Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 13,398,078 | |
Entity Central Index Key | 0001487918 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Investments, at fair value | $ 499,759 | [1],[2] | $ 500,576 | [3],[4] |
Cash | 10,773 | 14,937 | ||
Interest receivable | 2,201 | 2,202 | ||
Prepaid expenses and other assets | 2,750 | 3,002 | ||
Total assets | 515,483 | 520,717 | ||
Liabilities | ||||
Revolving lines of credit | 106,000 | 104,700 | ||
SBA debentures (net of deferred debt issuance costs of $158 and $223, respectively) | 45,762 | 50,697 | ||
Unsecured notes (net of deferred debt issuance costs of $3,402 and $3,647, respectively) | 176,598 | 176,353 | ||
Interest payable | 2,104 | 3,947 | ||
Payable to adviser and affiliates (Note 3) | 4,025 | 3,909 | ||
Accrued professional fees | 419 | 444 | ||
Other liabilities | 767 | 244 | ||
Total liabilities | 335,675 | 340,294 | ||
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 March 31, 2023 and December 31, 2022, respectively | 0 | 0 | ||
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 and 13,398,078 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 134 | 134 | ||
Paid-in capital in excess of par | 184,841 | 184,841 | ||
Total distributable earnings (losses) | (5,167) | (4,552) | ||
Total net assets | 179,808 | 180,423 | ||
Total liabilities and net assets | $ 515,483 | $ 520,717 | ||
Number of shares outstanding (in shares) | 13,398,078 | 13,398,078 | ||
Net asset value per share (in usd per share) | $ 13.42 | $ 13.47 | ||
Non-control/Non-affiliate Investments | ||||
Assets | ||||
Investments, at fair value | $ 400,484 | $ 402,771 | [3] | |
Affiliate investments | ||||
Assets | ||||
Investments, at fair value | 99,275 | 96,701 | ||
Control investment | ||||
Assets | ||||
Investments, at fair value | $ 0 | $ 1,104 | [3] | |
[1] Unless otherwise noted in 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 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Investments, amortized cost | $ 475,024 | [1] | $ 474,880 | [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) | 13,398,078 | 13,398,078 | ||
Common stock, outstanding (in shares) | 13,398,078 | 13,398,078 | ||
Debentures | ||||
Deferred debt issuance costs | $ 158 | $ 223 | ||
Unsecured Notes | ||||
Deferred debt issuance costs | 3,402 | 3,647 | ||
Non-control/Non-affiliate Investments | ||||
Investments, amortized cost | 446,527 | 446,620 | ||
Affiliate investments | ||||
Investments, amortized cost | 18,337 | 18,100 | ||
Control investment | ||||
Investments, amortized cost | $ 10,160 | $ 10,160 | ||
[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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment income | ||
Interest income | $ 13,393 | $ 9,788 |
Dividend income | 785 | 758 |
Fee income | 105 | 400 |
Total investment income | 14,283 | 10,946 |
Expenses | ||
Interest expense | 4,874 | 3,624 |
Management fee | 1,894 | 2,020 |
Income Incentive Fee | 1,238 | 0 |
Capital Gains Fee | 0 | 1,072 |
Professional fees | 436 | 407 |
Administration fee | 482 | 451 |
Other expenses | 409 | 367 |
Total expenses | 9,333 | 7,941 |
Net investment income | 4,950 | 3,005 |
Net realized and unrealized gain (loss) on investments | ||
Net realized gain (loss) | 167 | 265 |
Income tax expense on net realized investment gains | (171) | (48) |
Deferred tax expense on net unrealized appreciation | (159) | (41) |
Net gain (loss) on investments | (1,125) | 5,500 |
Loss on extinguishment of debt | (19) | (144) |
Net increase in net assets resulting from operations | $ 3,806 | $ 8,361 |
Net investment income per common share - basic (in usd per share) | $ 0.37 | $ 0.22 |
Net investment income per common share - diluted (in usd per share) | 0.37 | 0.22 |
Net increase (decrease) in net assets resulting from operations per common share - basic and diluted (in usd per share) | 0.28 | 0.62 |
Distributions declared per common share (in usd per share) | $ 0.33 | $ 0.28 |
Basic weighted average shares outstanding (in shares) | 13,398,078 | 13,422,447 |
Diluted weighted average shares outstanding (in shares) | 13,398,078 | 13,422,447 |
Non-control/Non-affiliate Investments | ||
Investment income | ||
Interest income | $ 13,393 | $ 9,647 |
Dividend income | 2 | 713 |
Fee income | 105 | 394 |
Net realized and unrealized gain (loss) on investments | ||
Net realized gain (loss) | 167 | (13) |
Net unrealized appreciation (depreciation) on investments | (2,196) | (4,784) |
Affiliate investments | ||
Investment income | ||
Interest income | 0 | |
Dividend income | 783 | 0 |
Fee income | 0 | |
Total investment income | 783 | |
Net realized and unrealized gain (loss) on investments | ||
Net realized gain (loss) | 0 | |
Net unrealized appreciation (depreciation) on investments | 2,338 | 11,792 |
Control investment | ||
Investment income | ||
Interest income | 0 | 141 |
Dividend income | 0 | 45 |
Fee income | 0 | 6 |
Total investment income | 0 | |
Net realized and unrealized gain (loss) on investments | ||
Net realized gain (loss) | 0 | 278 |
Net unrealized appreciation (depreciation) on investments | $ (1,104) | $ (1,684) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance (in shares) | 13,398,078 | |
Balance | $ 180,423 | $ 203,744 |
Net increase in net assets resulting from operations: | ||
Net investment income | 4,950 | 3,005 |
Net realized loss on investments, net of taxes | (4) | 217 |
Loss on extinguishment of debt | (19) | (144) |
Net unrealized appreciation on investments, net of taxes | (1,121) | 5,283 |
Distributions to stockholders: | ||
Common stock issued from reinvestment of stockholder distributions | 39 | |
Dividends declared | (4,421) | (3,758) |
Net increase (decrease) | $ (615) | $ 4,642 |
Balance (in shares) | 13,398,078 | 13,425,429 |
Balance | $ 179,808 | $ 208,386 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance (in shares) | 13,398,078 | 13,422,413 |
Balance | $ 134 | $ 134 |
Distributions to stockholders: | ||
Common stock issued from reinvestment of stockholder distributions (in shares) | 3,016 | |
Net increase (decrease) (in shares) | 3,016 | |
Balance (in shares) | 13,398,078 | 13,425,429 |
Balance | $ 134 | $ 134 |
Paid-in capital in excess of par | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | 184,841 | 185,113 |
Distributions to stockholders: | ||
Common stock issued from reinvestment of stockholder distributions | 39 | |
Net increase (decrease) | 39 | |
Balance | 184,841 | 185,152 |
Total distributable earnings (losses) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | (4,552) | 18,497 |
Net increase in net assets resulting from operations: | ||
Net investment income | 4,950 | 3,005 |
Net realized loss on investments, net of taxes | (4) | 217 |
Loss on extinguishment of debt | (19) | (144) |
Net unrealized appreciation on investments, net of taxes | (1,121) | 5,283 |
Distributions to stockholders: | ||
Dividends declared | (4,421) | (3,758) |
Net increase (decrease) | (615) | 4,603 |
Balance | $ (5,167) | $ 23,100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net increase in net assets resulting from operations | $ 3,806 | $ 8,361 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
Net realized gain on investments | (167) | (265) |
Income tax expense on net realized investment gains | 171 | 48 |
Loss on extinguishment of debt | 19 | 144 |
Net unrealized (appreciation) depreciation on investments, net of taxes | 1,121 | (5,283) |
Amortization of Net Loan Fees | (409) | (284) |
Amendment fees collected | 39 | 90 |
Payment-in-kind interest and dividend income | (462) | (270) |
Accretion of interest income on Structured Finance Securities | (3,002) | (2,282) |
Amortization of debt issuance costs | 387 | 375 |
Amortization of intangible asset | 102 | 103 |
Purchase and origination of portfolio investments | (9,944) | (70,164) |
Proceeds from principal payments on portfolio investments | 1,791 | 19,606 |
Proceeds from sale or redemption of portfolio investments | 8,919 | 3,143 |
Proceeds from distributions received from portfolio investments | 3,138 | 5,743 |
Changes in operating assets and liabilities: | ||
Interest receivable | 1 | (617) |
Interest payable | (1,843) | (2,028) |
Payable to adviser and affiliates | 116 | (313) |
Receivable for investment sold | 0 | 14,893 |
Payable for investments purchased | 0 | 4,249 |
Other assets and liabilities | 174 | 367 |
Net cash provided by (used in) operating activities | 3,957 | (24,384) |
Cash flows from financing activities | ||
Distributions paid to stockholders | (4,421) | (3,719) |
Borrowings under revolving lines of credit | 12,300 | 14,650 |
Repayments under revolving lines of credit | (11,000) | 0 |
Repayments of SBA debentures | (5,000) | (19,000) |
Payment of deferred financing costs | 0 | (122) |
Net cash used in financing activities | (8,121) | (8,191) |
Net decrease in cash | (4,164) | (32,575) |
Cash at beginning of period | 14,937 | 43,048 |
Cash at end of period | 10,773 | 10,473 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 6,330 | 5,277 |
Reinvestment of distributions to stockholders | $ 0 | $ 39 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 12.55% | |||
Principal Amount | $ 492,192 | [2] | $ 492,641 | [3] | |
Amortized Cost | 475,024 | [2] | 474,880 | [3] | |
Fair Value | $ 499,759 | [2],[4] | $ 500,576 | [3],[5] | |
Percent of Net Assets | 277.90% | [2] | 277.40% | [3] | |
Total Debt and Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 371,663 | $ 372,403 | |||
Fair Value | $ 412,736 | $ 412,058 | |||
Percent of Net Assets | 229.50% | 228.30% | |||
Structured Finance Securities | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [6] | $ 131,474 | |||
Amortized Cost | $ 103,361 | 102,477 | [6] | ||
Fair Value | $ 87,023 | $ 88,518 | [5],[6] | ||
Percent of Net Assets | 48.40% | 49.10% | [6] | ||
All Star Auto Lights, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 27,998 | [7],[8],[9] | $ 28,073 | [10],[11],[12] | |
Amortized Cost | 27,711 | [7],[8],[9] | 27,752 | [10],[11],[12] | |
Fair Value | $ 27,890 | [7],[8],[9] | $ 27,820 | [5],[10],[11],[12] | |
Percent of Net Assets | 15.50% | [7],[8],[9] | 15.40% | [10],[11],[12] | |
Avison Young | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,731 | [13] | $ 4,744 | [6] | |
Amortized Cost | 4,666 | [13] | 4,681 | [6] | |
Fair Value | $ 4,008 | [13] | $ 4,207 | [5],[6] | |
Percent of Net Assets | 2.20% | [13] | 2.30% | [6] | |
Baymark Health Services, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,950 | [7] | $ 8,950 | [10] | |
Amortized Cost | 8,848 | [7] | 8,787 | [10] | |
Fair Value | $ 8,816 | [7] | $ 8,675 | [5],[10] | |
Percent of Net Assets | 4.90% | [7] | 4.80% | [10] | |
Boca Home Care Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 11,187 | [14] | $ 9,548 | [15] | |
Amortized Cost | 12,531 | [14] | 10,748 | [15] | |
Fair Value | $ 12,218 | [14] | $ 10,252 | [5],[15] | |
Percent of Net Assets | 6.80% | [14] | 5.70% | [15] | |
Diamond Sports Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 2,187 | [7],[16] | $ 2,187 | [10],[17] | |
Amortized Cost | 2,182 | [7],[16] | 2,181 | [10],[17] | |
Fair Value | $ 349 | [7],[16] | $ 488 | [5],[10],[17] | |
Percent of Net Assets | 0.20% | [7],[16] | 0.20% | [10],[17] | |
East West Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 1,945 | [7] | $ 1,950 | [10] | |
Amortized Cost | 1,926 | [7] | 1,930 | [10] | |
Fair Value | $ 1,719 | [7] | $ 1,862 | [5],[10] | |
Percent of Net Assets | 1% | [7] | 1% | [10] | |
Eblens Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 10,218 | [14],[18] | $ 9,890 | [15] | |
Amortized Cost | 10,160 | [14],[18] | 10,160 | [15] | |
Fair Value | $ 0 | [14],[18] | $ 1,104 | [5],[15] | |
Percent of Net Assets | 0% | [14],[18] | 0.60% | [15] | |
Envocore Holding, LLC (F/K/A LRI Holding, LLC) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 13,621 | [8],[19] | $ 13,457 | [11],[20] | |
Amortized Cost | 17,649 | [8],[19] | 17,665 | [11],[20] | |
Fair Value | $ 10,597 | [8],[19] | $ 9,246 | [5],[11],[20] | |
Percent of Net Assets | 5.90% | [8],[19] | 5.10% | [11],[20] | |
GGC Aerospace Topco L.P. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [18] | $ 500 | |||
Amortized Cost | $ 0 | [18] | $ 500 | ||
Fair Value | [5] | $ 0 | |||
Percent of Net Assets | 0% | [18] | 0% | ||
Honor HN Buyer Inc | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,415 | $ 8,436 | [10] | ||
Amortized Cost | 8,218 | 8,228 | [10] | ||
Fair Value | $ 8,429 | $ 8,176 | [5],[10] | ||
Percent of Net Assets | 4.70% | 4.60% | [10] | ||
Inergex Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 17,212 | $ 14,868 | |||
Amortized Cost | 16,978 | 14,596 | |||
Fair Value | $ 17,212 | $ 14,868 | [5] | ||
Percent of Net Assets | 9.60% | 8.20% | |||
Kreg LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 16,735 | $ 16,550 | [10] | ||
Amortized Cost | 16,635 | 16,444 | [10] | ||
Fair Value | $ 15,277 | $ 15,604 | [5],[10] | ||
Percent of Net Assets | 8.50% | 8.70% | [10] | ||
Metasource | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 2,772 | [7] | $ 2,779 | [10] | |
Amortized Cost | 2,742 | [7] | 2,746 | [10] | |
Fair Value | $ 2,544 | [7] | $ 2,511 | [5],[10] | |
Percent of Net Assets | 1.50% | [7] | 1.40% | [10] | |
Milrose Consultants, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 27,579 | [8],[9] | $ 27,648 | [11],[12] | |
Amortized Cost | 27,554 | [8],[9] | 27,621 | [11],[12] | |
Fair Value | $ 27,119 | [8],[9] | $ 27,148 | [5],[11],[12] | |
Percent of Net Assets | 15.20% | [8],[9] | 15% | [11],[12] | |
One GI LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 12,879 | $ 11,454 | |||
Amortized Cost | 12,687 | 11,240 | |||
Fair Value | $ 11,850 | $ 10,647 | [5] | ||
Percent of Net Assets | 6.50% | 5.90% | |||
RSA Security | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 7,212 | [7] | $ 7,219 | [10] | |
Amortized Cost | 7,151 | [7] | 7,156 | [10] | |
Fair Value | $ 4,775 | [7] | $ 5,281 | [5],[10] | |
Percent of Net Assets | 2.60% | [7] | 3% | [10] | |
RumbleOn, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 5,191 | [7],[13] | $ 5,187 | [6],[10] | |
Amortized Cost | 5,218 | [7],[13] | 5,203 | [6],[10] | |
Fair Value | $ 4,744 | [7],[13] | $ 4,659 | [5],[6],[10] | |
Percent of Net Assets | 2.60% | [7],[13] | 2.60% | [6],[10] | |
SSJA Bariatric Management LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 13,320 | [7] | $ 13,353 | [10] | |
Amortized Cost | 13,273 | [7] | 13,299 | [10] | |
Fair Value | $ 13,014 | [7] | $ 13,119 | [5],[10] | |
Percent of Net Assets | 7.30% | [7] | 7.30% | [10] | |
SS Acquisition, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,502 | [7] | $ 4,259 | [10] | |
Amortized Cost | 4,466 | [7] | 4,222 | [10] | |
Fair Value | $ 4,492 | [7] | $ 4,172 | [5],[10] | |
Percent of Net Assets | 2.50% | [7] | 2.40% | [10] | |
The Escape Game, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 18,200 | [8] | $ 16,333 | [11] | |
Amortized Cost | 18,173 | [8] | 16,302 | [11] | |
Fair Value | $ 18,364 | [8] | $ 16,497 | [5],[11] | |
Percent of Net Assets | 10.20% | [8] | 9.10% | [11] | |
Tolemar Acquisition, INC. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 15,903 | $ 15,942 | [10] | ||
Amortized Cost | 15,838 | 15,873 | [10] | ||
Fair Value | $ 15,361 | $ 15,942 | [5],[10] | ||
Percent of Net Assets | 8.50% | 8.80% | [10] | ||
United Biologics Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 17 | [8],[18] | $ 17 | [11],[21] | |
Fair Value | $ 33 | [8],[18] | $ 35 | [5],[11],[21] | |
Percent of Net Assets | 0% | [8],[18] | 0% | [11],[21] | |
Dryden 53 CLO, Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 4,859 | [22],[23] | $ 4,859 | [24],[25] | |
Amortized Cost | 2,703 | [22],[23] | 2,698 | [24],[25] | |
Fair Value | $ 1,744 | [22],[23] | $ 1,852 | [5],[24],[25] | |
Percent of Net Assets | 0.90% | [22],[23] | 1% | [24],[25] | |
Contract Datascan Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 6,655 | [8],[14] | $ 6,419 | [11],[15] | |
Fair Value | $ 9,530 | [8],[14] | $ 6,712 | [5],[11],[15] | |
Percent of Net Assets | 5.30% | [8],[14] | 3.70% | [11],[15] | |
Master Cutlery, LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,857 | [8],[14],[18] | $ 8,578 | [11],[15],[21] | |
Amortized Cost | 8,163 | [8],[14],[18] | 8,163 | [11],[15],[21] | |
Fair Value | $ 129 | [8],[14],[18] | $ 122 | [5],[11],[15],[21] | |
Percent of Net Assets | 0.10% | [8],[14],[18] | 0.10% | [11],[15],[21] | |
TRS Services, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 572 | [8],[14],[18] | $ 572 | [11],[15] | |
Fair Value | $ 1,901 | [8],[14],[18] | $ 1,890 | [5],[11],[15] | |
Percent of Net Assets | 1.10% | [8],[14],[18] | 1% | [11],[15] | |
Non-control/Non-affiliate Investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 473,117 | $ 474,173 | |||
Amortized Cost | 446,527 | 446,620 | |||
Fair Value | $ 400,484 | $ 402,771 | [5] | ||
Percent of Net Assets | 222.70% | 223.20% | |||
Non-control/Non-affiliate Investments | Total Debt and Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 341,644 | $ 342,699 | |||
Amortized Cost | 343,167 | 344,143 | |||
Fair Value | $ 313,461 | $ 314,253 | [5] | ||
Percent of Net Assets | 174.40% | 174.20% | |||
Non-control/Non-affiliate Investments | Structured Finance Securities | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [13] | $ 131,473 | |||
Amortized Cost | [13] | 103,360 | |||
Fair Value | [13] | $ 87,023 | |||
Percent of Net Assets | [13] | 48.30% | |||
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,857 | ||||
Amortized Cost | 18,337 | $ 18,100 | |||
Fair Value | $ 99,275 | 96,701 | |||
Percent of Net Assets | 55.20% | ||||
Control investment | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 10,218 | 9,890 | |||
Amortized Cost | 10,160 | 10,160 | |||
Fair Value | $ 0 | $ 1,104 | [5] | ||
Percent of Net Assets | 0% | 0.60% | |||
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.01% | [1],[7] | 10.39% | [10],[26] | |
Spread Above Index | 6% | [1],[7] | 6% | [10],[26] | |
Principal Amount | $ 8,889 | [7] | $ 8,910 | [10] | |
Amortized Cost | 8,838 | [7] | 8,854 | [10] | |
Fair Value | $ 8,763 | [7] | $ 8,821 | [5],[10] | |
Percent of Net Assets | 4.90% | [7] | 4.90% | [10] | |
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.06% | [1],[7] | 10.44% | [10],[26] | |
Spread Above Index | 6.25% | [1],[7] | 6.25% | [10],[26] | |
Principal Amount | $ 1,995 | [7] | $ 2,000 | [10] | |
Amortized Cost | 1,956 | [7] | 1,959 | [10] | |
Fair Value | $ 1,930 | [7] | $ 1,943 | [5],[10] | |
Percent of Net Assets | 1.10% | [7] | 1.10% | [10] | |
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 12.41% | [1] | 12% | [26] | |
Spread Above Index | 7.25% | [1] | 7.25% | [26] | |
Principal Amount | $ 23,035 | $ 23,098 | |||
Amortized Cost | 22,826 | 22,863 | |||
Fair Value | $ 22,948 | $ 22,890 | [5] | ||
Percent of Net Assets | 12.80% | 12.70% | |||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 12.06% | [1] | 11.76% | [26] | |
Spread Above Index | 7.25% | [1] | 7.25% | [26] | |
Principal Amount | $ 4,963 | $ 4,975 | |||
Amortized Cost | 4,885 | 4,889 | |||
Fair Value | $ 4,942 | $ 4,930 | [5] | ||
Percent of Net Assets | 2.70% | 2.70% | |||
Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.55% | [1],[7],[16] | 10.23% | [10],[12],[17],[26] | |
Spread Above Index | 5.50% | [1],[7],[16] | 5.50% | [10],[12],[17],[26] | |
Principal Amount | $ 3,759 | [7],[16] | $ 3,768 | [10],[12],[17] | |
Amortized Cost | 3,754 | [7],[16] | 3,763 | [10],[12],[17] | |
Fair Value | $ 3,326 | [7],[16] | $ 3,103 | [5],[10],[12],[17] | |
Percent of Net Assets | 1.80% | [7],[16] | 1.70% | [10],[12],[17] | |
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[22],[23] | 20.28% | |||
Principal Amount | [22],[23] | $ 11,080 | |||
Amortized Cost | [22],[23] | 10,119 | |||
Fair Value | [22],[23] | $ 7,452 | |||
Percent of Net Assets | [22],[23] | 4.10% | |||
Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24],[25],[26] | 19.26% | |||
Principal Amount | [24],[25] | $ 11,080 | |||
Amortized Cost | [24],[25] | 9,915 | |||
Fair Value | [5],[24],[25] | $ 7,996 | |||
Percent of Net Assets | [24],[25] | 4.40% | |||
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 17.59% | [1],[22],[23] | 18.54% | [24],[25],[26] | |
Principal Amount | $ 8,630 | [22],[23] | $ 8,630 | [24],[25] | |
Amortized Cost | 7,299 | [22],[23] | 7,198 | [24],[25] | |
Fair Value | $ 5,968 | [22],[23] | $ 6,141 | [5],[24],[25] | |
Percent of Net Assets | 3.30% | [22],[23] | 3.40% | [24],[25] | |
Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 16.28% | [1],[22],[23] | 16.48% | [24],[25],[26] | |
Principal Amount | $ 10,726 | [22],[23] | $ 10,726 | [24],[25] | |
Amortized Cost | 8,701 | [22],[23] | 8,389 | [24],[25] | |
Fair Value | $ 7,806 | [22],[23] | $ 8,611 | [5],[24],[25] | |
Percent of Net Assets | 4.30% | [22],[23] | 4.80% | [24],[25] | |
Investment, Identifier [Axis]: Ares L CLO, Mezzanine Debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 9.73% | |||
Spread Above Index | [26] | 5.65% | |||
Principal Amount | $ 6,000 | ||||
Amortized Cost | 5,749 | ||||
Fair Value | [5] | $ 5,272 | |||
Percent of Net Assets | 2.90% | ||||
Investment, Identifier [Axis]: Ares L CLO, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 10.48% | |||
Spread Above Index | [1],[23] | 5.65% | |||
Principal Amount | [23] | $ 6,000 | |||
Amortized Cost | [23] | 5,769 | |||
Fair Value | [23] | $ 5,277 | |||
Percent of Net Assets | [23] | 2.90% | |||
Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.66% | [1] | 13.23% | [26] | |
Spread Above Index | 8.50% | [1] | 8.50% | [26] | |
Principal Amount | $ 3,000 | $ 3,000 | |||
Amortized Cost | 2,692 | 2,680 | |||
Fair Value | $ 1,540 | $ 2,246 | [5] | ||
Percent of Net Assets | 0.90% | 1.20% | |||
Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [17],[26] | 9.63% | |||
Spread Above Index | [17],[26] | 5.25% | |||
Principal Amount | [17] | $ 2,000 | |||
Amortized Cost | [17] | 1,766 | |||
Fair Value | [5],[17] | $ 1,572 | |||
Percent of Net Assets | [17] | 0.90% | |||
Investment, Identifier [Axis]: Atlantis Holding, LLC , Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[17],[26] | 11.83% | |||
Spread Above Index | [10],[17],[26] | 7.25% | |||
Principal Amount | [10],[17] | $ 8,316 | |||
Amortized Cost | [10],[17] | 8,037 | |||
Fair Value | [5],[10],[17] | $ 8,102 | |||
Percent of Net Assets | [10],[17] | 4.50% | |||
Investment, Identifier [Axis]: Atlantis Holding, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7],[16] | 12.15% | |||
Spread Above Index | [1],[7],[16] | 7.25% | |||
Principal Amount | [7],[16] | $ 6,730 | |||
Amortized Cost | [7],[16] | 6,513 | |||
Fair Value | [7],[16] | $ 6,573 | |||
Percent of Net Assets | [7],[16] | 3.70% | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.67% | [1],[7] | 10.19% | [26] | |
Spread Above Index | 5.75% | [1],[7] | 5.75% | [26] | |
Principal Amount | $ 3,935 | [7] | $ 3,946 | ||
Amortized Cost | 3,911 | [7] | 3,926 | ||
Fair Value | $ 3,311 | [7] | $ 3,475 | [5] | |
Percent of Net Assets | 1.80% | [7] | 1.90% | ||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.92% | [1] | 11.44% | [10],[26] | |
Spread Above Index | 7% | [1] | 7% | [10],[26] | |
Principal Amount | $ 796 | $ 798 | [10] | ||
Amortized Cost | 755 | 755 | [10] | ||
Fair Value | $ 697 | $ 732 | [5],[10] | ||
Percent of Net Assets | 0.40% | 0.40% | [10] | ||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 12.41% | |||
Spread Above Index | [1] | 7.25% | |||
Principal Amount | $ 1,667 | ||||
Amortized Cost | 1,642 | ||||
Fair Value | $ 1,459 | ||||
Percent of Net Assets | 0.80% | ||||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.98% | |||
Spread Above Index | [26] | 7.25% | |||
Principal Amount | $ 1,667 | ||||
Amortized Cost | 1,641 | ||||
Fair Value | [5] | $ 1,540 | |||
Percent of Net Assets | 0.90% | ||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine Debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 10.94% | |||
Spread Above Index | [26] | 6.86% | |||
Principal Amount | $ 8,000 | ||||
Amortized Cost | 7,899 | ||||
Fair Value | [5] | $ 7,308 | |||
Percent of Net Assets | 4.10% | ||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 11.69% | |||
Spread Above Index | [1],[23] | 6.86% | |||
Principal Amount | [23] | $ 8,000 | |||
Amortized Cost | [23] | 7,904 | |||
Fair Value | [23] | $ 7,313 | |||
Percent of Net Assets | [23] | 4.10% | |||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.17% | |||
Spread Above Index | [26] | 6.85% | |||
Principal Amount | $ 6,000 | ||||
Amortized Cost | 5,855 | ||||
Fair Value | [5] | $ 5,445 | |||
Percent of Net Assets | 3% | ||||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 11.67% | |||
Spread Above Index | [1],[23] | 6.85% | |||
Principal Amount | [23] | $ 6,000 | |||
Amortized Cost | [23] | 5,871 | |||
Fair Value | [23] | $ 5,446 | |||
Percent of Net Assets | [23] | 3% | |||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.66% | [1] | 13.23% | [26] | |
Spread Above Index | 8.50% | [1] | 8.50% | [26] | |
Principal Amount | $ 4,962 | $ 4,962 | |||
Amortized Cost | 4,907 | 4,904 | |||
Fair Value | $ 4,888 | $ 4,861 | [5] | ||
Percent of Net Assets | 2.70% | 2.70% | |||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.66% | [1] | 13.23% | [26],[27] | |
Spread Above Index | 8.50% | [1] | 8.50% | [26],[27] | |
Principal Amount | $ 3,988 | $ 3,988 | [27] | ||
Amortized Cost | 3,941 | 3,883 | [27] | ||
Fair Value | $ 3,928 | $ 3,814 | [5],[27] | ||
Percent of Net Assets | 2.20% | 2.10% | [27] | ||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,290 | [18],[28] | $ 1,290 | [21],[29] | |
Fair Value | $ 1,268 | [18],[28] | $ 1,098 | [5],[21],[29] | |
Percent of Net Assets | 0.70% | [18],[28] | 0.60% | [21],[29] | |
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 172 | ||||
Fair Value | $ 172 | ||||
Percent of Net Assets | 0.10% | ||||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26] | 11.33% | |||
Spread Above Index | [10],[26] | 6.50% | |||
Principal Amount | [10] | $ 9,548 | |||
Amortized Cost | [10] | 9,469 | |||
Fair Value | [5],[10] | $ 9,201 | |||
Percent of Net Assets | [10] | 5.10% | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7],[30] | 11.65% | |||
Spread Above Index | [1],[7],[30] | 6.50% | |||
Principal Amount | [7],[30] | $ 11,187 | |||
Amortized Cost | [7],[30] | 11,079 | |||
Fair Value | [7],[30] | $ 10,820 | |||
Percent of Net Assets | [7],[30] | 6% | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.50% | [1],[30] | 1% | [26],[27] | |
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | (10) | [30] | (11) | [27] | |
Fair Value | $ (42) | [30] | $ (47) | [5],[27] | |
Percent of Net Assets | 0% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan Accumulation Facility | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[18],[31] | 0% | |||
Principal Amount | [18],[31] | $ 8,500 | |||
Amortized Cost | [18],[31] | 8,500 | |||
Fair Value | [18],[31] | $ 8,140 | |||
Percent of Net Assets | [18],[31] | 4.50% | |||
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan accumulation facility | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26],[32] | 14.50% | |||
Principal Amount | [32] | $ 8,500 | |||
Amortized Cost | [32] | 8,500 | |||
Fair Value | [5],[32] | $ 8,299 | |||
Percent of Net Assets | [32] | 4.60% | |||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [18] | $ 703 | |||
Fair Value | [18] | $ 40 | |||
Percent of Net Assets | [18] | 0% | |||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity (20,628 common shares) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [21] | $ 703 | |||
Fair Value | [5],[21] | $ 32 | |||
Percent of Net Assets | [21] | 0% | |||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. , Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 6,315 | ||||
Fair Value | [5] | $ 6,202 | |||
Percent of Net Assets | 3.40% | ||||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 104 | [18] | $ 104 | [21] | |
Fair Value | $ 1,520 | [18] | $ 510 | [5],[21] | |
Percent of Net Assets | 0.80% | [18] | 0.30% | [21] | |
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 6,551 | ||||
Fair Value | $ 8,010 | ||||
Percent of Net Assets | 4.50% | ||||
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.59% | [1] | 11.07% | [26] | |
Spread Above Index | 6.75% | [1] | 6.75% | [26] | |
Principal Amount | $ 5,938 | $ 5,938 | |||
Amortized Cost | 5,849 | 5,849 | |||
Fair Value | $ 5,885 | $ 5,767 | [5] | ||
Percent of Net Assets | 3.30% | 3.20% | |||
Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.28% | [1],[7],[13] | 9.25% | [6],[10],[26] | |
Spread Above Index | 5.50% | [1],[7],[13] | 5.50% | [6],[10],[26] | |
Principal Amount | $ 1,985 | [7],[13] | $ 1,990 | [6],[10] | |
Amortized Cost | 1,973 | [7],[13] | 1,977 | [6],[10] | |
Fair Value | $ 1,838 | [7],[13] | $ 1,854 | [5],[6],[10] | |
Percent of Net Assets | 1% | [7],[13] | 1% | [6],[10] | |
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,135 | [14],[18],[28] | $ 1,135 | [15],[21],[29] | |
Fair Value | $ 1,525 | [14],[18],[28] | $ 1,568 | [5],[15],[21],[29] | |
Percent of Net Assets | 0.80% | [14],[18],[28] | 0.90% | [15],[21],[29] | |
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 12.78% | |||
Spread Above Index | [1] | 8% | |||
Principal Amount | $ 252 | ||||
Amortized Cost | 247 | ||||
Fair Value | $ 238 | ||||
Percent of Net Assets | 0.10% | ||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[18] | 8.31% | |||
Spread Above Index | [1],[18] | 3.25% | |||
Principal Amount | [18] | $ 1,935 | |||
Amortized Cost | [18] | 1,935 | |||
Fair Value | [18] | $ 111 | |||
Percent of Net Assets | [18] | 0.10% | |||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 12.32% | |||
Spread Above Index | [26] | 8% | |||
Principal Amount | $ 252 | ||||
Amortized Cost | 246 | ||||
Fair Value | [5] | $ 240 | |||
Percent of Net Assets | 0.10% | ||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26],[33] | 7.57% | |||
Spread Above Index | [26],[33] | 3.25% | |||
Principal Amount | [33] | $ 1,935 | |||
Amortized Cost | [33] | 1,935 | |||
Fair Value | [5],[33] | $ 248 | |||
Percent of Net Assets | [33] | 0.10% | |||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 22.97% | |||
Principal Amount | $ 2,159 | ||||
Amortized Cost | 1,199 | ||||
Fair Value | [5] | $ 823 | |||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 23% | |||
Principal Amount | $ 2,700 | ||||
Amortized Cost | 1,499 | ||||
Fair Value | [5] | $ 1,029 | |||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 24.58% | |||
Principal Amount | $ 2,159 | ||||
Amortized Cost | 1,187 | ||||
Fair Value | $ 775 | ||||
Percent of Net Assets | 0.40% | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes - Income | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 22.77% | |||
Principal Amount | $ 2,700 | ||||
Amortized Cost | 1,517 | ||||
Fair Value | $ 969 | ||||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 19.59% | [1],[22],[23] | 19.75% | [24],[25],[26] | |
Principal Amount | $ 2,750 | [22],[23] | $ 2,750 | [24],[25] | |
Amortized Cost | 2,328 | [22],[23] | 2,266 | [24],[25] | |
Fair Value | $ 2,112 | [22],[23] | $ 2,030 | [5],[24],[25] | |
Percent of Net Assets | 1.20% | [22],[23] | 1.10% | [24],[25] | |
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.43% | [1] | 10.07% | [26] | |
Spread Above Index | 5.75% | [1] | 5.75% | [26] | |
Principal Amount | $ 1,945 | $ 1,950 | |||
Amortized Cost | 1,928 | 1,933 | |||
Fair Value | $ 1,721 | $ 1,873 | [5] | ||
Percent of Net Assets | 1% | 1% | |||
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 5.75% | [1] | 2.88% | [26],[27] | |
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | (2) | [30] | (3) | [27] | |
Fair Value | $ (2) | [30] | $ (11) | [5],[27] | |
Percent of Net Assets | 0% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [21] | ||||
Amortized Cost | $ 950 | 950 | [21] | ||
Fair Value | $ 0 | $ 0 | [5],[21] | ||
Percent of Net Assets | 0% | [18] | 0% | [21] | |
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [34] | $ 5,109 | |||
Amortized Cost | [34] | 4,605 | |||
Fair Value | [34] | $ 0 | |||
Percent of Net Assets | [34] | 0% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [34],[35] | $ 5,109 | |||
Amortized Cost | [34],[35] | 4,605 | |||
Fair Value | [34],[35] | $ 0 | |||
Percent of Net Assets | [34],[35] | 0% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [33] | $ 4,945 | |||
Amortized Cost | [33] | 4,605 | |||
Fair Value | [5],[33] | $ 1,104 | |||
Percent of Net Assets | [33] | 0.60% | |||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [33] | $ 4,945 | |||
Amortized Cost | [33] | 4,605 | |||
Fair Value | [5],[33] | $ 0 | |||
Percent of Net Assets | [33] | 0% | |||
Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.34% | [1] | 12.88% | [26] | |
Spread Above Index | 8.50% | [1] | 8.50% | [26] | |
Principal Amount | $ 3,679 | $ 3,679 | |||
Amortized Cost | 3,383 | 3,360 | |||
Fair Value | $ 2,952 | $ 3,468 | [5] | ||
Percent of Net Assets | 1.60% | 1.90% | |||
Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 0% | [1],[18],[22],[23],[36] | 0% | [24],[25],[26],[37] | |
Principal Amount | $ 5,448 | [18],[22],[23],[36] | $ 5,449 | [24],[25],[37] | |
Amortized Cost | 1,310 | [18],[22],[23],[36] | 1,311 | [24],[25],[37] | |
Fair Value | $ 97 | [18],[22],[23],[36] | $ 118 | [5],[24],[25],[37] | |
Percent of Net Assets | 0.10% | [18],[22],[23],[36] | 0.10% | [24],[25],[37] | |
Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26] | 8.48% | |||
Spread Above Index | [10],[26] | 3.75% | |||
Principal Amount | [10] | $ 1,768 | |||
Amortized Cost | [10] | 1,765 | |||
Fair Value | [5],[10] | $ 1,652 | |||
Percent of Net Assets | [10] | 0.90% | |||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [38] | ||||
Amortized Cost | 4,722 | [38] | $ 4,722 | [21],[39] | |
Fair Value | $ 0 | [38] | $ 0 | [5],[21],[39] | |
Percent of Net Assets | 0% | [38] | 0% | [21],[39] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 7.50% | |||
Principal Amount | $ 6,343 | ||||
Amortized Cost | 6,343 | ||||
Fair Value | $ 6,343 | ||||
Percent of Net Assets | 3.50% | ||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [34] | $ 7,278 | |||
Amortized Cost | [34] | 6,584 | |||
Fair Value | [34] | $ 4,254 | |||
Percent of Net Assets | [34] | 2.40% | |||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[30] | 18% | |||
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | 0 | [30] | 0 | [27] | |
Fair Value | $ 0 | [30] | $ 0 | [5],[27] | |
Percent of Net Assets | 0% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 7.50% | |||
Principal Amount | $ 6,359 | ||||
Amortized Cost | 6,359 | ||||
Fair Value | [5] | $ 6,359 | |||
Percent of Net Assets | 3.50% | ||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [21],[33] | $ 7,098 | |||
Amortized Cost | [21],[33] | 6,584 | |||
Fair Value | [5],[21],[33] | $ 2,887 | |||
Percent of Net Assets | [21],[33] | 1.60% | |||
Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 14.66% | [1],[8] | 14.23% | [11],[26] | |
Spread Above Index | 9.50% | [1],[8] | 9.50% | [11],[26] | |
Principal Amount | $ 4,290 | [8] | $ 4,277 | [11] | |
Amortized Cost | 4,197 | [8] | 4,210 | [11] | |
Fair Value | $ 4,158 | [8] | $ 3,987 | [5],[11] | |
Percent of Net Assets | 2.30% | [8] | 2.20% | [11] | |
Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 19.31% | [1],[22],[23] | 20.94% | [24],[25],[26] | |
Principal Amount | $ 9,680 | [22],[23] | $ 9,680 | [24],[25] | |
Amortized Cost | 6,940 | [22],[23] | 6,907 | [24],[25] | |
Fair Value | $ 5,719 | [22],[23] | $ 5,587 | [5],[24],[25] | |
Percent of Net Assets | 3.20% | [22],[23] | 3.10% | [24],[25] | |
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 450 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 50 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [21] | $ 450 | |||
Fair Value | [5],[21] | $ 0 | |||
Percent of Net Assets | [21] | 0% | |||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class B Units | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [21] | $ 50 | |||
Fair Value | [5],[21] | $ 0 | |||
Percent of Net Assets | [21] | 0% | |||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.80% | [1],[7] | 10.48% | [26] | |
Spread Above Index | 5.75% | [1],[7] | 5.75% | [26] | |
Principal Amount | $ 6,516 | [7] | $ 6,532 | ||
Amortized Cost | 6,417 | [7] | 6,428 | ||
Fair Value | $ 6,522 | [7] | $ 6,426 | [5] | |
Percent of Net Assets | 3.60% | [7] | 3.60% | ||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.80% | [1],[7],[30] | 10.48% | [26],[27] | |
Spread Above Index | 5.75% | [1],[7],[30] | 5.75% | [26],[27] | |
Principal Amount | $ 1,899 | [7],[30] | $ 1,904 | [27] | |
Amortized Cost | 1,812 | [7],[30] | 1,812 | [27] | |
Fair Value | $ 1,907 | [7],[30] | $ 1,762 | [5],[27] | |
Percent of Net Assets | 1.10% | [7],[30] | 1% | [27] | |
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 5.75% | [1],[30] | 5.75% | [26],[27] | |
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | (11) | [30] | (12) | [27] | |
Fair Value | $ 0 | [30] | $ (12) | [5],[27] | |
Percent of Net Assets | 0% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: Idera, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.51% | [1] | 10.50% | [26] | |
Spread Above Index | 6.75% | [1] | 6.75% | [26] | |
Principal Amount | $ 4,000 | $ 4,000 | |||
Amortized Cost | 4,000 | 4,000 | |||
Fair Value | $ 3,796 | $ 3,732 | [5] | ||
Percent of Net Assets | 2.10% | 2.10% | |||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 12.23% | [1] | 12.15% | [26],[40] | |
Spread Above Index | 7% | [1] | 7% | [26],[40] | |
Principal Amount | $ 14,868 | $ 14,868 | [40] | ||
Amortized Cost | 14,697 | 14,669 | [40] | ||
Fair Value | $ 14,868 | $ 14,868 | [5],[40] | ||
Percent of Net Assets | 8.30% | 8.20% | [40] | ||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 12.41% | |||
Spread Above Index | 7% | [1] | 7% | [26],[27] | |
Principal Amount | $ 2,344 | $ 0 | [27] | ||
Amortized Cost | 2,281 | (73) | [27] | ||
Fair Value | $ 2,344 | $ 0 | [5],[27] | ||
Percent of Net Assets | 1.30% | 0% | [27] | ||
Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.21% | [1],[7],[16] | 9.01% | [10],[17],[26] | |
Spread Above Index | 4.25% | [1],[7],[16] | 4.25% | [10],[17],[26] | |
Principal Amount | $ 2,955 | [7],[16] | $ 2,963 | [10],[17] | |
Amortized Cost | 2,964 | [7],[16] | 2,972 | [10],[17] | |
Fair Value | $ 2,437 | [7],[16] | $ 2,359 | [5],[10],[17] | |
Percent of Net Assets | 1.40% | [7],[16] | 1.30% | [10],[17] | |
Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.33% | [1],[7] | 9.91% | [10],[26] | |
Spread Above Index | 5.50% | [1],[7] | 5.50% | [10],[26] | |
Principal Amount | $ 5,278 | [7] | $ 5,369 | [10] | |
Amortized Cost | 5,150 | [7] | 5,227 | [10] | |
Fair Value | $ 4,147 | [7] | $ 4,622 | [5],[10] | |
Percent of Net Assets | 2.30% | [7] | 2.60% | [10] | |
Investment, Identifier [Axis]: KNS Acquisition Corp. , Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26] | 10.42% | |||
Spread Above Index | [10],[26] | 6.25% | |||
Principal Amount | [10] | $ 6,781 | |||
Amortized Cost | [10] | 6,747 | |||
Fair Value | [5],[10] | $ 6,515 | |||
Percent of Net Assets | [10] | 3.60% | |||
Investment, Identifier [Axis]: KNS Acquisition Corp., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7],[16] | 11.17% | |||
Spread Above Index | [1],[7],[16] | 6.25% | |||
Principal Amount | [7],[16] | $ 6,738 | |||
Amortized Cost | [7],[16] | 6,706 | |||
Fair Value | [7],[16] | $ 6,555 | |||
Percent of Net Assets | [7],[16] | 3.60% | |||
Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.31% | [1],[7],[16] | 8.28% | [10],[17],[26] | |
Spread Above Index | 4.50% | [1],[7],[16] | 4.50% | [10],[17],[26] | |
Principal Amount | $ 2,279 | [7],[16] | $ 2,284 | [10],[17] | |
Amortized Cost | 2,251 | [7],[16] | 2,256 | [10],[17] | |
Fair Value | $ 1,967 | [7],[16] | $ 1,898 | [5],[10],[17] | |
Percent of Net Assets | 1.10% | [7],[16] | 1.10% | [10],[17] | |
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 10.98% | |||
Spread Above Index | 2.25% | [1],[7] | 6.25% | [26] | |
Principal Amount | $ 16,735 | [7] | $ 16,550 | ||
Amortized Cost | 16,642 | [7] | 16,452 | ||
Fair Value | $ 15,385 | [7] | $ 15,675 | [5] | |
Percent of Net Assets | 8.60% | [7] | 8.70% | ||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.25% | [1],[30] | 6.25% | [26],[27] | |
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | (7) | [30] | (8) | [27] | |
Fair Value | $ (108) | [30] | $ (71) | [5],[27] | |
Percent of Net Assets | (0.10%) | [30] | 0% | [27] | |
Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.59% | [1],[7],[16] | 9.14% | [10],[17],[26] | |
Spread Above Index | 4.75% | [1],[7],[16] | 4.75% | [10],[17],[26] | |
Principal Amount | $ 2,939 | [7],[16] | $ 2,946 | [10],[17] | |
Amortized Cost | 2,938 | [7],[16] | 2,945 | [10],[17] | |
Fair Value | $ 1,694 | [7],[16] | $ 1,909 | [5],[10],[17] | |
Percent of Net Assets | 0.90% | [7],[16] | 1.10% | [10],[17] | |
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 24.84% | [1],[22],[23] | 23.69% | [24],[25],[26] | |
Principal Amount | $ 10,000 | [22],[23] | $ 10,000 | [24],[25] | |
Amortized Cost | 6,160 | [22],[23] | 6,112 | [24],[25] | |
Fair Value | $ 5,492 | [22],[23] | $ 5,319 | [5],[24],[25] | |
Percent of Net Assets | 3.10% | [22],[23] | 2.90% | [24],[25] | |
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 21.85% | [1],[22],[23] | 19.83% | [24],[25],[26] | |
Principal Amount | $ 9,500 | [22],[23] | $ 9,500 | [24],[25] | |
Amortized Cost | 6,476 | [22],[23] | 6,459 | [24],[25] | |
Fair Value | $ 5,934 | [22],[23] | $ 5,645 | [5],[24],[25] | |
Percent of Net Assets | 3.30% | [22],[23] | 3.10% | [24],[25] | |
Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20) | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [34],[35] | $ 8,857 | |||
Amortized Cost | [34],[35] | 4,680 | |||
Fair Value | [34],[35] | $ 129 | |||
Percent of Net Assets | [34],[35] | 0.10% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 0 | ||||
Fair Value | [5] | $ 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] | |||||
Amortized Cost | $ 3,483 | $ 3,483 | |||
Fair Value | $ 0 | $ 0 | [5] | ||
Percent of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | [33],[40] | $ 8,578 | |||
Amortized Cost | [33],[40] | 4,680 | |||
Fair Value | [5],[33],[40] | $ 122 | |||
Percent of Net Assets | [33],[40] | 0.10% | |||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.17% | [1] | 10.69% | [26] | |
Spread Above Index | 6.25% | [1] | 6.25% | [26] | |
Principal Amount | $ 2,772 | $ 2,779 | |||
Amortized Cost | 2,749 | 2,754 | |||
Fair Value | $ 2,613 | $ 2,592 | [5] | ||
Percent of Net Assets | 1.50% | 1.40% | |||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 6.25% | [1],[30] | 6.25% | [26],[27] | |
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | (7) | [30] | (8) | [27] | |
Fair Value | $ (69) | [30] | $ (81) | [5],[27] | |
Percent of Net Assets | 0% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.65% | [1],[7] | 11.33% | [10],[26] | |
Spread Above Index | 6.50% | [1],[7] | 6.50% | [10],[26] | |
Principal Amount | $ 27,103 | [7] | $ 27,172 | [10] | |
Amortized Cost | 27,084 | [7] | 27,151 | [10] | |
Fair Value | $ 26,669 | [7] | $ 26,700 | [5],[10] | |
Percent of Net Assets | 14.90% | [7] | 14.80% | [10] | |
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.65% | [1],[30] | 11.33% | [26],[27] | |
Spread Above Index | 6.50% | [1],[30] | 6.50% | [26],[27] | |
Principal Amount | $ 476 | [30] | $ 476 | [27] | |
Amortized Cost | 470 | [30] | 470 | [27] | |
Fair Value | $ 450 | [30] | $ 448 | [5],[27] | |
Percent of Net Assets | 0.30% | [30] | 0.20% | [27] | |
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 13.03% | |||
Spread Above Index | [26] | 8.75% | |||
Principal Amount | $ 1,000 | ||||
Amortized Cost | 945 | ||||
Fair Value | [5] | $ 874 | |||
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 | [1],[23] | 13.55% | |||
Spread Above Index | [1],[23] | 8.75% | |||
Principal Amount | [23] | $ 1,000 | |||
Amortized Cost | [23] | 949 | |||
Fair Value | [23] | $ 945 | |||
Percent of Net Assets | [23] | 0.50% | |||
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 17.44% | [1],[22],[23] | 18.97% | [24],[25],[26] | |
Principal Amount | $ 7,000 | [22],[23] | $ 7,000 | [24],[25] | |
Amortized Cost | 4,539 | [22],[23] | 4,504 | [24],[25] | |
Fair Value | $ 3,084 | [22],[23] | $ 3,202 | [5],[24],[25] | |
Percent of Net Assets | 1.70% | [22],[23] | 1.80% | [24],[25] | |
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26] | 11.13% | |||
Spread Above Index | [10],[26] | 6.75% | |||
Principal Amount | [10] | $ 7,508 | |||
Amortized Cost | [10] | 7,395 | |||
Fair Value | [5],[10] | $ 7,039 | |||
Percent of Net Assets | [10] | 3.90% | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26],[27] | 11.14% | |||
Spread Above Index | [10],[26],[27] | 6.75% | |||
Principal Amount | [10],[27] | $ 3,946 | |||
Amortized Cost | [10],[27] | 3,866 | |||
Fair Value | [5],[10],[27] | $ 3,698 | |||
Percent of Net Assets | [10],[27] | 2% | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7] | 11.66% | |||
Spread Above Index | [1],[7] | 6.75% | |||
Principal Amount | [7] | $ 7,489 | |||
Amortized Cost | [7] | 7,386 | |||
Fair Value | [7] | $ 6,892 | |||
Percent of Net Assets | [7] | 3.80% | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7],[30] | 11.61% | |||
Spread Above Index | [1],[7],[30] | 6.75% | |||
Principal Amount | [7],[30] | $ 3,946 | |||
Amortized Cost | [7],[30] | 3,876 | |||
Fair Value | [7],[30] | $ 3,629 | |||
Percent of Net Assets | [7],[30] | 2% | |||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 11.66% | |||
Spread Above Index | 6.75% | [1],[30] | 6.75% | [26],[27] | |
Principal Amount | $ 1,444 | [30] | $ 0 | [27] | |
Amortized Cost | 1,425 | [30] | (21) | [27] | |
Fair Value | $ 1,329 | [30] | $ (90) | [5],[27] | |
Percent of Net Assets | 0.70% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [21],[29] | $ 499 | |||
Fair Value | [5],[21],[29] | $ 967 | |||
Percent of Net Assets | [21],[29] | 0.50% | |||
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [14],[18] | $ 499 | |||
Fair Value | [14],[18] | $ 893 | |||
Percent of Net Assets | [14],[18] | 0.50% | |||
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.54% | |||
Spread Above Index | [26] | 7.30% | |||
Principal Amount | $ 1,000 | ||||
Amortized Cost | 978 | ||||
Fair Value | [5] | $ 910 | |||
Percent of Net Assets | 0.50% | ||||
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 12.11% | |||
Spread Above Index | [1],[23] | 7.30% | |||
Principal Amount | [23] | $ 1,000 | |||
Amortized Cost | [23] | 979 | |||
Fair Value | [23] | $ 911 | |||
Percent of Net Assets | [23] | 0.50% | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [11],[12],[15],[21] | $ 217 | |||
Fair Value | $ 85,429 | [8],[9],[14] | $ 85,456 | [5],[11],[12],[15],[21] | |
Percent of Net Assets | [11],[12],[15],[21] | 47.40% | |||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity (400 Class A shares) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [8],[9],[14] | $ 217 | |||
Percent of Net Assets | [8],[9],[14] | 47.50% | |||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4% | [1],[18],[34] | 4% | [26],[33] | |
Principal Amount | $ 16,648 | [18],[34] | $ 16,648 | [33] | |
Amortized Cost | 14,113 | [18],[34] | 14,113 | [33] | |
Fair Value | $ 6,972 | [18],[34] | $ 6,864 | [5],[33] | |
Percent of Net Assets | 3.90% | [18],[34] | 3.80% | [33] | |
Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.23% | |||
Spread Above Index | [26] | 6.50% | |||
Principal Amount | $ 1,125 | ||||
Amortized Cost | 1,083 | ||||
Fair Value | [5] | $ 1,064 | |||
Percent of Net Assets | 0.60% | ||||
Investment, Identifier [Axis]: RPLF Holdings, LLC (10), Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [21],[29] | $ 492 | |||
Fair Value | [5],[21],[29] | $ 406 | |||
Percent of Net Assets | [21],[29] | 0.20% | |||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [18],[28] | $ 0 | |||
Fair Value | [18],[28] | $ 1,146 | |||
Percent of Net Assets | [18],[28] | 0.60% | |||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[16] | 9.57% | |||
Spread Above Index | [1],[16] | 4.75% | |||
Principal Amount | [16] | $ 2,762 | |||
Amortized Cost | [16] | 2,750 | |||
Fair Value | [16] | $ 2,184 | |||
Percent of Net Assets | [16] | 1.20% | |||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 12.56% | |||
Spread Above Index | [1] | 7.75% | |||
Principal Amount | $ 4,450 | ||||
Amortized Cost | 4,401 | ||||
Fair Value | $ 2,591 | ||||
Percent of Net Assets | 1.40% | ||||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [17],[26] | 9.11% | |||
Spread Above Index | [17],[26] | 4.75% | |||
Principal Amount | [17] | $ 2,769 | |||
Amortized Cost | [17] | 2,756 | |||
Fair Value | [5],[17] | $ 1,931 | |||
Percent of Net Assets | [17] | 1.10% | |||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 12.11% | |||
Spread Above Index | [26] | 7.75% | |||
Principal Amount | $ 4,450 | ||||
Amortized Cost | 4,400 | ||||
Fair Value | [5] | $ 3,350 | |||
Percent of Net Assets | 1.90% | ||||
Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.78% | [1],[7] | 10.42% | [10],[26] | |
Spread Above Index | 6% | [1],[7] | 6% | [10],[26] | |
Principal Amount | $ 2,535 | [7] | $ 2,548 | [10] | |
Amortized Cost | 2,503 | [7] | 2,514 | [10] | |
Fair Value | $ 2,502 | [7] | $ 2,501 | [5],[10] | |
Percent of Net Assets | 1.40% | [7] | 1.40% | [10] | |
Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 15.34% | [1],[22],[23] | 17.49% | [24],[25],[26] | |
Principal Amount | $ 1,300 | [22],[23] | $ 1,300 | [24],[25] | |
Amortized Cost | 1,024 | [22],[23] | 1,034 | [24],[25] | |
Fair Value | $ 691 | [22],[23] | $ 695 | [5],[24],[25] | |
Percent of Net Assets | 0.40% | [22],[23] | 0.40% | [24],[25] | |
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine Debt - Class DR2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.03% | |||
Spread Above Index | [26] | 6.95% | |||
Principal Amount | $ 800 | ||||
Amortized Cost | 778 | ||||
Fair Value | [5] | $ 738 | |||
Percent of Net Assets | 0.40% | ||||
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine debt - Class DR2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 11.78% | |||
Spread Above Index | [1],[23] | 6.95% | |||
Principal Amount | [23] | $ 800 | |||
Amortized Cost | [23] | 788 | |||
Fair Value | [23] | $ 740 | |||
Percent of Net Assets | [23] | 0.40% | |||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine Debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.24% | |||
Spread Above Index | [26] | 7.19% | |||
Principal Amount | $ 3,000 | ||||
Amortized Cost | 2,971 | ||||
Fair Value | [5] | $ 2,990 | |||
Percent of Net Assets | 1.70% | ||||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 11.83% | |||
Spread Above Index | [1],[23] | 7.19% | |||
Principal Amount | [23] | $ 3,000 | |||
Amortized Cost | [23] | 2,972 | |||
Fair Value | [23] | $ 2,990 | |||
Percent of Net Assets | [23] | 1.70% | |||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.41% | [1] | 12.98% | [26] | |
Spread Above Index | 8.25% | [1] | 8.25% | [26] | |
Principal Amount | $ 3,985 | $ 3,985 | |||
Amortized Cost | 3,828 | 3,817 | |||
Fair Value | $ 3,642 | $ 3,617 | [5] | ||
Percent of Net Assets | 2% | 2% | |||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.41% | [1],[30] | 12.98% | [26],[27] | |
Spread Above Index | 8.25% | [1],[30] | 8.25% | [26],[27] | |
Principal Amount | $ 1,206 | [30] | $ 1,202 | [27] | |
Amortized Cost | 1,190 | [30] | 1,186 | [27] | |
Fair Value | $ 1,102 | [30] | $ 1,042 | [5],[27] | |
Percent of Net Assets | 0.60% | [30] | 0.60% | [27] | |
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | |||||
Amortized Cost | 200 | $ 200 | |||
Fair Value | $ 0 | $ 0 | [5] | ||
Percent of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.70% | [1],[41] | 11.10% | [26],[42] | |
Spread Above Index | 6.84% | [1],[41] | 6.85% | [26],[42] | |
Principal Amount | $ 3,042 | [41] | $ 3,042 | [42] | |
Amortized Cost | 3,019 | [41] | 3,017 | [42] | |
Fair Value | $ 3,017 | [41] | $ 2,988 | [5],[42] | |
Percent of Net Assets | 1.70% | [41] | 1.70% | [42] | |
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 12.40% | [1] | 11.84% | [26],[27] | |
Spread Above Index | 7.59% | [1],[30] | 7.59% | [26],[27] | |
Principal Amount | $ 1,460 | [30] | $ 1,217 | [27] | |
Amortized Cost | 1,447 | [30] | 1,205 | [27] | |
Fair Value | $ 1,475 | [30] | $ 1,184 | [5],[27] | |
Percent of Net Assets | 0.80% | [30] | 0.70% | [27] | |
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 10.30% | |||
Spread Above Index | [1] | 5.25% | |||
Principal Amount | $ 9,650 | ||||
Amortized Cost | 9,623 | ||||
Fair Value | $ 9,440 | ||||
Percent of Net Assets | 5.30% | ||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 10.30% | |||
Spread Above Index | [1] | 5.25% | |||
Principal Amount | $ 1,043 | ||||
Amortized Cost | 1,039 | ||||
Fair Value | $ 1,020 | ||||
Percent of Net Assets | 0.60% | ||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 10.30% | |||
Spread Above Index | [1] | 5.25% | |||
Principal Amount | $ 2,627 | ||||
Amortized Cost | 2,613 | ||||
Fair Value | $ 2,569 | ||||
Percent of Net Assets | 1.40% | ||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | 5.25% | [1],[30] | 5.25% | [26],[27] | |
Principal Amount | $ 0 | [30] | $ 0 | [27] | |
Amortized Cost | (2) | [30] | (2) | [27] | |
Fair Value | $ (15) | [30] | $ (11) | [5],[27] | |
Percent of Net Assets | 0% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 9.98% | |||
Spread Above Index | [26] | 5.25% | |||
Principal Amount | $ 9,675 | ||||
Amortized Cost | 9,643 | ||||
Fair Value | [5] | $ 9,513 | |||
Percent of Net Assets | 5.30% | ||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 9.98% | |||
Spread Above Index | [26] | 5.25% | |||
Principal Amount | $ 1,045 | ||||
Amortized Cost | 1,041 | ||||
Fair Value | [5] | $ 1,028 | |||
Percent of Net Assets | 0.60% | ||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 3 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 9.98% | |||
Spread Above Index | [26] | 5.25% | |||
Principal Amount | $ 2,633 | ||||
Amortized Cost | 2,617 | ||||
Fair Value | [5] | $ 2,589 | |||
Percent of Net Assets | 1.40% | ||||
Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 12.84% | [1] | 12.38% | [26] | |
Spread Above Index | 8% | [1] | 8% | [26] | |
Principal Amount | $ 9,073 | $ 9,073 | |||
Amortized Cost | 9,072 | 9,071 | |||
Fair Value | $ 9,073 | $ 9,073 | [5] | ||
Percent of Net Assets | 5% | 5% | |||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [21],[29] | $ 160 | |||
Fair Value | [5],[21],[29] | $ 80 | |||
Percent of Net Assets | [21],[29] | 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] | $ 120 | |||
Percent of Net Assets | [18],[28] | 0.10% | |||
Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.31% | [1],[7] | 7.89% | [10],[17],[26] | |
Spread Above Index | 3.50% | [1],[7] | 3.50% | [10],[17],[26] | |
Principal Amount | $ 1,817 | [7] | $ 1,822 | [10],[17] | |
Amortized Cost | 1,803 | [7] | 1,807 | [10],[17] | |
Fair Value | $ 1,218 | [7] | $ 1,566 | [5],[10],[17] | |
Percent of Net Assets | 0.70% | [7] | 0.90% | [10],[17] | |
Investment, Identifier [Axis]: Spear Education Holdings, LLC Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Index | [1] | 7.50% | |||
Principal Amount | $ 1,496 | ||||
Amortized Cost | 1,460 | ||||
Fair Value | $ 1,460 | ||||
Percent of Net Assets | 0.80% | ||||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26] | 12.98% | |||
Spread Above Index | [10],[26] | 8.25% | |||
Principal Amount | [10] | $ 6,399 | |||
Amortized Cost | [10] | 6,375 | |||
Fair Value | [5],[10] | $ 6,182 | |||
Percent of Net Assets | [10] | 3.40% | |||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7] | 13.41% | |||
Spread Above Index | [1],[7] | 8.25% | |||
Principal Amount | [7] | $ 6,399 | |||
Amortized Cost | [7] | 6,384 | |||
Fair Value | [7] | $ 6,079 | |||
Percent of Net Assets | [7] | 3.40% | |||
Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.81% | [1],[7],[13],[16] | 9.44% | [6],[10],[17],[26] | |
Spread Above Index | 5% | [1],[7],[13],[16] | 5% | [6],[10],[17],[26] | |
Principal Amount | $ 2,892 | [7],[13],[16] | $ 2,900 | [6],[10],[17] | |
Amortized Cost | 2,854 | [7],[13],[16] | 2,858 | [6],[10],[17] | |
Fair Value | $ 2,670 | [7],[13],[16] | $ 2,689 | [5],[6],[10],[17] | |
Percent of Net Assets | 1.50% | [7],[13],[16] | 1.50% | [6],[10],[17] | |
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[22],[23] | 13.84% | |||
Principal Amount | [22],[23] | $ 7,000 | |||
Amortized Cost | [22],[23] | 5,321 | |||
Fair Value | [22],[23] | $ 3,708 | |||
Percent of Net Assets | [22],[23] | 2.10% | |||
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [24],[25],[26] | 14.24% | |||
Principal Amount | [24],[25] | $ 7,000 | |||
Amortized Cost | [24],[25] | 5,347 | |||
Fair Value | [5],[24],[25] | $ 3,926 | |||
Percent of Net Assets | [24],[25] | 2.20% | |||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 572 | ||||
Fair Value | [5] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 572 | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 0 | ||||
Fair Value | [5] | $ 1,890 | |||
Percent of Net Assets | 1% | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 0 | ||||
Fair Value | $ 1,901 | ||||
Percent of Net Assets | 1.10% | ||||
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,595 | [14],[18],[28] | $ 1,595 | [15],[21],[29] | |
Fair Value | $ 761 | [14],[18],[28] | $ 953 | [5],[15],[21],[29] | |
Percent of Net Assets | 0.40% | [14],[18],[28] | 0.50% | [15],[21],[29] | |
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.84% | [1] | 11.38% | [26] | |
Spread Above Index | 7% | [1] | 7% | [26] | |
Principal Amount | $ 16,333 | $ 16,333 | |||
Amortized Cost | 16,333 | 16,333 | |||
Fair Value | $ 16,497 | $ 16,497 | [5] | ||
Percent of Net Assets | 9.20% | 9.10% | |||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[30] | 11.84% | |||
Spread Above Index | 7% | [1],[30] | 7% | [26],[27] | |
Principal Amount | $ 1,867 | [30] | $ 0 | [27] | |
Amortized Cost | 1,840 | [30] | (31) | [27] | |
Fair Value | $ 1,867 | [30] | $ 0 | [5],[27] | |
Percent of Net Assets | 1% | [30] | 0% | [27] | |
Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.34% | [1],[7],[16] | 12.88% | [10],[17],[26] | |
Spread Above Index | 8.50% | [1],[7],[16] | 8.50% | [10],[17],[26] | |
Principal Amount | $ 3,654 | [7],[16] | $ 3,978 | [10],[17] | |
Amortized Cost | 3,596 | [7],[16] | 3,910 | [10],[17] | |
Fair Value | $ 3,638 | [7],[16] | $ 3,930 | [5],[10],[17] | |
Percent of Net Assets | 2% | [7],[16] | 2.20% | [10],[17] | |
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.70% | [1],[7] | 9.32% | [26] | |
Spread Above Index | 5.75% | [1],[7] | 5.75% | [26] | |
Principal Amount | $ 15,465 | [7] | $ 15,504 | ||
Amortized Cost | 15,410 | [7] | 15,445 | ||
Fair Value | $ 15,001 | [7] | $ 15,504 | [5] | |
Percent of Net Assets | 8.30% | [7] | 8.60% | ||
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan (Revolver) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.60% | [1],[30] | 12.25% | [26],[27] | |
Spread Above Index | 5.75% | [1],[30] | 4.75% | [26],[27] | |
Principal Amount | $ 438 | [30] | $ 438 | [27] | |
Amortized Cost | 428 | [30] | 428 | [27] | |
Fair Value | $ 360 | [30] | $ 438 | [5],[27] | |
Percent of Net Assets | 0.20% | [30] | 0.20% | [27] | |
Investment, Identifier [Axis]: Tony's Fresh Market / Cardenas Markets, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[26] | 11.44% | |||
Spread Above Index | [10],[26] | 6.75% | |||
Principal Amount | [10] | $ 5,985 | |||
Amortized Cost | [10] | 5,647 | |||
Fair Value | [5],[10] | $ 5,532 | |||
Percent of Net Assets | [10] | 3.10% | |||
Investment, Identifier [Axis]: Tony's Fresh Market/ Cardenas Markets, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[7] | 11.75% | |||
Spread Above Index | [1],[7] | 6.75% | |||
Principal Amount | [7] | $ 5,970 | |||
Amortized Cost | [7] | 5,645 | |||
Fair Value | [7] | $ 5,586 | |||
Percent of Net Assets | [7] | 3.10% | |||
Investment, Identifier [Axis]: Total Affiliate Investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount | $ 8,578 | ||||
Amortized Cost | 18,101 | ||||
Fair Value | [5] | $ 96,701 | |||
Percent of Net Assets | 53.60% | ||||
Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 23.02% | [1],[22],[23] | 23.02% | [24],[25],[26] | |
Principal Amount | $ 5,200 | [22],[23] | $ 5,200 | [24],[25] | |
Amortized Cost | 3,094 | [22],[23] | 3,060 | [24],[25] | |
Fair Value | $ 2,139 | [22],[23] | $ 2,216 | [5],[24],[25] | |
Percent of Net Assets | 1.20% | [22],[23] | 1.20% | [24],[25] | |
Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 13.33% | [1] | 12.91% | [26] | |
Spread Above Index | 8.50% | [1] | 8.50% | [26] | |
Principal Amount | $ 4,500 | $ 4,500 | |||
Amortized Cost | 4,606 | 4,611 | |||
Fair Value | $ 4,232 | $ 4,226 | [5] | ||
Percent of Net Assets | 2.40% | 2.30% | |||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 8 | ||||
Fair Value | [5] | $ 24 | |||
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 | $ 18 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 9 | ||||
Fair Value | [5] | $ 11 | |||
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 | $ 15 | ||||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine Debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [26] | 11.66% | |||
Spread Above Index | [26] | 7.70% | |||
Principal Amount | $ 3,000 | ||||
Amortized Cost | 2,931 | ||||
Fair Value | [5] | $ 2,876 | |||
Percent of Net Assets | 1.60% | ||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine debt - Class E | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[23] | 12.34% | |||
Spread Above Index | [1],[23] | 7.70% | |||
Principal Amount | [23] | $ 3,000 | |||
Amortized Cost | [23] | 2,934 | |||
Fair Value | [23] | $ 2,876 | |||
Percent of Net Assets | [23] | 1.60% | |||
Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 22.01% | [1],[22],[23] | 23.88% | [24],[25],[26] | |
Principal Amount | $ 1,000 | [22],[23] | $ 1,000 | [24],[25] | |
Amortized Cost | 680 | [22],[23] | 670 | [24],[25] | |
Fair Value | $ 439 | [22],[23] | $ 471 | [5],[24],[25] | |
Percent of Net Assets | 0.20% | [22],[23] | 0.30% | [24],[25] | |
Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [10],[17],[26] | 9.88% | |||
Spread Above Index | [10],[17],[26] | 5.50% | |||
Principal Amount | [10],[17] | $ 3,127 | |||
Amortized Cost | [10],[17] | 3,100 | |||
Fair Value | [5],[10],[17] | $ 2,843 | |||
Percent of Net Assets | [10],[17] | 1.60% | |||
[1]At March 31, 2023, the Company held loans with an aggregate principal amount of $311,371, or 94% of the total loan portfolio, that bear interest at a variable rate indexed to LIBOR (L) or SOFR, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect at March 31, 2023. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.[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]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.[4] Unless otherwise noted in 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 . Investment was on non-accrual status as of December 31, 2022, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. Investment was on non-accrual status as of March 31, 2023, 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 March 31, 2023: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Kreg, LLC Senior Secured Loan 0% to 4.00% 7.30% to 11.30% 4.50% Master Cutlery, LLC Subordinated Loan 0% to 13.00% 0% to 13.00% 13.00% Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Inergex Holdings, LLC Senior Secured Loan 0% to 2.00% 12.15% to 14.15% 2.00% Master Cutlery, LLC Senior Secured Loan 0% to 13.00% 0% to 13.00% 13.00% Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 11.70% 11.09% 0.61% SS Acquisition, LLC (Delayed Draw) 12.40% 11.19% 1.21% 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, 2022: Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 11.10% 10.49% 0.61% SS Acquisition, LLC (Delayed Draw) 11.84% 10.49% 1.35% |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2023 | ||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 492,192 | [1] | $ 492,641 | [2] | ||
Effective accretable yield | 0% | 0% | ||||
Estimated yield | 0% | |||||
Qualifying assets percentage | 81% | 80% | ||||
Kreg LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 16,735 | $ 16,550 | [3] | |||
PIK interest rate | 4.50% | |||||
Mastery Cutlery, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 13% | 13% | ||||
Inergex Holdings, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 17,212 | $ 14,868 | ||||
PIK interest rate | 2% | |||||
Variable-rate Loans | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 311,371 | $ 312,595 | ||||
Variable-rate Loans | Portfolio principal amount | Investment concentration risk | ||||||
Schedule of Investments [Line Items] | ||||||
Concentration risk, percentage | 94% | 87% | ||||
Minimum | Kreg LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 0% | |||||
Interest rate, cash | 7.30% | |||||
Minimum | Mastery Cutlery, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 0% | 0% | ||||
Interest rate, cash | 0% | 0% | ||||
Minimum | Inergex Holdings, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 0% | |||||
Interest rate, cash | 12.15% | |||||
Maximum | Kreg LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 4% | |||||
Interest rate, cash | 11.30% | |||||
Maximum | Mastery Cutlery, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 13% | 13% | ||||
Interest rate, cash | 13% | 13% | ||||
Maximum | Inergex Holdings, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
PIK interest rate | 2% | |||||
Interest rate, cash | 14.15% | |||||
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 8,889 | [4] | $ 8,910 | [3] | ||
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,995 | [4] | 2,000 | [3] | ||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 23,035 | 23,098 | ||||
Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 4,963 | 4,975 | ||||
Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 3,759 | [4],[5] | 3,768 | [3],[6],[7] | ||
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [8],[9] | 11,080 | ||||
Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [10],[11] | 11,080 | ||||
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 8,630 | [8],[9] | 8,630 | [10],[11] | ||
Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 10,726 | [8],[9] | 10,726 | [10],[11] | ||
Investment, Identifier [Axis]: Ares L CLO, Mezzanine Debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 6,000 | |||||
Investment, Identifier [Axis]: Ares L CLO, Mezzanine debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 6,000 | ||||
Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 3,000 | 3,000 | ||||
Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [6] | 2,000 | ||||
Investment, Identifier [Axis]: Atlantis Holding, LLC , Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3],[6] | 8,316 | ||||
Investment, Identifier [Axis]: Atlantis Holding, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [4],[5] | 6,730 | ||||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 3,935 | [4] | 3,946 | |||
Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 796 | 798 | [3] | |||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,667 | |||||
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,667 | |||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine Debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 8,000 | |||||
Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 8,000 | ||||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 6,000 | |||||
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 6,000 | ||||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 4,962 | 4,962 | ||||
Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 3,988 | $ 3,988 | [12] | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 1,290 | 1,290 | [13],[14] | |||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 1,723 | |||||
PIK interest rate | 2% | |||||
Interest rate, cash | 12% | |||||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3] | $ 9,548 | ||||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [4],[15] | $ 11,187 | ||||
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 0 | [15] | 0 | [12] | ||
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan Accumulation Facility | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [16],[17] | $ 8,500 | ||||
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan accumulation facility | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [18] | $ 8,500 | ||||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [17] | 20,628 | ||||
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity (20,628 common shares) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [14] | 20,628 | ||||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. , Preferred Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 3,061 | |||||
PIK interest rate | 10% | |||||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 11,273 | [17] | 11,273 | [14] | ||
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 3,061 | |||||
PIK interest rate | 10% | |||||
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 5,938 | $ 5,938 | ||||
Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 1,985 | [4],[19] | $ 1,990 | [3],[20] | ||
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 1,135 | 1,135 | [13],[14],[21] | |||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 252 | |||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [17] | 1,935 | ||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 252 | |||||
Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [22] | 1,935 | ||||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,159 | |||||
Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,700 | |||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,159 | |||||
Investment, Identifier [Axis]: Dryden 53 CLO, Ltd., Subordinated Notes - Income | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,700 | |||||
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,750 | [8],[9] | 2,750 | [10],[11] | ||
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,945 | 1,950 | ||||
Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 0 | [15] | $ 0 | [12] | ||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 356 | 356 | [14] | |||
Principal amount | [14] | |||||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [23] | $ 5,109 | ||||
PIK interest rate | [23],[24] | 13% | ||||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [23],[25] | $ 5,109 | ||||
PIK interest rate | [23],[24] | 13% | ||||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [22] | $ 4,945 | ||||
PIK interest rate | [22],[26] | 13% | ||||
Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [22] | $ 4,945 | ||||
PIK interest rate | [22],[26] | 13% | ||||
Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 3,679 | $ 3,679 | ||||
Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 5,448 | [8],[9],[17],[27] | 5,449 | [10],[11],[28] | ||
Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3] | 1,768 | ||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [29] | |||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 6,343 | |||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [23] | $ 7,278 | ||||
PIK interest rate | [23],[24] | 10% | ||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 0 | [15] | 0 | [12] | ||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 6,359 | |||||
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [14],[22] | $ 7,098 | ||||
PIK interest rate | [14],[22],[26] | 10% | ||||
Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 4,290 | [30] | $ 4,277 | [31] | ||
PIK interest rate | 2.25% | [24],[30] | 1.25% | [26],[31] | ||
Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 9,680 | [8],[9] | $ 9,680 | [10],[11] | ||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 368,852 | |||||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 40,984 | |||||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class A Units | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [14] | 368,852 | ||||
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class B Units | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [14] | 40,984 | ||||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 6,516 | [4] | $ 6,532 | |||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,899 | [4],[15] | 1,904 | [12] | ||
Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 0 | [15] | 0 | [12] | ||
Investment, Identifier [Axis]: Idera, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 4,000 | 4,000 | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 14,868 | $ 14,868 | [32] | |||
PIK interest rate | [26],[32] | 2% | ||||
Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,344 | $ 0 | [12] | |||
Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,955 | [4],[5] | 2,963 | [3],[6] | ||
Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 5,278 | [4] | 5,369 | [3] | ||
Investment, Identifier [Axis]: KNS Acquisition Corp. , Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3] | 6,781 | ||||
Investment, Identifier [Axis]: KNS Acquisition Corp., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [4],[5] | 6,738 | ||||
Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,279 | [4],[5] | 2,284 | [3],[6] | ||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 16,735 | [4] | $ 16,550 | |||
PIK interest rate | 4.50% | [4],[24] | 0.50% | [26] | ||
Interest rate, cash | [4],[24] | 7.30% | ||||
Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 0 | [15] | $ 0 | [12] | ||
Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,939 | [4],[5] | 2,946 | [3],[6] | ||
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 10,000 | [8],[9] | 10,000 | [10],[11] | ||
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 9,500 | [8],[9] | $ 9,500 | [10],[11] | ||
Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [23],[25] | $ 8,857 | ||||
PIK interest rate | [23],[24],[25] | 13% | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 15,564 | |||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 15,564 | |||||
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% | ||||
Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [22],[32] | $ 8,578 | ||||
PIK interest rate | [22],[26],[32] | 13% | ||||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 2,772 | $ 2,779 | ||||
Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 0 | [15] | 0 | [12] | ||
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 27,103 | [4] | 27,172 | [3] | ||
Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 476 | [15] | 476 | [12] | ||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,000 | |||||
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine debt - Class E-R | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 1,000 | ||||
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 7,000 | [8],[9] | 7,000 | [10],[11] | ||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3] | 7,508 | ||||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3],[12] | 3,946 | ||||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [4] | 7,489 | ||||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [4],[15] | 3,946 | ||||
Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 1,444 | [15] | $ 0 | [12] | ||
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [13],[14] | 499 | ||||
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [17],[33] | 499 | ||||
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 1,000 | |||||
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | $ 1,000 | ||||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [7],[14],[21],[31] | 400 | ||||
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity (400 Class A shares) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [30],[33],[34] | 400 | ||||
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 16,648 | [17],[23] | $ 16,648 | [22] | ||
Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 1,125 | |||||
Investment, Identifier [Axis]: RPLF Holdings, LLC (10), Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [13],[14] | 345,339 | ||||
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [17],[35] | 345,339 | ||||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (1) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [5] | $ 2,762 | ||||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan (2) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 4,450 | |||||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [6] | $ 2,769 | ||||
Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 4,450 | |||||
Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,535 | [4] | 2,548 | [3] | ||
Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,300 | [8],[9] | 1,300 | [10],[11] | ||
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine Debt - Class DR2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 800 | |||||
Investment, Identifier [Axis]: Regatta II Funding, Mezzanine debt - Class DR2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 800 | ||||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine Debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 3,000 | |||||
Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 3,000 | ||||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 3,985 | 3,985 | ||||
Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,206 | [15] | 1,202 | [12] | ||
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants | ||||||
Schedule of Investments [Line Items] | ||||||
Warrants | 600 | $ 600 | ||||
Principal amount | ||||||
Investment, Identifier [Axis]: SS Acquisition, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Reported Interest Rate | 11.70% | 11.10% | ||||
Interest rate | 11.09% | 10.49% | ||||
Additional Interest per Annum | 0.61% | 0.61% | ||||
Investment, Identifier [Axis]: SS Acquisition, LLC (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Reported Interest Rate | 11.84% | |||||
Interest rate | 10.49% | |||||
Additional Interest per Annum | 1.35% | |||||
Investment, Identifier [Axis]: SS Acquisition, LLC Delayed Draw | ||||||
Schedule of Investments [Line Items] | ||||||
Reported Interest Rate | 12.40% | |||||
Interest rate | 11.19% | |||||
Additional Interest per Annum | 1.21% | |||||
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 3,042 | [36] | $ 3,042 | [37] | ||
Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,460 | [15] | 1,217 | [12] | ||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 9,650 | |||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,043 | |||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,627 | |||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 0 | [15] | 0 | [12] | ||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 9,675 | |||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,045 | |||||
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,633 | |||||
Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 9,073 | $ 9,073 | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [13],[14] | 1,603 | ||||
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units) | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [17],[35] | 1,603 | ||||
Principal amount | [17],[35] | |||||
Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,817 | [4] | $ 1,822 | [3],[6] | ||
Investment, Identifier [Axis]: Spear Education Holdings, LLC Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,496 | |||||
Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3] | 6,399 | ||||
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 | ||||
Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 2,892 | [4],[5],[19] | 2,900 | [3],[6],[20] | ||
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [8],[9] | $ 7,000 | ||||
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [10],[11] | $ 7,000 | ||||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 3,000,000 | |||||
Investment, Identifier [Axis]: TRS Services, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | [17] | 3,000,000 | ||||
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% | |||||
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% | |||||
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 1,595,238 | [17],[33],[35] | 1,595,238 | [13],[14],[21] | ||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 16,333 | $ 16,333 | ||||
Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 1,867 | [15] | 0 | [12] | ||
Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 3,654 | [4],[5] | 3,978 | [3],[6] | ||
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 15,465 | [4] | 15,504 | |||
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan (Revolver) | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 438 | [15] | 438 | [12] | ||
Investment, Identifier [Axis]: Tony's Fresh Market / Cardenas Markets, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3] | 5,985 | ||||
Investment, Identifier [Axis]: Tony's Fresh Market/ Cardenas Markets, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [4] | 5,970 | ||||
Investment, Identifier [Axis]: Total Affiliate Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 8,578 | |||||
Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | 5,200 | [8],[9] | 5,200 | [10],[11] | ||
Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 4,500 | $ 4,500 | ||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 4,701 | |||||
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 | ||||||
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants | ||||||
Schedule of Investments [Line Items] | ||||||
Shares/units held (in shares) | 3,976 | |||||
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 | ||||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine Debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 3,000 | |||||
Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine debt - Class E | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [9] | 3,000 | ||||
Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | $ 1,000 | [8],[9] | 1,000 | [10],[11] | ||
Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Principal amount | [3],[6] | $ 3,127 | ||||
[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]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 other debt obligation of the Company.[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 . Investment was on non-accrual status as of December 31, 2022, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details. Investment was on non-accrual status as of March 31, 2023, 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 March 31, 2023: Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Kreg, LLC Senior Secured Loan 0% to 4.00% 7.30% to 11.30% 4.50% Master Cutlery, LLC Subordinated Loan 0% to 13.00% 0% to 13.00% 13.00% Portfolio Company Investment Type Range of PIK Range of Cash Maximum PIK Inergex Holdings, LLC Senior Secured Loan 0% to 2.00% 12.15% to 14.15% 2.00% Master Cutlery, LLC Senior Secured Loan 0% to 13.00% 0% to 13.00% 13.00% Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 11.70% 11.09% 0.61% SS Acquisition, LLC (Delayed Draw) 12.40% 11.19% 1.21% 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, 2022: Portfolio Company Reported Interest Rate Interest Rate per Credit Agreement Additional Interest per Annum SS Acquisition, LLC 11.10% 10.49% 0.61% SS Acquisition, LLC (Delayed Draw) 11.84% 10.49% 1.35% |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
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 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: OFSCC-FS, SBIC I LP or OFSCC-MB. 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. 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. SBIC I LP intends to continue to repay its outstanding SBA debentures prior to their scheduled maturity dates. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022, filed on March 3, 2023. 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, 2022. 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. 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 exceeds 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 . Cash: The Company’s cash balances are maintained with a member bank of the Federal Deposit Insurance Corporation (“FDIC”) and at times, such balances exceed the FDIC insurance limit. The Company does not believe its cash balances are exposed to any significant credit risk. Cash balances are held in US Bank N.A. and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash held by SBIC I LP and OFSCC-FS is limited by SBA regulation and the terms and conditions of the BNP Facility, respectively, including but not limited to, payment of interest expense and principal on the outstanding borrowings. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023. 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 to 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. For the years ended December 31, 2023 and 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 2023 calendar year on January 11, 2023. 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022, there were no accrued Capital Gains Fees. 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 continuation of the Administration Agreement was most recently approved by the Board on April 5, 2023. 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 March 31, 2023, affiliates of OFS Advisor held approximately 3,020,992 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 months ended March 31, 2023 and 2022, are presented below: Three Months Ended March 31, 2023 2022 Management fee $ 1,894 $ 2,020 Incentive fees: Income Incentive Fee 1,238 — Capital Gains Fee (1) — 1,072 Administration fee 482 451 Distributions paid to affiliates 997 846 (1) As of March 31, 2022, the Capital Gains Fee of $1,072 was deferred and not due to OFS Advisor. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | Investments As of March 31, 2023, the Company had loans to 47 portfolio companies, of which approximately 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 March 31, 2023, 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 $ 334,903 70.5 % 186.4 % $ 309,789 62.1 % 172.2 % Subordinated debt investments 13,890 2.9 7.7 129 — 0.1 Preferred equity 10,375 2.2 5.8 10,221 2.0 5.7 Common equity, warrants and other (1) 12,495 2.6 6.9 92,597 18.5 51.5 Total Portfolio Company Investments 371,663 78.2 206.8 412,736 82.6 229.5 Structured Finance Securities 103,361 21.8 57.5 87,023 17.4 48.4 Total investments $ 475,024 100.0 % 264.3 % $ 499,759 100.0 % 277.9 % (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 March 31, 2023 and December 31, 2022, the Company’s investment portfolio was domiciled as follows: March 31, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value United States $ 366,997 $ 408,728 $ 367,723 $ 407,851 Canada 4,666 4,008 4,680 4,207 Cayman Islands (1) 103,361 87,023 102,477 88,518 Total investments $ 475,024 $ 499,759 $ 474,880 $ 500,576 (1) Investments domiciled in the Cayman Islands represent 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 March 31, 2023, 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 $ 2,742 0.6 % 1.5 % $ 2,544 0.5 % 1.4 % Convention and Trade Show Organizers 160 — 0.1 120 — 0.1 Landscaping Services 4,606 1.0 2.6 4,232 0.8 2.4 Security Systems Services (except Locksmiths) 5,852 1.2 3.3 5,885 1.2 3.3 Temporary Help Services 8,838 1.9 4.9 8,763 1.8 4.9 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 18,173 3.8 10.1 18,364 3.7 10.2 Construction Electrical Contractors and Other Wiring Installation Contractors 17,649 3.7 9.8 10,597 2.1 5.9 New Single-Family Housing Construction (except For-Sale Builders) 1,803 0.4 1.0 1,218 0.2 0.7 Education Services Professional and Management Development Training 3,055 0.6 1.7 2,221 0.4 1.2 Sports and Recreation Instruction 4,466 0.9 2.5 4,492 0.9 2.5 Health Care and Social Assistance Child Day Care Services 6,384 1.3 3.6 6,079 1.2 3.4 Home Health Care Services 4,197 0.9 2.3 4,158 0.8 2.3 Medical Laboratories 17 — — 33 — — Offices of Physicians, Mental Health Specialists 13,273 2.8 7.4 13,014 2.6 7.2 Other Ambulatory Health Care Services 16,635 3.5 9.3 15,277 3.1 8.5 Outpatient Mental Health and Substance Abuse Centers 8,848 1.9 4.9 8,816 1.8 4.9 Services for the Elderly and Persons with Disabilities 20,749 4.4 11.5 20,647 4.1 11.5 Information Cable and Other Subscription Programming 3,754 0.8 2.1 3,326 0.7 1.8 Data Processing, Hosting, and Related Services 4,073 0.9 2.3 3,219 0.6 1.8 Directory and Mailing List Publishers 3,596 0.8 2.0 3,638 0.7 2.0 Software Publishers 17,077 3.6 9.5 10,555 2.1 5.9 Television Broadcasting 2,182 0.5 1.2 349 0.1 0.2 Management of Companies and Enterprises Offices of Other Holding Companies 12,687 2.7 7.1 11,850 2.4 6.6 Manufacturing Bare Printed Circuit Board Manufacturing 1,973 0.4 1.1 1,838 0.4 1.0 Current-Carrying Wiring Device Manufacturing 3,383 0.7 1.9 2,952 0.6 1.6 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.3 — — — Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Fluid Power Pump and Motor Manufacturing $ 1,926 0.4 % 1.1 % $ 1,719 0.3 % 1.0 % Ice Cream and Frozen Dessert Manufacturing 1,642 0.3 0.9 1,459 0.3 0.8 Motorcycle, Bicycle, and Parts Manufacturing 15,838 3.3 8.8 15,361 3.1 8.5 Other Industrial Machinery Manufacturing 5,218 1.1 2.9 4,744 0.9 2.6 Pharmaceutical Preparation Manufacturing 217 — 0.1 85,429 17.4 47.5 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 1,901 0.4 1.1 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 27,554 5.9 15.3 27,119 5.4 15.1 Advertising Agencies 2,251 0.5 1.3 1,967 0.4 1.1 Computer Systems Design Services 1,956 0.4 1.1 1,930 0.4 1.1 Other Computer Related Services 16,978 3.6 9.4 17,212 3.4 9.6 Public Administration Other Justice, Public Order, and Safety Activities 703 0.1 0.4 40 — — Real Estate and Rental and Leasing Nonresidential Property Managers 4,666 1.0 2.6 4,008 0.8 2.2 Office Machinery and Equipment Rental and Leasing 6,655 1.4 3.7 9,530 1.9 5.3 Retail Trade Electronics and Appliance Stores 6,513 1.4 3.6 6,573 1.3 3.7 Electronic Shopping and Mail-Order Houses 6,706 1.4 3.7 6,555 1.3 3.6 Shoe store 10,160 2.1 5.7 — — — Supermarkets and Other Grocery (except Convenience) Stores 5,645 1.2 3.1 5,586 1.1 3.1 All Other General Merchandise Stores 499 0.1 0.3 893 0.2 0.5 Transportation and Warehousing Transportation and Warehousing 2,503 0.5 1.4 2,502 0.5 1.4 Wholesale Trade Business to Business Electronic Markets 2,854 0.6 1.6 2,670 0.5 1.5 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 11,147 2.3 6.2 8,572 1.7 4.8 Drugs and Druggists' Sundries Merchant Wholesalers 5,150 1.1 2.9 4,147 0.8 2.3 Industrial Machinery and Equipment Merchant Wholesalers 9,072 1.9 5.0 9,073 1.8 5.0 Motor Vehicle Parts (Used) Merchant Wholesalers 27,711 5.8 15.3 27,890 5.6 15.5 Other Miscellaneous Nondurable Goods Merchant Wholesalers 2,692 0.6 1.5 1,540 0.3 0.9 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,163 1.7 4.5 129 — 0.1 Total Portfolio Company Investments $ 371,663 78.2 % 206.8 % $ 412,736 82.6 % 229.5 % Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Structured Finance Securities 103,361 21.8 57.5 87,023 17.4 48.4 Total investments $ 475,024 100.0 % 264.3 % $ 499,759 100.0 % 277.9 % As of December 31, 2022, the Company had loans to 52 portfolio companies, of which 99.6% were senior secured loans and 0.4% were subordinated loans, at fair value. The Company also held equity investments in 16 portfolio companies and 23 investments in Structured Finance Securities. At December 31, 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 $ 335,558 70.7 % 186.0 % $ 311,636 62.3 % 172.7 % Subordinated debt investments 13,890 2.9 7.7 1,226 0.2 0.7 Preferred equity 9,966 2.1 5.5 8,196 1.6 4.5 Common equity, warrants and other 12,989 2.7 7.2 91,000 18.2 50.4 Total debt and equity investments $ 372,403 78.4 % 206.4 % $ 412,058 82.3 % 228.3 % Structured Finance Securities 102,477 21.6 56.8 88,518 17.7 49.1 Total $ 474,880 100.0 % 263.2 % $ 500,576 100.0 % 277.4 % As of December 31, 2022, 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 All Other Business Support Services $ 2,745 0.6 % 1.5 % $ 2,511 0.5 % 1.4 % Convention and Trade Show Organizers 160 — 0.1 80 — — Hazardous Waste Treatment and Disposal 1,765 0.4 1.0 1,652 0.3 0.9 Landscaping Services 4,611 1.0 2.6 4,226 0.8 2.3 Security Systems Services (except Locksmiths) 5,849 1.2 3.2 5,767 1.2 3.2 Temporary Help Services 8,854 1.9 4.9 8,821 1.8 4.9 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 16,303 3.4 9.0 16,497 3.3 9.1 Construction Electrical Contractors and Other Wiring Installation Contractors 17,666 3.7 9.8 9,247 1.8 5.1 New Single-Family Housing Construction (except For-Sale Builders) 1,807 0.4 1.0 1,566 0.3 0.9 Education Services Professional and Management Development Training 1,595 0.3 0.9 953 0.2 0.5 Sports and Recreation Instruction 4,222 0.9 2.3 4,172 0.8 2.3 Health Care and Social Assistance Child Day Care Services 6,375 1.3 3.5 6,182 1.2 3.4 Home Health Care Services 4,210 0.9 2.3 3,987 0.8 2.2 Medical Laboratories 17 — — 35 — — Offices of Physicians, Mental Health Specialists 13,299 2.8 7.4 13,119 2.6 7.3 Other Ambulatory Health Care Services 16,444 3.5 9.1 15,604 3.1 8.6 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Outpatient Mental Health and Substance Abuse Centers $ 8,787 1.9 % 4.9 % $ 8,675 1.7 % 4.8 % Services for the Elderly and Persons with Disabilities 18,977 4.0 10.5 18,427 3.7 10.2 Information Cable and Other Subscription Programming 3,763 0.8 2.1 3,103 0.6 1.7 Data Processing, Hosting, and Related Services 4,080 0.9 2.3 3,477 0.7 1.9 Directory and Mailing List Publishers 3,910 0.8 2.2 3,930 0.8 2.2 Internet Publishing and Broadcasting and Web Search Portals 3,100 0.7 1.7 2,843 0.6 1.6 Software Publishers 17,577 3.7 9.7 9,629 1.9 5.3 Television Broadcasting 2,182 0.5 1.2 488 0.1 0.3 Management of Companies and Enterprises Offices of Other Holding Companies 11,240 2.4 6.2 10,646 2.1 5.9 Manufacturing Bare Printed Circuit Board Manufacturing 1,977 0.4 1.1 1,854 0.4 1.0 Current-Carrying Wiring Device Manufacturing 3,360 0.7 1.9 3,468 0.7 1.9 Fluid Power Pump and Motor Manufacturing 1,931 0.4 1.1 1,862 0.4 1.0 Ice Cream and Frozen Dessert Manufacturing 1,641 0.3 0.9 1,540 0.3 0.9 Motorcycle, Bicycle, and Parts Manufacturing 15,873 3.3 8.8 15,942 3.2 8.8 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.3 — — — Other Industrial Machinery Manufacturing 5,203 1.1 2.9 4,660 0.9 2.6 Pharmaceutical Preparation Manufacturing 217 — 0.1 85,456 17.1 47.4 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 1,890 0.4 1.0 Communication Equipment Repair and Maintenance 1,766 0.4 1.0 1,572 0.3 0.9 Other Automotive Mechanical and Electrical Repair and Maintenance 1,083 0.2 0.6 1,064 0.2 0.6 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 27,621 5.8 15.3 27,148 5.4 15.0 Advertising Agencies 2,256 0.5 1.3 1,898 0.4 1.1 Computer Systems Design Services 1,959 0.4 1.1 1,943 0.4 1.1 Other Computer Related Services 14,595 3.1 8.1 14,868 3.0 8.2 Public Administration Other Justice, Public Order, and Safety Activities 703 0.1 0.4 32 — — Real Estate and Rental and Leasing Nonresidential Property Managers 4,680 1.0 2.6 4,207 0.8 2.3 Office Machinery and Equipment Rental and Leasing 6,418 1.4 3.6 6,713 1.3 3.7 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Retail Trade Electronic Shopping and Mail-Order Houses $ 6,747 1.4 % 3.7 % $ 6,515 1.3 % 3.6 % Electronics and Appliance Stores 8,037 1.7 4.5 8,102 1.6 4.5 Shoe Store 10,160 2.1 5.6 1,104 0.2 0.6 Supermarkets and Other Grocery (except Convenience) Stores 5,647 1.2 3.1 5,532 1.1 3.1 All Other General Merchandise Stores 499 0.1 0.3 967 0.2 0.5 Transportation and Warehousing Transportation and Warehousing 2,514 0.5 1.4 2,501 0.5 1.4 Wholesale Trade Business to Business Electronic Markets 2,858 0.6 1.6 2,689 0.5 1.5 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 11,156 2.3 6.2 9,013 1.8 5.0 Drugs and Druggists' Sundries Merchant Wholesalers 5,227 1.1 2.9 4,622 0.9 2.6 Industrial Machinery and Equipment Merchant Wholesalers 9,071 1.9 5.0 9,073 1.8 5.0 Motor Vehicle Parts (Used) Merchant Wholesalers 27,751 5.8 15.4 27,821 5.6 15.4 Other Miscellaneous Nondurable Goods Merchant Wholesalers 2,680 0.6 1.5 2,246 0.4 1.2 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,163 1.7 4.4 122 — 0.1 Total debt and equity investments $ 372,403 78.4 % 206.4 % 412,058 82.3 % 228.3 % Structured Finance Securities 102,477 21.6 56.8 88,518 17.7 49.1 Total investments $ 474,880 100.0 % 263.2 % 500,576 100.0 % 277.4 % Non-Accrual Loans: Management reviews, for placement on non-accrual status, 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. 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 as of March 31, 2023 was $36,522 and $11,466, respectively, and as of December 31, 2022 was $36,522 and $11,225, respectively. Portfolio Concentration: As of March 31, 2023, the Company’s common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 17.1% and 47.5% of its total portfolio at fair value and its total net assets, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
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 of the 1940 Act (“Rule 2a-5”), the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments, commencing with the quarter ended September 30, 2022, and the Board maintains oversight of OFS Advisor in its capacity as valuation designee, 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 management to exercise significant judgment or estimation. 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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Transfers from Level 2 to Level 3 $ — $ — Transfers from Level 3 to Level 2 3,809 6,773 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 rising interest rates and elevated inflation rates, the ongoing war between Russia and Ukraine, instability in the U.S. and international banking systems, the risk of recession and of a failure to increase the U.S. debt ceiling 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 March 31, 2023 and December 31, 2022: Security Level 1 Level 2 Level 3 Fair Value at March 31, 2023 Debt investments $ — $ 28,646 $ 281,272 $ 309,918 Equity investments — — 102,818 102,818 Structured Finance Securities — — 87,023 87,023 $ — $ 28,646 $ 471,113 $ 499,759 Security Level 1 Level 2 Level 3 Fair Value at December 31, 2022 Debt investments $ — $ 30,823 $ 282,039 $ 312,862 Equity investments — — 99,196 99,196 Structured Finance Securities — — 88,518 88,518 $ — $ 30,823 $ 469,753 $ 500,576 The following tables provide quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of March 31, 2023 and December 31, 2022. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor’s valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s investment assets. Fair Value at March 31, 2023 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 249,824 Discounted cash flow Discount rates 9.72% - 20.37% (12.89%) Senior secured 1,540 Market approach EBITDA multiples 9.50x - 9.50x (9.50x) Senior secured 17,569 Market approach Revenue multiples 0.43x - 0.70x (0.54x) Senior secured 12,210 Market approach Transaction Price Subordinated 129 Market approach Revenue multiples 0.40x - 0.40x (0.40x) Structured Finance Securities: Subordinated notes (1) 52,288 Discounted cash flow Discount rates 19.50% - 36.00% (26.84%) Constant default rate 2.00% - 2.00% (2.00%) Recovery rate 65.00% - 65.00% (65.00%) Subordinated notes 97 Market approach Net asset value liquidation (2) Mezzanine debt 26,498 Discounted cash flow Discount margin 7.25% - 9.95% (8.53%) Constant default rate 2.00% - 3.00% (2.04%) Recovery rate 65.00% - 65.00% (65.00%) Loan Accumulation Facility 8,140 Market approach Net asset value liquidation (2) Equity investments: Preferred equity 8,028 Market approach EBITDA multiples 7.50x - 7.50x (7.50x) Preferred equity 2,021 Market approach Revenue multiples 0.84x - 3.50x (1.00x) Preferred equity 172 Market Approach Transaction Price Common equity, warrants and other 91,451 Market approach EBITDA multiples 3.88x - 11.50x (11.24x) Common equity, warrants and other (3) — Market approach Revenue multiples 0.40x - 0.84x (0.46x) Common equity, warrants and other 1,146 Market approach Transaction Price $ 471,113 (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 Structured Finance Security that has been optionally redeemed. (3) As of March 31, 2023, the aggregate fair value of these investments was $0. Fair Value at December 31, 2022 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 264,702 Discounted cash flow Discount rates 10.21% - 20.71% (12.94%) Senior secured 16,110 Market approach Revenue multiples 0.46x - 0.70x (0.56x) Subordinated 1,226 Market approach EBITDA multiples 10.50x - 10.50x (10.50x) Structured Finance Securities: Subordinated notes (1) 53,688 Discounted cash flow Discount rates 12.50% - 34.00% (22.14%) Constant default rate 2.00% - 2.00% (2.00%) Recovery rate 65.00% - 65.00% (65.00%) Mezzanine debt 26,413 Discounted cash flow Discount margin 7.25% - 11.60% (8.58%) Constant default rate 2.00% - 3.00% (2.03%) Recovery rate 65.00% - 65.00% (65.00%) Subordinated notes 118 Market approach Net asset value liquidation (2) Loan accumulation facility 8,299 Market approach Probability weighted NAV analysis Equity investments: Preferred equity 6,202 Market approach EBITDA multiples 7.25x - 7.25x (7.25x) Preferred equity 1,901 Market approach Revenue multiples 0.15x - 0.87x (0.87x) Common equity, warrants and other 91,070 Market approach EBITDA multiples 3.72x - 11.75x (9.63x) Common equity, warrants and other 24 Market approach Revenue multiples 0.15x - 0.87x (0.15x) $ 469,753 (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) NAV liquidation represents the fair value, or estimated expected residual value, of the investment. 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 approaches used in developing input assumptions to these 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 three months ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, 2023 Senior Subordinated Preferred Equity Common Equity, Warrants and Other Structured Finance Securities Total Level 3 assets, December 31, 2022 $ 280,813 $ 1,226 $ 8,196 $ 91,000 $ 88,518 $ 469,753 Net realized gain (loss) on investments (140) — — 470 — 330 Net unrealized appreciation (depreciation) on investments (1,948) (1,097) 1,617 2,089 (2,380) (1,719) Amortization of Net Loan Fees 313 — — — 59 372 Accretion of interest income on Structured Finance Securities — — — — 3,002 3,002 Capitalized PIK interest and dividends 226 — 236 — — 462 Amendment fees (39) — — — — (39) Purchase and origination of portfolio investments 9,772 — 172 — — 9,944 Proceeds from principal payments on portfolio investments (1,335) — — — — (1,335) Sale and redemption of portfolio investments (2,710) — — — — (2,710) Proceeds from distributions received from portfolio investments — — — (962) (2,176) (3,138) Transfers out of Level 3 (3,809) — — — — (3,809) Level 3 assets, March 31, 2023 $ 281,143 $ 129 $ 10,221 $ 92,597 $ 87,023 $ 471,113 Three Months Ended March 31, 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 gain on investments — — — 72 — 72 Net unrealized appreciation (depreciation) on investments (319) (424) 2,430 7,965 (3,449) 6,203 Amortization of Net Loan Fees 228 6 — — 25 259 Accretion of interest income on Structured Finance Securities — — — — 2,282 2,282 Capitalized PIK interest and dividends 211 58 — — — 269 Amendment fees (90) — — — — (90) Purchase and origination of portfolio investments 43,818 — — 1,290 22,061 67,169 Proceeds from principal payments on portfolio investments (5,976) (8,230) — — — (14,206) Sale and redemption of portfolio investments — — — (3,141) — (3,141) Proceeds from distributions received from portfolio investments — — — — (5,743) (5,743) Transfers out of Level 3 (6,773) — — — — (6,773) Level 3 assets, March 31, 2022 $ 292,212 $ 9,353 $ 6,195 $ 89,672 $ 90,377 $ 487,809 The net unrealized appreciation (depreciation) reported in the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows: Three Months Ended March 31, 2023 2022 Senior secured debt investments $ (971) $ (249) Subordinated debt investments (1,097) (424) Preferred equity 1,630 2,430 Common equity, warrants and other 2,075 9,649 Structured Finance Securities (2,383) (3,449) Net unrealized appreciation (depreciation) on investments held $ (746) $ 7,957 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 March 31, 2023 and December 31, 2022: As of March 31, 2023 As of December 31, 2022 Description Carrying Value (1) Fair Value Carrying Value (1) Fair Value PWB Credit Facility $ 5,000 $ 5,000 $ — $ — BNP Facility 101,000 101,000 104,700 104,700 Unsecured Notes Due February 2026 122,741 112,327 122,547 109,037 Unsecured Notes Due October 2028 53,857 48,840 53,806 47,058 SBA-guaranteed debentures 45,762 44,032 50,697 49,470 Total debt $ 328,360 $ 311,199 $ 331,750 $ 310,265 (1) Carrying value is calculated as the outstanding principal amount less unamortized deferred debt issuance costs. 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 March 31, 2023 and December 31, 2022: March 31, 2023 Description Level 1 (1) Level 2 Level 3 (2) Total PWB Credit Facility $ — $ — $ 5,000 $ 5,000 BNP Facility — — 101,000 101,000 Unsecured Notes Due February 2026 — — 112,327 112,327 Unsecured Notes Due October 2028 48,840 — — 48,840 SBA-guaranteed debentures — — 44,032 44,032 Total debt, at fair value $ 48,840 $ — $ 262,359 $ 311,199 December 31, 2022 Description Level 1 (1) Level 2 Level 3 (2) Total PWB Credit Facility $ — $ — $ — $ — BNP Facility — — 104,700 104,700 Unsecured Notes Due February 2026 — — 109,037 109,037 Unsecured Notes Due October 2028 47,058 — — 47,058 SBA-guaranteed debentures — — 49,470 49,470 Total debt, at fair value $ 47,058 $ — $ 263,207 $ 310,265 (1) For Level 1 measurements, fair value is estimated by using the closing price of the security on the Nasdaq Global Select Market. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of March 31, 2023, the Company has outstanding commitments to fund investments totaling $21,312 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 March 31, 2023. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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, at March 31, 2023 and December 31, 2022, SBIC I LP held $175,337 and $176,521 in assets, respectively, which accounted for approximately 34% and 34% of the Company’s total consolidated assets, respectively. These assets cannot be pledged under any debt obligation of the Company. On March 1, 2023, SBIC I LP redeemed $5,000 of SBA debentures that were contractually due March 1, 2025. As of March 31, 2023, SBIC I LP had outstanding debentures totaling $45,920, which bear a fixed interest rate of 2.87% and mature on March 1, 2025. For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense $ 348 $ 451 Amortization of debt issuance costs 46 44 Total interest and debt financing costs $ 394 $ 495 Cash paid for interest expense $ 725 $ 1,002 Effective interest rate 3.21 % 3.12 % Average outstanding balance $ 49,198 $ 63,375 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 March 31, 2023 and December 31, 2022, OFSCC-FS had outstanding debt of $101,000 and $104,700, respectively. As of March 31, 2023, the unused commitment under the BNP Facility was $49,000. For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense (1) $ 1,908 $ 616 Amortization of debt issuance costs 95 67 Total interest and debt financing costs $ 2,003 $ 683 Cash paid for interest expense $ 1,905 $ 585 Effective interest rate 7.63 % 2.56 % Average outstanding balance $ 105,030 $ 106,850 (1) Stated interest expense includes unused fees. PWB Credit Facility : On March 7, 2018, the Company entered into the PWB Credit Facility. 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. On December 15, 2022, the Company amended the PWB Credit Facility to: (i) reduce the maximum amount available under the PWB Credit Facility from $35,000 to $25,000; and (ii) eliminate the “No Net Losses” covenant, which restricted net losses (defined as income after adjustments to the investment portfolio for gains and losses, realized and unrealized, also shown as net increase (decrease) in net assets resulting from operations) in more than two quarters during the prior four quarters then ended. 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 March 31, 2023 and December 31, 2022, the Company had $5,000 and $-0-, respectively, of outstanding debt under the PWB Credit Facility. As of March 31, 2023, the unused commitment under the PWB Credit Facility was $20,000. For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense (1) $ 66 $ 18 Amortization of debt issuance costs 1 1 Total interest and debt financing costs $ 67 $ 19 Cash paid for interest expense $ 51 $ 18 Effective interest rate (2) 8.07 % 5.14 % Average outstanding balance $ 2,669 $ 506 (1) Stated interest expense includes unused fees. (2) Unused fees were excluded from the calculation. Unsecured Notes : As of March 31, 2023 and December 31, 2022, 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 months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense $ 2,165 $ 2,165 Amortization of debt issuance costs 245 262 Total interest and debt financing costs $ 2,410 $ 2,427 Cash paid for interest expense $ 3,649 $ 3,672 Effective interest rate 5.35 % 5.40 % Average outstanding balance $ 180,000 $ 180,000 The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of March 31, 2023: Payments due by period Total Less than 1-3 years 4-5 years After 5 years PWB Credit Facility $ 5,000 $ 5,000 $ — $ — $ — Unsecured Notes 180,000 — 125,000 — 55,000 SBA Debentures 45,920 — 45,920 — — BNP Facility 101,000 — — 101,000 — Total $ 331,920 $ 5,000 $ 170,920 $ 101,000 $ 55,000 For the three months ended March 31, 2023 and 2022, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows: Three Months Ended March 31, 2023 2022 Average dollar borrowings $ 336,897 $ 350,731 Weighted average effective interest rate 5.79 % 4.19 % |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 Per share operating performance: Net asset value per share at beginning of period $ 13.47 $ 15.18 Net investment income (4) 0.37 0.22 Net realized gain on investments, net of taxes (4) — 0.02 Net unrealized appreciation (depreciation) on investments, net of taxes (4) (0.09) 0.39 Loss on extinguishment of debt (4) — (0.01) Total income from operations 0.28 0.62 Distributions declared (0.33) (0.28) Net asset value per share at end of period $ 13.42 $ 15.52 Per share market value, end of period $ 10.29 $ 13.00 Total return based on market value (1)(7) 4.6 % 21.8 % Total return based on net asset value (2)(7) 2.8 % 4.4 % Shares outstanding at end of period 13,398,078 13,425,429 Weighted average shares outstanding 13,398,078 13,422,447 Ratio/Supplemental Data (dollar amounts in thousands) Average net asset value (3) $ 180,116 $ 206,065 Net asset value at end of period $ 179,808 $ 208,386 Net investment income $ 4,950 $ 3,005 Ratio of total expenses to average net assets (5) 20.7 % 15.4 % Ratio of total expenses and loss on extinguishment of debt to average net assets (5) 20.7 % 15.5 % Ratio of net investment income to average net assets (5) 11.0 % 5.8 % Ratio of loss on extinguishment of debt to average net assets (7) 0.0% 0.1 % Portfolio turnover (6) 2.0 % 5.4 % (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, portfolio investment distributions and principal payments or period-to-date purchases over the average of the invested assets at fair value. (7) Not annualized. |
Capital Transactions
Capital Transactions | 3 Months Ended |
Mar. 31, 2023 | |
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. If the Company makes a deemed distribution, shareholders will be treated for U.S. federal income tax purposes as if they had received an actual distribution of the capital gains, net of taxes. The Company is limited on the use of cash held by OFS SBIC I LP under restrictions imposed by SBA regulations. In addition, distributions from OFSCC-FS to the Company are restricted by the terms and conditions of the BNP Facility. The following table summarizes distributions declared and paid for the three months ended March 31, 2023 and 2022: Date Declared Record Date Payment Date Amount Cash DRIP Shares DRIP Shares Three Months Ended March 31, 2022 March 1, 2022 March 24, 2022 March 31, 2022 $ 0.28 $ 3,719 3,016 $ 39 Three Months Ended March 31, 2023 February 28, 2023 March 24, 2023 March 31, 2023 $ 0.33 $ 4,421 — $ — (1) (1) During the three months ended March 31, 2023, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows: Three months ended March 31, 2023 Number of Shares Purchased Average Price Paid Per Share Total Amount Paid January 1, 2023 through March 31, 2023 5,096 $ 10.43 $ 53 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. The Stock Repurchase Program currently expires on May 22, 2024, or when the approved dollar amount has been used to repurchase shares. During the three months ended March 31, 2023 and 2022, the Company did not make any repurchases of its common stock on the open market under the Stock Repurchase Program. |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments In and Advances To Affiliates | 3 Months Ended |
Mar. 31, 2023 | |
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 Three Month Period Ended March 31, 2023 Name of Portfolio Company Investment Type (1) Net Realized Gain (Loss) Net change in unrealized appreciation/(depreciation) Interest Dividends Fees Total Income (2) December 31, 2022, Fair Value Gross Gross March 31, 2023, Fair Value (5) Control Investment Eblens Holdings, Inc. Subordinated Loan (6) $ — $ (1,104) $ — $ — $ — $ — $ 1,104 $ — $ (1,104) $ — Subordinated Loan (6) — — — — — — — — — — Common Equity (6) — — — — — — — — — — — (1,104) — — — — 1,104 — (1,104) — Total Control Investment — (1,104) — — — — 1,104 — (1,104) — Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (7) — 1,572 — 236 — 236 6,202 1,808 — 8,010 Common Equity (6) — 1,010 — — — — 510 1,010 — 1,520 — 2,582 — 236 — 236 6,712 2,818 — 9,530 DRS Imaging Services, LLC Common Equity (6) — (43) — — — — 1,569 — (44) 1,525 Master Cutlery, LLC Subordinated Loan (6) — 7 — — — — 122 7 — 129 Preferred Equity (6) — — — — — — — — — — Common Equity (6) — — — — — — — — — — — 7 — — — — 122 7 — 129 Pfanstiehl Holdings, Inc Common Equity — (27) — 547 — 547 85,456 — (27) 85,429 TalentSmart Holdings, LLC Common Equity (6) — (192) — — — — 953 — (192) 761 TRS Services, Inc. Preferred Equity (6) — 11 — — — — 1,890 11 — 1,901 Common Equity (6) — — — — — — — — — — — 11 — — — — 1,890 11 — 1,901 Total Affiliate Investments — 2,338 — 783 — 783 96,701 2,836 (263) 99,275 Total Control and Affiliate Investments $ — $ 1,234 $ — $ 783 $ — $ 783 $ 97,805 $ 2,836 $ (1,367) $ 99,275 (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 three months ended March 31, 2023, 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 Net Loan Fees, and net increases in unrealized appreciation or decreases in net unrealized 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 unrealized depreciation. (5) Fair value was determined using significant unobservable inputs. See Note 5 for further details. (6) Non-income producing. (7) Dividends recognized as income include PIK dividends contractually earned but not declared. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn May 2, 2023, the Board declared a distribution of $0.33 per share for the second quarter of 2023, payable on June 30, 2023 to stockholders of record as of June 23, 2023. |
N-2
N-2 | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022, filed on March 3, 2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K 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, 2022, filed on March 3, 2023. The risks previously disclosed in our Annual Report on Form 10-K should be read together with the other information disclosed elsewhere in this Quarterly Report on Form 10-Q and our other reports filed with the SEC. Adverse developments in the credit markets may impair our ability to secure debt financing. During the economic downturn in the United States that began in mid-2007, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. We expect the current interest rate and high inflationary environments to continue, and it is possible the U.S. economy may enter an economic recession. As a result, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all. If we are unable to consummate credit facilities on commercially reasonable terms, or if the banks and financial institutions with whom we have credit facilities enter into receivership or become insolvent in the future, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us, and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business. Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail. We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which adversely impacts our results of operations or financial condition. |
Valuation Process Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which adversely impacts our results of operations or financial condition |
Fair Value Determination Risk [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022, filed on March 3, 2023. 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. |
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 exceeds 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 . |
Cash | Cash: The Company’s cash balances are maintained with a member bank of the Federal Deposit Insurance Corporation (“FDIC”) and at times, such balances exceed the FDIC insurance limit. The Company does not believe its cash balances are exposed to any significant credit risk. Cash balances are held in US Bank N.A. and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash held by SBIC I LP and OFSCC-FS is limited by SBA regulation and the terms and conditions of the BNP Facility, respectively, including but not limited to, payment of interest expense and principal on the outstanding borrowings. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 months ended March 31, 2023 and 2022, are presented below: Three Months Ended March 31, 2023 2022 Management fee $ 1,894 $ 2,020 Incentive fees: Income Incentive Fee 1,238 — Capital Gains Fee (1) — 1,072 Administration fee 482 451 Distributions paid to affiliates 997 846 (1) As of March 31, 2022, the Capital Gains Fee of $1,072 was deferred and not due to OFS Advisor. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | At March 31, 2023, 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 $ 334,903 70.5 % 186.4 % $ 309,789 62.1 % 172.2 % Subordinated debt investments 13,890 2.9 7.7 129 — 0.1 Preferred equity 10,375 2.2 5.8 10,221 2.0 5.7 Common equity, warrants and other (1) 12,495 2.6 6.9 92,597 18.5 51.5 Total Portfolio Company Investments 371,663 78.2 206.8 412,736 82.6 229.5 Structured Finance Securities 103,361 21.8 57.5 87,023 17.4 48.4 Total investments $ 475,024 100.0 % 264.3 % $ 499,759 100.0 % 277.9 % (1) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4 — Portfolio Concentration” for additional information. March 31, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value United States $ 366,997 $ 408,728 $ 367,723 $ 407,851 Canada 4,666 4,008 4,680 4,207 Cayman Islands (1) 103,361 87,023 102,477 88,518 Total investments $ 475,024 $ 499,759 $ 474,880 $ 500,576 As of March 31, 2023, 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 $ 2,742 0.6 % 1.5 % $ 2,544 0.5 % 1.4 % Convention and Trade Show Organizers 160 — 0.1 120 — 0.1 Landscaping Services 4,606 1.0 2.6 4,232 0.8 2.4 Security Systems Services (except Locksmiths) 5,852 1.2 3.3 5,885 1.2 3.3 Temporary Help Services 8,838 1.9 4.9 8,763 1.8 4.9 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 18,173 3.8 10.1 18,364 3.7 10.2 Construction Electrical Contractors and Other Wiring Installation Contractors 17,649 3.7 9.8 10,597 2.1 5.9 New Single-Family Housing Construction (except For-Sale Builders) 1,803 0.4 1.0 1,218 0.2 0.7 Education Services Professional and Management Development Training 3,055 0.6 1.7 2,221 0.4 1.2 Sports and Recreation Instruction 4,466 0.9 2.5 4,492 0.9 2.5 Health Care and Social Assistance Child Day Care Services 6,384 1.3 3.6 6,079 1.2 3.4 Home Health Care Services 4,197 0.9 2.3 4,158 0.8 2.3 Medical Laboratories 17 — — 33 — — Offices of Physicians, Mental Health Specialists 13,273 2.8 7.4 13,014 2.6 7.2 Other Ambulatory Health Care Services 16,635 3.5 9.3 15,277 3.1 8.5 Outpatient Mental Health and Substance Abuse Centers 8,848 1.9 4.9 8,816 1.8 4.9 Services for the Elderly and Persons with Disabilities 20,749 4.4 11.5 20,647 4.1 11.5 Information Cable and Other Subscription Programming 3,754 0.8 2.1 3,326 0.7 1.8 Data Processing, Hosting, and Related Services 4,073 0.9 2.3 3,219 0.6 1.8 Directory and Mailing List Publishers 3,596 0.8 2.0 3,638 0.7 2.0 Software Publishers 17,077 3.6 9.5 10,555 2.1 5.9 Television Broadcasting 2,182 0.5 1.2 349 0.1 0.2 Management of Companies and Enterprises Offices of Other Holding Companies 12,687 2.7 7.1 11,850 2.4 6.6 Manufacturing Bare Printed Circuit Board Manufacturing 1,973 0.4 1.1 1,838 0.4 1.0 Current-Carrying Wiring Device Manufacturing 3,383 0.7 1.9 2,952 0.6 1.6 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.3 — — — Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Fluid Power Pump and Motor Manufacturing $ 1,926 0.4 % 1.1 % $ 1,719 0.3 % 1.0 % Ice Cream and Frozen Dessert Manufacturing 1,642 0.3 0.9 1,459 0.3 0.8 Motorcycle, Bicycle, and Parts Manufacturing 15,838 3.3 8.8 15,361 3.1 8.5 Other Industrial Machinery Manufacturing 5,218 1.1 2.9 4,744 0.9 2.6 Pharmaceutical Preparation Manufacturing 217 — 0.1 85,429 17.4 47.5 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 1,901 0.4 1.1 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 27,554 5.9 15.3 27,119 5.4 15.1 Advertising Agencies 2,251 0.5 1.3 1,967 0.4 1.1 Computer Systems Design Services 1,956 0.4 1.1 1,930 0.4 1.1 Other Computer Related Services 16,978 3.6 9.4 17,212 3.4 9.6 Public Administration Other Justice, Public Order, and Safety Activities 703 0.1 0.4 40 — — Real Estate and Rental and Leasing Nonresidential Property Managers 4,666 1.0 2.6 4,008 0.8 2.2 Office Machinery and Equipment Rental and Leasing 6,655 1.4 3.7 9,530 1.9 5.3 Retail Trade Electronics and Appliance Stores 6,513 1.4 3.6 6,573 1.3 3.7 Electronic Shopping and Mail-Order Houses 6,706 1.4 3.7 6,555 1.3 3.6 Shoe store 10,160 2.1 5.7 — — — Supermarkets and Other Grocery (except Convenience) Stores 5,645 1.2 3.1 5,586 1.1 3.1 All Other General Merchandise Stores 499 0.1 0.3 893 0.2 0.5 Transportation and Warehousing Transportation and Warehousing 2,503 0.5 1.4 2,502 0.5 1.4 Wholesale Trade Business to Business Electronic Markets 2,854 0.6 1.6 2,670 0.5 1.5 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 11,147 2.3 6.2 8,572 1.7 4.8 Drugs and Druggists' Sundries Merchant Wholesalers 5,150 1.1 2.9 4,147 0.8 2.3 Industrial Machinery and Equipment Merchant Wholesalers 9,072 1.9 5.0 9,073 1.8 5.0 Motor Vehicle Parts (Used) Merchant Wholesalers 27,711 5.8 15.3 27,890 5.6 15.5 Other Miscellaneous Nondurable Goods Merchant Wholesalers 2,692 0.6 1.5 1,540 0.3 0.9 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,163 1.7 4.5 129 — 0.1 Total Portfolio Company Investments $ 371,663 78.2 % 206.8 % $ 412,736 82.6 % 229.5 % Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Structured Finance Securities 103,361 21.8 57.5 87,023 17.4 48.4 Total investments $ 475,024 100.0 % 264.3 % $ 499,759 100.0 % 277.9 % Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Senior secured debt investments $ 335,558 70.7 % 186.0 % $ 311,636 62.3 % 172.7 % Subordinated debt investments 13,890 2.9 7.7 1,226 0.2 0.7 Preferred equity 9,966 2.1 5.5 8,196 1.6 4.5 Common equity, warrants and other 12,989 2.7 7.2 91,000 18.2 50.4 Total debt and equity investments $ 372,403 78.4 % 206.4 % $ 412,058 82.3 % 228.3 % Structured Finance Securities 102,477 21.6 56.8 88,518 17.7 49.1 Total $ 474,880 100.0 % 263.2 % $ 500,576 100.0 % 277.4 % As of December 31, 2022, 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 All Other Business Support Services $ 2,745 0.6 % 1.5 % $ 2,511 0.5 % 1.4 % Convention and Trade Show Organizers 160 — 0.1 80 — — Hazardous Waste Treatment and Disposal 1,765 0.4 1.0 1,652 0.3 0.9 Landscaping Services 4,611 1.0 2.6 4,226 0.8 2.3 Security Systems Services (except Locksmiths) 5,849 1.2 3.2 5,767 1.2 3.2 Temporary Help Services 8,854 1.9 4.9 8,821 1.8 4.9 Arts, Entertainment, and Recreation Other Amusement and Recreation Industries 16,303 3.4 9.0 16,497 3.3 9.1 Construction Electrical Contractors and Other Wiring Installation Contractors 17,666 3.7 9.8 9,247 1.8 5.1 New Single-Family Housing Construction (except For-Sale Builders) 1,807 0.4 1.0 1,566 0.3 0.9 Education Services Professional and Management Development Training 1,595 0.3 0.9 953 0.2 0.5 Sports and Recreation Instruction 4,222 0.9 2.3 4,172 0.8 2.3 Health Care and Social Assistance Child Day Care Services 6,375 1.3 3.5 6,182 1.2 3.4 Home Health Care Services 4,210 0.9 2.3 3,987 0.8 2.2 Medical Laboratories 17 — — 35 — — Offices of Physicians, Mental Health Specialists 13,299 2.8 7.4 13,119 2.6 7.3 Other Ambulatory Health Care Services 16,444 3.5 9.1 15,604 3.1 8.6 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Outpatient Mental Health and Substance Abuse Centers $ 8,787 1.9 % 4.9 % $ 8,675 1.7 % 4.8 % Services for the Elderly and Persons with Disabilities 18,977 4.0 10.5 18,427 3.7 10.2 Information Cable and Other Subscription Programming 3,763 0.8 2.1 3,103 0.6 1.7 Data Processing, Hosting, and Related Services 4,080 0.9 2.3 3,477 0.7 1.9 Directory and Mailing List Publishers 3,910 0.8 2.2 3,930 0.8 2.2 Internet Publishing and Broadcasting and Web Search Portals 3,100 0.7 1.7 2,843 0.6 1.6 Software Publishers 17,577 3.7 9.7 9,629 1.9 5.3 Television Broadcasting 2,182 0.5 1.2 488 0.1 0.3 Management of Companies and Enterprises Offices of Other Holding Companies 11,240 2.4 6.2 10,646 2.1 5.9 Manufacturing Bare Printed Circuit Board Manufacturing 1,977 0.4 1.1 1,854 0.4 1.0 Current-Carrying Wiring Device Manufacturing 3,360 0.7 1.9 3,468 0.7 1.9 Fluid Power Pump and Motor Manufacturing 1,931 0.4 1.1 1,862 0.4 1.0 Ice Cream and Frozen Dessert Manufacturing 1,641 0.3 0.9 1,540 0.3 0.9 Motorcycle, Bicycle, and Parts Manufacturing 15,873 3.3 8.8 15,942 3.2 8.8 Other Aircraft Parts and Auxiliary Equipment Manufacturing 500 0.1 0.3 — — — Other Industrial Machinery Manufacturing 5,203 1.1 2.9 4,660 0.9 2.6 Pharmaceutical Preparation Manufacturing 217 — 0.1 85,456 17.1 47.4 Other Services (except Public Administration) Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance 572 0.1 0.3 1,890 0.4 1.0 Communication Equipment Repair and Maintenance 1,766 0.4 1.0 1,572 0.3 0.9 Other Automotive Mechanical and Electrical Repair and Maintenance 1,083 0.2 0.6 1,064 0.2 0.6 Professional, Scientific, and Technical Services Administrative Management and General Management Consulting Services 27,621 5.8 15.3 27,148 5.4 15.0 Advertising Agencies 2,256 0.5 1.3 1,898 0.4 1.1 Computer Systems Design Services 1,959 0.4 1.1 1,943 0.4 1.1 Other Computer Related Services 14,595 3.1 8.1 14,868 3.0 8.2 Public Administration Other Justice, Public Order, and Safety Activities 703 0.1 0.4 32 — — Real Estate and Rental and Leasing Nonresidential Property Managers 4,680 1.0 2.6 4,207 0.8 2.3 Office Machinery and Equipment Rental and Leasing 6,418 1.4 3.6 6,713 1.3 3.7 Percentage of Total Percentage of Total Amortized Cost Amortized Cost Net Assets Fair Value Fair Value Net Assets Retail Trade Electronic Shopping and Mail-Order Houses $ 6,747 1.4 % 3.7 % $ 6,515 1.3 % 3.6 % Electronics and Appliance Stores 8,037 1.7 4.5 8,102 1.6 4.5 Shoe Store 10,160 2.1 5.6 1,104 0.2 0.6 Supermarkets and Other Grocery (except Convenience) Stores 5,647 1.2 3.1 5,532 1.1 3.1 All Other General Merchandise Stores 499 0.1 0.3 967 0.2 0.5 Transportation and Warehousing Transportation and Warehousing 2,514 0.5 1.4 2,501 0.5 1.4 Wholesale Trade Business to Business Electronic Markets 2,858 0.6 1.6 2,689 0.5 1.5 Computer and Computer Peripheral Equipment and Software Merchant Wholesalers 11,156 2.3 6.2 9,013 1.8 5.0 Drugs and Druggists' Sundries Merchant Wholesalers 5,227 1.1 2.9 4,622 0.9 2.6 Industrial Machinery and Equipment Merchant Wholesalers 9,071 1.9 5.0 9,073 1.8 5.0 Motor Vehicle Parts (Used) Merchant Wholesalers 27,751 5.8 15.4 27,821 5.6 15.4 Other Miscellaneous Nondurable Goods Merchant Wholesalers 2,680 0.6 1.5 2,246 0.4 1.2 Sporting and Recreational Goods and Supplies Merchant Wholesalers 8,163 1.7 4.4 122 — 0.1 Total debt and equity investments $ 372,403 78.4 % 206.4 % 412,058 82.3 % 228.3 % Structured Finance Securities 102,477 21.6 56.8 88,518 17.7 49.1 Total investments $ 474,880 100.0 % 263.2 % 500,576 100.0 % 277.4 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022: Security Level 1 Level 2 Level 3 Fair Value at March 31, 2023 Debt investments $ — $ 28,646 $ 281,272 $ 309,918 Equity investments — — 102,818 102,818 Structured Finance Securities — — 87,023 87,023 $ — $ 28,646 $ 471,113 $ 499,759 Security Level 1 Level 2 Level 3 Fair Value at December 31, 2022 Debt investments $ — $ 30,823 $ 282,039 $ 312,862 Equity investments — — 99,196 99,196 Structured Finance Securities — — 88,518 88,518 $ — $ 30,823 $ 469,753 $ 500,576 |
Significant Level 3 inputs | Fair Value at March 31, 2023 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 249,824 Discounted cash flow Discount rates 9.72% - 20.37% (12.89%) Senior secured 1,540 Market approach EBITDA multiples 9.50x - 9.50x (9.50x) Senior secured 17,569 Market approach Revenue multiples 0.43x - 0.70x (0.54x) Senior secured 12,210 Market approach Transaction Price Subordinated 129 Market approach Revenue multiples 0.40x - 0.40x (0.40x) Structured Finance Securities: Subordinated notes (1) 52,288 Discounted cash flow Discount rates 19.50% - 36.00% (26.84%) Constant default rate 2.00% - 2.00% (2.00%) Recovery rate 65.00% - 65.00% (65.00%) Subordinated notes 97 Market approach Net asset value liquidation (2) Mezzanine debt 26,498 Discounted cash flow Discount margin 7.25% - 9.95% (8.53%) Constant default rate 2.00% - 3.00% (2.04%) Recovery rate 65.00% - 65.00% (65.00%) Loan Accumulation Facility 8,140 Market approach Net asset value liquidation (2) Equity investments: Preferred equity 8,028 Market approach EBITDA multiples 7.50x - 7.50x (7.50x) Preferred equity 2,021 Market approach Revenue multiples 0.84x - 3.50x (1.00x) Preferred equity 172 Market Approach Transaction Price Common equity, warrants and other 91,451 Market approach EBITDA multiples 3.88x - 11.50x (11.24x) Common equity, warrants and other (3) — Market approach Revenue multiples 0.40x - 0.84x (0.46x) Common equity, warrants and other 1,146 Market approach Transaction Price $ 471,113 (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 Structured Finance Security that has been optionally redeemed. (3) As of March 31, 2023, the aggregate fair value of these investments was $0. Fair Value at December 31, 2022 Valuation technique Unobservable inputs Range Debt investments: Senior secured $ 264,702 Discounted cash flow Discount rates 10.21% - 20.71% (12.94%) Senior secured 16,110 Market approach Revenue multiples 0.46x - 0.70x (0.56x) Subordinated 1,226 Market approach EBITDA multiples 10.50x - 10.50x (10.50x) Structured Finance Securities: Subordinated notes (1) 53,688 Discounted cash flow Discount rates 12.50% - 34.00% (22.14%) Constant default rate 2.00% - 2.00% (2.00%) Recovery rate 65.00% - 65.00% (65.00%) Mezzanine debt 26,413 Discounted cash flow Discount margin 7.25% - 11.60% (8.58%) Constant default rate 2.00% - 3.00% (2.03%) Recovery rate 65.00% - 65.00% (65.00%) Subordinated notes 118 Market approach Net asset value liquidation (2) Loan accumulation facility 8,299 Market approach Probability weighted NAV analysis Equity investments: Preferred equity 6,202 Market approach EBITDA multiples 7.25x - 7.25x (7.25x) Preferred equity 1,901 Market approach Revenue multiples 0.15x - 0.87x (0.87x) Common equity, warrants and other 91,070 Market approach EBITDA multiples 3.72x - 11.75x (9.63x) Common equity, warrants and other 24 Market approach Revenue multiples 0.15x - 0.87x (0.15x) $ 469,753 (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) NAV liquidation represents the fair value, or estimated expected residual value, of the investment. |
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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Transfers from Level 2 to Level 3 $ — $ — Transfers from Level 3 to Level 2 3,809 6,773 The following tables present changes in investments measured at fair value using Level 3 inputs for the three months ended March 31, 2023 and March 31, 2022: Three Months Ended March 31, 2023 Senior Subordinated Preferred Equity Common Equity, Warrants and Other Structured Finance Securities Total Level 3 assets, December 31, 2022 $ 280,813 $ 1,226 $ 8,196 $ 91,000 $ 88,518 $ 469,753 Net realized gain (loss) on investments (140) — — 470 — 330 Net unrealized appreciation (depreciation) on investments (1,948) (1,097) 1,617 2,089 (2,380) (1,719) Amortization of Net Loan Fees 313 — — — 59 372 Accretion of interest income on Structured Finance Securities — — — — 3,002 3,002 Capitalized PIK interest and dividends 226 — 236 — — 462 Amendment fees (39) — — — — (39) Purchase and origination of portfolio investments 9,772 — 172 — — 9,944 Proceeds from principal payments on portfolio investments (1,335) — — — — (1,335) Sale and redemption of portfolio investments (2,710) — — — — (2,710) Proceeds from distributions received from portfolio investments — — — (962) (2,176) (3,138) Transfers out of Level 3 (3,809) — — — — (3,809) Level 3 assets, March 31, 2023 $ 281,143 $ 129 $ 10,221 $ 92,597 $ 87,023 $ 471,113 Three Months Ended March 31, 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 gain on investments — — — 72 — 72 Net unrealized appreciation (depreciation) on investments (319) (424) 2,430 7,965 (3,449) 6,203 Amortization of Net Loan Fees 228 6 — — 25 259 Accretion of interest income on Structured Finance Securities — — — — 2,282 2,282 Capitalized PIK interest and dividends 211 58 — — — 269 Amendment fees (90) — — — — (90) Purchase and origination of portfolio investments 43,818 — — 1,290 22,061 67,169 Proceeds from principal payments on portfolio investments (5,976) (8,230) — — — (14,206) Sale and redemption of portfolio investments — — — (3,141) — (3,141) Proceeds from distributions received from portfolio investments — — — — (5,743) (5,743) Transfers out of Level 3 (6,773) — — — — (6,773) Level 3 assets, March 31, 2022 $ 292,212 $ 9,353 $ 6,195 $ 89,672 $ 90,377 $ 487,809 The net unrealized appreciation (depreciation) reported in the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows: Three Months Ended March 31, 2023 2022 Senior secured debt investments $ (971) $ (249) Subordinated debt investments (1,097) (424) Preferred equity 1,630 2,430 Common equity, warrants and other 2,075 9,649 Structured Finance Securities (2,383) (3,449) Net unrealized appreciation (depreciation) on investments held $ (746) $ 7,957 |
Carrying values and fair values of debt | The following table sets forth carrying values and fair values of the Company’s debt as of March 31, 2023 and December 31, 2022: As of March 31, 2023 As of December 31, 2022 Description Carrying Value (1) Fair Value Carrying Value (1) Fair Value PWB Credit Facility $ 5,000 $ 5,000 $ — $ — BNP Facility 101,000 101,000 104,700 104,700 Unsecured Notes Due February 2026 122,741 112,327 122,547 109,037 Unsecured Notes Due October 2028 53,857 48,840 53,806 47,058 SBA-guaranteed debentures 45,762 44,032 50,697 49,470 Total debt $ 328,360 $ 311,199 $ 331,750 $ 310,265 (1) Carrying value is calculated as the outstanding principal amount less unamortized deferred debt issuance costs. 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 March 31, 2023 and December 31, 2022: March 31, 2023 Description Level 1 (1) Level 2 Level 3 (2) Total PWB Credit Facility $ — $ — $ 5,000 $ 5,000 BNP Facility — — 101,000 101,000 Unsecured Notes Due February 2026 — — 112,327 112,327 Unsecured Notes Due October 2028 48,840 — — 48,840 SBA-guaranteed debentures — — 44,032 44,032 Total debt, at fair value $ 48,840 $ — $ 262,359 $ 311,199 December 31, 2022 Description Level 1 (1) Level 2 Level 3 (2) Total PWB Credit Facility $ — $ — $ — $ — BNP Facility — — 104,700 104,700 Unsecured Notes Due February 2026 — — 109,037 109,037 Unsecured Notes Due October 2028 47,058 — — 47,058 SBA-guaranteed debentures — — 49,470 49,470 Total debt, at fair value $ 47,058 $ — $ 263,207 $ 310,265 (1) For Level 1 measurements, fair value is estimated by using the closing price of the security on the Nasdaq Global Select Market. |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt instruments | For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense $ 348 $ 451 Amortization of debt issuance costs 46 44 Total interest and debt financing costs $ 394 $ 495 Cash paid for interest expense $ 725 $ 1,002 Effective interest rate 3.21 % 3.12 % Average outstanding balance $ 49,198 $ 63,375 For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense $ 2,165 $ 2,165 Amortization of debt issuance costs 245 262 Total interest and debt financing costs $ 2,410 $ 2,427 Cash paid for interest expense $ 3,649 $ 3,672 Effective interest rate 5.35 % 5.40 % Average outstanding balance $ 180,000 $ 180,000 For the three months ended March 31, 2023 and 2022, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows: Three Months Ended March 31, 2023 2022 Average dollar borrowings $ 336,897 $ 350,731 Weighted average effective interest rate 5.79 % 4.19 % |
Credit facilities | For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense (1) $ 1,908 $ 616 Amortization of debt issuance costs 95 67 Total interest and debt financing costs $ 2,003 $ 683 Cash paid for interest expense $ 1,905 $ 585 Effective interest rate 7.63 % 2.56 % Average outstanding balance $ 105,030 $ 106,850 (1) Stated interest expense includes unused fees. For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 2022 Stated interest expense (1) $ 66 $ 18 Amortization of debt issuance costs 1 1 Total interest and debt financing costs $ 67 $ 19 Cash paid for interest expense $ 51 $ 18 Effective interest rate (2) 8.07 % 5.14 % Average outstanding balance $ 2,669 $ 506 (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 March 31, 2023: Payments due by period Total Less than 1-3 years 4-5 years After 5 years PWB Credit Facility $ 5,000 $ 5,000 $ — $ — $ — Unsecured Notes 180,000 — 125,000 — 55,000 SBA Debentures 45,920 — 45,920 — — BNP Facility 101,000 — — 101,000 — Total $ 331,920 $ 5,000 $ 170,920 $ 101,000 $ 55,000 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Financial highlights | The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 Per share operating performance: Net asset value per share at beginning of period $ 13.47 $ 15.18 Net investment income (4) 0.37 0.22 Net realized gain on investments, net of taxes (4) — 0.02 Net unrealized appreciation (depreciation) on investments, net of taxes (4) (0.09) 0.39 Loss on extinguishment of debt (4) — (0.01) Total income from operations 0.28 0.62 Distributions declared (0.33) (0.28) Net asset value per share at end of period $ 13.42 $ 15.52 Per share market value, end of period $ 10.29 $ 13.00 Total return based on market value (1)(7) 4.6 % 21.8 % Total return based on net asset value (2)(7) 2.8 % 4.4 % Shares outstanding at end of period 13,398,078 13,425,429 Weighted average shares outstanding 13,398,078 13,422,447 Ratio/Supplemental Data (dollar amounts in thousands) Average net asset value (3) $ 180,116 $ 206,065 Net asset value at end of period $ 179,808 $ 208,386 Net investment income $ 4,950 $ 3,005 Ratio of total expenses to average net assets (5) 20.7 % 15.4 % Ratio of total expenses and loss on extinguishment of debt to average net assets (5) 20.7 % 15.5 % Ratio of net investment income to average net assets (5) 11.0 % 5.8 % Ratio of loss on extinguishment of debt to average net assets (7) 0.0% 0.1 % Portfolio turnover (6) 2.0 % 5.4 % (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, portfolio investment distributions and principal payments or period-to-date purchases over the average of the invested assets at fair value. (7) Not annualized. |
Capital Transactions (Tables)
Capital Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Distributions declared | The following table summarizes distributions declared and paid for the three months ended March 31, 2023 and 2022: Date Declared Record Date Payment Date Amount Cash DRIP Shares DRIP Shares Three Months Ended March 31, 2022 March 1, 2022 March 24, 2022 March 31, 2022 $ 0.28 $ 3,719 3,016 $ 39 Three Months Ended March 31, 2023 February 28, 2023 March 24, 2023 March 31, 2023 $ 0.33 $ 4,421 — $ — (1) (1) During the three months ended March 31, 2023, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows: Three months ended March 31, 2023 Number of Shares Purchased Average Price Paid Per Share Total Amount Paid January 1, 2023 through March 31, 2023 5,096 $ 10.43 $ 53 |
Consolidated Schedule of Inve_4
Consolidated Schedule of Investments In and Advances To Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Consolidated Schedule of Investments In and Advances To Affiliates | Three Month Period Ended March 31, 2023 Name of Portfolio Company Investment Type (1) Net Realized Gain (Loss) Net change in unrealized appreciation/(depreciation) Interest Dividends Fees Total Income (2) December 31, 2022, Fair Value Gross Gross March 31, 2023, Fair Value (5) Control Investment Eblens Holdings, Inc. Subordinated Loan (6) $ — $ (1,104) $ — $ — $ — $ — $ 1,104 $ — $ (1,104) $ — Subordinated Loan (6) — — — — — — — — — — Common Equity (6) — — — — — — — — — — — (1,104) — — — — 1,104 — (1,104) — Total Control Investment — (1,104) — — — — 1,104 — (1,104) — Affiliate Investments Contract Datascan Holdings, Inc. Preferred Equity (7) — 1,572 — 236 — 236 6,202 1,808 — 8,010 Common Equity (6) — 1,010 — — — — 510 1,010 — 1,520 — 2,582 — 236 — 236 6,712 2,818 — 9,530 DRS Imaging Services, LLC Common Equity (6) — (43) — — — — 1,569 — (44) 1,525 Master Cutlery, LLC Subordinated Loan (6) — 7 — — — — 122 7 — 129 Preferred Equity (6) — — — — — — — — — — Common Equity (6) — — — — — — — — — — — 7 — — — — 122 7 — 129 Pfanstiehl Holdings, Inc Common Equity — (27) — 547 — 547 85,456 — (27) 85,429 TalentSmart Holdings, LLC Common Equity (6) — (192) — — — — 953 — (192) 761 TRS Services, Inc. Preferred Equity (6) — 11 — — — — 1,890 11 — 1,901 Common Equity (6) — — — — — — — — — — — 11 — — — — 1,890 11 — 1,901 Total Affiliate Investments — 2,338 — 783 — 783 96,701 2,836 (263) 99,275 Total Control and Affiliate Investments $ — $ 1,234 $ — $ 783 $ — $ 783 $ 97,805 $ 2,836 $ (1,367) $ 99,275 (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 three months ended March 31, 2023, 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 Net Loan Fees, and net increases in unrealized appreciation or decreases in net unrealized 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 unrealized depreciation. (5) Fair value was determined using significant unobservable inputs. See Note 5 for further details. (6) Non-income producing. (7) Dividends recognized as income include PIK dividends contractually earned but not declared. |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 20, 2019 |
Line of Credit | BNP Facility | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity | $ 150,000 | $ 150,000 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 component shares | |
Affiliates Of OFS Advisor | OFS Capital Corporation | |
Related Party Transaction [Line Items] | |
Share of common stock owned (in shares) | shares | 3,020,992 |
Investment ownership percentage | 22.50% |
Affiliated Entity | Investment Advisory Agreement | |
Related Party Transaction [Line Items] | |
Base management fee percentage | 1.75% |
Number of components | 2 |
Affiliated Entity | Incentive fee | |
Related Party Transaction [Line Items] | |
Number of components | 2 |
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% |
Related Party Transactions - Ex
Related Party Transactions - Expenses and Distributions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |||
Management fee | $ 1,894 | $ 2,020 | |
Incentive fees: | |||
Incentive fees | 1,238 | 0 | |
Capital Gains Fee | 0 | 1,072 | |
Administration fee | 482 | 451 | |
Distributions paid to affiliates | 997 | 846 | |
Related Party Transaction [Line Items] | |||
Capital Gains Fee deferred | $ 4,025 | $ 3,909 | |
Incentive fee, realized capital gains | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Capital Gains Fee deferred | $ 1,072 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) portfolio_company structured_finance_note | Dec. 31, 2022 USD ($) structured_finance_note portfolio_company | |
Investment Holdings [Line Items] | ||
Number of non-portfolio investments | structured_finance_note | 23 | 23 |
Amortized cost of loans on non-accrual status | $ | $ 36,522 | $ 36,522 |
Fair value of loans on non-accrual status | $ | $ 11,466 | $ 11,225 |
Portfolio net assets | Investment concentration risk | Pfanstiehl Holdings, Inc | ||
Investment Holdings [Line Items] | ||
Concentration risk, percentage | 47.50% | |
Portfolio fair value | Investment concentration risk | Pfanstiehl Holdings, Inc | ||
Investment Holdings [Line Items] | ||
Concentration risk, percentage | 17.10% | |
Debt investments | ||
Investment Holdings [Line Items] | ||
Number of portfolio companies | portfolio_company | 47 | 52 |
Senior secured loans | ||
Investment Holdings [Line Items] | ||
Investment percentage | 99% | 99.60% |
Subordinated loans | ||
Investment Holdings [Line Items] | ||
Investment percentage | 1% | 0.40% |
Equity investments | ||
Investment Holdings [Line Items] | ||
Number of portfolio companies | portfolio_company | 17 | 16 |
Investments - By Composition an
Investments - By Composition and Domicile (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 475,024 | [1] | $ 474,880 | [2] |
Percentage of Total, Amortized Cost | 100% | 100% | ||
Percentage of Total, Net Assets | 264.30% | 263.20% | ||
Fair Value | $ 499,759 | [1],[3] | $ 500,576 | [2],[4] |
Percentage of Total, Fair Value | 100% | 100% | ||
Percentage of Total, Net Assets | 277.90% | [1] | 277.40% | [2] |
United States | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 366,997 | $ 367,723 | ||
Fair Value | 408,728 | 407,851 | ||
Canada | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 4,666 | 4,680 | ||
Fair Value | 4,008 | 4,207 | ||
Cayman Islands | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | 103,361 | 102,477 | ||
Fair Value | 87,023 | 88,518 | ||
Total Debt and Equity Investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 371,663 | $ 372,403 | ||
Percentage of Total, Amortized Cost | 78.20% | 78.40% | ||
Percentage of Total, Net Assets | 206.80% | 206.40% | ||
Fair Value | $ 412,736 | $ 412,058 | ||
Percentage of Total, Fair Value | 82.60% | 82.30% | ||
Percentage of Total, Net Assets | 229.50% | 228.30% | ||
Senior secured debt investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 334,903 | $ 335,558 | ||
Percentage of Total, Amortized Cost | 70.50% | 70.70% | ||
Percentage of Total, Net Assets | 186.40% | 186% | ||
Fair Value | $ 309,789 | $ 311,636 | ||
Percentage of Total, Fair Value | 62.10% | 62.30% | ||
Percentage of Total, Net Assets | 172.20% | 172.70% | ||
Subordinated debt investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 13,890 | $ 13,890 | ||
Percentage of Total, Amortized Cost | 2.90% | 2.90% | ||
Percentage of Total, Net Assets | 7.70% | 7.70% | ||
Fair Value | $ 129 | $ 1,226 | ||
Percentage of Total, Fair Value | 0% | 0.20% | ||
Percentage of Total, Net Assets | 0.10% | 0.70% | ||
Preferred equity | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 10,375 | $ 9,966 | ||
Percentage of Total, Amortized Cost | 2.20% | 2.10% | ||
Percentage of Total, Net Assets | 5.80% | 5.50% | ||
Fair Value | $ 10,221 | $ 8,196 | ||
Percentage of Total, Fair Value | 2% | 1.60% | ||
Percentage of Total, Net Assets | 5.70% | 4.50% | ||
Common equity, warrants and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 12,495 | $ 12,989 | ||
Percentage of Total, Amortized Cost | 2.60% | 2.70% | ||
Percentage of Total, Net Assets | 6.90% | 7.20% | ||
Fair Value | $ 92,597 | $ 91,000 | ||
Percentage of Total, Fair Value | 18.50% | 18.20% | ||
Percentage of Total, Net Assets | 51.50% | 50.40% | ||
Structured Finance Securities | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost | $ 103,361 | $ 102,477 | [5] | |
Percentage of Total, Amortized Cost | 21.80% | 21.60% | ||
Percentage of Total, Net Assets | 57.50% | 56.80% | ||
Fair Value | $ 87,023 | $ 88,518 | [4],[5] | |
Percentage of Total, Fair Value | 17.40% | 17.70% | ||
Percentage of Total, Net Assets | 48.40% | 49.10% | [5] | |
[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 in 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 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021 | ||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 475,024 | [1] | $ 474,880 | [2] | |
Percentage of Total, Amortized Cost | 100% | 100% | |||
Percentage of Total, Net Assets | 264.30% | 263.20% | |||
Fair Value | $ 499,759 | [1],[3] | $ 500,576 | [2],[4] | |
Percentage of Total, Fair Value | 100% | 100% | |||
Percentage of Total, Net Assets | 277.90% | [1] | 277.40% | [2] | |
Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 371,663 | $ 372,403 | |||
Percentage of Total, Amortized Cost | 78.20% | 78.40% | |||
Percentage of Total, Net Assets | 206.80% | 206.40% | |||
Fair Value | $ 412,736 | $ 412,058 | |||
Percentage of Total, Fair Value | 82.60% | 82.30% | |||
Percentage of Total, Net Assets | 229.50% | 228.30% | |||
Structured Finance Securities | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 103,361 | $ 102,477 | [5] | ||
Percentage of Total, Amortized Cost | 21.80% | 21.60% | |||
Percentage of Total, Net Assets | 57.50% | 56.80% | |||
Fair Value | $ 87,023 | $ 88,518 | [4],[5] | ||
Percentage of Total, Fair Value | 17.40% | 17.70% | |||
Percentage of Total, Net Assets | 48.40% | 49.10% | [5] | ||
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 | $ 2,742 | $ 2,745 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.60% | |||
Percentage of Total, Net Assets | 1.50% | 1.50% | |||
Fair Value | $ 2,511 | $ 2,544 | |||
Percentage of Total, Fair Value | 0.50% | 0.50% | |||
Percentage of Total, Net Assets | 1.40% | 1.40% | |||
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 | $ 160 | |||
Percentage of Total, Amortized Cost | 0% | 0% | |||
Percentage of Total, Net Assets | 0.10% | 0.10% | |||
Fair Value | $ 80 | $ 120 | |||
Percentage of Total, Fair Value | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0.10% | |||
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 | $ 1,765 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Fair Value | $ 1,652 | ||||
Percentage of Total, Fair Value | 0.30% | ||||
Percentage of Total, Net Assets | 0.90% | ||||
Administrative and Support and Waste Management and Remediation Services, Landscaping Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,606 | $ 4,611 | |||
Percentage of Total, Amortized Cost | 1% | 1% | |||
Percentage of Total, Net Assets | 2.60% | 2.60% | |||
Fair Value | $ 4,226 | $ 4,232 | |||
Percentage of Total, Fair Value | 0.80% | 0.80% | |||
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 | $ 5,852 | $ 5,849 | |||
Percentage of Total, Amortized Cost | 1.20% | 1.20% | |||
Percentage of Total, Net Assets | 3.30% | 3.20% | |||
Fair Value | $ 5,767 | $ 5,885 | |||
Percentage of Total, Fair Value | 1.20% | 1.20% | |||
Percentage of Total, Net Assets | 3.20% | 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 | $ 8,838 | $ 8,854 | |||
Percentage of Total, Amortized Cost | 1.90% | 1.90% | |||
Percentage of Total, Net Assets | 4.90% | 4.90% | |||
Fair Value | $ 8,821 | $ 8,763 | |||
Percentage of Total, Fair Value | 1.80% | 1.80% | |||
Percentage of Total, Net Assets | 4.90% | 4.90% | |||
Arts, Entertainment and Recreation, Other Amusement and Recreation Industries | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 18,173 | $ 16,303 | |||
Percentage of Total, Amortized Cost | 3.80% | 3.40% | |||
Percentage of Total, Net Assets | 10.10% | 9% | |||
Fair Value | $ 16,497 | $ 18,364 | |||
Percentage of Total, Fair Value | 3.30% | 3.70% | |||
Percentage of Total, Net Assets | 9.10% | 10.20% | |||
Construction, Electrical Contractors and Other Wiring Installation Contractors | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 17,649 | $ 17,666 | |||
Percentage of Total, Amortized Cost | 3.70% | 3.70% | |||
Percentage of Total, Net Assets | 9.80% | 9.80% | |||
Fair Value | $ 9,247 | $ 10,597 | |||
Percentage of Total, Fair Value | 1.80% | 2.10% | |||
Percentage of Total, Net Assets | 5.10% | 5.90% | |||
Construction, New Single-Family Housing Construction (except For-Sale Builders) | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,803 | $ 1,807 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1% | 1% | |||
Fair Value | $ 1,566 | $ 1,218 | |||
Percentage of Total, Fair Value | 0.30% | 0.20% | |||
Percentage of Total, Net Assets | 0.90% | 0.70% | |||
Education Services, Professional and Management Development Training | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,055 | $ 1,595 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.30% | |||
Percentage of Total, Net Assets | 1.70% | 0.90% | |||
Fair Value | $ 953 | $ 2,221 | |||
Percentage of Total, Fair Value | 0.20% | 0.40% | |||
Percentage of Total, Net Assets | 0.50% | 1.20% | |||
Education Services, Sports and Recreation Instruction | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,466 | $ 4,222 | |||
Percentage of Total, Amortized Cost | 0.90% | 0.90% | |||
Percentage of Total, Net Assets | 2.50% | 2.30% | |||
Fair Value | $ 4,172 | $ 4,492 | |||
Percentage of Total, Fair Value | 0.80% | 0.90% | |||
Percentage of Total, Net Assets | 2.30% | 2.50% | |||
Health Care And Social Assistance, Child Day Care Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,384 | $ 6,375 | |||
Percentage of Total, Amortized Cost | 1.30% | 1.30% | |||
Percentage of Total, Net Assets | 3.60% | 3.50% | |||
Fair Value | $ 6,182 | $ 6,079 | |||
Percentage of Total, Fair Value | 1.20% | 1.20% | |||
Percentage of Total, Net Assets | 3.40% | 3.40% | |||
Health Care And Social Assistance, Home Health Care Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,197 | $ 4,210 | |||
Percentage of Total, Amortized Cost | 0.90% | 0.90% | |||
Percentage of Total, Net Assets | 2.30% | 2.30% | |||
Fair Value | $ 3,987 | $ 4,158 | |||
Percentage of Total, Fair Value | 0.80% | 0.80% | |||
Percentage of Total, Net Assets | 2.20% | 2.30% | |||
Health Care And Social Assistance, Medical Laboratories | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 17 | $ 17 | |||
Percentage of Total, Amortized Cost | 0% | 0% | |||
Percentage of Total, Net Assets | 0% | 0% | |||
Fair Value | $ 35 | $ 33 | |||
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 | $ 13,273 | $ 13,299 | |||
Percentage of Total, Amortized Cost | 2.80% | 2.80% | |||
Percentage of Total, Net Assets | 7.40% | 7.40% | |||
Fair Value | $ 13,119 | $ 13,014 | |||
Percentage of Total, Fair Value | 2.60% | 2.60% | |||
Percentage of Total, Net Assets | 7.30% | 7.20% | |||
Health Care And Social Assistance, Other Ambulatory Health Care Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 16,635 | $ 16,444 | |||
Percentage of Total, Amortized Cost | 3.50% | 3.50% | |||
Percentage of Total, Net Assets | 9.30% | 9.10% | |||
Fair Value | $ 15,604 | $ 15,277 | |||
Percentage of Total, Fair Value | 3.10% | 3.10% | |||
Percentage of Total, Net Assets | 8.60% | 8.50% | |||
Health Care And Social Assistance, Outpatient Mental Health and Substance Abuse Centers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 8,848 | $ 8,787 | |||
Percentage of Total, Amortized Cost | 1.90% | 1.90% | |||
Percentage of Total, Net Assets | 4.90% | 4.90% | |||
Fair Value | $ 8,675 | $ 8,816 | |||
Percentage of Total, Fair Value | 1.70% | 1.80% | |||
Percentage of Total, Net Assets | 4.80% | 4.90% | |||
Health Care And Social Assistance, Services for the Elderly and Persons with Disabilities | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 20,749 | $ 18,977 | |||
Percentage of Total, Amortized Cost | 4.40% | 4% | |||
Percentage of Total, Net Assets | 11.50% | 10.50% | |||
Fair Value | $ 18,427 | $ 20,647 | |||
Percentage of Total, Fair Value | 3.70% | 4.10% | |||
Percentage of Total, Net Assets | 10.20% | 11.50% | |||
Information, Cable and Other Subscription Programming | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,754 | $ 3,763 | |||
Percentage of Total, Amortized Cost | 0.80% | 0.80% | |||
Percentage of Total, Net Assets | 2.10% | 2.10% | |||
Fair Value | $ 3,103 | $ 3,326 | |||
Percentage of Total, Fair Value | 0.60% | 0.70% | |||
Percentage of Total, Net Assets | 1.70% | 1.80% | |||
Information, Data Processing, Hosting, and Related Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 4,073 | $ 4,080 | |||
Percentage of Total, Amortized Cost | 0.90% | 0.90% | |||
Percentage of Total, Net Assets | 2.30% | 2.30% | |||
Fair Value | $ 3,477 | $ 3,219 | |||
Percentage of Total, Fair Value | 0.70% | 0.60% | |||
Percentage of Total, Net Assets | 1.90% | 1.80% | |||
Information, Directory and Mailing List Publishers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,596 | $ 3,910 | |||
Percentage of Total, Amortized Cost | 0.80% | 0.80% | |||
Percentage of Total, Net Assets | 2% | 2.20% | |||
Fair Value | $ 3,930 | $ 3,638 | |||
Percentage of Total, Fair Value | 0.80% | 0.70% | |||
Percentage of Total, Net Assets | 2.20% | 2% | |||
Information, Internet Publishing and Broadcasting and Web Search Portals | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,100 | ||||
Percentage of Total, Amortized Cost | 0.70% | ||||
Percentage of Total, Net Assets | 1.70% | ||||
Fair Value | $ 2,843 | ||||
Percentage of Total, Fair Value | 0.60% | ||||
Percentage of Total, Net Assets | 1.60% | ||||
Information, Software Publishers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 17,077 | $ 17,577 | |||
Percentage of Total, Amortized Cost | 3.60% | 3.70% | |||
Percentage of Total, Net Assets | 9.50% | 9.70% | |||
Fair Value | $ 10,555 | $ 9,629 | |||
Percentage of Total, Fair Value | 2.10% | 1.90% | |||
Percentage of Total, Net Assets | 5.90% | 5.30% | |||
Information, Television Broadcasting | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,182 | $ 2,182 | |||
Percentage of Total, Amortized Cost | 0.50% | 0.50% | |||
Percentage of Total, Net Assets | 1.20% | 1.20% | |||
Fair Value | $ 349 | $ 488 | |||
Percentage of Total, Fair Value | 0.10% | 0.10% | |||
Percentage of Total, Net Assets | 0.20% | 0.30% | |||
Management of Companies and Enterprises, Offices of Other Holding Companies | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 12,687 | $ 11,240 | |||
Percentage of Total, Amortized Cost | 2.70% | 2.40% | |||
Percentage of Total, Net Assets | 7.10% | 6.20% | |||
Fair Value | $ 11,850 | $ 10,646 | |||
Percentage of Total, Fair Value | 2.40% | 2.10% | |||
Percentage of Total, Net Assets | 6.60% | 5.90% | |||
Manufacturing, Bare Printed Circuit Board Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,973 | $ 1,977 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1.10% | |||
Fair Value | $ 1,838 | $ 1,854 | |||
Percentage of Total, Fair Value | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1% | 1% | |||
Manufacturing, Current-Carrying Wiring Device Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 3,383 | $ 3,360 | |||
Percentage of Total, Amortized Cost | 0.70% | 0.70% | |||
Percentage of Total, Net Assets | 1.90% | 1.90% | |||
Fair Value | $ 2,952 | $ 3,468 | |||
Percentage of Total, Fair Value | 0.60% | 0.70% | |||
Percentage of Total, Net Assets | 1.60% | 1.90% | |||
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% | 0.30% | |||
Fair Value | $ 0 | $ 0 | |||
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 | $ 1,926 | $ 1,931 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1.10% | |||
Fair Value | $ 1,719 | $ 1,862 | |||
Percentage of Total, Fair Value | 0.30% | 0.40% | |||
Percentage of Total, Net Assets | 1% | 1% | |||
Manufacturing, Ice Cream and Frozen Dessert Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,642 | $ 1,641 | |||
Percentage of Total, Amortized Cost | 0.30% | 0.30% | |||
Percentage of Total, Net Assets | 0.90% | 0.90% | |||
Fair Value | $ 1,459 | $ 1,540 | |||
Percentage of Total, Fair Value | 0.30% | 0.30% | |||
Percentage of Total, Net Assets | 0.80% | 0.90% | |||
Manufacturing, Motorcycle, Bicycle, and Parts Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 15,838 | $ 15,873 | |||
Percentage of Total, Amortized Cost | 3.30% | 3.30% | |||
Percentage of Total, Net Assets | 8.80% | 8.80% | |||
Fair Value | $ 15,361 | $ 15,942 | |||
Percentage of Total, Fair Value | 3.10% | 3.20% | |||
Percentage of Total, Net Assets | 8.50% | 8.80% | |||
Manufacturing, Other Industrial Machinery Manufacturing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,218 | $ 5,203 | |||
Percentage of Total, Amortized Cost | 1.10% | 1.10% | |||
Percentage of Total, Net Assets | 2.90% | 2.90% | |||
Fair Value | $ 4,744 | $ 4,660 | |||
Percentage of Total, Fair Value | 0.90% | 0.90% | |||
Percentage of Total, Net Assets | 2.60% | 2.60% | |||
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 | $ 85,429 | $ 85,456 | |||
Percentage of Total, Fair Value | 17.40% | 17.10% | |||
Percentage of Total, Net Assets | 47.50% | 47.40% | |||
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 | $ 1,901 | $ 1,890 | |||
Percentage of Total, Fair Value | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1% | |||
Other Services, Except Public Administration, Communication Equipment Repair and Maintenance | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,766 | ||||
Percentage of Total, Amortized Cost | 0.40% | ||||
Percentage of Total, Net Assets | 1% | ||||
Fair Value | $ 1,572 | ||||
Percentage of Total, Fair Value | 0.30% | ||||
Percentage of Total, Net Assets | 0.90% | ||||
Other Services, Except Public Administration, Other Automotive Mechanical and Electrical Repair and Maintenance | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,083 | ||||
Percentage of Total, Amortized Cost | 0.20% | ||||
Percentage of Total, Net Assets | 0.60% | ||||
Fair Value | $ 1,064 | ||||
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 | $ 27,554 | $ 27,621 | |||
Percentage of Total, Amortized Cost | 5.90% | 5.80% | |||
Percentage of Total, Net Assets | 15.30% | 15.30% | |||
Fair Value | $ 27,119 | $ 27,148 | |||
Percentage of Total, Fair Value | 5.40% | 5.40% | |||
Percentage of Total, Net Assets | 15.10% | 15% | |||
Professional, Scientific, and Technical Services, Advertising Agencies | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,251 | $ 2,256 | |||
Percentage of Total, Amortized Cost | 0.50% | 0.50% | |||
Percentage of Total, Net Assets | 1.30% | 1.30% | |||
Fair Value | $ 1,967 | $ 1,898 | |||
Percentage of Total, Fair Value | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1.10% | |||
Professional, Scientific, and Technical Services, Computer Systems Design Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 1,956 | $ 1,959 | |||
Percentage of Total, Amortized Cost | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1.10% | |||
Fair Value | $ 1,930 | $ 1,943 | |||
Percentage of Total, Fair Value | 0.40% | 0.40% | |||
Percentage of Total, Net Assets | 1.10% | 1.10% | |||
Professional, Scientific, and Technical Services, Other Computer Related Services | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 16,978 | $ 14,595 | |||
Percentage of Total, Amortized Cost | 3.60% | 3.10% | |||
Percentage of Total, Net Assets | 9.40% | 8.10% | |||
Fair Value | $ 17,212 | $ 14,868 | |||
Percentage of Total, Fair Value | 3.40% | 3% | |||
Percentage of Total, Net Assets | 9.60% | 8.20% | |||
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% | 0.10% | |||
Percentage of Total, Net Assets | 0.40% | 0.40% | |||
Fair Value | $ 40 | $ 32 | |||
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 | $ 4,666 | $ 4,680 | |||
Percentage of Total, Amortized Cost | 1% | 1% | |||
Percentage of Total, Net Assets | 2.60% | 2.60% | |||
Fair Value | $ 4,008 | $ 4,207 | |||
Percentage of Total, Fair Value | 0.80% | 0.80% | |||
Percentage of Total, Net Assets | 2.20% | 2.30% | |||
Real Estate and Rental and Leasing, Office Machinery and Equipment Rental and Leasing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,655 | $ 6,418 | |||
Percentage of Total, Amortized Cost | 1.40% | 1.40% | |||
Percentage of Total, Net Assets | 3.70% | 3.60% | |||
Fair Value | $ 9,530 | $ 6,713 | |||
Percentage of Total, Fair Value | 1.90% | 1.30% | |||
Percentage of Total, Net Assets | 5.30% | 3.70% | |||
Retail Trade, Electronics and Appliance Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,513 | $ 8,037 | |||
Percentage of Total, Amortized Cost | 1.40% | 1.70% | |||
Percentage of Total, Net Assets | 3.60% | 4.50% | |||
Fair Value | $ 6,573 | $ 8,102 | |||
Percentage of Total, Fair Value | 1.30% | 1.60% | |||
Percentage of Total, Net Assets | 3.70% | 4.50% | |||
Retail Trade, Electronic Shopping and Mail-Order Houses | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 6,706 | $ 6,747 | |||
Percentage of Total, Amortized Cost | 1.40% | 1.40% | |||
Percentage of Total, Net Assets | 3.70% | 3.70% | |||
Fair Value | $ 6,555 | $ 6,515 | |||
Percentage of Total, Fair Value | 1.30% | 1.30% | |||
Percentage of Total, Net Assets | 3.60% | 3.60% | |||
Retail Trade, Shoe Store | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 10,160 | $ 10,160 | |||
Percentage of Total, Amortized Cost | 2.10% | 2.10% | |||
Percentage of Total, Net Assets | 5.70% | 5.60% | |||
Fair Value | $ 0 | $ 1,104 | |||
Percentage of Total, Fair Value | 0% | 0.20% | |||
Percentage of Total, Net Assets | 0% | 0.60% | |||
Retail Trade, Supermarkets and Other Grocery (except Convenience) Stores | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,645 | $ 5,647 | |||
Percentage of Total, Amortized Cost | 1.20% | 1.20% | |||
Percentage of Total, Net Assets | 3.10% | 3.10% | |||
Fair Value | $ 5,586 | $ 5,532 | |||
Percentage of Total, Fair Value | 1.10% | 1.10% | |||
Percentage of Total, Net Assets | 3.10% | 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% | 0.30% | |||
Fair Value | $ 893 | $ 967 | |||
Percentage of Total, Fair Value | 0.20% | 0.20% | |||
Percentage of Total, Net Assets | 0.50% | 0.50% | |||
Transportation and Warehousing, Transportation and Warehousing | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,503 | $ 2,514 | |||
Percentage of Total, Amortized Cost | 0.50% | 0.50% | |||
Percentage of Total, Net Assets | 1.40% | 1.40% | |||
Fair Value | $ 2,502 | $ 2,501 | |||
Percentage of Total, Fair Value | 0.50% | 0.50% | |||
Percentage of Total, Net Assets | 1.40% | 1.40% | |||
Wholesale Trade, Business to Business Electronic Markets | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,854 | $ 2,858 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.60% | |||
Percentage of Total, Net Assets | 1.60% | 1.60% | |||
Fair Value | $ 2,670 | $ 2,689 | |||
Percentage of Total, Fair Value | 0.50% | 0.50% | |||
Percentage of Total, Net Assets | 1.50% | 1.50% | |||
Wholesale Trade, Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 11,147 | $ 11,156 | |||
Percentage of Total, Amortized Cost | 2.30% | 2.30% | |||
Percentage of Total, Net Assets | 6.20% | 6.20% | |||
Fair Value | $ 8,572 | $ 9,013 | |||
Percentage of Total, Fair Value | 1.70% | 1.80% | |||
Percentage of Total, Net Assets | 4.80% | 5% | |||
Wholesale Trade, Drugs and Druggists' Sundries Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 5,150 | $ 5,227 | |||
Percentage of Total, Amortized Cost | 1.10% | 1.10% | |||
Percentage of Total, Net Assets | 2.90% | 2.90% | |||
Fair Value | $ 4,147 | $ 4,622 | |||
Percentage of Total, Fair Value | 0.80% | 0.90% | |||
Percentage of Total, Net Assets | 2.30% | 2.60% | |||
Wholesale Trade, Industrial Machinery and Equipment Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 9,072 | $ 9,071 | |||
Percentage of Total, Amortized Cost | 1.90% | 1.90% | |||
Percentage of Total, Net Assets | 5% | 5% | |||
Fair Value | $ 9,073 | $ 9,073 | |||
Percentage of Total, Fair Value | 1.80% | 1.80% | |||
Percentage of Total, Net Assets | 5% | 5% | |||
Wholesale Trade, Motor Vehicle Parts (Used) Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 27,711 | $ 27,751 | |||
Percentage of Total, Amortized Cost | 5.80% | 5.80% | |||
Percentage of Total, Net Assets | 15.30% | 15.40% | |||
Fair Value | $ 27,890 | $ 27,821 | |||
Percentage of Total, Fair Value | 5.60% | 5.60% | |||
Percentage of Total, Net Assets | 15.50% | 15.40% | |||
Wholesale Trade, Other Miscellaneous Nondurable Goods Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 2,692 | $ 2,680 | |||
Percentage of Total, Amortized Cost | 0.60% | 0.60% | |||
Percentage of Total, Net Assets | 1.50% | 1.50% | |||
Fair Value | $ 1,540 | $ 2,246 | |||
Percentage of Total, Fair Value | 0.30% | 0.40% | |||
Percentage of Total, Net Assets | 0.90% | 1.20% | |||
Wholesale Trade, Sporting and Recreational Goods and Supplies Merchant Wholesalers | Total Debt and Equity Investments | |||||
Investment Holdings [Line Items] | |||||
Amortized Cost | $ 8,163 | $ 8,163 | |||
Percentage of Total, Amortized Cost | 1.70% | 1.70% | |||
Percentage of Total, Net Assets | 4.50% | 4.40% | |||
Fair Value | $ 129 | $ 122 | |||
Percentage of Total, Fair Value | 0% | 0% | |||
Percentage of Total, Net Assets | 0.10% | 0.10% | |||
[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 in 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Transfers from Level 2 to Level 3 | $ 0 | $ 0 |
Transfers from Level 3 to Level 2 | $ 3,809 | $ 6,773 |
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 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | $ 499,759 | [1],[2] | $ 500,576 | [3],[4] |
Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 309,918 | 312,862 | ||
Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 102,818 | 99,196 | ||
Structured Finance Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 87,023 | 88,518 | ||
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 | 28,646 | 30,823 | ||
Level 2 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 28,646 | 30,823 | ||
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 | 471,113 | 469,753 | ||
Level 3 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 281,272 | 282,039 | ||
Level 3 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 102,818 | 99,196 | ||
Level 3 | Structured Finance Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | $ 87,023 | $ 88,518 | ||
[1] Unless otherwise noted in 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 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 499,759 | [1],[2] | $ 500,576 | [3],[4] |
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 471,113 | 469,753 | ||
Level 3 | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 249,824 | 264,702 | ||
Level 3 | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 52,288 | 53,688 | ||
Level 3 | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 26,498 | 26,413 | ||
Level 3 | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 16,110 | |||
Level 3 | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 129 | |||
Level 3 | Market approach | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 97 | 118 | ||
Level 3 | Market approach | Loan Accumulation Facility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 8,140 | $ 8,299 | ||
Level 3 | Discount rates | Minimum | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.0972 | 0.1021 | ||
Level 3 | Discount rates | Minimum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.1950 | 0.1250 | ||
Level 3 | Discount rates | Maximum | Discounted cash flow | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.2037 | 0.2071 | ||
Level 3 | Discount rates | Maximum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.3600 | 0.3400 | ||
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 input | 0.1289 | 0.1294 | ||
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 input | 0.2684 | 0.2214 | ||
Level 3 | EBITDA multiples | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 1,540 | |||
Level 3 | EBITDA multiples | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 1,226 | |||
Level 3 | EBITDA multiples | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 8,028 | 6,202 | ||
Level 3 | EBITDA multiples | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 91,451 | $ 91,070 | ||
Level 3 | EBITDA multiples | Minimum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 9.50 | |||
Level 3 | EBITDA multiples | Minimum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 10.50 | |||
Level 3 | EBITDA multiples | Minimum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 7.50 | 7.25 | ||
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 input | 3.88 | 3.72 | ||
Level 3 | EBITDA multiples | Maximum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 9.50 | |||
Level 3 | EBITDA multiples | Maximum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 10.50 | |||
Level 3 | EBITDA multiples | Maximum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 7.50 | 7.25 | ||
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 input | 11.50 | 11.75 | ||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 9.50 | |||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 10.50 | |||
Level 3 | EBITDA multiples | Weighted Average | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 7.50 | 7.25 | ||
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 input | 11.24 | 9.63 | ||
Level 3 | Revenue multiples | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 17,569 | |||
Level 3 | Revenue multiples | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 2,021 | $ 1,901 | ||
Level 3 | Revenue multiples | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 0 | $ 24 | ||
Level 3 | Revenue multiples | Minimum | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.43 | 0.46 | ||
Level 3 | Revenue multiples | Minimum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.40 | |||
Level 3 | Revenue multiples | Minimum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.84 | 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 input | 0.40 | 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 input | 0.70 | 0.70 | ||
Level 3 | Revenue multiples | Maximum | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.40 | |||
Level 3 | Revenue multiples | Maximum | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 3.50 | 0.87 | ||
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 input | 0.84 | 0.87 | ||
Level 3 | Revenue multiples | Weighted Average | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.54 | 0.56 | ||
Level 3 | Revenue multiples | Weighted Average | Market approach | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.40 | |||
Level 3 | Revenue multiples | Weighted Average | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 1 | 0.87 | ||
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 input | 0.46 | 0.15 | ||
Level 3 | Transaction Price | Market approach | Senior secured | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 12,210 | |||
Level 3 | Transaction Price | Market approach | Preferred equity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 172 | |||
Level 3 | Transaction Price | Market approach | Common equity, warrants and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 1,146 | |||
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 input | 0.0200 | 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 input | 0.0200 | 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 input | 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 input | 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 input | 0.0200 | 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 input | 0.0204 | 0.0203 | ||
Level 3 | Discount margin | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.0725 | 0.0725 | ||
Level 3 | Discount margin | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.0995 | 0.1160 | ||
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 input | 0.0853 | 0.0858 | ||
Level 3 | Recovery rate | Minimum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.6500 | 0.6500 | ||
Level 3 | Recovery rate | Minimum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.6500 | 0.6500 | ||
Level 3 | Recovery rate | Maximum | Discounted cash flow | Subordinated notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.6500 | 0.6500 | ||
Level 3 | Recovery rate | Maximum | Discounted cash flow | Mezzanine debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value, measurement input | 0.6500 | 0.6500 | ||
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 input | 0.6500 | 0.6500 | ||
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 input | 0.6500 | 0.6500 | ||
[1] Unless otherwise noted in 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Level 3 assets, beginning balance | $ 469,753 | $ 441,508 |
Purchase and origination of portfolio investments | 9,944 | 67,169 |
Proceeds from principal payments on portfolio investments | (1,335) | (14,206) |
Sale and redemption of portfolio investments | (2,710) | (3,141) |
Proceeds from distributions received from portfolio investments | (3,138) | (5,743) |
Transfers out of Level 3 | (3,809) | (6,773) |
Level 3 assets, ending balance | 471,113 | 487,809 |
Net unrealized appreciation (depreciation) on investments held | (746) | 7,957 |
Realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | 330 | 72 |
Unrealized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | (1,719) | 6,203 |
Amortization of Net Loan Fees | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | 372 | 259 |
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 | 3,002 | 2,282 |
Capitalized PIK interest and dividends | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | 462 | 269 |
Amendment fees | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | (39) | (90) |
Senior secured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Level 3 assets, beginning balance | 280,813 | 261,113 |
Purchase and origination of portfolio investments | 9,772 | 43,818 |
Proceeds from principal payments on portfolio investments | (1,335) | (5,976) |
Sale and redemption of portfolio investments | (2,710) | 0 |
Proceeds from distributions received from portfolio investments | 0 | 0 |
Transfers out of Level 3 | (3,809) | (6,773) |
Level 3 assets, ending balance | 281,143 | 292,212 |
Net unrealized appreciation (depreciation) on investments held | (971) | (249) |
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 | (140) | 0 |
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 | (1,948) | (319) |
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 | 313 | 228 |
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 | 226 | 211 |
Senior secured debt investments | Amendment fees | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | (39) | (90) |
Subordinated debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Level 3 assets, beginning balance | 1,226 | 17,943 |
Purchase and origination of portfolio investments | 0 | 0 |
Proceeds from principal payments on portfolio investments | 0 | (8,230) |
Sale and redemption of portfolio investments | 0 | 0 |
Proceeds from distributions received from portfolio investments | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Level 3 assets, ending balance | 129 | 9,353 |
Net unrealized appreciation (depreciation) on investments held | (1,097) | (424) |
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 | 0 |
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 | (1,097) | (424) |
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 | 0 | 6 |
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 | 0 | 58 |
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 | 8,196 | 3,765 |
Purchase and origination of portfolio investments | 172 | 0 |
Proceeds from principal payments on portfolio investments | 0 | 0 |
Sale and redemption of portfolio investments | 0 | 0 |
Proceeds from distributions received from portfolio investments | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Level 3 assets, ending balance | 10,221 | 6,195 |
Net unrealized appreciation (depreciation) on investments held | 1,630 | 2,430 |
Preferred equity | Realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | 0 | 0 |
Preferred equity | Unrealized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Amounts included in earnings | 1,617 | 2,430 |
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 | 236 | 0 |
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 | 91,000 | 83,486 |
Purchase and origination of portfolio investments | 0 | 1,290 |
Proceeds from principal payments on portfolio investments | 0 | 0 |
Sale and redemption of portfolio investments | 0 | (3,141) |
Proceeds from distributions received from portfolio investments | (962) | 0 |
Transfers out of Level 3 | 0 | 0 |
Level 3 assets, ending balance | 92,597 | 89,672 |
Net unrealized appreciation (depreciation) on investments held | 2,075 | 9,649 |
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 | 470 | 72 |
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 | 2,089 | 7,965 |
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 | 88,518 | 75,201 |
Purchase and origination of portfolio investments | 0 | 22,061 |
Proceeds from principal payments on portfolio investments | 0 | 0 |
Sale and redemption of portfolio investments | 0 | 0 |
Proceeds from distributions received from portfolio investments | (2,176) | (5,743) |
Transfers out of Level 3 | 0 | 0 |
Level 3 assets, ending balance | 87,023 | 90,377 |
Net unrealized appreciation (depreciation) on investments held | (2,383) | (3,449) |
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 | (2,380) | (3,449) |
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 | 59 | 25 |
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 | 3,002 | 2,282 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 311,199 | $ 310,265 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 48,840 | 47,058 |
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 | 262,359 | 263,207 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 328,360 | 331,750 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 311,199 | 310,265 |
PWB Credit Facility | Line of Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 5,000 | 0 |
PWB Credit Facility | Line of Credit | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
PWB Credit Facility | Line of Credit | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
PWB Credit Facility | Line of Credit | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 5,000 | 0 |
PWB Credit Facility | Line of Credit | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 5,000 | 0 |
PWB Credit Facility | Line of Credit | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 5,000 | 0 |
BNP Facility | Line of Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 101,000 | 104,700 |
BNP Facility | Line of Credit | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
BNP Facility | Line of Credit | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 0 | 0 |
BNP Facility | Line of Credit | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 101,000 | 104,700 |
BNP Facility | Line of Credit | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 101,000 | 104,700 |
BNP Facility | Line of Credit | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 101,000 | 104,700 |
Unsecured Notes Due February 2026 | Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 112,327 | 109,037 |
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 | 112,327 | 109,037 |
Unsecured Notes Due February 2026 | Unsecured Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 122,741 | 122,547 |
Unsecured Notes Due February 2026 | Unsecured Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 112,327 | 109,037 |
Unsecured Notes Due October 2028 | Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 48,840 | 47,058 |
Unsecured Notes Due October 2028 | Unsecured Notes | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 48,840 | 47,058 |
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 | 53,857 | 53,806 |
Unsecured Notes Due October 2028 | Unsecured Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 48,840 | 47,058 |
SBA Debentures | Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 44,032 | 49,470 |
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 | 44,032 | 49,470 |
SBA Debentures | Debentures | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 45,762 | 50,697 |
SBA Debentures | Debentures | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 44,032 | $ 49,470 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investments, unfunded commitments | $ 21,312 |
Borrowings - SBA Debentures (De
Borrowings - SBA Debentures (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Assets | $ 515,483 | $ 520,717 | ||
Outstanding | 331,920 | |||
Amortization of debt issuance costs | 387 | $ 375 | ||
Cash paid for interest expense | $ 6,330 | $ 5,277 | ||
Effective interest rate | 5.79% | 4.19% | ||
Average outstanding balance | $ 336,897 | $ 350,731 | ||
Debentures | SBA Debentures | ||||
Debt Instrument [Line Items] | ||||
Redemption of debt | $ 5,000 | |||
Outstanding | $ 45,920 | |||
Interest rate | 2.87% | |||
Stated interest expense | $ 348 | 451 | ||
Amortization of debt issuance costs | 46 | 44 | ||
Total interest and debt financing costs | 394 | 495 | ||
Cash paid for interest expense | $ 725 | $ 1,002 | ||
Effective interest rate | 3.21% | 3.12% | ||
Average outstanding balance | $ 49,198 | $ 63,375 | ||
SBIC I LP | ||||
Debt Instrument [Line Items] | ||||
Assets | $ 175,337 | $ 176,521 | ||
Percentage of total consolidated assets | 34% | 34% |
Borrowings - BNP Facility (Deta
Borrowings - BNP Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 24, 2022 | Jun. 20, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||||
Outstanding debt | $ 106,000 | $ 104,700 | |||
Amortization of debt issuance costs | 387 | $ 375 | |||
Cash paid for interest expense | 6,330 | 5,277 | |||
Line of Credit | BNP Facility | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | $ 150,000 | $ 150,000 | |||
Term | 3 years | ||||
Outstanding debt | $ 101,000 | $ 104,700 | |||
Unused commitment | 49,000 | ||||
Stated interest expense | 1,908 | 616 | |||
Amortization of debt issuance costs | 95 | 67 | |||
Total interest and debt financing costs | 2,003 | 683 | |||
Cash paid for interest expense | $ 1,905 | $ 585 | |||
Effective interest rate | 7.63% | 2.56% | |||
Average outstanding balance | $ 105,030 | $ 106,850 | |||
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 | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Apr. 22, 2022 | Mar. 07, 2018 | |
Line of Credit Facility [Line Items] | |||||
Outstanding debt | $ 106,000 | $ 104,700 | |||
Amortization of debt issuance costs | 387 | $ 375 | |||
Cash paid for interest expense | $ 6,330 | 5,277 | |||
Line of Credit | PWB Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity | 25,000 | $ 35,000 | $ 25,000 | ||
Maximum availability limit percentage | 50% | ||||
Outstanding debt | $ 5,000 | $ 0 | |||
Unused commitment | 20,000 | ||||
Stated interest expense | 66 | 18 | |||
Amortization of debt issuance costs | 1 | 1 | |||
Total interest and debt financing costs | 67 | 19 | |||
Cash paid for interest expense | $ 51 | $ 18 | |||
Effective interest rate | 8.07% | 5.14% | |||
Average outstanding balance | $ 2,669 | $ 506 |
Borrowings - Unsecured Notes (D
Borrowings - Unsecured Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Nov. 01, 2021 | Mar. 18, 2021 | |
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 387 | $ 375 | ||
Cash paid for interest expense | $ 6,330 | $ 5,277 | ||
Effective interest rate | 5.79% | 4.19% | ||
Average outstanding balance | $ 336,897 | $ 350,731 | ||
Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Debt covenant, asset coverage | 150% | |||
Stated interest expense | $ 2,165 | 2,165 | ||
Amortization of debt issuance costs | 245 | 262 | ||
Total interest and debt financing costs | 2,410 | 2,427 | ||
Cash paid for interest expense | $ 3,649 | $ 3,672 | ||
Effective interest rate | 5.35% | 5.40% | ||
Average outstanding balance | $ 180,000 | $ 180,000 | ||
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 | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Total | $ 331,920 |
Less than 1 year | 5,000 |
1-3 years | 170,920 |
4-5 years | 101,000 |
After 5 years | 55,000 |
Line of Credit | PWB Credit Facility | |
Debt Instrument [Line Items] | |
Total | 5,000 |
Less than 1 year | 5,000 |
1-3 years | 0 |
4-5 years | 0 |
After 5 years | 0 |
Line of Credit | BNP Facility | |
Debt Instrument [Line Items] | |
Total | 101,000 |
Less than 1 year | 0 |
1-3 years | 0 |
4-5 years | 101,000 |
After 5 years | 0 |
Unsecured Notes | |
Debt Instrument [Line Items] | |
Total | 180,000 |
Less than 1 year | 0 |
1-3 years | 125,000 |
4-5 years | 0 |
After 5 years | 55,000 |
Debentures | SBA Debentures | |
Debt Instrument [Line Items] | |
Total | 45,920 |
Less than 1 year | 0 |
1-3 years | 45,920 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Average dollar borrowings | $ 336,897 | $ 350,731 |
Weighted average effective interest rate | 5.79% | 4.19% |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Feb. 28, 2023 | Mar. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Per share operating performance: | ||||||
Net asset value per share at beginning of period (in usd per share) | $ 13.47 | $ 15.18 | ||||
Net investment income (in usd per share) | 0.37 | 0.22 | ||||
Net realized loss on investments, net of taxes (in usd per share) | 0 | 0.02 | ||||
Net unrealized appreciation (depreciation) on investments, net of taxes (in usd per share) | (0.09) | 0.39 | ||||
Loss on extinguishment of debt (in usd per share) | 0 | (0.01) | ||||
Total income (loss) from operations (in usd per share) | 0.28 | 0.62 | ||||
Distributions (in usd per share) | $ (0.33) | $ (0.28) | (0.33) | (0.28) | ||
Net asset value per share at end of period (in usd per share) | 13.42 | 15.52 | ||||
Per share market value, end of period (in usd per share) | $ 10.29 | $ 13 | ||||
Total return based on market value | 4.60% | 21.80% | ||||
Total return based on net asset value | 2.80% | 4.40% | ||||
Shares outstanding at end of period (in shares) | 13,398,078 | 13,425,429 | 13,398,078 | |||
Basic weighted average shares outstanding (in shares) | 13,398,078 | 13,422,447 | ||||
Diluted weighted average shares outstanding (in shares) | 13,398,078 | 13,422,447 | ||||
Ratio/Supplemental Data (dollar amounts in thousands) | ||||||
Average net asset value | $ 180,116 | $ 206,065 | ||||
Net asset value at end of period | 179,808 | 208,386 | $ 180,423 | $ 203,744 | ||
Net investment income | $ 4,950 | $ 3,005 | ||||
Ratio of total expenses to average net assets | 20.70% | 15.40% | ||||
Ratio of total expenses and loss on extinguishment of debt to average net assets | 20.70% | 15.50% | ||||
Ratio of net investment income to average net assets | 11% | 5.80% | ||||
Ratio of loss on extinguishment of debt to average net assets | 0% | 0.10% | ||||
Portfolio turnover | 2% | 5.40% |
Capital Transactions - Distribu
Capital Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2023 | Feb. 28, 2023 | Mar. 31, 2022 | Mar. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||||||
Amount Per Share (in usd per share) | $ 0.33 | $ 0.28 | $ 0.33 | $ 0.28 | ||
Cash Distribution | $ 4,421 | $ 3,719 | $ 4,421 | $ 3,719 | ||
DRIP Shares Issued (in shares) | 0 | 3,016 | ||||
DRIP Shares Value | $ 0 | $ 39 | $ 39 | |||
Number of Shares Purchased (in shares) | 5,096 | |||||
Average Price Paid Per Share (in usd per share) | $ 10.43 | |||||
Total Amount Paid | $ 53 |
Capital Transactions - Narrativ
Capital Transactions - Narrative (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Equity [Abstract] | |
Stock Repurchase Program, authorized amount | $ 10 |
Consolidated Schedule of Inve_5
Consolidated Schedule of Investments In and Advances To Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | $ 167 | $ 265 |
Interest income | 13,393 | 9,788 |
Dividend income | 785 | 758 |
Fee income | 105 | 400 |
Total investment income | 14,283 | 10,946 |
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) | 1,010 | |
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 | 510 | |
Gross Additions | 1,010 | |
Gross Reductions | 0 | |
Fair Value | 1,520 | |
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) | 1,572 | |
Interest income | 0 | |
Dividend income | 236 | |
Fee income | 0 | |
Total investment income | 236 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value | 6,202 | |
Gross Additions | 1,808 | |
Gross Reductions | 0 | |
Fair Value | 8,010 | |
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) | (43) | |
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 | 1,569 | |
Gross Additions | 0 | |
Gross Reductions | (44) | |
Fair Value | 1,525 | |
Investment, Identifier [Axis]: Eblens Holdings, 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 | 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 | |
Investment, Identifier [Axis]: Eblens Holdings, Inc. Subordinated Loan 1 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | (1,104) | |
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 | 1,104 | |
Gross Additions | 0 | |
Gross Reductions | (1,104) | |
Fair Value | 0 | |
Investment, Identifier [Axis]: Eblens Holdings, Inc. Subordinated Loan 2 | ||
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 | |
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 | |
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 | |
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) | 7 | |
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 | 122 | |
Gross Additions | 7 | |
Gross Reductions | 0 | |
Fair Value | 129 | |
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) | (27) | |
Interest income | 0 | |
Dividend income | 547 | |
Fee income | 0 | |
Total investment income | 547 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value | 85,456 | |
Gross Additions | 0 | |
Gross Reductions | (27) | |
Fair Value | 85,429 | |
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 | 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 | |
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) | 11 | |
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 | 1,890 | |
Gross Additions | 11 | |
Gross Reductions | 0 | |
Fair Value | 1,901 | |
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) | (192) | |
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 | 953 | |
Gross Additions | 0 | |
Gross Reductions | (192) | |
Fair Value | 761 | |
Eblens Holdings, Inc. | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | (1,104) | |
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 | 1,104 | |
Gross Additions | 0 | |
Gross Reductions | (1,104) | |
Fair Value | 0 | |
Contract Datascan Holdings, Inc. | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | 2,582 | |
Interest income | 0 | |
Dividend income | 236 | |
Fee income | 0 | |
Total investment income | 236 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value | 6,712 | |
Gross Additions | 2,818 | |
Gross Reductions | 0 | |
Fair Value | 9,530 | |
Master Cutlery, LLC | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | 7 | |
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 | 122 | |
Gross Additions | 7 | |
Gross Reductions | 0 | |
Fair Value | 129 | |
TRS Services, LLC | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | 11 | |
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 | 1,890 | |
Gross Additions | 11 | |
Gross Reductions | 0 | |
Fair Value | 1,901 | |
Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | 1,234 | |
Interest income | 0 | |
Dividend income | 783 | |
Fee income | 0 | |
Total investment income | 783 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value | 97,805 | |
Gross Additions | 2,836 | |
Gross Reductions | (1,367) | |
Fair Value | 99,275 | |
Control investment | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | 278 |
Net change in unrealized appreciation/(depreciation) | (1,104) | (1,684) |
Interest income | 0 | 141 |
Dividend income | 0 | 45 |
Fee income | 0 | 6 |
Total investment income | 0 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value | 1,104 | |
Gross Additions | 0 | |
Gross Reductions | (1,104) | |
Fair Value | 0 | |
Affiliate investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net realized gain (loss) | 0 | |
Net change in unrealized appreciation/(depreciation) | 2,338 | 11,792 |
Interest income | 0 | |
Dividend income | 783 | $ 0 |
Fee income | 0 | |
Total investment income | 783 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value | 96,701 | |
Gross Additions | 2,836 | |
Gross Reductions | (263) | |
Fair Value | $ 99,275 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | ||||
May 02, 2023 | Feb. 28, 2023 | Mar. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||||
Distributions declared per common share (in usd per share) | $ 0.33 | $ 0.28 | $ 0.33 | $ 0.28 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Distributions declared per common share (in usd per share) | $ 0.33 |