing our business or the business of our portfolio companies, or changes in the interpretations thereof or newly enacted legislation and regulations, and any failure by us or our portfolio companies to comply with these laws or regulations, could have a material adverse effect on our business, results of operations or financial condition of us or our portfolio companies. We are subject to changing rules and regulations of federal and state governments, as well as the stock exchange in which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and The Nasdaq Global Select Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations. Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses in order to comply, or we might have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and decisions, we may lose licenses needed for the conduct of our business and may be subject to civil fines and criminal penalties, any of which could have a material adverse effect upon our business, results of operations or financial condition. If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in certain assets or could be required to dispose of certain assets, which could have a material adverse effect on our business, financial condition and results of operations. As a BDC, we are prohibited from acquiring any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. As of December 31, 2022, approximately $87.9 million, or approximately 15.0%, of our adjusted total assets were not "qualifying assets." If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from investing in additional non-qualifying assets, which could have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inopportune times in order to come into compliance with the 1940 Act. If we need to dispose of these investments quickly, it may be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if a buyer is found, we may have to sell the investments at a substantial loss. We will be subject to corporate-level U.S. federal income tax on all of our income if we are unable to qualify as a RIC under the Code, which could have a material adverse effect on our financial performance. Although we are currently qualified as a RIC, no assurance can be given that we will be able to maintain RIC status. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to its stockholders, we generally must meet the annual distribution, source-of-income and asset diversification requirements described below. To qualify as a RIC under the Code, we generally must meet certain source-of-income, asset diversification and annual distribution requirements. The annual distribution requirement for a RIC will generally be satisfied if we distribute at least 90% of our ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, to our stockholders. Since we use debt financing, we are subject to certain asset coverage ratio requirements and other financial covenants under the terms of the our Credit Facility, and we are, in some circumstances, also subject to similar requirements under the 1940 Act. The requirements could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax. To qualify as a RIC, we generally must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because we anticipate that most of our investments will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate-level income tax, the resulting corporate-level income taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this filing. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. Additionally, a portion of such distributions may include a return of stockholder capital. Distributions in excess of our current and accumulated earnings and profits are considered nontaxable distributions and serve to reduce the basis of our shares in the hands of the common stockholders rather than being currently taxable. As a result of the reduction of the basis of our shares, common stockholders may incur additional capital gains taxes or may have lower capital losses. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock. We may experience cyber-security incidents and are subject to cyber-security risks. Our business operations rely upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, our information technology systems could become subject to cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition. Cyber-security failures or breaches by the Advisor, any sub-adviser(s) and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our net asset value, impediments to trading, the inability of our stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While we have established a business continuity plan in the event of, and risk management systems to prevent, such cyberattacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, we cannot control the cyber security plans and systems put in place by our service providers and issuers in which we invest. We and our stockholders could be negatively impacted as a result. The failure in cyber-security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively. The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a significant number of our managers were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised. We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or the Advisor may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. | |||||||||||||||
SEC Permitting Certain Affiliated Investments Subject to Certain Conditions [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, the Advisor may face conflicts of interests and investments made pursuant to the exemptive order conditions could in certain circumstances adversely affect the price paid or received by us or the availability or size of the position purchased or sold by us. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities or is managed by the Advisor will generally be our affiliate for purposes of the 1940 Act and we are generally prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, such affiliate, absent the prior approval of our independent directors and, in some cases, of the SEC. However, the Advisor and the funds managed by the Advisor have received an exemption from certain SEC regulations prohibiting transactions with affiliates. The exemptive order requires that certain procedures be followed prior to making an investment subject to the order and such procedures could in certain circumstances adversely affect the price paid or received by us or the availability or size of the position purchased or sold by us. The Advisor may also face conflicts of interest in making investments pursuant to the exemptive order. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent directors and, in some cases, of the SEC. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities and from or to certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. | |||||||||||||||
Changes in Laws or Regulations Governing Business [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Changes in the laws or regulations governing our business or the business of our portfolio companies, or changes in the interpretations thereof or newly enacted legislation and regulations, and any failure by us or our portfolio companies to comply with these laws or regulations, could have a material adverse effect on our business, results of operations or financial condition of us or our portfolio companies. We are subject to changing rules and regulations of federal and state governments, as well as the stock exchange in which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and The Nasdaq Global Select Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations. Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses in order to comply, or we might have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and decisions, we may lose licenses needed for the conduct of our business and may be subject to civil fines and criminal penalties, any of which could have a material adverse effect upon our business, results of operations or financial condition. | |||||||||||||||
Failure Of Effective System Of Internal Control [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock. | |||||||||||||||
Subject to Cyber-Security Risks [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may experience cyber-security incidents and are subject to cyber-security risks. Our business operations rely upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, our information technology systems could become subject to cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition. Cyber-security failures or breaches by the Advisor, any sub-adviser(s) and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our net asset value, impediments to trading, the inability of our stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While we have established a business continuity plan in the event of, and risk management systems to prevent, such cyberattacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, we cannot control the cyber security plans and systems put in place by our service providers and issuers in which we invest. We and our stockholders could be negatively impacted as a result. | |||||||||||||||
Failure in Cyber-Security Systems [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The failure in cyber-security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively. The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a significant number of our managers were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised. We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss. | |||||||||||||||
Information Systems And Systems Failures [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or the Advisor may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. | |||||||||||||||
Risks Relating to Our Common Stock and Other Securities [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Risks related to our common stock and other securities Our shares of common stock have traded at a discount from net asset value and may do so again in the future, which could limit our ability to raise additional equity capital. Shares of closed-end investment companies, including BDCs, may trade at a market discount from net asset value. This characteristic of closed-end investment companies and BDCs is separate and distinct from the risk that our net asset value per share may decline. In the past, the stocks of BDCs as an industry, including shares of our common stock, have traded below net asset value and at historic lows as a result of concerns over liquidity, leverage restrictions and distribution requirements. When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors. At our special meeting of stockholders held on May 3, 2022, our stockholders did not approve our ability to sell or otherwise issue shares of our common stock at a price below its then current net asset value per share for a 12-month period expiring on the anniversary of the date of stockholder approval. We intend to seek the same stockholder approval at a special meeting on May 3, 2023 for the 12-month period commencing on May 3, 2023, but there can be no assurance we will receive such approval. Investing in our common stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance. The market price of our common stock may fluctuate significantly. The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • volatility in the market price and trading volume of securities of BDCs or other companies in the sector in which we operate, which are not necessarily related to the operating performance of these companies; • price and volume fluctuations in the overall stock market from time to time; • changes in law, regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; • loss of RIC status; • changes in earnings or variations in operating results; • changes in the value of our portfolio of investments; • any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; • departure of key personnel from the Advisor; • operating performance of companies comparable to us; • short-selling pressure with respect to shares of our common stock or BDCs generally; • future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities; • uncertainty surrounding the strength of the U.S. economic recovery; • general economic trends and other external factors; and • loss of a major funding source. Stockholders will likely incur dilution if we sell or otherwise issue shares of our common stock or securities to subscribe for or convertible into shares of our common stock at prices below the then current net asset value per share of our common stock. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock immediately prior to any such sale at a price below net asset value. Our ability to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations by our board of directors expired on May 3, 2022 and was not renewed. In addition, we may also issue shares of common stock in certain limited circumstances under our dividend reinvestment plan and under interpretive advice issued by the Internal Revenue Service. Any sale or other issuance of shares of our common stock at a price below net asset value per share would result in an immediate dilution to the net asset value per share. This dilution would occur as a result of a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. Such effects may be material, and we undertake to describe material risks and dilutive effects of any offering that we make at a price below our then current net asset value in the future in a prospectus supplement issued in connection with any such offering. We cannot predict whether shares of our common stock will trade above, at or below our net asset value. If we were to sell our common stock at prices below net asset value for a sustained period of time, such sales may result in an increased risk of our common stock trading at a discount to its net asset value. Our capital-raising activities may have an adverse effect on the market price of our common stock. When we issue securities or incur debt, we generally obtain cash or cash equivalents. Any increase in our holdings of cash or cash equivalents could adversely affect the prevailing market prices for our common stock, especially if we are unable to timely deploy the capital in suitable investments. The adverse impact on the prevailing market prices for our common stock could be greater if we issue debt securities or other securities requiring the payment of interest and are unable to timely deploy the capital in suitable investments. We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. We may distribute taxable dividends that are payable to our stockholders in part through the issuance of shares of our common stock. Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive their distributions in cash, we must allocate the cash available for distribution among the stockholders electing to receive cash (with the balance of the distribution paid in shares of our common stock). If we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, U.S. taxable stockholders receiving such dividends generally will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock. In addition, to the extent our stock is trading below our net asset value per share, our net asset value per share will be diluted. If we issue preferred stock, the net asset value and market value of our common stock may become more volatile. We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the net asset value and market value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of our common stock than if we had not issued preferred stock. Any decline in the net asset value of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater net asset value decrease would also tend to cause a greater decline in the market price of our common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher Incentive Fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs. We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock. The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any dividends or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the 1940 Act, preferred stock constitutes a “senior security” for purposes of the asset coverage test. Holders of any preferred stock we might issue would have the right to elect members of our Board of Directors and class voting rights on certain matters. Holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of our Board of Directors at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, preferred stockholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly can veto any changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our qualification as a RIC for federal income tax purposes. While we would intend to redeem our preferred stock to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, there can be no assurance that such actions could be affected in time to meet the tax requirements. Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The Delaware General Corporation Law, our amended certificate of incorporation and our amended and restated bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price of our common stock. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our amended certificate of incorporation and amended and restated bylaws dividing our Board of Directors in three classes serving staggered three-year terms, requiring the affirmative vote of the holders of 75% of the then outstanding shares of our capital stock entitled to vote to remove a director for cause, and, subject to the rights of any holders of preferred stock, filling any vacancy on our Board of Directors only by a vote of a majority of the directors then in office. The classification of our Board of Directors and the limitations on removal of directors and filling of vacancies could have the effect of making it more difficult for a third party to acquire us, or of discouraging a third party from acquiring us. Our certificate of incorporation and bylaws also provide that special meetings of the stockholders may only be called by our Board of Directors, Chairman, Chief Executive Officer or Secretary. These provisions, as well as other provisions of our amended certificate of incorporation and our amended and restated bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders. Your interest in us may be diluted if you do not fully exercise your subscription rights in any rights offering we may conduct. In addition, if the subscription price is less than our net asset value per share, then you will experience an immediate dilution of the aggregate net asset value of your shares. In the event we issue subscription rights, stockholders who do not fully exercise their subscription rights should expect that they will, at the completion of a rights offering, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights. We cannot state precisely the amount of any such dilution in share ownership because we do not know at this time what proportion of the shares will be purchased as a result of such rights offering. In addition, if the subscription price is less than the net asset value per share of our common stock, then our stockholders would experience an immediate dilution of the aggregate net asset value of their shares as a result of the offering. The amount of any decrease in net asset value is not predictable because it is not known at this time what the subscription price and net asset value per share will be on the expiration date of a rights offering or what proportion of the shares will be purchased as a result of such rights offering. Such dilution could be substantial. Terms relating to redemption may materially adversely affect your return on any debt securities that we may issue. If your debt securities are redeemable at our option, we may choose to redeem your debt securities at times when prevailing interest rates are lower than the interest rate paid on your debt securities. In addition, if your debt securities are subject to mandatory redemption, we may be required to redeem your debt securities also at times when prevailing interest rates are lower than the interest rate paid on your debt securities. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as your debt securities being redeemed. Our credit ratings are subject to change and may not reflect all risks of an investment in our debt securities. Our credit ratings are an assessment by third parties of our ability to pay our obligations and are subject to change. For example, our credit ratings were changed several times during the most recent fiscal year and are subject to further change. Such fluctuations in our credit ratings may adversely affect the market value of our debt securities. In addition, our credit ratings may not reflect the potential impact of risks related to market conditions generally or other factors on the market value of or trading market for the publicly issued debt securities. | |||||||||||||||
Shares of Common Stock have Traded at Discount [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our shares of common stock have traded at a discount from net asset value and may do so again in the future, which could limit our ability to raise additional equity capital. Shares of closed-end investment companies, including BDCs, may trade at a market discount from net asset value. This characteristic of closed-end investment companies and BDCs is separate and distinct from the risk that our net asset value per share may decline. In the past, the stocks of BDCs as an industry, including shares of our common stock, have traded below net asset value and at historic lows as a result of concerns over liquidity, leverage restrictions and distribution requirements. When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors. At our special meeting of stockholders held on May 3, 2022, our stockholders did not approve our ability to sell or otherwise issue shares of our common stock at a price below its then current net asset value per share for a 12-month period expiring on the anniversary of the date of stockholder approval. We intend to seek the same stockholder approval at a special meeting on May 3, 2023 for the 12-month period commencing on May 3, 2023, but there can be no assurance we will receive such approval. | |||||||||||||||
Investment In Our Common Stock May Involve Above Average Degree Of Risk [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Investing in our common stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance. | |||||||||||||||
Market Price Of Common Stock [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The market price of our common stock may fluctuate significantly. The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • volatility in the market price and trading volume of securities of BDCs or other companies in the sector in which we operate, which are not necessarily related to the operating performance of these companies; • price and volume fluctuations in the overall stock market from time to time; • changes in law, regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; • loss of RIC status; • changes in earnings or variations in operating results; • changes in the value of our portfolio of investments; • any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; • departure of key personnel from the Advisor; • operating performance of companies comparable to us; • short-selling pressure with respect to shares of our common stock or BDCs generally; • future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities; • uncertainty surrounding the strength of the U.S. economic recovery; • general economic trends and other external factors; and • loss of a major funding source. | |||||||||||||||
Risk Of Dilution To Stockholders [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Stockholders will likely incur dilution if we sell or otherwise issue shares of our common stock or securities to subscribe for or convertible into shares of our common stock at prices below the then current net asset value per share of our common stock. We generally seek approval from our stockholders so that we have the flexibility to issue up to 25% of our then outstanding shares of our common stock immediately prior to any such sale at a price below net asset value. Our ability to sell or otherwise issue shares of our common stock at a price below net asset value, subject to certain limitations and determinations by our board of directors expired on May 3, 2022 and was not renewed. In addition, we may also issue shares of common stock in certain limited circumstances under our dividend reinvestment plan and under interpretive advice issued by the Internal Revenue Service. Any sale or other issuance of shares of our common stock at a price below net asset value per share would result in an immediate dilution to the net asset value per share. This dilution would occur as a result of a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. Such effects may be material, and we undertake to describe material risks and dilutive effects of any offering that we make at a price below our then current net asset value in the future in a prospectus supplement issued in connection with any such offering. We cannot predict whether shares of our common stock will trade above, at or below our net asset value. If we were to sell our common stock at prices below net asset value for a sustained period of time, such sales may result in an increased risk of our common stock trading at a discount to its net asset value. | |||||||||||||||
Adverse Effect of Capital Raising Activities on Market Price of Common Stock [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our capital-raising activities may have an adverse effect on the market price of our common stock. When we issue securities or incur debt, we generally obtain cash or cash equivalents. Any increase in our holdings of cash or cash equivalents could adversely affect the prevailing market prices for our common stock, especially if we are unable to timely deploy the capital in suitable investments. The adverse impact on the prevailing market prices for our common stock could be greater if we issue debt securities or other securities requiring the payment of interest and are unable to timely deploy the capital in suitable investments. | |||||||||||||||
Payment Of Dividends In Common Stock [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. We may distribute taxable dividends that are payable to our stockholders in part through the issuance of shares of our common stock. Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive their distributions in cash, we must allocate the cash available for distribution among the stockholders electing to receive cash (with the balance of the distribution paid in shares of our common stock). If we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, U.S. taxable stockholders receiving such dividends generally will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock. In addition, to the extent our stock is trading below our net asset value per share, our net asset value per share will be diluted. | |||||||||||||||
Net Asset Value and Market Value of Common Stock May Become More Volatile If preferred Stock Issued [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | If we issue preferred stock, the net asset value and market value of our common stock may become more volatile. We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the net asset value and market value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of our common stock than if we had not issued preferred stock. Any decline in the net asset value of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater net asset value decrease would also tend to cause a greater decline in the market price of our common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher Incentive Fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs. | |||||||||||||||
Determine to Issue Preferred Stock in Future, Could Adversely Affect Market Value of Common Stock [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock. The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any dividends or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the 1940 Act, preferred stock constitutes a “senior security” for purposes of the asset coverage test. | |||||||||||||||
Holders of Preferred Stock would have Right to Elect Members of Board of Directors and Voting Rights [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Holders of any preferred stock we might issue would have the right to elect members of our Board of Directors and class voting rights on certain matters. Holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of our Board of Directors at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, preferred stockholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly can veto any changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our qualification as a RIC for federal income tax purposes. While we would intend to redeem our preferred stock to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, there can be no assurance that such actions could be affected in time to meet the tax requirements. | |||||||||||||||
Provisions of Delaware General Corporation Law [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The Delaware General Corporation Law, our amended certificate of incorporation and our amended and restated bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price of our common stock. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our amended certificate of incorporation and amended and restated bylaws dividing our Board of Directors in three classes serving staggered three-year terms, requiring the affirmative vote of the holders of 75% of the then outstanding shares of our capital stock entitled to vote to remove a director for cause, and, subject to the rights of any holders of preferred stock, filling any vacancy on our Board of Directors only by a vote of a majority of the directors then in office. The classification of our Board of Directors and the limitations on removal of directors and filling of vacancies could have the effect of making it more difficult for a third party to acquire us, or of discouraging a third party from acquiring us. Our certificate of incorporation and bylaws also provide that special meetings of the stockholders may only be called by our Board of Directors, Chairman, Chief Executive Officer or Secretary. These provisions, as well as other provisions of our amended certificate of incorporation and our amended and restated bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders. | |||||||||||||||
Diluted Interest Not Fully Exercise Subscription Rights Offering [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Your interest in us may be diluted if you do not fully exercise your subscription rights in any rights offering we may conduct. In addition, if the subscription price is less than our net asset value per share, then you will experience an immediate dilution of the aggregate net asset value of your shares. In the event we issue subscription rights, stockholders who do not fully exercise their subscription rights should expect that they will, at the completion of a rights offering, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights. We cannot state precisely the amount of any such dilution in share ownership because we do not know at this time what proportion of the shares will be purchased as a result of such rights offering. In addition, if the subscription price is less than the net asset value per share of our common stock, then our stockholders would experience an immediate dilution of the aggregate net asset value of their shares as a result of the offering. The amount of any decrease in net asset value is not predictable because it is not known at this time what the subscription price and net asset value per share will be on the expiration date of a rights offering or what proportion of the shares will be purchased as a result of such rights offering. Such dilution could be substantial. | |||||||||||||||
Risk Terms Relating to Redemption [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Terms relating to redemption may materially adversely affect your return on any debt securities that we may issue. If your debt securities are redeemable at our option, we may choose to redeem your debt securities at times when prevailing interest rates are lower than the interest rate paid on your debt securities. In addition, if your debt securities are subject to mandatory redemption, we may be required to redeem your debt securities also at times when prevailing interest rates are lower than the interest rate paid on your debt securities. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as your debt securities being redeemed. | |||||||||||||||
Change in Risk Credit Ratings [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our credit ratings are subject to change and may not reflect all risks of an investment in our debt securities. Our credit ratings are an assessment by third parties of our ability to pay our obligations and are subject to change. For example, our credit ratings were changed several times during the most recent fiscal year and are subject to further change. Such fluctuations in our credit ratings may adversely affect the market value of our debt securities. In addition, our credit ratings may not reflect the potential impact of risks related to market conditions generally or other factors on the market value of or trading market for the publicly issued debt securities. | |||||||||||||||
Gross of Incentive Fee [Member] | ||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||
Expense Example, Year 01 | [13] | $ 121 | ||||||||||||||
Expense Example, Years 1 to 3 | [13] | 263 | ||||||||||||||
Expense Example, Years 1 to 5 | [13] | 397 | ||||||||||||||
Expense Example, Years 1 to 10 | [13] | 699 | ||||||||||||||
Net of Incentive Fee [Member] | ||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||
Expense Example, Year 01 | [14] | 129 | ||||||||||||||
Expense Example, Years 1 to 3 | [14] | 284 | ||||||||||||||
Expense Example, Years 1 to 5 | [14] | 428 | ||||||||||||||
Expense Example, Years 1 to 10 | [14] | $ 743 | ||||||||||||||
Not Managed by Black Rock But One Subsidiaries May Not Replicate Success [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We are not managed by BlackRock, but rather one its subsidiaries and may not replicate the success of that entity or BlackRock. Our investment strategies differ from those of BlackRock or its affiliates. As a BDC, we are subject to certain investment restrictions that do not apply to BlackRock. Our performance may be lower or higher than the performance of other entities managed by BlackRock or its affiliates and their past performance is no guarantee of our future results. | |||||||||||||||
Advisors Liability Limited Under Investment Management Agreement [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | The Advisor's liability is limited under the investment management agreement, and we are required to indemnify the Advisor against certain liabilities, which may lead the Advisor to act in a riskier manner on our behalf than it would when acting for its own account. The Advisor has not assumed any responsibility to us other than to render the services described in the investment management agreement, and it will not be responsible for any action of our Board of Directors in declining to follow the Advisor’s advice or recommendations. Pursuant to the investment management agreement, the Advisor and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it will not be liable to us for their acts under the investment management agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect the Advisor and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it with respect to all damages, liabilities, costs and expenses resulting from acts of the Advisor not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the investment management agreement. These protections may lead the Advisor to act in a riskier manner when acting on our behalf than it would when acting for its own account. | |||||||||||||||
Credit Loss [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may suffer credit losses. Investment in middle-market companies is highly speculative and involves a high degree of risk of credit loss, and therefore our securities may not be suitable for someone with a low tolerance for risk. These risks are likely to increase during an economic recession. | |||||||||||||||
Fluctuations in Periodic Operating Results [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We may experience fluctuations in our periodic operating results. We could experience fluctuations in our periodic operating results due to a number of factors, including the interest rates payable on the debt securities we acquire, the default rate on such securities, the level of our expenses (including the interest rates payable on our borrowings), the dividend rates payable on preferred stock we issue, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. | |||||||||||||||
Fail to Maintain Status as BDC [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | If we fail to maintain our status as a BDC, our business and operating flexibility could be significantly reduced. We qualify as a BDC under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of business development companies. For example, BDCs are prohibited from making any unqualifying investments unless at least 70% of their total assets are invested in qualifying investments which are primarily securities of private or thinly-traded U.S. companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Failure to comply with the requirements imposed on business development companies by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, any such failure could cause an event of default under the Leverage Program, which could have a materially adverse effect on our business, financial conditions or results of operations. | |||||||||||||||
Intend to Distribute Substantially All Income to Our Stockholders [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Because we intend to distribute substantially all of our income to our stockholders to maintain our status as a RIC under the Code we will continue to need additional capital to finance growth. If additional funds are unavailable or not available on favorable terms, our ability to grow will be impaired. In order for the Company to qualify for the tax benefits available to RICs and to minimize payment of excise taxes, we intend to distribute to our stockholders substantially all of our annual taxable income and treat such amounts as deemed distributions to our stockholders. If we elect to treat any amounts as deemed distributions, we must pay income taxes at the corporate rate on such deemed distributions on behalf of our stockholders and our stockholders will receive a tax credit for such amounts and an increase in basis. A stockholder that is not subject to U.S. federal income tax or otherwise is not required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. As a result of these requirements, we will likely need to raise capital from other sources to grow our business. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets could limit our ability to grow our business and fully execute our business strategy and could decrease our earnings, if any. As a BDC, we are not able to incur senior securities unless after giving effect thereto we meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all of our borrowings, of at least 150%. This means that for every $100 of net assets, we may raise $200 from senior securities, such as borrowings or issuing preferred stock. These requirements limit the amount that we may borrow. Because we will continue to need capital to grow our investment portfolio, these limitations may prevent us from incurring debt and require us to raise additional equity at a time when it may be disadvantageous to do so. While we expect we will be able to borrow and to issue additional debt securities and expect that we will be able to issue additional equity securities, we cannot assure you that debt and equity financing will be available to us on favorable terms, or at all. In addition, as a BDC, we generally will not be permitted to issue equity securities priced below net asset value without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease new investment activities and our net asset value or common stock price could decline. | |||||||||||||||
Prepayment of Loans by Porfolio Companies [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Our portfolio companies may prepay loans, which prepayment may reduce stated yields in the future if capital returned cannot be invested in transactions with equal or greater expected yields. Certain of the loans we make are prepayable at any time, some of them at no premium to par. We cannot predict when such loans may be prepaid. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that permit such company to replace existing financing with less expensive capital. As market conditions change frequently, it is unknown when, and if, this may be possible for each portfolio company. In the case of some of these loans, having the loan prepaid early may reduce the achievable yield for the Company in the future below the current yield disclosed for our portfolio if the capital returned cannot be invested in transactions with equal or greater expected yields. | |||||||||||||||
Regulations Governing Operation as BDC Limit our Ability and Raise Additional Capital [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | Regulations governing our operation as a BDC may limit our ability to, and the way in which we raise additional capital, which could have a material adverse impact on our liquidity, financial condition and results of operations and may hinder the Advisor’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. Our business requires a substantial amount of capital. We may acquire additional capital from the issuance of additional shares of our common stock or from the additional issuance of senior securities (including debt and preferred stock). However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as “senior securities,” and we may borrow money from banks or other financial institutions, up to the maximum amount permitted by the 1940 Act. The 1940 Act, permits us to issue senior securities or incur indebtedness only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such issuance or incurrence. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous. • Senior Securities . As a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred securities they would rank “senior” to common stock in our capital structure, preferred stockholders would have separate voting rights and may have rights, preferences or privileges more favorable than those of our common stockholders. Furthermore, the issuance of preferred securities could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our common stockholders or otherwise be in the best interests of our common stockholders. • Additional Common Stock . Our Board of Directors may decide to issue common stock to finance our operations rather than issuing debt or other senior securities. As a BDC, we are generally not able to issue our common stock at a price below net asset value, or issue securities convertible into common stock, without first obtaining the required approvals from our stockholders and our independent directors. If our common stock trades at a discount to net asset value, those restrictions could adversely affect our ability to raise equity capital. Except in connection with the exercise of warrants or the conversion of convertible securities, in any such case the price at which our securities are to be issued and sold may not be less than a price, that in the determination of our Board of Directors, closely approximates the market value of such securities at the relevant time. We may also make rights offerings to our stockholders. If we raise additional capital by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our common stockholders at that time would decrease, and our common stockholders may experience dilution. | |||||||||||||||
Investment in Qalifying Assets [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in certain assets or could be required to dispose of certain assets, which could have a material adverse effect on our business, financial condition and results of operations. As a BDC, we are prohibited from acquiring any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. As of December 31, 2022, approximately $87.9 million, or approximately 15.0%, of our adjusted total assets were not "qualifying assets." If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from investing in additional non-qualifying assets, which could have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inopportune times in order to come into compliance with the 1940 Act. If we need to dispose of these investments quickly, it may be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if a buyer is found, we may have to sell the investments at a substantial loss. | |||||||||||||||
Subject to Corporate Level US Federal Income Tax if Unable to Qualify as Regulated Investment Company [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | We will be subject to corporate-level U.S. federal income tax on all of our income if we are unable to qualify as a RIC under the Code, which could have a material adverse effect on our financial performance. Although we are currently qualified as a RIC, no assurance can be given that we will be able to maintain RIC status. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to its stockholders, we generally must meet the annual distribution, source-of-income and asset diversification requirements described below. To qualify as a RIC under the Code, we generally must meet certain source-of-income, asset diversification and annual distribution requirements. The annual distribution requirement for a RIC will generally be satisfied if we distribute at least 90% of our ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, to our stockholders. Since we use debt financing, we are subject to certain asset coverage ratio requirements and other financial covenants under the terms of the our Credit Facility, and we are, in some circumstances, also subject to similar requirements under the 1940 Act. The requirements could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax. To qualify as a RIC, we generally must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because we anticipate that most of our investments will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate-level income tax, the resulting corporate-level income taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. | |||||||||||||||
Risk Not Receive Distributions [Member] | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||
Risk [Text Block] | There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this filing. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. Additionally, a portion of such distributions may include a return of stockholder capital. Distributions in excess of our current and accumulated earnings and profits are considered nontaxable distributions and serve to reduce the basis of our shares in the hands of the common stockholders rather than being currently taxable. As a result of the reduction of the basis of our shares, common stockholders may incur additional capital gains taxes or may have lower capital losses. | |||||||||||||||
5.00% Convertible Notes Due 2022 | ||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||
Long Term Debt, Title [Text Block] | Unsecured Convertible Senior Notes Due 2022 | |||||||||||||||
Long Term Debt, Principal | $ 143,750,000 | |||||||||||||||
Long Term Debt, Structuring [Text Block] | The interest rate on the notes was 5.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. Holders were able to convert their notes at their option prior to the close of business on the business day immediately preceding December 15, 2021, in integral multiples of $1,000 principal amount, only under certain circumstances. | |||||||||||||||
Unsecured Senior Notes Due 2025 [Member] | ||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||
Long Term Debt, Title [Text Block] | Unsecured Senior Notes Due 2025 | |||||||||||||||
Long Term Debt, Principal | $ 92,000,000 | |||||||||||||||
Long Term Debt, Structuring [Text Block] | In addition, during any time that the rating assigned to the 2025 Private Placement Notes declines below investment grade, the 2025 Private Placement Notes will bear interest at a rate that is increased by 1.00%. The 2025 Private Placement Notes were issued at a closing which occurred on June 9, 2022. The 2025 Private Placement Notes will be due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Company may prepay the 2025 Private Placement Notes at its option, subject to a prepayment premium, in an amount equal to 2% on or before June 9, 2023, 1% after June 9, 2023 but on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. | |||||||||||||||
Long Term Debt, Rights Limited by Other Securities [Text Block] | In addition, the Company will be obligated to offer to repay the 2025 Private Placement Notes at par if certain change in control events occur. The 2025 Private Placement Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
Senior Unsecured Notes, Tranche One [Member] | ||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||
Long Term Debt, Principal | 35,000,000 | |||||||||||||||
Long Term Debt, Structuring [Text Block] | fixed interest rate of 5.82% with interest to be paid semi-annually on June 9 and December 9 of each year, beginning on December 9, 2022 | |||||||||||||||
Senior Unsecured Notes, Tranche Two [Member] | ||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||
Long Term Debt, Principal | $ 57,000,000 | |||||||||||||||
Long Term Debt, Structuring [Text Block] | interest at a rate equal to SOFR plus 3.14% with interest to be paid quarterly on March 9, June 9, September 9, and December 9 of each year, beginning on September 9, 2022 | |||||||||||||||
[1] In the event that securities are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load. The expenses of our dividend reinvestment plan are included in “Other Expenses.” The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated offering expenses borne by us as a percentage of the offering price. Management Fees used for the purpose of this table actual amounts for the year ended December 31, 2022. Effective May 2, 2020, after the annual meeting of the Company’s stockholders, held on May 1, 2020, our Base Management Fee was reduced from 1.75% of total assets to 1.50% of total assets up to 200% of net asset value and 1.00% on total assets that exceed 200% (excluding cash), payable quarterly in arrears based on our total asset valuation at the end of the prior quarter. For more detailed information about the Management Fee, please see Note 3 to the consolidated financial statements. The “net assets attributable to common stock” used to calculate the percentages in this table is our average net assets of $337.8 million for the twelve-month period ended December 31, 2022. “Interest Payments on Borrowed Funds” is based upon actual amounts incurred for the year ended December 31, 2022 and represents interest and other debt expenses incurred on our Credit Facility, 2025 Private Placement Notes and 2022 Convertible Notes (prior to their maturity). As of December 31, 2022, the amounts outstanding under our Credit Facility and 2025 Private Placement Notes were $162.0 million and $92.0 million (at par), respectively. For more detailed information about debt, please see Note 4 to the consolidated financial statements. Incentive Fees used for the purpose of this table equal the Company’s actual amounts for the year ended December 31, 2022, including i) the Company’s Incentive Fees based on income; and ii) Incentive Fees based on capital gains, which were reversed in accordance with GAAP for the year ended December 31, 2022. For purposes of this table, we have assumed that these fees will be payable (in the case of the incentive fees based on capital gains) and that they will remain constant, although they are based on our performance and will not be paid unless we achieve certain goals. As we cannot predict whether we will meet these thresholds, the Incentive Fee paid in future years, if any, may be substantially different than the fee earned historically. For more detailed information about the Incentive Fees, please see Note 3 to the consolidated financial statements. “Other Expenses” includes but not limited to our overhead expenses, including expenses of the Advisor reimbursable under the Company's Current Management Agreement and of the Administrator reimbursable under the administration agreement. Such expenses are based on actual amounts incurred for the year ended December 31, 2022. “Total Annual Expenses” as a percentage of net assets attributable to common shares are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets. The SEC requires that the “Total Annual Expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness), rather than the total assets, including assets that have been funded with borrowed monies. If the “Total Annual Expenses” percentage were calculated instead as a percentage of total assets, our “Total Annual Expenses” would be 4.92% of total assets. The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. The table also assumes that we will maintain a constant level of leverage. The amount of leverage that we use will vary from time to time. The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter. Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV. Assumes that we will not realize any capital gains net of all realized capital losses and unrealized capital depreciation (and therefore no Incentive fee on capital gains is applied). Assumes no unrealized capital depreciation or realized capital losses and annual returns resulting entirely from net realized capital gains (and therefore subject to a 17.5 % Incentive fee on capital gains). No Incentive fee on income has been applied. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization BlackRock Capital Investment Corporation (together with its subsidiaries, the “Company”) was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986 (the “Code”). The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in middle-market companies in the form of senior debt securities and loans, and our investment portfolio may include junior secured and unsecured debt securities and loans, each of which may include an equity component. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Company (“ASC 946”). The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, which were established to hold certain investments of the Company. The Company owns 100 % of each subsidiary and, as such, the subsidiaries are consolidated into the Company’s consolidated financial statements. The subsidiaries hold investments which are treated as pass through entities for tax purposes. By investing through these 100 % owned subsidiaries, the Company is able to benefit from corporate tax treatment for these entities and thereby create a tax structure that is more advantageous with respect to the RIC status of the Company. Intercompany balances and transactions are eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported. Expenses are recorded on an accrual basis. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material. Investment Valuation Pursuant to Rule 2a-5 (the "Rule") under the 1940 Act, the Company’s Board of Directors (the "Board") has designated BlackRock Capital Investment Advisors, LLC (“BCIA” or the “Advisor”) as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations, and has reviewed and approved amended policies and procedures adopted by BCIA to seek to ensure compliance with the requirements of the Rule as part of such designation. The Valuation Designee will provide quarterly valuation reporting and notifications on any material valuation matters to the Board as required under the Rule. Investments are recorded at fair value based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Company by the Board and the Valuation Designee. Securities traded on a recognized securities exchange are valued using the close price on the exchange on valuation date. Investments for which market prices from an exchange are not readily available are valued using the last available bid price or quote provided by an independent pricing service or one or more broker-dealers or market makers, unless they are deemed not to represent fair value. Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by or under the direction of the Company’s Valuation Designee. Because the Company expects that there will not be a readily available market for all of the investments in its portfolio, the Company expects to value a significant portion of its portfolio investments at fair value as determined in good faith by or under the direction of the Valuation Designee using a consistently applied valuation process in accordance with documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, cyclical, geopolitical and other events and conditions such as the COVID-19 pandemic and the Russian military invasion of Ukraine, rising interest rates and risks related to inflation and credit risk (see Item 1A. Risk Factors), that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on and realizability of the Company’s investments. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company’s investments than on the fair values of the Company’s investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Valuation Designee believes that facts and circumstances applicable to an issuer, a seller, a purchaser or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread. With respect to the Company’s investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, the Valuation Designee has approved a multi-step valuation process applied each quarter, as described below: (i) The quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the portfolio investment; (ii) The investment professionals provide recent portfolio company financial statements and other reporting materials to independent valuation firms engaged by the Valuation Designee and approved by the Valuation Committee (with the exception of statements and materials related to investments priced directly by the Valuation Designee as described in (iv) below), such firms conduct independent appraisals each quarter and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor; (iii) The Valuation Committee reviews the preliminary valuations prepared by the independent valuation firm and the Valuation Designee, as applicable; (iv) The fair value of certain investments, comprising in the aggregate, less than 5 % of the Company’s net asset value and no more than 15 % of total positions held, respectively, may be determined by the Valuation Designee in good faith without the engagement of an independent valuation firm in accordance with the Company’s valuation policy; provided that if only the threshold with respect to the number of all positions valued at zero or immaterial amounts is exceeded, the Valuation Designee may request the Valuation Committee's approval to not request a fair valuation from an independent valuation firm for all such positions; and (v) The Valuation Designee discuss valuations and determines the fair value of each investment in the portfolio in good faith based on the input of the Valuation Committee and the respective independent valuation firms. Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued generally utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, (e.g. non-performance risk), its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, the Company’s principal market (as the reporting entity), any bid for a Company asset (irrespective of the perceived validity of such bid), and enterprise values. For positions acquired during the current quarter, the Valuation Designee generally believes that cost will approximate fair value. As such, an independent valuation, in certain cases, may not be obtained until the quarter-end after the quarter the investment is acquired in. ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the FASB, defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC 820-10 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820-10 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 – Valuations based on unadjusted quoted prices in markets that are not active or for which most significant inputs are observable, either directly or indirectly. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The inputs into the determination of fair value may require significant management judgment or estimation. Transfers between levels, if any, represent the value as of the beginning of the period of any investment where a change in the pricing level occurred from the beginning to the end of the period. At December 31, 2022, the Company’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Other (2) Equity Total 1 Quoted prices in active markets for identical assets $ — $ — $ — $ — 2 Other direct and indirect observable market inputs (3) 43,550,303 — — 43,550,303 3 Valuation sources that employ significant unobservable inputs 494,932,878 21,782,823 10,223,080 526,938,781 Total $ 538,483,181 $ 21,782,823 $ 10,223,080 $ 570,489,084 (1) Includes senior secured loans. (2) Includes senior secured notes, unsecured debt and subordinated debt. (3) For example, quoted prices in inactive markets or quotes for comparable investments. Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) (Concluded Value) (2) Bank Debt $ 450,067,848 Income approach Discount rate 12.9 % - 13.7 % ( 13.3 %) 43,102,197 Market quotations Indicative bid/ask quotes 1 ( 1 ) 1,762,833 Option Pricing Model Implied volatility 60.0 % - 70.0 % ( 65.0 %) Term 1.8 years - 2.8 years ( 2.3 years) Other Corporate Debt 21,074,000 Income approach Discount rate 13.6 % - 15.1 % ( 14.3 %) 708,823 Market comparable companies Revenue multiples 0.1 x - 0.2 x ( 0.2 x) Equity 1,586,504 Option Pricing Model EBITDA/Revenue multiples 3.6 x - 3.9 x ( 3.8 x) Implied volatility 58.2 % - 68.2 % ( 63.2 %) Term 1.8 years - 2.9 years ( 2.4 years) 4,373,400 Market comparable companies EBITDA multiples 5.8 x - 6.8 x ( 6.3 x) 3,972,472 Income approach Discount rate 20.3 % - 32.8 % ( 24.6 %) 290,704 Market comparable companies Revenue multiples 2.1 x - 2.3 x ( 2.2 x) $ 526,938,781 (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0 % and 100 %. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Increase Decrease Yield Increase Decrease Changes in investments categorized as Level 3 during the year ended December 31, 2022 were as follows: Bank Debt Other Equity Total Beginning balance $ 483,970,602 $ 28,568,871 $ 12,489,257 $ 525,028,730 Net realized and unrealized gains (losses) ( 16,007,901 ) ( 2,616,909 ) ( 2,090,442 ) ( 20,715,252 ) Acquisitions (1) 221,215,875 6,245 334,701 221,556,821 Dispositions ( 186,361,848 ) ( 4,175,384 ) ( 510,436 ) ( 191,047,668 ) Transfers into Level 3 (2) 7,041,150 — — 7,041,150 Transfers out of Level 3 (3) ( 14,925,000 ) — — ( 14,925,000 ) Ending balance $ 494,932,878 $ 21,782,823 $ 10,223,080 $ 526,938,781 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ ( 14,698,324 ) $ ( 2,632,348 ) $ ( 2,100,879 ) $ ( 19,431,551 ) (1) Includes payments received in kind and accretion of original issue and market discounts. (2) Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity. (3) Comprised of one investment that was transferred from Level 3 to Level 2 due to increased observable market activity. At December 31, 2021, the Company’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Other (2) Equity Total 1 Quoted prices in active markets for identical assets $ — $ — $ — $ — 2 Other direct and indirect observable market inputs (3) 27,535,264 — — 27,535,264 3 Valuation sources that employ significant unobservable inputs 483,970,602 28,568,871 12,489,257 525,028,730 Total $ 511,505,866 $ 28,568,871 $ 12,489,257 $ 552,563,994 (1) Includes senior secured loans. (2) Includes senior secured notes, unsecured debt and subordinated debt. (3) For example, quoted prices in inactive markets or quotes for comparable investments. Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2021 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range(1) (Concluded Value)(2) Bank Debt $ 428,335,957 Income approach Discount rate 9.0 % - 9.6 % ( 9.3 %) 50,067,281 Market quotations Indicative quotes 1 ( 1 ) 3,134,168 Market comparable companies EBITDA multiples 1.0 x - 1.2 x ( 1.1 x) 2,433,196 Option Pricing Model Revenue multiple 4.5 x - 5.0 x ( 4.8 x) Implied volatility 60.0 % - 70.0 % ( 65.0 %) Term 2.8 years - 3.8 years ( 3.3 years) Other Corporate Debt 27,916,632 Income approach Discount rate 11.3 % - 12.9 % ( 12.1 %) 652,239 Market comparable companies Revenue multiples 0.2 x - 0.2 x ( 0.2 x) Equity 2,333,257 Option Pricing Model EBITDA/Revenue multiples 4.7 x - 5.2 x ( 4.9 x) Implied volatility 57.3 % - 67.0 % ( 62.1 %) Term 2.6 years - 3.6 years ( 3.1 years) 7,475,576 Market comparable companies EBITDA multiples 5.2 x - 5.6 x ( 5.4 x) 2,428,688 Market quotations Indicative bid/ask quotes 1 ( 1 ) 251,736 Market comparable companies Revenue multiples 0.6 x - 0.8 x ( 0.7 x) $ 525,028,730 (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. C hanges in investments categorized as Level 3 during the year ended December 31, 2021 were as follows: Bank Debt Other Equity Total Beginning balance $ 353,651,555 $ 61,573,500 $ 12,301,429 $ 427,526,484 Net realized and unrealized gains (losses) 11,220,420 287,700 30,508,601 42,016,721 Acquisitions (1) 251,587,012 941,551 11,913,150 264,441,713 Dispositions ( 127,752,607 ) ( 34,233,880 ) ( 42,233,923 ) ( 204,220,410 ) Transfers into Level 3 — — — — Transfers out of Level 3 (2) ( 4,735,778 ) — — ( 4,735,778 ) Ending balance $ 483,970,602 $ 28,568,871 $ 12,489,257 $ 525,028,730 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ 10,376,600 $ 106,071 $ 2,126,724 $ 12,609,395 (1) Includes payments received in kind and accretion of original issue and market discounts, and cost basis impact of non-cash restructures. (2) Comprised of three investments that were transferred from Level 3 to Level 2 due to increased observable market activity. Investment Transactions Security transactions are accounted for on the trade date unless there are substantial conditions to the transaction. Realized gains or losses are measured by the difference between the net proceeds from the disposition and the amortized cost of the investment. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Realized gains or losses on the disposition of investments are calculated using the specific identification method. Cash and Cash Equivalents Cash consists of amounts held in accounts with the custodian bank. Cash equivalents include short-term liquid overnight investments with original maturities of three months or less and may not be insured by the Federal Deposit Insurance Corporation or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the fair value hierarchy. Restricted Investments The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. See footnotes to the Consolidated Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above. Foreign Currency Investments The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities—at the spot exchange rate on the last business day of the period; and (ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions, income or expenses. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company may not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar. There were no investments denominated in foreign currency as of December 31, 2022 and 2021. Derivative Instruments: The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the Consolidated Statements of Assets and Liabilities. Foreign Currency Forward Contracts and Warrants The Company may enter into forward foreign currency contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies or to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. Realized gains or losses are recognized when contracts are settled. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit this risk by dealing with only creditworthy counterparties. There were no open forward foreign currency contracts at December 31, 2022 and 2021. The Company holds warrants and options in certain portfolio companies in an effort to achieve additional investment return. In purchasing warrants and options, the Company bears the risk of an unfavorable change in the value of the underlying equity interest. The aggregate fair value of warrants and options as of December 31, 2022 and 2021 represented 0.6 % and 0.7 % of the Company’s net assets, respectively. Interest Rate Swap The Company entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of the Company’s 2025 Private Placement Notes (as defined below) (see Note 4). The Company is required to deposit initial margin with the broker in the form of cash in an amount that varies depending on the size and risk profile of the particular swap. Pursuant to the contract, the Company agrees to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not be used to offset amounts due under the interest rate swap contract in the normal course of settlement. Therefore, both the initial margin and variation margin paid are included as assets within Due from broker on the Consolidated Statements of Assets and Liabilities at December 31, 2022. Changes in the fair value of the swap contract are presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations. The Interest Rate Swap is recorded at fair value and is presented as a liability on the Company's Consolidated Statements of Assets and Liabilities at December 31, 2022. Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy. See Note 4 for additional information on the Company’s Interest Rate Swap. Debt Issuance Costs Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company. Revenue Recognition Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income. For loans and securities with payment-in-kind (“PIK”) income, which represents contractual interest or dividends accrued and added to the principal balance and generally due at maturity, such income is accrued only to the extent that the Advisor believes that the PIK income is likely to be collected. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends, even though the Company has not yet collected the cash. Income Taxes The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The tax returns of the Company remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of December 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements. The Company holds certain portfolio investments through taxable subsidiaries. Income earned and gains realized on the investment held by the taxable subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statements of Operations for the Company. A tax provision for realized and unrealized gains is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statements of Operations for the Company. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2022 and December 31, 2021, the following permanent differences attributable to non-deductible expenses and the amortization method for the discount on the Company's 2022 Convertible Notes were reclassified to the following accounts. December 31, December 31, Paid-in capital $ 3,888,233 $ 1,849,597 Accumulated earnings (losses) ( 3,888,233 ) ( 1,849,597 ) The tax character of distributions paid were as follows: December 31, December 31, Ordinary income $ 27,571,457 $ 22,084,873 Tax return of capital 1,741,425 7,569,132 $ 29,312,882 $ 29,654,005 As of December 31, 2022 and December 31, 2021, the tax components of accumulated net earnings (losses) were as follows: December 31, December 31, Non-expiring capital loss carryforwards (1) $ ( 401,155,603 ) $ ( 402,453,454 ) Net unrealized gains (losses) (2) ( 57,232,175 ) ( 31,849,843 ) Total accumulated earnings (losses) $ ( 458,387,778 ) $ ( 434,303,297 ) (1) Amount available to offset future realized capital gains. (2) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of partnership income, non-deductible expenses, the accrual of income on securities in default, accounting for the Company's Interest Rate Swap, and investments in wholly owned subsidiaries. During the year ended December 31, 2022, the Company utilized $ 2,888,408 of its capital loss carryforward. At December 31, 2022 and December 31, 2021, gross unrealized appreciation and depreciation based on the cost of the Company's investments for U.S. federal income tax purposes were as follows: December 31, December 31, Tax basis of investments $ 615,741,586 $ 573,715,741 Unrealized appreciation 49,398,479 9,337,793 Unrealized depreciation ( 95,970,114 ) ( 30,489,540 ) Net unrealized depreciation (1) $ ( 46,571,635 ) $ ( 21,151,747 ) (1) Includes net unrealized depreciation on the Company's Interest Rate Swap. During the fiscal year ended December 31, 2022, the following information is provided with respect to the ordinary income dividends paid by the Company. Interest Dividends (1) $ 27,284,045 Interest Related Dividends for Non-U.S. Residents (2) $ 24,190,416 (1) The Company hereby designates the above amount maximum amounts allowable as interest income eligible to be treated as a Section 163(j) interest dividend. (2) Represents the maximum amount allowable as interest-related dividends eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. Non-Accrual Loans Loans or debt securities are placed on non-accrual status, as a general matter, when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conve |
Management Fees, Incentive Fees
Management Fees, Incentive Fees and Other Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Management Fees Incentive Fees And Other Expense [Abstract] | |
Management Fees, Incentive Fees and Other Expense | 3. Management Fees, Incentive Fees and Other Expenses Investment Management Agreement At the annual meeting of the Company’s stockholders, held on May 1, 2020, the Company’s stockholders approved, among other matters, a proposal to allow the Company to increase leverage by approving the application to the Company of a minimum asset coverage ratio of 150 %, pursuant to Section 61(a)(2) of the Investment Company Act of 1940, to become effective on May 2, 2020. Effective at the same time, the Company and BCIA, the Advisor, amended and restated its previous investment management agreement to reduce the base management fee (“Management Fee”) and incentive management fees (“Incentive Fees”) as follows: (i) the Management Fee was reduced from 1.75 % of total assets to 1.50 % on total assets up to 200 % of net asset value and 1.0 % on total assets that exceed 200 % of net asset value; (ii) the Incentive Fee based on net investment income was reduced from 20 % over a 7 % hurdle to 17.5 % over a 7 % hurdle; and (iii) the Incentive Fee based on net capital gains was reduced from 20 % to 17.5 % (the “Current Management Agreement”). The Current Management Agreement will be in effect from year-to-year if approved annually by the Board or by the affirmative vote of the holders of a majority of outstanding voting securities, including, in either case, approval by a majority of the directors who are not interested persons. The Company’s Board approved the continuation of the Current Management Agreement on October 28, 2022. Management Fee Under the Current Management Agreement, the Advisor, subject to the overall supervision of the Board, manages the day-to-day operations and provides the Company with investment advisory services. For providing these services, effective May 2, 2020, the Advisor receives a Management Fee at an annual rate of 1.50 % of total assets up to 200 % of net asset value (excluding cash and cash equivalents), including any assets acquired with the proceeds of leverage, payable quarterly in arrears based on the asset valuation as of the end of the prior quarter. Additionally, the Management Fee is calculated at 1.00 % on assets that exceed 200 % of net asset value of the Company. Prior to May 2, 2020, the Management Fee was calculated at an annual rate of 1.75 % of total assets (excluding cash and cash equivalents). The Management Fee for any partial quarter is prorated. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $ 8,311,686 , $ 7,784,188 and $ 10,799,832 , respectively, in Management Fees. Incentive Fees (i) Quarterly Incentive Fee Based on Income The Current Management Agreement provides that the Advisor or its affiliates may be entitled to an Incentive Fee under certain circumstances. The Incentive Fee has two parts. The first portion is based on income other than capital gains and is calculated separately for each calendar quarter and will be paid on a quarterly basis if certain circumstances are met. Effective May 2, 2020, the Incentive Fee based on income is calculated as follows: • No Incentive Fee based on income other than capital gains for any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed 1.75 % ( 7.00 % annualized) of net assets attributable to common stock at the beginning of such quarter. • 100 % of the Pre-Incentive Fee Net Investment Income in any calendar quarter with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, for such calendar quarter, that exceeds 1.75 % ( 7.00 % annualized) of net assets attributable to common stock at the beginning of such quarter but is less than approximately 2.12 % ( 8.48 % annualized). • 17.5 % of the Pre-Incentive Fee Net Investment Income, if any, for any calendar quarter that exceeds approximately 2.12 % ( 8.48 % annualized) of net assets attributable to common stock at the beginning of such quarter. Prior to May 2, 2020 (and since March 6, 2017), the Incentive Fee based on income was calculated as follows: • No Incentive Fee based on income other than capital gains for any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed 1.75 % ( 7.00 % annualized) of net assets attributable to common stock at the beginning of such quarter. • 100 % of the Pre-Incentive Fee Net Investment Income in any calendar quarter with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, for such calendar quarter, that exceeds 1.75 % ( 7.00 % annualized) of net assets attributable to common stock at the beginning of such quarter but is less than approximately 2.19 % ( 8.75 % annualized). • 20 % of the Pre-Incentive Fee Net Investment Income, if any, for any calendar quarter that exceeds approximately 2.19 % ( 8.75 % annualized) of net assets attributable to common stock at the beginning of such quarter. The calculations described above will be appropriately prorated for any period of less than a quarter and adjusted for the net proceeds from any common stock issuances and the cost of any common stock repurchases during such quarter. The payment of any such Incentive Fee based on income otherwise earned by our Advisor will be deferred if, for the most recent four full calendar quarter period ending on or prior to the date such payment is to be made, the Annualized Rate of Return is less than 7.0 % of net assets attributable to common stock at the beginning of such four quarter period as adjusted for the net proceeds from any common stock issuances and the cost of any common stock repurchases during such four full calendar quarter period, with any deferred Incentive Fees to be carried over for payment in subsequent quarterly calculation periods to the extent such payment can then be made in accordance with the investment management agreement. For purposes of calculating the Incentive Fee, (i) “Annualized Rate of Return” is computed by reference to the sum of (x) the aggregate dividends to common stockholders for the period in question and (y) the change in net assets attributable to common stock (before taking into account any Incentive Fees otherwise payable during such period); (ii) “net assets attributable to common stock” means total assets less indebtedness and preferred stock; and (iii) “Pre-Incentive Fee Net Investment Income” means net investment income (as determined in accordance with U.S. GAAP) accrued by the Company during the calendar quarter excluding any accruals for or payments in respect of the Incentive Fee. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $ 3,422,362 , $ 249,385 and $ 6,304,333 , respectively, in Incentive Fees on income. For the year ended December 31, 2021, the Advisor voluntarily waived Incentive Fees on income of $ 79,383 , resulting in net Incentive Fees on income of $ 170,002 . For the year ended December 31, 2020, the Advisor waived Incentive Fees on income of $ 6,304,333 , resulting in no net Incentive Fees on income for the period. As of December 31, 2022 and 2021, there was $ 3,403,349 and $ 170,002 , respectively, of Incentive Fees payable based on income. The payment of Incentive Fee based on income of $ 3,403,349 at December 31, 2022 was deferred pursuant to the Incentive Fee deferral provision discussed above. (ii) Annual Incentive Fee Based on Capital Gains The second portion of the Incentive Fee is based on capital gains and is calculated separately for each Annual Period. Effective May 2, 2020, our Advisor is entitled to receive an Incentive Fee based on capital gains for each Annual Period in an amount equal to 17.5 % of the amount by which (1) net realized capital gains during the period, if any, exceeds (2) gross unrealized capital depreciation, if any, during the period. In calculating the portion of the Incentive Fee based on capital gains payable for any period, investments are accounted for on a security-by-security basis. In addition, the portion of the Incentive Fee based on capital gains is determined using the “period-to-period” method pursuant to which the portion of the Incentive Fee based on capital gains for any period will be based on realized capital gains for the period reduced by realized capital losses for the period and unrealized capital depreciation for the period. Prior to May 2, 2020 (and since March 6, 2017), the Incentive Fee on capital gains was calculated at an annual rate of 20 %. The Company is required under GAAP to accrue an Incentive Fee on capital gains on a hypothetical liquidation basis, based upon net realized capital gains and unrealized capital appreciation and depreciation on investments held at the end of each period. The accrued Incentive Fee on capital gains assumes all unrealized capital appreciation and depreciation is realized in order to reflect an Incentive Fee on capital gains (if any) that would be payable at each measurement date, even though unrealized capital appreciation is not permitted to be considered in determining the Incentive Fee on capital gains actually payable for each Annual Period under the Current Management Agreement. If such amount is positive at the end of the period, an Incentive Fee on capital gains is accrued equal to 17.5 % of such amount for periods ended after May 2, 2020, (or 20 %, for periods ended prior to May 2, 2020), less the amount of any Incentive Fees on capital gains already accrued during the Annual Period. If the resulting calculation amount is negative, the accrual for GAAP in a given period may result in the reduction or reversal of Incentive Fee expense on capital gains previously accrued during the Annual Period. Incentive Fees on capital gains accrued (reversed) on a liquidation basis under GAAP for the years ended December 31, 2022, 2021 and 2020 were $ ( 1,544,569 ) , $ 1,544,569 and zero , respectively. As of December 31, 2022 and 2021, the balance of accrued Incentive Fees on capital gains was zero and $ 1,544,569 , respectively. However, as of December 31, 2021, no Incentive Fees on capital gains were realized and payable to the Advisor as of such date. There can be no assurance that unrealized capital appreciation and depreciation will be realized in the future, or that any accrued capital gains Incentive Fee will become payable under the Current Management Agreement. Incentive Fee amounts on capital gains actually paid by the Company will specifically exclude consideration of unrealized capital appreciation, consistent with requirements under the Investment Advisers Act of 1940 (the “Advisers Act”) and the Current Management Agreement. For purposes of calculating the Incentive Fee based on capital gains, “Annual Period” means the period beginning on July 1 of each calendar year, including the calendar year prior to the year in which the investment management agreement became effective, and ending on June 30 of the next calendar year. Capital gains and losses are calculated using the difference between proceeds received and either (i) fair market value at the beginning of the Annual Period or (ii) cost for investments acquired during the Annual Period. In calculating whether the portion of the Incentive Fee based on capital gains is payable with respect to any period, the Company accounts for assets on a security-by-security basis. In addition, the Company uses the “period-to-period” method pursuant to which the portion of the Incentive Fee based on capital gains for any period is based on realized capital gains for the period reduced by realized capital losses and gross unrealized capital depreciation for the period. Based on current interpretations of Section 205(b)(3) of the Advisers Act by the SEC and its staff, the calculation of unrealized depreciation for each portfolio security over a period is based on the fair value of the security at the end of the period compared to the fair value at the beginning of the period. Incentive Fees earned in any of the periods described above are not subject to modification or repayment based upon performance in a subsequent period. Other Expenses The Company bears all expenses incurred in connection with its business, such as custodian, administrative, director fees and expenses, due diligence costs, registration and listing fees, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt Debt is comprised of a senior secured revolving credit facility dated as of February 19, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time, including as amended and restated by the sixth amendment thereto, dated as of April 23, 2021, the “Credit Facility”) and senior unsecured notes issued through a private placement on June 9, 2022 by the Company and due December 9, 2025 (the “2025 Private Placement Notes”). Prior to being repaid on June 15, 2022, debt also included the Company’s unsecured convertible senior notes due 2022 (the “2022 Convertible Notes”). Effective on May 2, 2020, after obtaining stockholder approval at the annual meeting of the Company’s stockholders held on May 1, 2020, the Company’s asset coverage requirement was reduced from 200 % to 150 %, as set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As of December 31, 2022 and 2021, the Company’s asset coverage was 225 % and 276 %, respectively. Total debt outstanding and available at December 31, 2022 was as follows: Maturity Rate Carrying Value (1) Available Total Credit Facility 2025 L+ 2.00 % (2) $ 162,000,000 $ 103,000,000 (3) $ 265,000,000 (4) 2025 Private Placement Notes (1) 2025 Fixed/Variable (5) 91,003,161 — 91,003,161 Debt, net of unamortized issuance costs $ 253,003,161 $ 103,000,000 $ 356,003,161 (1) The carrying value of 2025 Private Placement Notes was comprised of the following: December 31, 2022 Principal amount of debt $ 92,000,000 Unamortized issuance costs ( 996,839 ) Carrying value $ 91,003,161 (2) The applicable margin for LIBOR-based borrowings could be either 2.00 % or 2.25 % depending on a ratio of the borrowing base to certain indebtedness. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00 % or 1.25 % depending on a ratio of the borrowing base to certain indebtedness. (3) Subject to borrowing base and leverage restrictions. (4) Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $ 325.0 million. (5) The 2025 Private Placement Notes were issued in two tranches, consisting of a $ 35.0 million aggregate principal amount with a fixed interest rate of 5.82 % and a $ 57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14 %. Total debt outstanding and available at December 31, 2021 was as follows: Maturity Rate Carrying Value (1) Available Total Credit Facility 2025 L+ 2.00 % (2) $ 54,000,000 $ 211,000,000 (3) $ 265,000,000 (4) 2022 Convertible Notes (1) 2022 5.00 % 142,875,330 — 142,875,330 Debt, net of unamortized issuance costs $ 196,875,330 $ 211,000,000 $ 407,875,330 (1) The carrying value of 2022 Convertible Notes was comprised of the following: December 31, 2021 Principal amount of debt $ 143,750,000 Original issue discount, net of accretion ( 449,398 ) Unamortized issuance costs ( 425,272 ) Carrying value $ 142,875,330 (2) The applicable margin for LIBOR-based borrowings was either 2.00 % or 2.25 % depending on a ratio of the borrowing base to certain indebtedness. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00 % or 1.25 % depending on a ratio of the borrowing base to certain indebtedness. (3) Subject to borrowing base and leverage restrictions. (4) Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $ 325.0 million. The Company’s weighted average outstanding debt balance during the years ended December 31, 2022, 2021 and 2020 was $ 232,532,610 , $ 181,797,885 and $ 310,955,762 , respectively. The maximum amounts borrowed during the years ended December 31, 2022, 2021 and 2020 were $ 377,532,262 , $ 219,078,123 and $ 356,304,028 , respectively. The weighted average annual interest cost, including the amortization of debt issuance cost, for the year ended December 31, 2022 was 5.36 % , exclusive of commitment fees. The weighted average annual interest cost, including the amortization of original issue discount, for periods prior to January 1, 2022 (refer to the adoption of ASU 2020-06 in Note 2), and amortization of debt issuance costs, for the years ended December 31, 2021 and 2020 was 5.82 % and 4.80 %, respectively, exclusive of commitment fees. With respect to any unused portion of the commitments under the Credit Facility, the Company incurs an annual commitment fee of 0.40 % ( 0.375 % prior to May 22, 2020). Total expenses related to debt for the years ended December 31, 2022, 2021 and 2020 included the following: Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Stated interest expense $ 11,391,162 $ 8,081,899 $ 12,067,151 Amortization of original issue discount (1) — 942,208 890,695 Amortization of deferred debt issuance costs 1,071,844 1,565,241 1,977,676 Total interest expense 12,463,006 10,589,348 14,935,522 Commitment and credit facility fees 677,396 1,031,551 648,692 Total $ 13,140,402 $ 11,620,899 $ 15,584,214 (1) The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 (see Note 2). Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s Credit Facility is derived by taking the average of the high and low quotes as obtained from a broker, and is classified as Level 2 with respect to the fair value hierarchy. The fair value of the Company’s 2025 Private Placement Notes is derived by an independent valuation firm, and is classified as Level 3 with respect to the fair value hierarchy. Prior to its maturity, the fair value of the Company’s 2022 Convertible Notes was derived by taking the average of the high and low quotes as obtained from a broker, and was classified as Level 2. The carrying and fair values of the Company’s outstanding debt as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Credit Facility $ 162,000,000 $ 146,610,000 $ 54,000,000 $ 51,300,000 2022 Convertible Notes — — 142,875,330 145,726,563 2025 Private Placement Notes 91,003,161 89,074,810 — — Total $ 253,003,161 $ 235,684,810 $ 196,875,330 $ 197,026,563 At December 31, 2022, the Company was in compliance with all covenants required under the Credit Facility and 2025 Private Placement Notes. Senior Secured Revolving Credit Facility On April 23, 2021, the Company amended its Credit Facility. Among other items, the amendment (i) extended the maturity date on loans made under the Credit Facility from June 5, 2023 to April 23, 2025 , (ii) reduced the aggregate principal amount of the commitments under the Credit Facility from $ 300,000,000 to $ 265,000,000 , (iii) reduced the amount by which the Company may seek an increase in the commitments under the Credit Facility (subject to satisfaction of certain conditions, including obtaining commitments) from $ 375,000,000 to $ 325,000,000 , and (iv) revised to require a minimum shareholders’ equity under the Credit Facility to the greater of (i) 33 % of the total assets of the Company and its subsidiaries and (ii) $ 240,000,000 plus 25 % of net proceeds from the sale of equity interests by the Company and its subsidiaries. Additionally, the Sixth Amendment (i) eliminated the springing maturity date that would have occurred if the 2022 Convertible Notes were not refinanced by March 16, 2022 and (ii) removed certain restrictions on repurchase or prepayment of the 2022 Convertible Notes. For further details on the Company’s Credit Facility including prior amendments, refer to the Company’s Form 10-K as filed with the SEC on March 3, 2021. Under the Credit Facility, the Company is required to comply with various customary affirmative and restrictive covenants, including reporting requirements and financial covenants, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments and fundamental changes, (c) limitations on dividends and certain other restricted payments, (d) certain restrictions on subsidiaries, (e) maintaining a certain minimum shareholders’ equity, (f) maintaining an asset coverage ratio of not less than 1.5 :1.0, (g) maintaining a senior coverage ratio of not less than 2.0 :1:0, (h) limitations on certain transactions with affiliates, (i) limitations on pledging certain unencumbered assets, and (j) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the Credit Facility and other loan documents. Further, amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio that are pledged as collateral. The Credit Facility is secured by a lien on substantially all of the assets of the Company and its wholly owned domestic subsidiaries, subject to certain customary exceptions. Unsecured Convertible Senior Notes Due 2022 On June 13, 2017, the Company issued $ 143,750,000 in aggregate principal amount ($ 125,000,000 of the initial offering and $ 18,750,000 of the underwriters’ exercise of the overallotment option) of 5.00 % Convertible Notes due 2022 under an indenture, dated as of June 13, 2017 (the “2022 Convertible Notes Indenture”). Net proceeds to the Company from the offering, including the exercise of the overallotment option, were approximately $ 139,800,000 . The 2022 Convertible Notes matured on June 15, 2022 , and the Company fully repaid the aggregate outstanding $ 143,720,000 principal amount (post noteholder conversion) plus outstanding accrued interest. The interest rate on the notes was 5.00 % per year, payable semiannually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017 . Holders were able to convert their notes at their option prior to the close of business on the business day immediately preceding December 15, 2021, in integral multiples of $ 1,000 principal amount, only under certain circumstances. Upon noteholder conversion, the Company was able to pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election at an initial conversion rate of 118.2173 shares of common stock per $ 1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $ 8.46 per share of the Company’s common stock. On or after December 23, 2021, the Company was able to redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at its option in accordance with their terms. During the year ended December 31, 2022, the Company issued 3,546 shares of common stock with an aggregate value of $ 30,000 to a noteholder who elected the conversion option in lieu of principal repayment pursuant to the redemption terms of the 2022 Convertible Notes Indenture. Prior to the adoption of ASU 2020-06, the Company determined that the embedded conversion options in the 2022 Convertible Notes were not required to be separately accounted for as a derivative under U.S. GAAP. In accounting for the 2022 Convertible Notes, at the time of issuance the Company estimated separate debt and equity components, and an original issue discount equal to the equity component was recorded in additional paid-in-capital in the accompanying Consolidated Statements of Assets and Liabilities. As of January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective basis. In accordance with this guidance, the Company has recombined the equity conversion component of our 2022 Convertible Notes outstanding, and before its maturity, had begun accounting for the 2022 Convertible Notes as a single liability measured at amortized cost. This resulted in a cumulative decrease to additional paid in capital of $ 4,337,631 , offset by a decrease to accumulated loss of $ 3,888,233 as of January 1, 2022, and an increase to the carrying value of the 2022 Convertible Notes of $ 449,398 (see Note 2). The 2022 Convertible Notes contained certain covenants, which included covenants that required the Company to reserve shares of common stock for the purpose of satisfying all obligations to issue the underlying securities upon conversion of the securities and to furnish to holders of the securities upon request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. Unsecured Senior Notes Due 2025 On April 21, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance on June 9, 2022, of $ 92,000,000 in aggregate principal amount of senior unsecured notes in two tranches to qualified institutional investors in a private placement. The Company issued $ 35,000,000 in aggregate principal amount of 2025 Private Placement Notes with a fixed interest rate of 5.82 % with interest to be paid semi-annually on June 9 and December 9 of each year, beginning on December 9, 2022 , and $ 57,000,000 in aggregate principal amount of 2025 Private Placement Notes bearing interest at a rate equal to SOFR plus 3.14 % with interest to be paid quarterly on March 9, June 9, September 9, and December 9 of each year, beginning on September 9, 2022 . In addition, during any time that the rating assigned to the 2025 Private Placement Notes declines below investment grade, the 2025 Private Placement Notes will bear interest at a rate that is increased by 1.00 %. The 2025 Private Placement Notes were issued at a closing which occurred on June 9, 2022. The 2025 Private Placement Notes will be due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Company may prepay the 2025 Private Placement Notes at its option, subject to a prepayment premium, in an amount equal to 2 % on or before June 9, 2023, 1 % after June 9, 2023 but on or before June 9, 2024, 0.5 % after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, the Company will be obligated to offer to repay the 2025 Private Placement Notes at par if certain change in control events occur. The 2025 Private Placement Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. In connection with the 2025 Private Placement Notes, the Company entered into a centrally cleared Interest Rate Swap to offset interest payable on the fixed rate tranche of the Notes. The notional amount of the Interest Rate Swap is $ 35,000,000 and matures on June 9, 2025 . Under the swap agreement, the Company receives a fixed rate of 2.633 % and pays a floating interest rate of SOFR. Such payments will be due annually. For the year ended December 31, 2022 , the Company did no t make any periodic payments. Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, “Derivatives and Hedging,” both the net interest receivable and the change in the fair value of the swap contract are presented as part of the change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations. As of December 31, 2022, the Interest Rate Swap had a fair value of $( 1,332,299 ) which is reflected as a liability on the Consolidated Statements of Assets and Liabilities. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy. See Note 2 for further information. The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the Investment Company Act of 1940, as amended, and a regulated investment company under the Internal Revenue Code of 1986, as amended, minimum shareholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes of the Company. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Investments | 5. Investments Purchases of investments, including PIK, for the years ended December 31, 2022, 2021 and 2020 totaled $ 231,506,596 , $ 275,047,711 and $ 143,538,052 , respectively. Proceeds from sales, repayments and other exits of investments for the years ended December 31, 2022, 2021 and 2020 totaled $ 192,448,280 , $ 250,607,406 and $ 277,596,336 , respectively. At December 31, 2022, investments consisted of the following: Cost Fair Value Senior secured notes $ 1,920,592 $ 1,624,823 Unsecured debt 37,686,148 15,228,000 Subordinated debt 5,000,000 4,930,000 Senior secured loans: First lien 455,458,846 447,490,518 Second/other priority lien 98,468,621 90,992,663 Total senior secured loans 553,927,467 538,483,181 Preferred stock 40,527,223 2,354,224 Common stock 10,611,548 — Limited partnership/limited liability company interests 8,511,838 5,991,648 Equity warrants/options 115,348 1,877,208 Total investments $ 658,300,164 $ 570,489,084 At December 31, 2021, investments consisted of the following: Cost Fair Value Senior secured notes $ 1,914,346 $ 1,641,800 Unsecured debt 41,861,533 21,927,071 Subordinated debt 5,000,000 5,000,000 Senior secured loans: First lien 405,193,486 409,626,942 Second/other priority lien 100,726,036 101,878,924 Total senior secured loans 505,919,522 511,505,866 Preferred stock 40,192,521 2,680,424 Common stock 10,611,548 — Limited partnership/limited liability company interests 9,011,837 7,475,576 Equity warrants/options 115,348 2,333,257 Total investments $ 614,626,655 $ 552,563,994 Industry Composition As of December 31, 2022, the Company generally uses GICS to classify the industries of its portfolio companies. The following table shows the industry composition of the portfolio, at fair value, at December 31, 2022 and December 31, 2021 by GICS. Industry December 31, 2022 December 31, 2021 Software 15.2 % 7.7 % Diversified Financial Services 14.5 13.6 Internet Software & Services 11.1 11.2 Diversified Consumer Services 8.3 7.0 Professional Services 7.2 6.5 Health Care Technology 4.4 4.4 Health Care Providers & Services 3.7 3.7 Road & Rail 2.6 10.5 Construction & Engineering 2.6 1.6 Insurance 2.5 2.0 Health Care Equipment & Supplies 2.5 2.7 IT Services 2.5 1.6 Containers & Packaging 2.5 2.1 Specialty Retail 1.9 1.5 Technology Hardware, Storage & Peripherals 1.8 0.9 Textiles, Apparel & Luxury Goods 1.7 4.2 Paper & Forest Products 1.7 — Consumer Finance 1.3 2.3 Real Estate Management & Development 1.1 0.3 Commercial Services & Supplies 1.1 0.8 Media 1.0 3.3 Trading Companies & Distributors 1.0 1.1 Internet & Catalog Retail 1.0 0.8 Machinery 0.9 1.0 Hotels, Restaurants & Leisure 0.9 — Wireless Telecommunication Services 0.8 0.9 Household Durables 0.8 1.1 Metals & Mining 0.6 0.7 Leisure Products 0.5 — Automobiles 0.4 0.5 Building Products 0.4 0.4 Distributors 0.4 0.4 Life Sciences Tools & Services 0.4 — Semiconductors & Semiconductor Equipment 0.4 — Capital Markets 0.2 0.2 Electrical Equipment 0.1 0.1 Tobacco Related — 2.4 Aerospace & Defense — 1.7 Diversified Telecommunication Services — 0.8 Chemicals — — Oil, Gas & Consumable Fuels — — Totals 100.0 % 100.0 % The following table shows the geographic composition of the portfolio at fair value at December 31, 2022 and December 31, 2021. The geographic composition is determined by several factors including the location of the corporate headquarters and the country of registration of the portfolio company. Geography December 31, 2022 December 31, 2021 United States 85.4 % 88.3 % United Kingdom 7.2 6.6 Germany 3.7 3.9 Canada 1.1 1.2 Switzerland 1.0 — Slovenia 0.9 — Australia 0.7 — Totals 100.0 % 100.0 % Market and Credit Risk The Company has investments in lower rated and comparable quality unrated senior and junior secured, unsecured and subordinated debt securities and loans, which are subject to a greater degree of credit risk than more highly rated investments. The risk of loss due to default by the issuer is significantly greater for holders of such securities and loans, particularly in cases where the investment is unsecured or subordinated to other creditors of the issuer. In the normal course of business, the Company invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Company may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Company; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations (see Item 1A. Risk Factors for further details). The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. Similar to issuer credit risk, the Company may be exposed to counterparty credit risk, or the risk that an entity with which the Company has unsettled, or open transactions may fail to or be unable to perform on its commitments. The Company manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Company to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Company’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. |
Other Related Party Transaction
Other Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Other Related Party Transactions | 6. Other Related Party Transactions Advisor Reimbursements The Current Management Agreement provides that the Company will reimburse the Advisor for costs and expenses incurred by the Advisor for administrative or operating services, office space rental, office equipment and utilities allocable to the Advisor under the investment management agreement, as well as any costs and expenses incurred by the Advisor relating to any non-investment advisory, administrative or operating services provided by the Advisor to the Company. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $ 103,276 , $ 350,000 and $ 350,000 respectively, for its share of office space rental, which is included in investment advisor expenses on the Consolidated Statements of Operations. From time to time, the Advisor and its affiliates may pay third party providers for goods or services utilized by the Company. The Company will subsequently reimburse the Advisor and its affiliates for such amounts. Reimbursements to the Advisor and their affiliates for such purposes during the years ended December 31, 2022, 2021 and 2020 were $ 161,895 , $ 402,317 and $ 361,740 , respectively. No person who is an officer, director or employee of the Advisor and who serves as a director of the Company receives any compensation from the Company for such services. Directors who are not affiliated with the Advisor receive compensation for their services and reimbursement of expenses incurred to attend meetings. Administration The Company also has entered into an administration agreement with BlackRock Financial Management, Inc. (the “Administrator”) under which the Administrator provides certain administrative services to the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the Company’s allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including rent and the Company’s allocable portion of the cost of certain of the Company’s officers and their respective staffs. For the years ended December 31, 2022, 2021 and 2020 the Company incurred $ 1,407,775 , $ 1,354,283 and $ 1,457,979 , respectively, for such administrative services expenses. Advisor Stock Transactions At December 31, 2022 and December 31, 2021 , BCIA did no t own any shares of the Company. At both December 31, 2022 and December 31, 2021 , other entities affiliated with the Administrator and Advisor beneficially owned less than 1 % of the Company’s total shares of common stock outstanding. |
Stockholders' Equity and Divide
Stockholders' Equity and Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity and Dividends | 7. Stockholders’ Equity and Dividends Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board. Net realized capital gains, if any, generally are distributed at least annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan (the “Plan”) that provides for reinvestment of dividends on behalf of stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes, and the Company declares, a cash dividend, then stockholders who have not “opted out” of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of Common Stock, rather than receiving the cash dividends. Additionally, if the Company makes a dividend to be paid in cash or in stock at the election of stockholders as of the applicable dividend record date (a “Cash/Stock Dividend”), the terms are subject to the amended Plan dated May 13, 2020 described below. For the years ended December 31, 2022 and 2021, declared dividends to common stockholders were as follows: Date Declared Record Date Payment Date Type Amount Per Share Total Amount Reinvested dividends paid during quarter (1) (2) March 1, 2022 March 17, 2022 April 7, 2022 Regular $ 0.10 $ 7,380,270 $ 698,261 April 27, 2022 June 16, 2022 July 7, 2022 Regular 0.10 7,363,184 744,840 August 2, 2022 September 15, 2022 October 6, 2022 Regular 0.10 7,312,237 691,653 October 28, 2022 December 16, 2022 January 6, 2023 Regular 0.10 7,257,191 736,774 Total $ 0.40 $ 29,312,882 $ 2,871,528 Date Declared Record Date Payment Date Type Amount Per Share Total Amount Reinvested dividends paid during quarter (1) (2) March 2, 2021 March 17, 2021 April 7, 2021 Regular $ 0.10 $ 7,441,594 $ — April 28, 2021 June 16, 2021 July 7, 2021 Regular 0.10 7,413,594 541,771 July 28, 2021 September 15, 2021 October 6, 2021 Regular 0.10 7,405,845 593,078 November 2, 2021 December 16, 2021 January 6, 2022 Regular 0.10 7,392,972 628,043 Total $ 0.40 $ 29,654,005 $ 1,762,892 (1) The Company has adopted a dividend reinvestment plan that provides for reinvestment of dividends on behalf of stockholders, unless a stockholder elects to receive cash. (2) Dividends reinvested through purchase of shares in the open market. On March 6, 2018, the Company's Board adopted amendments to the Plan. Under the terms of the amended Plan, if the Company declares a dividend or determines to make a capital gain or other distribution, the reinvestment plan agent will acquire shares for the participants’ accounts, depending upon the following circumstances, (i) through receipt of additional unissued but authorized shares from the Company (“newly issued shares”) and/or (ii) by purchase of outstanding shares on the open market (“open-market purchases”). If, on the dividend payment date, the last quarterly net asset value per share (“NAV”) is equal to or less than the closing market price per share on such dividend payment date (such condition often referred to as a “market premium”), the reinvestment plan agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the greater of (i) the NAV or (ii) 95 % of the closing market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the closing market price per share on such dividend payment date (such condition often referred to as a “market discount”), the reinvestment plan agent may, upon notice from the Company, either (a) invest the divided amount in newly issued shares on behalf of the participants or (b) invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. On May 13, 2020, the Company's Board adopted further amendments to the Plan. Under the terms of the amended Plan, if the Company makes a Cash/Stock Dividend, each stockholder will be required to elect whether to receive the dividend in cash or in shares of the Company's common stock (“Common Shares”), pursuant to such notices, forms or other documentation as may be provided to the stockholder by the Company (the “Election Forms”). If the stockholder is a Plan participant and elects to receive the Cash/Stock Dividend in cash, the stockholder will be deemed to have elected not to participate in the Plan solely with respect to such Cash/Stock Dividend and will receive the dividend in cash subject to any rules applicable to the dividend that may limit the portion of the dividend the Company is required to pay in cash. If the stockholder is a Plan participant and elects to receive the Cash/Stock Dividend in stock, the stockholder will receive the dividend in newly issued Common Shares. The number of newly issued Common Shares credited to the stockholders' account in either case will be determined by dividing the dollar amount of the dividend (or portion of the dividend to be paid in Common Shares) by the price per Common Share determined in accordance with the Election Forms rather than pursuant to the formula(s) otherwise applicable under the Plan. At the Company's special meeting of stockholders held on May 3, 2022, stockholders did not approve the Company's ability to sell or otherwise issue shares of common stock at a price below its then current net asset value per share for a 12-month period expiring on the anniversary of the date of stockholder approval. On November 2, 2021, the Company’s Board authorized the Company to purchase up to a total of 8,000,000 shares, effective until the earlier of November 2, 2022 or such time that all of the authorized shares have been repurchased (the “Company Repurchase Plan”), in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). On November 2, 2022, authorization to repurchase the remaining 6,598,268 shares expired. On October 28, 2022, the Company’s Board authorized the Company to purchase up to a total of 8,000,000 shares, commencing on November 7, 2022 and effective until the earlier of November 6, 2023 or such time that all of the authorized shares have been repurchased, subject to the terms of a share repurchase program, if in effect. As of December 31, 2022 , 8,000,000 shares remained available for repurchase. The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 2022: December 31, 2022 Shares Price Per Total Cost Company Repurchase Plan 1,308,626 $ 3.73 $ 4,884,316 The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 2021: December 31, 2021 Shares Price Per Total Cost Company Repurchase Plan 589,678 $ 3.72 $ 2,192,527 Since inception of the original repurchase plan through December 31, 2022 , the Company has purchased 11,909,890 shares of its common stock on the open market for $ 73,373,702 , including brokerage commissions through the repurchase plan. The Company currently holds the shares it repurchased in treasury stock. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per share | 8. Earnings (Loss) per share The following information sets forth the computation of basic and diluted net increase (decrease) in net assets from operations per share (earnings (loss) per share) for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Earnings (Loss) per share – basic: Net increase (decrease) in net assets resulting from operations $ 3,486,976 $ 66,488,228 $ ( 103,852,603 ) Weighted average shares outstanding – basic 73,314,124 74,153,145 69,801,849 Earnings (Loss) per share – basic $ 0.05 $ 0.90 $ ( 1.49 ) Earnings (Loss) per share – diluted: Net increase (decrease) in net assets resulting from operations, before adjustments $ 3,486,976 $ 66,488,228 $ ( 103,852,603 ) Adjustments for interest on unsecured convertible senior notes (1) — 9,064,793 — Net increase (decrease) in net assets resulting from operations, as adjusted $ 3,486,976 $ 75,553,021 $ ( 103,852,603 ) Weighted average shares outstanding – diluted (1) 73,314,124 91,146,882 69,801,849 Earnings (Loss) per share – diluted $ 0.05 $ 0.83 $ ( 1.49 ) (1) The Company’s 2022 Convertible Notes were repaid on their June 15, 2022 maturity (see Note 4). No adjustments for interest or incremental shares were included for the year ended December 31, 2022 because the effect would be antidilutive . Due to a net decrease in net assets from operations for the year ended December 31, 2020, no incremental shares were included because the effect would be antidilutive. Diluted earnings per share is computed using the if-converted method, which assumes conversion of convertible securities at the beginning of the reporting period and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and contingencies In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under these arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. There were no such guarantees outstanding at December 31, 2022 and 2021. In addition, from time to time, the Company may provide for a commitment to a portfolio company for investment in an existing or new security. At December 31, 2022 and 2021, the Company had unfunded commitments of $ 72.1 million across 51 portfolio companies and $ 49.4 million across 35 portfolio companies, respectively. The aggregate fair value of unfunded commitments at December 31, 2022 and 2021 was $ 70.0 million and $ 49.1 million, respectively. We maintain sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise. In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote. From time to time, the Company and the Advisor may be a party to certain legal proceedings incidental to the normal course of its business, including the enforcement of its rights under contracts with our portfolio companies. Further, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the Company cannot predict the outcome of these legal proceedings with certainty, we do not expect that these proceedings will have a material effect on its consolidated financial statements. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company [Abstract] | |
Financial Highlights | 10. Financial highlights The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following is a schedule of financial highlights for a common share outstanding for the each of the five years in the period ended December 31, 2022: Year Ended December 31, 2022 2021 2020 2019 2018 Per Share Data: Net asset value, beginning of period $ 4.73 $ 4.23 $ 6.33 $ 7.07 $ 7.83 Investment Operations: Net investment income, before incentive fees 0.43 0.29 0.49 0.64 0.66 Incentive fees (1) ( 0.03 ) ( 0.02 ) — ( 0.03 ) — Net investment income (1) 0.40 0.27 0.49 0.61 0.66 Net realized and unrealized gain (loss) ( 0.35 ) 0.63 ( 1.98 ) ( 0.71 ) ( 0.79 ) Total from investment operations 0.05 0.90 ( 1.49 ) ( 0.10 ) ( 0.13 ) Cumulative effect of adjustment for the adoption of ASU 2020-06 (2) ( 0.01 ) — — — — Issuance/reinvestment of stock at prices (below) net asset value — — ( 0.20 ) — — Repurchase of common stock 0.02 — 0.03 — 0.09 Dividends to stockholders, excluding tax return of capital (3) ( 0.38 ) ( 0.30 ) ( 0.32 ) ( 0.63 ) ( 0.70 ) Tax return of capital ( 0.02 ) ( 0.10 ) ( 0.12 ) ( 0.01 ) ( 0.02 ) Total distributions ( 0.40 ) ( 0.40 ) ( 0.44 ) ( 0.64 ) ( 0.72 ) Net asset value, end of period $ 4.39 $ 4.73 $ 4.23 $ 6.33 $ 7.07 Market price at end of period $ 3.62 $ 4.00 $ 2.69 $ 4.97 $ 5.29 Total return based on market price (4) 0.22 % 64.33 % ( 35.70 )% 5.32 % ( 4.44 )% Total return based on net asset value (5) 2.78 % 23.57 % ( 20.61 )% 0.36 % 1.61 % Shares outstanding at end of period 72,571,907 73,876,987 74,466,665 68,836,255 68,921,798 Ratios to average net assets: Operating expenses, before incentive fees 4.01 % 3.89 % 4.84 % 4.00 % 3.90 % Interest and other debt related expenses 3.89 % 3.47 % 4.35 % 3.31 % 2.80 % Total expenses, before incentive fees 7.90 % 7.36 % 9.19 % 7.31 % 6.70 % Incentive fees (1) 0.56 % 0.51 % — 0.39 % — Total expenses, after incentive fees 8.46 % 7.87 % 9.19 % 7.70 % 6.70 % Net investment income 8.70 % 5.93 % 9.56 % 8.91 % 8.72 % Net assets at end of period $ 318,522,353 $ 349,651,973 $ 315,010,277 $ 435,608,981 $ 487,020,154 Portfolio turnover rate 35 % 49 % 21 % 25 % 40 % Weighted average interest rate on debt (6) 5.36 % 5.82 % 4.80 % 5.80 % 5.79 % Weighted average debt outstanding $ 232,532,610 $ 181,797,885 $ 310,955,762 $ 249,099,570 $ 241,446,017 Weighted average shares outstanding 73,314,124 74,153,145 69,801,849 68,836,590 71,373,570 Weighted average debt per share (7) $ 3.17 $ 2.45 $ 4.45 $ 3.62 $ 3.38 (1) For the year ended December 31, 2022, net investment income per share amount displayed above is net of incentive fees based on income of $ 0.05 per share or 1.01 % of average net assets, and is also net of a reversal of hypothetical liquidation basis GAAP incentive fees on capital gains of $( 0.02 ) per share or ( 0.46 )% of average net assets. For the year ended December 31, 2021, net investment income per share amount displayed above is net of an accrual of hypothetical liquidation basis GAAP incentive fees on capital gains of $ 0.02 per share, or 0.46 % of average net assets, and is also net of incentive fees based on income (net of waiver). For the year ended December 31, 2019, net investment income per share amount displayed above is net of incentive fees based on income (net of waiver) of $ 0.03 per share. (2) The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 (see Notes 2 and 4). (3) Dividends for annual periods are determined in accordance with federal income tax regulations and there may be differences between book and tax amounts (see Note 2). (4) Total return based on market value is calculated by determining the percentage change in market value per share during the period and assuming that the dividends are reinvested in accordance with the Company’s dividend reinvestment plan. (5) Total return based on net asset value is calculated by determining the percentage change in net asset value per share during the period and assuming that the dividends are reinvested in accordance with the Company’s dividend reinvestment plan. (6) Weighted average interest rate on debt includes contractual interest, amortization of debt issuance costs (see Note 4), and original issue discount for periods prior to January 1, 2022 (refer to the adoption of ASU 2020-06 in Note 2). (7) Weighted average debt per share is calculated as weighted average debt outstanding divided by the weighted average shares outstanding during the applicable period. |
Senior Securities
Senior Securities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Senior Securities | 11. Senior Securities Information about our senior securities is shown in the following table as of end of the last ten fiscal years and the period ended December 31, 2022. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total Amount Outstanding (in 000’s) Asset Coverage per Unit (5) Involuntary Liquidating Preference Per Unit (6) Average Market Value Per Unit (7) Credit Facility (1) Fiscal Year 2022 $ 162,000 $ 2,246 $ — N/A Fiscal Year 2021 $ 54,000 $ 2,758 $ — N/A Fiscal Year 2020 $ 38,800 $ 2,706 $ — N/A Fiscal Year 2019 $ 174,400 $ 2,352 $ — N/A Fiscal Year 2018 $ 49,000 $ 3,542 $ — N/A Fiscal Year 2017 $ 16,000 $ 3,655 $ — N/A Fiscal Year 2016 $ 190,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 60,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 144,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 179,000 $ 2,460 $ — N/A Unsecured Senior Notes Due 2025 (1) Fiscal Year 2022 $ 92,000 $ 2,246 $ — N/A Convertible Notes Due 2022 (1) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 $ 143,750 $ 2,758 $ — N/A Fiscal Year 2020 $ 143,750 $ 2,706 $ — N/A Fiscal Year 2019 $ 143,750 $ 2,352 $ — N/A Fiscal Year 2018 $ 143,750 $ 3,542 $ — N/A Fiscal Year 2017 $ 143,750 $ 3,665 $ — N/A Convertible Notes Due 2018 (2) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 N/A N/A $ — N/A Fiscal Year 2020 N/A N/A $ — N/A Fiscal Year 2019 N/A N/A $ — N/A Fiscal Year 2018 N/A N/A $ — N/A Fiscal Year 2017 $ 55,041 $ 3,665 $ — N/A Fiscal Year 2016 $ 115,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 115,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 115,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 115,000 $ 2,460 $ — N/A Senior Secured Notes (3) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 N/A N/A $ — N/A Fiscal Year 2020 N/A N/A $ — N/A Fiscal Year 2019 N/A N/A $ — N/A Fiscal Year 2018 N/A N/A $ — N/A Fiscal Year 2017 N/A N/A $ — N/A Fiscal Year 2016 $ 17,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 175,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 175,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 175,000 $ 2,460 $ — N/A Term Loan (4) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 N/A N/A $ — N/A Fiscal Year 2020 N/A N/A $ — N/A Fiscal Year 2019 N/A N/A $ — N/A Fiscal Year 2018 N/A N/A $ — N/A Fiscal Year 2017 N/A N/A $ — N/A Fiscal Year 2016 $ 15,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 15,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 15,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 10,000 $ 2,460 $ — N/A (1) For further information on the Company’s Credit Facility, Unsecured Senior Notes Due 2025 and Convertible Notes Due 2022 (prior to their maturity), refer to Note 4 of the consolidated financial statements. (2) On February 19, 2013, the Company closed a private offering of $ 100.0 million in aggregate principal amount of 5.50 % unsecured convertible senior notes due 2018 (the “Convertible Notes”). The initial purchasers of the Convertible Notes fully exercised their overallotment option and purchased an additional $ 15.0 million in aggregate principal amount of the Convertible Notes. The closing of the overallotment option took place on March 4, 2013. With the exercise of the overallotment option, a total of $ 115.0 million in aggregate principal amount of the Convertible Notes was sold. Net proceeds to the Company from the offering, including the exercise of the overallotment option, were approximately $ 111.3 million. The Convertible Notes were only offered to qualified institutional buyers as defined in the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Rule 144A under the Securities Act. The Convertible Notes were unsecured and bore interest at a rate of 5.50 % per year, payable semi-annually in arrears. In certain circumstances and during certain periods, the Convertible Notes were convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, at an initial conversion rate of 86.0585 shares of common stock per $ 1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $ 11.62 per share of the Company’s common stock, subject to defined anti-dilution adjustments. The Company did not have the right to redeem the Convertible Notes prior to maturity. On September 27, 2017, the Company purchased $ 60.0 million in aggregate principal amount of its existing $ 115.0 million Convertible Notes pursuant to a cash tender offer at a purchase price equal to $ 1,015 per $ 1,000 principal amount of notes purchased, plus accrued and unpaid interest, using borrowings under the Credit Facility and cash on hand. All Convertible Notes purchased in the tender offer were retired, cancelled, and no longer outstanding under the indenture. The aggregate purchase price of the Convertible Notes was $ 60.9 million, plus approximately $ 0.1 million of reacquisition costs, for a total reacquisition price of $ 61.0 million, excluding $ 0.4 million of interest expense. The net carrying amount of the Convertible Notes purchased in the tender offer at the time of purchase was $ 59.8 million, net of unamortized debt issuance costs and unamortized discount. As such, in accordance with ASC 470-50, Debt – Modifications and Extinguishments, the difference between the reacquisition price and the net carrying amount of the Convertible Notes was recorded as a $ 1.3 million loss on extinguishment of debt. On February 15, 2018, the remaining Convertible Notes of $ 55.0 million matured and the Company paid the principal and interest in cash. (3) On January 18, 2011, the Company closed a private placement issuance of $ 158.0 million in aggregate principal amount of five-year , senior secured notes with a fixed interest rate of 6.50 % and a maturity date of January 18, 2016 , and $ 17.0 million in aggregate principal amount of seven-year , senior secured notes with a fixed interest rate of 6.60 % and a maturity date of January 18, 2018 . The $ 158.0 million five-year , senior secured notes matured on January 18, 2016 and were repaid using proceeds from the Company’s Credit Facility. On April 17, 2017 , the Company redeemed the $ 17.0 million aggregate principal amount of 6.60 % senior secured notes due 2018, using proceeds from the Credit Facility. The notes were prepaid at 100 % of the principal amount, plus accrued and unpaid interest through the prepayment date, as well as $ 0.7 million make-whole premium. (4) On June 7, 2013, the Company entered into a Senior Secured Term Loan Credit Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan”) which had an original principal amount of $ 10.0 million and an initial interest rate applicable to borrowings of generally LIBOR plus an applicable margin of 3.75 %. Under its most recent amendment, the Term Loan had a principal amount of $ 15.0 million and a stated maturity date of March 27, 2019 . The interest rate applicable to borrowings thereunder was generally LIBOR plus an applicable margin of 3.25 %. On June 22, 2017 , the Term Loan was repaid. (5) The asset coverage ratio for senior securities representing indebtedness is calculated as our consolidated total assets, less all consolidated liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. (6) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (7) Not applicable, as senior securities are not registered for public trading. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | 12. Subsequent events On February 28, 2023 , the Company’s Board declared a dividend of $ 0.10 per share, payable on April 6, 2023 to stockholders of record at the close of business on March 16, 2023 . The Company has reviewed subsequent events occurring through the date that these consolidated financial statements were available to be issued and determined that no subsequent events occurred requiring accrual or disclosure, except as disclosed above and elsewhere in these notes to consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Company (“ASC 946”). The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, which were established to hold certain investments of the Company. The Company owns 100 % of each subsidiary and, as such, the subsidiaries are consolidated into the Company’s consolidated financial statements. The subsidiaries hold investments which are treated as pass through entities for tax purposes. By investing through these 100 % owned subsidiaries, the Company is able to benefit from corporate tax treatment for these entities and thereby create a tax structure that is more advantageous with respect to the RIC status of the Company. Intercompany balances and transactions are eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported. Expenses are recorded on an accrual basis. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material. |
Investment Valuation | Investment Valuation Pursuant to Rule 2a-5 (the "Rule") under the 1940 Act, the Company’s Board of Directors (the "Board") has designated BlackRock Capital Investment Advisors, LLC (“BCIA” or the “Advisor”) as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations, and has reviewed and approved amended policies and procedures adopted by BCIA to seek to ensure compliance with the requirements of the Rule as part of such designation. The Valuation Designee will provide quarterly valuation reporting and notifications on any material valuation matters to the Board as required under the Rule. Investments are recorded at fair value based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Company by the Board and the Valuation Designee. Securities traded on a recognized securities exchange are valued using the close price on the exchange on valuation date. Investments for which market prices from an exchange are not readily available are valued using the last available bid price or quote provided by an independent pricing service or one or more broker-dealers or market makers, unless they are deemed not to represent fair value. Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by or under the direction of the Company’s Valuation Designee. Because the Company expects that there will not be a readily available market for all of the investments in its portfolio, the Company expects to value a significant portion of its portfolio investments at fair value as determined in good faith by or under the direction of the Valuation Designee using a consistently applied valuation process in accordance with documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, cyclical, geopolitical and other events and conditions such as the COVID-19 pandemic and the Russian military invasion of Ukraine, rising interest rates and risks related to inflation and credit risk (see Item 1A. Risk Factors), that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on and realizability of the Company’s investments. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company’s investments than on the fair values of the Company’s investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Valuation Designee believes that facts and circumstances applicable to an issuer, a seller, a purchaser or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread. With respect to the Company’s investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, the Valuation Designee has approved a multi-step valuation process applied each quarter, as described below: (i) The quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the portfolio investment; (ii) The investment professionals provide recent portfolio company financial statements and other reporting materials to independent valuation firms engaged by the Valuation Designee and approved by the Valuation Committee (with the exception of statements and materials related to investments priced directly by the Valuation Designee as described in (iv) below), such firms conduct independent appraisals each quarter and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor; (iii) The Valuation Committee reviews the preliminary valuations prepared by the independent valuation firm and the Valuation Designee, as applicable; (iv) The fair value of certain investments, comprising in the aggregate, less than 5 % of the Company’s net asset value and no more than 15 % of total positions held, respectively, may be determined by the Valuation Designee in good faith without the engagement of an independent valuation firm in accordance with the Company’s valuation policy; provided that if only the threshold with respect to the number of all positions valued at zero or immaterial amounts is exceeded, the Valuation Designee may request the Valuation Committee's approval to not request a fair valuation from an independent valuation firm for all such positions; and (v) The Valuation Designee discuss valuations and determines the fair value of each investment in the portfolio in good faith based on the input of the Valuation Committee and the respective independent valuation firms. Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued generally utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, (e.g. non-performance risk), its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, the Company’s principal market (as the reporting entity), any bid for a Company asset (irrespective of the perceived validity of such bid), and enterprise values. For positions acquired during the current quarter, the Valuation Designee generally believes that cost will approximate fair value. As such, an independent valuation, in certain cases, may not be obtained until the quarter-end after the quarter the investment is acquired in. ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the FASB, defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC 820-10 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820-10 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 – Valuations based on unadjusted quoted prices in markets that are not active or for which most significant inputs are observable, either directly or indirectly. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The inputs into the determination of fair value may require significant management judgment or estimation. Transfers between levels, if any, represent the value as of the beginning of the period of any investment where a change in the pricing level occurred from the beginning to the end of the period. At December 31, 2022, the Company’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Other (2) Equity Total 1 Quoted prices in active markets for identical assets $ — $ — $ — $ — 2 Other direct and indirect observable market inputs (3) 43,550,303 — — 43,550,303 3 Valuation sources that employ significant unobservable inputs 494,932,878 21,782,823 10,223,080 526,938,781 Total $ 538,483,181 $ 21,782,823 $ 10,223,080 $ 570,489,084 (1) Includes senior secured loans. (2) Includes senior secured notes, unsecured debt and subordinated debt. (3) For example, quoted prices in inactive markets or quotes for comparable investments. Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) (Concluded Value) (2) Bank Debt $ 450,067,848 Income approach Discount rate 12.9 % - 13.7 % ( 13.3 %) 43,102,197 Market quotations Indicative bid/ask quotes 1 ( 1 ) 1,762,833 Option Pricing Model Implied volatility 60.0 % - 70.0 % ( 65.0 %) Term 1.8 years - 2.8 years ( 2.3 years) Other Corporate Debt 21,074,000 Income approach Discount rate 13.6 % - 15.1 % ( 14.3 %) 708,823 Market comparable companies Revenue multiples 0.1 x - 0.2 x ( 0.2 x) Equity 1,586,504 Option Pricing Model EBITDA/Revenue multiples 3.6 x - 3.9 x ( 3.8 x) Implied volatility 58.2 % - 68.2 % ( 63.2 %) Term 1.8 years - 2.9 years ( 2.4 years) 4,373,400 Market comparable companies EBITDA multiples 5.8 x - 6.8 x ( 6.3 x) 3,972,472 Income approach Discount rate 20.3 % - 32.8 % ( 24.6 %) 290,704 Market comparable companies Revenue multiples 2.1 x - 2.3 x ( 2.2 x) $ 526,938,781 (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0 % and 100 %. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Increase Decrease Yield Increase Decrease Changes in investments categorized as Level 3 during the year ended December 31, 2022 were as follows: Bank Debt Other Equity Total Beginning balance $ 483,970,602 $ 28,568,871 $ 12,489,257 $ 525,028,730 Net realized and unrealized gains (losses) ( 16,007,901 ) ( 2,616,909 ) ( 2,090,442 ) ( 20,715,252 ) Acquisitions (1) 221,215,875 6,245 334,701 221,556,821 Dispositions ( 186,361,848 ) ( 4,175,384 ) ( 510,436 ) ( 191,047,668 ) Transfers into Level 3 (2) 7,041,150 — — 7,041,150 Transfers out of Level 3 (3) ( 14,925,000 ) — — ( 14,925,000 ) Ending balance $ 494,932,878 $ 21,782,823 $ 10,223,080 $ 526,938,781 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ ( 14,698,324 ) $ ( 2,632,348 ) $ ( 2,100,879 ) $ ( 19,431,551 ) (1) Includes payments received in kind and accretion of original issue and market discounts. (2) Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity. (3) Comprised of one investment that was transferred from Level 3 to Level 2 due to increased observable market activity. At December 31, 2021, the Company’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Other (2) Equity Total 1 Quoted prices in active markets for identical assets $ — $ — $ — $ — 2 Other direct and indirect observable market inputs (3) 27,535,264 — — 27,535,264 3 Valuation sources that employ significant unobservable inputs 483,970,602 28,568,871 12,489,257 525,028,730 Total $ 511,505,866 $ 28,568,871 $ 12,489,257 $ 552,563,994 (1) Includes senior secured loans. (2) Includes senior secured notes, unsecured debt and subordinated debt. (3) For example, quoted prices in inactive markets or quotes for comparable investments. Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2021 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range(1) (Concluded Value)(2) Bank Debt $ 428,335,957 Income approach Discount rate 9.0 % - 9.6 % ( 9.3 %) 50,067,281 Market quotations Indicative quotes 1 ( 1 ) 3,134,168 Market comparable companies EBITDA multiples 1.0 x - 1.2 x ( 1.1 x) 2,433,196 Option Pricing Model Revenue multiple 4.5 x - 5.0 x ( 4.8 x) Implied volatility 60.0 % - 70.0 % ( 65.0 %) Term 2.8 years - 3.8 years ( 3.3 years) Other Corporate Debt 27,916,632 Income approach Discount rate 11.3 % - 12.9 % ( 12.1 %) 652,239 Market comparable companies Revenue multiples 0.2 x - 0.2 x ( 0.2 x) Equity 2,333,257 Option Pricing Model EBITDA/Revenue multiples 4.7 x - 5.2 x ( 4.9 x) Implied volatility 57.3 % - 67.0 % ( 62.1 %) Term 2.6 years - 3.6 years ( 3.1 years) 7,475,576 Market comparable companies EBITDA multiples 5.2 x - 5.6 x ( 5.4 x) 2,428,688 Market quotations Indicative bid/ask quotes 1 ( 1 ) 251,736 Market comparable companies Revenue multiples 0.6 x - 0.8 x ( 0.7 x) $ 525,028,730 (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. C hanges in investments categorized as Level 3 during the year ended December 31, 2021 were as follows: Bank Debt Other Equity Total Beginning balance $ 353,651,555 $ 61,573,500 $ 12,301,429 $ 427,526,484 Net realized and unrealized gains (losses) 11,220,420 287,700 30,508,601 42,016,721 Acquisitions (1) 251,587,012 941,551 11,913,150 264,441,713 Dispositions ( 127,752,607 ) ( 34,233,880 ) ( 42,233,923 ) ( 204,220,410 ) Transfers into Level 3 — — — — Transfers out of Level 3 (2) ( 4,735,778 ) — — ( 4,735,778 ) Ending balance $ 483,970,602 $ 28,568,871 $ 12,489,257 $ 525,028,730 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ 10,376,600 $ 106,071 $ 2,126,724 $ 12,609,395 (1) Includes payments received in kind and accretion of original issue and market discounts, and cost basis impact of non-cash restructures. (2) Comprised of three investments that were transferred from Level 3 to Level 2 due to increased observable market activity. |
Investment Transactions | Investment Transactions Security transactions are accounted for on the trade date unless there are substantial conditions to the transaction. Realized gains or losses are measured by the difference between the net proceeds from the disposition and the amortized cost of the investment. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Realized gains or losses on the disposition of investments are calculated using the specific identification method. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consists of amounts held in accounts with the custodian bank. Cash equivalents include short-term liquid overnight investments with original maturities of three months or less and may not be insured by the Federal Deposit Insurance Corporation or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the fair value hierarchy. |
Restricted Investments | Restricted Investments The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. See footnotes to the Consolidated Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above. |
Foreign Currency Investments | Foreign Currency Investments The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities—at the spot exchange rate on the last business day of the period; and (ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions, income or expenses. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company may not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar. There were no investments denominated in foreign currency as of December 31, 2022 and 2021. |
Derivatives Instruments | Derivative Instruments: The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the Consolidated Statements of Assets and Liabilities. Foreign Currency Forward Contracts and Warrants The Company may enter into forward foreign currency contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies or to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. Realized gains or losses are recognized when contracts are settled. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit this risk by dealing with only creditworthy counterparties. There were no open forward foreign currency contracts at December 31, 2022 and 2021. The Company holds warrants and options in certain portfolio companies in an effort to achieve additional investment return. In purchasing warrants and options, the Company bears the risk of an unfavorable change in the value of the underlying equity interest. The aggregate fair value of warrants and options as of December 31, 2022 and 2021 represented 0.6 % and 0.7 % of the Company’s net assets, respectively. Interest Rate Swap The Company entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of the Company’s 2025 Private Placement Notes (as defined below) (see Note 4). The Company is required to deposit initial margin with the broker in the form of cash in an amount that varies depending on the size and risk profile of the particular swap. Pursuant to the contract, the Company agrees to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not be used to offset amounts due under the interest rate swap contract in the normal course of settlement. Therefore, both the initial margin and variation margin paid are included as assets within Due from broker on the Consolidated Statements of Assets and Liabilities at December 31, 2022. Changes in the fair value of the swap contract are presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations. The Interest Rate Swap is recorded at fair value and is presented as a liability on the Company's Consolidated Statements of Assets and Liabilities at December 31, 2022. Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy. See Note 4 for additional information on the Company’s Interest Rate Swap. |
Debt Issuance Costs | Debt Issuance Costs Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company. |
Revenue Recognition | Revenue Recognition Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income. For loans and securities with payment-in-kind (“PIK”) income, which represents contractual interest or dividends accrued and added to the principal balance and generally due at maturity, such income is accrued only to the extent that the Advisor believes that the PIK income is likely to be collected. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends, even though the Company has not yet collected the cash. |
Income Taxes | Income Taxes The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The tax returns of the Company remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of December 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements. The Company holds certain portfolio investments through taxable subsidiaries. Income earned and gains realized on the investment held by the taxable subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statements of Operations for the Company. A tax provision for realized and unrealized gains is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statements of Operations for the Company. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2022 and December 31, 2021, the following permanent differences attributable to non-deductible expenses and the amortization method for the discount on the Company's 2022 Convertible Notes were reclassified to the following accounts. December 31, December 31, Paid-in capital $ 3,888,233 $ 1,849,597 Accumulated earnings (losses) ( 3,888,233 ) ( 1,849,597 ) The tax character of distributions paid were as follows: December 31, December 31, Ordinary income $ 27,571,457 $ 22,084,873 Tax return of capital 1,741,425 7,569,132 $ 29,312,882 $ 29,654,005 As of December 31, 2022 and December 31, 2021, the tax components of accumulated net earnings (losses) were as follows: December 31, December 31, Non-expiring capital loss carryforwards (1) $ ( 401,155,603 ) $ ( 402,453,454 ) Net unrealized gains (losses) (2) ( 57,232,175 ) ( 31,849,843 ) Total accumulated earnings (losses) $ ( 458,387,778 ) $ ( 434,303,297 ) (1) Amount available to offset future realized capital gains. (2) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of partnership income, non-deductible expenses, the accrual of income on securities in default, accounting for the Company's Interest Rate Swap, and investments in wholly owned subsidiaries. During the year ended December 31, 2022, the Company utilized $ 2,888,408 of its capital loss carryforward. At December 31, 2022 and December 31, 2021, gross unrealized appreciation and depreciation based on the cost of the Company's investments for U.S. federal income tax purposes were as follows: December 31, December 31, Tax basis of investments $ 615,741,586 $ 573,715,741 Unrealized appreciation 49,398,479 9,337,793 Unrealized depreciation ( 95,970,114 ) ( 30,489,540 ) Net unrealized depreciation (1) $ ( 46,571,635 ) $ ( 21,151,747 ) (1) Includes net unrealized depreciation on the Company's Interest Rate Swap. During the fiscal year ended December 31, 2022, the following information is provided with respect to the ordinary income dividends paid by the Company. Interest Dividends (1) $ 27,284,045 Interest Related Dividends for Non-U.S. Residents (2) $ 24,190,416 (1) The Company hereby designates the above amount maximum amounts allowable as interest income eligible to be treated as a Section 163(j) interest dividend. (2) Represents the maximum amount allowable as interest-related dividends eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. |
Non-Accrual Loans | Non-Accrual Loans Loans or debt securities are placed on non-accrual status, as a general matter, when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 . The impact of the Company’s adoption under the modified retrospective basis required a cumulative effect adjustment to opening net assets for the remaining unamortized original issue discount on the 2022 Convertible Notes, an increase to the Company’s debt balance as a result of the recombination of the equity conversion component of the 2022 Convertible Notes to bring the balance to par, net of deferred issuance costs, and a lower interest expense on the Consolidated Statements of Operations. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, or cash flows. |
Market and Credit Risk | Market and Credit Risk The Company has investments in lower rated and comparable quality unrated senior and junior secured, unsecured and subordinated debt securities and loans, which are subject to a greater degree of credit risk than more highly rated investments. The risk of loss due to default by the issuer is significantly greater for holders of such securities and loans, particularly in cases where the investment is unsecured or subordinated to other creditors of the issuer. In the normal course of business, the Company invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Company may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Company; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations (see Item 1A. Risk Factors for further details). The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. Similar to issuer credit risk, the Company may be exposed to counterparty credit risk, or the risk that an entity with which the Company has unsettled, or open transactions may fail to or be unable to perform on its commitments. The Company manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Company to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Company’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Investments | At December 31, 2022, the Company’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Other (2) Equity Total 1 Quoted prices in active markets for identical assets $ — $ — $ — $ — 2 Other direct and indirect observable market inputs (3) 43,550,303 — — 43,550,303 3 Valuation sources that employ significant unobservable inputs 494,932,878 21,782,823 10,223,080 526,938,781 Total $ 538,483,181 $ 21,782,823 $ 10,223,080 $ 570,489,084 (1) Includes senior secured loans. (2) Includes senior secured notes, unsecured debt and subordinated debt. (3) For example, quoted prices in inactive markets or quotes for comparable investments. At December 31, 2021, the Company’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Other (2) Equity Total 1 Quoted prices in active markets for identical assets $ — $ — $ — $ — 2 Other direct and indirect observable market inputs (3) 27,535,264 — — 27,535,264 3 Valuation sources that employ significant unobservable inputs 483,970,602 28,568,871 12,489,257 525,028,730 Total $ 511,505,866 $ 28,568,871 $ 12,489,257 $ 552,563,994 (1) Includes senior secured loans. (2) Includes senior secured notes, unsecured debt and subordinated debt. (3) For example, quoted prices in inactive markets or quotes for comparable investments. |
Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments | Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) (Concluded Value) (2) Bank Debt $ 450,067,848 Income approach Discount rate 12.9 % - 13.7 % ( 13.3 %) 43,102,197 Market quotations Indicative bid/ask quotes 1 ( 1 ) 1,762,833 Option Pricing Model Implied volatility 60.0 % - 70.0 % ( 65.0 %) Term 1.8 years - 2.8 years ( 2.3 years) Other Corporate Debt 21,074,000 Income approach Discount rate 13.6 % - 15.1 % ( 14.3 %) 708,823 Market comparable companies Revenue multiples 0.1 x - 0.2 x ( 0.2 x) Equity 1,586,504 Option Pricing Model EBITDA/Revenue multiples 3.6 x - 3.9 x ( 3.8 x) Implied volatility 58.2 % - 68.2 % ( 63.2 %) Term 1.8 years - 2.9 years ( 2.4 years) 4,373,400 Market comparable companies EBITDA multiples 5.8 x - 6.8 x ( 6.3 x) 3,972,472 Income approach Discount rate 20.3 % - 32.8 % ( 24.6 %) 290,704 Market comparable companies Revenue multiples 2.1 x - 2.3 x ( 2.2 x) $ 526,938,781 (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2021 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range(1) (Concluded Value)(2) Bank Debt $ 428,335,957 Income approach Discount rate 9.0 % - 9.6 % ( 9.3 %) 50,067,281 Market quotations Indicative quotes 1 ( 1 ) 3,134,168 Market comparable companies EBITDA multiples 1.0 x - 1.2 x ( 1.1 x) 2,433,196 Option Pricing Model Revenue multiple 4.5 x - 5.0 x ( 4.8 x) Implied volatility 60.0 % - 70.0 % ( 65.0 %) Term 2.8 years - 3.8 years ( 3.3 years) Other Corporate Debt 27,916,632 Income approach Discount rate 11.3 % - 12.9 % ( 12.1 %) 652,239 Market comparable companies Revenue multiples 0.2 x - 0.2 x ( 0.2 x) Equity 2,333,257 Option Pricing Model EBITDA/Revenue multiples 4.7 x - 5.2 x ( 4.9 x) Implied volatility 57.3 % - 67.0 % ( 62.1 %) Term 2.6 years - 3.6 years ( 3.1 years) 7,475,576 Market comparable companies EBITDA multiples 5.2 x - 5.6 x ( 5.4 x) 2,428,688 Market quotations Indicative bid/ask quotes 1 ( 1 ) 251,736 Market comparable companies Revenue multiples 0.6 x - 0.8 x ( 0.7 x) $ 525,028,730 (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. |
Schedule of Change in Value of Investment Over Change in Unobservable Input | Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0 % and 100 %. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Increase Decrease Yield Increase Decrease |
Schedule of Changes in Investments Categorized as Level 3 | Changes in investments categorized as Level 3 during the year ended December 31, 2022 were as follows: Bank Debt Other Equity Total Beginning balance $ 483,970,602 $ 28,568,871 $ 12,489,257 $ 525,028,730 Net realized and unrealized gains (losses) ( 16,007,901 ) ( 2,616,909 ) ( 2,090,442 ) ( 20,715,252 ) Acquisitions (1) 221,215,875 6,245 334,701 221,556,821 Dispositions ( 186,361,848 ) ( 4,175,384 ) ( 510,436 ) ( 191,047,668 ) Transfers into Level 3 (2) 7,041,150 — — 7,041,150 Transfers out of Level 3 (3) ( 14,925,000 ) — — ( 14,925,000 ) Ending balance $ 494,932,878 $ 21,782,823 $ 10,223,080 $ 526,938,781 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ ( 14,698,324 ) $ ( 2,632,348 ) $ ( 2,100,879 ) $ ( 19,431,551 ) (1) Includes payments received in kind and accretion of original issue and market discounts. (2) Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity. (3) Comprised of one investment that was transferred from Level 3 to Level 2 due to increased observable market activity. hanges in investments categorized as Level 3 during the year ended December 31, 2021 were as follows: Bank Debt Other Equity Total Beginning balance $ 353,651,555 $ 61,573,500 $ 12,301,429 $ 427,526,484 Net realized and unrealized gains (losses) 11,220,420 287,700 30,508,601 42,016,721 Acquisitions (1) 251,587,012 941,551 11,913,150 264,441,713 Dispositions ( 127,752,607 ) ( 34,233,880 ) ( 42,233,923 ) ( 204,220,410 ) Transfers into Level 3 — — — — Transfers out of Level 3 (2) ( 4,735,778 ) — — ( 4,735,778 ) Ending balance $ 483,970,602 $ 28,568,871 $ 12,489,257 $ 525,028,730 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ 10,376,600 $ 106,071 $ 2,126,724 $ 12,609,395 (1) Includes payments received in kind and accretion of original issue and market discounts, and cost basis impact of non-cash restructures. (2) Comprised of three investments that were transferred from Level 3 to Level 2 due to increased observable market activity. |
Schedule of Permanent Differences Attributable to Non-deductible Expenses and the Amortization Method For the Discount on the Company's 2022 Convertible Notes | As of December 31, 2022 and December 31, 2021, the following permanent differences attributable to non-deductible expenses and the amortization method for the discount on the Company's 2022 Convertible Notes were reclassified to the following accounts. December 31, December 31, Paid-in capital $ 3,888,233 $ 1,849,597 Accumulated earnings (losses) ( 3,888,233 ) ( 1,849,597 ) |
Schedule Of Tax Character of Distributions Paid | The tax character of distributions paid were as follows: December 31, December 31, Ordinary income $ 27,571,457 $ 22,084,873 Tax return of capital 1,741,425 7,569,132 $ 29,312,882 $ 29,654,005 |
Schedule of Tax Components of Accumulated Net Earnings (Losses) | As of December 31, 2022 and December 31, 2021, the tax components of accumulated net earnings (losses) were as follows: December 31, December 31, Non-expiring capital loss carryforwards (1) $ ( 401,155,603 ) $ ( 402,453,454 ) Net unrealized gains (losses) (2) ( 57,232,175 ) ( 31,849,843 ) Total accumulated earnings (losses) $ ( 458,387,778 ) $ ( 434,303,297 ) (1) Amount available to offset future realized capital gains. (2) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of partnership income, non-deductible expenses, the accrual of income on securities in default, accounting for the Company's Interest Rate Swap, and investments in wholly owned subsidiaries. |
Schedule of Gross Unrealized Appreciation and Depreciation for Investments based on Cost | At December 31, 2022 and December 31, 2021, gross unrealized appreciation and depreciation based on the cost of the Company's investments for U.S. federal income tax purposes were as follows: December 31, December 31, Tax basis of investments $ 615,741,586 $ 573,715,741 Unrealized appreciation 49,398,479 9,337,793 Unrealized depreciation ( 95,970,114 ) ( 30,489,540 ) Net unrealized depreciation (1) $ ( 46,571,635 ) $ ( 21,151,747 ) (1) Includes net unrealized depreciation on the Company's Interest Rate Swap. |
Schedule of Ordinary Income Dividend Paid by the Company | During the fiscal year ended December 31, 2022, the following information is provided with respect to the ordinary income dividends paid by the Company. Interest Dividends (1) $ 27,284,045 Interest Related Dividends for Non-U.S. Residents (2) $ 24,190,416 (1) The Company hereby designates the above amount maximum amounts allowable as interest income eligible to be treated as a Section 163(j) interest dividend. (2) Represents the maximum amount allowable as interest-related dividends eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Outstanding and Available | Total debt outstanding and available at December 31, 2022 was as follows: Maturity Rate Carrying Value (1) Available Total Credit Facility 2025 L+ 2.00 % (2) $ 162,000,000 $ 103,000,000 (3) $ 265,000,000 (4) 2025 Private Placement Notes (1) 2025 Fixed/Variable (5) 91,003,161 — 91,003,161 Debt, net of unamortized issuance costs $ 253,003,161 $ 103,000,000 $ 356,003,161 (1) The carrying value of 2025 Private Placement Notes was comprised of the following: December 31, 2022 Principal amount of debt $ 92,000,000 Unamortized issuance costs ( 996,839 ) Carrying value $ 91,003,161 (2) The applicable margin for LIBOR-based borrowings could be either 2.00 % or 2.25 % depending on a ratio of the borrowing base to certain indebtedness. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00 % or 1.25 % depending on a ratio of the borrowing base to certain indebtedness. (3) Subject to borrowing base and leverage restrictions. (4) Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $ 325.0 million. (5) The 2025 Private Placement Notes were issued in two tranches, consisting of a $ 35.0 million aggregate principal amount with a fixed interest rate of 5.82 % and a $ 57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14 %. Total debt outstanding and available at December 31, 2021 was as follows: Maturity Rate Carrying Value (1) Available Total Credit Facility 2025 L+ 2.00 % (2) $ 54,000,000 $ 211,000,000 (3) $ 265,000,000 (4) 2022 Convertible Notes (1) 2022 5.00 % 142,875,330 — 142,875,330 Debt, net of unamortized issuance costs $ 196,875,330 $ 211,000,000 $ 407,875,330 (1) The carrying value of 2022 Convertible Notes was comprised of the following: December 31, 2021 Principal amount of debt $ 143,750,000 Original issue discount, net of accretion ( 449,398 ) Unamortized issuance costs ( 425,272 ) Carrying value $ 142,875,330 (2) The applicable margin for LIBOR-based borrowings was either 2.00 % or 2.25 % depending on a ratio of the borrowing base to certain indebtedness. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00 % or 1.25 % depending on a ratio of the borrowing base to certain indebtedness. (3) Subject to borrowing base and leverage restrictions. (4) Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $ 325.0 million. |
Schedule of Total Expenses Related to Debt | Total expenses related to debt for the years ended December 31, 2022, 2021 and 2020 included the following: Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Stated interest expense $ 11,391,162 $ 8,081,899 $ 12,067,151 Amortization of original issue discount (1) — 942,208 890,695 Amortization of deferred debt issuance costs 1,071,844 1,565,241 1,977,676 Total interest expense 12,463,006 10,589,348 14,935,522 Commitment and credit facility fees 677,396 1,031,551 648,692 Total $ 13,140,402 $ 11,620,899 $ 15,584,214 (1) The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 (see Note 2). |
Summary of Carrying and Fair Values of Outstanding Debt | The carrying and fair values of the Company’s outstanding debt as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Credit Facility $ 162,000,000 $ 146,610,000 $ 54,000,000 $ 51,300,000 2022 Convertible Notes — — 142,875,330 145,726,563 2025 Private Placement Notes 91,003,161 89,074,810 — — Total $ 253,003,161 $ 235,684,810 $ 196,875,330 $ 197,026,563 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Schedule of Investments | At December 31, 2022, investments consisted of the following: Cost Fair Value Senior secured notes $ 1,920,592 $ 1,624,823 Unsecured debt 37,686,148 15,228,000 Subordinated debt 5,000,000 4,930,000 Senior secured loans: First lien 455,458,846 447,490,518 Second/other priority lien 98,468,621 90,992,663 Total senior secured loans 553,927,467 538,483,181 Preferred stock 40,527,223 2,354,224 Common stock 10,611,548 — Limited partnership/limited liability company interests 8,511,838 5,991,648 Equity warrants/options 115,348 1,877,208 Total investments $ 658,300,164 $ 570,489,084 At December 31, 2021, investments consisted of the following: Cost Fair Value Senior secured notes $ 1,914,346 $ 1,641,800 Unsecured debt 41,861,533 21,927,071 Subordinated debt 5,000,000 5,000,000 Senior secured loans: First lien 405,193,486 409,626,942 Second/other priority lien 100,726,036 101,878,924 Total senior secured loans 505,919,522 511,505,866 Preferred stock 40,192,521 2,680,424 Common stock 10,611,548 — Limited partnership/limited liability company interests 9,011,837 7,475,576 Equity warrants/options 115,348 2,333,257 Total investments $ 614,626,655 $ 552,563,994 |
Schedule of Industry Composition of Portfolio at Fair Value | As of December 31, 2022, the Company generally uses GICS to classify the industries of its portfolio companies. The following table shows the industry composition of the portfolio, at fair value, at December 31, 2022 and December 31, 2021 by GICS. Industry December 31, 2022 December 31, 2021 Software 15.2 % 7.7 % Diversified Financial Services 14.5 13.6 Internet Software & Services 11.1 11.2 Diversified Consumer Services 8.3 7.0 Professional Services 7.2 6.5 Health Care Technology 4.4 4.4 Health Care Providers & Services 3.7 3.7 Road & Rail 2.6 10.5 Construction & Engineering 2.6 1.6 Insurance 2.5 2.0 Health Care Equipment & Supplies 2.5 2.7 IT Services 2.5 1.6 Containers & Packaging 2.5 2.1 Specialty Retail 1.9 1.5 Technology Hardware, Storage & Peripherals 1.8 0.9 Textiles, Apparel & Luxury Goods 1.7 4.2 Paper & Forest Products 1.7 — Consumer Finance 1.3 2.3 Real Estate Management & Development 1.1 0.3 Commercial Services & Supplies 1.1 0.8 Media 1.0 3.3 Trading Companies & Distributors 1.0 1.1 Internet & Catalog Retail 1.0 0.8 Machinery 0.9 1.0 Hotels, Restaurants & Leisure 0.9 — Wireless Telecommunication Services 0.8 0.9 Household Durables 0.8 1.1 Metals & Mining 0.6 0.7 Leisure Products 0.5 — Automobiles 0.4 0.5 Building Products 0.4 0.4 Distributors 0.4 0.4 Life Sciences Tools & Services 0.4 — Semiconductors & Semiconductor Equipment 0.4 — Capital Markets 0.2 0.2 Electrical Equipment 0.1 0.1 Tobacco Related — 2.4 Aerospace & Defense — 1.7 Diversified Telecommunication Services — 0.8 Chemicals — — Oil, Gas & Consumable Fuels — — Totals 100.0 % 100.0 % |
Schedule of Geographic Composition of Portfolio at Fair Value | The following table shows the geographic composition of the portfolio at fair value at December 31, 2022 and December 31, 2021. The geographic composition is determined by several factors including the location of the corporate headquarters and the country of registration of the portfolio company. Geography December 31, 2022 December 31, 2021 United States 85.4 % 88.3 % United Kingdom 7.2 6.6 Germany 3.7 3.9 Canada 1.1 1.2 Switzerland 1.0 — Slovenia 0.9 — Australia 0.7 — Totals 100.0 % 100.0 % |
Stockholders' Equity and Divi_2
Stockholders' Equity and Dividends (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Declared Dividends to Common Stockholders | For the years ended December 31, 2022 and 2021, declared dividends to common stockholders were as follows: Date Declared Record Date Payment Date Type Amount Per Share Total Amount Reinvested dividends paid during quarter (1) (2) March 1, 2022 March 17, 2022 April 7, 2022 Regular $ 0.10 $ 7,380,270 $ 698,261 April 27, 2022 June 16, 2022 July 7, 2022 Regular 0.10 7,363,184 744,840 August 2, 2022 September 15, 2022 October 6, 2022 Regular 0.10 7,312,237 691,653 October 28, 2022 December 16, 2022 January 6, 2023 Regular 0.10 7,257,191 736,774 Total $ 0.40 $ 29,312,882 $ 2,871,528 Date Declared Record Date Payment Date Type Amount Per Share Total Amount Reinvested dividends paid during quarter (1) (2) March 2, 2021 March 17, 2021 April 7, 2021 Regular $ 0.10 $ 7,441,594 $ — April 28, 2021 June 16, 2021 July 7, 2021 Regular 0.10 7,413,594 541,771 July 28, 2021 September 15, 2021 October 6, 2021 Regular 0.10 7,405,845 593,078 November 2, 2021 December 16, 2021 January 6, 2022 Regular 0.10 7,392,972 628,043 Total $ 0.40 $ 29,654,005 $ 1,762,892 (1) The Company has adopted a dividend reinvestment plan that provides for reinvestment of dividends on behalf of stockholders, unless a stockholder elects to receive cash. (2) Dividends reinvested through purchase of shares in the open market. |
Schedule of Total Shares Repurchased And Amounts Paid By The Company Under The Company Repurchase Plan, Including Broker Fees | The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 2022: December 31, 2022 Shares Price Per Total Cost Company Repurchase Plan 1,308,626 $ 3.73 $ 4,884,316 The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 2021: December 31, 2021 Shares Price Per Total Cost Company Repurchase Plan 589,678 $ 3.72 $ 2,192,527 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation Basic and Diluted Net Increase (Decrease) in Net Assets from Operations Per Share | The following information sets forth the computation of basic and diluted net increase (decrease) in net assets from operations per share (earnings (loss) per share) for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Earnings (Loss) per share – basic: Net increase (decrease) in net assets resulting from operations $ 3,486,976 $ 66,488,228 $ ( 103,852,603 ) Weighted average shares outstanding – basic 73,314,124 74,153,145 69,801,849 Earnings (Loss) per share – basic $ 0.05 $ 0.90 $ ( 1.49 ) Earnings (Loss) per share – diluted: Net increase (decrease) in net assets resulting from operations, before adjustments $ 3,486,976 $ 66,488,228 $ ( 103,852,603 ) Adjustments for interest on unsecured convertible senior notes (1) — 9,064,793 — Net increase (decrease) in net assets resulting from operations, as adjusted $ 3,486,976 $ 75,553,021 $ ( 103,852,603 ) Weighted average shares outstanding – diluted (1) 73,314,124 91,146,882 69,801,849 Earnings (Loss) per share – diluted $ 0.05 $ 0.83 $ ( 1.49 ) (1) The Company’s 2022 Convertible Notes were repaid on their June 15, 2022 maturity (see Note 4). No adjustments for interest or incremental shares were included for the year ended December 31, 2022 because the effect would be antidilutive . Due to a net decrease in net assets from operations for the year ended December 31, 2020, no incremental shares were included because the effect would be antidilutive. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following is a schedule of financial highlights for a common share outstanding for the each of the five years in the period ended December 31, 2022: Year Ended December 31, 2022 2021 2020 2019 2018 Per Share Data: Net asset value, beginning of period $ 4.73 $ 4.23 $ 6.33 $ 7.07 $ 7.83 Investment Operations: Net investment income, before incentive fees 0.43 0.29 0.49 0.64 0.66 Incentive fees (1) ( 0.03 ) ( 0.02 ) — ( 0.03 ) — Net investment income (1) 0.40 0.27 0.49 0.61 0.66 Net realized and unrealized gain (loss) ( 0.35 ) 0.63 ( 1.98 ) ( 0.71 ) ( 0.79 ) Total from investment operations 0.05 0.90 ( 1.49 ) ( 0.10 ) ( 0.13 ) Cumulative effect of adjustment for the adoption of ASU 2020-06 (2) ( 0.01 ) — — — — Issuance/reinvestment of stock at prices (below) net asset value — — ( 0.20 ) — — Repurchase of common stock 0.02 — 0.03 — 0.09 Dividends to stockholders, excluding tax return of capital (3) ( 0.38 ) ( 0.30 ) ( 0.32 ) ( 0.63 ) ( 0.70 ) Tax return of capital ( 0.02 ) ( 0.10 ) ( 0.12 ) ( 0.01 ) ( 0.02 ) Total distributions ( 0.40 ) ( 0.40 ) ( 0.44 ) ( 0.64 ) ( 0.72 ) Net asset value, end of period $ 4.39 $ 4.73 $ 4.23 $ 6.33 $ 7.07 Market price at end of period $ 3.62 $ 4.00 $ 2.69 $ 4.97 $ 5.29 Total return based on market price (4) 0.22 % 64.33 % ( 35.70 )% 5.32 % ( 4.44 )% Total return based on net asset value (5) 2.78 % 23.57 % ( 20.61 )% 0.36 % 1.61 % Shares outstanding at end of period 72,571,907 73,876,987 74,466,665 68,836,255 68,921,798 Ratios to average net assets: Operating expenses, before incentive fees 4.01 % 3.89 % 4.84 % 4.00 % 3.90 % Interest and other debt related expenses 3.89 % 3.47 % 4.35 % 3.31 % 2.80 % Total expenses, before incentive fees 7.90 % 7.36 % 9.19 % 7.31 % 6.70 % Incentive fees (1) 0.56 % 0.51 % — 0.39 % — Total expenses, after incentive fees 8.46 % 7.87 % 9.19 % 7.70 % 6.70 % Net investment income 8.70 % 5.93 % 9.56 % 8.91 % 8.72 % Net assets at end of period $ 318,522,353 $ 349,651,973 $ 315,010,277 $ 435,608,981 $ 487,020,154 Portfolio turnover rate 35 % 49 % 21 % 25 % 40 % Weighted average interest rate on debt (6) 5.36 % 5.82 % 4.80 % 5.80 % 5.79 % Weighted average debt outstanding $ 232,532,610 $ 181,797,885 $ 310,955,762 $ 249,099,570 $ 241,446,017 Weighted average shares outstanding 73,314,124 74,153,145 69,801,849 68,836,590 71,373,570 Weighted average debt per share (7) $ 3.17 $ 2.45 $ 4.45 $ 3.62 $ 3.38 (1) For the year ended December 31, 2022, net investment income per share amount displayed above is net of incentive fees based on income of $ 0.05 per share or 1.01 % of average net assets, and is also net of a reversal of hypothetical liquidation basis GAAP incentive fees on capital gains of $( 0.02 ) per share or ( 0.46 )% of average net assets. For the year ended December 31, 2021, net investment income per share amount displayed above is net of an accrual of hypothetical liquidation basis GAAP incentive fees on capital gains of $ 0.02 per share, or 0.46 % of average net assets, and is also net of incentive fees based on income (net of waiver). For the year ended December 31, 2019, net investment income per share amount displayed above is net of incentive fees based on income (net of waiver) of $ 0.03 per share. (2) The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 (see Notes 2 and 4). (3) Dividends for annual periods are determined in accordance with federal income tax regulations and there may be differences between book and tax amounts (see Note 2). (4) Total return based on market value is calculated by determining the percentage change in market value per share during the period and assuming that the dividends are reinvested in accordance with the Company’s dividend reinvestment plan. (5) Total return based on net asset value is calculated by determining the percentage change in net asset value per share during the period and assuming that the dividends are reinvested in accordance with the Company’s dividend reinvestment plan. (6) Weighted average interest rate on debt includes contractual interest, amortization of debt issuance costs (see Note 4), and original issue discount for periods prior to January 1, 2022 (refer to the adoption of ASU 2020-06 in Note 2). (7) Weighted average debt per share is calculated as weighted average debt outstanding divided by the weighted average shares outstanding during the applicable period. |
Senior Securities (Tables)
Senior Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Senior Securities | Information about our senior securities is shown in the following table as of end of the last ten fiscal years and the period ended December 31, 2022. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total Amount Outstanding (in 000’s) Asset Coverage per Unit (5) Involuntary Liquidating Preference Per Unit (6) Average Market Value Per Unit (7) Credit Facility (1) Fiscal Year 2022 $ 162,000 $ 2,246 $ — N/A Fiscal Year 2021 $ 54,000 $ 2,758 $ — N/A Fiscal Year 2020 $ 38,800 $ 2,706 $ — N/A Fiscal Year 2019 $ 174,400 $ 2,352 $ — N/A Fiscal Year 2018 $ 49,000 $ 3,542 $ — N/A Fiscal Year 2017 $ 16,000 $ 3,655 $ — N/A Fiscal Year 2016 $ 190,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 60,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 144,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 179,000 $ 2,460 $ — N/A Unsecured Senior Notes Due 2025 (1) Fiscal Year 2022 $ 92,000 $ 2,246 $ — N/A Convertible Notes Due 2022 (1) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 $ 143,750 $ 2,758 $ — N/A Fiscal Year 2020 $ 143,750 $ 2,706 $ — N/A Fiscal Year 2019 $ 143,750 $ 2,352 $ — N/A Fiscal Year 2018 $ 143,750 $ 3,542 $ — N/A Fiscal Year 2017 $ 143,750 $ 3,665 $ — N/A Convertible Notes Due 2018 (2) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 N/A N/A $ — N/A Fiscal Year 2020 N/A N/A $ — N/A Fiscal Year 2019 N/A N/A $ — N/A Fiscal Year 2018 N/A N/A $ — N/A Fiscal Year 2017 $ 55,041 $ 3,665 $ — N/A Fiscal Year 2016 $ 115,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 115,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 115,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 115,000 $ 2,460 $ — N/A Senior Secured Notes (3) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 N/A N/A $ — N/A Fiscal Year 2020 N/A N/A $ — N/A Fiscal Year 2019 N/A N/A $ — N/A Fiscal Year 2018 N/A N/A $ — N/A Fiscal Year 2017 N/A N/A $ — N/A Fiscal Year 2016 $ 17,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 175,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 175,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 175,000 $ 2,460 $ — N/A Term Loan (4) Fiscal Year 2022 N/A N/A $ — N/A Fiscal Year 2021 N/A N/A $ — N/A Fiscal Year 2020 N/A N/A $ — N/A Fiscal Year 2019 N/A N/A $ — N/A Fiscal Year 2018 N/A N/A $ — N/A Fiscal Year 2017 N/A N/A $ — N/A Fiscal Year 2016 $ 15,000 $ 2,754 $ — N/A Fiscal Year 2015 $ 15,000 $ 3,023 $ — N/A Fiscal Year 2014 $ 15,000 $ 2,713 $ — N/A Fiscal Year 2013 $ 10,000 $ 2,460 $ — N/A (1) For further information on the Company’s Credit Facility, Unsecured Senior Notes Due 2025 and Convertible Notes Due 2022 (prior to their maturity), refer to Note 4 of the consolidated financial statements. (2) On February 19, 2013, the Company closed a private offering of $ 100.0 million in aggregate principal amount of 5.50 % unsecured convertible senior notes due 2018 (the “Convertible Notes”). The initial purchasers of the Convertible Notes fully exercised their overallotment option and purchased an additional $ 15.0 million in aggregate principal amount of the Convertible Notes. The closing of the overallotment option took place on March 4, 2013. With the exercise of the overallotment option, a total of $ 115.0 million in aggregate principal amount of the Convertible Notes was sold. Net proceeds to the Company from the offering, including the exercise of the overallotment option, were approximately $ 111.3 million. The Convertible Notes were only offered to qualified institutional buyers as defined in the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Rule 144A under the Securities Act. The Convertible Notes were unsecured and bore interest at a rate of 5.50 % per year, payable semi-annually in arrears. In certain circumstances and during certain periods, the Convertible Notes were convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, at an initial conversion rate of 86.0585 shares of common stock per $ 1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $ 11.62 per share of the Company’s common stock, subject to defined anti-dilution adjustments. The Company did not have the right to redeem the Convertible Notes prior to maturity. On September 27, 2017, the Company purchased $ 60.0 million in aggregate principal amount of its existing $ 115.0 million Convertible Notes pursuant to a cash tender offer at a purchase price equal to $ 1,015 per $ 1,000 principal amount of notes purchased, plus accrued and unpaid interest, using borrowings under the Credit Facility and cash on hand. All Convertible Notes purchased in the tender offer were retired, cancelled, and no longer outstanding under the indenture. The aggregate purchase price of the Convertible Notes was $ 60.9 million, plus approximately $ 0.1 million of reacquisition costs, for a total reacquisition price of $ 61.0 million, excluding $ 0.4 million of interest expense. The net carrying amount of the Convertible Notes purchased in the tender offer at the time of purchase was $ 59.8 million, net of unamortized debt issuance costs and unamortized discount. As such, in accordance with ASC 470-50, Debt – Modifications and Extinguishments, the difference between the reacquisition price and the net carrying amount of the Convertible Notes was recorded as a $ 1.3 million loss on extinguishment of debt. On February 15, 2018, the remaining Convertible Notes of $ 55.0 million matured and the Company paid the principal and interest in cash. (3) On January 18, 2011, the Company closed a private placement issuance of $ 158.0 million in aggregate principal amount of five-year , senior secured notes with a fixed interest rate of 6.50 % and a maturity date of January 18, 2016 , and $ 17.0 million in aggregate principal amount of seven-year , senior secured notes with a fixed interest rate of 6.60 % and a maturity date of January 18, 2018 . The $ 158.0 million five-year , senior secured notes matured on January 18, 2016 and were repaid using proceeds from the Company’s Credit Facility. On April 17, 2017 , the Company redeemed the $ 17.0 million aggregate principal amount of 6.60 % senior secured notes due 2018, using proceeds from the Credit Facility. The notes were prepaid at 100 % of the principal amount, plus accrued and unpaid interest through the prepayment date, as well as $ 0.7 million make-whole premium. (4) On June 7, 2013, the Company entered into a Senior Secured Term Loan Credit Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan”) which had an original principal amount of $ 10.0 million and an initial interest rate applicable to borrowings of generally LIBOR plus an applicable margin of 3.75 %. Under its most recent amendment, the Term Loan had a principal amount of $ 15.0 million and a stated maturity date of March 27, 2019 . The interest rate applicable to borrowings thereunder was generally LIBOR plus an applicable margin of 3.25 %. On June 22, 2017 , the Term Loan was repaid. (5) The asset coverage ratio for senior securities representing indebtedness is calculated as our consolidated total assets, less all consolidated liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. (6) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. (7) Not applicable, as senior securities are not registered for public trading. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Aggregate fair value of warrants and options | 0.60% | 0.70% |
Non-expiring capital loss carryforwards | $ 2,888,408 | |
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2022 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
Accounting Standards Update Extensible List | Accounting Standards Update202006 [Member] | |
Maximum | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of aggregate fair value of net assets | 5% | |
Percent of positions held | 15% | |
Maximum | Level 3 | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Valuation technique relative weight range | 100% | |
Minimum | Level 3 | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Valuation technique relative weight range | 0% | |
Foreign Currency Forward Contracts | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Forward foreign currency contracts | $ 0 | $ 0 |
BlackRock Capital Investment Corporation | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Ownership percentage by parent | 100% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | $ 570,489,084 | $ 552,563,994 |
Bank Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 538,483,181 | 511,505,866 |
Other Corporate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 21,782,823 | 28,568,871 |
Equity Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 10,223,080 | 12,489,257 |
Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Bank Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Other Corporate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Equity Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 0 | 0 |
Other Direct and Indirect Observable Market Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 43,550,303 | 27,535,264 |
Other Direct and Indirect Observable Market Inputs | Bank Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 43,550,303 | 27,535,264 |
Other Direct and Indirect Observable Market Inputs | Other Corporate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 0 | 0 |
Other Direct and Indirect Observable Market Inputs | Equity Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 0 | 0 |
Valuation Sources that Employ Significant Unobservable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 526,938,781 | 525,028,730 |
Valuation Sources that Employ Significant Unobservable Inputs | Bank Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 494,932,878 | 483,970,602 |
Valuation Sources that Employ Significant Unobservable Inputs | Other Corporate Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | 21,782,823 | 28,568,871 |
Valuation Sources that Employ Significant Unobservable Inputs | Equity Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value | $ 10,223,080 | $ 12,489,257 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 570,489,084 | $ 552,563,994 |
Bank Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | 538,483,181 | 511,505,866 |
Other Corporate Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | 21,782,823 | 28,568,871 |
Equity Securities | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | 10,223,080 | 12,489,257 |
Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 526,938,781 | 525,028,730 |
Level 3 | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 0% | |
Level 3 | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 100% | |
Level 3 | Market Comparable Companies | Revenue Multiple | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 0.2 | |
Level 3 | Bank Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 494,932,878 | 483,970,602 |
Level 3 | Bank Debt | Income Approach | Discount Rate | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 450,067,848 | $ 428,335,957 |
Concluded Value | 13.30% | 9.30% |
Level 3 | Bank Debt | Income Approach | Discount Rate | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 12.90% | 9% |
Level 3 | Bank Debt | Income Approach | Discount Rate | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 13.70% | 9.60% |
Level 3 | Bank Debt | Market Quotations | Indicative Bid/Ask Quotes | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 43,102,197 | |
Weighted Average Range | 1 | |
Concluded Value | 1 | |
Level 3 | Bank Debt | Market Quotations | Indicative Quotes | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 50,067,281 | |
Weighted Average Range | 1 | |
Concluded Value | 1 | |
Level 3 | Bank Debt | Market Comparable Companies | EBITDA Multiples | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 3,134,168 | |
Concluded Value | 1.1 | |
Level 3 | Bank Debt | Market Comparable Companies | EBITDA Multiples | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 1 | |
Level 3 | Bank Debt | Market Comparable Companies | EBITDA Multiples | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 1.2 | |
Level 3 | Bank Debt | Option Pricing Model | Revenue Multiple | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 2,433,196 | |
Concluded Value | 4.8 | |
Level 3 | Bank Debt | Option Pricing Model | Revenue Multiple | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 4.5 | |
Level 3 | Bank Debt | Option Pricing Model | Revenue Multiple | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 5 | |
Level 3 | Bank Debt | Option Pricing Model | Implied Volatility | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 1,762,833 | |
Concluded Value | 65% | 65% |
Level 3 | Bank Debt | Option Pricing Model | Implied Volatility | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 60% | 60% |
Level 3 | Bank Debt | Option Pricing Model | Implied Volatility | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 70% | 70% |
Level 3 | Bank Debt | Option Pricing Model | Term | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range, Term | 2 years 3 months 18 days | 3 years 3 months 18 days |
Level 3 | Bank Debt | Option Pricing Model | Term | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range, Term | 1 year 9 months 18 days | 2 years 9 months 18 days |
Level 3 | Bank Debt | Option Pricing Model | Term | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range, Term | 2 years 9 months 18 days | 3 years 9 months 18 days |
Level 3 | Other Corporate Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 21,782,823 | $ 28,568,871 |
Level 3 | Other Corporate Debt | Income Approach | Discount Rate | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 21,074,000 | $ 27,916,632 |
Concluded Value | 14.30% | 12.10% |
Level 3 | Other Corporate Debt | Income Approach | Discount Rate | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 13.60% | 11.30% |
Level 3 | Other Corporate Debt | Income Approach | Discount Rate | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 15.10% | 12.90% |
Level 3 | Other Corporate Debt | Market Comparable Companies | Revenue Multiple | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 708,823 | $ 652,239 |
Concluded Value | 0.2 | 0.2 |
Level 3 | Other Corporate Debt | Market Comparable Companies | Revenue Multiple | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 0.1 | 0.2 |
Level 3 | Other Corporate Debt | Market Comparable Companies | Revenue Multiple | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 0.2 | |
Level 3 | Equity Securities | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 10,223,080 | $ 12,489,257 |
Level 3 | Equity Securities | Income Approach | Discount Rate | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 3,972,472 | |
Concluded Value | 24.60% | |
Level 3 | Equity Securities | Income Approach | Discount Rate | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 20.30% | |
Level 3 | Equity Securities | Income Approach | Discount Rate | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 32.80% | |
Level 3 | Equity Securities | Market Quotations | Indicative Bid/Ask Quotes | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 2,428,688 | |
Weighted Average Range | 1 | |
Concluded Value | 1 | |
Level 3 | Equity Securities | Market Comparable Companies | Revenue Multiple | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 290,704 | $ 251,736 |
Concluded Value | 2.2 | 0.7 |
Level 3 | Equity Securities | Market Comparable Companies | Revenue Multiple | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 2.1 | 0.6 |
Level 3 | Equity Securities | Market Comparable Companies | Revenue Multiple | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 2.3 | 0.8 |
Level 3 | Equity Securities | Market Comparable Companies | EBITDA Multiples | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 4,373,400 | $ 7,475,576 |
Concluded Value | 6.3 | 5.4 |
Level 3 | Equity Securities | Market Comparable Companies | EBITDA Multiples | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 5.8 | 5.2 |
Level 3 | Equity Securities | Market Comparable Companies | EBITDA Multiples | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 6.8 | 5.6 |
Level 3 | Equity Securities | Option Pricing Model | EBITDA/Revenue Multiples | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value | $ 1,586,504 | $ 2,333,257 |
Concluded Value | 3.8 | 4.9 |
Level 3 | Equity Securities | Option Pricing Model | EBITDA/Revenue Multiples | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 3.6 | 4.7 |
Level 3 | Equity Securities | Option Pricing Model | EBITDA/Revenue Multiples | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 3.9 | 5.2 |
Level 3 | Equity Securities | Option Pricing Model | Implied Volatility | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Concluded Value | 63.20% | 62.10% |
Level 3 | Equity Securities | Option Pricing Model | Implied Volatility | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 58.20% | 57.30% |
Level 3 | Equity Securities | Option Pricing Model | Implied Volatility | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range | 68.20% | 67% |
Level 3 | Equity Securities | Option Pricing Model | Term | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range, Term | 2 years 4 months 24 days | 3 years 1 month 6 days |
Level 3 | Equity Securities | Option Pricing Model | Term | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range, Term | 1 year 9 months 18 days | 2 years 7 months 6 days |
Level 3 | Equity Securities | Option Pricing Model | Term | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average Range, Term | 2 years 10 months 24 days | 3 years 7 months 6 days |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Change in Value of Investment Over Change in Unobservable Input (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Discount Rate | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Decrease |
Impact to Value if Input Decreases | Increase |
Revenue Multiple | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
EBITDA Multiples | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Book Value Multiples | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Implied Volatility | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Term | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Yield | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Changes in Investments Categorized as Level 3 (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 525,028,730 | $ 427,526,484 |
Net realized and unrealized gains (losses) | $ (20,715,252) | $ 42,016,721 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss On Investments | Gain Loss On Investments |
Acquisitions | $ 221,556,821 | $ 264,441,713 |
Dispositions | (191,047,668) | (204,220,410) |
Transfers into Level 3 | 7,041,150 | 0 |
Transfers out of Level 3 | (14,925,000) | (4,735,778) |
Ending balance | 526,938,781 | 525,028,730 |
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ (19,431,551) | $ 12,609,395 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax |
Bank Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 483,970,602 | $ 353,651,555 |
Net realized and unrealized gains (losses) | $ (16,007,901) | $ 11,220,420 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss On Investments | Gain Loss On Investments |
Acquisitions | $ 221,215,875 | $ 251,587,012 |
Dispositions | (186,361,848) | (127,752,607) |
Transfers into Level 3 | 7,041,150 | 0 |
Transfers out of Level 3 | (14,925,000) | (4,735,778) |
Ending balance | 494,932,878 | 483,970,602 |
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ (14,698,324) | $ 10,376,600 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax |
Other Corporate Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 28,568,871 | $ 61,573,500 |
Net realized and unrealized gains (losses) | $ (2,616,909) | $ 287,700 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss On Investments | Gain Loss On Investments |
Acquisitions | $ 6,245 | $ 941,551 |
Dispositions | (4,175,384) | (34,233,880) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | 21,782,823 | 28,568,871 |
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ (2,632,348) | $ 106,071 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax |
Equity Securities | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 12,489,257 | $ 12,301,429 |
Net realized and unrealized gains (losses) | $ (2,090,442) | $ 30,508,601 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss On Investments | Gain Loss On Investments |
Acquisitions | $ 334,701 | $ 11,913,150 |
Dispositions | (510,436) | (42,233,923) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | 10,223,080 | 12,489,257 |
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ (2,100,879) | $ 2,126,724 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Changes in Investments Categorized as Level 3 (Parenthetical) (Details) - Investment | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Number of investment transferred from level 3 to level 2 | 1 | 3 |
Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Number of investment transferred from level 2 to level 3 | 1 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Permanent Differences Attributable to Non-deductible Expenses and the Amortization Method For the Discount on the Company's 2022 Convertible Notes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Paid-in capital | $ 0 | $ 0 |
Accumulated earnings (losses) | 0 | 0 |
Additional Paid in Capital | ||
Paid-in capital | 3,888,233 | 1,849,597 |
Accumulated earnings (losses) | 3,888,233 | 1,849,597 |
Distributable Earnings (Loss) | ||
Paid-in capital | (3,888,233) | (1,849,597) |
Accumulated earnings (losses) | $ (3,888,233) | $ (1,849,597) |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Tax Character of Distributions Paid (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Ordinary income | $ 27,571,457 | $ 22,084,873 |
Tax return of capital | 1,741,425 | 7,569,132 |
Total Amount | $ 29,312,882 | $ 29,654,005 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Schedule of Tax Components of Accumulated Net Earnings (Losses) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Non-expiring capital loss carryforwards | [1] | $ (401,155,603) | $ (402,453,454) |
Net unrealized gains (losses) | [2] | (57,232,175) | (31,849,843) |
Total accumulated earnings (losses) | $ (458,387,778) | $ (434,303,297) | |
[1] Amount available to offset future realized capital gains. The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of partnership income, non-deductible expenses, the accrual of income on securities in default, accounting for the Company's Interest Rate Swap, and investments in wholly owned subsidiaries. |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Schedule of Gross Unrealized Appreciation and Depreciation for Investments based on Cost (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Tax basis of investments | $ 615,741,586 | $ 573,715,741 | |
Unrealized appreciation | 49,398,479 | 9,337,793 | |
Unrealized depreciation | (95,970,114) | (30,489,540) | |
Net unrealized depreciation | [1] | $ (46,571,635) | $ (21,151,747) |
[1] Includes net unrealized depreciation on the Company's Interest Rate Swap. |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Schedule of Ordinary Income Dividends Paid by the Company (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | |
Interest Dividends | $ 27,284,045 |
Interest Related Dividends for Non-U.S. Residents | $ 24,190,416 |
Management Fees, Incentive Fe_2
Management Fees, Incentive Fees and Other Expenses - Additional Information (Details) - USD ($) | 12 Months Ended | 38 Months Ended | |||||
May 02, 2020 | May 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 01, 2020 | ||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Management fee as percentage on total assets | 1.50% | 1.75% | |||||
Threshold percentage of management fee on net asset value | 200% | ||||||
Threshold percentage of management fee on minimum asset coverage ratio | 150% | ||||||
Management fee | $ 8,311,686 | $ 7,784,188 | $ 10,799,832 | ||||
Incentive fees on income | 3,422,362 | 249,385 | 6,304,333 | ||||
Incentive fees on income voluntarily waived | 0 | 79,383 | 6,304,333 | ||||
Incentive fees payable based on income | 3,403,349 | 170,002 | 0 | ||||
Incentive fees on capital gains accrued (reversal) on liquidation basis | [1] | (1,544,569) | 1,544,569 | $ 0 | |||
Accrued incentive fees on capital gains | $ 0 | 1,544,569 | |||||
Incentive fees on capital gains realized and payable | $ 0 | ||||||
Maximum | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Percentage of net assets attributable to common stock | 7% | ||||||
Pre-Incentive Fee Net Investment Income Less than 1.75% of Net Assets [Member] | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 0% | 0% | |||||
Quarterly percentage of net assets attributable to common stock | 1.75% | 1.75% | |||||
Annual percentage of net assets attributable to common stock | 7% | 7% | |||||
Net Asset Value [Member] | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Management fee as percentage on total assets | 1% | ||||||
Pre-Incentive Fee Net Investment Income Between 1.75% to 2.12% of Net Assets [Member] | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 100% | ||||||
Pre-Incentive Fee Net Investment Income Between 1.75% to 2.12% of Net Assets [Member] | Maximum | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Quarterly percentage of net assets attributable to common stock | 2.12% | ||||||
Annual percentage of net assets attributable to common stock | 8.48% | ||||||
Pre-Incentive Fee Net Investment Income Between 1.75% to 2.12% of Net Assets [Member] | Minimum | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Quarterly percentage of net assets attributable to common stock | 1.75% | ||||||
Annual percentage of net assets attributable to common stock | 7% | ||||||
Pre-Incentive Fee Net Investment Income More than 2.12% of Net Assets [Member] | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 17.50% | ||||||
Quarterly percentage of net assets attributable to common stock | 2.12% | ||||||
Annual percentage of net assets attributable to common stock | 8.48% | ||||||
Pre-Incentive Fee Net Investment Income More than 2.19% of Net Assets [Member] | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 20% | ||||||
Quarterly percentage of net assets attributable to common stock | 2.19% | ||||||
Annual percentage of net assets attributable to common stock | 8.75% | ||||||
Annual Incentive Fee Based on Capital Gains | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 17.50% | 20% | 20% | ||||
Incentive Fee Based on Net Investment Income | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 17.50% | 20% | |||||
Incentive Fee Based on Net Investment Income Over a Hurdle | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 7% | 7% | |||||
Pre-Incentive Fee Net Investment Income Between 1.75% to 2.19% of Net Assets | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Incentive fee based on income | 100% | ||||||
Pre-Incentive Fee Net Investment Income Between 1.75% to 2.19% of Net Assets | Maximum | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Quarterly percentage of net assets attributable to common stock | 2.19% | ||||||
Annual percentage of net assets attributable to common stock | 8.75% | ||||||
Pre-Incentive Fee Net Investment Income Between 1.75% to 2.19% of Net Assets | Minimum | |||||||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||||||
Quarterly percentage of net assets attributable to common stock | 1.75% | ||||||
Annual percentage of net assets attributable to common stock | 7% | ||||||
[1] Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the years ended December 31, 2022 and 2021 (see Note 3). |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | ||||||||||
Jun. 09, 2022 USD ($) Tranche | Apr. 23, 2021 USD ($) | Apr. 22, 2021 USD ($) | May 21, 2020 | Jun. 13, 2017 USD ($) $ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2022 USD ($) | May 02, 2020 | May 01, 2020 | |
Debt Instrument [Line Items] | |||||||||||
Percentage of asset coverage requirement | 150% | 200% | |||||||||
Percentage of asset Coverage | 225% | 276% | |||||||||
Weighted average outstanding debt balance | $ 232,532,610 | $ 181,797,885 | $ 310,955,762 | ||||||||
Maximum amounts borrowed | $ 377,532,262 | $ 219,078,123 | $ 356,304,028 | ||||||||
Weighted average annual interest cost | 5.36% | 5.82% | 4.80% | ||||||||
Line of credit facility unused portion of commitment fee percentage | 0.375% | 0.40% | |||||||||
Decrease in accumulated loss | $ (458,387,778) | $ (434,303,297) | |||||||||
Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount | $ 35,000,000 | ||||||||||
Maturity date | Jun. 09, 2025 | ||||||||||
Fixed interest rate | 2.633% | ||||||||||
Periodic payment | $ 0 | ||||||||||
Fair value | (1,332,299) | ||||||||||
ASU 2020-06 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Decrease in accumulated loss | $ 3,888,233 | ||||||||||
Decrease in additional paid in capital | 4,337,631 | ||||||||||
Increase in carrying value of Convertible Notes | $ 449,398 | ||||||||||
Senior Secured Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, maximum borrowing capacity | $ 265,000,000 | $ 300,000,000 | 265,000,000 | 265,000,000 | |||||||
Credit facility, increase in borrowing capacity subject to satisfaction of certain conditions | $ 325,000,000 | $ 375,000,000 | $ 325,000,000 | 325,000,000 | |||||||
Credit facility maturity date | Apr. 23, 2025 | Jun. 05, 2023 | |||||||||
Minimum shareholders' equity requirement percentage of total assets | 33% | ||||||||||
Net proceeds from sale of equity interests | $ 240,000,000 | ||||||||||
Net proceeds from sale of equity interests percentage | 25% | ||||||||||
Debt instrument, covenant description | Under the Credit Facility, the Company is required to comply with various customary affirmative and restrictive covenants, including reporting requirements and financial covenants, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments and fundamental changes, (c) limitations on dividends and certain other restricted payments, (d) certain restrictions on subsidiaries, (e) maintaining a certain minimum shareholders’ equity, (f) maintaining an asset coverage ratio of not less than 1.5:1.0, (g) maintaining a senior coverage ratio of not less than 2.0:1:0, (h) limitations on certain transactions with affiliates, (i) limitations on pledging certain unencumbered assets, and (j) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the Credit Facility and other loan documents. Further, amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio that are pledged as collateral. The Credit Facility is secured by a lien on substantially all of the assets of the Company and its wholly owned domestic subsidiaries, subject to certain customary exceptions. | ||||||||||
Senior Secured Revolving Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, asset coverage ratio | 1.5 | ||||||||||
Debt instrument, senior coverage ratio | 2 | ||||||||||
5.00% Convertible Notes Due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Jun. 15, 2022 | ||||||||||
Aggregate principal amount | $ 143,750,000 | ||||||||||
Debt instrument, interest rate | 5% | ||||||||||
Net proceeds from offering including exercise of overallotment option | $ 139,800,000 | ||||||||||
Repayment of aggregate outstanding principal amount plus outstanding accrued interest | $ 143,720,000 | ||||||||||
Debt instrument interest repayment commencement date | Dec. 15, 2017 | ||||||||||
Debt instrument interest payment terms | The interest rate on the notes was 5.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. | ||||||||||
Debt instrument conversion multiples principal amount | $ 1,000 | ||||||||||
Debt instrument conversion rate | 118.2173 | ||||||||||
Debt instrument conversion price per share | $ / shares | $ 8.46 | ||||||||||
5.00% Convertible Notes Due 2022 | Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Shares issued to noteholder | shares | 3,546 | ||||||||||
Aggregate value issued to a noteholder | $ 30,000 | ||||||||||
5.00% Convertible Notes Due 2022 | IPO | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 125,000,000 | ||||||||||
5.00% Convertible Notes Due 2022 | Overallotment Option | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 18,750,000 | ||||||||||
Unsecured Senior Notes Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Dec. 09, 2025 | ||||||||||
Debt instrument, covenant description | The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the Investment Company Act of 1940, as amended, and a regulated investment company under the Internal Revenue Code of 1986, as amended, minimum shareholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes of the Company. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. | ||||||||||
Debt instrument interest payment terms | The Company issued $35,000,000 in aggregate principal amount of 2025 Private Placement Notes with a fixed interest rate of 5.82% with interest to be paid semi-annually on June 9 and December 9 of each year, beginning on December 9, 2022, and $57,000,000 in aggregate principal amount of 2025 Private Placement Notes bearing interest at a rate equal to SOFR plus 3.14% with interest to be paid quarterly on March 9, June 9, September 9, and December 9 of each year, beginning on September 9, 2022. | ||||||||||
Number of tranches | Tranche | 2 | ||||||||||
Percentage of increase in interest rate | 1% | ||||||||||
Unsecured Senior Notes Due 2025 | Prepayment on or Before June 9, 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument prepayment premium percentage | 2% | ||||||||||
Unsecured Senior Notes Due 2025 | Prepayment After June 9, 2023 but on or Before June 9, 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument prepayment premium percentage | 1% | ||||||||||
Unsecured Senior Notes Due 2025 | Prepayment After June 9, 2024 but on or Before June 9, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument prepayment premium percentage | 0.50% | ||||||||||
Unsecured Senior Notes Due 2025 | Prepayment After June 9, 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument prepayment premium percentage | 0% | ||||||||||
Unsecured Senior Notes Due 2025 | Tranche One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument interest repayment commencement date | Dec. 09, 2022 | ||||||||||
Frequency of periodic payments | semi-annually | ||||||||||
Unsecured Senior Notes Due 2025 | Tranche Two | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 92,000,000 | ||||||||||
Debt instrument interest repayment commencement date | Sep. 09, 2022 | ||||||||||
Debt instrument interest payment terms | quarterly | ||||||||||
Unsecured Convertible Senior Notes Due2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, covenant description | The 2022 Convertible Notes contained certain covenants, which included covenants that required the Company to reserve shares of common stock for the purpose of satisfying all obligations to issue the underlying securities upon conversion of the securities and to furnish to holders of the securities upon request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. | ||||||||||
Aggregate principal amount | $ 143,750,000 | ||||||||||
Debt instrument, interest rate | 5% | ||||||||||
2025 Private Placement Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 92,000,000 | ||||||||||
2025 Private Placement Notes | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 57,000,000 | ||||||||||
Debt instrument, basis spread on variable rate | 3.14% | ||||||||||
2025 Private Placement Notes | Fixed Interest Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 35,000,000 | ||||||||||
Debt instrument, interest rate | 5.82% | ||||||||||
2025 Private Placement Notes | Tranche One | Fixed Interest Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 35,000,000 | ||||||||||
Debt instrument, interest rate | 5.82% | ||||||||||
2025 Private Placement Notes | Tranche Two | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 57,000,000 | ||||||||||
Debt instrument, basis spread on variable rate | 3.14% |
Debt - Schedule of Debt Outstan
Debt - Schedule of Debt Outstanding and Available (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 23, 2021 | Apr. 22, 2021 | |
Line Of Credit Facility [Line Items] | ||||
Debt Instrument, Carrying Value | $ 253,003,161 | $ 196,875,330 | ||
Debt, net of unamortized issuance costs, Carrying Value | 253,003,161 | 196,875,330 | ||
Debt, net of unamortized issuance costs, Available | 103,000,000 | 211,000,000 | ||
Debt, net of unamortized issuance, Total Capacity | $ 356,003,161 | $ 407,875,330 | ||
Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Maturity | 2025 | 2025 | ||
Rate | L+2.00% | L+2.00% | ||
Credit Facility, Carrying Value | $ 162,000,000 | $ 54,000,000 | ||
Debt Instrument, Carrying Value | 162,000,000 | 54,000,000 | ||
Credit Facility, Available | 103,000,000 | 211,000,000 | ||
Credit Facility, Total Capacity | $ 265,000,000 | $ 265,000,000 | $ 265,000,000 | $ 300,000,000 |
Credit Facility | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Rate | 2% | 2% | ||
2022 Convertible Notes | ||||
Line Of Credit Facility [Line Items] | ||||
Maturity | 2022 | |||
Rate | 5% | |||
Debt Instrument, Carrying Value | $ 0 | $ 142,875,330 | ||
Debt Instrument, Available | 0 | |||
Debt Instrument, Total Capacity | $ 142,875,330 | |||
2025 Private Placement Notes | ||||
Line Of Credit Facility [Line Items] | ||||
Maturity | 2025 | |||
Rate | Fixed/Variable | |||
Debt Instrument, Carrying Value | $ 91,003,161 | |||
Debt Instrument, Available | 0 | |||
Debt Instrument, Total Capacity | $ 91,003,161 |
Debt - Schedule of Debt Outst_2
Debt - Schedule of Debt Outstanding and Available (Parenthetical) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 23, 2021 | Apr. 22, 2021 | |
Line Of Credit Facility [Line Items] | ||||
Debt, net of unamortized issuance costs, Carrying Value | $ 253,003,161 | $ 196,875,330 | ||
Carrying value | 253,003,161 | 196,875,330 | ||
Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Carrying value | 162,000,000 | 54,000,000 | ||
Credit facility, maximum borrowing capacity | 265,000,000 | 265,000,000 | $ 265,000,000 | $ 300,000,000 |
Credit facility, increase in borrowing capacity subject to satisfaction of certain conditions | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 375,000,000 |
Credit Facility | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2% | 2% | ||
Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2% | 2% | ||
Credit Facility | Minimum | Base Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1% | 1% | ||
Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.25% | 2.25% | ||
Credit Facility | Maximum | Base Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.25% | 1.25% | ||
2025 Private Placement Notes | ||||
Line Of Credit Facility [Line Items] | ||||
Unamortized issuance costs | $ (996,839) | |||
Carrying value | 91,003,161 | $ 0 | ||
Principal amount of debt | $ 92,000,000 | |||
2025 Private Placement Notes | Fixed Interest Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, interest rate | 5.82% | |||
Principal amount of debt | $ 35,000,000 | |||
2025 Private Placement Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.14% | |||
Principal amount of debt | $ 57,000,000 | |||
2022 Convertible Notes | ||||
Line Of Credit Facility [Line Items] | ||||
Original issue discount, net of accretion | (449,398) | |||
Unamortized issuance costs | (425,272) | |||
Carrying value | $ 0 | $ 142,875,330 | ||
Debt instrument, interest rate | 5% | |||
Principal amount of debt | $ 143,750,000 |
Debt - Schedule of Total Expens
Debt - Schedule of Total Expenses Related to Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Stated interest expense | $ 11,391,162 | $ 8,081,899 | $ 12,067,151 |
Amortization of original issue discount | 0 | 942,208 | 890,695 |
Amortization of deferred debt issuance costs | 1,071,844 | 1,565,241 | 1,977,676 |
Total interest expense | 12,463,006 | 10,589,348 | 14,935,522 |
Commitment and credit facility fees | 677,396 | 1,031,551 | 648,692 |
Total | $ 13,140,402 | $ 11,620,899 | $ 15,584,214 |
Debt - Summary of Carrying and
Debt - Summary of Carrying and Fair Values of Outstanding Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal amount of debt | $ 253,003,161 | $ 196,875,330 |
Fair Value | 235,684,810 | 197,026,563 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 162,000,000 | 54,000,000 |
Fair Value | 146,610,000 | 51,300,000 |
2022 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 0 | 142,875,330 |
Fair Value | 0 | 145,726,563 |
2025 Private Placement Notes | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 91,003,161 | 0 |
Fair Value | $ 89,074,810 | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Investments [Abstract] | |||
Purchases of investments, including PIK | $ 231,506,596 | $ 275,047,711 | $ 143,538,052 |
Proceeds from sales, repayments and other exits of investments | $ 192,448,280 | $ 250,607,406 | $ 277,596,336 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Investments [Line Items] | ||
Investments, Cost | $ 658,300,164 | $ 614,626,655 |
Investments, Fair Value | 570,489,084 | 552,563,994 |
Senior Secured Notes | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 1,920,592 | 1,914,346 |
Investments, Fair Value | 1,624,823 | 1,641,800 |
Unsecured Debt | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 37,686,148 | 41,861,533 |
Investments, Fair Value | 15,228,000 | 21,927,071 |
Subordinated Debt | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 5,000,000 | 5,000,000 |
Investments, Fair Value | 4,930,000 | 5,000,000 |
Senior Secured Loan, First Lien | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 455,458,846 | 405,193,486 |
Investments, Fair Value | 447,490,518 | 409,626,942 |
Senior Secured Loan, Second/Other Priority Lien | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 98,468,621 | 100,726,036 |
Investments, Fair Value | 90,992,663 | 101,878,924 |
Total Senior Secured Loans | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 553,927,467 | 505,919,522 |
Investments, Fair Value | 538,483,181 | 511,505,866 |
Preferred Stock | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 40,527,223 | 40,192,521 |
Investments, Fair Value | 2,354,224 | 2,680,424 |
Common Stock | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 10,611,548 | 10,611,548 |
Investments, Fair Value | 0 | 0 |
Limited Partnership/Limited Liability Company Interests | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 8,511,838 | 9,011,837 |
Investments, Fair Value | 5,991,648 | 7,475,576 |
Equity Warrants/Options | ||
Schedule Of Investments [Line Items] | ||
Investments, Cost | 115,348 | 115,348 |
Investments, Fair Value | $ 1,877,208 | $ 2,333,257 |
Investment - Schedule of Indust
Investment - Schedule of Industry Composition of Portfolio at Fair Value (Details) - Investments, at Fair Value - Industry Concentration Risk | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 100% | 100% |
Software | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 15.20% | 7.70% |
Diversified Financial Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 14.50% | 13.60% |
Internet Software & Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 11.10% | 11.20% |
Diversified Consumer Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 8.30% | 7% |
Professional Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 7.20% | 6.50% |
Health Care Technology | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 4.40% | 4.40% |
Health Care Providers & Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 3.70% | 3.70% |
Road & Rail | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 2.60% | 10.50% |
Construction & Engineering | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 2.60% | 1.60% |
Insurance | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 2.50% | 2% |
Health Care Equipment & Supplies | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 2.50% | 2.70% |
IT Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 2.50% | 1.60% |
Containers & Packaging | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 2.50% | 2.10% |
Specialty Retail | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.90% | 1.50% |
Technology Hardware, Storage & Peripherals | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.80% | 0.90% |
Textiles, Apparel & Luxury Goods | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.70% | 4.20% |
Paper & Forest Products | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.70% | 0% |
Consumer Finance | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.30% | 2.30% |
Real Estate Management & Development | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.10% | 0.30% |
Commercial Services & Supplies | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.10% | 0.80% |
Media | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1% | 3.30% |
Trading Companies & Distributors | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1% | 1.10% |
Internet & Catalog Retail | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1% | 0.80% |
Machinery | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.90% | 1% |
Hotels, Restaurants & Leisure | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.90% | 0% |
Wireless Telecommunication Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.80% | 0.90% |
Household Durables | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.80% | 1.10% |
Metals & Mining | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.60% | 0.70% |
Leisure Products | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.50% | 0% |
Automobiles | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.40% | 0.50% |
Building Products | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.40% | 0.40% |
Distributors | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.40% | 0.40% |
Life Sciences Tools & Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.40% | 0% |
Semiconductors & Semiconductor Equipment | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.40% | 0% |
Capital Markets | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.20% | 0.20% |
Electrical Equipment | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.10% | 0.10% |
Tobacco Related | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0% | 2.40% |
Aerospace & Defense | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0% | 1.70% |
Diversified Telecommunication Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0% | 0.80% |
Chemicals | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0% | 0% |
Oil, Gas & Consumable Fuels | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0% | 0% |
Investment - Schedule of Geogra
Investment - Schedule of Geographic Composition of Portfolio at Fair Value (Details) - Investments, at Fair Value - Geographic Concentration Risk | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 100% | 100% |
United States | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 85.40% | 88.30% |
United Kingdom | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 7.20% | 6.60% |
Germany | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 3.70% | 3.90% |
Canada | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1.10% | 1.20% |
Switzerland | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 1% | 0% |
Slovenia | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.90% | 0% |
Australia | ||
Schedule Of Investments [Line Items] | ||
Percentage of aggregate fair value of investments | 0.70% | 0% |
Other Related Party Transacti_2
Other Related Party Transactions - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Investment advisor expenses | $ 103,276 | $ 350,000 | $ 350,000 | ||
Common stock, shares issued | 84,481,797 | 84,478,251 | |||
Common stock, shares outstanding | 72,571,907 | 73,876,987 | 74,466,665 | 68,836,255 | 68,921,798 |
Investment Advisor Expenses | |||||
Related Party Transaction [Line Items] | |||||
Investment advisor expenses | $ 103,276 | $ 350,000 | $ 350,000 | ||
Reimbursement Expenses | |||||
Related Party Transaction [Line Items] | |||||
Relate party expenses | 161,895 | 402,317 | 361,740 | ||
BlackRock Financial Management, Inc. | |||||
Related Party Transaction [Line Items] | |||||
Administrative services expenses | $ 1,407,775 | $ 1,354,283 | $ 1,457,979 | ||
BlackRock Capital Investment Advisors, LLC | |||||
Related Party Transaction [Line Items] | |||||
Common stock, shares outstanding | 0 | 0 | |||
Maximum | |||||
Related Party Transaction [Line Items] | |||||
Percentage of common stock shares outstanding | 1% | 1% |
Stockholders' Equity and Divi_3
Stockholders' Equity and Dividends - Schedule of Declared Dividends to Common Stockholders (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||||||||||
Amount Per Share | $ 0.40 | $ 0.40 | ||||||||
Total Amount | $ 29,312,882 | $ 29,654,005 | ||||||||
Reinvested dividends paid during quarter | $ 2,871,528 | $ 1,762,892 | ||||||||
March 1, 2022 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Mar. 01, 2022 | |||||||||
Record date | Mar. 17, 2022 | |||||||||
Payable date | Apr. 07, 2022 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,380,270 | |||||||||
Reinvested dividends paid during quarter | $ 698,261 | |||||||||
April 27, 2022 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Apr. 27, 2022 | |||||||||
Record date | Jun. 16, 2022 | |||||||||
Payable date | Jul. 07, 2022 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,363,184 | |||||||||
Reinvested dividends paid during quarter | $ 744,840 | |||||||||
August 2, 2022 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Aug. 02, 2022 | |||||||||
Record date | Sep. 15, 2022 | |||||||||
Payable date | Oct. 06, 2022 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,312,237 | |||||||||
Reinvested dividends paid during quarter | $ 691,653 | |||||||||
October 28, 2022 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Oct. 28, 2022 | |||||||||
Record date | Dec. 16, 2022 | |||||||||
Payable date | Jan. 06, 2023 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,257,191 | |||||||||
Reinvested dividends paid during quarter | $ 736,774 | |||||||||
March 2, 2021 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Mar. 02, 2021 | |||||||||
Record date | Mar. 17, 2021 | |||||||||
Payable date | Apr. 07, 2021 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,441,594 | |||||||||
Reinvested dividends paid during quarter | $ 0 | |||||||||
April 28, 2021 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Apr. 28, 2021 | |||||||||
Record date | Jun. 16, 2021 | |||||||||
Payable date | Jul. 07, 2021 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,413,594 | |||||||||
Reinvested dividends paid during quarter | $ 541,771 | |||||||||
July 28, 2021 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Jul. 28, 2021 | |||||||||
Record date | Sep. 15, 2021 | |||||||||
Payable date | Oct. 06, 2021 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,405,845 | |||||||||
Reinvested dividends paid during quarter | $ 593,078 | |||||||||
November 2, 2021 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Date declared | Nov. 02, 2021 | |||||||||
Record date | Dec. 16, 2021 | |||||||||
Payable date | Jan. 06, 2022 | |||||||||
Type | Regular | |||||||||
Amount Per Share | $ 0.10 | |||||||||
Total Amount | $ 7,392,972 | |||||||||
Reinvested dividends paid during quarter | $ 628,043 |
Stockholders' Equity and Divi_4
Stockholders' Equity and Dividends - Additional Information (Details) - USD ($) | Oct. 28, 2022 | Mar. 06, 2018 | Dec. 31, 2022 | Nov. 02, 2022 | Dec. 31, 2021 | Nov. 02, 2021 |
Class Of Stock [Line Items] | ||||||
Percentage of closing market price on dividend payment date | 95% | |||||
Remaining number of shares authorized to be repurchased | 8,000,000 | 6,598,268 | ||||
Stock repurchase program expiration date | Nov. 06, 2023 | |||||
Treasury stock, shares | 11,909,890 | 10,601,264 | ||||
Treasury stock, value | $ 73,373,702 | $ 68,489,386 | ||||
Board of Directors | Maximum | ||||||
Class Of Stock [Line Items] | ||||||
Number of shares authorized to be repurchased | 8,000,000 | 8,000,000 |
Stockholders' Equity and Divi_5
Stockholders' Equity and Dividends - Schedule of Total Shares Repurchased And Amounts Paid By The Company Under The Company Repurchase Plan, Including Broker Fees (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Shares repurchased | 1,308,626 | 589,678 |
Price Per Share | $ 3.73 | $ 3.72 |
Total Cost | $ 4,884,316 | $ 2,192,527 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation Basic and Diluted Net Increase (Decrease) in Net Assets from Operations Per Share (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Earnings (Loss) per share - basic: | ||||||
Net increase (decrease) in net assets resulting from operations | $ 3,486,976 | $ 66,488,228 | $ (103,852,603) | |||
Weighted average shares outstanding—basic | 73,314,124 | 74,153,145 | 69,801,849 | 68,836,590 | 71,373,570 | |
Earnings (Loss) per share - basic | [1] | $ 0.05 | $ 0.90 | $ (1.49) | ||
Earnings (Loss) per share - diluted: | ||||||
Net increase (decrease) in net assets resulting from operations, before adjustments | $ 3,486,976 | $ 66,488,228 | $ (103,852,603) | |||
Adjustments for interest on unsecured convertible senior notes | [2] | 0 | 9,064,793 | 0 | ||
Net increase (decrease) in net assets resulting from operations, as adjusted | $ 3,486,976 | $ 75,553,021 | $ (103,852,603) | |||
Weighted average shares outstanding - diluted | [2] | 73,314,124 | 91,146,882 | 69,801,849 | ||
Earnings (Loss) per share - diluted | [1],[3] | $ 0.05 | $ 0.83 | $ (1.49) | ||
[1] Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the years ended December 31, 2022 and 2021 (see Note 3). The Company’s 2022 Convertible Notes were repaid on their June 15, 2022 maturity (see Note 4). No adjustments for interest or incremental shares were included for the year ended December 31, 2022 because the effect would be antidilutive . Due to a net decrease in net assets from operations for the year ended December 31, 2020, no incremental shares were included because the effect would be antidilutive. For the years ended December 31, 2022 and 2020, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive (see Note 8). |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) | Dec. 31, 2022 USD ($) Investment | Dec. 31, 2021 USD ($) Investment |
Commitments And Contingencies Disclosure [Abstract] | ||
Guarantees outstanding | $ 0 | $ 0 |
Unfunded commitments | $ 72,100,000 | $ 49,400,000 |
Number of unfunded commitments portfolio companies | Investment | 51 | 35 |
Fair value of unfunded commitments | $ 70,000,000 | $ 49,100,000 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Investment Company Financial Highlights [Line Items] | ||||||
Net asset value, beginning of period | $ 4.73 | $ 4.23 | $ 6.33 | $ 7.07 | $ 7.83 | |
Investment Operations: | ||||||
Net investment income, before incentive fees | 0.43 | 0.29 | 0.49 | 0.64 | 0.66 | |
Incentive fees | (0.03) | (0.02) | 0 | (0.03) | 0 | |
Net investment income | 0.40 | 0.27 | 0.49 | 0.61 | 0.66 | |
Net realized and unrealized gain (loss) | (0.35) | 0.63 | (1.98) | (0.71) | (0.79) | |
Total from investment operations | $ 0.05 | 0.90 | (1.49) | (0.10) | (0.13) | |
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||||
Issuance/reinvestment of stock at prices (below) net asset value | $ 0 | 0 | (0.20) | 0 | 0 | |
Repurchase of common stock | 0.02 | 0 | 0.03 | 0 | 0.09 | |
Dividends to stockholders excluding tax return of capital | (0.38) | (0.30) | (0.32) | (0.63) | (0.70) | |
Tax return of capital | (0.02) | (0.10) | (0.12) | (0.01) | (0.02) | |
Total distributions | (0.40) | (0.40) | (0.44) | (0.64) | (0.72) | |
Net asset value, end of period | 4.39 | 4.73 | 4.23 | 6.33 | 7.07 | |
Market price at end of period | $ 3.62 | $ 4 | $ 2.69 | $ 4.97 | $ 5.29 | |
Total return based on market price | (0.22%) | 64.33% | (35.70%) | 5.32% | (4.44%) | |
Total return based on net asset value | 2.78% | 23.57% | (20.61%) | 0.36% | 1.61% | |
Common stock, shares outstanding | 72,571,907 | 73,876,987 | 74,466,665 | 68,836,255 | 68,921,798 | |
Ratios to average net assets: | ||||||
Operating expenses, before incentive fees | 4.01% | 3.89% | 4.84% | 4% | 3.90% | |
Interest and other debt related expenses | 3.89% | 3.47% | 4.35% | 3.31% | 2.80% | |
Total expenses, before incentive fees | 7.90% | 7.36% | 9.19% | 7.31% | 6.70% | |
Incentive fees | 0.56% | 0.51% | 0% | 0.39% | 0% | |
Total expenses, after incentive fees | 8.46% | 7.87% | 9.19% | 7.70% | 6.70% | |
Net investment income | 8.70% | 5.93% | 9.56% | 8.91% | 8.72% | |
Net assets at end of period | $ 318,522,353 | $ 349,651,973 | $ 315,010,277 | $ 435,608,981 | $ 487,020,154 | |
Portfolio turnover rate | 35% | 49% | 21% | 25% | 40% | |
Weighted average interest rate on debt | 5.36% | 5.82% | 4.80% | 5.80% | 5.79% | |
Weighted average debt outstanding | $ 232,532,610 | $ 181,797,885 | $ 310,955,762 | $ 249,099,570 | $ 241,446,017 | |
Weighted average shares outstanding | 73,314,124 | 74,153,145 | 69,801,849 | 68,836,590 | 71,373,570 | |
Weighted average debt per share | $ 3.17 | $ 2.45 | $ 4.45 | $ 3.62 | $ 3.38 | |
Cumulative Effect of Adjustment | ||||||
Investment Company Financial Highlights [Line Items] | ||||||
Net asset value, beginning of period | $ 0 | 0 | 0 | 0 | ||
Investment Operations: | ||||||
Accounting Standards Update [Extensible Enumeration] | ASU 2020-06 | |||||
Net asset value, end of period | $ (0.01) | $ 0 | $ 0 | $ 0 | $ 0 | |
Ratios to average net assets: | ||||||
Net assets at end of period | [1] | $ (449,398) | ||||
[1] See Notes 2 and 4 for further information related to the adoption of ASU 2020-06. |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Investment Company [Abstract] | |||
Incentive fees based on income per share | $ 0.05 | $ 0.03 | |
Incentive fees based on income, percentage | 1.01% | ||
Incentive fees on capital gains per share | $ (0.02) | $ 0.02 | |
Incentive fees on capital gains, percentage | (0.46%) | 0.46% | |
Incentive fees based on income (net of waiver) per share | $ 0.05 | $ 0.03 |
Senior Securities - Summary of
Senior Securities - Summary of Senior Securities (Details) - USD ($) | 12 Months Ended | |||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount Outstanding | $ 162,000,000 | $ 54,000,000 | $ 38,800,000 | $ 174,400,000 | $ 49,000,000 | $ 16,000,000 | $ 190,000,000 | $ 60,000,000 | $ 144,000,000 | $ 179,000,000 |
Asset Coverage per Unit | $ 2,246 | $ 2,758 | $ 2,706 | $ 2,352 | $ 3,542 | $ 3,655 | $ 2,754 | $ 3,023 | $ 2,713 | $ 2,460 |
Involuntary Liquidating Preference Per Unit | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Unsecured Senior Notes Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount Outstanding | $ 92,000 | |||||||||
Asset Coverage per Unit | $ 2,246 | |||||||||
Involuntary Liquidating Preference Per Unit | 0 | |||||||||
Convertible Notes Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount Outstanding | $ 143,750,000 | $ 143,750,000 | $ 143,750,000 | $ 143,750,000 | $ 143,750,000 | |||||
Asset Coverage per Unit | $ 2,758 | $ 2,706 | $ 2,352 | $ 3,542 | $ 3,665 | |||||
Involuntary Liquidating Preference Per Unit | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||
Convertible Notes Due 2018 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount Outstanding | $ 55,041,000 | $ 115,000,000 | $ 115,000,000 | $ 115,000,000 | $ 115,000,000 | |||||
Asset Coverage per Unit | $ 3,665 | $ 2,754 | $ 3,023 | $ 2,713 | $ 2,460 | |||||
Involuntary Liquidating Preference Per Unit | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Senior Secured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount Outstanding | $ 17,000,000 | $ 175,000,000 | $ 175,000,000 | $ 175,000,000 | ||||||
Asset Coverage per Unit | $ 2,754 | $ 3,023 | $ 2,713 | $ 2,460 | ||||||
Involuntary Liquidating Preference Per Unit | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount Outstanding | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 | ||||||
Asset Coverage per Unit | $ 2,754 | $ 3,023 | $ 2,713 | $ 2,460 | ||||||
Involuntary Liquidating Preference Per Unit | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Senior Securities - Summary o_2
Senior Securities - Summary of Senior Securities (Parenthetical) (Details) | 12 Months Ended | ||||||||
Feb. 15, 2018 USD ($) | Sep. 27, 2017 USD ($) $ / shares | Apr. 17, 2017 USD ($) | Jun. 07, 2013 USD ($) | Feb. 19, 2013 USD ($) $ / shares | Jan. 18, 2011 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Debt, net of unamortized issuance costs, Carrying Value | $ 253,003,161 | $ 196,875,330 | |||||||
Remaining convertible notes amount matured and paid | $ 143,720,000 | $ 0 | $ 0 | ||||||
Asset coverage per unit calculation, description | The asset coverage ratio for senior securities representing indebtedness is calculated as our consolidated total assets, less all consolidated liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. | ||||||||
5.50% Unsecured Convertible Senior Notes Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 115,000,000 | ||||||||
Debt instrument, interest rate | 5.50% | ||||||||
Net proceeds from offering including exercise of overallotment option | $ 111,300,000 | ||||||||
Debt instrument conversion rate | 86.0585 | ||||||||
Debt instrument conversion multiples principal amount | $ 1,000 | $ 1,000 | |||||||
Debt instrument purchase price per principal amount multiples | $ / shares | $ 1,015 | ||||||||
Debt instrument conversion price per share | $ / shares | $ 11.62 | ||||||||
Debt instrument repurchase aggregate principal amount | $ 60,000,000 | ||||||||
Debt instrument aggregate purchase price | 60,900,000 | ||||||||
Reacquisition costs | 100,000 | ||||||||
Debt instrument, total reacquisition price | 61,000,000 | ||||||||
Interest expense | 400,000 | ||||||||
Debt, net of unamortized issuance costs, Carrying Value | 59,800,000 | ||||||||
Gain (loss) on extinguishment of debt | $ (1,300,000) | ||||||||
Remaining convertible notes amount matured and paid | $ 55,000,000 | ||||||||
5.50% Unsecured Convertible Senior Notes Due 2018 | Private Placement | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 100,000,000 | ||||||||
Debt instrument, interest rate | 5.50% | ||||||||
5.50% Unsecured Convertible Senior Notes Due 2018 | Overallotment Option | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 15,000,000 | ||||||||
6.50% Senior Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 158,000,000 | ||||||||
Debt instrument, interest rate | 6.50% | ||||||||
Debt instrument term | 5 years | ||||||||
Debt instrument, maturity date | Jan. 18, 2016 | ||||||||
6.60% Senior Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 17,000,000 | ||||||||
Debt instrument, interest rate | 6.60% | 6.60% | |||||||
Debt instrument redemption period | Apr. 17, 2017 | ||||||||
Debt instrument repurchase aggregate principal amount | $ 17,000,000 | ||||||||
Debt instrument term | 7 years | ||||||||
Debt instrument, maturity date | Jan. 18, 2018 | ||||||||
Percentage of principal amount prepaid | 100% | ||||||||
Make-whole premium | $ 700,000 | ||||||||
Senior Secured Term Loan Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 10,000,000 | ||||||||
Debt instrument, maturity date | Mar. 27, 2019 | ||||||||
Debt instrument amended principal amount | $ 15,000,000 | ||||||||
Debt instrument, repaid date | Jun. 22, 2017 | ||||||||
Senior Secured Term Loan Credit Agreement | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.75% | ||||||||
Debt instrument amended basis spread on variable rate | 3.25% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Feb. 28, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||
Dividend declared per share | $ 0.40 | $ 0.40 | |
Subsequent Events | |||
Subsequent Event [Line Items] | |||
Date declared | Feb. 28, 2023 | ||
Dividend declared per share | $ 0.10 | ||
Payable date | Apr. 06, 2023 | ||
Record date | Mar. 16, 2023 |