Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 03, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Securities Act File Number | 814-00813 | |
Entity Registrant Name | OFS CAPITAL CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1339639 | |
Entity Address, Address Line One | 10 S. Wacker Drive | |
Entity Address, Address Line Two | Suite 2500 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 847 | |
Local Phone Number | 734-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,393,052 | |
Entity Central Index Key | 0001487918 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Common Stock, $0.01 par value per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | OFS | |
Security Exchange Name | NASDAQ | |
4.95% Notes due 2028 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.95% Notes due 2028 | |
Trading Symbol | OFSSH | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | ||
Assets | ||||
Investments, at fair value | $ 516,615 | [1],[2] | $ 507,099 | [3],[4] |
Cash | 13,052 | 43,048 | ||
Interest receivable | 1,829 | 1,475 | ||
Receivable for investments sold | 3,568 | 14,893 | ||
Prepaid expenses and other assets | 3,170 | 2,533 | ||
Total assets | 538,234 | 569,048 | ||
Liabilities | ||||
Revolving lines of credit | 122,900 | 100,000 | ||
SBA debentures (net of deferred debt issuance costs of $271 and $555, respectively) | 50,649 | 69,365 | ||
Unsecured notes (net of deferred debt issuance costs of $3,896 and $4,554, respectively) | 176,104 | 175,446 | ||
Interest payable | 2,012 | 3,685 | ||
Payable to adviser and affiliates (Note 3) | 3,786 | 6,217 | ||
Payable for investments purchased | 0 | 8,788 | ||
Accrued professional fees | 310 | 452 | ||
Other liabilities | 399 | 1,351 | ||
Total liabilities | 356,160 | 365,304 | ||
Commitments and contingencies (Note 6) | ||||
Net assets | ||||
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 0 | 0 | ||
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,406,971 and 13,422,413 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 134 | 134 | ||
Paid-in capital in excess of par | 185,010 | 185,113 | ||
Total distributable earnings (losses) | (3,070) | 18,497 | ||
Total net assets | 182,074 | 203,744 | ||
Total liabilities and net assets | $ 538,234 | $ 569,048 | ||
Number of shares outstanding (in shares) | 13,406,971 | 13,422,413 | ||
Net asset value per share (in usd per share) | $ 13.58 | $ 15.18 | ||
Non-control/Non-affiliate Investments | ||||
Assets | ||||
Investments, at fair value | $ 424,134 | $ 421,567 | ||
Affiliate investments | ||||
Assets | ||||
Investments, at fair value | 92,481 | 72,584 | ||
Control investment | ||||
Assets | ||||
Investments, at fair value | $ 0 | $ 12,948 | ||
[1] Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | ||
Investments, amortized cost | $ 489,848 | [1] | $ 457,312 | [2] |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 | ||
Preferred stock, issued (in shares) | 0 | 0 | ||
Preferred stock, outstanding (in shares) | 0 | 0 | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, issued (in shares) | 13,406,971 | 13,422,413 | ||
Common stock, outstanding (in shares) | 13,406,971 | 13,422,413 | ||
Debentures | ||||
Deferred debt issuance costs | $ 271 | $ 555 | ||
Unsecured Notes | ||||
Deferred debt issuance costs | 3,896 | 4,554 | ||
Non-control/Non-affiliate Investments | ||||
Investments, amortized cost | 471,983 | 428,398 | ||
Affiliate investments | ||||
Investments, amortized cost | 17,865 | 17,650 | ||
Control investment | ||||
Investments, amortized cost | $ 0 | $ 11,264 | ||
[1]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[2]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investment income | ||||
Interest income | $ 12,550 | $ 10,144 | $ 32,738 | $ 30,902 |
Dividend income | 279 | 70 | 1,042 | 312 |
Fee income | 539 | 375 | 966 | 1,282 |
Total investment income | 13,368 | 10,589 | 34,746 | 32,496 |
Expenses | ||||
Interest expense | 4,657 | 4,234 | 12,224 | 13,300 |
Management fee | 1,986 | 1,950 | 6,062 | 5,660 |
Income Incentive Fee | 1,093 | 0 | 1,093 | 809 |
Capital Gains Fee | 0 | 102 | (1,916) | 102 |
Professional fees | 396 | 354 | 1,155 | 1,230 |
Administration fee | 435 | 335 | 1,309 | 1,342 |
Other expenses | 429 | 379 | 1,194 | 1,033 |
Total expenses | 8,996 | 7,354 | 21,121 | 23,476 |
Net investment income | 4,372 | 3,235 | 13,625 | 9,020 |
Net realized and unrealized gain (loss) on investments | ||||
Net realized gain (loss) | (868) | (7,497) | ||
Income tax benefit on net realized investment gains | 413 | 0 | 365 | 0 |
Deferred tax benefit (expense) on investments net unrealized appreciation/depreciation | 27 | 173 | 21 | (99) |
Net gain (loss) on investments | (13,930) | 10,154 | (23,502) | 33,283 |
Loss on extinguishment of debt | 0 | (224) | (144) | (2,523) |
Net increase (decrease) in net assets resulting from operations | $ (9,558) | $ 13,165 | $ (10,021) | $ 39,780 |
Net investment income per common share - basic (in usd per share) | $ 0.33 | $ 0.24 | $ 1.01 | $ 0.67 |
Net investment income per common share - diluted (in usd per share) | 0.33 | 0.24 | 1.01 | 0.67 |
Net increase (decrease) in net assets resulting from operations per common share - basic and diluted (in usd per share) | (0.71) | 0.98 | (0.75) | 2.97 |
Distributions declared per common share (in usd per share) | $ 0.29 | $ 0.24 | $ 0.86 | $ 0.66 |
Basic weighted average shares outstanding (in shares) | 13,428,410 | 13,415,276 | 13,425,466 | 13,412,125 |
Diluted weighted average shares outstanding (in shares) | 13,428,410 | 13,415,276 | 13,425,466 | 13,412,125 |
Non-control/Non-affiliate Investments | ||||
Investment income | ||||
Interest income | $ 12,550 | $ 8,953 | $ 32,597 | $ 27,162 |
Dividend income | 0 | 0 | 713 | 0 |
Fee income | 539 | 50 | 960 | 920 |
Net realized and unrealized gain (loss) on investments | ||||
Net realized gain (loss) | (943) | 7 | (1,146) | (10,743) |
Net unrealized appreciation (depreciation) on investments | (14,077) | 1,408 | (41,019) | 21,064 |
Affiliate investments | ||||
Investment income | ||||
Interest income | 0 | 864 | 0 | 2,724 |
Dividend income | 279 | 37 | 284 | 143 |
Fee income | 0 | 325 | 0 | 362 |
Total investment income | 284 | |||
Net realized and unrealized gain (loss) on investments | ||||
Net realized gain (loss) | 0 | 3,246 | 0 | 3,246 |
Net unrealized appreciation (depreciation) on investments | 650 | 4,340 | 19,683 | 17,731 |
Control investment | ||||
Investment income | ||||
Interest income | 0 | 327 | 141 | 1,016 |
Dividend income | 0 | 33 | 45 | 169 |
Fee income | 0 | 0 | 6 | 0 |
Total investment income | 192 | |||
Net realized and unrealized gain (loss) on investments | ||||
Net realized gain (loss) | 0 | 0 | 278 | 0 |
Net unrealized appreciation (depreciation) on investments | $ 0 | $ 980 | $ (1,684) | $ 2,084 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance (in shares) | 13,422,413 | 13,422,413 | ||||||
Balance | $ 195,712 | $ 203,744 | $ 179,993 | $ 158,956 | $ 203,744 | $ 158,956 | ||
Net increase in net assets resulting from operations: | ||||||||
Net investment income | 4,372 | 3,235 | 13,625 | 9,020 | ||||
Net realized loss on investments, net of taxes | (530) | 3,253 | (503) | (7,497) | ||||
Loss on extinguishment of debt | 0 | (224) | (144) | (2,523) | ||||
Net unrealized appreciation on investments, net of taxes | (13,400) | 6,901 | $ (22,999) | $ 40,780 | ||||
Distributions to stockholders: | ||||||||
Common stock issued from reinvestment of stockholder distributions (in shares) | 12,893 | 10,114 | ||||||
Common stock issued from reinvestment of stockholder distributions | 46 | 39 | $ 128 | $ 99 | ||||
Dividends declared | $ (3,895) | $ (3,220) | (11,546) | (8,853) | ||||
Common stock repurchased under Stock Repurchase Program (in shares) | (28,335) | 0 | 0 | 0 | 0 | (700) | ||
Common stock repurchased under Stock Repurchase Program | $ (231) | $ 0 | $ 0 | $ 0 | $ 0 | $ (5) | (231) | (5) |
Net increase (decrease) | $ (13,638) | $ 9,984 | $ (21,670) | $ 31,021 | ||||
Balance (in shares) | 13,406,971 | 13,418,973 | 13,406,971 | 13,418,973 | ||||
Balance | $ 182,074 | $ 195,712 | $ 189,977 | $ 179,993 | $ 182,074 | $ 189,977 | ||
Common Stock | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance (in shares) | 13,429,777 | 13,422,413 | 13,415,235 | 13,409,559 | 13,422,413 | 13,409,559 | ||
Balance | $ 134 | $ 134 | $ 134 | $ 134 | $ 134 | $ 134 | ||
Distributions to stockholders: | ||||||||
Common stock issued from reinvestment of stockholder distributions (in shares) | 5,529 | 3,738 | 12,893 | 10,114 | ||||
Common stock repurchased under Stock Repurchase Program (in shares) | (28,335) | (28,335) | (700) | |||||
Net increase (decrease) (in shares) | (22,806) | 3,738 | (15,442) | 9,414 | ||||
Balance (in shares) | 13,406,971 | 13,429,777 | 13,418,973 | 13,415,235 | 13,406,971 | 13,418,973 | ||
Balance | $ 134 | $ 134 | $ 134 | $ 134 | $ 134 | $ 134 | ||
Paid-in capital in excess of par | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance | 185,195 | 185,113 | 187,179 | 187,124 | 185,113 | 187,124 | ||
Distributions to stockholders: | ||||||||
Common stock issued from reinvestment of stockholder distributions | 46 | 39 | 128 | 99 | ||||
Common stock repurchased under Stock Repurchase Program | (231) | (231) | (5) | |||||
Net increase (decrease) | (185) | 39 | (103) | 94 | ||||
Balance | 185,010 | 185,195 | 187,218 | 187,179 | 185,010 | 187,218 | ||
Total distributable earnings (losses) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance | 10,383 | $ 18,497 | (7,320) | $ (28,302) | 18,497 | (28,302) | ||
Net increase in net assets resulting from operations: | ||||||||
Net investment income | 4,372 | 3,235 | 13,625 | 9,020 | ||||
Net realized loss on investments, net of taxes | (530) | 3,253 | (503) | (7,497) | ||||
Loss on extinguishment of debt | (224) | (144) | (2,523) | |||||
Net unrealized appreciation on investments, net of taxes | (13,400) | 6,901 | (22,999) | 40,780 | ||||
Distributions to stockholders: | ||||||||
Dividends declared | (3,895) | (3,220) | (11,546) | (8,853) | ||||
Net increase (decrease) | (13,453) | 9,945 | (21,567) | 30,927 | ||||
Balance | $ (3,070) | $ 10,383 | $ 2,625 | $ (7,320) | $ (3,070) | $ 2,625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net increase (decrease) in net assets resulting from operations | $ (10,021) | $ 39,780 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||
Net realized loss on investments | 868 | 7,497 |
Income tax benefit on net realized investment gains | (365) | 0 |
Loss on extinguishment of debt | 144 | 2,523 |
Net unrealized (appreciation) depreciation on investments, net of taxes | 22,999 | (40,780) |
Amortization of Net Loan Fees | (1,334) | (1,835) |
Amendment fees collected | 206 | 132 |
Payment-in-kind interest and dividend income | (650) | (1,390) |
Accretion of interest income on Structured Finance Securities | (7,647) | (7,315) |
Amortization of debt issuance costs | 1,154 | 1,438 |
Amortization of intangible asset | 307 | 166 |
Purchase and origination of portfolio investments | (144,894) | (193,285) |
Proceeds from principal payments on portfolio investments | 75,218 | 125,085 |
Proceeds from sale or redemption of portfolio investments | 31,060 | 17,840 |
Proceeds from distributions received from Structured Finance Securities | 14,261 | 9,468 |
Changes in operating assets and liabilities: | ||
Interest receivable | (354) | 105 |
Interest payable | (1,673) | (1,249) |
Payable to adviser and affiliates | (2,431) | (640) |
Receivable for investment sold | 11,325 | 0 |
Payable for investments purchased | (8,788) | 19,456 |
Other assets and liabilities | (610) | (94) |
Net cash used in operating activities | (21,225) | (23,098) |
Cash flows from financing activities | ||
Distributions paid to stockholders | (11,418) | (8,754) |
Borrowings under revolving lines of credit | 58,650 | 64,250 |
Repayments under revolving lines of credit | (35,750) | (50,400) |
Repayments of SBA debentures | (19,000) | (35,350) |
Redemption of unsecured notes | 0 | (98,525) |
Proceeds from unsecured notes offering, net of discounts | 0 | 121,791 |
Payment of deferred financing costs | (1,022) | (618) |
Repurchases of common stock under Stock Repurchase Program | (231) | (5) |
Net cash used in financing activities | (8,771) | (7,611) |
Net decrease in cash | (29,996) | (30,709) |
Cash at beginning of period | 43,048 | 37,708 |
Cash at end of period | 13,052 | 6,999 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 12,742 | 13,111 |
Reinvestment of distributions to stockholders | $ 128 | $ 99 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2022 | ||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 465,995 | [1] | $ 507,688 | [2] | |
Amortized Cost | 457,312 | [1] | 489,848 | [2] | |
Fair Value | $ 507,099 | [1],[3] | $ 516,615 | [2],[4] | |
Percent of Net Assets | 248.90% | [1] | 283.70% | [2] | |
Qualifying assets percentage | 85% | 79% | |||
Minimum | |||||
Schedule of Investments [Line Items] | |||||
Reference rate floor | 0.75% | ||||
Minimum | LIBOR | |||||
Schedule of Investments [Line Items] | |||||
Spread on variable rate | 0.75% | ||||
Maximum | |||||
Schedule of Investments [Line Items] | |||||
Reference rate floor | 1% | ||||
Maximum | LIBOR | |||||
Schedule of Investments [Line Items] | |||||
Spread on variable rate | 1% | ||||
Total Debt and Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 382,361 | $ 387,628 | |||
Fair Value | $ 431,898 | $ 426,744 | |||
Percent of Net Assets | 212% | 234.30% | |||
Structured Finance Securities | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 74,951 | $ 102,220 | |||
Fair Value | $ 75,201 | $ 89,871 | |||
Percent of Net Assets | 36.90% | 49.40% | |||
Variable-rate Loans | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 327,813 | ||||
Loans subject to reference rate floor provisions | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 316,558 | ||||
All Star Auto Lights, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 28,145 | |||
Amortized Cost | [5],[6] | 27,793 | |||
Fair Value | [5],[6] | $ 28,143 | |||
Percent of Net Assets | [5],[6] | 15.40% | |||
Avison Young | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,756 | ||||
Amortized Cost | 4,687 | ||||
Fair Value | $ 4,669 | ||||
Percent of Net Assets | 2.50% | ||||
Baymark Health Services, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,962 | [7] | $ 8,206 | [5] | |
Amortized Cost | 4,769 | [7] | 8,035 | [5] | |
Fair Value | $ 5,231 | [7] | $ 8,151 | [5] | |
Percent of Net Assets | 2.60% | [7] | 4.50% | [5] | |
Boca Home Care Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [8] | $ 9,609 | |||
Amortized Cost | [8] | 10,803 | |||
Fair Value | [8] | $ 10,503 | |||
Percent of Net Assets | [8] | 5.80% | |||
Diamond Sports Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[9] | $ 2,193 | |||
Amortized Cost | [5],[9] | 2,186 | |||
Fair Value | [5],[9] | $ 631 | |||
Percent of Net Assets | [5],[9] | 0.30% | |||
East West Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5] | $ 1,954 | |||
Amortized Cost | [5] | 1,934 | |||
Fair Value | [5] | $ 1,874 | |||
Percent of Net Assets | [5] | 1% | |||
Eblens Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 9,207 | [10] | $ 9,296 | [8] | |
Amortized Cost | 9,894 | [10] | 9,923 | [8] | |
Fair Value | $ 9,341 | [10] | $ 4,117 | [8] | |
Percent of Net Assets | 4.50% | [10] | 2.30% | [8] | |
Envocore Holding, LLC (F/K/A LRI Holding, LLC) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 13,411 | [11] | $ 14,069 | [6],[12] | |
Amortized Cost | 18,133 | [11] | 18,452 | [6],[12] | |
Fair Value | $ 11,632 | [11] | $ 7,836 | [6],[12] | |
Percent of Net Assets | 5.80% | [11] | 4.30% | [6],[12] | |
GGC Aerospace Topco L.P. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 500 | ||||
Amortized Cost | $ 500 | $ 0 | |||
Fair Value | $ 80 | ||||
Percent of Net Assets | 0% | 0% | |||
Honor HN Buyer Inc | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 6,598 | [7] | $ 8,458 | ||
Amortized Cost | 6,416 | [7] | 8,238 | ||
Fair Value | $ 6,416 | [7] | $ 8,027 | ||
Percent of Net Assets | 3.20% | [7] | 4.40% | ||
Inergex Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 15,260 | $ 15,260 | |||
Amortized Cost | 15,017 | 14,946 | |||
Fair Value | $ 15,260 | $ 15,260 | |||
Percent of Net Assets | 7.50% | 8.40% | |||
Kreg LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 20,500 | [7] | $ 20,116 | ||
Amortized Cost | 20,330 | [7] | 19,974 | ||
Fair Value | $ 20,330 | [7] | $ 18,952 | ||
Percent of Net Assets | 10% | [7] | 10.40% | ||
Metasource | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5] | $ 2,786 | |||
Amortized Cost | [5] | 2,750 | |||
Fair Value | [5] | $ 2,717 | |||
Percent of Net Assets | [5] | 1.50% | |||
Milrose Consultants, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 22,998 | [11] | $ 27,718 | [6] | |
Amortized Cost | 22,990 | [11] | 27,687 | [6] | |
Fair Value | $ 22,634 | [11] | $ 27,258 | [6] | |
Percent of Net Assets | 11.10% | [11] | 14.90% | [6] | |
Molded Devices, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [7] | $ 8,069 | |||
Amortized Cost | [7] | 7,975 | |||
Fair Value | [7] | $ 7,975 | |||
Percent of Net Assets | [7] | 3.90% | |||
One GI LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 5,515 | [7] | $ 7,526 | ||
Amortized Cost | 5,335 | [7] | 7,358 | ||
Fair Value | $ 5,335 | [7] | $ 6,744 | ||
Percent of Net Assets | 2.70% | [7] | 3.80% | ||
Resource Label Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [7],[13] | $ 3,437 | |||
Amortized Cost | [7],[13] | 3,427 | |||
Fair Value | [7],[13] | $ 3,436 | |||
Percent of Net Assets | [7],[13] | 1.60% | |||
RSA Security | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 7,247 | [7] | $ 7,226 | [5] | |
Amortized Cost | 7,174 | [7] | 7,160 | [5] | |
Fair Value | $ 6,903 | [7] | $ 5,672 | [5] | |
Percent of Net Assets | 3.40% | [7] | 3.10% | [5] | |
RumbleOn, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,190 | [7],[14] | $ 5,416 | [5],[15] | |
Amortized Cost | 4,146 | [7],[14] | 5,419 | [5],[15] | |
Fair Value | $ 4,201 | [7],[14] | $ 5,051 | [5],[15] | |
Percent of Net Assets | 2.10% | [7],[14] | 2.70% | [5],[15] | |
Sentry Centers Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [16],[17] | $ 214 | |||
Fair Value | [16],[17] | $ 12 | |||
Percent of Net Assets | [16],[17] | 0% | |||
SourceHOV Tax, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [11] | $ 19,790 | |||
Amortized Cost | [11] | 19,633 | |||
Fair Value | [11] | $ 19,935 | |||
Percent of Net Assets | [11] | 9.80% | |||
SSJA Bariatric Management LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 13,491 | [7] | $ 13,388 | [5] | |
Amortized Cost | 13,401 | [7] | 13,325 | [5] | |
Fair Value | $ 13,491 | [7] | $ 13,074 | [5] | |
Percent of Net Assets | 6.60% | [7] | 7.20% | [5] | |
SS Acquisition, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 3,042 | [7] | $ 3,042 | [5] | |
Amortized Cost | 3,011 | [7] | 3,016 | [5] | |
Fair Value | $ 3,011 | [7] | $ 2,991 | [5] | |
Percent of Net Assets | 1.50% | [7] | 1.70% | [5] | |
The Escape Game, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 16,333 | [11] | $ 16,333 | [6] | |
Amortized Cost | 16,287 | [11] | 16,298 | [6] | |
Fair Value | $ 16,396 | [11] | $ 16,496 | [6] | |
Percent of Net Assets | 8% | [11] | 9.10% | [6] | |
Tolemar Acquisition, INC. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 15,249 | [7] | $ 15,543 | ||
Amortized Cost | 15,166 | [7] | 15,470 | ||
Fair Value | $ 15,166 | [7] | $ 15,503 | ||
Percent of Net Assets | 7.50% | [7] | 8.50% | ||
United Biologics Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 91 | [11],[17] | $ 17 | [6],[18] | |
Fair Value | $ 25 | [11],[17] | $ 24 | [6],[18] | |
Percent of Net Assets | 0% | [11],[17] | 0% | [6],[18] | |
West Corporation | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [7],[13] | $ 3,498 | |||
Amortized Cost | [7],[13] | 3,429 | |||
Fair Value | [7],[13] | $ 3,323 | |||
Percent of Net Assets | [7],[13] | 1.60% | |||
Dryden 53 CLO, Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,859 | [19] | $ 4,859 | [20],[21] | |
Amortized Cost | 2,900 | [19] | 2,689 | [20],[21] | |
Fair Value | $ 3,009 | [19] | $ 2,027 | [20],[21] | |
Percent of Net Assets | 1.50% | [19] | 1.10% | [20],[21] | |
Contract Datascan Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 5,953 | [10],[11],[17] | $ 6,183 | [6],[8] | |
Fair Value | $ 2,773 | [10],[11],[17] | $ 6,616 | [6],[8] | |
Percent of Net Assets | 1.30% | [10],[11],[17] | 3.70% | [6],[8] | |
Master Cutlery, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 7,563 | [10],[11],[17] | $ 8,308 | [6],[8],[18] | |
Amortized Cost | 8,179 | [10],[11],[17] | 8,163 | [6],[8],[18] | |
Fair Value | $ 699 | [10],[11],[17] | $ 157 | [6],[8],[18] | |
Percent of Net Assets | 0.30% | [10],[11],[17] | 0.10% | [6],[8],[18] | |
TRS Services, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 572 | [10],[11],[17] | $ 572 | [6],[8] | |
Fair Value | $ 988 | [10],[11],[17] | $ 1,284 | [6],[8] | |
Percent of Net Assets | 0.50% | [10],[11],[17] | 0.70% | [6],[8] | |
MTE Holding Corp. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [11],[22] | $ 8,195 | |||
Amortized Cost | [11],[22] | 11,264 | |||
Fair Value | [11],[22] | $ 12,948 | |||
Percent of Net Assets | [11],[22] | 6.30% | |||
Non-control/Non-affiliate Investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 450,238 | $ 499,380 | |||
Amortized Cost | 428,398 | 471,983 | |||
Fair Value | $ 421,567 | $ 424,134 | |||
Percent of Net Assets | 207.10% | 232.80% | |||
Non-control/Non-affiliate Investments | Total Debt and Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 350,939 | $ 367,906 | |||
Amortized Cost | 353,447 | 369,763 | |||
Fair Value | $ 346,366 | $ 334,263 | |||
Percent of Net Assets | 170.10% | 183.20% | |||
Non-control/Non-affiliate Investments | Total Subordinated Notes and Mezzanine Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 90,799 | ||||
Amortized Cost | 66,451 | ||||
Fair Value | $ 66,701 | ||||
Percent of Net Assets | 32.80% | ||||
Non-control/Non-affiliate Investments | Structured Finance Securities | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 99,299 | [14] | $ 131,474 | [15] | |
Amortized Cost | 74,951 | [14] | 102,220 | [15] | |
Fair Value | $ 75,201 | [14] | $ 89,871 | [15] | |
Percent of Net Assets | 37% | [14] | 49.60% | [15] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 7,563 | $ 8,308 | |||
Amortized Cost | 17,650 | 17,865 | |||
Fair Value | $ 72,584 | $ 92,481 | |||
Percent of Net Assets | 35.50% | 50.90% | |||
Control Investment | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,195 | ||||
Amortized Cost | 11,264 | $ 0 | |||
Fair Value | $ 12,948 | $ 0 | |||
Percent of Net Assets | 6.30% | ||||
Investment, Identifier [Axis]: 0.102 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [19],[23] | 10.20% | |||
Principal Amount | [19] | $ 11,080 | |||
Amortized Cost | [19] | 9,297 | |||
Fair Value | [19] | $ 9,090 | |||
Percent of Net Assets | [19] | 4.50% | |||
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24] | 9.05% | |||
Spread Above Index | [5],[24] | 6% | |||
Principal Amount | [5] | $ 8,934 | |||
Amortized Cost | [5] | 8,877 | |||
Fair Value | [5] | $ 8,932 | |||
Percent of Net Assets | [5] | 4.90% | |||
Investment, Identifier [Axis]: AAdvantage Loyalty IP Ltd. and American Airlines, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[14],[23] | 5.50% | |||
Spread Above Index | [7],[13],[14],[23] | 4.75% | |||
Principal Amount | [7],[13],[14] | $ 364 | |||
Amortized Cost | [7],[13],[14] | 360 | |||
Fair Value | [7],[13],[14] | $ 377 | |||
Percent of Net Assets | [7],[13],[14] | 0.20% | |||
Investment, Identifier [Axis]: AIDC Intermediateco 2, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24] | 8.91% | |||
Spread Above Index | [5],[24] | 6.25% | |||
Principal Amount | [5] | $ 2,000 | |||
Amortized Cost | [5] | 1,957 | |||
Fair Value | [5] | $ 1,957 | |||
Percent of Net Assets | [5] | 1.10% | |||
Investment, Identifier [Axis]: Aegion Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5.50% | [7],[14],[23] | 7.87% | [5],[15],[24] | |
Spread Above Index | 4.75% | [7],[14],[23] | 4.75% | [5],[15],[24] | |
Principal Amount | $ 630 | [7],[14] | $ 2,420 | [5],[15] | |
Amortized Cost | 627 | [7],[14] | 2,388 | [5],[15] | |
Fair Value | $ 628 | [7],[14] | $ 2,259 | [5],[15] | |
Percent of Net Assets | 0.30% | [7],[14] | 1.20% | [5],[15] | |
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[11],[23] | 8.25% | |||
Spread Above Index | [7],[11],[23] | 7.25% | |||
Principal Amount | [7],[11] | $ 23,335 | |||
Amortized Cost | [7],[11] | 23,005 | |||
Fair Value | [7],[11] | $ 23,052 | |||
Percent of Net Assets | [7],[11] | 11.30% | |||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 10.75% | |||
Spread Above Index | [24] | 7.25% | |||
Principal Amount | $ 23,157 | ||||
Amortized Cost | 22,900 | ||||
Fair Value | $ 23,155 | ||||
Percent of Net Assets | 12.70% | ||||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 10.06% | |||
Spread Above Index | [24] | 7.25% | |||
Principal Amount | $ 4,988 | ||||
Amortized Cost | 4,893 | ||||
Fair Value | $ 4,988 | ||||
Percent of Net Assets | 2.70% | ||||
Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5.72% | [7],[13],[23] | 9.20% | [5],[9],[24] | |
Spread Above Index | 5.50% | [7],[13],[23] | 5.50% | [5],[9],[24] | |
Principal Amount | $ 3,807 | [7],[13] | $ 3,778 | [5],[9] | |
Amortized Cost | 3,801 | [7],[13] | 3,773 | [5],[9] | |
Fair Value | $ 3,810 | [7],[13] | $ 3,282 | [5],[9] | |
Percent of Net Assets | 1.80% | [7],[13] | 1.80% | [5],[9] | |
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [20],[21],[24] | 18.37% | |||
Principal Amount | [20],[21] | $ 11,080 | |||
Amortized Cost | [20],[21] | 9,624 | |||
Fair Value | [20],[21] | $ 8,435 | |||
Percent of Net Assets | [20],[21] | 4.60% | |||
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 14.53% | [19],[23] | 15.84% | [20],[21],[24] | |
Principal Amount | $ 8,630 | [19] | $ 8,630 | [20],[21] | |
Amortized Cost | 7,797 | [19] | 7,063 | [20],[21] | |
Fair Value | $ 7,442 | [19] | $ 6,019 | [20],[21] | |
Percent of Net Assets | 3.70% | [19] | 3.30% | [20],[21] | |
Investment, Identifier [Axis]: Apex Credit CLO 2021-II Ltd, Loan Accumulation Facility | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14],[23],[25] | 13.50% | |||
Principal Amount | [14],[25] | $ 8,500 | |||
Amortized Cost | [14],[25] | 8,500 | |||
Fair Value | [14],[25] | $ 8,500 | |||
Percent of Net Assets | [14],[25] | 4.20% | |||
Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [20],[21],[24] | 13.36% | |||
Principal Amount | [20],[21] | $ 10,726 | |||
Amortized Cost | [20],[21] | 8,980 | |||
Fair Value | [20],[21] | $ 8,980 | |||
Percent of Net Assets | [20],[21] | 4.90% | |||
Investment, Identifier [Axis]: Ares L CLO, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [21],[24] | 8.16% | |||
Spread Above Index | [21],[24] | 5.65% | |||
Principal Amount | [21] | $ 6,000 | |||
Amortized Cost | [21] | 5,728 | |||
Fair Value | [21] | $ 5,211 | |||
Percent of Net Assets | [21] | 2.90% | |||
Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 12.24% | |||
Spread Above Index | [24] | 8.50% | |||
Principal Amount | $ 3,000 | ||||
Amortized Cost | 2,668 | ||||
Fair Value | $ 2,517 | ||||
Percent of Net Assets | 1.40% | ||||
Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [9],[24] | 8.37% | |||
Spread Above Index | [9],[24] | 5.25% | |||
Principal Amount | [9] | $ 2,000 | |||
Amortized Cost | [9] | 1,754 | |||
Fair Value | [9] | $ 1,518 | |||
Percent of Net Assets | [9] | 0.80% | |||
Investment, Identifier [Axis]: Atlantis Holding, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[9],[24] | 10.80% | |||
Spread Above Index | [5],[9],[24] | 7.25% | |||
Principal Amount | [5],[9] | $ 8,421 | |||
Amortized Cost | [5],[9] | 8,127 | |||
Fair Value | [5],[9] | $ 8,021 | |||
Percent of Net Assets | [5],[9] | 4.40% | |||
Investment, Identifier [Axis]: Autokiniton US Holdings, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 5% | |||
Spread Above Index | [7],[13],[23] | 4.50% | |||
Principal Amount | [7],[13] | $ 2,696 | |||
Amortized Cost | [7],[13] | 2,688 | |||
Fair Value | [7],[13] | $ 2,704 | |||
Percent of Net Assets | [7],[13] | 1.30% | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[23] | 5.97% | |||
Spread Above Index | [7],[23] | 5.75% | |||
Principal Amount | [7] | $ 2,987 | |||
Amortized Cost | [7] | 2,972 | |||
Fair Value | [7] | $ 2,972 | |||
Percent of Net Assets | [7] | 1.50% | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[15],[24] | 8.90% | |||
Spread Above Index | [5],[15],[24] | 5.75% | |||
Principal Amount | [5],[15] | $ 3,956 | |||
Amortized Cost | [5],[15] | 3,934 | |||
Fair Value | [5],[15] | $ 3,884 | |||
Percent of Net Assets | [5],[15] | 2.10% | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 10.15% | |||
Spread Above Index | [24] | 7% | |||
Principal Amount | $ 800 | ||||
Amortized Cost | 753 | ||||
Fair Value | $ 785 | ||||
Percent of Net Assets | 0.40% | ||||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 10.92% | |||
Spread Above Index | [24] | 7.25% | |||
Principal Amount | $ 1,667 | ||||
Amortized Cost | 1,640 | ||||
Fair Value | $ 1,558 | ||||
Percent of Net Assets | 0.90% | ||||
Investment, Identifier [Axis]: Ball Metalpack, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 9.75% | |||
Spread Above Index | [23] | 8.75% | |||
Principal Amount | $ 2,167 | ||||
Amortized Cost | 2,143 | ||||
Fair Value | $ 2,167 | ||||
Percent of Net Assets | 1.10% | ||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [21],[24] | 9.37% | |||
Spread Above Index | [21],[24] | 6.86% | |||
Principal Amount | [21] | $ 8,000 | |||
Amortized Cost | [21] | 7,894 | |||
Fair Value | [21] | $ 7,152 | |||
Percent of Net Assets | [21] | 3.90% | |||
Investment, Identifier [Axis]: Bass Pro Group, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 4.50% | |||
Spread Above Index | [7],[13],[23] | 3.75% | |||
Principal Amount | [7],[13] | $ 1,967 | |||
Amortized Cost | [7],[13] | 1,958 | |||
Fair Value | [7],[13] | $ 1,972 | |||
Percent of Net Assets | [7],[13] | 1% | |||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [21],[24] | 9.63% | |||
Spread Above Index | [21],[24] | 6.85% | |||
Principal Amount | [21] | $ 6,000 | |||
Amortized Cost | [21] | 5,839 | |||
Fair Value | [21] | $ 5,386 | |||
Percent of Net Assets | [21] | 3% | |||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 9.50% | |||
Spread Above Index | [23] | 8.50% | |||
Principal Amount | $ 4,962 | ||||
Amortized Cost | 4,893 | ||||
Fair Value | $ 5,061 | ||||
Percent of Net Assets | 2.50% | ||||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [23],[26] | 8.50% | |||
Principal Amount | $ 0 | ||||
Amortized Cost | [26] | (124) | |||
Fair Value | [26] | $ 170 | |||
Percent of Net Assets | [26] | 0.10% | |||
Investment, Identifier [Axis]: Baymark Health Services, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 11.62% | |||
Spread Above Index | [24] | 8.50% | |||
Principal Amount | $ 4,962 | ||||
Amortized Cost | 4,901 | ||||
Fair Value | $ 4,942 | ||||
Percent of Net Assets | 2.70% | ||||
Investment, Identifier [Axis]: Baymark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24],[27] | 11.62% | |||
Spread Above Index | [24],[27] | 8.50% | |||
Principal Amount | [27] | $ 3,244 | |||
Amortized Cost | [27] | 3,134 | |||
Fair Value | [27] | $ 3,209 | |||
Percent of Net Assets | [27] | 1.80% | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [18],[28] | $ 1,290 | |||
Fair Value | [18],[28] | $ 1,223 | |||
Percent of Net Assets | [18],[28] | 0.70% | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24],[27] | 10.30% | |||
Spread Above Index | [5],[24],[27] | 6.50% | |||
Principal Amount | [5],[27] | $ 9,609 | |||
Amortized Cost | [5],[27] | 9,524 | |||
Fair Value | [5],[27] | $ 9,319 | |||
Percent of Net Assets | [5],[27] | 5.10% | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [24],[27] | 6.50% | |||
Principal Amount | [27] | $ 0 | |||
Amortized Cost | [27] | (11) | |||
Fair Value | [27] | $ (39) | |||
Percent of Net Assets | [27] | 0% | |||
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan Accumulation Facility | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 14.50% | |||
Principal Amount | $ 8,500 | ||||
Amortized Cost | 8,500 | ||||
Fair Value | $ 8,500 | ||||
Percent of Net Assets | 4.70% | ||||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 703 | $ 703 | [18] | ||
Fair Value | $ 29 | $ 29 | [18] | ||
Percent of Net Assets | 0% | 0% | [18] | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 104 | $ 104 | [18] | ||
Fair Value | $ 25 | $ 498 | [18] | ||
Percent of Net Assets | 0% | 0.30% | [18] | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 10% | 10% | |||
Amortized Cost | $ 5,849 | $ 6,079 | |||
Fair Value | $ 2,748 | $ 6,118 | |||
Percent of Net Assets | 1.30% | 3.40% | |||
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.50% | [23] | 9.87% | [24] | |
Spread Above Index | 6.75% | [23] | 6.75% | [24] | |
Principal Amount | $ 4,838 | $ 5,938 | |||
Amortized Cost | 4,827 | 5,845 | |||
Fair Value | $ 4,887 | $ 5,921 | |||
Percent of Net Assets | 2.40% | 3.30% | |||
Investment, Identifier [Axis]: Corel Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 5.18% | |||
Spread Above Index | [7],[13],[23] | 5% | |||
Principal Amount | [7],[13] | $ 2,271 | |||
Amortized Cost | [7],[13] | 2,265 | |||
Fair Value | [7],[13] | $ 2,270 | |||
Percent of Net Assets | [7],[13] | 1.10% | |||
Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6% | [7],[14],[23] | 7.79% | [5],[15],[24] | |
Spread Above Index | 5.50% | [7],[14],[23] | 5.50% | [5],[15],[24] | |
Principal Amount | $ 2,000 | [7],[14] | $ 1,995 | [5],[15] | |
Amortized Cost | 1,985 | [7],[14] | 1,981 | [5],[15] | |
Fair Value | $ 1,977 | [7],[14] | $ 1,876 | [5],[15] | |
Percent of Net Assets | 1% | [7],[14] | 1% | [5],[15] | |
Investment, Identifier [Axis]: DHX Media Ltd., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5% | [7],[14],[23] | 7.37% | [5],[15],[24] | |
Spread Above Index | 4.25% | [7],[14],[23] | 4.25% | [5],[15],[24] | |
Principal Amount | $ 3,974 | [7],[14] | $ 3,944 | [5],[15] | |
Amortized Cost | 3,929 | [7],[14] | 3,905 | [5],[15] | |
Fair Value | $ 3,970 | [7],[14] | $ 3,638 | [5],[15] | |
Percent of Net Assets | 1.90% | [7],[14] | 2% | [5],[15] | |
Investment, Identifier [Axis]: DIRECTV Financing, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 5.75% | |||
Spread Above Index | [7],[13],[23] | 5% | |||
Principal Amount | [7],[13] | $ 4,395 | |||
Amortized Cost | [7],[13] | 4,388 | |||
Fair Value | [7],[13] | $ 4,405 | |||
Percent of Net Assets | [7],[13] | 2.20% | |||
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,135 | [10],[16],[17] | $ 1,135 | [8],[18],[28] | |
Fair Value | $ 1,289 | [10],[16],[17] | $ 1,313 | [8],[18],[28] | |
Percent of Net Assets | 0.60% | [10],[16],[17] | 0.70% | [8],[18],[28] | |
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 3.36% | |||
Spread Above Index | [7],[13],[23] | 3.25% | |||
Principal Amount | [7],[13] | $ 1,955 | |||
Amortized Cost | [7],[13] | 1,957 | |||
Fair Value | [7],[13] | $ 918 | |||
Percent of Net Assets | [7],[13] | 0.50% | |||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 10.70% | |||
Spread Above Index | [24] | 8% | |||
Principal Amount | $ 253 | ||||
Amortized Cost | 246 | ||||
Fair Value | $ 244 | ||||
Percent of Net Assets | 0.10% | ||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 5.95% | |||
Spread Above Index | [24] | 3.25% | |||
Principal Amount | $ 1,940 | ||||
Amortized Cost | 1,940 | ||||
Fair Value | $ 387 | ||||
Percent of Net Assets | 0.20% | ||||
Investment, Identifier [Axis]: Directv Financing, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[9],[24] | 8.12% | |||
Spread Above Index | [5],[9],[24] | 5% | |||
Principal Amount | [5],[9] | $ 2,046 | |||
Amortized Cost | [5],[9] | 2,043 | |||
Fair Value | [5],[9] | $ 1,911 | |||
Percent of Net Assets | [5],[9] | 1% | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [19],[23] | 23.69% | |||
Principal Amount | [19] | $ 2,159 | |||
Amortized Cost | [19] | 1,289 | |||
Fair Value | [19] | $ 1,337 | |||
Percent of Net Assets | [19] | 0.70% | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [19],[23] | 23.72% | |||
Principal Amount | [19] | $ 2,700 | |||
Amortized Cost | [19] | 1,611 | |||
Fair Value | [19] | $ 1,672 | |||
Percent of Net Assets | [19] | 0.80% | |||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 27.99% | |||
Principal Amount | $ 2,159 | ||||
Amortized Cost | 1,195 | ||||
Fair Value | $ 901 | ||||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes - Income | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 28.01% | |||
Principal Amount | $ 2,700 | ||||
Amortized Cost | 1,494 | ||||
Fair Value | $ 1,126 | ||||
Percent of Net Assets | 0.60% | ||||
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 15.73% | [19],[23] | 19.59% | [20],[21],[24] | |
Principal Amount | $ 2,750 | [19] | $ 2,750 | [20],[21] | |
Amortized Cost | 2,119 | [19] | 2,177 | [20],[21] | |
Fair Value | $ 2,374 | [19] | $ 1,956 | [20],[21] | |
Percent of Net Assets | 1.20% | [19] | 1.10% | [20],[21] | |
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 8.78% | |||
Spread Above Index | [24] | 5.75% | |||
Principal Amount | $ 1,954 | ||||
Amortized Cost | 1,937 | ||||
Fair Value | $ 1,884 | ||||
Percent of Net Assets | 1% | ||||
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [24] | 2.88% | |||
Principal Amount | [27] | $ 0 | |||
Amortized Cost | [27] | (3) | |||
Fair Value | [27] | $ (10) | |||
Percent of Net Assets | [27] | 0% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 1% | 1.50% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc. | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 0% | 0% | |||
Interest rate, cash | 13% | 12.50% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc. | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 1% | 1.50% | |||
Interest rate, cash | 12% | 14% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [18] | $ 0 | |||
Amortized Cost | [18] | 713 | |||
Fair Value | [18] | $ 0 | |||
Percent of Net Assets | [18] | 0% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [17] | $ 713 | |||
Fair Value | [17] | $ 292 | |||
Percent of Net Assets | [17] | 0.10% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24],[29],[30] | 12.50% | |||
Interest Rate, PIK | [24],[29],[30] | 1.50% | |||
Principal Amount | [29],[30] | $ 9,296 | |||
Amortized Cost | [29],[30] | 9,210 | |||
Fair Value | [29],[30] | $ 4,117 | |||
Percent of Net Assets | [29],[30] | 2.30% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23],[31] | 12% | |||
Interest Rate, PIK | [23],[31] | 1% | |||
Principal Amount | [31] | $ 9,207 | |||
Amortized Cost | [31] | 9,181 | |||
Fair Value | [31] | $ 9,049 | |||
Percent of Net Assets | [31] | 4.40% | |||
Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.60% | [23] | 11.62% | [24] | |
Spread Above Index | 8.50% | [23] | 8.50% | [24] | |
Principal Amount | $ 3,000 | $ 3,679 | |||
Amortized Cost | 2,653 | 3,337 | |||
Fair Value | $ 2,954 | $ 3,505 | |||
Percent of Net Assets | 1.40% | 1.90% | |||
Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.96% | [19],[23] | 0% | [20],[21],[24],[32] | |
Principal Amount | $ 10,000 | [19] | $ 5,449 | [20],[21],[32] | |
Amortized Cost | 6,137 | [19] | 1,311 | [20],[21],[32] | |
Fair Value | $ 5,357 | [19] | $ 126 | [20],[21],[32] | |
Percent of Net Assets | 2.60% | [19] | 0.10% | [20],[21],[32] | |
Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.75% | [7],[13],[23] | 7.42% | [5],[24] | |
Spread Above Index | 3.75% | [7],[13],[23] | 3.75% | [5],[24] | |
Principal Amount | $ 1,837 | [7],[13] | $ 1,773 | [5] | |
Amortized Cost | 1,833 | [7],[13] | 1,770 | [5] | |
Fair Value | $ 1,837 | [7],[13] | $ 1,667 | [5] | |
Percent of Net Assets | 0.90% | [7],[13] | 0.90% | [5] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 0 | [33] | [34] | ||
Amortized Cost | 4,722 | [33] | 4,722 | [34] | |
Fair Value | $ 0 | [33] | $ 0 | [34] | |
Percent of Net Assets | 0% | [33] | 0% | [34] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.50% | [23] | 7.50% | [24] | |
Principal Amount | $ 6,424 | $ 6,375 | |||
Amortized Cost | 6,424 | 6,375 | |||
Fair Value | $ 6,424 | $ 6,375 | |||
Percent of Net Assets | 3.20% | 3.50% | |||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 10% | [23] | 10% | [24],[30] | |
Principal Amount | $ 6,424 | $ 6,923 | [30] | ||
Amortized Cost | 6,424 | 6,584 | [30] | ||
Fair Value | $ 4,645 | $ 690 | [30] | ||
Percent of Net Assets | 2.30% | 0.40% | [30] | ||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.50% | [23],[26] | 7.50% | [24],[27] | |
Principal Amount | $ 563 | [26] | $ 771 | [27] | |
Amortized Cost | 563 | [26] | 771 | [27] | |
Fair Value | $ 563 | [26] | $ 771 | [27] | |
Percent of Net Assets | 0.30% | [26] | 0.40% | [27] | |
Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.50% | [11],[23] | 13.17% | [6],[24] | |
Interest Rate, PIK | [6],[24] | 0.75% | |||
Spread Above Index | 9.50% | [11],[23] | 9.50% | [6],[24] | |
Principal Amount | $ 4,250 | [11] | $ 4,266 | [6] | |
Amortized Cost | 4,182 | [11] | 4,193 | [6] | |
Fair Value | $ 4,250 | [11] | $ 4,074 | [6] | |
Percent of Net Assets | 2.10% | [11] | 2.20% | [6] | |
Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 19.09% | [19],[23] | 22.17% | [20],[21],[24] | |
Principal Amount | $ 9,680 | [19] | $ 9,680 | [20],[21] | |
Amortized Cost | 6,942 | [19] | 6,779 | [20],[21] | |
Fair Value | $ 7,331 | [19] | $ 5,621 | [20],[21] | |
Percent of Net Assets | 3.60% | [19] | 3.10% | [20],[21] | |
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (368,852 Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [17] | $ 450 | |||
Fair Value | [17] | $ 77 | |||
Percent of Net Assets | [17] | 0% | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (40,984 Class B units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [17] | $ 50 | |||
Fair Value | [17] | $ 3 | |||
Percent of Net Assets | [17] | 0% | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [18] | $ 450 | |||
Fair Value | [18] | $ 0 | |||
Percent of Net Assets | [18] | 0% | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [18] | $ 50 | |||
Fair Value | [18] | $ 0 | |||
Percent of Net Assets | [18] | 0% | |||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7% | [23] | 9.70% | [5],[24] | |
Spread Above Index | 6% | [23] | 6% | [5],[24] | |
Principal Amount | $ 6,598 | $ 6,549 | [5] | ||
Amortized Cost | 6,471 | 6,439 | [5] | ||
Fair Value | $ 6,471 | $ 6,372 | [5] | ||
Percent of Net Assets | 3.20% | 3.50% | [5] | ||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24],[27] | 9.70% | |||
Spread Above Index | 6% | [23],[26] | 6% | [5],[24],[27] | |
Principal Amount | $ 0 | $ 1,909 | [5],[27] | ||
Amortized Cost | (40) | [26] | 1,812 | [5],[27] | |
Fair Value | $ (40) | [26] | $ 1,675 | [5],[27] | |
Percent of Net Assets | 0% | [26] | 0.90% | [5],[27] | |
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6% | [23],[26] | 6% | [24],[27] | |
Principal Amount | $ 0 | $ 0 | [27] | ||
Amortized Cost | (15) | [26] | (13) | [27] | |
Fair Value | $ (15) | [26] | $ (20) | [27] | |
Percent of Net Assets | 0% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: Hunter Fan Company, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 5.75% | |||
Spread Above Index | [7],[13],[23] | 5% | |||
Principal Amount | [7],[13] | $ 4,988 | |||
Amortized Cost | [7],[13] | 4,997 | |||
Fair Value | [7],[13] | $ 4,997 | |||
Percent of Net Assets | [7],[13] | 2.50% | |||
Investment, Identifier [Axis]: Idera, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 9.32% | |||
Spread Above Index | [24] | 6.75% | |||
Principal Amount | $ 4,000 | ||||
Amortized Cost | 4,000 | ||||
Fair Value | $ 3,758 | ||||
Percent of Net Assets | 2.10% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 2% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 0% | ||||
Interest rate, cash | 10.67% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 2% | ||||
Interest rate, cash | 12.67% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8% | [23] | 11.87% | [24],[29] | |
Interest Rate, PIK | 1% | [23] | 2% | [24],[29] | |
Spread Above Index | 8% | [23] | 7% | [24],[29] | |
Principal Amount | $ 15,260 | $ 15,260 | [29] | ||
Amortized Cost | 15,030 | 15,030 | [29] | ||
Fair Value | $ 15,260 | $ 15,260 | [29] | ||
Percent of Net Assets | 7.50% | 8.40% | [29] | ||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 7% | [23],[26] | 7% | [24],[27] | |
Principal Amount | $ 0 | $ 0 | [27] | ||
Amortized Cost | (13) | [26] | (84) | [27] | |
Fair Value | $ 0 | [26] | $ 0 | [27] | |
Percent of Net Assets | 0% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: Intouch Midco Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.85% | [7],[14],[23] | 7.87% | [5],[15],[24] | |
Spread Above Index | 4.75% | [7],[14],[23] | 4.75% | [5],[15],[24] | |
Principal Amount | $ 2,909 | [7],[14] | $ 891 | [5],[15] | |
Amortized Cost | 2,872 | [7],[14] | 882 | [5],[15] | |
Fair Value | $ 2,865 | [7],[14] | $ 863 | [5],[15] | |
Percent of Net Assets | 1.40% | [7],[14] | 0.50% | [5],[15] | |
Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5% | [7],[13],[23] | 7.33% | [5],[9],[24] | |
Spread Above Index | 4.25% | [7],[13],[23] | 4.25% | [5],[9],[24] | |
Principal Amount | $ 2,985 | [7],[13] | $ 2,970 | [5],[9] | |
Amortized Cost | 2,996 | [7],[13] | 2,980 | [5],[9] | |
Fair Value | $ 2,993 | [7],[13] | $ 2,328 | [5],[9] | |
Percent of Net Assets | 1.50% | [7],[13] | 1.30% | [5],[9] | |
Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6.50% | [7],[23] | 8.31% | [5],[24] | |
Spread Above Index | 5.50% | [7],[23] | 5.50% | [5],[24] | |
Principal Amount | $ 5,736 | [7] | $ 5,461 | [5] | |
Amortized Cost | 5,529 | [7] | 5,303 | [5] | |
Fair Value | $ 5,550 | [7] | $ 4,851 | [5] | |
Percent of Net Assets | 2.70% | [7] | 2.70% | [5] | |
Investment, Identifier [Axis]: KNS Acquisition Corp., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7% | [7],[13],[23] | 10.42% | [5],[9],[24] | |
Spread Above Index | 6.25% | [7],[13],[23] | 6.25% | [5],[9],[24] | |
Principal Amount | $ 6,956 | [7],[13] | $ 6,825 | [5],[9] | |
Amortized Cost | 6,913 | [7],[13] | 6,789 | [5],[9] | |
Fair Value | $ 6,870 | [7],[13] | $ 6,403 | [5],[9] | |
Percent of Net Assets | 3.40% | [7],[13] | 3.50% | [5],[9] | |
Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[9],[24] | 7.05% | |||
Spread Above Index | [5],[9],[24] | 4.50% | |||
Principal Amount | [5],[9] | $ 2,290 | |||
Amortized Cost | [5],[9] | 2,260 | |||
Fair Value | [5],[9] | $ 2,057 | |||
Percent of Net Assets | [5],[9] | 1.10% | |||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.25% | [23] | 9.92% | [5],[24] | |
Spread Above Index | 6.25% | [23] | 6.25% | [5],[24] | |
Principal Amount | $ 20,500 | $ 20,116 | [5] | ||
Amortized Cost | 20,347 | 19,988 | [5] | ||
Fair Value | $ 20,347 | $ 19,068 | [5] | ||
Percent of Net Assets | 10% | 10.50% | [5] | ||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.25% | [23],[26] | 6.25% | [24],[27] | |
Principal Amount | $ 0 | $ 0 | [27] | ||
Amortized Cost | (17) | [26] | (14) | [27] | |
Fair Value | $ (17) | [26] | $ (116) | [27] | |
Percent of Net Assets | 0% | [26] | (0.10%) | [27] | |
Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.86% | [7],[13],[23] | 7.80% | [5],[9],[24] | |
Spread Above Index | 4.75% | [7],[13],[23] | 4.75% | [5],[9],[24] | |
Principal Amount | $ 2,979 | [7],[13] | $ 2,954 | [5],[9] | |
Amortized Cost | 2,977 | [7],[13] | 2,952 | [5],[9] | |
Fair Value | $ 2,966 | [7],[13] | $ 2,064 | [5],[9] | |
Percent of Net Assets | 1.50% | [7],[13] | 1.10% | [5],[9] | |
Investment, Identifier [Axis]: MTE Holding Corp., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 3,069 | ||||
Fair Value | $ 4,753 | ||||
Percent of Net Assets | 2.30% | ||||
Investment, Identifier [Axis]: MTE Holding Corp., Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,195 | ||||
Amortized Cost | 8,195 | ||||
Fair Value | $ 8,195 | ||||
Percent of Net Assets | 4% | ||||
Investment, Identifier [Axis]: MTE Holding Corp., Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 11% | |||
Interest Rate, PIK | [23] | 5% | |||
Spread Above Index | [23] | 15% | |||
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 24.21% | [19],[23] | 22.55% | [20],[21],[24] | |
Principal Amount | $ 10,000 | [19] | $ 10,000 | [20],[21] | |
Amortized Cost | 6,370 | [19] | 6,086 | [20],[21] | |
Fair Value | $ 7,211 | [19] | $ 5,421 | [20],[21] | |
Percent of Net Assets | 3.50% | [19] | 3% | [20],[21] | |
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 15.88% | [19],[23] | 17.60% | [20],[21],[24] | |
Principal Amount | $ 9,500 | [19] | $ 9,500 | [20],[21] | |
Amortized Cost | 6,899 | [19] | 6,434 | [20],[21] | |
Fair Value | $ 7,001 | [19] | $ 5,627 | [20],[21] | |
Percent of Net Assets | 3.40% | [19] | 3.10% | [20],[21] | |
Investment, Identifier [Axis]: Magenta Buyer LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 5.75% | |||
Spread Above Index | [7],[13],[23] | 5% | |||
Principal Amount | [7],[13] | $ 4,850 | |||
Amortized Cost | [7],[13] | 4,836 | |||
Fair Value | [7],[13] | $ 4,845 | |||
Percent of Net Assets | [7],[13] | 2.40% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 13% | 13% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 0% | 0% | |||
Interest rate, cash | 13% | 0% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 13% | 13% | |||
Interest rate, cash | 0% | 13% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [29],[30] | $ 8,308 | |||
Amortized Cost | [29],[30] | 4,680 | |||
Fair Value | [29],[30] | $ 157 | |||
Percent of Net Assets | [29],[30] | 0.10% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 0 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 0 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 8% | 8% | |||
Amortized Cost | $ 3,483 | $ 3,483 | |||
Fair Value | $ 0 | $ 0 | |||
Percent of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13% | [23],[31],[35] | 13% | [24],[29],[30] | |
Principal Amount | [31],[35] | $ 7,563 | |||
Amortized Cost | [31],[35] | 4,696 | |||
Fair Value | [31],[35] | $ 699 | |||
Percent of Net Assets | [31],[35] | 0.30% | |||
Investment, Identifier [Axis]: McGraw Hill Global Education Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 4.85% | |||
Spread Above Index | [7],[13],[23] | 4.75% | |||
Principal Amount | [7],[13] | $ 2,310 | |||
Amortized Cost | [7],[13] | 2,288 | |||
Fair Value | [7],[13] | $ 2,303 | |||
Percent of Net Assets | [7],[13] | 1.10% | |||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 9.40% | |||
Spread Above Index | [24] | 6.25% | |||
Principal Amount | $ 2,786 | ||||
Amortized Cost | 2,760 | ||||
Fair Value | $ 2,738 | ||||
Percent of Net Assets | 1.50% | ||||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [24],[27] | 6.25% | |||
Principal Amount | [27] | $ 0 | |||
Amortized Cost | [27] | (10) | |||
Fair Value | [27] | $ (21) | |||
Percent of Net Assets | [27] | 0% | |||
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.50% | [7],[23] | 10.30% | [5],[24] | |
Spread Above Index | 6.50% | [7],[23] | 6.50% | [5],[24] | |
Principal Amount | $ 22,364 | [7] | $ 27,242 | [5] | |
Amortized Cost | 22,364 | [7] | 27,218 | [5] | |
Fair Value | $ 22,024 | [7] | $ 26,808 | [5] | |
Percent of Net Assets | 10.80% | [7] | 14.70% | [5] | |
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.50% | [23] | 10.30% | [24],[27] | |
Spread Above Index | 6.50% | [23] | 6.50% | [24],[27] | |
Principal Amount | $ 634 | $ 476 | [27] | ||
Amortized Cost | 626 | 469 | [27] | ||
Fair Value | $ 610 | $ 450 | [27] | ||
Percent of Net Assets | 0.30% | 0.20% | [27] | ||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 8.25% | |||
Spread Above Index | [23] | 5% | |||
Principal Amount | $ 8,069 | ||||
Amortized Cost | 7,991 | ||||
Fair Value | $ 7,991 | ||||
Percent of Net Assets | 3.90% | ||||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [23] | 5% | |||
Principal Amount | $ 0 | ||||
Amortized Cost | [26] | (7) | |||
Fair Value | [26] | $ (7) | |||
Percent of Net Assets | [26] | 0% | |||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [23] | 5% | |||
Principal Amount | $ 0 | ||||
Amortized Cost | [26] | (9) | |||
Fair Value | [26] | $ (9) | |||
Percent of Net Assets | [26] | 0% | |||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, LTD., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 10.92% | |||
Spread Above Index | [23] | 8.85% | |||
Principal Amount | $ 1,000 | ||||
Amortized Cost | 949 | ||||
Fair Value | $ 996 | ||||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine debt - Class E-R | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [21],[24] | 11.55% | |||
Spread Above Index | [21],[24] | 8.75% | |||
Principal Amount | [21] | $ 1,000 | |||
Amortized Cost | [21] | 941 | |||
Fair Value | [21] | $ 872 | |||
Percent of Net Assets | [21] | 0.50% | |||
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 17.69% | [19],[23] | 21.86% | [20],[21],[24] | |
Principal Amount | $ 7,000 | [19] | $ 7,000 | [20],[21] | |
Amortized Cost | 4,733 | [19] | 4,452 | [20],[21] | |
Fair Value | $ 4,845 | [19] | $ 3,403 | [20],[21] | |
Percent of Net Assets | 2.40% | [19] | 1.90% | [20],[21] | |
Investment, Identifier [Axis]: Odyssey Logistics and Technology Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 5% | |||
Spread Above Index | [7],[13],[23] | 4% | |||
Principal Amount | [7],[13] | $ 1,985 | |||
Amortized Cost | [7],[13] | 1,960 | |||
Fair Value | [7],[13] | $ 1,970 | |||
Percent of Net Assets | [7],[13] | 1% | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.75% | [23] | 9.87% | [5],[24] | |
Spread Above Index | 6.75% | [23] | 6.75% | [5],[24] | |
Principal Amount | $ 5,515 | $ 7,526 | [5] | ||
Amortized Cost | 5,403 | 7,405 | [5] | ||
Fair Value | $ 5,403 | $ 7,071 | [5] | ||
Percent of Net Assets | 2.70% | 3.90% | [5] | ||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.75% | [23],[26] | 6.75% | [5],[24],[27] | |
Principal Amount | $ 0 | $ 0 | [5],[27] | ||
Amortized Cost | (39) | [26] | (24) | [5],[27] | |
Fair Value | $ (39) | [26] | $ (240) | [5],[27] | |
Percent of Net Assets | 0% | [26] | (0.10%) | [5],[27] | |
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.75% | [23],[26] | 6.75% | [24],[27] | |
Principal Amount | $ 0 | $ 0 | [27] | ||
Amortized Cost | (29) | [26] | (23) | [27] | |
Fair Value | $ (29) | [26] | $ (87) | [27] | |
Percent of Net Assets | 0% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [10],[16],[17] | ||||
Amortized Cost | [10],[16],[17] | 499 | |||
Fair Value | [10],[16],[17] | $ 1,698 | |||
Percent of Net Assets | [10],[16],[17] | 0.80% | |||
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [8],[18] | $ 499 | |||
Fair Value | [8],[18] | $ 1,058 | |||
Percent of Net Assets | [8],[18] | 0.60% | |||
Investment, Identifier [Axis]: Parfums Holding Company, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.10% | [7],[13],[23] | 7.12% | [5],[9],[24] | |
Spread Above Index | 4% | [7],[13],[23] | 4% | [5],[9],[24] | |
Principal Amount | $ 1,534 | [7],[13] | $ 1,462 | [5],[9] | |
Amortized Cost | 1,533 | [7],[13] | 1,462 | [5],[9] | |
Fair Value | $ 1,531 | [7],[13] | $ 1,370 | [5],[9] | |
Percent of Net Assets | 0.80% | [7],[13] | 0.80% | [5],[9] | |
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.63% | [23] | 10.01% | [21],[24] | |
Spread Above Index | 7.30% | [23] | 7.30% | [21],[24] | |
Principal Amount | $ 1,000 | $ 1,000 | [21] | ||
Amortized Cost | 974 | 977 | [21] | ||
Fair Value | $ 988 | $ 882 | [21] | ||
Percent of Net Assets | 0.50% | 0.50% | [21] | ||
Investment, Identifier [Axis]: Peraton Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 4.50% | |||
Spread Above Index | [7],[13],[23] | 3.75% | |||
Principal Amount | [7],[13] | $ 835 | |||
Amortized Cost | [7],[13] | 836 | |||
Fair Value | [7],[13] | $ 837 | |||
Percent of Net Assets | [7],[13] | 0.40% | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [10],[11],[36] | $ 217 | |||
Fair Value | $ 65,740 | [10],[11],[36] | $ 82,264 | [6],[8],[37] | |
Percent of Net Assets | [10],[11],[36] | 32.30% | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity (400 Class A shares) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [6],[8],[37] | $ 217 | |||
Percent of Net Assets | [6],[8],[37] | 45.20% | |||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [18],[24],[30] | 4% | |||
Principal Amount | [18],[30] | $ 16,728 | |||
Amortized Cost | [18],[30] | 14,192 | |||
Fair Value | [18],[30] | $ 7,215 | |||
Percent of Net Assets | [18],[30] | 4% | |||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [17],[23],[35] | 4% | |||
Principal Amount | [17],[35] | $ 16,728 | |||
Amortized Cost | [17],[35] | 14,358 | |||
Fair Value | [17],[35] | $ 7,027 | |||
Percent of Net Assets | [17],[35] | 3.30% | |||
Investment, Identifier [Axis]: Professional Pipe Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.75% | [23] | 9.75% | [24] | |
Interest Rate, PIK | 1% | [23] | 1% | [24] | |
Spread Above Index | 9.75% | [23] | 8.75% | [24] | |
Principal Amount | $ 5,367 | $ 1,434 | |||
Amortized Cost | 5,344 | 1,429 | |||
Fair Value | $ 5,378 | $ 1,441 | |||
Percent of Net Assets | 2.60% | 0.80% | |||
Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24] | 10.17% | |||
Spread Above Index | [24] | 6.50% | |||
Principal Amount | $ 1,125 | ||||
Amortized Cost | 1,081 | ||||
Fair Value | $ 1,080 | ||||
Percent of Net Assets | 0.60% | ||||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [16],[17] | ||||
Amortized Cost | [16],[17] | 492 | |||
Fair Value | [16],[17] | $ 794 | |||
Percent of Net Assets | [16],[17] | 0.40% | |||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [18],[28] | $ 492 | |||
Fair Value | [18],[28] | $ 406 | |||
Percent of Net Assets | [18],[28] | 0.20% | |||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5.50% | [13],[23] | 7.53% | [9],[24] | |
Spread Above Index | 4.75% | [13],[23] | 4.75% | [9],[24] | |
Principal Amount | $ 2,797 | [13] | $ 2,776 | [9] | |
Amortized Cost | 2,782 | [13] | 2,763 | [9] | |
Fair Value | $ 2,680 | [13] | $ 2,074 | [9] | |
Percent of Net Assets | 1.30% | [13] | 1.10% | [9] | |
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.50% | [23] | 10.52% | [24] | |
Spread Above Index | 7.75% | [23] | 7.75% | [24] | |
Principal Amount | $ 4,450 | $ 4,450 | |||
Amortized Cost | 4,392 | 4,397 | |||
Fair Value | $ 4,223 | $ 3,598 | |||
Percent of Net Assets | 2.10% | 2% | |||
Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24] | 9.13% | |||
Spread Above Index | [5],[24] | 6% | |||
Principal Amount | [5] | $ 5,096 | |||
Amortized Cost | [5] | 5,025 | |||
Fair Value | [5] | $ 4,940 | |||
Percent of Net Assets | [5] | 2.70% | |||
Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 18.02% | [19],[23] | 16.26% | [20],[21],[24] | |
Principal Amount | $ 1,300 | [19] | $ 1,300 | [20],[21] | |
Amortized Cost | 1,104 | [19] | 1,036 | [20],[21] | |
Fair Value | $ 1,106 | [19] | $ 745 | [20],[21] | |
Percent of Net Assets | 0.50% | [19] | 0.40% | [20],[21] | |
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine debt - Class DR2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.42% | [23] | 9.46% | [21],[24] | |
Spread Above Index | 6.95% | [23] | 6.95% | [21],[24] | |
Principal Amount | $ 800 | $ 800 | [21] | ||
Amortized Cost | 737 | 768 | [21] | ||
Fair Value | $ 795 | $ 720 | [21] | ||
Percent of Net Assets | 0.40% | 0.40% | [21] | ||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [21],[24] | 8.87% | |||
Spread Above Index | [21],[24] | 7.19% | |||
Principal Amount | [21] | $ 3,000 | |||
Amortized Cost | [21] | 2,971 | |||
Fair Value | [21] | $ 2,971 | |||
Percent of Net Assets | [21] | 1.60% | |||
Investment, Identifier [Axis]: Resource Label Group, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5% | [23] | 7.12% | [5],[9],[24] | |
Spread Above Index | 4.25% | [23] | 4% | [5],[9],[24] | |
Principal Amount | $ 694 | $ 1,706 | [5],[9] | ||
Amortized Cost | 692 | 1,701 | [5],[9] | ||
Fair Value | $ 694 | $ 1,609 | [5],[9] | ||
Percent of Net Assets | 0.30% | 0.90% | [5],[9] | ||
Investment, Identifier [Axis]: Resource Label Group, LLC, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 5% | |||
Spread Above Index | [23] | 4.25% | |||
Principal Amount | $ 2,743 | ||||
Amortized Cost | 2,735 | ||||
Fair Value | $ 2,742 | ||||
Percent of Net Assets | 1.30% | ||||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.25% | [23] | 11.92% | [24] | |
Spread Above Index | 8.25% | [23] | 8.25% | [24] | |
Principal Amount | $ 4,190 | $ 4,158 | |||
Amortized Cost | 3,964 | 3,970 | |||
Fair Value | $ 4,006 | $ 3,882 | |||
Percent of Net Assets | 2% | 2.10% | |||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24],[27] | 11.92% | |||
Spread Above Index | 8.25% | [23],[26] | 8.25% | [24],[27] | |
Principal Amount | $ 0 | $ 1,258 | [27] | ||
Amortized Cost | (18) | [26] | 1,249 | [27] | |
Fair Value | $ (79) | [26] | $ 1,139 | [27] | |
Percent of Net Assets | 0% | [26] | 0.60% | [27] | |
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 0 | ||||
Amortized Cost | 200 | 200 | |||
Fair Value | $ 274 | $ 30 | |||
Percent of Net Assets | 0.10% | 0% | |||
Investment, Identifier [Axis]: SS Acquisition, LLC | |||||
Schedule of Investments [Line Items] | |||||
Reported Interest Rate | 7.88% | 9.11% | |||
Interest Rate per Credit Agreement | 7.50% | 8.75% | |||
Additional Interest per Annum | 0.38% | 0.36% | |||
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.88% | [23],[38] | 9.11% | [24],[39] | |
Spread Above Index | 6.88% | [23],[38] | 6.86% | [24],[39] | |
Principal Amount | $ 3,042 | [38] | $ 3,042 | [39] | |
Amortized Cost | 3,011 | [38] | 3,016 | [39] | |
Fair Value | $ 3,011 | [38] | $ 3,010 | [39] | |
Percent of Net Assets | 1.50% | [38] | 1.70% | [39] | |
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.88% | [23],[26] | 6.86% | [24],[27] | |
Principal Amount | $ 0 | [26] | $ 0 | [27] | |
Amortized Cost | 0 | [26] | 0 | [27] | |
Fair Value | $ 0 | [26] | $ (19) | [27] | |
Percent of Net Assets | 0% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6% | [23] | 8.95% | [24] | |
Spread Above Index | 5% | [23] | 5.25% | [24] | |
Principal Amount | $ 9,775 | $ 9,700 | |||
Amortized Cost | 9,723 | 9,663 | |||
Fair Value | $ 9,775 | $ 9,483 | |||
Percent of Net Assets | 4.80% | 5.20% | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6% | [23] | 8.95% | [24] | |
Spread Above Index | 5% | [23] | 5.25% | [24] | |
Principal Amount | $ 1,056 | $ 1,048 | |||
Amortized Cost | 1,048 | 1,043 | |||
Fair Value | $ 1,056 | $ 1,025 | |||
Percent of Net Assets | 0.50% | 0.60% | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6% | [23] | 8.95% | [24] | |
Spread Above Index | 5% | [23] | 5.25% | [24] | |
Principal Amount | $ 2,660 | $ 2,640 | |||
Amortized Cost | 2,634 | 2,622 | |||
Fair Value | $ 2,660 | $ 2,581 | |||
Percent of Net Assets | 1.30% | 1.40% | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 5% | [23],[26] | 5.25% | [24],[27] | |
Principal Amount | $ 0 | $ 0 | [27] | ||
Amortized Cost | (4) | [26] | (3) | [27] | |
Fair Value | $ 0 | [26] | $ (15) | [27] | |
Percent of Net Assets | 0% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9% | [23] | 11.12% | [24] | |
Spread Above Index | 8% | [23] | 8% | [24] | |
Principal Amount | $ 9,073 | $ 9,073 | |||
Amortized Cost | 9,071 | 9,071 | |||
Fair Value | $ 9,073 | $ 8,969 | |||
Percent of Net Assets | 4.50% | 4.80% | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 3 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [18],[28] | ||||
Amortized Cost | [18],[28] | 160 | |||
Fair Value | [18],[28] | $ 87 | |||
Percent of Net Assets | [18],[28] | 0% | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (Series A units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 51 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (Series B units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 160 | ||||
Fair Value | $ 12 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.25% | [7],[13],[23] | 6.62% | [5],[24] | |
Spread Above Index | 3.50% | [7],[13],[23] | 3.50% | [5],[24] | |
Principal Amount | $ 1,840 | [7],[13] | $ 1,827 | [5] | |
Amortized Cost | 1,823 | [7],[13] | 1,811 | [5] | |
Fair Value | $ 1,794 | [7],[13] | $ 1,585 | [5] | |
Percent of Net Assets | 0.90% | [7],[13] | 0.90% | [5] | |
Investment, Identifier [Axis]: SourceHOV Tax, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 7.50% | |||
Spread Above Index | [23] | 6.50% | |||
Principal Amount | $ 19,790 | ||||
Amortized Cost | 19,648 | ||||
Fair Value | $ 19,935 | ||||
Percent of Net Assets | 9.80% | ||||
Investment, Identifier [Axis]: SourceHOV Tax, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [23],[26] | 6.50% | |||
Principal Amount | $ 0 | ||||
Amortized Cost | [26] | (15) | |||
Fair Value | [26] | $ 0 | |||
Percent of Net Assets | [26] | 0% | |||
Investment, Identifier [Axis]: Southern Technical Institute, LLC, Equity Participation Rights | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [11],[17],[33] | $ 0 | |||
Fair Value | [11],[17],[33] | $ 7,408 | |||
Percent of Net Assets | [11],[17],[33] | 3.60% | |||
Investment, Identifier [Axis]: Southern Technical Institute, LLC, Equity appreciation rights | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [6],[34] | ||||
Amortized Cost | [6],[34] | 0 | |||
Fair Value | [6],[34] | $ 0 | |||
Percent of Net Assets | [6],[34] | 0% | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[23] | 8.47% | |||
Spread Above Index | [7],[23] | 8.25% | |||
Principal Amount | [7] | $ 6,399 | |||
Amortized Cost | [7] | 6,336 | |||
Fair Value | [7] | $ 5,916 | |||
Percent of Net Assets | [7] | 2.90% | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24] | 11.92% | |||
Spread Above Index | [5],[24] | 8.25% | |||
Principal Amount | [5] | $ 6,399 | |||
Amortized Cost | [5] | 6,365 | |||
Fair Value | [5] | $ 6,173 | |||
Percent of Net Assets | [5] | 3.40% | |||
Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5.13% | [7],[13],[14],[23] | 7.78% | [5],[9],[15],[24] | |
Spread Above Index | 5% | [7],[13],[14],[23] | 5% | [5],[9],[15],[24] | |
Principal Amount | $ 2,930 | [7],[13],[14] | $ 2,907 | [5],[9],[15] | |
Amortized Cost | 2,875 | [7],[13],[14] | 2,862 | [5],[9],[15] | |
Fair Value | $ 2,838 | [7],[13],[14] | $ 2,564 | [5],[9],[15] | |
Percent of Net Assets | 1.40% | [7],[13],[14] | 1.30% | [5],[9],[15] | |
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [20],[21],[24] | 13.69% | |||
Principal Amount | [20],[21] | $ 7,000 | |||
Amortized Cost | [20],[21] | 5,371 | |||
Fair Value | [20],[21] | $ 4,169 | |||
Percent of Net Assets | [20],[21] | 2.30% | |||
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [19],[23] | 13.09% | |||
Principal Amount | [19] | $ 7,000 | |||
Amortized Cost | [19] | 5,710 | |||
Fair Value | [19] | $ 5,231 | |||
Percent of Net Assets | [19] | 2.60% | |||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 572 | $ 572 | [18] | ||
Fair Value | $ 0 | $ 0 | [18] | ||
Percent of Net Assets | 0% | 0% | [18] | ||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 11% | ||||
Amortized Cost | $ 0 | ||||
Fair Value | $ 988 | ||||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 11% | ||||
Amortized Cost | $ 0 | ||||
Fair Value | $ 1,284 | ||||
Percent of Net Assets | 0.70% | ||||
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,595 | [10] | $ 1,595 | [8],[18],[28] | |
Fair Value | $ 1,095 | [10] | $ 847 | [8],[18],[28] | |
Percent of Net Assets | 0.50% | [10] | 0.50% | [8],[18],[28] | |
Investment, Identifier [Axis]: Teneo Global LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [7],[13],[23] | 6.25% | |||
Spread Above Index | [7],[13],[23] | 5.25% | |||
Principal Amount | [7],[13] | $ 1,421 | |||
Amortized Cost | [7],[13] | 1,415 | |||
Fair Value | [7],[13] | $ 1,427 | |||
Percent of Net Assets | [7],[13] | 0.70% | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8% | [23] | 10.12% | [24] | |
Spread Above Index | 7% | [23] | 7% | [24] | |
Principal Amount | $ 16,333 | $ 16,333 | |||
Amortized Cost | 16,333 | 16,333 | |||
Fair Value | $ 16,382 | $ 16,496 | |||
Percent of Net Assets | 8% | 9.10% | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 7% | [23],[26] | 7% | [24],[27] | |
Principal Amount | $ 0 | $ 0 | [27] | ||
Amortized Cost | (46) | [26] | (35) | [27] | |
Fair Value | $ 14 | [26] | $ 0 | [27] | |
Percent of Net Assets | 0% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.50% | [7],[13],[23] | 11.62% | [5],[9],[24] | |
Spread Above Index | 8.50% | [7],[13],[23] | 8.50% | [5],[9],[24] | |
Principal Amount | $ 2,050 | [7],[13] | $ 4,188 | [5],[9] | |
Amortized Cost | 2,004 | [7],[13] | 4,112 | [5],[9] | |
Fair Value | $ 2,085 | [7],[13] | $ 4,073 | [5],[9] | |
Percent of Net Assets | 1% | [7],[13] | 2.20% | [5],[9] | |
Investment, Identifier [Axis]: Tolemar Acquisition, INC., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7% | [23] | 9.32% | [5],[24] | |
Spread Above Index | 6% | [23] | 5.75% | [5],[24] | |
Principal Amount | $ 14,889 | $ 15,543 | [5] | ||
Amortized Cost | 14,818 | 15,480 | [5] | ||
Fair Value | $ 14,818 | $ 15,509 | [5] | ||
Percent of Net Assets | 7.30% | 8.50% | [5] | ||
Investment, Identifier [Axis]: Tolemar Acquisition, INC., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7% | [23],[26] | 18% | [24],[27] | |
Spread Above Index | 6% | [23],[26] | 5.75% | [24],[27] | |
Principal Amount | $ 360 | [26] | $ 0 | [27] | |
Amortized Cost | 348 | [26] | (10) | [27] | |
Fair Value | $ 348 | [26] | $ (6) | [27] | |
Percent of Net Assets | 0.20% | [26] | 0% | [27] | |
Investment, Identifier [Axis]: Tony's Fresh Market/ Cardenas Markets, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[24] | 9.79% | |||
Spread Above Index | [5],[24] | 6.75% | |||
Principal Amount | [5] | $ 6,000 | |||
Amortized Cost | [5] | 5,648 | |||
Fair Value | [5] | $ 5,648 | |||
Percent of Net Assets | [5] | 3.10% | |||
Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 21.34% | [19],[23] | 24.74% | [20],[21],[24] | |
Principal Amount | $ 5,200 | [19] | $ 5,200 | [20],[21] | |
Amortized Cost | 3,128 | [19] | 3,019 | [20],[21] | |
Fair Value | $ 3,229 | [19] | $ 2,288 | [20],[21] | |
Percent of Net Assets | 1.60% | [19] | 1.30% | [20],[21] | |
Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.25% | [23] | 11.62% | [24] | |
Spread Above Index | 8.50% | [23] | 8.50% | [24] | |
Principal Amount | $ 4,500 | $ 4,500 | |||
Amortized Cost | 4,630 | 4,615 | |||
Fair Value | $ 4,590 | $ 4,416 | |||
Percent of Net Assets | 2.30% | 2.40% | |||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (151,787 units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 9 | ||||
Fair Value | $ 17 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (4,701 units) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | |||||
Amortized Cost | 9 | ||||
Fair Value | $ 13 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants (29,374 units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 82 | ||||
Fair Value | $ 8 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants (3,976 units) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | |||||
Amortized Cost | 8 | ||||
Fair Value | $ 11 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [21],[24] | 8.57% | |||
Spread Above Index | [21],[24] | 7.70% | |||
Principal Amount | [21] | $ 3,000 | |||
Amortized Cost | [21] | 2,929 | |||
Fair Value | [21] | $ 2,852 | |||
Percent of Net Assets | [21] | 1.60% | |||
Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 19.74% | [19],[23] | 24.73% | [20],[21],[24] | |
Principal Amount | $ 1,000 | [19] | $ 1,000 | [20],[21] | |
Amortized Cost | 655 | [19] | 652 | [20],[21] | |
Fair Value | $ 696 | [19] | $ 508 | [20],[21] | |
Percent of Net Assets | 0.30% | [19] | 0.30% | [20],[21] | |
Investment, Identifier [Axis]: West Corporation, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 4.50% | |||
Spread Above Index | [23] | 3.50% | |||
Principal Amount | $ 887 | ||||
Amortized Cost | 874 | ||||
Fair Value | $ 838 | ||||
Percent of Net Assets | 0.40% | ||||
Investment, Identifier [Axis]: West Corporation, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [23] | 5% | |||
Spread Above Index | [23] | 4% | |||
Principal Amount | $ 2,611 | ||||
Amortized Cost | 2,555 | ||||
Fair Value | $ 2,485 | ||||
Percent of Net Assets | 1.20% | ||||
Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6.25% | [7],[13],[23] | 8.62% | [5],[9],[24] | |
Spread Above Index | 5.50% | [7],[13],[23] | 5.50% | [5],[9],[24] | |
Principal Amount | $ 3,294 | [7],[13] | $ 3,169 | [5],[9] | |
Amortized Cost | 3,249 | [7],[13] | 3,140 | [5],[9] | |
Fair Value | $ 3,299 | [7],[13] | $ 2,947 | [5],[9] | |
Percent of Net Assets | 1.60% | [7],[13] | 1.60% | [5],[9] | |
[1]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[2]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[3] Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details. Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details. Subject to unfunded commitments. See Note 6 . Subject to unfunded commitments. See Note 6 . The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of September 30, 2022: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Eblens Holdings, Inc. Subordinated Loan 0% or 1.50% 12.50% or 14.00% 1.50% Inergex Holdings, LLC Senior Loan 0% or 2.00% 10.67% to 12.67% 2.00% Master Cutlery, LLC Subordinated Loan 0% to 13.00% 0% to 13.00% 13.00% Investment was on non-accrual status as of September 30, 2022, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2021: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Eblens Holdings, Inc. Subordinated Loan 0% or 1.00% 13.00% or 12.00% 1.00% Master Cutlery, LLC Senior Secured Loan 0% to 13.00% 13.00% to 0% 13.00% Investment was on non-accrual status as of December 31, 2021, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of December 31, 2021: Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 7.88% 7.50% 0.38% Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 9.11% 8.75% 0.36% |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 507,688 | [1] | $ 465,995 | [2] | |
Qualifying assets percentage | 79% | 85% | |||
Amortized Cost | $ 489,848 | [1] | $ 457,312 | [2] | |
Effective accretable yield | 0% | ||||
Minimum | |||||
Schedule of Investments [Line Items] | |||||
Reference rate floor | 0.75% | ||||
Minimum | LIBOR | |||||
Schedule of Investments [Line Items] | |||||
Spread on variable rate | 0.75% | ||||
Maximum | |||||
Schedule of Investments [Line Items] | |||||
Reference rate floor | 1% | ||||
Maximum | LIBOR | |||||
Schedule of Investments [Line Items] | |||||
Spread on variable rate | 1% | ||||
Variable-rate Loans | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 327,813 | ||||
Variable-rate Loans | Portfolio principal amount | Investment concentration risk | |||||
Schedule of Investments [Line Items] | |||||
Concentration risk, percentage | 94% | ||||
Loans subject to reference rate floor provisions | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 316,558 | ||||
Investment, Identifier [Axis]: 0.102 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [3] | 11,080 | |||
Amortized Cost | [3] | 9,297 | |||
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4] | $ 8,934 | |||
Amortized Cost | [4] | 8,877 | |||
Investment, Identifier [Axis]: AAdvantage Loyalty IP Ltd. and American Airlines, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6],[7] | 364 | |||
Amortized Cost | [5],[6],[7] | 360 | |||
Investment, Identifier [Axis]: AIDC Intermediateco 2, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4] | 2,000 | |||
Amortized Cost | [4] | 1,957 | |||
Investment, Identifier [Axis]: Aegion Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,420 | [4],[8] | 630 | [6],[7] | |
Amortized Cost | 2,388 | [4],[8] | 627 | [6],[7] | |
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [6],[9] | 23,335 | |||
Amortized Cost | [6],[9] | 23,005 | |||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 23,157 | ||||
Amortized Cost | 22,900 | ||||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,988 | ||||
Amortized Cost | 4,893 | ||||
Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 3,778 | [4],[10] | 3,807 | [5],[6] | |
Amortized Cost | 3,773 | [4],[10] | 3,801 | [5],[6] | |
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [11],[12] | 11,080 | |||
Amortized Cost | [11],[12] | 9,624 | |||
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 8,630 | [11],[12] | 8,630 | [3] | |
Amortized Cost | 7,063 | [11],[12] | 7,797 | [3] | |
Investment, Identifier [Axis]: Apex Credit CLO 2021-II Ltd, Loan Accumulation Facility | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [7],[13] | 8,500 | |||
Amortized Cost | [7],[13] | 8,500 | |||
Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [11],[12] | 10,726 | |||
Amortized Cost | [11],[12] | 8,980 | |||
Investment, Identifier [Axis]: Ares L CLO, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [12] | 6,000 | |||
Amortized Cost | [12] | 5,728 | |||
Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 3,000 | ||||
Amortized Cost | 2,668 | ||||
Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [10] | 2,000 | |||
Amortized Cost | [10] | 1,754 | |||
Investment, Identifier [Axis]: Atlantis Holding, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4],[10] | 8,421 | |||
Amortized Cost | [4],[10] | 8,127 | |||
Investment, Identifier [Axis]: Autokiniton US Holdings, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 2,696 | |||
Amortized Cost | [5],[6] | 2,688 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [6] | 2,987 | |||
Amortized Cost | [6] | 2,972 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4],[8] | 3,956 | |||
Amortized Cost | [4],[8] | 3,934 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 800 | ||||
Amortized Cost | 753 | ||||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,667 | ||||
Amortized Cost | 1,640 | ||||
Investment, Identifier [Axis]: Ball Metalpack, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,167 | ||||
Amortized Cost | 2,143 | ||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [12] | 8,000 | |||
Amortized Cost | [12] | 7,894 | |||
Investment, Identifier [Axis]: Bass Pro Group, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 1,967 | |||
Amortized Cost | [5],[6] | 1,958 | |||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [12] | 6,000 | |||
Amortized Cost | [12] | 5,839 | |||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,962 | ||||
Amortized Cost | 4,893 | ||||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | ||||
Amortized Cost | [14] | $ (124) | |||
Investment, Identifier [Axis]: Baymark Health Services, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,962 | ||||
Amortized Cost | 4,901 | ||||
Investment, Identifier [Axis]: Baymark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [15] | 3,244 | |||
Amortized Cost | [15] | $ 3,134 | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 1,290 | ||||
Amortized Cost | [16],[17] | $ 1,290 | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4],[15] | 9,609 | |||
Amortized Cost | [4],[15] | 9,524 | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [15] | 0 | |||
Amortized Cost | [15] | (11) | |||
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan Accumulation Facility | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 8,500 | ||||
Amortized Cost | $ 8,500 | ||||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 20,628 | [17] | 20,628 | [18] | |
Amortized Cost | $ 703 | [17] | $ 703 | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 11,273 | [17] | 11,273 | ||
Amortized Cost | $ 104 | [17] | $ 104 | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 3,061 | 3,061 | |||
PIK interest rate | 10% | 10% | |||
Amortized Cost | $ 6,079 | $ 5,849 | |||
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 5,938 | 4,838 | |||
Amortized Cost | 5,845 | 4,827 | |||
Investment, Identifier [Axis]: Corel Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 2,271 | |||
Amortized Cost | [5],[6] | 2,265 | |||
Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,995 | [4],[8] | 2,000 | [6],[7] | |
Amortized Cost | 1,981 | [4],[8] | 1,985 | [6],[7] | |
Investment, Identifier [Axis]: DHX Media Ltd., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 3,944 | [4],[8] | 3,974 | [6],[7] | |
Amortized Cost | $ 3,905 | [4],[8] | 3,929 | [6],[7] | |
Investment, Identifier [Axis]: DIRECTV Financing, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 4,395 | |||
Amortized Cost | [5],[6] | $ 4,388 | |||
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 1,135 | 1,135 | [18],[19],[20] | ||
Amortized Cost | $ 1,135 | [16],[17],[21] | $ 1,135 | [18],[19],[20] | |
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 1,955 | |||
Amortized Cost | [5],[6] | 1,957 | |||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 253 | ||||
Amortized Cost | 246 | ||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,940 | ||||
Amortized Cost | 1,940 | ||||
Investment, Identifier [Axis]: Directv Financing, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4],[10] | 2,046 | |||
Amortized Cost | [4],[10] | 2,043 | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [3] | 2,159 | |||
Amortized Cost | [3] | 1,289 | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [3] | 2,700 | |||
Amortized Cost | [3] | 1,611 | |||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,159 | ||||
Amortized Cost | 1,195 | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes - Income | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,700 | ||||
Amortized Cost | 1,494 | ||||
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,750 | [11],[12] | 2,750 | [3] | |
Amortized Cost | 2,177 | [11],[12] | $ 2,119 | [3] | |
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,954 | ||||
Amortized Cost | 1,937 | ||||
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [15] | 0 | |||
Amortized Cost | [15] | $ (3) | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 1.50% | 1% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc. | Minimum | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 0% | 0% | |||
Interest rate, cash | 12.50% | 13% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc. | Maximum | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 1.50% | 1% | |||
Interest rate, cash | 14% | 12% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [17] | 71,250 | |||
Principal Amount | [17] | $ 0 | |||
Amortized Cost | [17] | 713 | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [18],[20] | 71,250 | |||
Amortized Cost | [18] | $ 713 | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [22],[23] | $ 9,296 | |||
PIK interest rate | [22],[23],[24] | 1.50% | |||
Amortized Cost | [22],[23] | $ 9,210 | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [25] | $ 9,207 | |||
PIK interest rate | [25],[26] | 1% | |||
Amortized Cost | [25] | $ 9,181 | |||
Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 3,679 | 3,000 | |||
Amortized Cost | 3,337 | 2,653 | |||
Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 5,449 | [11],[12],[27] | 10,000 | [3] | |
Amortized Cost | 1,311 | [11],[12],[27] | 6,137 | [3] | |
Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,773 | [4] | 1,837 | [5],[6] | |
Amortized Cost | 1,770 | [4] | 1,833 | [5],[6] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [28] | 0 | [29] | ||
Amortized Cost | 4,722 | [28] | 4,722 | [29] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 6,375 | 6,424 | |||
Amortized Cost | 6,375 | 6,424 | |||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 6,923 | [23] | $ 6,424 | ||
PIK interest rate | 10% | [23],[24] | 10% | [26] | |
Amortized Cost | $ 6,584 | [23] | $ 6,424 | ||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 771 | [15] | 563 | [14] | |
Amortized Cost | 771 | [15] | 563 | [14] | |
Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,266 | [30] | 4,250 | [9] | |
PIK interest rate | [24],[30] | 0.75% | |||
Amortized Cost | $ 4,193 | [30] | 4,182 | [9] | |
Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 9,680 | [11],[12] | 9,680 | [3] | |
Amortized Cost | $ 6,779 | [11],[12] | $ 6,942 | [3] | |
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (368,852 Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [18] | 368,852 | |||
Amortized Cost | [18] | $ 450 | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (40,984 Class B units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [18] | 40,984 | |||
Amortized Cost | [18] | $ 50 | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [17] | 368,852 | |||
Amortized Cost | [17] | $ 450 | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [17] | 40,984 | |||
Amortized Cost | [17] | $ 50 | |||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 6,549 | [4] | 6,598 | ||
Amortized Cost | 6,439 | [4] | 6,471 | ||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,909 | [4],[15] | 0 | ||
Amortized Cost | 1,812 | [4],[15] | (40) | [14] | |
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | ||
Amortized Cost | (13) | [15] | (15) | [14] | |
Investment, Identifier [Axis]: Hunter Fan Company, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 4,988 | |||
Amortized Cost | [5],[6] | 4,997 | |||
Investment, Identifier [Axis]: Idera, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,000 | ||||
Amortized Cost | $ 4,000 | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 2% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC | Minimum | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 0% | ||||
Interest rate, cash | 10.67% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC | Maximum | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 2% | ||||
Interest rate, cash | 12.67% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 15,260 | [22] | $ 15,260 | ||
PIK interest rate | 2% | [22],[24] | 1% | [26] | |
Amortized Cost | $ 15,030 | [22] | $ 15,030 | ||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | ||
Amortized Cost | (84) | [15] | (13) | [14] | |
Investment, Identifier [Axis]: Intouch Midco Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 891 | [4],[8] | 2,909 | [6],[7] | |
Amortized Cost | 882 | [4],[8] | 2,872 | [6],[7] | |
Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,970 | [4],[10] | 2,985 | [5],[6] | |
Amortized Cost | 2,980 | [4],[10] | 2,996 | [5],[6] | |
Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 5,461 | [4] | 5,736 | [6] | |
Amortized Cost | 5,303 | [4] | 5,529 | [6] | |
Investment, Identifier [Axis]: KNS Acquisition Corp., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 6,825 | [4],[10] | 6,956 | [5],[6] | |
Amortized Cost | 6,789 | [4],[10] | 6,913 | [5],[6] | |
Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4],[10] | 2,290 | |||
Amortized Cost | [4],[10] | 2,260 | |||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 20,116 | [4] | 20,500 | ||
Amortized Cost | 19,988 | [4] | 20,347 | ||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | ||
Amortized Cost | (14) | [15] | (17) | [14] | |
Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,954 | [4],[10] | 2,979 | [5],[6] | |
Amortized Cost | 2,952 | [4],[10] | $ 2,977 | [5],[6] | |
Investment, Identifier [Axis]: MTE Holding Corp., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 554 | ||||
Amortized Cost | $ 3,069 | ||||
Investment, Identifier [Axis]: MTE Holding Corp., Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 8,195 | ||||
Amortized Cost | $ 8,195 | ||||
Investment, Identifier [Axis]: MTE Holding Corp., Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.) | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | [26] | 5% | |||
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 10,000 | [11],[12] | $ 10,000 | [3] | |
Amortized Cost | 6,086 | [11],[12] | 6,370 | [3] | |
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 9,500 | [11],[12] | 9,500 | [3] | |
Amortized Cost | $ 6,434 | [11],[12] | 6,899 | [3] | |
Investment, Identifier [Axis]: Magenta Buyer LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 4,850 | |||
Amortized Cost | [5],[6] | $ 4,836 | |||
Investment, Identifier [Axis]: Master Cutlery, LLC | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 13% | 13% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC | Minimum | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 0% | 0% | |||
Interest rate, cash | 0% | 13% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC | Maximum | |||||
Schedule of Investments [Line Items] | |||||
PIK interest rate | 13% | 13% | |||
Interest rate, cash | 13% | 0% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [22],[23] | $ 8,308 | |||
Amortized Cost | [22],[23] | $ 4,680 | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 15,564 | ||||
Amortized Cost | $ 0 | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 15,564 | ||||
Amortized Cost | $ 0 | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 3,723 | 3,723 | |||
PIK interest rate | 8% | 8% | |||
Amortized Cost | $ 3,483 | $ 3,483 | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [25],[31] | 7,563 | |||
Amortized Cost | [25],[31] | 4,696 | |||
Investment, Identifier [Axis]: McGraw Hill Global Education Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 2,310 | |||
Amortized Cost | [5],[6] | 2,288 | |||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,786 | ||||
Amortized Cost | 2,760 | ||||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [15] | 0 | |||
Amortized Cost | [15] | (10) | |||
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 27,242 | [4] | 22,364 | [6] | |
Amortized Cost | 27,218 | [4] | 22,364 | [6] | |
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 476 | [15] | 634 | ||
Amortized Cost | 469 | [15] | 626 | ||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 8,069 | ||||
Amortized Cost | 7,991 | ||||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | ||||
Amortized Cost | [14] | (7) | |||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | ||||
Amortized Cost | [14] | (9) | |||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, LTD., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,000 | ||||
Amortized Cost | 949 | ||||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine debt - Class E-R | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [12] | 1,000 | |||
Amortized Cost | [12] | 941 | |||
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 7,000 | [11],[12] | 7,000 | [3] | |
Amortized Cost | 4,452 | [11],[12] | 4,733 | [3] | |
Investment, Identifier [Axis]: Odyssey Logistics and Technology Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 1,985 | |||
Amortized Cost | [5],[6] | 1,960 | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 7,526 | [4] | 5,515 | ||
Amortized Cost | 7,405 | [4] | 5,403 | ||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [4],[15] | 0 | ||
Amortized Cost | (24) | [4],[15] | (39) | [14] | |
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | ||
Amortized Cost | $ (23) | [15] | $ (29) | [14] | |
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [18],[19],[20] | 499 | |||
Principal Amount | [18],[19],[20] | ||||
Amortized Cost | [18],[19],[20] | 499 | |||
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [17],[21] | 499 | |||
Amortized Cost | [17],[21] | $ 499 | |||
Investment, Identifier [Axis]: Parfums Holding Company, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,462 | [4],[10] | 1,534 | [5],[6] | |
Amortized Cost | 1,462 | [4],[10] | 1,533 | [5],[6] | |
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,000 | [12] | 1,000 | ||
Amortized Cost | $ 977 | [12] | 974 | ||
Investment, Identifier [Axis]: Peraton Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 835 | |||
Amortized Cost | [5],[6] | $ 836 | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [9],[20],[32] | 400 | |||
Amortized Cost | [9],[20],[32] | $ 217 | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity (400 Class A shares) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [21],[30],[33] | 400 | |||
Amortized Cost | [21],[30],[33] | $ 217 | |||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [17],[23] | 16,728 | |||
Amortized Cost | [17],[23] | 14,192 | |||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [18],[31] | 16,728 | |||
Amortized Cost | [18],[31] | 14,358 | |||
Investment, Identifier [Axis]: Professional Pipe Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 1,434 | $ 5,367 | |||
PIK interest rate | 1% | [24] | 1% | [26] | |
Amortized Cost | $ 1,429 | $ 5,344 | |||
Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,125 | ||||
Amortized Cost | $ 1,081 | ||||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [18],[19] | 345,339 | |||
Principal Amount | [18],[19] | ||||
Amortized Cost | [18],[19] | 492 | |||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [16],[17] | 345,339 | |||
Amortized Cost | [16],[17] | $ 492 | |||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,776 | [10] | 2,797 | [5] | |
Amortized Cost | 2,763 | [10] | 2,782 | [5] | |
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,450 | 4,450 | |||
Amortized Cost | 4,397 | 4,392 | |||
Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4] | 5,096 | |||
Amortized Cost | [4] | 5,025 | |||
Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,300 | [11],[12] | 1,300 | [3] | |
Amortized Cost | 1,036 | [11],[12] | 1,104 | [3] | |
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine debt - Class DR2 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 800 | [12] | 800 | ||
Amortized Cost | 768 | [12] | 737 | ||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [12] | 3,000 | |||
Amortized Cost | [12] | 2,971 | |||
Investment, Identifier [Axis]: Resource Label Group, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,706 | [4],[10] | 694 | ||
Amortized Cost | 1,701 | [4],[10] | 692 | ||
Investment, Identifier [Axis]: Resource Label Group, LLC, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,743 | ||||
Amortized Cost | 2,735 | ||||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,158 | 4,190 | |||
Amortized Cost | 3,970 | 3,964 | |||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,258 | [15] | 0 | ||
Amortized Cost | 1,249 | [15] | (18) | [14] | |
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants | |||||
Schedule of Investments [Line Items] | |||||
Warrants | 600 | 600 | |||
Principal Amount | 0 | ||||
Amortized Cost | $ 200 | $ 200 | |||
Investment, Identifier [Axis]: SS Acquisition, LLC | |||||
Schedule of Investments [Line Items] | |||||
Reported Interest Rate | 9.11% | 7.88% | |||
Interest rate | 8.75% | 7.50% | |||
Additional Interest per Annum | 0.36% | 0.38% | |||
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 3,042 | [34] | $ 3,042 | [35] | |
Amortized Cost | 3,016 | [34] | 3,011 | [35] | |
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | [14] | |
Amortized Cost | 0 | [15] | 0 | [14] | |
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 9,700 | 9,775 | |||
Amortized Cost | 9,663 | 9,723 | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,048 | 1,056 | |||
Amortized Cost | 1,043 | 1,048 | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,640 | 2,660 | |||
Amortized Cost | 2,622 | 2,634 | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | ||
Amortized Cost | (3) | [15] | (4) | [14] | |
Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 9,073 | 9,073 | |||
Amortized Cost | $ 9,071 | $ 9,071 | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 269 | ||||
Amortized Cost | $ 3 | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | [16],[17] | 1,603 | |||
Principal Amount | [16],[17] | ||||
Amortized Cost | [16],[17] | 160 | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (Series A units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 2,248 | ||||
Amortized Cost | $ 51 | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (Series B units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 1,603 | ||||
Amortized Cost | $ 160 | ||||
Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,827 | [4] | 1,840 | [5],[6] | |
Amortized Cost | 1,811 | [4] | 1,823 | [5],[6] | |
Investment, Identifier [Axis]: SourceHOV Tax, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 19,790 | ||||
Amortized Cost | 19,648 | ||||
Investment, Identifier [Axis]: SourceHOV Tax, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | ||||
Amortized Cost | [14] | (15) | |||
Investment, Identifier [Axis]: Southern Technical Institute, LLC, Equity Participation Rights | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [9],[18],[29] | 0 | |||
Investment, Identifier [Axis]: Southern Technical Institute, LLC, Equity appreciation rights | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [28],[30] | ||||
Amortized Cost | [28],[30] | 0 | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [6] | 6,399 | |||
Amortized Cost | [6] | 6,336 | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4] | 6,399 | |||
Amortized Cost | [4] | 6,365 | |||
Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,907 | [4],[8],[10] | 2,930 | [5],[6],[7] | |
Amortized Cost | 2,862 | [4],[8],[10] | 2,875 | [5],[6],[7] | |
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [11],[12] | 7,000 | |||
Amortized Cost | [11],[12] | $ 5,371 | |||
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [3] | 7,000 | |||
Amortized Cost | [3] | $ 5,710 | |||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 3,000,000 | [17] | 3,000,000 | ||
Amortized Cost | $ 572 | [17] | $ 572 | ||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 1,937,191 | ||||
PIK interest rate | 11% | ||||
Amortized Cost | $ 0 | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 1,937,191 | ||||
PIK interest rate | 11% | ||||
Amortized Cost | $ 0 | ||||
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 1,595,238 | [16],[17],[21] | 1,595,238 | [18],[19],[20] | |
Amortized Cost | $ 1,595 | [16],[17],[21] | $ 1,595 | [20] | |
Investment, Identifier [Axis]: Teneo Global LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [5],[6] | 1,421 | |||
Amortized Cost | [5],[6] | 1,415 | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 16,333 | 16,333 | |||
Amortized Cost | 16,333 | 16,333 | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 0 | ||
Amortized Cost | (35) | [15] | (46) | [14] | |
Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,188 | [4],[10] | 2,050 | [5],[6] | |
Amortized Cost | 4,112 | [4],[10] | 2,004 | [5],[6] | |
Investment, Identifier [Axis]: Tolemar Acquisition, INC., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 15,543 | [4] | 14,889 | ||
Amortized Cost | 15,480 | [4] | 14,818 | ||
Investment, Identifier [Axis]: Tolemar Acquisition, INC., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 0 | [15] | 360 | [14] | |
Amortized Cost | (10) | [15] | 348 | [14] | |
Investment, Identifier [Axis]: Tony's Fresh Market/ Cardenas Markets, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [4] | 6,000 | |||
Amortized Cost | [4] | 5,648 | |||
Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 5,200 | [11],[12] | 5,200 | [3] | |
Amortized Cost | 3,019 | [11],[12] | 3,128 | [3] | |
Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 4,500 | 4,500 | |||
Amortized Cost | $ 4,615 | $ 4,630 | |||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (151,787 units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 151,787 | ||||
Amortized Cost | $ 9 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (4,701 units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 4,701 | ||||
Principal Amount | |||||
Amortized Cost | $ 9 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants (29,374 units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 29,374 | ||||
Amortized Cost | $ 82 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants (3,976 units) | |||||
Schedule of Investments [Line Items] | |||||
Shares/units held (in shares) | 3,976 | ||||
Principal Amount | |||||
Amortized Cost | 8 | ||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [12] | 3,000 | |||
Amortized Cost | [12] | 2,929 | |||
Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 1,000 | [11],[12] | 1,000 | [3] | |
Amortized Cost | 652 | [11],[12] | 655 | [3] | |
Investment, Identifier [Axis]: West Corporation, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 887 | ||||
Amortized Cost | 874 | ||||
Investment, Identifier [Axis]: West Corporation, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 2,611 | ||||
Amortized Cost | 2,555 | ||||
Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | 3,169 | [4],[10] | 3,294 | [5],[6] | |
Amortized Cost | $ 3,140 | [4],[10] | $ 3,249 | [5],[6] | |
[1]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[2]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[3]CLO subordinated note positions are entitled to recurring distributions generally equal to the residual cash flow of payments received on underlying securities less contractual payments to debt holders and fund expenses.[4]Investments (or a portion thereof) held by OFSCC-FS. These assets are pledged as collateral of the BNP Facility and cannot be pledged under any debt obligation of the Parent.[5] Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details. Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details. Subject to unfunded commitments. See Note 6 . Subject to unfunded commitments. See Note 6 . The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of September 30, 2022: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Eblens Holdings, Inc. Subordinated Loan 0% or 1.50% 12.50% or 14.00% 1.50% Inergex Holdings, LLC Senior Loan 0% or 2.00% 10.67% to 12.67% 2.00% Master Cutlery, LLC Subordinated Loan 0% to 13.00% 0% to 13.00% 13.00% Investment was on non-accrual status as of September 30, 2022, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2021: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Eblens Holdings, Inc. Subordinated Loan 0% or 1.00% 13.00% or 12.00% 1.00% Master Cutlery, LLC Senior Secured Loan 0% to 13.00% 13.00% to 0% 13.00% Investment was on non-accrual status as of December 31, 2021, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 9.11% 8.75% 0.36% The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of December 31, 2021: Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 7.88% 7.50% 0.38% |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company has elected to be regulated as a BDC under the 1940 Act. In addition, for income tax purposes, the Company has elected to be treated as a RIC under Subchapter M of the Code. The Company’s investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company. In addition, OFS Advisor serves as the investment adviser for HPCI, a non-traded BDC with an investment strategy and objective similar to that of the Company. OFS Advisor also serves as the investment adviser for OCCI, a non-diversified, externally managed, closed-end management investment company that is registered as an investment company under the 1940 Act and that primarily invests in Structured Finance Securities. Additionally, OFS Advisor serves as the collateral manager to CLOs, adviser to separately-managed accounts and sub-advisor to investment companies managed by an affiliate. The Company may make investments directly or through one or more of its subsidiaries: SBIC I LP, OFSCC-FS or OFSCC-MB. SBIC I LP is an investment company subsidiary licensed under the SBA’s small business investment company program. The Company is limited to follow-on investments in current portfolio companies held through SBIC I LP. SBIC I LP is subject to SBA regulations and policies, including periodic examinations by the SBA. Over time, SBIC I LP intends to repay its outstanding SBA debentures prior to their scheduled maturity dates. OFSCC-FS, an indirect wholly owned and consolidated subsidiary of the Company, is a special-purpose vehicle formed in April 2019 for the purpose of acquiring senior secured loan investments. OFSCC-FS has debt financing through its BNP Facility, which provides OFSCC-FS with borrowing capacity of up to $150,000, subject to a borrowing base and other covenants. OFSCC-MB is a wholly owned and consolidated subsidiary taxed under subchapter C of the Code that generally holds the Company’s equity investments in portfolio companies that are taxed as pass-through entities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies . The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of and for the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 4, 2022. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. Significant Accounting Policies: The following information supplements the description of significant accounting policies contained in Note 2 to the Company's consolidated financial statements included in the Company's Annual Report on Form 10 - K for the year ended December 31, 2021. Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications. Use of estimates: The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Intangible asset: On December 4, 2013, in connection with the SBIC Acquisition, the Company recorded an intangible asset of $2,500 attributable to the SBIC license. The Company amortizes this intangible asset on a straight-line basis over its estimated useful life. During the first quarter of 2022, the Company changed its estimate of the useful life to terminate on March 1, 2024, due to continued early redemptions of SBA debentures. Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company may exceed the federally insured limits. The Company places cash deposits only with high credit quality institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. The amount of loss due to credit risk from its investments, if borrowers completely fail to perform according to the terms of the contracts, is equal to the sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6 . New Accounting Pronouncements and Rule Issuances In December 2020, the SEC issued a final rule adopting Rule 2a-5 under the 1940 Act to establish requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Company’s Board may designate a valuation designee to perform fair value determinations. On September 7, 2022, pursuant to Rule 2a-5 the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments. In order for the Board to maintain oversight, OFS Advisor implemented the required reporting elements as prescribed in Rule 2a-5. In June 2022, the FASB issued Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 amended Topic 820 to, among other things, (i) clarify the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (ii) amend a related illustrative example, and (iii) introduce new disclosure requirements for equity securities subject to contractual sale restrictions. ASU 2022-03 amendments are effective for the Company’s fiscal year ending December 31, 2024, and interim periods within the year. ASU 2022-03 provisions are to be applied prospectively with any adjustments made to earnings on the date of adoption. The Company is currently evaluating the impact, if any, ASU 2022-03 will have on its consolidated financial position or disclosures. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Investment Advisory and Management Agreement: OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company pursuant to the Investment Advisory Agreement. The continuation of the Investment Advisory Agreement was most recently approved by the Board on April 5, 2022. Under the terms of the Investment Advisory Agreement, which are in accordance with the 1940 Act and subject to the overall supervision of the Board, OFS Advisor is responsible for sourcing potential investments, conducting research and diligence on potential investments and equity sponsors, analyzing investment opportunities, structuring investments, and monitoring investments and portfolio companies on an ongoing basis. OFS Advisor’s services under the Investment Advisory Agreement are not exclusive to the Company and OFS Advisor is free to furnish similar services to other entities, including other funds affiliated with OFS Advisor, so long as its services to the Company are not impaired. OFS Advisor also serves as the investment adviser or collateral manager to CLO funds and other companies, including HPCI and OCCI. OFS Advisor receives fees for providing services to the Company, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.75% and based on the average value of the Company’s total assets (other than cash, but including assets purchased with borrowed amounts and assets owned by any consolidated entity) at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the quarter. OFS Advisor has elected to exclude the value of the intangible asset resulting from the SBIC Acquisition from the base management fee calculation. Effective January 1, 2022, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (excluding cash) at the end of the two most recently completed calendar quarters. OFS Advisor’s base management fee reduction is renewable on an annual basis, and OFS Advisor is not entitled to recoup the amount of the base management fee reduced with respect to the OFSCC-FS Assets. OFS Advisor most recently renewed the agreement for the calendar year 2022 on February 4, 2022. The incentive fee has two parts. The first part of the incentive fee (“Income Incentive Fee”) is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination and sourcing, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income is expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter and adjusted for any share issuances or repurchases during such quarter. The incentive fee with respect to pre-incentive fee net income is 20.0% of the amount, if any, by which the pre-incentive fee net investment income for the immediately preceding calendar quarter exceeds a 2.0% hurdle rate (which is 8.0% annualized) and a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, OFS Advisor receives no incentive fee until the net investment income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100.0% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%. The effect of this provision is that, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, OFS Advisor will receive 20.0% of the pre-incentive fee net investment income. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly minimum hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses. The Company’s net investment income used to calculate this part of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the base management fee. These calculations are appropriately prorated for any period of less than three months. The second part of the incentive fee (the “Capital Gains Fee”) is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the Company’s aggregate realized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation at the end of such year, less all previous amounts paid in respect of the Capital Gains Fee. Since inception through September 30, 2022, the Company has not made a Capital Gains Fee payment. The Company accrues the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) is positive. An accrued Capital Gains Fee relating to net unrealized appreciation is deferred, and not due to OFS Advisor, until the close of the year in which such gains are realized. If, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) decreases during a period, the Company will reverse any excess Capital Gains Fee previously accrued such that the amount of Capital Gains Fee accrued is no more than 20% of the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation). As of September 30, 2022 and December 31, 2021, Capital Gains Fees of $-0- and $1,916, respectively, were accrued and are included in the amounts payable to the investment adviser and affiliates as listed on the consolidated statements of assets and liabilities. License Agreement: The Company is party to a license agreement with OFSAM under which OFSAM has granted the Company a non-exclusive, royalty-free license to use the name “OFS.” Administration Agreement: OFS Services furnishes the Company with office facilities and equipment, necessary software licenses and subscriptions, and clerical, bookkeeping and record keeping services at such facilities pursuant to the Administration Agreement. The Administration Agreement was most recently approved by the Board on April 5, 2022. Under the Administration Agreement, OFS Services performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and all other reports and materials required to be filed with the SEC or any other regulatory authority. In addition, OFS Services assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, OFS Services also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. Payment under the Administration Agreement is equal to an amount based upon the Company’s allocable portion of OFS Services’s overhead in performing its obligations under the Administration Agreement, including, but not limited to, rent, information technology services and the Company’s allocable portion of the cost of its officers, including its chief executive officer, chief financial officer, chief compliance officer, chief accounting officer and their respective staffs. To the extent that OFS Services outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to OFS Services. Equity Ownership: As of September 30, 2022, affiliates of OFS Advisor held approximately 3,019,694 shares of common stock, which is approximately 22.5% of the Company's outstanding shares of common stock. Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three and nine months ended September 30, 2022 and 2021, are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Base management fees $ 1,986 $ 1,950 $ 6,062 $ 5,660 Incentive fees: Income Incentive Fee 1,093 — 1,093 809 Capital Gains Fee — 102 (1,916) 102 Administration fee expense 435 335 1,309 1,342 Distributions paid to affiliates 876 729 2,597 2,005 For the nine months ended September 30, 2022, the negative Capital Gains Fee is due to the reversal of previously accrued Capital Gains Fees from the reduction in net unrealized appreciation on the investment portfolio during the nine months ended September 30, 2022. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Investments [Abstract] | |
Investments | Investments As of September 30, 2022, the Company had loans to 57 portfolio companies, of which 99% were senior secured loans and 1% were subordinated loans, at fair value. The Company also had equity investments in 17 portfolio companies and 23 investments in Structured Finance Securities. At September 30, 2022, the Company’s investments consisted of the following: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Senior secured debt investments $ 351,257 71.7 % 193.0 % $ 327,289 63.3 % 179.7 % Subordinated debt investments 13,890 2.8 7.6 4,274 0.8 2.3 Preferred equity 9,731 2.0 5.3 7,502 1.5 4.1 Common equity, warrants and other (1) 12,750 2.6 7.0 87,679 17.0 48.2 Total Portfolio Company Investments 387,628 79.1 212.9 426,744 82.6 234.3 Structured Finance Securities 102,220 20.9 56.1 89,871 17.4 49.4 Total investments $ 489,848 100.0 % 269.0 % $ 516,615 100.0 % 283.7 % (1) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4 — Portfolio Concentration” for additional information. Geographic composition is determined by the location of the corporate headquarters of the portfolio company. All international investments are denominated in US dollars. As of September 30, 2022 and December 31, 2021, the Company's investment portfolio was domiciled as follows: September 30, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value United States $ 378,154 $ 417,574 $ 378,823 $ 428,321 Canada 9,474 9,170 12,038 12,077 Cayman Islands 1 102,220 89,871 66,451 66,701 Total investments $ 489,848 $ 516,615 $ 457,312 $ 507,099 (1) Investments domiciled in the Cayman Islands represent certain Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States. As of September 30, 2022, the industry composition of the Company’s investment portfolio was as follows: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Administrative and Support and Waste Management and Remediation Services All Other Business Support Services $ 2,750 0.6 % 1.5 % $ 2,717 0.5 % 1.5 % Convention and Trade Show Organizers 160 — 0.1 87 — — Hazardous Waste Treatment and Disposal 1,770 0.4 1.0 1,667 0.3 0.9 Landscaping Services 4,615 0.9 2.5 4,416 0.9 2.4 Security Systems Services (except Locksmiths) 5,845 1.2 3.2 5,921 1.1 3.3 Temporary Help Services 8,877 1.8 4.9 8,932 1.7 4.9 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 16,298 3.3 9.0 16,496 3.2 9.1 Construction Electrical Contractors and Other Wiring Installation Contractors 18,452 3.8 10.1 7,836 1.5 4.3 New Single-Family Housing Construction (except For-Sale Builders) 1,811 0.4 1.0 1,585 0.3 0.9 Plumbing, Heating, and Air-Conditioning Contractors 1,429 0.3 0.8 1,441 0.3 0.8 Water and Sewer Line and Related Structures Construction 2,388 0.5 1.3 2,259 0.4 1.2 Education Services Colleges, Universities, and Professional Schools — — — — — — Professional and Management Development Training 1,595 0.3 0.9 847 0.2 0.5 Sports and Recreation Instruction 3,016 0.6 1.7 2,991 0.6 1.6 Health Care and Social Assistance Child Day Care Services 6,365 1.3 3.5 6,173 1.2 3.4 Home Health Care Services 4,193 0.9 2.3 4,074 0.8 2.2 Medical Laboratories 17 — — 24 — — Offices of Physicians, Mental Health Specialists 13,325 2.7 7.3 13,074 2.5 7.2 Other Ambulatory Health Care Services 19,974 4.1 11.0 18,952 3.7 10.4 Outpatient Mental Health and Substance Abuse Centers 8,035 1.6 4.4 8,151 1.6 4.5 Services for the Elderly and Persons with Disabilities 19,041 3.9 10.5 18,530 3.6 10.2 Information Cable and Other Subscription Programming 3,773 0.8 2.1 3,282 0.6 1.8 Data Processing, Hosting, and Related Services 4,087 0.8 2.2 3,377 0.7 1.9 Directory and Mailing List Publishers 4,112 0.8 2.3 4,073 0.8 2.2 Internet Publishing and Broadcasting and Web Search Portals 3,140 0.6 1.7 2,947 0.6 1.6 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Motion Picture and Video Production $ 3,905 0.8 % 2.1 % $ 3,638 0.7 % 2.0 % Software Publishers 17,664 3.5 9.7 9,949 1.9 5.5 Television Broadcasting 2,186 0.4 1.2 631 0.1 0.3 Wired Telecommunications Carriers 2,043 0.4 1.1 1,911 0.4 1.0 Management of Companies and Enterprises Offices of Other Holding Companies 7,358 1.5 4.0 6,744 1.3 3.7 Manufacturing Bare Printed Circuit Board Manufacturing 1,981 0.4 1.1 1,876 0.4 1.0 Commercial Printing (except Screen and Books) 1,701 0.3 0.9 1,609 0.3 0.9 Current-Carrying Wiring Device Manufacturing 3,337 0.7 1.8 3,505 0.7 1.9 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.3 — — — Fluid Power Pump and Motor Manufacturing 1,934 0.4 1.1 1,874 0.4 1.0 Ice Cream and Frozen Dessert Manufacturing 1,640 0.3 0.9 1,558 0.3 0.9 Motorcycle, Bicycle, and Parts Manufacturing 15,470 3.2 8.5 15,503 3.0 8.5 Other Industrial Machinery Manufacturing 5,419 1.1 3.0 5,051 1.0 2.8 Pharmaceutical Preparation Manufacturing 217 — 0.1 82,264 15.8 45.2 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 1,284 0.2 0.7 Communication Equipment Repair and Maintenance 1,754 0.4 1.0 1,518 0.3 0.8 Other Automotive Mechanical and Electrical Repair and Maintenance 1,081 0.2 0.6 1,080 0.2 0.6 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 27,689 5.6 15.2 27,258 5.3 15.0 Advertising Agencies 2,260 0.5 1.2 2,057 0.4 1.1 All Other Professional, Scientific, and Technical Services 882 0.2 0.5 863 0.2 0.5 Computer Systems Design Services 1,957 0.4 1.1 1,957 0.4 1.1 Other Computer Related Services 14,946 3.1 8.2 15,260 3.0 8.4 Public Administration Other Justice, Public Order, and Safety Activities 703 0.1 0.4 29 — — Real Estate and Rental and Leasing Nonresidential Property Managers 4,687 1.0 2.6 4,669 0.9 2.6 Office Machinery and Equipment Rental and Leasing 6,183 1.3 3.4 6,616 1.3 3.6 Retail Trade Cosmetics, Beauty Supplies, and Perfume Stores 1,462 0.3 0.8 1,370 0.3 0.8 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Electronics and Appliance Stores $ 8,127 1.7 % 4.5 % $ 8,021 1.6 % 4.4 % Electronic Shopping and Mail-Order Houses 6,789 1.4 3.7 6,403 1.2 3.5 Shoe store 9,923 2.0 5.4 4,117 0.8 2.3 Supermarkets and Other Grocery (except Convenience) Stores 5,648 1.2 3.1 5,648 1.1 3.1 All Other General Merchandise Stores 499 0.1 0.3 1,058 0.2 0.6 Transportation and Warehousing Transportation and Warehousing 5,025 1.0 2.8 4,940 1.0 2.7 Wholesale Trade Business to Business Electronic Markets 2,862 0.6 1.6 2,564 0.5 1.4 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 11,160 2.3 6.1 9,430 1.8 5.2 Drugs and Druggists' Sundries Merchant Wholesalers 5,303 1.1 2.9 4,851 0.9 2.7 Industrial Machinery and Equipment Merchant Wholesalers 9,071 1.9 5.0 8,969 1.7 4.9 Motor Vehicle Parts (Used) Merchant Wholesalers 27,795 5.7 15.1 28,143 5.4 15.4 Other Miscellaneous Nondurable Goods Merchant Wholesalers 2,668 0.5 1.5 2,517 0.5 1.4 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,163 1.7 4.5 157 — 0.1 Total Portfolio Company Investments $ 387,628 79.1 % 212.9 % $ 426,744 82.6 % 234.3 % Structured Finance Securities 102,220 20.9 56.1 89,871 17.4 49.4 Total investments $ 489,848 100.0 % 269.0 % $ 516,615 100.0 % 283.7 % As of December 31, 2021, the Company had loans to 58 portfolio companies, of which 95% were senior secured loans and 5% were subordinated loans, at fair value. The Company also had equity investments in 17 portfolio companies and 17 investments in Structured Finance Securities. At December 31, 2021, investments consisted of the following: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Senior secured debt investments $ 336,132 73.3 % 165.0 % $ 326,704 64.9 % 160.4 % Subordinated debt investments 22,071 4.8 10.8 17,943 3.5 8.8 Preferred equity 9,552 2.1 4.7 3,765 0.7 1.8 Common equity, warrants and other 14,606 3.2 7.2 83,486 16.5 41.0 Total debt and equity investments $ 382,361 83.4 % 187.7 % $ 431,898 85.6 % 212.0 % Structured Finance Securities 74,951 16.6 36.8 75,201 14.4 36.9 Total $ 457,312 100.0 % 224.5 % $ 507,099 100.0 % 248.9 % As of December 31, 2021, the industry compositions of the Company’s debt and equity investments were as follows: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Administrative and Support and Waste Management and Remediation Services Convention and Trade Show Organizers $ 214 — % 0.1 % $ 12 — % — % Hazardous Waste Treatment and Disposal 1,833 0.4 0.9 1,837 0.4 0.9 Landscaping Services 4,630 1.0 2.3 4,590 0.9 2.3 Security Systems Services (except Locksmiths) 4,827 1.1 2.4 4,887 1.0 2.4 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 16,287 3.6 8.0 16,396 3.2 8.0 Construction Electrical Contractors and Other Wiring Installation Contractors 18,132 4.0 8.9 11,632 2.3 5.7 New Single-Family Housing Construction (except For-Sale Builders) 1,823 0.4 0.9 1,794 0.4 0.9 Plumbing, Heating, and Air-Conditioning Contractors 5,344 1.2 2.6 5,378 1.1 2.6 Water and Sewer Line and Related Structures Construction 627 0.1 0.3 628 0.1 0.3 Education Services Colleges, Universities, and Professional Schools — — — 7,408 1.5 3.6 Professional and Management Development Training 1,595 0.3 0.8 1,095 0.2 0.5 Sports and Recreation Instruction 3,011 0.7 1.5 3,011 0.6 1.5 Health Care and Social Assistance Child Day Care Services 6,336 1.4 3.1 5,916 1.2 2.9 Home Health Care Services 4,182 0.9 2.1 4,250 0.8 2.1 Medical Laboratories 92 — — 25 — — Offices of Physicians, Mental Health Specialists 13,402 2.9 6.6 13,491 2.7 6.6 Other Ambulatory Health Care Services 20,331 4.4 10.0 20,331 4.0 10.0 Outpatient Mental Health and Substance Abuse Centers 4,770 1.0 2.3 5,231 1.0 2.6 Services for the Elderly and Persons with Disabilities 6,416 1.4 3.1 6,416 1.3 3.1 Information All Other Publishers 2,288 0.5 1.1 2,303 0.5 1.1 All Other Telecommunications 3,429 0.7 1.7 3,323 0.7 1.6 Cable and Other Subscription Programming 3,801 0.8 1.9 3,810 0.8 1.9 Data Processing, Hosting, and Related Services 4,112 0.9 2.0 4,255 0.8 2.1 Directory and Mailing List Publishers 2,004 0.4 1.0 2,085 0.4 1.0 Internet Publishing and Broadcasting and Web Search Portals 3,249 0.7 1.6 3,299 0.7 1.6 Motion Picture and Video Production 3,929 0.9 1.9 3,970 0.8 1.9 Software Publishers 24,948 5.5 12.2 17,929 3.5 8.8 Television Broadcasting 1,957 0.4 1.0 918 0.2 0.5 Wired Telecommunications Carriers 4,388 1.0 2.2 4,405 0.9 2.2 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Management of Companies and Enterprises Offices of Other Holding Companies $ 5,336 1.2 % 2.6 % $ 5,336 1.1 % 2.6 % Manufacturing Bare Printed Circuit Board Manufacturing 1,985 0.4 1.0 1,977 0.4 1.0 Commercial Printing (except Screen and Books) 3,427 0.7 1.7 3,436 0.7 1.7 Current-Carrying Wiring Device Manufacturing 2,653 0.6 1.3 2,954 0.6 1.4 Motorcycle, Bicycle, and Parts Manufacturing 15,166 3.3 7.4 15,166 3.0 7.4 Metal Can Manufacturing 2,143 0.5 1.1 2,167 0.4 1.1 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.2 80 — — Other Industrial Machinery Manufacturing 12,121 2.7 5.9 12,176 2.4 6.0 Pharmaceutical Preparation Manufacturing 217 — 0.1 65,740 13.0 32.3 Small Electrical Appliance Manufacturing 4,997 1.1 2.5 4,997 1.0 2.5 Travel Trailer and Camper Manufacturing 11,264 2.5 5.5 12,948 2.6 6.4 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 988 0.2 0.5 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 22,990 5.0 11.3 22,634 4.5 11.1 All Other Professional, Scientific, and Technical Services 2,872 0.6 1.4 2,865 0.6 1.4 Management Consulting Services 2,251 0.5 1.1 2,264 0.4 1.1 Other Accounting Services 19,631 4.3 9.6 19,927 3.9 9.8 Other Computer Related Services 15,017 3.3 7.4 15,260 3.0 7.5 Public Administration Other Justice, Public Order, and Safety Activities 703 0.2 0.3 29 — — Real Estate and Rental and Leasing Nonresidential Property Managers 2,972 0.6 1.5 2,972 0.6 1.5 Office Machinery and Equipment Rental and Leasing 5,952 1.3 2.9 2,774 0.5 1.4 Retail Trade Automotive Parts and Accessories Stores 2,688 0.6 1.3 2,704 0.5 1.3 Cosmetics, Beauty Supplies, and Perfume Stores 1,533 0.3 0.8 1,531 0.3 0.8 Electronic Shopping and Mail-Order Houses 6,913 1.5 3.4 6,870 1.4 3.4 Shoe Store 9,893 2.2 4.9 9,342 1.8 4.6 Sporting Goods Stores 1,958 0.4 1.0 1,972 0.4 1.0 All Other General Merchandise Stores 499 0.1 0.2 1,698 0.3 0.8 Transportation and Warehousing Freight Transportation Arrangement 1,960 0.4 1.0 1,970 0.4 1.0 Scheduled Passenger Air Transportation 360 0.1 0.2 377 0.1 0.2 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Wholesale Trade Business to Business Electronic Markets $ 2,875 0.6 % 1.4 % $ 2,838 0.6 % 1.4 % Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 7,173 1.6 3.5 6,903 1.4 3.4 Drugs and Druggists' Sundries Merchant Wholesalers 5,529 1.2 2.7 5,550 1.1 2.7 Industrial Machinery and Equipment Merchant Wholesalers 9,071 2.0 4.5 9,073 1.8 4.5 Motor Vehicle Parts (Used) Merchant Wholesalers 23,005 5.0 11.3 23,052 4.5 11.3 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,179 1.8 3.9 699 0.1 0.2 Total debt and equity investments $ 382,361 83.4 % 187.7 % $ 431,898 85.6 % 212.0 % Structured Finance Securities 74,951 16.6 36.8 75,201 14.4 36.9 Total investments $ 457,312 100.0 % 224.5 % $ 507,099 100.0 % 248.9 % Non-Accrual Loans: Management reviews all loans that become past due on principal and interest, and/or when there is reasonable doubt that principal, cash interest, or PIK interest will be collected, for placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest is credited to income and reversed. Additionally, Net Loan Fees are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments subsequently received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments and, in the judgment of management, the investments are estimated to be fully collectible as to all principal and interest. The aggregate amortized cost and fair value of loans on non-accrual status with respect to all interest and Net Loan Fee amortization was $34,666 and $12,179, respectively, at September 30, 2022, and $19,054 and $7,726, respectively, at December 31, 2021. Portfolio Concentration: The Company’s common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 15.9% and 45.2% of its total portfolio at fair value and its total net assets, respectively, as of September 30, 2022. Due to continued strong operating performance, the fair value of the Company’s investment in the common equity of Pfanstiehl Holdings, Inc. has increased by $16,524, to $82,264, during the nine months ended September 30, 2022. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s investments are carried at fair value and determined in accordance with a documented valuation policy that is applied in a consistent manner. On September 7, 2022, pursuant to Rule 2a-5 the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments. In order for the Board to maintain oversight, OFS Advisor implemented the required reporting elements as prescribed in Rule 2a-5. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined with models or other valuation techniques, valuation inputs, and assumptions that market participants would use in pricing the subject asset or liability. Valuation inputs are organized in a hierarchy that gives the highest priority to prices for identical assets or liabilities quoted in active markets (Level 1) and the lowest priority to fair values based on unobservable inputs (Level 3). The three levels of inputs in the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; and (iv) inputs that are derived principally from or corroborated by observable market data. Level 3: Unobservable inputs for the asset or liability, and situations where there is little, if any, market activity for the asset or liability at the measurement date. The inputs into the determination of fair value are based upon the best information under the circumstances and may require significant judgment or estimation by management. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Company generally categorizes its investment portfolio into Level 3, and to a lesser extent Level 2, of the hierarchy. The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the measurement date. The following table presents the Company’s transfers of Level 2 and Level 3 loans for the three and nine months ended September 30, 2022 and 2021, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Transfers from Level 2 to Level 3 $ — $ — $ 3,252 $ — Transfers from Level 3 to Level 2 6,403 2,296 6,403 858 Transfers between levels during the reporting periods were due to availability of reliable Indicative Prices in those periods. Due to the inherent uncertainty of determining the fair value of Level 3 investments, the fair value of the investments may differ significantly from the values that would have been used had a ready market or observable inputs existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions, or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company might realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk as a result of economic and political developments, including impacts from the continuing COVID-19 pandemic, the ongoing war between Russia and Ukraine, rising interest and inflation rates, the risk of recession and related market volatility. Market risk is directly impacted by the volatility and liquidity in the markets in which certain investments are traded and can affect the fair value of the Company’s investments. The following tables present the Company's investment portfolio measured at fair value on a recurring basis as of September 30, 2022, and December 31, 2021: Security Level 1 Level 2 Level 3 Fair Value at September 30, 2022 Debt investments $ — $ 46,490 $ 285,073 $ 331,563 Equity investments — — 95,181 95,181 Structured Finance Securities — — 89,871 89,871 $ — $ 46,490 $ 470,125 $ 516,615 Security Level 1 Level 2 Level 3 Fair Value at December 31, 2021 Debt investments $ — $ 65,591 $ 279,056 $ 344,647 Equity investments — — 87,251 87,251 Structured Finance Securities — — 75,201 75,201 $ — $ 65,591 $ 441,508 $ 507,099 The following tables provide quantitative information about valuation techniques and the Company’s significant inputs to the Company’s Level 3 fair value measurements as of September 30, 2022 and December 31, 2021. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The table below provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. Fair Value at September 30, 2022 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 253,357 Discounted cash flow Discount rates 10.44% - 17.69% (12.55%) Senior secured 7,836 Market approach EBITDA multiples 9.9x - 9.9x (9.9x) Senior secured 7,215 Market approach Revenue multiples 0.70x - 0.70x (0.70x) Senior secured 12,391 Market approach Transaction Price Subordinated 4,274 Market approach EBITDA multiples 5.81x - 5.81x (5.81x) Structured Finance Securities: Subordinated notes (1) 46,219 Discounted cash flow Discount rates 21.00% - 37.00% (25.34%) Constant default rate 2.00% - 2.00% (2.00%) Recovery rate 65.00% - 65.00% (65.00%) Subordinated notes 126 Market approach Net asset value liquidation (2) Subordinated notes 8,980 Market approach Transaction Price Mezzanine debt 23,075 Discounted cash flow Discount margin 8.60% - 11.60% (9.02%) Constant default rate next 6 months 0.00% - 3.00% (1.79%) Constant default rate after 6 months (3) 2.00% - 3.00% (2.04%) Recovery rate 65.00% - 65.00% (65.00%) Mezzanine debt 2,971 Market approach Transaction Price Loan Accumulation Facility 8,500 Market approach Probability weighted NAV analysis Equity investments: Preferred equity 6,131 Market approach EBITDA multiples 7.00x - 7.00x (7.00x) Preferred equity 1,371 Market approach Revenue multiples 0.78x - 2.75x 0.91x) Common equity, warrants and other 87,679 Market approach EBITDA multiples 0.00x - 11.50x (8.67x) $ 470,125 (1) The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO’s assumed reinvestment rate. (2) Net asset value liquidation represents the fair value, or estimated expected residual value, of the subordinated note that has been optionally redeemed. (3) Constant default rates for the period between March 31, 2023 and the assumed optional redemptions of the instruments. Fair Value at December 31, 2021 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 178,382 Discounted cash flow Discount rates 6.47% - 12.32% (9.25%) Senior secured 11,632 Market approach EBITDA multiples 7.09x - 7.09x (7.09x) Senior secured 7,027 Market approach Revenue multiples 0.74x - 0.74x (0.74x) Senior secured 64,072 Market approach Transaction Price Subordinated 17,244 Discounted cash flow Discount rates 15.90% - 17.49% (16.65%) Subordinated 699 Market approach Revenue multiples 0.28x - 0.28x (0.28x) Structured Finance Securities: Subordinated notes (1) 63,922 Discounted cash flow Discount rates 8.00% - 16.00% (12.39%) Constant default rate (2) 0.00% - 2.00% (1.77%) Constant default rate (3) 2.00% - 2.00% (2.00%) Recovery rate 60.00% - 60.00% (60.00%) Mezzanine debt 2,779 Discounted cash flow Discount margin 7.10% - 8.95% (7.91%) Constant default rate (2) 2.00% - 3.00% (2.36%) Constant default rate (3) 2.00% - 3.00% (2.36%) Recovery rate 60.00% - 60.00% (60.00%) Loan accumulation facility 8,500 Market approach Transaction Price Equity investments: Preferred equity 2,748 Market approach EBITDA multiples 7.80x - 7.80x (7.80x) Preferred equity 1,017 Market approach Revenue multiples 0.15x - 3.00x (0.91x) Common equity, warrants and other 83,478 Market approach EBITDA multiples 4.50x - 12.00x (8.10x) Common equity, warrants and other 8 Market approach Revenue multiples 0.15x - 3.00x (0.15x) $ 441,508 (1) The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO's assumed reinvestment rate. (2) Constant default rates for the six months ending June 30, 2022. (3) Constant default rates for the period between June 30, 2022 and the assumed optional redemptions of the instruments. Averages in the preceding two tables were weighted by the fair value of the related instruments. Changes in market credit spreads or events impacting the credit quality of the underlying portfolio company (both of which could impact the discount rate), as well as changes in EBITDA and/or EBITDA multiples, among other things, could have a significant impact on fair values, with the fair value of a particular debt investment susceptible to change in inverse relation to the changes in the discount rate. Changes in EBITDA and/or EBITDA multiples, as well as changes in the discount rate, could have a significant impact on fair values, with the fair value of an equity investment susceptible to change in tandem with the changes in EBITDA and/or EBITDA multiples, and in inverse relation to changes in the discount rate. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following tables present changes in investments measured at fair value using Level 3 inputs for the nine months ended September 30, 2022 and September 30, 2021, respectively: Nine Months Ended September 30, 2022 Senior Subordinated Preferred Equity Common Equity, Warrants and Other Structured Finance Securities Total Level 3 assets, December 31, 2021 $ 261,113 $ 17,943 $ 3,765 $ 83,486 $ 75,201 $ 441,508 Net realized loss on investments (122) — (51) (6) — (179) Net unrealized appreciation (depreciation) on investments (9,416) (5,488) 3,558 6,050 (12,600) (17,896) Amortization of Net Loan Fees 1,058 6 — — 186 1,250 Accretion of interest income on Structured Finance Securities — — — — 7,647 7,647 Capitalized PIK interest and dividends 362 58 230 — — 650 Amendment fees (206) — — — — (206) Purchase and origination of portfolio investments 85,066 — — 1,290 43,198 129,554 Proceeds from principal payments on portfolio investments (51,060) (8,245) — — (9,500) (68,805) Sale and redemption of portfolio investments (2,845) — — (3,141) — (5,986) Proceeds from distributions received from portfolio investments — — — — (14,261) (14,261) Transfers out of Level 3 (6,403) — — — — (6,403) Transfers in to Level 3 3,252 — — — — 3,252 Level 3 assets, September 30, 2022 $ 280,799 $ 4,274 $ 7,502 $ 87,679 $ 89,871 $ 470,125 Nine Months Ended September 30, 2021 Senior Subordinated Preferred Equity Common Equity, Warrants and Other Structured Finance Securities Total Level 3 assets, December 31, 2020 $ 284,078 $ 15,067 $ 11,543 $ 52,984 $ 56,425 $ 420,097 Net realized gain (loss) on investments (321) (7,548) (1,956) 1,427 — (8,398) Net unrealized appreciation on investments 3,463 9,750 3,235 23,006 344 39,798 Amortization of Net Loan Fees 1,403 70 — — 60 1,533 Accretion of interest income on Structured Finance Securities — — — — 7,315 7,315 Capitalized PIK interest and dividends 849 398 143 — — 1,390 Amendment fees (97) — — — — (97) Purchase and origination of portfolio investments 76,727 — — 200 30,550 107,477 Proceeds from principal payments on portfolio investments (100,694) (121) — — (8,600) (109,415) Sale and redemption of portfolio investments (8,863) (91) (3,160) (3,241) — (15,355) Proceeds from distributions received from portfolio investments — — — — (9,468) (9,468) Transfers out of Level 3 (858) — — — — (858) Level 3 assets, September 30, 2021 $ 255,687 $ 17,525 $ 9,805 $ 74,376 $ 76,626 $ 434,019 The net unrealized appreciation (depreciation) reported in the Company’s consolidated statements of operations for the nine months ended September 30, 2022 and 2021, attributable to the Company’s Level 3 assets still held at those respective period ends was as follows: Nine Months Ended September 30, 2022 2021 Senior secured debt investments $ (8,941) $ 2,431 Subordinated debt investments (5,487) 2,216 Preferred equity 3,507 609 Common equity, warrants and other 7,657 24,612 Structured Finance Securities (12,553) 356 Net unrealized appreciation (depreciation) on investments held $ (15,817) $ 30,224 Other Financial Assets and Liabilities The Company provides disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments, such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such financial instruments. The PWB Credit Facility and BNP Facility are variable rate instruments and fair value is estimated to approximate carrying value. The following table sets forth carrying values and fair values of the Company’s debt as of September 30, 2022 and December 31, 2021: As of September 30, 2022 As of December 31, 2021 Description Carrying Value Fair Value Carrying Value Fair Value PWB Credit Facility $ 1,500 $ 1,500 $ — $ — BNP Facility 121,400 121,400 100,000 100,000 Unsecured Notes Due February 2026 122,350 107,381 121,774 123,130 Unsecured Notes Due October 2028 53,754 49,830 53,672 56,430 SBA-guaranteed debentures 50,649 49,423 69,365 73,011 Total debt $ 349,653 $ 329,534 $ 344,811 $ 352,571 The following tables present the fair value measurements of the Company's debt and indicate the fair value hierarchy of the significant unobservable inputs utilized by the Company to determine such fair values as of September 30, 2022 and December 31, 2021: September 30, 2022 Description Level 1 Level 2 Level 3 (1) Total PWB Credit Facility $ — $ — $ 1,500 $ 1,500 BNP Facility — — 121,400 121,400 Unsecured Notes Due February 2026 — — 107,381 107,381 Unsecured Notes Due October 2028 49,830 — — 49,830 SBA-guaranteed debentures — — 49,423 49,423 Total debt, at fair value $ 49,830 $ — $ 279,704 $ 329,534 December 31, 2021 Description Level 1 Level 2 Level 3 (1) Total PWB Credit Facility $ — $ — $ — $ — BNP Facility — — 100,000 100,000 Unsecured Notes Due February 2026 — — 123,130 123,130 Unsecured Notes Due October 2028 56,430 — — 56,430 SBA-guaranteed debentures — — 73,011 73,011 Total debt, at fair value $ 56,430 $ — $ 296,141 $ 352,571 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2022, the Company has outstanding commitments to fund investments totaling $38,265 under various undrawn revolvers and other credit facilities. Legal and regulatory proceedings: From time to time, the Company is involved in legal proceedings in the normal course of its business. Although the outcome of such litigation cannot be predicted with any certainty, management is of the opinion, based on the advice of legal counsel, that final disposition of any litigation should not have a material adverse effect on the financial position of the Company as of September 30, 2022. Additionally, the Company is subject to periodic inspection by regulators to assess compliance with applicable BDC regulations and SBIC I LP is subject to periodic inspections by the SBA. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings SBA Debentures : The SBA debentures issued by SBIC I LP and other SBA regulations generally restrict assets held by SBIC I LP. On a stand-alone basis, SBIC I LP held $168,486 and $195,502 in assets at September 30, 2022 and December 31, 2021, respectively, which accounted for approximately 31% and 34% of the Company’s total consolidated assets, respectively. These assets cannot be pledged under any debt obligation of the Company. On February 28, 2022, SBIC I LP redeemed $19,000 of SBA debentures that were contractually due March 1, 2025 and September 1, 2025. As of September 30, 2022, SBIC I LP had outstanding debentures totaling $50,920, which bear a fixed interest rate of 2.87% and mature on March 1, 2025. For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense $ 369 $ 646 $ 1,184 $ 2,118 Amortization of debt issuance costs 48 43 140 165 Total interest and debt financing costs $ 417 $ 689 $ 1,324 $ 2,283 Cash paid for interest expense $ 737 $ 1,425 $ 1,739 $ 2,978 Effective interest rate 3.28 % 3.21 % 3.21 % 3.30 % Average outstanding balance $ 50,920 $ 85,772 $ 55,026 $ 92,368 BNP Facility : On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150,000, subject to a borrowing base and other covenants. On June 24, 2022, OFSCC-FS amended the BNP facility to, among other things: (i) extend the reinvestment period under the BNP Facility for three years from June 20, 2022 to June 20, 2025; (ii) extend the maturity date under the BNP Facility from June 20, 2024 to June 20, 2027; (iii) convert the benchmark interest rate from LIBOR to SOFR; (iv) increase the applicable margin by 0.40% on all classes of loans; and (v) increase the applicable margin floor from 1.925% to 2.65%. OFSCC-FS also pays a non-usage fee depending on the size of the unused portion of the BNP Facility. Fees and legal costs incurred in connection with the BNP Facility are amortized over the life of the facility. The BNP Facility is collateralized by all the assets held by OFSCC-FS. OFSCC-FS and the Company have each made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2022 and December 31, 2021, OFSCC-FS had outstanding debt of $121,400 and $100,000, respectively. As of September 30, 2022, the unused commitment under the BNP Facility was $28,600. For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense $ 1,671 $ 325 $ 3,295 $ 1,105 Amortization of debt issuance costs 95 159 231 271 Total interest and debt financing costs $ 1,766 $ 484 $ 3,526 $ 1,376 Cash paid for interest expense $ 1,520 $ 376 $ 2,906 $ 1,133 Effective interest rate 5.20 % 6.44 % 3.74 % 5.60 % Average outstanding balance $ 135,680 $ 30,074 $ 125,574 $ 32,782 PWB Credit Facility : On March 7, 2018, the Company entered into the PWB Credit Facility. On February 17, 2021, the Company amended the PWB Credit Facility to among other things: (i) increase the maximum amount available from $20,000 to $25,000; (ii) decrease the interest rate floor from 5.25% per annum to 5.00% per annum; (iii) modify certain financial performance covenants; and (iv) extend the maturity date from February 28, 2021 to February 28, 2023. On November 15, 2021, the Company amended the BLA to decrease the interest rate floor from 5.0% to 4.0%, effective as of November 1, 2021. On April 22, 2022, the Company amended the PWB Credit Facility to: (i) increase the maximum amount available under the PWB Credit Facility from $25,000 to $35,000; and (ii) extend the maturity date of the PWB Credit Facility from February 28, 2023 to February 28, 2024. Fees and legal costs incurred in connection with the PWB Credit Facility are amortized over the life of the facility. The maximum availability of the PWB Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base as specified in the BLA. The PWB Credit Facility is guaranteed by OFSCC-MB and secured by all of our current and future assets, excluding assets held by SBIC I LP, OFSCC-FS, and the Company’s partnership interests in SBIC I LP and SBIC I GP. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of September 30, 2022 and December 31, 2021, the Company had $1,500 and $-0-, respectively, of outstanding debt under the PWB Credit Facility. As of September 30, 2022, the unused commitment under the PWB Credit Facility was $33,500. For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the PWB Credit Facility were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense (1) $ 49 $ 10 $ 96 $ 62 Cash paid for interest expense $ 49 $ 16 $ 95 $ 62 Effective interest rate (2) 5.89 % 5.20 % 5.19 % 5.31 % Average outstanding balance $ 1,391 $ 16 $ 719 $ 747 (1) Stated interest expense includes unused fees. (2) Unused fees were excluded from the calculation. Unsecured Notes : As of September 30, 2022 and December 31, 2021, the Company had the following Unsecured Notes outstanding: Unsecured Notes Due February 2026 : On February 10, 2021 and March 18, 2021, the Company issued $125,000 in aggregate principal of unsecured notes. The Unsecured Notes Due February 2026 bear interest at a rate of 4.75% per year payable semi-annually and mature on February 10, 2026. The Company may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time, at its option at par plus a “make-whole” premium, if applicable. Unsecured Notes Due October 2028 : On October 28, 2021 and November 1, 2021, the Company issued $55,000 in aggregate principal of unsecured notes. The Unsecured Notes Due October 2028 bear interest at a rate of 4.95% per year payable semi-annually and mature on October 31, 2028. The Company may redeem the Unsecured Notes Due October 2028 in whole or in part at any time, or from time to time, at its option on or after October 31, 2023. The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all current and future unsecured indebtedness of the Company. Because the Unsecured Notes are not secured by any of the Company’s assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the PWB Credit Facility. The indenture governing the Unsecured Notes contains certain covenants, including: (i) prohibiting additional borrowings, including through the issuance of additional debt securities, unless the Company's asset coverage, as defined in the 1940 Act, after giving effect to any exemptive relief granted to the Company by the SEC, equals at least 150% after such borrowings; and (ii) prohibiting (a) the declaration of any cash dividend or distribution upon any class of the Company’s capital stock (except to the extent necessary for the Company to maintain its treatment as a RIC under Subchapter M of the Code), or (b) the purchase of any capital stock unless the Company’s asset coverage, as defined in the 1940 Act, is at least 150% at the time of such capital transaction and after deducting the amount of such transaction. For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense $ 2,165 $ 2,702 $ 6,495 $ 8,576 Amortization of debt issuance costs 260 348 783 1,002 Total interest and debt financing costs $ 2,425 $ 3,050 $ 7,278 $ 9,578 Cash paid for interest expense $ 3,649 $ 4,028 $ 8,002 $ 8,938 Effective interest rate 5.39 % 5.97 % 5.39 % 6.08 % Average outstanding balance $ 180,000 $ 204,325 $ 180,000 $ 210,082 The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of September 30, 2022: Payments due by period Total Less than 1-3 years 4-5 years After 5 years PWB Credit Facility $ 1,500 $ — $ 1,500 $ — $ — Unsecured Notes 180,000 — — 125,000 55,000 SBA Debentures 50,920 — 50,920 — — BNP Facility 121,400 — — 121,400 — Total $ 353,820 $ — $ 52,420 $ 246,400 $ 55,000 For the three and nine months ended September 30, 2022 and 2021, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Average dollar borrowings $ 367,992 $ 320,187 $ 361,319 $ 335,979 Weighted average effective interest rate 5.06 % 5.30 % 4.51 % 5.29 % |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following is a schedule of financial highlights for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended 2022 2021 2022 2021 Per share operating performance: Net asset value per share at beginning of period $ 14.57 $ 13.42 $ 15.18 $ 11.85 Net investment income (4) 0.33 0.24 1.01 0.67 Net realized gain (loss) on investments, net of taxes (4) (0.04) 0.24 (0.04) (0.56) Net unrealized appreciation (depreciation) on investments, net of taxes (4) (1.00) 0.52 (1.71) 3.05 Loss on extinguishment of debt (4) — (0.02) (0.01) (0.19) Total income (loss) from operations (0.71) 0.98 (0.75) 2.97 Distributions (0.29) (0.24) (0.86) (0.66) Issuance/Repurchase of common stock (8) 0.01 — 0.01 — Net asset value per share at end of period $ 13.58 $ 14.16 $ 13.58 $ 14.16 Per share market value, end of period $ 8.22 $ 10.36 $ 8.22 $ 10.36 Total return based on market value (1)(7) (14.2) % 6.4 % (17.9) % 55.0 % Total return based on net asset value (2)(7) (3.5) % 8.0 % (2.6) % 27.8 % Shares outstanding at end of period 13,406,971 13,418,973 13,406,971 13,418,973 Weighted average shares outstanding 13,428,410 13,415,276 13,425,466 13,412,125 Ratio/Supplemental Data (dollar amounts in thousands) Average net asset value (3) $ 188,893 $ 184,985 $ 197,479 $ 172,349 Net asset value at end of period $ 182,074 $ 189,977 $ 182,074 $ 189,977 Net investment income $ 4,372 $ 3,235 $ 13,625 $ 9,020 Ratio of total expenses to average net assets (5) 19.0 % 15.9 % 14.3 % 18.2 % Ratio of total expenses and loss on extinguishment of debt to average net assets (5) 19.0 % 16.0 % 14.3 % 19.6 % Ratio of net investment income to average net assets (5) 9.3 % 7.0 % 9.2 % 7.0 % Ratio of loss on extinguishment of debt to average net assets (7) — % 0.1 % 0.1 % 1.5 % Portfolio turnover (6) 4.2 % 6.9 % 22.7 % 31.8 % (1) Calculated as ending market value less beginning market value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions. (2) Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions. (3) Based on the average of the net asset value at the beginning and end of the indicated period and if applicable the preceding calendar quarters. (4) Calculated on the average share method. (5) Annualized. (6) Portfolio turnover rate is calculated using the lesser of period-to-date sales, Structured Finance Security distributions and principal payments or period-to-date purchases over the average of the invested assets at fair value. (7) Not annualized. (8) Common stock issued through the DRIP and repurchased through the Stock Repurchase Program. |
Capital Transactions
Capital Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Capital Transactions | Capital Transactions Distributions: The Company intends to distribute to stockholders, on a quarterly basis, substantially all of its net investment income. In addition, although the Company intends to distribute at least annually net realized capital gains, net of taxes if any, out of assets legally available for such distribution, the Company may also retain such capital gains for investment through a deemed distribution. The Company may be limited in its ability to make distributions due to the BDC asset coverage requirements of the 1940 Act. The Company’s ability to make distributions may be affected by SBIC I LP’s distributions to the Company, which are governed by SBA regulations and may require the prior approval of the SBA. In addition, distributions from OFSCC-FS to the Company are restricted by the terms and conditions of the BNP Facility. Net assets of SBIC I LP were $117,630, and consolidated cash at September 30, 2022 includes $6,201 held by SBIC I LP. Net Assets of OFSCC-FS were $69,886, and consolidated cash at September 30, 2022 includes $3,727 held by OFSCC-FS. The following table summarizes distributions declared and paid for the nine months ended September 30, 2022 and 2021: Date Declared Record Date Payment Date Amount Cash DRIP Shares DRIP Shares Nine Months Ended September 30, 2021 March 2, 2021 March 24, 2021 March 31, 2021 $ 0.20 $ 2,655 3,103 $ 27 May 11, 2021 June 23, 2021 June 30, 2021 0.22 2,918 3,273 33 August 3, 2021 September 23, 2021 September 30, 2021 0.24 3,181 3,738 39 $ 0.66 $ 8,754 10,114 $ 99 Nine Months Ended September 30, 2022 March 1, 2022 March 24, 2022 March 31, 2022 $ 0.28 $ 3,719 3,016 $ 39 May 3, 2022 June 23, 2022 June 30, 2022 0.29 3,850 4,348 43 August 2, 2022 September 23, 2022 September 30, 2022 0.29 3,849 5,529 46 $ 0.86 $ 11,418 12,893 $ 128 Distributions in excess of the Company’s current and accumulated ICTI would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. The determination of the tax attributes of the Company’s distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company’s stockholders. Stock Repurchase Program: The Company maintains a Stock Repurchase Program under which the Company may acquire up to $10.0 million of its outstanding common stock. On May 3, 2022, the Board extended the Stock Repurchase Program for an additional two-year period ending May 22, 2024, or until the approved dollar amount has been used to repurchase shares. The following table summarizes shares of common stock repurchased under the Stock Repurchase Program during the nine months ended September 30, 2022 and 2021, respectively. Period Total Number of Shares Purchased Cost of Shares Purchased Average Price Paid Per Share Weighted average discount to NAV prior to repurchases Nine Months Ended September 30, 2021 January 1, 2021 through March 31, 2021 700 $ 5 $ 6.70 43.3 % April 1, 2021 through June 30, 2021 — — — n/a July 1, 2021 through September 30, 2021 — — — n/a Nine Months Ended September 30, 2022 January 1, 2022 through March 31, 2022 — $ — $ — n/a April 1, 2022 through June 30, 2022 — — — n/a July 1, 2022 through September 30, 2022 28,335 231 8.14 44.2 % |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments In and Advances To Affiliates | 9 Months Ended |
Sep. 30, 2022 | |
Investments in and Advances to Affiliates [Abstract] | |
Consolidated Schedule of Investments In and Advances To Affiliates | Consolidated Schedule of Investments In and Advances To Affiliates Nine Month Period Ended September 30, 2022 Name of Portfolio Company Investment Type (1) Net Realized Gain (Loss) Net change in unrealized appreciation/(depreciation) Interest & PIK Interest Dividends Fees Total Income (2) December 31, 2021, Fair Value Gross Gross September 30, 2022, Fair Value (5) Control Investment MTE Holding Corp. Subordinated Loan $ — $ — $ 141 $ — $ 6 $ 147 $ 8,195 $ 35 $ (8,230) $ — Common Equity 278 (1,684) — 45 — 45 4,753 — (4,753) — 278 (1,684) 141 45 6 192 12,948 35 (12,983) — Total Control Investment 278 (1,684) 141 45 6 192 12,948 35 (12,983) — Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity — 3,140 — 230 — 230 2,748 3,370 — 6,118 Common Equity (6) — 473 — — — — 25 473 — 498 — 3,613 — 230 — 230 2,773 3,843 — 6,616 DRS Imaging Services, LLC Common Equity (6) — 24 — — — — 1,289 24 — 1,313 Master Cutlery, LLC Subordinated Loan (6) — (526) — — — — 699 — (542) 157 Preferred Equity (6) — — — — — — — — — — Common Equity (6) — — — — — — — — — — — (526) — — — — 699 — (542) 157 Pfanstiehl Holdings, Inc Common Equity — 16,524 — — — — 65,740 16,524 — 82,264 TalentSmart Holdings, LLC Common Equity (6) — (248) — — — — 1,095 — (248) 847 TRS Services, Inc. Preferred Equity — 296 — 5 — 5 988 296 — 1,284 Common Equity — — — 49 — 49 — — — — 296 — 54 — 54 988 296 — 1,284 Total Affiliate Investments — 19,683 — 284 — 284 72,584 20,687 (790) 92,481 Total Control and Affiliate Investments $ 278 $ 17,999 $ 141 $ 329 $ 6 $ 476 $ 85,532 $ 20,722 $ (13,773) $ 92,481 (1) Principal balance, interest rate and maturity of debt investments, and ownership detail for equity investments are presented in the consolidated schedule of investments. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. (2) Represents the total amount of interest, fees or dividends included in income for the nine months ended September 30, 2022, during which an investment was included in the Control Investment or Affiliate Investment categories. (3) Gross additions include increases in cost basis of investments resulting from a new portfolio investment, PIK interest, fees and dividends; accretion of OID, and net increases in unrealized appreciation or decreases in net depreciation. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales, if any, and net decreases in net unrealized appreciation or net increases in net depreciation. (5) Fair value was determined using significant unobservable inputs. See Note 5 for further details. (6) Non-income producing. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn November 1, 2022, the Board declared a distribution of $0.30 per share for the fourth quarter of 2022, payable on December 30, 2022 to stockholders of record as of December 23, 2022. |
N-2
N-2 | 9 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Entity Central Index Key | 0001487918 |
Amendment Flag | false |
Securities Act File Number | 814-00813 |
Document Type | 10-Q |
Entity Registrant Name | OFS CAPITAL CORPORATION |
Entity Address, Address Line One | 10 S. Wacker Drive |
Entity Address, Address Line Two | Suite 2500 |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60606 |
City Area Code | 847 |
Local Phone Number | 734-2000 |
Entity Emerging Growth Company | false |
General Description of Registrant [Abstract] | |
Risk Factors [Table Text Block] | Risk Factors Investing in our common stock may be speculative and involves a high degree of risk. In addition to the other information contained in this Quarterly Report on Form 10-Q, including our financial statements, and the related notes, schedules and exhibits, you should carefully consider the risk factors described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on March 4, 2022, and in “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “First Quarter 10-Q”), filed on May 6, 2022 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed on August 5, 2022 (the “Second Quarter 10-Q”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K, the First Quarter 10-Q and the Second Quarter 10-Q are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Other than the risks described below, there have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 4, 2022, the First Quarter 10-Q and the Second Quarter 10-Q. The risks previously disclosed in our Annual Report on Form 10-K, the First Quarter 10-Q and Second Quarter 10-Q should be read together with the other information disclosed elsewhere in this Quarterly Report on Form 10-Q and the First Quarter 10-Q and our other reports filed with the SEC. The valuation process for certain of our portfolio holdings may create a conflict of interest. In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes requirements for good faith determinations of fair value, and addresses both the board’s and the “valuation designee’s” roles and responsibilities relating to fair valuation. On September 7, 2022, pursuant to Rule 2a-5 our Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to our investments. Many of our portfolio investments are made in the form of securities that are not publicly traded. As a result, OFS Advisor will determine the fair value of these securities in good faith, and, as a result, there may be uncertainty as to the value of our portfolio investments. The participation of OFS Advisor’s professionals in our valuation process could result in a conflict of interest since OFS Advisor’s management fee is based, in part, on our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity). A significant amount of our portfolio investments are recorded at fair value as determined in good faith by OFS Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments. Many of our portfolio investments take the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated OFS Advisor to be our valuation designee and, as a result, we value these securities at fair value as determined in good faith by OFS Advisor, including to reflect significant events affecting the value of our securities. A majority of our investments are classified as Level 3 under Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures (ASC Topic 820). This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We presently retain the services of independent service providers to prepare the valuation of these securities. The types of factors that OFS Advisor takes into account in determining the fair value of our investments generally include, as appropriate, comparison to third-party yield benchmarks and comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on |
Valuation Process Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | The valuation process for certain of our portfolio holdings may create a conflict of interest. In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes requirements for good faith determinations of fair value, and addresses both the board’s and the “valuation designee’s” roles and responsibilities relating to fair valuation. On September 7, 2022, pursuant to Rule 2a-5 our Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to our investments. Many of our portfolio investments are made in the form of securities that are not publicly traded. As a result, OFS Advisor will determine the fair value of these securities in good faith, and, as a result, there may be uncertainty as to the value of our portfolio investments. The participation of OFS Advisor’s professionals in our valuation process could result in a conflict of interest since OFS Advisor’s management fee is based, in part, on our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity). |
Fair Value Determination Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | A significant amount of our portfolio investments are recorded at fair value as determined in good faith by OFS Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments. Many of our portfolio investments take the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated OFS Advisor to be our valuation designee and, as a result, we value these securities at fair value as determined in good faith by OFS Advisor, including to reflect significant events affecting the value of our securities. A majority of our investments are classified as Level 3 under Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures (ASC Topic 820). This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We presently retain the services of independent service providers to prepare the valuation of these securities. The types of factors that OFS Advisor takes into account in determining the fair value of our investments generally include, as appropriate, comparison to third-party yield benchmarks and comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies . The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of and for the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 4, 2022. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. |
Reclassifications | Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications. |
Use of estimates | Use of estimates: The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Intangible asset | Intangible asset: On December 4, 2013, in connection with the SBIC Acquisition, the Company recorded an intangible asset of $2,500 attributable to the SBIC license. The Company amortizes this intangible asset on a straight-line basis over its estimated |
Concentration of credit risk | Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company may exceed the federally insured limits. The Company places cash deposits only with high credit quality institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. The amount of loss due to credit risk from its investments, if borrowers completely fail to perform according to the terms of the contracts, is equal to the sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6 . |
New Accounting Pronouncements and Rule Issuances | New Accounting Pronouncements and Rule Issuances In December 2020, the SEC issued a final rule adopting Rule 2a-5 under the 1940 Act to establish requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Company’s Board may designate a valuation designee to perform fair value determinations. On September 7, 2022, pursuant to Rule 2a-5 the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments. In order for the Board to maintain oversight, OFS Advisor implemented the required reporting elements as prescribed in Rule 2a-5. In June 2022, the FASB issued Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 amended Topic 820 to, among other things, (i) clarify the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (ii) amend a related illustrative example, and (iii) introduce new disclosure requirements for equity securities subject to contractual sale restrictions. ASU 2022-03 amendments are effective for the Company’s fiscal year ending December 31, 2024, and interim periods within the year. ASU 2022-03 provisions are to be applied prospectively with any adjustments made to earnings on the date of adoption. The Company is currently evaluating the impact, if any, ASU 2022-03 will have on its consolidated financial position or disclosures. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related party expenses and distributions | Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three and nine months ended September 30, 2022 and 2021, are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Base management fees $ 1,986 $ 1,950 $ 6,062 $ 5,660 Incentive fees: Income Incentive Fee 1,093 — 1,093 809 Capital Gains Fee — 102 (1,916) 102 Administration fee expense 435 335 1,309 1,342 Distributions paid to affiliates 876 729 2,597 2,005 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Investments [Abstract] | |
Investments | At September 30, 2022, the Company’s investments consisted of the following: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Senior secured debt investments $ 351,257 71.7 % 193.0 % $ 327,289 63.3 % 179.7 % Subordinated debt investments 13,890 2.8 7.6 4,274 0.8 2.3 Preferred equity 9,731 2.0 5.3 7,502 1.5 4.1 Common equity, warrants and other (1) 12,750 2.6 7.0 87,679 17.0 48.2 Total Portfolio Company Investments 387,628 79.1 212.9 426,744 82.6 234.3 Structured Finance Securities 102,220 20.9 56.1 89,871 17.4 49.4 Total investments $ 489,848 100.0 % 269.0 % $ 516,615 100.0 % 283.7 % (1) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4 — Portfolio Concentration” for additional information. September 30, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value United States $ 378,154 $ 417,574 $ 378,823 $ 428,321 Canada 9,474 9,170 12,038 12,077 Cayman Islands 1 102,220 89,871 66,451 66,701 Total investments $ 489,848 $ 516,615 $ 457,312 $ 507,099 As of September 30, 2022, the industry composition of the Company’s investment portfolio was as follows: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Administrative and Support and Waste Management and Remediation Services All Other Business Support Services $ 2,750 0.6 % 1.5 % $ 2,717 0.5 % 1.5 % Convention and Trade Show Organizers 160 — 0.1 87 — — Hazardous Waste Treatment and Disposal 1,770 0.4 1.0 1,667 0.3 0.9 Landscaping Services 4,615 0.9 2.5 4,416 0.9 2.4 Security Systems Services (except Locksmiths) 5,845 1.2 3.2 5,921 1.1 3.3 Temporary Help Services 8,877 1.8 4.9 8,932 1.7 4.9 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 16,298 3.3 9.0 16,496 3.2 9.1 Construction Electrical Contractors and Other Wiring Installation Contractors 18,452 3.8 10.1 7,836 1.5 4.3 New Single-Family Housing Construction (except For-Sale Builders) 1,811 0.4 1.0 1,585 0.3 0.9 Plumbing, Heating, and Air-Conditioning Contractors 1,429 0.3 0.8 1,441 0.3 0.8 Water and Sewer Line and Related Structures Construction 2,388 0.5 1.3 2,259 0.4 1.2 Education Services Colleges, Universities, and Professional Schools — — — — — — Professional and Management Development Training 1,595 0.3 0.9 847 0.2 0.5 Sports and Recreation Instruction 3,016 0.6 1.7 2,991 0.6 1.6 Health Care and Social Assistance Child Day Care Services 6,365 1.3 3.5 6,173 1.2 3.4 Home Health Care Services 4,193 0.9 2.3 4,074 0.8 2.2 Medical Laboratories 17 — — 24 — — Offices of Physicians, Mental Health Specialists 13,325 2.7 7.3 13,074 2.5 7.2 Other Ambulatory Health Care Services 19,974 4.1 11.0 18,952 3.7 10.4 Outpatient Mental Health and Substance Abuse Centers 8,035 1.6 4.4 8,151 1.6 4.5 Services for the Elderly and Persons with Disabilities 19,041 3.9 10.5 18,530 3.6 10.2 Information Cable and Other Subscription Programming 3,773 0.8 2.1 3,282 0.6 1.8 Data Processing, Hosting, and Related Services 4,087 0.8 2.2 3,377 0.7 1.9 Directory and Mailing List Publishers 4,112 0.8 2.3 4,073 0.8 2.2 Internet Publishing and Broadcasting and Web Search Portals 3,140 0.6 1.7 2,947 0.6 1.6 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Motion Picture and Video Production $ 3,905 0.8 % 2.1 % $ 3,638 0.7 % 2.0 % Software Publishers 17,664 3.5 9.7 9,949 1.9 5.5 Television Broadcasting 2,186 0.4 1.2 631 0.1 0.3 Wired Telecommunications Carriers 2,043 0.4 1.1 1,911 0.4 1.0 Management of Companies and Enterprises Offices of Other Holding Companies 7,358 1.5 4.0 6,744 1.3 3.7 Manufacturing Bare Printed Circuit Board Manufacturing 1,981 0.4 1.1 1,876 0.4 1.0 Commercial Printing (except Screen and Books) 1,701 0.3 0.9 1,609 0.3 0.9 Current-Carrying Wiring Device Manufacturing 3,337 0.7 1.8 3,505 0.7 1.9 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.3 — — — Fluid Power Pump and Motor Manufacturing 1,934 0.4 1.1 1,874 0.4 1.0 Ice Cream and Frozen Dessert Manufacturing 1,640 0.3 0.9 1,558 0.3 0.9 Motorcycle, Bicycle, and Parts Manufacturing 15,470 3.2 8.5 15,503 3.0 8.5 Other Industrial Machinery Manufacturing 5,419 1.1 3.0 5,051 1.0 2.8 Pharmaceutical Preparation Manufacturing 217 — 0.1 82,264 15.8 45.2 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 1,284 0.2 0.7 Communication Equipment Repair and Maintenance 1,754 0.4 1.0 1,518 0.3 0.8 Other Automotive Mechanical and Electrical Repair and Maintenance 1,081 0.2 0.6 1,080 0.2 0.6 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 27,689 5.6 15.2 27,258 5.3 15.0 Advertising Agencies 2,260 0.5 1.2 2,057 0.4 1.1 All Other Professional, Scientific, and Technical Services 882 0.2 0.5 863 0.2 0.5 Computer Systems Design Services 1,957 0.4 1.1 1,957 0.4 1.1 Other Computer Related Services 14,946 3.1 8.2 15,260 3.0 8.4 Public Administration Other Justice, Public Order, and Safety Activities 703 0.1 0.4 29 — — Real Estate and Rental and Leasing Nonresidential Property Managers 4,687 1.0 2.6 4,669 0.9 2.6 Office Machinery and Equipment Rental and Leasing 6,183 1.3 3.4 6,616 1.3 3.6 Retail Trade Cosmetics, Beauty Supplies, and Perfume Stores 1,462 0.3 0.8 1,370 0.3 0.8 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Electronics and Appliance Stores $ 8,127 1.7 % 4.5 % $ 8,021 1.6 % 4.4 % Electronic Shopping and Mail-Order Houses 6,789 1.4 3.7 6,403 1.2 3.5 Shoe store 9,923 2.0 5.4 4,117 0.8 2.3 Supermarkets and Other Grocery (except Convenience) Stores 5,648 1.2 3.1 5,648 1.1 3.1 All Other General Merchandise Stores 499 0.1 0.3 1,058 0.2 0.6 Transportation and Warehousing Transportation and Warehousing 5,025 1.0 2.8 4,940 1.0 2.7 Wholesale Trade Business to Business Electronic Markets 2,862 0.6 1.6 2,564 0.5 1.4 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 11,160 2.3 6.1 9,430 1.8 5.2 Drugs and Druggists' Sundries Merchant Wholesalers 5,303 1.1 2.9 4,851 0.9 2.7 Industrial Machinery and Equipment Merchant Wholesalers 9,071 1.9 5.0 8,969 1.7 4.9 Motor Vehicle Parts (Used) Merchant Wholesalers 27,795 5.7 15.1 28,143 5.4 15.4 Other Miscellaneous Nondurable Goods Merchant Wholesalers 2,668 0.5 1.5 2,517 0.5 1.4 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,163 1.7 4.5 157 — 0.1 Total Portfolio Company Investments $ 387,628 79.1 % 212.9 % $ 426,744 82.6 % 234.3 % Structured Finance Securities 102,220 20.9 56.1 89,871 17.4 49.4 Total investments $ 489,848 100.0 % 269.0 % $ 516,615 100.0 % 283.7 % Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Senior secured debt investments $ 336,132 73.3 % 165.0 % $ 326,704 64.9 % 160.4 % Subordinated debt investments 22,071 4.8 10.8 17,943 3.5 8.8 Preferred equity 9,552 2.1 4.7 3,765 0.7 1.8 Common equity, warrants and other 14,606 3.2 7.2 83,486 16.5 41.0 Total debt and equity investments $ 382,361 83.4 % 187.7 % $ 431,898 85.6 % 212.0 % Structured Finance Securities 74,951 16.6 36.8 75,201 14.4 36.9 Total $ 457,312 100.0 % 224.5 % $ 507,099 100.0 % 248.9 % As of December 31, 2021, the industry compositions of the Company’s debt and equity investments were as follows: Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Administrative and Support and Waste Management and Remediation Services Convention and Trade Show Organizers $ 214 — % 0.1 % $ 12 — % — % Hazardous Waste Treatment and Disposal 1,833 0.4 0.9 1,837 0.4 0.9 Landscaping Services 4,630 1.0 2.3 4,590 0.9 2.3 Security Systems Services (except Locksmiths) 4,827 1.1 2.4 4,887 1.0 2.4 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 16,287 3.6 8.0 16,396 3.2 8.0 Construction Electrical Contractors and Other Wiring Installation Contractors 18,132 4.0 8.9 11,632 2.3 5.7 New Single-Family Housing Construction (except For-Sale Builders) 1,823 0.4 0.9 1,794 0.4 0.9 Plumbing, Heating, and Air-Conditioning Contractors 5,344 1.2 2.6 5,378 1.1 2.6 Water and Sewer Line and Related Structures Construction 627 0.1 0.3 628 0.1 0.3 Education Services Colleges, Universities, and Professional Schools — — — 7,408 1.5 3.6 Professional and Management Development Training 1,595 0.3 0.8 1,095 0.2 0.5 Sports and Recreation Instruction 3,011 0.7 1.5 3,011 0.6 1.5 Health Care and Social Assistance Child Day Care Services 6,336 1.4 3.1 5,916 1.2 2.9 Home Health Care Services 4,182 0.9 2.1 4,250 0.8 2.1 Medical Laboratories 92 — — 25 — — Offices of Physicians, Mental Health Specialists 13,402 2.9 6.6 13,491 2.7 6.6 Other Ambulatory Health Care Services 20,331 4.4 10.0 20,331 4.0 10.0 Outpatient Mental Health and Substance Abuse Centers 4,770 1.0 2.3 5,231 1.0 2.6 Services for the Elderly and Persons with Disabilities 6,416 1.4 3.1 6,416 1.3 3.1 Information All Other Publishers 2,288 0.5 1.1 2,303 0.5 1.1 All Other Telecommunications 3,429 0.7 1.7 3,323 0.7 1.6 Cable and Other Subscription Programming 3,801 0.8 1.9 3,810 0.8 1.9 Data Processing, Hosting, and Related Services 4,112 0.9 2.0 4,255 0.8 2.1 Directory and Mailing List Publishers 2,004 0.4 1.0 2,085 0.4 1.0 Internet Publishing and Broadcasting and Web Search Portals 3,249 0.7 1.6 3,299 0.7 1.6 Motion Picture and Video Production 3,929 0.9 1.9 3,970 0.8 1.9 Software Publishers 24,948 5.5 12.2 17,929 3.5 8.8 Television Broadcasting 1,957 0.4 1.0 918 0.2 0.5 Wired Telecommunications Carriers 4,388 1.0 2.2 4,405 0.9 2.2 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Management of Companies and Enterprises Offices of Other Holding Companies $ 5,336 1.2 % 2.6 % $ 5,336 1.1 % 2.6 % Manufacturing Bare Printed Circuit Board Manufacturing 1,985 0.4 1.0 1,977 0.4 1.0 Commercial Printing (except Screen and Books) 3,427 0.7 1.7 3,436 0.7 1.7 Current-Carrying Wiring Device Manufacturing 2,653 0.6 1.3 2,954 0.6 1.4 Motorcycle, Bicycle, and Parts Manufacturing 15,166 3.3 7.4 15,166 3.0 7.4 Metal Can Manufacturing 2,143 0.5 1.1 2,167 0.4 1.1 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.2 80 — — Other Industrial Machinery Manufacturing 12,121 2.7 5.9 12,176 2.4 6.0 Pharmaceutical Preparation Manufacturing 217 — 0.1 65,740 13.0 32.3 Small Electrical Appliance Manufacturing 4,997 1.1 2.5 4,997 1.0 2.5 Travel Trailer and Camper Manufacturing 11,264 2.5 5.5 12,948 2.6 6.4 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 988 0.2 0.5 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 22,990 5.0 11.3 22,634 4.5 11.1 All Other Professional, Scientific, and Technical Services 2,872 0.6 1.4 2,865 0.6 1.4 Management Consulting Services 2,251 0.5 1.1 2,264 0.4 1.1 Other Accounting Services 19,631 4.3 9.6 19,927 3.9 9.8 Other Computer Related Services 15,017 3.3 7.4 15,260 3.0 7.5 Public Administration Other Justice, Public Order, and Safety Activities 703 0.2 0.3 29 — — Real Estate and Rental and Leasing Nonresidential Property Managers 2,972 0.6 1.5 2,972 0.6 1.5 Office Machinery and Equipment Rental and Leasing 5,952 1.3 2.9 2,774 0.5 1.4 Retail Trade Automotive Parts and Accessories Stores 2,688 0.6 1.3 2,704 0.5 1.3 Cosmetics, Beauty Supplies, and Perfume Stores 1,533 0.3 0.8 1,531 0.3 0.8 Electronic Shopping and Mail-Order Houses 6,913 1.5 3.4 6,870 1.4 3.4 Shoe Store 9,893 2.2 4.9 9,342 1.8 4.6 Sporting Goods Stores 1,958 0.4 1.0 1,972 0.4 1.0 All Other General Merchandise Stores 499 0.1 0.2 1,698 0.3 0.8 Transportation and Warehousing Freight Transportation Arrangement 1,960 0.4 1.0 1,970 0.4 1.0 Scheduled Passenger Air Transportation 360 0.1 0.2 377 0.1 0.2 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Wholesale Trade Business to Business Electronic Markets $ 2,875 0.6 % 1.4 % $ 2,838 0.6 % 1.4 % Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 7,173 1.6 3.5 6,903 1.4 3.4 Drugs and Druggists' Sundries Merchant Wholesalers 5,529 1.2 2.7 5,550 1.1 2.7 Industrial Machinery and Equipment Merchant Wholesalers 9,071 2.0 4.5 9,073 1.8 4.5 Motor Vehicle Parts (Used) Merchant Wholesalers 23,005 5.0 11.3 23,052 4.5 11.3 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,179 1.8 3.9 699 0.1 0.2 Total debt and equity investments $ 382,361 83.4 % 187.7 % $ 431,898 85.6 % 212.0 % Structured Finance Securities 74,951 16.6 36.8 75,201 14.4 36.9 Total investments $ 457,312 100.0 % 224.5 % $ 507,099 100.0 % 248.9 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Investment portfolio measured at fair value on a recurring basis | The following tables present the Company's investment portfolio measured at fair value on a recurring basis as of September 30, 2022, and December 31, 2021: Security Level 1 Level 2 Level 3 Fair Value at September 30, 2022 Debt investments $ — $ 46,490 $ 285,073 $ 331,563 Equity investments — — 95,181 95,181 Structured Finance Securities — — 89,871 89,871 $ — $ 46,490 $ 470,125 $ 516,615 Security Level 1 Level 2 Level 3 Fair Value at December 31, 2021 Debt investments $ — $ 65,591 $ 279,056 $ 344,647 Equity investments — — 87,251 87,251 Structured Finance Securities — — 75,201 75,201 $ — $ 65,591 $ 441,508 $ 507,099 |
Significant Level 3 inputs | The table below provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. Fair Value at September 30, 2022 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 253,357 Discounted cash flow Discount rates 10.44% - 17.69% (12.55%) Senior secured 7,836 Market approach EBITDA multiples 9.9x - 9.9x (9.9x) Senior secured 7,215 Market approach Revenue multiples 0.70x - 0.70x (0.70x) Senior secured 12,391 Market approach Transaction Price Subordinated 4,274 Market approach EBITDA multiples 5.81x - 5.81x (5.81x) Structured Finance Securities: Subordinated notes (1) 46,219 Discounted cash flow Discount rates 21.00% - 37.00% (25.34%) Constant default rate 2.00% - 2.00% (2.00%) Recovery rate 65.00% - 65.00% (65.00%) Subordinated notes 126 Market approach Net asset value liquidation (2) Subordinated notes 8,980 Market approach Transaction Price Mezzanine debt 23,075 Discounted cash flow Discount margin 8.60% - 11.60% (9.02%) Constant default rate next 6 months 0.00% - 3.00% (1.79%) Constant default rate after 6 months (3) 2.00% - 3.00% (2.04%) Recovery rate 65.00% - 65.00% (65.00%) Mezzanine debt 2,971 Market approach Transaction Price Loan Accumulation Facility 8,500 Market approach Probability weighted NAV analysis Equity investments: Preferred equity 6,131 Market approach EBITDA multiples 7.00x - 7.00x (7.00x) Preferred equity 1,371 Market approach Revenue multiples 0.78x - 2.75x 0.91x) Common equity, warrants and other 87,679 Market approach EBITDA multiples 0.00x - 11.50x (8.67x) $ 470,125 (1) The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO’s assumed reinvestment rate. (2) Net asset value liquidation represents the fair value, or estimated expected residual value, of the subordinated note that has been optionally redeemed. (3) Constant default rates for the period between March 31, 2023 and the assumed optional redemptions of the instruments. Fair Value at December 31, 2021 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 178,382 Discounted cash flow Discount rates 6.47% - 12.32% (9.25%) Senior secured 11,632 Market approach EBITDA multiples 7.09x - 7.09x (7.09x) Senior secured 7,027 Market approach Revenue multiples 0.74x - 0.74x (0.74x) Senior secured 64,072 Market approach Transaction Price Subordinated 17,244 Discounted cash flow Discount rates 15.90% - 17.49% (16.65%) Subordinated 699 Market approach Revenue multiples 0.28x - 0.28x (0.28x) Structured Finance Securities: Subordinated notes (1) 63,922 Discounted cash flow Discount rates 8.00% - 16.00% (12.39%) Constant default rate (2) 0.00% - 2.00% (1.77%) Constant default rate (3) 2.00% - 2.00% (2.00%) Recovery rate 60.00% - 60.00% (60.00%) Mezzanine debt 2,779 Discounted cash flow Discount margin 7.10% - 8.95% (7.91%) Constant default rate (2) 2.00% - 3.00% (2.36%) Constant default rate (3) 2.00% - 3.00% (2.36%) Recovery rate 60.00% - 60.00% (60.00%) Loan accumulation facility 8,500 Market approach Transaction Price Equity investments: Preferred equity 2,748 Market approach EBITDA multiples 7.80x - 7.80x (7.80x) Preferred equity 1,017 Market approach Revenue multiples 0.15x - 3.00x (0.91x) Common equity, warrants and other 83,478 Market approach EBITDA multiples 4.50x - 12.00x (8.10x) Common equity, warrants and other 8 Market approach Revenue multiples 0.15x - 3.00x (0.15x) $ 441,508 (1) The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO's assumed reinvestment rate. (2) Constant default rates for the six months ending June 30, 2022. (3) Constant default rates for the period between June 30, 2022 and the assumed optional redemptions of the instruments. |
Transfers between levels, change in investments measured at fair value using Level 3 inputs, and unrealized appreciation (depreciation) for assets still held | The following table presents the Company’s transfers of Level 2 and Level 3 loans for the three and nine months ended September 30, 2022 and 2021, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Transfers from Level 2 to Level 3 $ — $ — $ 3,252 $ — Transfers from Level 3 to Level 2 6,403 2,296 6,403 858 The following tables present changes in investments measured at fair value using Level 3 inputs for the nine months ended September 30, 2022 and September 30, 2021, respectively: Nine Months Ended September 30, 2022 Senior Subordinated Preferred Equity Common Equity, Warrants and Other Structured Finance Securities Total Level 3 assets, December 31, 2021 $ 261,113 $ 17,943 $ 3,765 $ 83,486 $ 75,201 $ 441,508 Net realized loss on investments (122) — (51) (6) — (179) Net unrealized appreciation (depreciation) on investments (9,416) (5,488) 3,558 6,050 (12,600) (17,896) Amortization of Net Loan Fees 1,058 6 — — 186 1,250 Accretion of interest income on Structured Finance Securities — — — — 7,647 7,647 Capitalized PIK interest and dividends 362 58 230 — — 650 Amendment fees (206) — — — — (206) Purchase and origination of portfolio investments 85,066 — — 1,290 43,198 129,554 Proceeds from principal payments on portfolio investments (51,060) (8,245) — — (9,500) (68,805) Sale and redemption of portfolio investments (2,845) — — (3,141) — (5,986) Proceeds from distributions received from portfolio investments — — — — (14,261) (14,261) Transfers out of Level 3 (6,403) — — — — (6,403) Transfers in to Level 3 3,252 — — — — 3,252 Level 3 assets, September 30, 2022 $ 280,799 $ 4,274 $ 7,502 $ 87,679 $ 89,871 $ 470,125 Nine Months Ended September 30, 2021 Senior Subordinated Preferred Equity Common Equity, Warrants and Other Structured Finance Securities Total Level 3 assets, December 31, 2020 $ 284,078 $ 15,067 $ 11,543 $ 52,984 $ 56,425 $ 420,097 Net realized gain (loss) on investments (321) (7,548) (1,956) 1,427 — (8,398) Net unrealized appreciation on investments 3,463 9,750 3,235 23,006 344 39,798 Amortization of Net Loan Fees 1,403 70 — — 60 1,533 Accretion of interest income on Structured Finance Securities — — — — 7,315 7,315 Capitalized PIK interest and dividends 849 398 143 — — 1,390 Amendment fees (97) — — — — (97) Purchase and origination of portfolio investments 76,727 — — 200 30,550 107,477 Proceeds from principal payments on portfolio investments (100,694) (121) — — (8,600) (109,415) Sale and redemption of portfolio investments (8,863) (91) (3,160) (3,241) — (15,355) Proceeds from distributions received from portfolio investments — — — — (9,468) (9,468) Transfers out of Level 3 (858) — — — — (858) Level 3 assets, September 30, 2021 $ 255,687 $ 17,525 $ 9,805 $ 74,376 $ 76,626 $ 434,019 The net unrealized appreciation (depreciation) reported in the Company’s consolidated statements of operations for the nine months ended September 30, 2022 and 2021, attributable to the Company’s Level 3 assets still held at those respective period ends was as follows: Nine Months Ended September 30, 2022 2021 Senior secured debt investments $ (8,941) $ 2,431 Subordinated debt investments (5,487) 2,216 Preferred equity 3,507 609 Common equity, warrants and other 7,657 24,612 Structured Finance Securities (12,553) 356 Net unrealized appreciation (depreciation) on investments held $ (15,817) $ 30,224 |
Carrying values and fair values of debt | The following table sets forth carrying values and fair values of the Company’s debt as of September 30, 2022 and December 31, 2021: As of September 30, 2022 As of December 31, 2021 Description Carrying Value Fair Value Carrying Value Fair Value PWB Credit Facility $ 1,500 $ 1,500 $ — $ — BNP Facility 121,400 121,400 100,000 100,000 Unsecured Notes Due February 2026 122,350 107,381 121,774 123,130 Unsecured Notes Due October 2028 53,754 49,830 53,672 56,430 SBA-guaranteed debentures 50,649 49,423 69,365 73,011 Total debt $ 349,653 $ 329,534 $ 344,811 $ 352,571 The following tables present the fair value measurements of the Company's debt and indicate the fair value hierarchy of the significant unobservable inputs utilized by the Company to determine such fair values as of September 30, 2022 and December 31, 2021: September 30, 2022 Description Level 1 Level 2 Level 3 (1) Total PWB Credit Facility $ — $ — $ 1,500 $ 1,500 BNP Facility — — 121,400 121,400 Unsecured Notes Due February 2026 — — 107,381 107,381 Unsecured Notes Due October 2028 49,830 — — 49,830 SBA-guaranteed debentures — — 49,423 49,423 Total debt, at fair value $ 49,830 $ — $ 279,704 $ 329,534 December 31, 2021 Description Level 1 Level 2 Level 3 (1) Total PWB Credit Facility $ — $ — $ — $ — BNP Facility — — 100,000 100,000 Unsecured Notes Due February 2026 — — 123,130 123,130 Unsecured Notes Due October 2028 56,430 — — 56,430 SBA-guaranteed debentures — — 73,011 73,011 Total debt, at fair value $ 56,430 $ — $ 296,141 $ 352,571 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt instruments | For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense $ 369 $ 646 $ 1,184 $ 2,118 Amortization of debt issuance costs 48 43 140 165 Total interest and debt financing costs $ 417 $ 689 $ 1,324 $ 2,283 Cash paid for interest expense $ 737 $ 1,425 $ 1,739 $ 2,978 Effective interest rate 3.28 % 3.21 % 3.21 % 3.30 % Average outstanding balance $ 50,920 $ 85,772 $ 55,026 $ 92,368 For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense $ 2,165 $ 2,702 $ 6,495 $ 8,576 Amortization of debt issuance costs 260 348 783 1,002 Total interest and debt financing costs $ 2,425 $ 3,050 $ 7,278 $ 9,578 Cash paid for interest expense $ 3,649 $ 4,028 $ 8,002 $ 8,938 Effective interest rate 5.39 % 5.97 % 5.39 % 6.08 % Average outstanding balance $ 180,000 $ 204,325 $ 180,000 $ 210,082 For the three and nine months ended September 30, 2022 and 2021, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Average dollar borrowings $ 367,992 $ 320,187 $ 361,319 $ 335,979 Weighted average effective interest rate 5.06 % 5.30 % 4.51 % 5.29 % |
Credit facilities | For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense $ 1,671 $ 325 $ 3,295 $ 1,105 Amortization of debt issuance costs 95 159 231 271 Total interest and debt financing costs $ 1,766 $ 484 $ 3,526 $ 1,376 Cash paid for interest expense $ 1,520 $ 376 $ 2,906 $ 1,133 Effective interest rate 5.20 % 6.44 % 3.74 % 5.60 % Average outstanding balance $ 135,680 $ 30,074 $ 125,574 $ 32,782 For the three and nine months ended September 30, 2022 and 2021, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the PWB Credit Facility were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stated interest expense (1) $ 49 $ 10 $ 96 $ 62 Cash paid for interest expense $ 49 $ 16 $ 95 $ 62 Effective interest rate (2) 5.89 % 5.20 % 5.19 % 5.31 % Average outstanding balance $ 1,391 $ 16 $ 719 $ 747 (1) Stated interest expense includes unused fees. (2) Unused fees were excluded from the calculation. |
Scheduled maturities | The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of September 30, 2022: Payments due by period Total Less than 1-3 years 4-5 years After 5 years PWB Credit Facility $ 1,500 $ — $ 1,500 $ — $ — Unsecured Notes 180,000 — — 125,000 55,000 SBA Debentures 50,920 — 50,920 — — BNP Facility 121,400 — — 121,400 — Total $ 353,820 $ — $ 52,420 $ 246,400 $ 55,000 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
Financial highlights | The following is a schedule of financial highlights for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended 2022 2021 2022 2021 Per share operating performance: Net asset value per share at beginning of period $ 14.57 $ 13.42 $ 15.18 $ 11.85 Net investment income (4) 0.33 0.24 1.01 0.67 Net realized gain (loss) on investments, net of taxes (4) (0.04) 0.24 (0.04) (0.56) Net unrealized appreciation (depreciation) on investments, net of taxes (4) (1.00) 0.52 (1.71) 3.05 Loss on extinguishment of debt (4) — (0.02) (0.01) (0.19) Total income (loss) from operations (0.71) 0.98 (0.75) 2.97 Distributions (0.29) (0.24) (0.86) (0.66) Issuance/Repurchase of common stock (8) 0.01 — 0.01 — Net asset value per share at end of period $ 13.58 $ 14.16 $ 13.58 $ 14.16 Per share market value, end of period $ 8.22 $ 10.36 $ 8.22 $ 10.36 Total return based on market value (1)(7) (14.2) % 6.4 % (17.9) % 55.0 % Total return based on net asset value (2)(7) (3.5) % 8.0 % (2.6) % 27.8 % Shares outstanding at end of period 13,406,971 13,418,973 13,406,971 13,418,973 Weighted average shares outstanding 13,428,410 13,415,276 13,425,466 13,412,125 Ratio/Supplemental Data (dollar amounts in thousands) Average net asset value (3) $ 188,893 $ 184,985 $ 197,479 $ 172,349 Net asset value at end of period $ 182,074 $ 189,977 $ 182,074 $ 189,977 Net investment income $ 4,372 $ 3,235 $ 13,625 $ 9,020 Ratio of total expenses to average net assets (5) 19.0 % 15.9 % 14.3 % 18.2 % Ratio of total expenses and loss on extinguishment of debt to average net assets (5) 19.0 % 16.0 % 14.3 % 19.6 % Ratio of net investment income to average net assets (5) 9.3 % 7.0 % 9.2 % 7.0 % Ratio of loss on extinguishment of debt to average net assets (7) — % 0.1 % 0.1 % 1.5 % Portfolio turnover (6) 4.2 % 6.9 % 22.7 % 31.8 % (1) Calculated as ending market value less beginning market value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions. (2) Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions. (3) Based on the average of the net asset value at the beginning and end of the indicated period and if applicable the preceding calendar quarters. (4) Calculated on the average share method. (5) Annualized. (6) Portfolio turnover rate is calculated using the lesser of period-to-date sales, Structured Finance Security distributions and principal payments or period-to-date purchases over the average of the invested assets at fair value. (7) Not annualized. (8) Common stock issued through the DRIP and repurchased through the Stock Repurchase Program. |
Capital Transactions (Tables)
Capital Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Distributions declared | The following table summarizes distributions declared and paid for the nine months ended September 30, 2022 and 2021: Date Declared Record Date Payment Date Amount Cash DRIP Shares DRIP Shares Nine Months Ended September 30, 2021 March 2, 2021 March 24, 2021 March 31, 2021 $ 0.20 $ 2,655 3,103 $ 27 May 11, 2021 June 23, 2021 June 30, 2021 0.22 2,918 3,273 33 August 3, 2021 September 23, 2021 September 30, 2021 0.24 3,181 3,738 39 $ 0.66 $ 8,754 10,114 $ 99 Nine Months Ended September 30, 2022 March 1, 2022 March 24, 2022 March 31, 2022 $ 0.28 $ 3,719 3,016 $ 39 May 3, 2022 June 23, 2022 June 30, 2022 0.29 3,850 4,348 43 August 2, 2022 September 23, 2022 September 30, 2022 0.29 3,849 5,529 46 $ 0.86 $ 11,418 12,893 $ 128 |
Common stock repurchased | The following table summarizes shares of common stock repurchased under the Stock Repurchase Program during the nine months ended September 30, 2022 and 2021, respectively. Period Total Number of Shares Purchased Cost of Shares Purchased Average Price Paid Per Share Weighted average discount to NAV prior to repurchases Nine Months Ended September 30, 2021 January 1, 2021 through March 31, 2021 700 $ 5 $ 6.70 43.3 % April 1, 2021 through June 30, 2021 — — — n/a July 1, 2021 through September 30, 2021 — — — n/a Nine Months Ended September 30, 2022 January 1, 2022 through March 31, 2022 — $ — $ — n/a April 1, 2022 through June 30, 2022 — — — n/a July 1, 2022 through September 30, 2022 28,335 231 8.14 44.2 % |
Consolidated Schedule of Inve_4
Consolidated Schedule of Investments In and Advances To Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments in and Advances to Affiliates [Abstract] | |
Consolidated Schedule of Investments In and Advances To Affiliates | Nine Month Period Ended September 30, 2022 Name of Portfolio Company Investment Type (1) Net Realized Gain (Loss) Net change in unrealized appreciation/(depreciation) Interest & PIK Interest Dividends Fees Total Income (2) December 31, 2021, Fair Value Gross Gross September 30, 2022, Fair Value (5) Control Investment MTE Holding Corp. Subordinated Loan $ — $ — $ 141 $ — $ 6 $ 147 $ 8,195 $ 35 $ (8,230) $ — Common Equity 278 (1,684) — 45 — 45 4,753 — (4,753) — 278 (1,684) 141 45 6 192 12,948 35 (12,983) — Total Control Investment 278 (1,684) 141 45 6 192 12,948 35 (12,983) — Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity — 3,140 — 230 — 230 2,748 3,370 — 6,118 Common Equity (6) — 473 — — — — 25 473 — 498 — 3,613 — 230 — 230 2,773 3,843 — 6,616 DRS Imaging Services, LLC Common Equity (6) — 24 — — — — 1,289 24 — 1,313 Master Cutlery, LLC Subordinated Loan (6) — (526) — — — — 699 — (542) 157 Preferred Equity (6) — — — — — — — — — — Common Equity (6) — — — — — — — — — — — (526) — — — — 699 — (542) 157 Pfanstiehl Holdings, Inc Common Equity — 16,524 — — — — 65,740 16,524 — 82,264 TalentSmart Holdings, LLC Common Equity (6) — (248) — — — — 1,095 — (248) 847 TRS Services, Inc. Preferred Equity — 296 — 5 — 5 988 296 — 1,284 Common Equity — — — 49 — 49 — — — — 296 — 54 — 54 988 296 — 1,284 Total Affiliate Investments — 19,683 — 284 — 284 72,584 20,687 (790) 92,481 Total Control and Affiliate Investments $ 278 $ 17,999 $ 141 $ 329 $ 6 $ 476 $ 85,532 $ 20,722 $ (13,773) $ 92,481 (1) Principal balance, interest rate and maturity of debt investments, and ownership detail for equity investments are presented in the consolidated schedule of investments. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. (2) Represents the total amount of interest, fees or dividends included in income for the nine months ended September 30, 2022, during which an investment was included in the Control Investment or Affiliate Investment categories. (3) Gross additions include increases in cost basis of investments resulting from a new portfolio investment, PIK interest, fees and dividends; accretion of OID, and net increases in unrealized appreciation or decreases in net depreciation. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales, if any, and net decreases in net unrealized appreciation or net increases in net depreciation. (5) Fair value was determined using significant unobservable inputs. See Note 5 for further details. (6) Non-income producing. |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 20, 2019 |
Revolving Credit Facility | Line of Credit | BNP Facility | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity | $ 150,000 | $ 150,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | Dec. 04, 2013 USD ($) |
License | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset | $ 2,500 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jan. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Payable to adviser and affiliates | $ 3,786 | $ 6,217 | |
Affiliates Of OFS Advisor | OFS Capital Corporation | |||
Related Party Transaction [Line Items] | |||
Share of common stock owned (in shares) | 3,019,694 | ||
Investment ownership percentage | 22.50% | ||
Affiliated Entity | Investment Advisory Agreement | |||
Related Party Transaction [Line Items] | |||
Base management fee percentage | 1.75% | ||
Affiliated Entity | Base management fee, quarterly | |||
Related Party Transaction [Line Items] | |||
Base management fee percentage | 0.25% | ||
Affiliated Entity | Base management fee, annualized | |||
Related Party Transaction [Line Items] | |||
Base management fee percentage | 1% | ||
Affiliated Entity | Incentive fee, pre-incentive fee net income | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 20% | ||
Affiliated Entity | Incentive fee, quarterly hurdle rate | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 2% | ||
Affiliated Entity | Incentive fee, annualized hurdle rate | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 8% | ||
Affiliated Entity | Incentive fee, pre-incentive fee net investment income below catch-up threshold | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 100% | ||
Affiliated Entity | Incentive fee, quarterly catch-up threshold | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 2.50% | ||
Affiliated Entity | Incentive fee, pre-incentive fee net investment income exceeds catch-up threshold | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 20% | ||
Affiliated Entity | Incentive fee, realized capital gains | |||
Related Party Transaction [Line Items] | |||
Incentive fee percentage | 20% | ||
Payable to adviser and affiliates | $ 0 | $ 1,916 |
Related Party Transactions - Ex
Related Party Transactions - Expenses and Distributions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||||
Base management fees | $ 1,986 | $ 1,950 | $ 6,062 | $ 5,660 |
Incentive fees: | ||||
Incentive fees | 1,093 | 0 | 1,093 | 809 |
Capital Gains Fee | 0 | 102 | (1,916) | 102 |
Administration fee expense | 435 | 335 | 1,309 | 1,342 |
Distributions paid to affiliates | $ 876 | $ 729 | $ 2,597 | $ 2,005 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) portfolio_company structured_finance_note | Dec. 31, 2021 USD ($) structured_finance_note portfolio_company | ||||
Investment Holdings [Line Items] | |||||
Number of non-portfolio investments | structured_finance_note | 23 | 17 | |||
Amortized cost of loans on non-accrual status | $ 34,666 | $ 19,054 | |||
Fair value of loans on non-accrual status | 12,179 | 7,726 | |||
Investments, at fair value | 516,615 | [1],[2] | 507,099 | [3],[4] | |
Investment, Identifier [Axis]: 0.102 | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [5] | 9,090 | |||
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6] | 8,932 | |||
Investment, Identifier [Axis]: AAdvantage Loyalty IP Ltd. and American Airlines, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8],[9] | 377 | |||
Investment, Identifier [Axis]: AIDC Intermediateco 2, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6] | 1,957 | |||
Investment, Identifier [Axis]: Aegion Corporation, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,259 | [6],[10] | 628 | [8],[9] | |
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [8],[11] | 23,052 | |||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1 | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 23,155 | ||||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2 | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,988 | ||||
Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,282 | [6],[12] | 3,810 | [7],[8] | |
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [13],[14] | 8,435 | |||
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 6,019 | [13],[14] | 7,442 | [5] | |
Investment, Identifier [Axis]: Apex Credit CLO 2021-II Ltd, Loan Accumulation Facility | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [9],[15] | 8,500 | |||
Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [13],[14] | 8,980 | |||
Investment, Identifier [Axis]: Ares L CLO, Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [14] | 5,211 | |||
Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,517 | ||||
Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [12] | 1,518 | |||
Investment, Identifier [Axis]: Atlantis Holding, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6],[12] | 8,021 | |||
Investment, Identifier [Axis]: Autokiniton US Holdings, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 2,704 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [8] | 2,972 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1 | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6],[10] | 3,884 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2 | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 785 | ||||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,558 | ||||
Investment, Identifier [Axis]: Ball Metalpack, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,167 | ||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [14] | 7,152 | |||
Investment, Identifier [Axis]: Bass Pro Group, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 1,972 | |||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [14] | 5,386 | |||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 5,061 | ||||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [16] | 170 | |||
Investment, Identifier [Axis]: Baymark Health Services, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,942 | ||||
Investment, Identifier [Axis]: Baymark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [17] | 3,209 | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [18],[19] | 1,223 | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6],[17] | 9,319 | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [17] | (39) | |||
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan Accumulation Facility | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 8,500 | ||||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 29 | [19] | 29 | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 498 | [19] | 25 | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 6,118 | 2,748 | |||
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 5,921 | 4,887 | |||
Investment, Identifier [Axis]: Corel Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 2,270 | |||
Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,876 | [6],[10] | 1,977 | [8],[9] | |
Investment, Identifier [Axis]: DHX Media Ltd., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,638 | [6],[10] | 3,970 | [8],[9] | |
Investment, Identifier [Axis]: DIRECTV Financing, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 4,405 | |||
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,313 | [18],[19],[20] | 1,289 | [21],[22],[23] | |
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 918 | |||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 244 | ||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 387 | ||||
Investment, Identifier [Axis]: Directv Financing, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6],[12] | 1,911 | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [5] | 1,337 | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [5] | 1,672 | |||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 901 | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes - Income | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,126 | ||||
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,956 | [13],[14] | 2,374 | [5] | |
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,884 | ||||
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [17] | (10) | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [19] | 0 | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [22] | 292 | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [24],[25] | 4,117 | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [26] | 9,049 | |||
Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,505 | 2,954 | |||
Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 126 | [13],[14],[27] | 5,357 | [5] | |
Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,667 | [6] | 1,837 | [7],[8] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | [28] | 0 | [29] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 6,375 | 6,424 | |||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 690 | [25] | 4,645 | ||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 771 | [17] | 563 | [16] | |
Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,074 | [30] | 4,250 | [11] | |
Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 5,621 | [13],[14] | 7,331 | [5] | |
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (368,852 Class A units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [22] | 77 | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (40,984 Class B units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [22] | 3 | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [19] | 0 | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [19] | 0 | |||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 6,372 | [6] | 6,471 | ||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,675 | [6],[17] | (40) | [16] | |
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (20) | [17] | (15) | [16] | |
Investment, Identifier [Axis]: Hunter Fan Company, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 4,997 | |||
Investment, Identifier [Axis]: Idera, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,758 | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 15,260 | [24] | 15,260 | ||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | [17] | 0 | [16] | |
Investment, Identifier [Axis]: Intouch Midco Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 863 | [6],[10] | 2,865 | [8],[9] | |
Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,328 | [6],[12] | 2,993 | [7],[8] | |
Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,851 | [6] | 5,550 | [8] | |
Investment, Identifier [Axis]: KNS Acquisition Corp., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 6,403 | [6],[12] | 6,870 | [7],[8] | |
Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6],[12] | 2,057 | |||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 19,068 | [6] | 20,347 | ||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (116) | [17] | (17) | [16] | |
Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,064 | [6],[12] | 2,966 | [7],[8] | |
Investment, Identifier [Axis]: MTE Holding Corp., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,753 | ||||
Investment, Identifier [Axis]: MTE Holding Corp., Subordinated Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 8,195 | ||||
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 5,421 | [13],[14] | 7,211 | [5] | |
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 5,627 | [13],[14] | 7,001 | [5] | |
Investment, Identifier [Axis]: Magenta Buyer LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 4,845 | |||
Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [24],[25] | 157 | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Preferred Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | 0 | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [26],[31] | 699 | |||
Investment, Identifier [Axis]: McGraw Hill Global Education Holdings, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 2,303 | |||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,738 | ||||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [17] | (21) | |||
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 26,808 | [6] | 22,024 | [8] | |
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 450 | [17] | 610 | ||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 7,991 | ||||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [16] | (7) | |||
Investment, Identifier [Axis]: Molded Devices, Inc., Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [16] | (9) | |||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, LTD., Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 996 | ||||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine debt - Class E-R | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [14] | 872 | |||
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,403 | [13],[14] | 4,845 | [5] | |
Investment, Identifier [Axis]: Odyssey Logistics and Technology Corporation, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 1,970 | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 7,071 | [6] | 5,403 | ||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (240) | [6],[17] | (39) | [16] | |
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (87) | [17] | (29) | [16] | |
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [21],[22],[23] | 1,698 | |||
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [19],[20] | 1,058 | |||
Investment, Identifier [Axis]: Parfums Holding Company, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,370 | [6],[12] | 1,531 | [7],[8] | |
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 882 | [14] | 988 | ||
Investment, Identifier [Axis]: Peraton Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 837 | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, increase in fair value | 16,524 | ||||
Investments, at fair value | 82,264 | [20],[30],[32] | 65,740 | [11],[23],[33] | |
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [19],[25] | 7,215 | |||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [22],[31] | 7,027 | |||
Investment, Identifier [Axis]: Professional Pipe Holdings, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,441 | 5,378 | |||
Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,080 | ||||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [21],[22] | 794 | |||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [18],[19] | 406 | |||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (1) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,074 | [12] | 2,680 | [7] | |
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (2) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,598 | 4,223 | |||
Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6] | 4,940 | |||
Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 745 | [13],[14] | 1,106 | [5] | |
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine debt - Class DR2 | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 720 | [14] | 795 | ||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [14] | 2,971 | |||
Investment, Identifier [Axis]: Resource Label Group, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,609 | [6],[12] | 694 | ||
Investment, Identifier [Axis]: Resource Label Group, LLC, Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,742 | ||||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,882 | 4,006 | |||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,139 | [17] | (79) | [16] | |
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 30 | 274 | |||
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 3,010 | [34] | 3,011 | [35] | |
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (19) | [17] | 0 | [16] | |
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 9,483 | 9,775 | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,025 | 1,056 | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,581 | 2,660 | |||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (15) | [17] | 0 | [16] | |
Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 8,969 | 9,073 | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [18],[19] | 87 | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (Series A units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (Series B units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 12 | ||||
Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,585 | [6] | 1,794 | [7],[8] | |
Investment, Identifier [Axis]: SourceHOV Tax, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 19,935 | ||||
Investment, Identifier [Axis]: SourceHOV Tax, Inc., Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [16] | 0 | |||
Investment, Identifier [Axis]: Southern Technical Institute, LLC, Equity Participation Rights | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [11],[22],[29] | 7,408 | |||
Investment, Identifier [Axis]: Southern Technical Institute, LLC, Equity appreciation rights | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [28],[30] | 0 | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [8] | 5,916 | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6] | 6,173 | |||
Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,564 | [6],[10],[12] | 2,838 | [7],[8],[9] | |
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [13],[14] | 4,169 | |||
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [5] | 5,231 | |||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | [19] | 0 | ||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 988 | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 1,284 | ||||
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 847 | [18],[19],[20] | 1,095 | [23] | |
Investment, Identifier [Axis]: Teneo Global LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [7],[8] | 1,427 | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 16,496 | 16,382 | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 0 | [17] | 14 | [16] | |
Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,073 | [6],[12] | 2,085 | [7],[8] | |
Investment, Identifier [Axis]: Tolemar Acquisition, INC., Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 15,509 | [6] | 14,818 | ||
Investment, Identifier [Axis]: Tolemar Acquisition, INC., Senior Secured Loan (Revolver) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | (6) | [17] | 348 | [16] | |
Investment, Identifier [Axis]: Tony's Fresh Market/ Cardenas Markets, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [6] | 5,648 | |||
Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,288 | [13],[14] | 3,229 | [5] | |
Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 4,416 | 4,590 | |||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (151,787 units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 17 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (4,701 units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 13 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants (29,374 units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 8 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants (3,976 units) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 11 | ||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine debt - Class E | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | [14] | 2,852 | |||
Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 508 | [13],[14] | 696 | [5] | |
Investment, Identifier [Axis]: West Corporation, Senior Secured Loan (1) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 838 | ||||
Investment, Identifier [Axis]: West Corporation, Senior Secured Loan (2) | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | 2,485 | ||||
Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan | |||||
Investment Holdings [Line Items] | |||||
Investments, at fair value | $ 2,947 | [6],[12] | $ 3,299 | [7],[8] | |
Portfolio net assets | Investment concentration risk | Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Concentration risk, percentage | 45.20% | ||||
Portfolio fair value | Investment concentration risk | Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | |||||
Investment Holdings [Line Items] | |||||
Concentration risk, percentage | 15.90% | ||||
Debt investments | |||||
Investment Holdings [Line Items] | |||||
Number of portfolio companies | portfolio_company | 57 | 58 | |||
Senior secured loans | |||||
Investment Holdings [Line Items] | |||||
Investment percentage | 99% | 95% | |||
Investments, at fair value | $ 327,289 | $ 326,704 | |||
Subordinated loans | |||||
Investment Holdings [Line Items] | |||||
Investment percentage | 1% | 5% | |||
Investments, at fair value | $ 4,274 | $ 17,943 | |||
Equity investments | |||||
Investment Holdings [Line Items] | |||||
Number of portfolio companies | portfolio_company | 17 | 17 | |||
[1] Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details. Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details. Subject to unfunded commitments. See Note 6 . Subject to unfunded commitments. See Note 6 . The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of September 30, 2022: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Eblens Holdings, Inc. Subordinated Loan 0% or 1.50% 12.50% or 14.00% 1.50% Inergex Holdings, LLC Senior Loan 0% or 2.00% 10.67% to 12.67% 2.00% Master Cutlery, LLC Subordinated Loan 0% to 13.00% 0% to 13.00% 13.00% Investment was on non-accrual status as of September 30, 2022, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2021: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Eblens Holdings, Inc. Subordinated Loan 0% or 1.00% 13.00% or 12.00% 1.00% Master Cutlery, LLC Senior Secured Loan 0% to 13.00% 13.00% to 0% 13.00% Investment was on non-accrual status as of December 31, 2021, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 9.11% 8.75% 0.36% The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of December 31, 2021: Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 7.88% 7.50% 0.38% |
Investments - By Composition an
Investments - By Composition and Domicile (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | ||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 489,848 | [1] | $ 457,312 | [2] |
Percentage of Total, Amortized Cost | 100% | 100% | ||
Percentage of Total, Net Assets | 269% | 224.50% | ||
Fair Value | $ 516,615 | [1],[3] | $ 507,099 | [2],[4] |
Percentage of Total, Fair Value | 100% | 100% | ||
Percentage of Total, Net Assets | 283.70% | [1] | 248.90% | [2] |
United States | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 378,154 | $ 378,823 | ||
Fair Value | 417,574 | 428,321 | ||
Canada | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 9,474 | 12,038 | ||
Fair Value | 9,170 | 12,077 | ||
Cayman Islands | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 102,220 | 66,451 | ||
Fair Value | 89,871 | 66,701 | ||
Total Debt and Equity Investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 387,628 | $ 382,361 | ||
Percentage of Total, Amortized Cost | 79.10% | 83.40% | ||
Percentage of Total, Net Assets | 212.90% | 187.70% | ||
Fair Value | $ 426,744 | $ 431,898 | ||
Percentage of Total, Fair Value | 82.60% | 85.60% | ||
Percentage of Total, Net Assets | 234.30% | 212% | ||
Senior secured debt investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 351,257 | $ 336,132 | ||
Percentage of Total, Amortized Cost | 71.70% | 73.30% | ||
Percentage of Total, Net Assets | 193% | 165% | ||
Fair Value | $ 327,289 | $ 326,704 | ||
Percentage of Total, Fair Value | 63.30% | 64.90% | ||
Percentage of Total, Net Assets | 179.70% | 160.40% | ||
Subordinated debt investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 13,890 | $ 22,071 | ||
Percentage of Total, Amortized Cost | 2.80% | 4.80% | ||
Percentage of Total, Net Assets | 7.60% | 10.80% | ||
Fair Value | $ 4,274 | $ 17,943 | ||
Percentage of Total, Fair Value | 0.80% | 3.50% | ||
Percentage of Total, Net Assets | 2.30% | 8.80% | ||
Preferred equity | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 9,731 | $ 9,552 | ||
Percentage of Total, Amortized Cost | 2% | 2.10% | ||
Percentage of Total, Net Assets | 5.30% | 4.70% | ||
Fair Value | $ 7,502 | $ 3,765 | ||
Percentage of Total, Fair Value | 1.50% | 0.70% | ||
Percentage of Total, Net Assets | 4.10% | 1.80% | ||
Common equity, warrants and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 12,750 | $ 14,606 | ||
Percentage of Total, Amortized Cost | 2.60% | 3.20% | ||
Percentage of Total, Net Assets | 7% | 7.20% | ||
Fair Value | $ 87,679 | $ 83,486 | ||
Percentage of Total, Fair Value | 17% | 16.50% | ||
Percentage of Total, Net Assets | 48.20% | 41% | ||
Structured Finance Securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 102,220 | $ 74,951 | ||
Percentage of Total, Amortized Cost | 20.90% | 16.60% | ||
Percentage of Total, Net Assets | 56.10% | 36.80% | ||
Fair Value | $ 89,871 | $ 75,201 | ||
Percentage of Total, Fair Value | 17.40% | 14.40% | ||
Percentage of Total, Net Assets | 49.40% | 36.90% | ||
[1]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[2]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[3] Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. |
Investments - By Industry (Deta
Investments - By Industry (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2020 | ||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 489,848 | [1] | $ 457,312 | [2] | |
Percentage of Total, Amortized Cost | 100% | 100% | |||
Percentage of Total, Net Assets | 269% | 224.50% | |||
Fair Value | $ 516,615 | [1],[3] | $ 507,099 | [2],[4] | |
Percentage of Total, Fair Value | 100% | 100% | |||
Percentage of Total, Net Assets | 283.70% | [1] | 248.90% | [2] | |
Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 387,628 | $ 382,361 | |||
Percentage of Total, Amortized Cost | 79.10% | 83.40% | |||
Percentage of Total, Net Assets | 212.90% | 187.70% | |||
Fair Value | $ 426,744 | $ 431,898 | |||
Percentage of Total, Fair Value | 82.60% | 85.60% | |||
Percentage of Total, Net Assets | 234.30% | 212% | |||
Structured Finance Securities | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 102,220 | $ 74,951 | |||
Percentage of Total, Amortized Cost | 20.90% | 16.60% | |||
Percentage of Total, Net Assets | 56.10% | 36.80% | |||
Fair Value | $ 89,871 | $ 75,201 | |||
Percentage of Total, Fair Value | 17.40% | 14.40% | |||
Percentage of Total, Net Assets | 49.40% | 36.90% | |||
Administrative and Support and Waste Management and Remediation Services, All Other Business Support Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,750 | ||||
Percentage of Total, Amortized Cost | 0.60% | ||||
Percentage of Total, Net Assets | 1.50% | ||||
Fair Value | $ 2,717 | ||||
Percentage of Total, Fair Value | 0.50% | ||||
Percentage of Total, Net Assets | 1.50% | ||||
Administrative and Support and Waste Management and Remediation Services, All Other Business Support Services, Convention and Trade Show Organizers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 160 | $ 214 | |||
Percentage of Total, Amortized Cost | 0% | 0% | |||
Percentage of Total, Net Assets | 0.10% | 0.10% | |||
Fair Value | $ 12 | $ 87 | |||
Percentage of Total, Fair Value | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Administrative and Support and Waste Management and Remediation Services, Hazardous Waste Treatment and Disposal | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,770 | $ 1,833 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1% | 0.90% | |||
Fair Value | $ 1,837 | $ 1,667 | |||
Percentage of Total, Fair Value | 0.40% | 0.30% | |||
Percentage of Total, Net Assets | 0.90% | 0.90% | |||
Administrative and Support and Waste Management and Remediation Services, Landscaping Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,615 | $ 4,630 | |||
Percentage of Total, Amortized Cost | 0.90% | 1% | |||
Percentage of Total, Net Assets | 2.50% | 2.30% | |||
Fair Value | $ 4,590 | $ 4,416 | |||
Percentage of Total, Fair Value | 0.90% | 0.90% | |||
Percentage of Total, Net Assets | 2.30% | 2.40% | |||
Administrative and Support and Waste Management and Remediation Services, Security Systems Services (except Locksmiths) | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,845 | $ 4,827 | |||
Percentage of Total, Amortized Cost | 1.20% | 1.10% | |||
Percentage of Total, Net Assets | 3.20% | 2.40% | |||
Fair Value | $ 4,887 | $ 5,921 | |||
Percentage of Total, Fair Value | 1% | 1.10% | |||
Percentage of Total, Net Assets | 2.40% | 3.30% | |||
Administrative and Support and Waste Management and Remediation Services, Temporary Help Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 8,877 | ||||
Percentage of Total, Amortized Cost | 1.80% | ||||
Percentage of Total, Net Assets | 4.90% | ||||
Fair Value | $ 8,932 | ||||
Percentage of Total, Fair Value | 1.70% | ||||
Percentage of Total, Net Assets | 4.90% | ||||
Arts, Entertainment and Recreation, Other Amusement and Recreation Industries | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 16,298 | $ 16,287 | |||
Percentage of Total, Amortized Cost | 3.30% | 3.60% | |||
Percentage of Total, Net Assets | 9% | 8% | |||
Fair Value | $ 16,396 | $ 16,496 | |||
Percentage of Total, Fair Value | 3.20% | 3.20% | |||
Percentage of Total, Net Assets | 8% | 9.10% | |||
Construction, Electrical Contractors and Other Wiring Installation Contractors | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 18,452 | $ 18,132 | |||
Percentage of Total, Amortized Cost | 3.80% | 4% | |||
Percentage of Total, Net Assets | 10.10% | 8.90% | |||
Fair Value | $ 11,632 | $ 7,836 | |||
Percentage of Total, Fair Value | 2.30% | 1.50% | |||
Percentage of Total, Net Assets | 5.70% | 4.30% | |||
Construction, New Single-Family Housing Construction (except For-Sale Builders) | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,811 | $ 1,823 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1% | 0.90% | |||
Fair Value | $ 1,794 | $ 1,585 | |||
Percentage of Total, Fair Value | 0.40% | 0.30% | |||
Percentage of Total, Net Assets | 0.90% | 0.90% | |||
Construction, Plumbing, Heating, and Air-Conditioning Contractors | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,429 | $ 5,344 | |||
Percentage of Total, Amortized Cost | 0.30% | 1.20% | |||
Percentage of Total, Net Assets | 0.80% | 2.60% | |||
Fair Value | $ 5,378 | $ 1,441 | |||
Percentage of Total, Fair Value | 1.10% | 0.30% | |||
Percentage of Total, Net Assets | 2.60% | 0.80% | |||
Construction, Water and Sewer Line and Related Structures Construction | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,388 | $ 627 | |||
Percentage of Total, Amortized Cost | 0.50% | 0.10% | |||
Percentage of Total, Net Assets | 1.30% | 0.30% | |||
Fair Value | $ 628 | $ 2,259 | |||
Percentage of Total, Fair Value | 0.10% | 0.40% | |||
Percentage of Total, Net Assets | 0.30% | 1.20% | |||
Education Services, Colleges, Universities, and Professional Schools | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 0 | $ 0 | |||
Percentage of Total, Amortized Cost | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Fair Value | $ 7,408 | $ 0 | |||
Percentage of Total, Fair Value | 1.50% | 0% | |||
Percentage of Total, Net Assets | 3.60% | 0% | |||
Education Services, Professional and Management Development Training | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,595 | $ 1,595 | |||
Percentage of Total, Amortized Cost | 0.30% | 0.30% | |||
Percentage of Total, Net Assets | 0.90% | 0.80% | |||
Fair Value | $ 1,095 | $ 847 | |||
Percentage of Total, Fair Value | 0.20% | 0.20% | |||
Percentage of Total, Net Assets | 0.50% | 0.50% | |||
Education Services, Sports and Recreation Instruction | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,016 | $ 3,011 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.70% | |||
Percentage of Total, Net Assets | 1.70% | 1.50% | |||
Fair Value | $ 3,011 | $ 2,991 | |||
Percentage of Total, Fair Value | 0.60% | 0.60% | |||
Percentage of Total, Net Assets | 1.50% | 1.60% | |||
Health Care And Social Assistance, Child Day Care Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,365 | $ 6,336 | |||
Percentage of Total, Amortized Cost | 1.30% | 1.40% | |||
Percentage of Total, Net Assets | 3.50% | 3.10% | |||
Fair Value | $ 5,916 | $ 6,173 | |||
Percentage of Total, Fair Value | 1.20% | 1.20% | |||
Percentage of Total, Net Assets | 2.90% | 3.40% | |||
Health Care And Social Assistance, Home Health Care Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,193 | $ 4,182 | |||
Percentage of Total, Amortized Cost | 0.90% | 0.90% | |||
Percentage of Total, Net Assets | 2.30% | 2.10% | |||
Fair Value | $ 4,250 | $ 4,074 | |||
Percentage of Total, Fair Value | 0.80% | 0.80% | |||
Percentage of Total, Net Assets | 2.10% | 2.20% | |||
Health Care And Social Assistance, Medical Laboratories | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 17 | $ 92 | |||
Percentage of Total, Amortized Cost | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Fair Value | $ 25 | $ 24 | |||
Percentage of Total, Fair Value | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Health Care And Social Assistance, Offices of Physicians, Mental Health Specialists | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 13,325 | $ 13,402 | |||
Percentage of Total, Amortized Cost | 2.70% | 2.90% | |||
Percentage of Total, Net Assets | 7.30% | 6.60% | |||
Fair Value | $ 13,491 | $ 13,074 | |||
Percentage of Total, Fair Value | 2.70% | 2.50% | |||
Percentage of Total, Net Assets | 6.60% | 7.20% | |||
Health Care And Social Assistance, Other Ambulatory Health Care Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 19,974 | $ 20,331 | |||
Percentage of Total, Amortized Cost | 4.10% | 4.40% | |||
Percentage of Total, Net Assets | 11% | 10% | |||
Fair Value | $ 20,331 | $ 18,952 | |||
Percentage of Total, Fair Value | 4% | 3.70% | |||
Percentage of Total, Net Assets | 10% | 10.40% | |||
Health Care And Social Assistance, Outpatient Mental Health and Substance Abuse Centers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 8,035 | $ 4,770 | |||
Percentage of Total, Amortized Cost | 1.60% | 1% | |||
Percentage of Total, Net Assets | 4.40% | 2.30% | |||
Fair Value | $ 5,231 | $ 8,151 | |||
Percentage of Total, Fair Value | 1% | 1.60% | |||
Percentage of Total, Net Assets | 2.60% | 4.50% | |||
Health Care And Social Assistance, Services for the Elderly and Persons with Disabilities | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 19,041 | $ 6,416 | |||
Percentage of Total, Amortized Cost | 3.90% | 1.40% | |||
Percentage of Total, Net Assets | 10.50% | 3.10% | |||
Fair Value | $ 6,416 | $ 18,530 | |||
Percentage of Total, Fair Value | 1.30% | 3.60% | |||
Percentage of Total, Net Assets | 3.10% | 10.20% | |||
Information, All Other Publishers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,288 | ||||
Percentage of Total, Amortized Cost | 0.50% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Fair Value | $ 2,303 | ||||
Percentage of Total, Fair Value | 0.50% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Information, All Other Telecommunications | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,429 | ||||
Percentage of Total, Amortized Cost | 0.70% | ||||
Percentage of Total, Net Assets | 1.70% | ||||
Fair Value | $ 3,323 | ||||
Percentage of Total, Fair Value | 0.70% | ||||
Percentage of Total, Net Assets | 1.60% | ||||
Information, Cable and Other Subscription Programming | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,773 | $ 3,801 | |||
Percentage of Total, Amortized Cost | 0.80% | 0.80% | |||
Percentage of Total, Net Assets | 2.10% | 1.90% | |||
Fair Value | $ 3,810 | $ 3,282 | |||
Percentage of Total, Fair Value | 0.80% | 0.60% | |||
Percentage of Total, Net Assets | 1.90% | 1.80% | |||
Information, Data Processing, Hosting, and Related Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,087 | $ 4,112 | |||
Percentage of Total, Amortized Cost | 0.80% | 0.90% | |||
Percentage of Total, Net Assets | 2.20% | 2% | |||
Fair Value | $ 4,255 | $ 3,377 | |||
Percentage of Total, Fair Value | 0.80% | 0.70% | |||
Percentage of Total, Net Assets | 2.10% | 1.90% | |||
Information, Directory and Mailing List Publishers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,112 | $ 2,004 | |||
Percentage of Total, Amortized Cost | 0.80% | 0.40% | |||
Percentage of Total, Net Assets | 2.30% | 1% | |||
Fair Value | $ 2,085 | $ 4,073 | |||
Percentage of Total, Fair Value | 0.40% | 0.80% | |||
Percentage of Total, Net Assets | 1% | 2.20% | |||
Information, Internet Publishing and Broadcasting and Web Search Portals | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,140 | $ 3,249 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.70% | |||
Percentage of Total, Net Assets | 1.70% | 1.60% | |||
Fair Value | $ 2,947 | $ 3,299 | |||
Percentage of Total, Fair Value | 0.60% | 0.70% | |||
Percentage of Total, Net Assets | 1.60% | 1.60% | |||
Information, Motion Picture and Video Production | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,905 | $ 3,929 | |||
Percentage of Total, Amortized Cost | 0.80% | 0.90% | |||
Percentage of Total, Net Assets | 2.10% | 1.90% | |||
Fair Value | $ 3,638 | $ 3,970 | |||
Percentage of Total, Fair Value | 0.70% | 0.80% | |||
Percentage of Total, Net Assets | 2% | 1.90% | |||
Information, Software Publishers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 17,664 | $ 24,948 | |||
Percentage of Total, Amortized Cost | 3.50% | 5.50% | |||
Percentage of Total, Net Assets | 9.70% | 12.20% | |||
Fair Value | $ 9,949 | $ 17,929 | |||
Percentage of Total, Fair Value | 1.90% | 3.50% | |||
Percentage of Total, Net Assets | 5.50% | 8.80% | |||
Information, Television Broadcasting | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,186 | $ 1,957 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.20% | 1% | |||
Fair Value | $ 631 | $ 918 | |||
Percentage of Total, Fair Value | 0.10% | 0.20% | |||
Percentage of Total, Net Assets | 0.30% | 0.50% | |||
Information, Wired Telecommunications Carriers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,043 | $ 4,388 | |||
Percentage of Total, Amortized Cost | 0.40% | 1% | |||
Percentage of Total, Net Assets | 1.10% | 2.20% | |||
Fair Value | $ 1,911 | $ 4,405 | |||
Percentage of Total, Fair Value | 0.40% | 0.90% | |||
Percentage of Total, Net Assets | 1% | 2.20% | |||
Management of Companies and Enterprises, Offices of Other Holding Companies | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 7,358 | $ 5,336 | |||
Percentage of Total, Amortized Cost | 1.50% | 1.20% | |||
Percentage of Total, Net Assets | 4% | 2.60% | |||
Fair Value | $ 6,744 | $ 5,336 | |||
Percentage of Total, Fair Value | 1.30% | 1.10% | |||
Percentage of Total, Net Assets | 3.70% | 2.60% | |||
Manufacturing, Bare Printed Circuit Board Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,981 | $ 1,985 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1% | |||
Fair Value | $ 1,876 | $ 1,977 | |||
Percentage of Total, Fair Value | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1% | 1% | |||
Manufacturing, Commercial Printing (except Screen and Books) | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,701 | $ 3,427 | |||
Percentage of Total, Amortized Cost | 0.30% | 0.70% | |||
Percentage of Total, Net Assets | 0.90% | 1.70% | |||
Fair Value | $ 1,609 | $ 3,436 | |||
Percentage of Total, Fair Value | 0.30% | 0.70% | |||
Percentage of Total, Net Assets | 0.90% | 1.70% | |||
Manufacturing, Current-Carrying Wiring Device Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,337 | $ 2,653 | |||
Percentage of Total, Amortized Cost | 0.70% | 0.60% | |||
Percentage of Total, Net Assets | 1.80% | 1.30% | |||
Fair Value | $ 3,505 | $ 2,954 | |||
Percentage of Total, Fair Value | 0.70% | 0.60% | |||
Percentage of Total, Net Assets | 1.90% | 1.40% | |||
Manufacturing, Other Aircraft Parts and Auxiliary Equipment Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 500 | $ 500 | |||
Percentage of Total, Amortized Cost | 0.10% | 0.10% | |||
Percentage of Total, Net Assets | 0.30% | 0.20% | |||
Fair Value | $ 0 | $ 80 | |||
Percentage of Total, Fair Value | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Manufacturing, Fluid Power Pump and Motor Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,934 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Fair Value | $ 1,874 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Manufacturing, Ice Cream and Frozen Dessert Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,640 | ||||
Percentage of Total, Amortized Cost | 0.30% | ||||
Percentage of Total, Net Assets | 0.90% | ||||
Fair Value | $ 1,558 | ||||
Percentage of Total, Fair Value | 0.30% | ||||
Percentage of Total, Net Assets | 0.90% | ||||
Manufacturing, Motorcycle, Bicycle, and Parts Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 15,470 | $ 15,166 | |||
Percentage of Total, Amortized Cost | 3.20% | 3.30% | |||
Percentage of Total, Net Assets | 8.50% | 7.40% | |||
Fair Value | $ 15,503 | $ 15,166 | |||
Percentage of Total, Fair Value | 3% | 3% | |||
Percentage of Total, Net Assets | 8.50% | 7.40% | |||
Manufacturing, Metal Can Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,143 | ||||
Percentage of Total, Amortized Cost | 0.50% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Fair Value | $ 2,167 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Manufacturing, Other Industrial Machinery Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,419 | $ 12,121 | |||
Percentage of Total, Amortized Cost | 1.10% | 2.70% | |||
Percentage of Total, Net Assets | 3% | 5.90% | |||
Fair Value | $ 5,051 | $ 12,176 | |||
Percentage of Total, Fair Value | 1% | 2.40% | |||
Percentage of Total, Net Assets | 2.80% | 6% | |||
Manufacturing, Pharmaceutical Preparation Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 217 | $ 217 | |||
Percentage of Total, Amortized Cost | 0% | 0% | |||
Percentage of Total, Net Assets | 0.10% | 0.10% | |||
Fair Value | $ 82,264 | $ 65,740 | |||
Percentage of Total, Fair Value | 15.80% | 13% | |||
Percentage of Total, Net Assets | 45.20% | 32.30% | |||
Manufacturing, Small Electrical Appliance Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,997 | ||||
Percentage of Total, Amortized Cost | 1.10% | ||||
Percentage of Total, Net Assets | 2.50% | ||||
Fair Value | $ 4,997 | ||||
Percentage of Total, Fair Value | 1% | ||||
Percentage of Total, Net Assets | 2.50% | ||||
Manufacturing, Travel Trailer and Camper Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 11,264 | ||||
Percentage of Total, Amortized Cost | 2.50% | ||||
Percentage of Total, Net Assets | 5.50% | ||||
Fair Value | $ 12,948 | ||||
Percentage of Total, Fair Value | 2.60% | ||||
Percentage of Total, Net Assets | 6.40% | ||||
Other Services, Except Public Administration, Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 572 | $ 572 | |||
Percentage of Total, Amortized Cost | 0.10% | 0.10% | |||
Percentage of Total, Net Assets | 0.30% | 0.30% | |||
Fair Value | $ 1,284 | $ 988 | |||
Percentage of Total, Fair Value | 0.20% | 0.20% | |||
Percentage of Total, Net Assets | 0.70% | 0.50% | |||
Other Services, Except Public Administration, Communication Equipment Repair and Maintenance | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,754 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Fair Value | $ 1,518 | ||||
Percentage of Total, Fair Value | 0.30% | ||||
Percentage of Total, Net Assets | 0.80% | ||||
Other Services, Except Public Administration, Other Automotive Mechanical and Electrical Repair and Maintenance | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,081 | ||||
Percentage of Total, Amortized Cost | 0.20% | ||||
Percentage of Total, Net Assets | 0.60% | ||||
Fair Value | $ 1,080 | ||||
Percentage of Total, Fair Value | 0.20% | ||||
Percentage of Total, Net Assets | 0.60% | ||||
Professional, Scientific, and Technical Services, Administrative Management and General Management Consulting Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 27,689 | $ 22,990 | |||
Percentage of Total, Amortized Cost | 5.60% | 5% | |||
Percentage of Total, Net Assets | 15.20% | 11.30% | |||
Fair Value | $ 27,258 | $ 22,634 | |||
Percentage of Total, Fair Value | 5.30% | 4.50% | |||
Percentage of Total, Net Assets | 15% | 11.10% | |||
Professional, Scientific, and Technical Services, Advertising Agencies | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,260 | ||||
Percentage of Total, Amortized Cost | 0.50% | ||||
Percentage of Total, Net Assets | 1.20% | ||||
Fair Value | $ 2,057 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Professional, Scientific, and Technical Services, All Other Professional, Scientific, and Technical Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 882 | $ 2,872 | |||
Percentage of Total, Amortized Cost | 0.20% | 0.60% | |||
Percentage of Total, Net Assets | 0.50% | 1.40% | |||
Fair Value | $ 863 | $ 2,865 | |||
Percentage of Total, Fair Value | 0.20% | 0.60% | |||
Percentage of Total, Net Assets | 0.50% | 1.40% | |||
Professional, Scientific, and Technical Services, Management Consulting Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,251 | ||||
Percentage of Total, Amortized Cost | 0.50% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Fair Value | $ 2,264 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Professional, Scientific, and Technical Services, Other Accounting Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 19,631 | ||||
Percentage of Total, Amortized Cost | 4.30% | ||||
Percentage of Total, Net Assets | 9.60% | ||||
Fair Value | $ 19,927 | ||||
Percentage of Total, Fair Value | 3.90% | ||||
Percentage of Total, Net Assets | 9.80% | ||||
Professional, Scientific, and Technical Services, Computer Systems Design Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,957 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Fair Value | $ 1,957 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1.10% | ||||
Professional, Scientific, and Technical Services, Other Computer Related Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 14,946 | $ 15,017 | |||
Percentage of Total, Amortized Cost | 3.10% | 3.30% | |||
Percentage of Total, Net Assets | 8.20% | 7.40% | |||
Fair Value | $ 15,260 | $ 15,260 | |||
Percentage of Total, Fair Value | 3% | 3% | |||
Percentage of Total, Net Assets | 8.40% | 7.50% | |||
Public Administration, Other Justice, Public Order, and Safety Activities | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 703 | $ 703 | |||
Percentage of Total, Amortized Cost | 0.10% | 0.20% | |||
Percentage of Total, Net Assets | 0.40% | 0.30% | |||
Fair Value | $ 29 | $ 29 | |||
Percentage of Total, Fair Value | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Real Estate and Rental and Leasing, Nonresidential Property Managers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,687 | $ 2,972 | |||
Percentage of Total, Amortized Cost | 1% | 0.60% | |||
Percentage of Total, Net Assets | 2.60% | 1.50% | |||
Fair Value | $ 4,669 | $ 2,972 | |||
Percentage of Total, Fair Value | 0.90% | 0.60% | |||
Percentage of Total, Net Assets | 2.60% | 1.50% | |||
Real Estate and Rental and Leasing, Office Machinery and Equipment Rental and Leasing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,183 | $ 5,952 | |||
Percentage of Total, Amortized Cost | 1.30% | 1.30% | |||
Percentage of Total, Net Assets | 3.40% | 2.90% | |||
Fair Value | $ 6,616 | $ 2,774 | |||
Percentage of Total, Fair Value | 1.30% | 0.50% | |||
Percentage of Total, Net Assets | 3.60% | 1.40% | |||
Retail Trade, Automotive Parts and Accessories Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,688 | ||||
Percentage of Total, Amortized Cost | 0.60% | ||||
Percentage of Total, Net Assets | 1.30% | ||||
Fair Value | $ 2,704 | ||||
Percentage of Total, Fair Value | 0.50% | ||||
Percentage of Total, Net Assets | 1.30% | ||||
Retail Trade, Cosmetics, Beauty Supplies, and Perfume Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,462 | $ 1,533 | |||
Percentage of Total, Amortized Cost | 0.30% | 0.30% | |||
Percentage of Total, Net Assets | 0.80% | 0.80% | |||
Fair Value | $ 1,370 | $ 1,531 | |||
Percentage of Total, Fair Value | 0.30% | 0.30% | |||
Percentage of Total, Net Assets | 0.80% | 0.80% | |||
Retail Trade, Electronics and Appliance Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 8,127 | ||||
Percentage of Total, Amortized Cost | 1.70% | ||||
Percentage of Total, Net Assets | 4.50% | ||||
Fair Value | $ 8,021 | ||||
Percentage of Total, Fair Value | 1.60% | ||||
Percentage of Total, Net Assets | 4.40% | ||||
Retail Trade, Electronic Shopping and Mail-Order Houses | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,789 | $ 6,913 | |||
Percentage of Total, Amortized Cost | 1.40% | 1.50% | |||
Percentage of Total, Net Assets | 3.70% | 3.40% | |||
Fair Value | $ 6,403 | $ 6,870 | |||
Percentage of Total, Fair Value | 1.20% | 1.40% | |||
Percentage of Total, Net Assets | 3.50% | 3.40% | |||
Retail Trade, Shoe Store | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 9,923 | $ 9,893 | |||
Percentage of Total, Amortized Cost | 2% | 2.20% | |||
Percentage of Total, Net Assets | 5.40% | 4.90% | |||
Fair Value | $ 4,117 | $ 9,342 | |||
Percentage of Total, Fair Value | 0.80% | 1.80% | |||
Percentage of Total, Net Assets | 2.30% | 4.60% | |||
Retail Trade, Sporting Goods Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,958 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Fair Value | $ 1,972 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Retail Trade, Supermarkets and Other Grocery (except Convenience) Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,648 | ||||
Percentage of Total, Amortized Cost | 1.20% | ||||
Percentage of Total, Net Assets | 3.10% | ||||
Fair Value | $ 5,648 | ||||
Percentage of Total, Fair Value | 1.10% | ||||
Percentage of Total, Net Assets | 3.10% | ||||
Retail Trade, All Other General Merchandise Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 499 | $ 499 | |||
Percentage of Total, Amortized Cost | 0.10% | 0.10% | |||
Percentage of Total, Net Assets | 0.30% | 0.20% | |||
Fair Value | $ 1,058 | $ 1,698 | |||
Percentage of Total, Fair Value | 0.20% | 0.30% | |||
Percentage of Total, Net Assets | 0.60% | 0.80% | |||
Transportation and Warehousing, Freight Transportation Arrangement | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,960 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Fair Value | $ 1,970 | ||||
Percentage of Total, Fair Value | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Transportation and Warehousing, Scheduled Passenger Air Transportation | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 360 | ||||
Percentage of Total, Amortized Cost | 0.10% | ||||
Percentage of Total, Net Assets | 0.20% | ||||
Fair Value | $ 377 | ||||
Percentage of Total, Fair Value | 0.10% | ||||
Percentage of Total, Net Assets | 0.20% | ||||
Transportation and Warehousing, Transportation and Warehousing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,025 | ||||
Percentage of Total, Amortized Cost | 1% | ||||
Percentage of Total, Net Assets | 2.80% | ||||
Fair Value | $ 4,940 | ||||
Percentage of Total, Fair Value | 1% | ||||
Percentage of Total, Net Assets | 2.70% | ||||
Wholesale Trade, Business to Business Electronic Markets | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,862 | $ 2,875 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.60% | |||
Percentage of Total, Net Assets | 1.60% | 1.40% | |||
Fair Value | $ 2,564 | $ 2,838 | |||
Percentage of Total, Fair Value | 0.50% | 0.60% | |||
Percentage of Total, Net Assets | 1.40% | 1.40% | |||
Wholesale Trade, Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 11,160 | $ 7,173 | |||
Percentage of Total, Amortized Cost | 2.30% | 1.60% | |||
Percentage of Total, Net Assets | 6.10% | 3.50% | |||
Fair Value | $ 9,430 | $ 6,903 | |||
Percentage of Total, Fair Value | 1.80% | 1.40% | |||
Percentage of Total, Net Assets | 5.20% | 3.40% | |||
Wholesale Trade, Drugs and Druggists' Sundries Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,303 | $ 5,529 | |||
Percentage of Total, Amortized Cost | 1.10% | 1.20% | |||
Percentage of Total, Net Assets | 2.90% | 2.70% | |||
Fair Value | $ 4,851 | $ 5,550 | |||
Percentage of Total, Fair Value | 0.90% | 1.10% | |||
Percentage of Total, Net Assets | 2.70% | 2.70% | |||
Wholesale Trade, Industrial Machinery and Equipment Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 9,071 | $ 9,071 | |||
Percentage of Total, Amortized Cost | 1.90% | 2% | |||
Percentage of Total, Net Assets | 5% | 4.50% | |||
Fair Value | $ 8,969 | $ 9,073 | |||
Percentage of Total, Fair Value | 1.70% | 1.80% | |||
Percentage of Total, Net Assets | 4.90% | 4.50% | |||
Wholesale Trade, Motor Vehicle Parts (Used) Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 27,795 | $ 23,005 | |||
Percentage of Total, Amortized Cost | 5.70% | 5% | |||
Percentage of Total, Net Assets | 15.10% | 11.30% | |||
Fair Value | $ 28,143 | $ 23,052 | |||
Percentage of Total, Fair Value | 5.40% | 4.50% | |||
Percentage of Total, Net Assets | 15.40% | 11.30% | |||
Wholesale Trade, Other Miscellaneous Nondurable Goods Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,668 | ||||
Percentage of Total, Amortized Cost | 0.50% | ||||
Percentage of Total, Net Assets | 1.50% | ||||
Fair Value | $ 2,517 | ||||
Percentage of Total, Fair Value | 0.50% | ||||
Percentage of Total, Net Assets | 1.40% | ||||
Wholesale Trade, Sporting and Recreational Goods and Supplies Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 8,163 | $ 8,179 | |||
Percentage of Total, Amortized Cost | 1.70% | 1.80% | |||
Percentage of Total, Net Assets | 4.50% | 3.90% | |||
Fair Value | $ 157 | $ 699 | |||
Percentage of Total, Fair Value | 0% | 0.10% | |||
Percentage of Total, Net Assets | 0.10% | 0.20% | |||
[1]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[2]Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.[3] Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Transfers Between Levels (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||||
Transfers from Level 2 to Level 3 | $ 0 | $ 0 | $ 3,252 | $ 0 |
Transfers from Level 3 to Level 2 | $ 6,403 | $ 2,296 | $ 6,403 | $ 858 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Investment Portfolio Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | $ 516,615 | [1],[2] | $ 507,099 | [3],[4] |
Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 331,563 | 344,647 | ||
Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 95,181 | 87,251 | ||
Structured Finance Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 89,871 | 75,201 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 1 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 1 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 1 | Structured Finance Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 46,490 | 65,591 | ||
Level 2 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 46,490 | 65,591 | ||
Level 2 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 2 | Structured Finance Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 470,125 | 441,508 | ||
Level 3 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 285,073 | 279,056 | ||
Level 3 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 95,181 | 87,251 | ||
Level 3 | Structured Finance Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | $ 89,871 | $ 75,201 | ||
[1] Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Significant Level 3 Inputs (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 516,615 | [1],[2] | $ 507,099 | [3],[4] |
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 470,125 | 441,508 | ||
Level 3 | Discount rates | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 253,357 | 178,382 | ||
Level 3 | Discount rates | Discounted cash flow | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 17,244 | |||
Level 3 | Discount rates | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 46,219 | $ 63,922 | ||
Level 3 | Discount rates | Minimum | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1044 | 0.0647 | ||
Level 3 | Discount rates | Minimum | Discounted cash flow | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1590 | |||
Level 3 | Discount rates | Minimum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.2100 | 0.0800 | ||
Level 3 | Discount rates | Maximum | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1769 | 0.1232 | ||
Level 3 | Discount rates | Maximum | Discounted cash flow | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1749 | |||
Level 3 | Discount rates | Maximum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.3700 | 0.1600 | ||
Level 3 | Discount rates | Weighted Average | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1255 | 0.0925 | ||
Level 3 | Discount rates | Weighted Average | Discounted cash flow | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1665 | |||
Level 3 | Discount rates | Weighted Average | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.2534 | 0.1239 | ||
Level 3 | EBITDA multiples | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 7,836 | $ 11,632 | ||
Level 3 | EBITDA multiples | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 4,274 | |||
Level 3 | EBITDA multiples | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 6,131 | 2,748 | ||
Level 3 | EBITDA multiples | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 87,679 | $ 83,478 | ||
Level 3 | EBITDA multiples | Minimum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 9.9 | 7.09 | ||
Level 3 | EBITDA multiples | Minimum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 5.81 | |||
Level 3 | EBITDA multiples | Minimum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 7 | 7.80 | ||
Level 3 | EBITDA multiples | Minimum | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0 | 4.50 | ||
Level 3 | EBITDA multiples | Maximum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 9.9 | 7.09 | ||
Level 3 | EBITDA multiples | Maximum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 5.81 | |||
Level 3 | EBITDA multiples | Maximum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 7 | 7.80 | ||
Level 3 | EBITDA multiples | Maximum | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 11.50 | 12 | ||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 9.9 | 7.09 | ||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 5.81 | |||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 7 | 7.80 | ||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 8.67 | 8.10 | ||
Level 3 | Revenue multiples | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 7,215 | $ 7,027 | ||
Level 3 | Revenue multiples | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 699 | |||
Level 3 | Revenue multiples | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 1,371 | 1,017 | ||
Level 3 | Revenue multiples | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 8 | |||
Level 3 | Revenue multiples | Minimum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.70 | 0.74 | ||
Level 3 | Revenue multiples | Minimum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.28 | |||
Level 3 | Revenue multiples | Minimum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.78 | 0.15 | ||
Level 3 | Revenue multiples | Minimum | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.15 | |||
Level 3 | Revenue multiples | Maximum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.70 | 0.74 | ||
Level 3 | Revenue multiples | Maximum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.28 | |||
Level 3 | Revenue multiples | Maximum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 2.75 | 3 | ||
Level 3 | Revenue multiples | Maximum | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 3 | |||
Level 3 | Revenue multiples | Weighted Average | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.70 | 0.74 | ||
Level 3 | Revenue multiples | Weighted Average | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.28 | |||
Level 3 | Revenue multiples | Weighted Average | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.91 | 0.91 | ||
Level 3 | Revenue multiples | Weighted Average | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.15 | |||
Level 3 | Transaction Price | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 12,391 | $ 64,072 | ||
Level 3 | Transaction Price | Market approach | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 8,980 | |||
Level 3 | Transaction Price | Market approach | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 2,971 | |||
Level 3 | Transaction Price | Market approach | Loan Accumulation Facility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 8,500 | |||
Level 3 | Constant default rate | Minimum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | 0 | ||
Level 3 | Constant default rate | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0 | 0.0200 | ||
Level 3 | Constant default rate | Maximum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | 0.0200 | ||
Level 3 | Constant default rate | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0300 | 0.0300 | ||
Level 3 | Constant default rate | Weighted Average | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | 0.0177 | ||
Level 3 | Constant default rate | Weighted Average | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0179 | 0.0236 | ||
Level 3 | Constant default rate | Minimum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | |||
Level 3 | Constant default rate | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | |||
Level 3 | Constant default rate | Maximum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | |||
Level 3 | Constant default rate | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0300 | |||
Level 3 | Constant default rate | Weighted Average | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | |||
Level 3 | Constant default rate | Weighted Average | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0236 | |||
Level 3 | Constant default rate after 6 months | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0200 | |||
Level 3 | Constant default rate after 6 months | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0300 | |||
Level 3 | Constant default rate after 6 months | Weighted Average | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0204 | |||
Level 3 | Net asset value liquidation | Market approach | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 126 | |||
Level 3 | Discount margin | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 23,075 | $ 2,779 | ||
Level 3 | Discount margin | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0860 | 0.0710 | ||
Level 3 | Discount margin | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.1160 | 0.0895 | ||
Level 3 | Discount margin | Weighted Average | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.0902 | 0.0791 | ||
Level 3 | Recovery rate | Minimum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.6500 | 0.6000 | ||
Level 3 | Recovery rate | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.6500 | 0.6000 | ||
Level 3 | Recovery rate | Maximum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.6500 | 0.6000 | ||
Level 3 | Recovery rate | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.6500 | 0.6000 | ||
Level 3 | Recovery rate | Weighted Average | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.6500 | 0.6000 | ||
Level 3 | Recovery rate | Weighted Average | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement in put | 0.6500 | 0.6000 | ||
Level 3 | Probability weighted NAV analysis | Market approach | Loan Accumulation Facility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 8,500 | |||
[1] Unless otherwise noted by footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Level 3 Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Level 3 assets, beginning balance | $ 441,508 | $ 420,097 | ||
Purchase and origination of portfolio investments | 129,554 | 107,477 | ||
Proceeds from principal payments on portfolio investments | (68,805) | (109,415) | ||
Sale and redemption of portfolio investments | (5,986) | (15,355) | ||
Proceeds from distributions received from portfolio investments | (14,261) | (9,468) | ||
Transfers out of Level 3 | $ (6,403) | $ (2,296) | (6,403) | (858) |
Transfers in to Level 3 | 0 | 0 | 3,252 | 0 |
Level 3 assets, ending balance | 470,125 | 434,019 | 470,125 | 434,019 |
Net unrealized appreciation (depreciation) on investments held | (15,817) | 30,224 | ||
Realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (179) | (8,398) | ||
Unrealized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (17,896) | 39,798 | ||
Amortization of Net Loan Fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 1,250 | 1,533 | ||
Accretion of interest income on Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 7,647 | 7,315 | ||
Capitalized PIK interest and dividends | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 650 | 1,390 | ||
Amendment fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (206) | (97) | ||
Senior secured debt investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Level 3 assets, beginning balance | 261,113 | 284,078 | ||
Purchase and origination of portfolio investments | 85,066 | 76,727 | ||
Proceeds from principal payments on portfolio investments | (51,060) | (100,694) | ||
Sale and redemption of portfolio investments | (2,845) | (8,863) | ||
Proceeds from distributions received from portfolio investments | 0 | 0 | ||
Transfers out of Level 3 | (6,403) | (858) | ||
Transfers in to Level 3 | 3,252 | |||
Level 3 assets, ending balance | 280,799 | 255,687 | 280,799 | 255,687 |
Net unrealized appreciation (depreciation) on investments held | (8,941) | 2,431 | ||
Senior secured debt investments | Realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (122) | (321) | ||
Senior secured debt investments | Unrealized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (9,416) | 3,463 | ||
Senior secured debt investments | Amortization of Net Loan Fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 1,058 | 1,403 | ||
Senior secured debt investments | Accretion of interest income on Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Senior secured debt investments | Capitalized PIK interest and dividends | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 362 | 849 | ||
Senior secured debt investments | Amendment fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (206) | (97) | ||
Subordinated debt investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Level 3 assets, beginning balance | 17,943 | 15,067 | ||
Purchase and origination of portfolio investments | 0 | 0 | ||
Proceeds from principal payments on portfolio investments | (8,245) | (121) | ||
Sale and redemption of portfolio investments | 0 | (91) | ||
Proceeds from distributions received from portfolio investments | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Transfers in to Level 3 | 0 | |||
Level 3 assets, ending balance | 4,274 | 17,525 | 4,274 | 17,525 |
Net unrealized appreciation (depreciation) on investments held | (5,487) | 2,216 | ||
Subordinated debt investments | Realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | (7,548) | ||
Subordinated debt investments | Unrealized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (5,488) | 9,750 | ||
Subordinated debt investments | Amortization of Net Loan Fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 6 | 70 | ||
Subordinated debt investments | Accretion of interest income on Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Subordinated debt investments | Capitalized PIK interest and dividends | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 58 | 398 | ||
Subordinated debt investments | Amendment fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Preferred equity | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Level 3 assets, beginning balance | 3,765 | 11,543 | ||
Purchase and origination of portfolio investments | 0 | 0 | ||
Proceeds from principal payments on portfolio investments | 0 | 0 | ||
Sale and redemption of portfolio investments | 0 | (3,160) | ||
Proceeds from distributions received from portfolio investments | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Transfers in to Level 3 | 0 | |||
Level 3 assets, ending balance | 7,502 | 9,805 | 7,502 | 9,805 |
Net unrealized appreciation (depreciation) on investments held | 3,507 | 609 | ||
Preferred equity | Realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (51) | (1,956) | ||
Preferred equity | Unrealized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 3,558 | 3,235 | ||
Preferred equity | Amortization of Net Loan Fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Preferred equity | Accretion of interest income on Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Preferred equity | Capitalized PIK interest and dividends | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 230 | 143 | ||
Preferred equity | Amendment fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Common equity, warrants and other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Level 3 assets, beginning balance | 83,486 | 52,984 | ||
Purchase and origination of portfolio investments | 1,290 | 200 | ||
Proceeds from principal payments on portfolio investments | 0 | 0 | ||
Sale and redemption of portfolio investments | (3,141) | (3,241) | ||
Proceeds from distributions received from portfolio investments | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Transfers in to Level 3 | 0 | |||
Level 3 assets, ending balance | 87,679 | 74,376 | 87,679 | 74,376 |
Net unrealized appreciation (depreciation) on investments held | 7,657 | 24,612 | ||
Common equity, warrants and other | Realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (6) | 1,427 | ||
Common equity, warrants and other | Unrealized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 6,050 | 23,006 | ||
Common equity, warrants and other | Amortization of Net Loan Fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Common equity, warrants and other | Accretion of interest income on Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Common equity, warrants and other | Capitalized PIK interest and dividends | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Common equity, warrants and other | Amendment fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Level 3 assets, beginning balance | 75,201 | 56,425 | ||
Purchase and origination of portfolio investments | 43,198 | 30,550 | ||
Proceeds from principal payments on portfolio investments | (9,500) | (8,600) | ||
Sale and redemption of portfolio investments | 0 | 0 | ||
Proceeds from distributions received from portfolio investments | (14,261) | (9,468) | ||
Transfers out of Level 3 | 0 | 0 | ||
Transfers in to Level 3 | 0 | |||
Level 3 assets, ending balance | $ 89,871 | $ 76,626 | 89,871 | 76,626 |
Net unrealized appreciation (depreciation) on investments held | (12,553) | 356 | ||
Structured Finance Securities | Realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Structured Finance Securities | Unrealized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | (12,600) | 344 | ||
Structured Finance Securities | Amortization of Net Loan Fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 186 | 60 | ||
Structured Finance Securities | Accretion of interest income on Structured Finance Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 7,647 | 7,315 | ||
Structured Finance Securities | Capitalized PIK interest and dividends | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | 0 | 0 | ||
Structured Finance Securities | Amendment fees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Amounts included in earnings | $ 0 | $ 0 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Carrying Values and Fair Values of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 329,534 | $ 352,571 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 49,830 | 56,430 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 279,704 | 296,141 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 349,653 | 344,811 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 329,534 | 352,571 |
PWB Credit Facility | Line of Credit | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,500 | 0 |
PWB Credit Facility | Line of Credit | Revolving Credit Facility | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
PWB Credit Facility | Line of Credit | Revolving Credit Facility | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
PWB Credit Facility | Line of Credit | Revolving Credit Facility | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,500 | 0 |
PWB Credit Facility | Line of Credit | Revolving Credit Facility | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,500 | 0 |
PWB Credit Facility | Line of Credit | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,500 | 0 |
BNP Facility | Line of Credit | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 121,400 | 100,000 |
BNP Facility | Line of Credit | Revolving Credit Facility | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
BNP Facility | Line of Credit | Revolving Credit Facility | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
BNP Facility | Line of Credit | Revolving Credit Facility | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 121,400 | 100,000 |
BNP Facility | Line of Credit | Revolving Credit Facility | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 121,400 | 100,000 |
BNP Facility | Line of Credit | Revolving Credit Facility | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 121,400 | 100,000 |
Unsecured Notes Due February 2026 | Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 107,381 | 123,130 |
Unsecured Notes Due February 2026 | Unsecured Notes | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
Unsecured Notes Due February 2026 | Unsecured Notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
Unsecured Notes Due February 2026 | Unsecured Notes | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 107,381 | 123,130 |
Unsecured Notes Due February 2026 | Unsecured Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 122,350 | 121,774 |
Unsecured Notes Due February 2026 | Unsecured Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 107,381 | 123,130 |
Unsecured Notes Due October 2028 | Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 49,830 | 56,430 |
Unsecured Notes Due October 2028 | Unsecured Notes | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 49,830 | 56,430 |
Unsecured Notes Due October 2028 | Unsecured Notes | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
Unsecured Notes Due October 2028 | Unsecured Notes | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
Unsecured Notes Due October 2028 | Unsecured Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 53,754 | 53,672 |
Unsecured Notes Due October 2028 | Unsecured Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 49,830 | 56,430 |
SBA Debentures | Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 49,423 | 73,011 |
SBA Debentures | Debentures | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
SBA Debentures | Debentures | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
SBA Debentures | Debentures | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 49,423 | 73,011 |
SBA Debentures | Debentures | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 50,649 | 69,365 |
SBA Debentures | Debentures | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 49,423 | $ 73,011 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investments, unfunded commitments | $ 38,265 |
Borrowings - SBA Debentures (De
Borrowings - SBA Debentures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Assets | $ 538,234 | $ 538,234 | $ 569,048 | |||
Outstanding | $ 353,820 | 353,820 | ||||
Amortization of debt issuance costs | 1,154 | $ 1,438 | ||||
Cash paid for interest expense | $ 12,742 | $ 13,111 | ||||
Effective interest rate | 5.06% | 5.30% | 4.51% | 5.29% | ||
Average outstanding balance | $ 367,992 | $ 320,187 | $ 361,319 | $ 335,979 | ||
Debentures | SBA Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of debt | $ 19,000 | |||||
Outstanding | $ 50,920 | $ 50,920 | ||||
Interest rate | 2.87% | 2.87% | ||||
Stated interest expense | $ 369 | 646 | $ 1,184 | 2,118 | ||
Amortization of debt issuance costs | 48 | 43 | 140 | 165 | ||
Total interest and debt financing costs | 417 | 689 | 1,324 | 2,283 | ||
Cash paid for interest expense | $ 737 | $ 1,425 | $ 1,739 | $ 2,978 | ||
Effective interest rate | 3.28% | 3.21% | 3.21% | 3.30% | ||
Average outstanding balance | $ 50,920 | $ 85,772 | $ 55,026 | $ 92,368 | ||
SBIC I LP | ||||||
Debt Instrument [Line Items] | ||||||
Assets | $ 168,486 | $ 168,486 | $ 195,502 | |||
Percentage of total consolidated assets | 31% | 31% | 34% |
Borrowings - BNP Facility (Deta
Borrowings - BNP Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jun. 24, 2022 | Jun. 20, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||||
Outstanding debt | $ 122,900 | $ 122,900 | $ 100,000 | ||||
Amortization of debt issuance costs | 1,154 | $ 1,438 | |||||
Cash paid for interest expense | 12,742 | 13,111 | |||||
Revolving Credit Facility | Line of Credit | BNP Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity | $ 150,000 | 150,000 | $ 150,000 | ||||
Term | 3 years | ||||||
Outstanding debt | 121,400 | $ 121,400 | $ 100,000 | ||||
Unused commitment | 28,600 | 28,600 | |||||
Stated interest expense | 1,671 | $ 325 | 3,295 | 1,105 | |||
Amortization of debt issuance costs | 95 | 159 | 231 | 271 | |||
Total interest and debt financing costs | 1,766 | 484 | 3,526 | 1,376 | |||
Cash paid for interest expense | $ 1,520 | $ 376 | $ 2,906 | $ 1,133 | |||
Effective interest rate | 5.20% | 6.44% | 3.74% | 5.60% | |||
Average outstanding balance | $ 135,680 | $ 30,074 | $ 125,574 | $ 32,782 | |||
Revolving Credit Facility | Line of Credit | BNP Facility | Secured Overnight Financing Rate (SOFR) | |||||||
Line of Credit Facility [Line Items] | |||||||
Increase in applicable margin | 0.40% | ||||||
Increase in margin floor | 2.65% | 1.925% |
Borrowings - PWB Credit Facilit
Borrowings - PWB Credit Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 22, 2022 | Dec. 31, 2021 | Nov. 15, 2021 | Feb. 17, 2021 | Feb. 16, 2021 | |
Line of Credit Facility [Line Items] | |||||||||
Outstanding debt | $ 122,900 | $ 122,900 | $ 100,000 | ||||||
Cash paid for interest expense | $ 12,742 | $ 13,111 | |||||||
Revolving Credit Facility | Line of Credit | PWB Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity | $ 35,000 | $ 25,000 | $ 20,000 | ||||||
Interest rate floor | 4% | 5% | 5.25% | ||||||
Maximum availability limit percentage | 50% | 50% | |||||||
Outstanding debt | $ 1,500 | $ 1,500 | $ 0 | ||||||
Unused commitment | 33,500 | 33,500 | |||||||
Stated interest expense | 49 | $ 10 | 96 | 62 | |||||
Cash paid for interest expense | 49 | 16 | 95 | 62 | |||||
Average outstanding balance | $ 1,391 | $ 16 | $ 719 | $ 747 | |||||
Effective interest rate | 5.89% | 5.20% | 5.19% | 5.31% |
Borrowings - Unsecured Notes (D
Borrowings - Unsecured Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Nov. 01, 2021 | Mar. 18, 2021 | |
Debt Instrument [Line Items] | ||||||
Amortization of debt issuance costs | $ 1,154 | $ 1,438 | ||||
Cash paid for interest expense | $ 12,742 | $ 13,111 | ||||
Effective interest rate | 5.06% | 5.30% | 4.51% | 5.29% | ||
Average outstanding balance | $ 367,992 | $ 320,187 | $ 361,319 | $ 335,979 | ||
Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt covenant, asset coverage | 150% | 150% | ||||
Stated interest expense | $ 2,165 | 2,702 | $ 6,495 | 8,576 | ||
Amortization of debt issuance costs | 260 | 348 | 783 | 1,002 | ||
Total interest and debt financing costs | 2,425 | 3,050 | 7,278 | 9,578 | ||
Cash paid for interest expense | $ 3,649 | $ 4,028 | $ 8,002 | $ 8,938 | ||
Effective interest rate | 5.39% | 5.97% | 5.39% | 6.08% | ||
Average outstanding balance | $ 180,000 | $ 204,325 | $ 180,000 | $ 210,082 | ||
Unsecured Notes | Unsecured Notes Due February 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal | $ 125,000 | |||||
Interest rate | 4.75% | |||||
Unsecured Notes | Unsecured Notes Due October 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal | $ 55,000 | |||||
Interest rate | 4.95% |
Borrowings - Maturity (Details)
Borrowings - Maturity (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
Total | $ 353,820 |
Less than 1 year | 0 |
1-3 years | 52,420 |
4-5 years | 246,400 |
After 5 years | 55,000 |
Line of Credit | Revolving Credit Facility | PWB Credit Facility | |
Debt Instrument [Line Items] | |
Total | 1,500 |
Less than 1 year | 0 |
1-3 years | 1,500 |
4-5 years | 0 |
After 5 years | 0 |
Line of Credit | Revolving Credit Facility | BNP Facility | |
Debt Instrument [Line Items] | |
Total | 121,400 |
Less than 1 year | 0 |
1-3 years | 0 |
4-5 years | 121,400 |
After 5 years | 0 |
Unsecured Notes | |
Debt Instrument [Line Items] | |
Total | 180,000 |
Less than 1 year | 0 |
1-3 years | 0 |
4-5 years | 125,000 |
After 5 years | 55,000 |
Debentures | SBA Debentures | |
Debt Instrument [Line Items] | |
Total | 50,920 |
Less than 1 year | 0 |
1-3 years | 50,920 |
4-5 years | 0 |
After 5 years | $ 0 |
Borrowings - Average Dollar Bor
Borrowings - Average Dollar Borrowings and Weighted Average Effective Interest Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Average dollar borrowings | $ 367,992 | $ 320,187 | $ 361,319 | $ 335,979 |
Weighted average effective interest rate | 5.06% | 5.30% | 4.51% | 5.29% |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||
Aug. 02, 2022 | May 03, 2022 | Mar. 01, 2022 | Aug. 03, 2021 | May 11, 2021 | Mar. 02, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Investment Company, Financial Highlights [Roll Forward] | ||||||||||||||
Net asset value per share at beginning of period (in usd per share) | $ 14.57 | $ 13.42 | $ 15.18 | $ 11.85 | ||||||||||
Net investment income (in usd per share) | 0.33 | 0.24 | 1.01 | 0.67 | ||||||||||
Net realized loss on investments, net of taxes (in usd per share) | (0.04) | 0.24 | (0.04) | (0.56) | ||||||||||
Net unrealized appreciation (depreciation) on investments, net of taxes (in usd per share) | (1) | 0.52 | (1.71) | 3.05 | ||||||||||
Loss on extinguishment of debt (in usd per share) | 0 | (0.02) | (0.01) | (0.19) | ||||||||||
Total income (loss) from operations (in usd per share) | (0.71) | 0.98 | (0.75) | 2.97 | ||||||||||
Distributions (in usd per share) | $ (0.29) | $ (0.29) | $ (0.28) | $ (0.24) | $ (0.22) | $ (0.20) | (0.29) | (0.24) | (0.86) | (0.66) | ||||
Issuance/Repurchase of common stock (in usd per share) | 0.01 | 0 | 0.01 | 0 | ||||||||||
Net asset value per share at end of period (in usd per share) | 13.58 | 14.16 | 13.58 | 14.16 | ||||||||||
Per share market value, end of period (in usd per share) | $ 8.22 | $ 10.36 | $ 8.22 | $ 10.36 | ||||||||||
Total return based on market value | (14.20%) | 6.40% | (17.90%) | 55% | ||||||||||
Total return based on net asset value | (3.50%) | 8% | (2.60%) | 27.80% | ||||||||||
Shares outstanding at end of period (in shares) | 13,406,971 | 13,418,973 | 13,406,971 | 13,418,973 | 13,422,413 | |||||||||
Basic weighted average shares outstanding (in shares) | 13,428,410 | 13,415,276 | 13,425,466 | 13,412,125 | ||||||||||
Diluted weighted average shares outstanding (in shares) | 13,428,410 | 13,415,276 | 13,425,466 | 13,412,125 | ||||||||||
Ratio/Supplemental Data (dollar amounts in thousands) | ||||||||||||||
Average net asset value | $ 188,893 | $ 184,985 | $ 197,479 | $ 172,349 | ||||||||||
Net asset value at end of period | 182,074 | 189,977 | 182,074 | 189,977 | $ 195,712 | $ 203,744 | $ 179,993 | $ 158,956 | ||||||
Net investment income | $ 4,372 | $ 3,235 | $ 13,625 | $ 9,020 | ||||||||||
Ratio of total expenses to average net assets | 19% | 15.90% | 14.30% | 18.20% | ||||||||||
Ratio of total expenses and loss on extinguishment of debt to average net assets | 19% | 16% | 14.30% | 19.60% | ||||||||||
Ratio of net investment income to average net assets | 9.30% | 7% | 9.20% | 7% | ||||||||||
Ratio of loss on extinguishment of debt to average net assets | 0% | 0.10% | 0.10% | 1.50% | ||||||||||
Portfolio turnover | 4.20% | 6.90% | 22.70% | 31.80% |
Capital Transactions - Narrativ
Capital Transactions - Narrative (Details) - USD ($) $ in Thousands | May 03, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | |||
Cash | $ 13,052 | $ 43,048 | |
Stock Repurchase Program, authorized amount | 10,000 | ||
Stock Repurchase Program, period | 2 years | ||
SBIC I LP | |||
Class of Stock [Line Items] | |||
Net assets | 117,630 | ||
Cash | 6,201 | ||
OFSCC-FS | |||
Class of Stock [Line Items] | |||
Net assets | 69,886 | ||
Cash | $ 3,727 |
Capital Transactions - Distribu
Capital Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2022 | Aug. 02, 2022 | Jun. 30, 2022 | May 03, 2022 | Mar. 31, 2022 | Mar. 01, 2022 | Sep. 30, 2021 | Aug. 03, 2021 | Jun. 30, 2021 | May 11, 2021 | Mar. 31, 2021 | Mar. 02, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||||||||||||||
Distribution declared (in usd per share) | $ 0.29 | $ 0.29 | $ 0.28 | $ 0.24 | $ 0.22 | $ 0.20 | $ 0.29 | $ 0.24 | $ 0.86 | $ 0.66 | ||||||
Cash Distribution | $ 3,849 | $ 3,850 | $ 3,719 | $ 3,181 | $ 2,918 | $ 2,655 | $ 11,418 | $ 8,754 | ||||||||
DRIP Shares Issued (in shares) | 5,529 | 4,348 | 3,016 | 3,738 | 3,273 | 3,103 | 12,893 | 10,114 | ||||||||
DRIP Shares Value | $ 46 | $ 43 | $ 39 | $ 39 | $ 33 | $ 27 | $ 46 | $ 39 | $ 128 | $ 99 |
Capital Transactions - Stock Re
Capital Transactions - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||||||
Total Number of Shares Purchased (in shares) | 28,335 | 0 | 0 | 0 | 0 | 700 | ||
Cost of Shares Purchased | $ 231 | $ 0 | $ 0 | $ 0 | $ 0 | $ 5 | $ 231 | $ 5 |
Average Price Paid Per Share (in usd per share) | $ 8.14 | $ 0 | $ 0 | $ 0 | $ 0 | $ 6.70 | ||
Weighted average discount to NAV prior to repurchases | 44.20% | 43.30% |
Consolidated Schedule of Inve_5
Consolidated Schedule of Investments In and Advances To Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | $ (868) | $ (7,497) | ||
Interest income | $ 12,550 | $ 10,144 | 32,738 | 30,902 |
Dividend income | 279 | 70 | 1,042 | 312 |
Fee income | 539 | 375 | 966 | 1,282 |
Total investment income | 13,368 | 10,589 | 34,746 | 32,496 |
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 473 | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 25 | |||
Gross Additions | 473 | |||
Gross Reductions | 0 | |||
Fair Value | 498 | 498 | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Preferred Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 3,140 | |||
Interest income | 0 | |||
Dividend income | 230 | |||
Fee income | 0 | |||
Total investment income | 230 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 2,748 | |||
Gross Additions | 3,370 | |||
Gross Reductions | 0 | |||
Fair Value | 6,118 | 6,118 | ||
Investment, Identifier [Axis]: DRF Imaging Services, LLC Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 24 | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 1,289 | |||
Gross Additions | 24 | |||
Gross Reductions | 0 | |||
Fair Value | 1,313 | 1,313 | ||
Investment, Identifier [Axis]: MTE Holding Corp. Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 278 | |||
Net change in unrealized appreciation/(depreciation) | (1,684) | |||
Interest income | 0 | |||
Dividend income | 45 | |||
Fee income | 0 | |||
Total investment income | 45 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 4,753 | |||
Gross Additions | 0 | |||
Gross Reductions | (4,753) | |||
Fair Value | 0 | 0 | ||
Investment, Identifier [Axis]: MTE Holding Corp. Subordinated Loan | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 0 | |||
Interest income | 141 | |||
Dividend income | 0 | |||
Fee income | 6 | |||
Total investment income | 147 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 8,195 | |||
Gross Additions | 35 | |||
Gross Reductions | (8,230) | |||
Fair Value | 0 | 0 | ||
Investment, Identifier [Axis]: Master Cutlery, LLC Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 0 | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Fair Value | 0 | 0 | ||
Investment, Identifier [Axis]: Master Cutlery, LLC Preferred Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 0 | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Fair Value | 0 | 0 | ||
Investment, Identifier [Axis]: Master Cutlery, LLC Subordinated Loan | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | (526) | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 699 | |||
Gross Additions | 0 | |||
Gross Reductions | (542) | |||
Fair Value | 157 | 157 | ||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 16,524 | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 65,740 | |||
Gross Additions | 16,524 | |||
Gross Reductions | 0 | |||
Fair Value | 82,264 | 82,264 | ||
Investment, Identifier [Axis]: TRS Services, Inc. Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 0 | |||
Interest income | 0 | |||
Dividend income | 49 | |||
Fee income | 0 | |||
Total investment income | 49 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 0 | |||
Gross Additions | ||||
Gross Reductions | 0 | |||
Fair Value | 0 | 0 | ||
Investment, Identifier [Axis]: TRS Services, Inc. Preferred Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 296 | |||
Interest income | 0 | |||
Dividend income | 5 | |||
Fee income | 0 | |||
Total investment income | 5 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 988 | |||
Gross Additions | 296 | |||
Gross Reductions | 0 | |||
Fair Value | 1,284 | 1,284 | ||
Investment, Identifier [Axis]: TalentSmart Holdings, LLC Common Equity | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | (248) | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 1,095 | |||
Gross Additions | 0 | |||
Gross Reductions | (248) | |||
Fair Value | 847 | 847 | ||
MTE Holding Corp. | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 278 | |||
Net change in unrealized appreciation/(depreciation) | (1,684) | |||
Interest income | 141 | |||
Dividend income | 45 | |||
Fee income | 6 | |||
Total investment income | 192 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 12,948 | |||
Gross Additions | 35 | |||
Gross Reductions | (12,983) | |||
Fair Value | 0 | 0 | ||
Contract Datascan Holdings, Inc. | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 3,613 | |||
Interest income | 0 | |||
Dividend income | 230 | |||
Fee income | 0 | |||
Total investment income | 230 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 2,773 | |||
Gross Additions | 3,843 | |||
Gross Reductions | 0 | |||
Fair Value | 6,616 | 6,616 | ||
Master Cutlery, LLC | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | (526) | |||
Interest income | 0 | |||
Dividend income | 0 | |||
Fee income | 0 | |||
Total investment income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 699 | |||
Gross Additions | 0 | |||
Gross Reductions | (542) | |||
Fair Value | 157 | 157 | ||
TRS Services, LLC | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | |||
Net change in unrealized appreciation/(depreciation) | 296 | |||
Interest income | 0 | |||
Dividend income | 54 | |||
Fee income | 0 | |||
Total investment income | 54 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 988 | |||
Gross Additions | 296 | |||
Gross Reductions | 0 | |||
Fair Value | 1,284 | 1,284 | ||
Affiliate Investments | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 278 | |||
Net change in unrealized appreciation/(depreciation) | 17,999 | |||
Interest income | 141 | |||
Dividend income | 329 | |||
Fee income | 6 | |||
Total investment income | 476 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 85,532 | |||
Gross Additions | 20,722 | |||
Gross Reductions | (13,773) | |||
Fair Value | 92,481 | 92,481 | ||
Control Investment | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | 0 | 278 | 0 |
Net change in unrealized appreciation/(depreciation) | 0 | 980 | (1,684) | 2,084 |
Interest income | 0 | 327 | 141 | 1,016 |
Dividend income | 0 | 33 | 45 | 169 |
Fee income | 0 | 0 | 6 | 0 |
Total investment income | 192 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 12,948 | |||
Gross Additions | 35 | |||
Gross Reductions | (12,983) | |||
Fair Value | 0 | 0 | ||
Affiliate investments | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net realized gain (loss) | 0 | 3,246 | 0 | 3,246 |
Net change in unrealized appreciation/(depreciation) | 650 | 4,340 | 19,683 | 17,731 |
Interest income | 0 | 864 | 0 | 2,724 |
Dividend income | 279 | 37 | 284 | 143 |
Fee income | 0 | $ 325 | 0 | $ 362 |
Total investment income | 284 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value | 72,584 | |||
Gross Additions | 20,687 | |||
Gross Reductions | (790) | |||
Fair Value | $ 92,481 | $ 92,481 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | |||||
Distributions declared per common share (in usd per share) | $ 0.29 | $ 0.24 | $ 0.86 | $ 0.66 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Distributions declared per common share (in usd per share) | $ 0.30 |