0000950170-24-023065 | 10-K | XBRL Viewer

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Selected Quarterly Financial Data (unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Total investment income

$ 36,311

$ 34,185

$ 30,558

$ 29,056

$ 27,474

$ 24,992

$ 21,153

$ 20,518

$ 24,101

$ 21,229

$ 21,826

$ 23,290

$ 130,110

$ 94,137

$ 90,446

Net investment income

16,939

16,660

16,784

14,723

12,484

12,719

11,008

10,338

2,448

5,118

6,473

11,081

65,106

46,549

25,120

Net increase (decrease) in net assets resulting from operations

$ 26,430

$ 24,299

$ 10,915

$ 15,489

$ 4,723

$ 11,428

$ 7,981

$ 11,690

$ 50,238

$ 28,442

$ 25,886

$ 11,538

$ 77,133

$ 35,822

$ 116,104

Net investment income per share-basic

$ 0.58

$ 0.63

$ 0.67

$ 0.59

$ 0.51

$ 0.52

$ 0.45

$ 0.42

$ 0.10

$ 0.21

$ 0.26

$ 0.45

$ 2.47

$ 1.9

$ 1.03

Net investment income per share-diluted

0.58

0.63

0.67

0.59

0.51

0.52

0.45

0.42

0.10

0.21

0.26

0.45

2.47

1.9

1.03

Net increase in net assets from operations per share

0.91

0.44

0.62

0.19

0.47

0.33

0.48

2.06

1.16

1.06

0.47

2.93

1.46

4.75

Net asset value per share at end of period

$ 19.37

^[1]

$ 19.28

^[1]

$ 19.13

^[1]

$ 19.39

^[1]

$ 19.43

^[1]

$ 19.41

^[1]

$ 19.8

^[1]

$ 19.91

^[1]

$ 19.96

^[1]

$ 18.31

^[1]

$ 17.57

^[1]

$ 16.9

^[1]

$ 19.37

^[1]

$ 19.43

^[1]

$ 19.96

^[1]

$ 16.81

$ 16.85

$ 16.47

$ 16.05

$ 15.76

$ 15.17

$ 15.16

$ 15.35

[1]	Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

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+ Details

Debt - Summary of Issued and Outstanding SBA Debentures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total outstanding SBA debentures	$ 210,000	$ 153,000
3.277 % Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 25, 2015
Maturity Date	Mar. 01, 2025
Fixed Interest Rate	3.277%
Total outstanding SBA debentures		1,500
3.267% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 23, 2016
Maturity Date	Mar. 01, 2026
Fixed Interest Rate	3.267%
Total outstanding SBA debentures	$ 500	1,500
3.249% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 23, 2016
Maturity Date	Mar. 01, 2026
Fixed Interest Rate	3.249%
Total outstanding SBA debentures		2,500
2.793% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 21, 2016
Maturity Date	Sep. 01, 2026
Fixed Interest Rate	2.793%
Total outstanding SBA debentures	$ 500	500
3.260% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2017
Maturity Date	Sep. 01, 2027
Fixed Interest Rate	3.26%
Total outstanding SBA debentures	$ 1,000	1,000
3.190% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2017
Maturity Date	Sep. 01, 2027
Fixed Interest Rate	3.19%
Total outstanding SBA debentures	$ 33,000	33,000
2.377% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 25, 2019
Maturity Date	Sep. 01, 2029
Fixed Interest Rate	2.377%
Total outstanding SBA debentures	$ 7,500	7,500
2.172% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 25, 2020
Maturity Date	Mar. 01, 2030
Fixed Interest Rate	2.172%
Total outstanding SBA debentures	$ 6,000	6,000
1.398% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 22, 2021
Maturity Date	Sep. 01, 2031
Fixed Interest Rate	1.398%
Total outstanding SBA debentures	$ 11,500	11,500
3.209% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 23, 2022
Maturity Date	Mar. 01, 2032
Fixed Interest Rate	3.209%
Total outstanding SBA debentures	$ 43,500	43,500
4.533% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 21, 2022
Maturity Date	Sep. 01, 2032
Fixed Interest Rate	4.533%
Total outstanding SBA debentures	$ 17,500	$ 17,500
5.439% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date		Mar. 22, 2023
Maturity Date		Mar. 01, 2033
Fixed Interest Rate		5.439%
Total outstanding SBA debentures		$ 4,000	$ 4,000
5.439% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.439%
Total outstanding SBA debentures	$ 5,000	5,000
5.439% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.439%
Total outstanding SBA debentures	$ 5,000	5,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 3,000	3,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 3,000	3,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 7,000	$ 7,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 4,000
5.861% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2023
Maturity Date	Sep. 01, 2033
Fixed Interest Rate	5.861%
Total outstanding SBA debentures	$ 8,000
5.861% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2023
Maturity Date	Sep. 01, 2033
Fixed Interest Rate	5.861%
Total outstanding SBA debentures	$ 12,000
5.861% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2023
Maturity Date	Sep. 01, 2033
Fixed Interest Rate	5.861%
Total outstanding SBA debentures	$ 5,000
5.861% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2023
Maturity Date	Sep. 01, 2033
Fixed Interest Rate	5.861%
Total outstanding SBA debentures	$ 8,000
5.735% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date		Sep. 20, 2023
Maturity Date		Sep. 01, 2033
Fixed Interest Rate		5.735%
Total outstanding SBA debentures	3,000
5.980% Fixed Interest Rate \| SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	3,000
5.991% Fixed Interest Rate \| SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	2,000
6.083% Fixed Interest Rate \| SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	3,000
6.026% Fixed Interest Rate \| SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	12,000
6.009% Fixed Interest Rate \| SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	$ 2,000

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) pursuant to the requirements for reporting on Form 10-K, Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”), and Articles 6 and 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. During fiscal year ended December 31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished. There is no change in historical net increase in net assets resulting from operations due to this change in presentation. Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Consolidation: Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries, including the Funds. All significant intercompany balances and transactions have been eliminated. Investment risks: The Company’s investments are subject to a variety of risks. These risks may include, but are not limited to the following: • Market risk - In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities. • Credit risk - Credit risk represents the risk that the Company would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities. • Liquidity risk - Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market). • Interest rate risk - Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument. • Prepayment risk - Certain of the Company’s debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date. • Off-Balance sheet risk - Some of the Company’s financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7 for further details. Fair value of financial instruments: The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy. Investment classification: The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies where the Company owns more than 25% of the voting securities of such company or has rights to maintain greater than 50% of the board representation. Under the 1940 Act, “Affiliate Investments” are defined as investments in those companies where the Company owns between 5% and 25% of the voting securities of such company. “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments. Segments: In accordance with ASC Topic 280 — Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk. Deferred financing costs: Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities. Realized losses on extinguishment of debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity, adjusted for any unamortized deferred financing costs, is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation). Deferred offering costs: Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer its securities, from time to time, in one or more offerings. These expenses primarily consist of U.S. Securities and Exchange Commission (“SEC”) registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense. Realized gains or losses and unrealized appreciation or depreciation on investments: Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments. Interest and dividend income: Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company. PIK income: Certain of the Company’s investments contain a payment-in-kind (“PIK”) income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company’s taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company’s tax treatment as a RIC, even though the Company has not yet collected the cash. Non-accrual: Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current. Origination and closing fees: The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income. Warrants: In connection with the Company’s debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower (“Warrants”). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income. Fee income: Transaction fees earned in connection with the Company’s investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned. Partial loan and equity sales: The Company follows the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company’s consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and financing expenses” in the accompanying consolidated statements of operations. Income taxes: The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to stockholders. To maintain the tax treatment of a RIC, the Company generally is required to timely distribute to its stockholders at least 90% of “investment company taxable income,” as defined by Subchapter M of the Code, each year. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year; however, the Company will pay a 4% excise tax if it does not distribute at least 98% of the current year’s ordinary income. Any such carryover taxable income must be distributed through a dividend declared prior to the later of the date on which the final tax return related to the year in which the Company generated such taxable income is filed or the 15th day of the 10th month following the close of such taxable year. In addition, the Company will be subject to U.S. federal excise tax if it does not distribute at least 98.2% of its net capital gains realized, computed for any one year period ending October 31. In the future, the Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain the tax treatment of a RIC. The Company has certain wholly-owned subsidiaries (the “Taxable Subsidiaries”) that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates, each of which generally holds one or more of the Company’s portfolio investments listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations. U.S. federal income tax regulations differ from GAAP, and as a result, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and tax basis of certain assets and nondeductible U.S. federal income taxes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. ASC Topic 740 — Accounting for Uncertainty in Income Taxes (“ASC Topic 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at December 31, 2023 and 2022. The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2020 through 2022 tax years remain subject to examination. Dividends to stockholders: Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment. The determination of the tax attributes for the Company’s distributions is made annually, and is based upon the Company’s taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company’s distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9 to the consolidated financial statements regarding dividend declarations and distributions. Earnings and net asset value per share: The earnings per share calculations for the years ended December 31, 2023, 2022 and 2021, are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period. Stock Repurchase Program: The Company has an open market stock repurchase program (the “Stock Repurchase Program”) under which the Company may acquire up to $5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act”), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company’s management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 30, 2023, the Board extended the Stock Repurchase Program through December 31, 2024, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did not make any repurchases of common stock during the years ended December 31, 2023, 2022, and 2021. Refer to Note 8 for additional information concerning stock repurchases. Recent accounting pronouncement: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires disclosure of additional information pertaining to income taxes. Such changes include disclosing i) a reconciliation of the effective tax rate to statutory rate for federal, state, and foreign income taxes and ii) taxes paid (net of refunds received) should be disaggregated for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024 and may be applied on a prospective or retrospective basis. We are currently evaluating the impact this ASU will have on our consolidated financial position or disclosures, but we do not expect the impact to be material.

Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Secured Borrowings	$ 15,880	$ 16,880

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Base management fee payable	$ 4,151	$ 3,769
Base management fee waiver	287	302	$ 176
Income incentive fee	16,529	8,318	10,266
Income Incentive Fee Payable To Affiliate	$ 4,570	3,035
Percentage of net capital gains	20.00%
Capital gains incentive fee payable	$ 3,537	7,556
Aggregate Amount of Capital Gains Incentive Fees	$ 14,040
Percentage of capital gains incentive fee accrued	20.00%
Capital gains incentive fee accrued (reversed).	$ (2,405)	432	(18,196)
Accrued capital gains incentive fee payable	$ 17,509	22,659
Investment Advisory Agreement
Related Party Transaction [Line Items]
Management fees annual rate	1.75%
Base management fee	$ 16,288	14,568	12,874
Base management fee payable	4,151	3,769
Base management fee waiver	$ 287	302	176
Pre-incentive fee fixed hurdle rate	2.00%
Incentive fee	$ 0
Pre-incentive fee net investment income	100.00%
Payment percentage of preincentive fees net investment income	20.00%
Percentage of amount of pre-incentive fee net investment income	20.00%
Written Notice Period For Termination Of Agreement	60 days
Investment Advisory Agreement \| Maximum
Related Party Transaction [Line Items]
Pre-incentive fee fixed hurdle rate	2.50%
Administration Agreement
Related Party Transaction [Line Items]
Administrative service expenses	$ 2,353	1,902	$ 1,719
Accrued administrative service expense payable	$ 993	$ 700

Dividends and Distributions - Schedule of Purchased and Reissued Shares to Satisfy the DRIP Obligation (Details) - Dividend Reinvestment Plan [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Number of Shares Purchased and Reissued	45,047	39,962	25,512	23,026	21,114	20,233	20,380	18,283	18,201	17,042	15,562	110,521	84,753	69,088
Average Price Paid Per Share	$ 19.83	$ 19.21	$ 19.22	$ 18.99	$ 17.08	$ 17.89	$ 20.51	$ 17.42	$ 17.82	$ 17.2	$ 15.62	$ 19.46	$ 18.61	$ 17.05
Total Amount Paid	$ 893	$ 768	$ 490	$ 437	$ 360	$ 362	$ 418	$ 318	$ 324	$ 293	$ 243	$ 2,151	$ 1,577	$ 1,178

Portfolio Company Investments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments

Investments by type with corresponding percentage of total portfolio investments consisted of the following:


	Fair Value								Cost
	December 31,				December 31,				December 31,				December 31,
	2023				2022				2023				2022
First Lien Debt(1)	$	578,140	60.3	%	$	456,105	53.0	%	$	577,684	61.6	%	$	453,585	54.7	%
Second Lien Debt		119,561	12.5			182,948	21.3			148,806	15.9			213,654	25.8
Subordinated Debt		135,173	14.1			101,456	11.8			135,447	14.5			100,634	12.1
Equity		120,264	12.6			117,741	13.7			71,740	7.7			57,868	7.0
Warrants		4,768	0.5			2,079	0.2			2,952	0.3			2,952	0.4
Total	$	957,906	100.0	%	$	860,329	100.0	%	$	936,629	100.0	%	$	828,693	100.0	%

(1) Includes unitranche investments, which account for 37.6% and 38.5% of our portfolio on a fair value and cost basis as of December 31, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of our portfolio on a fair value and cost basis as of December 31, 2022, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.


	Fair Value								Cost
	December 31,				December 31,				December 31,				December 31,
	2023				2022				2023				2022
United States
Midwest	$	112,607	11.8	%	$	180,556	21.0	%	$	75,436	8.1	%	$	132,177	16.0	%
Southeast		292,408	30.6			265,902	31.0			286,329	30.5			258,373	31.1
Northeast		181,412	18.9			127,427	14.8			176,389	18.8			134,897	16.3
West		172,705	18.0			151,487	17.6			191,545	20.5			161,935	19.5
Southwest		186,274	19.4			122,519	14.2			194,466	20.8			128,873	15.6
Canada		12,500	1.3			12,438	1.4			12,464	1.3			12,438	1.5
Total	$	957,906	100.0	%	$	860,329	100.0	%	$	936,629	100.0	%	$	828,693	100.0	%

Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.


By Type							By Geographic Region
	December 31,			December 31,				December 31,			December 31,
	2023			2022				2023			2022
First Lien Debt		98.1	%		95.0	%	United States
Second Lien Debt		20.3			38.1		Midwest		19.1	%		37.6	%
Subordinated Debt		22.9			21.1		Southeast		49.6			55.4
Equity		20.4			24.5		Northeast		30.8			26.5
Warrants		0.8			0.4		West		29.3			31.5
Total		162.5	%		179.1	%	Southwest		31.6			25.5
							Canada		2.1			2.6
							Total		162.5	%		179.1	%

Schedule of Debt Investment on Non-Accrual Status

As of December 31, 2023 and 2022, the Company had debt investments in three and four portfolio companies, respectively, on non-accrual status:


	December 31, 2023						December 31, 2022
	Fair						Fair
Portfolio Company	Value			Cost			Value			Cost
EBL, LLC (EbLens)	$	—	(2)	$	—	(2)	$	—		$	9,332
US GreenFiber, LLC		—			5,223			—			5,223
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		—	(2)		—	(2)		2,123			2,368
Allredi, LLC (fka Marco Group International OpCo, LLC)		—	(3)		—	(3)		8,144			10,281
Suited Connector LLC		4,324			15,933			—	(1)		—	(1)
Virtex Enterprises, LP		5,340			10,906			—	(1)		—	(1)
Total	$	9,664		$	32,062		$	10,267		$	27,204

        (1)
(2)
(3)

        Debt investment in portfolio company was not on non-accrual status as of December 31, 2022.
Portfolio company debt investment was not held as of December 31, 2023.
Portfolio company debt investment was not on non-accrual status as of December 31, 2023.

       

Schedule of Consolidated Schedule of Investments in and Advances to Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2022 and any additions and reductions made to such investments during the year ended December 31, 2023, including the total investment income earned on such investments during the period.


												Year Ended December 31, 2023
Portfolio Company (1)	December 31, 2023 Principal Amount - Debt Investments		December 31, 2022 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2023 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
EBL, LLC (EbLens)	$	—	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	23,168	$	1,422	$	—		$	24,590	$	—		$	1,422		$	974	$	—	$	—	$	—
Medsurant Holdings, LLC		—		2,540		3,463		(73	)		5,930		—			3,463			—		—		—		—
Pfanstiehl, Inc.		—		51,992		46		(18,717	)		33,321		—			(8,717	)		673		—		347		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		19,118		2,208		(6,005	)		15,321		—			(4,505	)		2,379		—		—		65
Steward Holding LLC (dba Steward Advanced Materials)		—		4,772		-		(58	)		4,714		—			(58	)		—		—		172		—
Total Affiliate Investments	$	24,602	$	101,590	$	7,139	$	(24,853	)	$	83,876	$	—		$	(8,395	)	$	4,026	$	—	$	519	$	65


(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.

The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the year ended December 31, 2022, including the total investment income earned on such investments during the period.


												Year Ended December 31, 2022
Portfolio Company (1)	December 31, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2022 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
EBL, LLC (EbLens) (5)	$	9,350	$	—	$	19,628	$	(19,628	)	$	—	$	—		$	(11,083	)	$	—	$	—	$	—	$	—
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		—		—		353		(353	)	$	—		(352	)		—			—		—		—		—
Mesa Line Services, LLC		—		2,151		193		(2,344	)		—		194			(2,150	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	14,576	$	2,151	$	20,174	$	(22,325	)	$	—	$	(158	)	$	(13,233	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	13,566	$	(12,803	)	$	23,168	$	—		$	763		$	973	$	—	$	—	$	—
FAR Research Inc.		—		28		—		(28	)		—		—			(28	)		—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,122	)		2,540		—			(1,122	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,335		(39,982	)		51,992		24,330			(15,432	)		421		—		—		150
Pinnergy, Ltd. (6)		—		21,178		15,300		(36,478	)		—		15,300			(18,177	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		5,487		(4,728	)		19,118		(121	)		(1,723	)		1,822		—		—		175
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		1,434		—			4,772		—			1,434			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	70,477	$	(106,171	)	$	101,590	$	39,833		$	(35,979	)	$	3,464	$	30	$	725	$	457


(1)	The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments.


(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022.
(6)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022.

Debt - Information about Senior Securities (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SBA Debentures
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities	$ 210,000	$ 153,000	$ 107,000	$ 147,000	$ 157,500	$ 191,000	$ 231,300	$ 224,000	$ 213,500	$ 173,500
Credit Facility
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities					$ 25,000	$ 36,500	$ 11,500		$ 15,500	$ 10,000
Asset Coverage per Unit	$ 3,217	$ 2,800	$ 2,822	$ 2,337	$ 2,989	$ 5,659	$ 35,198		$ 16,959	$ 25,326
2023 Notes
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities				$ 50,000	$ 50,000	$ 50,000
Asset Coverage per Unit				$ 2,337	$ 2,989	$ 5,659
Average Market Value per Unit				$ 24.12	$ 25.81	$ 25.74
February 2024 Notes
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities				$ 69,000	$ 69,000
Asset Coverage per Unit				$ 2,337	$ 2,989
Average Market Value per Unit				$ 24.6	$ 25.97
November 2024 Notes
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities				$ 63,250	$ 63,250
Asset Coverage per Unit				$ 2,337	$ 2,989
Average Market Value per Unit				$ 23.2	$ 25.75
January 2026 Notes
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities	$ 125,000	$ 125,000	$ 125,000	$ 125,000
Asset Coverage per Unit	$ 3,217	$ 2,800	$ 2,822	$ 2,337
November 2026 Notes
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities	$ 125,000	$ 125,000	$ 125,000
Asset Coverage per Unit	$ 3,217	$ 2,800	$ 2,822
Secured Borrowings
Debt Instrument [Line Items]
Total Amount Outstanding Exclusive of Treasury Securities	$ 15,880	$ 16,880	$ 17,637
Asset Coverage per Unit	$ 3,217	$ 2,800	$ 2,822

Dividends and Distributions - Summary of Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Oct. 30, 2023	Aug. 01, 2023	May 02, 2023	Feb. 15, 2023	Nov. 03, 2022	Aug. 01, 2022	May 02, 2022	Feb. 15, 2022	Nov. 01, 2021	Aug. 02, 2021	May 03, 2021	Feb. 09, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Record Date	Dec. 20, 2023	Sep. 20, 2023	Jun. 21, 2023	Mar. 22, 2023			Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021
Payment Date	Dec. 27, 2023	Sep. 27, 2023	Jun. 28, 2023	Mar. 29, 2023			Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021
Amount Per Share	$ 0.43	$ 0.41	$ 0.41	$ 0.41			$ 0.36	$ 0.36	$ 0.32	$ 0.32	$ 0.31	$ 0.31	$ 2.88	$ 2	$ 1.6
Total Distribution	$ 13,061	$ 11,666	$ 10,340	$ 10,245			$ 8,797	$ 8,797	$ 7,820	$ 7,820	$ 7,576	$ 7,575	$ 78,930	$ 49,052	$ 39,100
Cash Distribution	$ 13,061	$ 11,666	9,987	$ 10,245			$ 8,797	$ 8,797	$ 7,820	$ 7,820	$ 7,576	$ 7,575	78,327	$ 49,052	$ 39,100
DRIP Shares Value			$ 353										$ 603
DRIP Shares			18,061										30,836
DRIP Share Issue Price			$ 19.56
Special Dividend [Member]
Dividends Payable [Line Items]
Record Date	Dec. 20, 2023	Sep. 20, 2023	Jun. 21, 2023	Mar. 22, 2023	Dec. 02, 2022				Dec. 03, 2021	Sep. 14, 2021
Payment Date	Dec. 27, 2023	Sep. 27, 2023	Jun. 28, 2023	Mar. 29, 2023	Dec. 16, 2022				Dec. 17, 2021	Sep. 28, 2021
Amount Per Share	$ 0.1	$ 0.1	$ 0.1	$ 0.1	$ 0.1				$ 0.05	$ 0.04
Total Distribution	$ 3,037	$ 2,845	$ 2,522	$ 2,499	$ 2,473				$ 1,222	$ 977
Cash Distribution	$ 3,037	$ 2,845	2,436	$ 2,499	$ 2,473				$ 1,222	$ 977
DRIP Shares Value			$ 86
DRIP Shares			4,405
DRIP Share Issue Price			$ 19.56
Supplemental Dividend [Member]
Dividends Payable [Line Items]
Record Date	Dec. 20, 2023	Sep. 20, 2023	Jun. 21, 2023	Mar. 22, 2023	Dec. 02, 2022		Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021
Payment Date	Dec. 27, 2023	Sep. 27, 2023	Jun. 28, 2023	Mar. 29, 2023	Dec. 16, 2022		Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021
Amount Per Share	$ 0.27	$ 0.21	$ 0.19	$ 0.15	$ 0.08		$ 0.07	$ 0.17	$ 0.04	$ 0.06	$ 0.08	$ 0.07
Total Distribution	$ 8,200	$ 5,975	$ 4,792	$ 3,748	$ 1,978		$ 1,712	$ 4,154	$ 978	$ 1,466	$ 1,955	$ 1,711
Cash Distribution	$ 8,200	$ 5,975	4,628	$ 3,748	$ 1,978		$ 1,712	$ 4,154	$ 978	$ 1,466	$ 1,955	$ 1,711
DRIP Shares Value			$ 164
DRIP Shares			8,370
DRIP Share Issue Price			$ 19.56
Dividend One
Dividends Payable [Line Items]
Record Date						Sep. 09, 2022
Payment Date						Sep. 23, 2022
Amount Per Share						$ 0.36
Total Distribution						$ 8,797
Cash Distribution						$ 8,797
Dividend Two
Dividends Payable [Line Items]
Record Date						Dec. 02, 2022
Payment Date						Dec. 16, 2022
Amount Per Share						$ 0.36
Total Distribution						$ 8,902
Cash Distribution						$ 8,902
Supplemental Dividend One
Dividends Payable [Line Items]
Record Date						Sep. 09, 2022
Payment Date						Sep. 23, 2022
Amount Per Share						$ 0.07
Total Distribution						$ 1,711
Cash Distribution						$ 1,711
Supplemental Dividend Two
Dividends Payable [Line Items]
Record Date						Dec. 02, 2022
Payment Date						Dec. 16, 2022
Amount Per Share						$ 0.07
Total Distribution						$ 1,731
Cash Distribution						$ 1,731

Debt - Summary of Interest and Fees Related to Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Stated interest expense	$ 20,603	$ 16,561	$ 16,949
Amortization of deferred financing costs	2,146	2,104	2,215
Total interest and financing expenses	$ 22,749	$ 18,665	$ 19,164
Weighted average stated interest rate, period end	4.346%	4.037%	3.724%
Unused commitment fee rate, period end	1.261%	1.20%	1.375%
SBA Debentures
Debt Instrument [Line Items]
Stated interest expense	$ 6,914	$ 3,747	$ 3,810
Amortization of deferred financing costs	733	598	532
Total interest and financing expenses	$ 7,647	$ 4,345	$ 4,342
Weighted average stated interest rate, period end	4.226%	3.479%	2.676%
Credit Facility
Debt Instrument [Line Items]
Stated interest expense	$ 1,739	$ 1,424	$ 1,467
Amortization of deferred financing costs	297	394	453
Total interest and financing expenses	$ 2,036	$ 1,818	$ 1,920
Unused commitment fee rate, period end	1.261%	1.20%	1.375%
Secured Borrowings
Debt Instrument [Line Items]
Stated interest expense	$ 1,637	$ 1,078	$ 427
Total interest and financing expenses	$ 1,637	$ 1,078	$ 427
Weighted average stated interest rate, period end	9.407%	7.786%	4.392%
Notes
Debt Instrument [Line Items]
Stated interest expense	$ 10,313	$ 10,312	$ 11,245
Amortization of deferred financing costs	1,116	1,112	1,230
Total interest and financing expenses	$ 11,429	$ 11,424	$ 12,475
Weighted average stated interest rate, period end	4.125%	4.125%	4.125%

Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

ASSETS

Investment Owned, Fair Value

$ 957,906

^{[1],[2],[3],[4]}

$ 860,329

^{[5],[6],[7],[8]}

Cash and cash equivalents

119,131

62,350

Interest receivable

11,965

11,826

Prepaid expenses and other assets

1,896

1,455

Total assets

1,090,898

935,960

LIABILITIES

SBA debentures, net of deferred financing costs (Note 6)

204,472

148,476

Notes, net of deferred financing costs (Note 6)

247,243

246,128

Borrowings under Credit Facility, net of deferred financing costs (Note 6)

(1,082)

(1,380)

Secured borrowings

15,880

16,880

Accrued interest and fees payable

5,924

4,747

Base management fee payable, net of base management fee waiver - due to affiliate

4,151

3,769

Income incentive fee payable - due to affiliate

4,570

3,035

Capital gains incentive fee payable - due to affiliate

17,509

22,659

Administration fee payable and other - due to affiliate

789

576

Taxes payable

1,227

9,937

Accounts payable and other liabilities

741

790

Total liabilities

501,424

455,617

Commitments and contingencies (Note 7)

NET ASSETS

Common stock, $0.001 par value (100,000,000 shares authorized, 30,438,979 and 24,727,788 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively)

Additional paid-in capital

504,298

395,916

Total distributable earnings

85,145

84,402

Total net assets

589,474

480,343

Total liabilities and net assets

$ 1,090,898

$ 935,960

Net asset value per common share

^[9]

$ 19.37

$ 19.43

Affiliate Investments

ASSETS

Investment Owned, Fair Value

$ 83,876

$ 101,590

Non-control/Non-affiliate Investments

ASSETS

Investment Owned, Fair Value

$ 874,030

$ 758,739

[1]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[2]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[3]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[4]	(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[5]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[6]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[7]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[8]	(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[9]	Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments outstanding to fund various undrawn revolving loans, other debt investments and capital commitments.	$ 9,675	$ 16,915
Cash and cash equivalents	119,131	62,350
Available borrowings under the Credit Facility	$ 100,000	$ 100,000

Portfolio Company Investments - Schedule of Debt Investment on Non-Accrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 9,664	$ 10,267
Fair Value \| K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		2,123
Fair Value \| Allredi, LLC (fka Marco Group International OpCo, LLC)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		8,144
Fair Value \| Suited Connector LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	4,324
Fair Value \| Virtex Enterprises, LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	5,340
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	32,062	27,204
Cost \| EBL, LLC (EbLens)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		9,332
Cost \| US GreenFiber, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	5,223	5,223
Cost \| K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		2,368
Cost \| Allredi, LLC (fka Marco Group International OpCo, LLC)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		$ 10,281
Cost \| Suited Connector LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	15,933
Cost \| Virtex Enterprises, LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 10,906

Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding debt	$ 460,000,000	$ 403,000,000
Less: unamortized deferred financing costs	(9,367,000)	(9,776,000)
Deferred Financing Costs Excluding Secured Borrowings, Total	450,633,000	393,224,000
Debt, net of deferred financing costs	0
SBA Debentures
Debt Instrument [Line Items]
Outstanding debt	210,000,000	153,000,000
Less: unamortized deferred financing costs	(5,528,000)	(4,524,000)
Deferred Financing Costs Excluding Secured Borrowings, Total	204,472,000	148,476,000
Credit Facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	(1,082,000)	(1,380,000)
Debt, net of deferred financing costs	(1,082,000)	(1,380,000)
Notes
Debt Instrument [Line Items]
Outstanding debt	250,000,000	250,000,000
Less: unamortized deferred financing costs	(2,757,000)	(3,872,000)
Deferred Financing Costs Excluding Secured Borrowings, Total	$ 247,243,000	$ 246,128,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Portfolio Company Investments - Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Summary of Investment Holdings [Line Items]

Investments at Fair Value

$ 957,906

^{[1],[2],[3],[4]}

$ 860,329

^{[5],[6],[7],[8]}

Percentage of Fair Value

100.00%

Investments at cost

$ 936,629

^[1],[2],[3]

$ 828,693

^[5],[6],[7]

Percentage of Cost

100.00%

First Lien Debt

Summary of Investment Holdings [Line Items]

Investments at Fair Value

^[9]

$ 578,140

$ 456,105

Percentage of Fair Value

^[9]

60.30%

53.00%

Investments at cost

^[9]

$ 577,684

$ 453,585

Percentage of Cost

^[9]

61.60%

54.70%

Second Lien Debt

Summary of Investment Holdings [Line Items]

Investments at Fair Value

$ 119,561

$ 182,948

Percentage of Fair Value

12.50%

21.30%

Investments at cost

$ 148,806

$ 213,654

Percentage of Cost

15.90%

25.80%

Subordinated Debt

Summary of Investment Holdings [Line Items]

Investments at Fair Value

$ 135,173

$ 101,456

Percentage of Fair Value

14.10%

11.80%

Investments at cost

$ 135,447

$ 100,634

Percentage of Cost

14.50%

12.10%

Equity

Summary of Investment Holdings [Line Items]

Investments at Fair Value

$ 120,264

$ 117,741

Percentage of Fair Value

12.60%

13.70%

Investments at cost

$ 71,740

$ 57,868

Percentage of Cost

7.70%

7.00%

Warrants

Summary of Investment Holdings [Line Items]

Investments at Fair Value

$ 4,768

$ 2,079

Percentage of Fair Value

0.50%

0.20%

Investments at cost

$ 2,952

Percentage of Cost

0.30%

0.40%

[1]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[2]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[3]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[4]	(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[5]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[6]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[7]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[8]	(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[9]	Includes unitranche investments, which account for 37.6% and 38.5% of our portfolio on a fair value and cost basis as of December 31, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of our portfolio on a fair value and cost basis as of December 31, 2022, respectively.

Fair Value Measurements - Summary of Inputs Used to Value Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 429,785	$ 368,817
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 429,785	$ 368,817

Consolidated Schedule of Investments - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Cost

$ 936,629

^[1],[2],[3]

$ 828,693

^[4],[5],[6]

Fair Value

$ 957,906

^{[1],[2],[3],[7]}

$ 860,329

^{[4],[5],[6],[8]}

Percent of Net Assets

162.50%

^[1],[2],[3]

179.10%

^[4],[5],[6]

Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing

Cost

$ 22,405

^{[1],[2],[3],[9]}

$ 22,405

^{[4],[5],[6],[10]}

Fair Value

$ 24,590

^{[1],[2],[3],[7],[9]}

$ 23,168

^{[4],[5],[6],[8],[10]}

Percent of Net Assets

4.00%

^{[1],[2],[3],[9]}

4.00%

^{[4],[5],[6],[10]}

Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/2021

Investment Date

Dec. 31, 2021

^{[1],[2],[3],[9],[11],[12],[13]}

Dec. 31, 2021

^{[4],[5],[6],[10],[14],[15],[16]}

Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/2021

Investment Date

Dec. 31, 2021

^{[1],[2],[3],[9],[11],[12],[13]}

Dec. 31, 2021

^{[4],[5],[6],[10],[14],[15],[16]}

Cost

$ 5,690

^{[1],[2],[3],[9],[12],[13]}

$ 5,690

^{[4],[5],[6],[10],[15],[16]}

Fair Value

$ 6,708

^{[1],[2],[3],[7],[9],[12],[13]}

$ 5,897

^{[4],[5],[6],[8],[10],[15],[16]}

Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/2021

Investment Date

Dec. 31, 2021

^{[1],[2],[3],[9],[11],[12],[13]}

Dec. 31, 2021

^{[4],[5],[6],[10],[14],[15],[16]}

Cost

$ 7,113

^{[1],[2],[3],[9],[12],[13]}

$ 7,113

^{[4],[5],[6],[10],[15],[16]}

Fair Value

$ 8,280

^{[1],[2],[3],[7],[9],[12],[13]}

$ 7,669

^{[4],[5],[6],[8],[10],[15],[16]}

Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 12/31/2021 Maturity 12/31/2027

Investment interest rate, Cash

10.00%

^{[1],[2],[3],[9],[13],[17]}

10.00%

^{[4],[5],[6],[10],[16],[18]}

Investment interest rate, PIK

0.00%

^{[1],[2],[3],[9],[13],[17]}

0.00%

^{[4],[5],[6],[10],[16],[18]}

Investment Date

Dec. 31, 2021

^{[1],[2],[3],[9],[11],[13]}

Dec. 31, 2021

^{[4],[5],[6],[10],[14],[16]}

Maturity

Dec. 31, 2027

^{[1],[2],[3],[9],[13]}

Dec. 31, 2027

^{[4],[5],[6],[10],[16]}

Principal Amount

$ 9,602

^{[1],[2],[3],[9],[13]}

$ 9,602

^{[4],[5],[6],[10],[16]}

Cost

9,602

^{[1],[2],[3],[9],[13]}

9,602

^{[4],[5],[6],[10],[16]}

Fair Value

9,602

^{[1],[2],[3],[7],[9],[13]}

9,602

^{[4],[5],[6],[8],[10],[16]}

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services

Cost

^{[4],[5],[6],[10]}

2,974

Fair Value

^{[4],[5],[6],[8],[10]}

$ 2,540

Percent of Net Assets

^{[4],[5],[6],[10]}

1.00%

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011

Investment Date

^{[4],[5],[6],[10],[14],[15],[16]}

Apr. 12, 2011

Cost

^{[4],[5],[6],[10],[15],[16]}

$ 716

Fair Value

^{[4],[5],[6],[8],[10],[15],[16]}

$ 591

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011

Investment Date

^{[4],[5],[6],[10],[14],[15],[16],[19]}

Apr. 12, 2011

Cost

^{[4],[5],[6],[10],[15],[16],[19]}

$ 2,258

Fair Value

^{[4],[5],[6],[8],[10],[15],[16],[19]}

1,949

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holdings LLC Healthcare Services

Cost

^{[1],[2],[3],[9]}

2,902

Fair Value

^{[1],[2],[3],[7],[9]}

$ 5,930

Percent of Net Assets

^{[1],[2],[3],[9]}

1.00%

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011

Investment Date

^{[1],[2],[3],[9],[11],[12],[13]}

Apr. 12, 2011

Cost

^{[1],[2],[3],[9],[12],[13]}

$ 644

Fair Value

^{[1],[2],[3],[7],[9],[12],[13]}

$ 1,305

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011

Investment Date

^{[1],[2],[3],[9],[11],[12],[13],[20]}

Apr. 12, 2011

Cost

^{[1],[2],[3],[9],[12],[13],[20]}

$ 2,258

Fair Value

^{[1],[2],[3],[7],[9],[12],[13],[20]}

$ 4,625

Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products

Cost

^{[4],[5],[6],[10]}

10,209

Fair Value

^{[4],[5],[6],[8],[10]}

$ 51,992

Percent of Net Assets

^{[4],[5],[6],[10]}

11.00%

Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/2013

Investment Date

Mar. 29, 2013

^{[1],[2],[3],[9],[11],[13]}

Mar. 29, 2013

^{[4],[5],[6],[10],[14],[16]}

Cost

$ 255

^{[1],[2],[3],[9],[13]}

$ 255

^{[4],[5],[6],[10],[16]}

Fair Value

$ 33,321

^{[1],[2],[3],[7],[9],[13]}

$ 42,038

^{[4],[5],[6],[8],[10],[16]}

Percent of Net Assets

^{[1],[2],[3],[9],[13]}

6.00%

Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 8/2/2022 Maturity 8/2/2027

Investment interest rate, Cash

^{[4],[5],[6],[10],[16],[18]}

10.00%

Investment interest rate, PIK

^{[4],[5],[6],[10],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[10],[14],[16]}

Aug. 02, 2022

Maturity

^{[4],[5],[6],[10],[16]}

Aug. 02, 2027

Principal Amount

^{[4],[5],[6],[10],[16]}

$ 10,000

Cost

^{[4],[5],[6],[10],[16]}

9,954

Fair Value

^{[4],[5],[6],[8],[10],[16]}

9,954

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing

Cost

$ 19,923

^{[1],[2],[3],[9]}

19,216

^{[4],[5],[6],[10]}

Fair Value

$ 15,321

^{[1],[2],[3],[7],[9]}

$ 19,118

^{[4],[5],[6],[8],[10]}

Percent of Net Assets

2.00%

^{[1],[2],[3],[9]}

4.00%

^{[4],[5],[6],[10]}

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/2021

Investment Date

Aug. 25, 2021

^{[1],[2],[3],[9],[11],[13]}

Aug. 25, 2021

^{[4],[5],[6],[10],[14],[16]}

Cost

$ 1,204

^{[1],[2],[3],[9],[13]}

$ 1,204

^{[4],[5],[6],[10],[16]}

Fair Value

$ 111

^{[1],[2],[3],[7],[9],[13]}

$ 1,204

^{[4],[5],[6],[8],[10],[16]}

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022

Investment Date

^{[4],[5],[6],[10],[14],[16]}

Dec. 16, 2022

Cost

^{[4],[5],[6],[10],[16]}

$ 2,609

Fair Value

^{[4],[5],[6],[8],[10],[16]}

$ 2,443

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (4,633 units) Investment date 9/16/2022

Investment Date

^{[4],[5],[6],[10],[14],[16]}

Sep. 16, 2022

Cost

^{[4],[5],[6],[10],[16]}

$ 472

Fair Value

^{[4],[5],[6],[8],[10],[16]}

$ 472

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L +5.50%) Variable Index Floor (1.00%) Rate Cash 10.23% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/2026

Variable Index Spread

^{[4],[5],[6],[10],[21],[22],[23]}

5.50%

Variable Index Floor

^{[4],[5],[6],[10],[21],[22],[23]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[10],[18],[21],[23]}

10.23%

Investment interest rate, PIK

^{[4],[5],[6],[10],[18],[21],[23]}

0.00%

Investment Date

^{[4],[5],[6],[10],[14],[21],[23]}

Feb. 12, 2021

Maturity

^{[4],[5],[6],[10],[21],[23]}

Feb. 11, 2026

Principal Amount

^{[4],[5],[6],[10],[21],[23]}

$ 15,000

Cost

^{[4],[5],[6],[10],[21],[23]}

14,931

Fair Value

^{[4],[5],[6],[8],[10],[21],[23]}

$ 14,999

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022

Investment Date

^{[1],[2],[3],[9],[11],[13]}

Dec. 16, 2022

Cost

^{[1],[2],[3],[9],[13]}

$ 2,609

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/2022

Investment Date

^{[1],[2],[3],[9],[11],[13]}

Sep. 16, 2022

Cost

^{[1],[2],[3],[9],[13]}

$ 472

Fair Value

^{[1],[2],[3],[7],[9],[13]}

$ 521

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/2023

Investment Date

^{[1],[2],[3],[9],[11],[13]}

Jul. 10, 2023

Cost

^{[1],[2],[3],[9],[13]}

$ 686

Fair Value

^{[1],[2],[3],[7],[9],[13]}

$ 686

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor(1.00%) Rate Cash 11.36% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/2026

Variable Index Spread

^{[1],[2],[3],[9],[13],[24],[25]}

5.75%

Variable Index Floor

^{[1],[2],[3],[9],[13],[24],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[9],[13],[17],[24]}

11.36%

Investment interest rate, PIK

^{[1],[2],[3],[9],[13],[17],[24]}

0.00%

Investment Date

^{[1],[2],[3],[9],[11],[13],[24]}

Feb. 12, 2021

Maturity

^{[1],[2],[3],[9],[13],[24]}

Feb. 11, 2026

Principal Amount

^{[1],[2],[3],[9],[13],[24]}

$ 15,000

Cost

^{[1],[2],[3],[9],[13],[24]}

14,952

Fair Value

^{[1],[2],[3],[7],[9],[13],[24]}

$ 14,003

Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/2015

Investment Date

Nov. 12, 2015

^{[1],[2],[3],[9],[11]}

Nov. 12, 2015

^{[4],[5],[6],[10],[14]}

Cost

$ 1,000

^{[1],[2],[3],[9]}

$ 1,000

^{[4],[5],[6],[10]}

Fair Value

$ 4,714

^{[1],[2],[3],[7],[9]}

$ 4,772

^{[4],[5],[6],[8],[10]}

Percent of Net Assets

1.00%

^{[1],[2],[3],[9]}

1.00%

^{[4],[5],[6],[10]}

Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail

Cost

^{[4],[5],[6],[26]}

$ 11,082

Percent of Net Assets

^{[4],[5],[6],[26]}

0.00%

Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 10/3/2022

Investment Date

^{[4],[5],[6],[14],[16],[26]}

Oct. 03, 2022

Cost

^{[4],[5],[6],[16],[26]}

$ 1,000

Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (75,000 units) Investment Date 7/13/2017

Investment Date

^{[4],[5],[6],[14],[16],[26]}

Jul. 13, 2017

Cost

^{[4],[5],[6],[16],[26]}

$ 750

Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/3/2022 Maturity 10/3/2025

Investment interest rate

^{[4],[5],[6],[16],[18],[26],[27]}

0.00%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[26],[27]}

13.00%

Investment Date

^{[4],[5],[6],[14],[16],[26],[27]}

Oct. 03, 2022

Maturity

^{[4],[5],[6],[16],[26],[27]}

Oct. 03, 2025

Principal Amount

^{[4],[5],[6],[16],[26],[27]}

$ 9,350

Cost

^{[4],[5],[6],[16],[26],[27]}

9,332

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing

Cost

$ 6,832

^{[1],[2],[3],[28],[29]}

$ 6,833

^{[4],[5],[6],[26],[30]}

Percent of Net Assets

0.00%

^{[1],[2],[3],[28],[29]}

0.00%

^{[4],[5],[6],[26],[30]}

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/2020

Investment Date

Jul. 01, 2020

^{[1],[2],[3],[11],[12],[13],[28],[29]}

Jul. 01, 2020

^{[4],[5],[6],[14],[15],[16],[26],[30]}

Cost

$ 1,023

^{[1],[2],[3],[12],[13],[28],[29]}

$ 1,023

^{[4],[5],[6],[15],[16],[26],[30]}

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/2014

Investment Date

Jul. 03, 2014

^{[1],[2],[3],[11],[12],[13],[28],[29]}

Jul. 03, 2014

^{[4],[5],[6],[14],[15],[16],[26],[30]}

Cost

$ 585

^{[1],[2],[3],[12],[13],[28],[29]}

$ 586

^{[4],[5],[6],[15],[16],[26],[30]}

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/2019

Investment Date

Aug. 30, 2019

^{[1],[2],[3],[11],[13],[28],[29]}

Aug. 30, 2019

^{[4],[5],[6],[14],[16],[26],[30]}

Cost

$ 1

^{[1],[2],[3],[13],[28],[29]}

$ 1

^{[4],[5],[6],[16],[26],[30]}

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 10.00% Rate PIK 3.00% Investment date 7/3/2014 Maturity 8/30/2024

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[28],[29],[31]}

10.00%

Investment interest rate

^{[4],[5],[6],[16],[18],[26],[27],[30]}

10.00%

Investment interest rate, PIK

3.00%

^{[1],[2],[3],[13],[17],[28],[29],[31]}

3.00%

^{[4],[5],[6],[16],[18],[26],[27],[30]}

Investment Date

Jul. 03, 2014

^{[1],[2],[3],[11],[13],[28],[29],[31]}

Jul. 03, 2014

^{[4],[5],[6],[14],[16],[26],[27],[30]}

Maturity

Aug. 30, 2024

^{[1],[2],[3],[13],[28],[29],[31]}

Aug. 30, 2024

^{[4],[5],[6],[16],[26],[27],[30]}

Principal Amount

$ 5,226

^{[1],[2],[3],[13],[28],[29],[31]}

$ 5,226

^{[4],[5],[6],[16],[26],[27],[30]}

Cost

5,223

^{[1],[2],[3],[13],[28],[29],[31]}

5,223

^{[4],[5],[6],[16],[26],[27],[30]}

Investment, Identifier [Axis]: Investments and Money Market Funds

Cost

1,051,185

^[1],[2],[3]

889,769

^[4],[5],[6]

Fair Value

$ 1,072,462

^{[1],[2],[3],[7]}

$ 921,405

^[4],[5],[6]

Percent of Net Assets

182.00%

^[1],[2],[3]

192.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Money Market Funds

Cost

$ 114,556

^[1],[2],[3]

$ 61,076

^[4],[5],[6]

Fair Value

$ 114,556

^{[1],[2],[3],[7]}

$ 61,076

^[4],[5],[6]

Percentage of Net Assets

19.00%

^[1],[2],[3]

13.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Money Market Funds Goldman Sachs Financial Square Treasury Obligation Institution

Cost

$ 114,556

^{[1],[2],[3],[32]}

$ 61,076

^{[4],[5],[6],[33]}

Fair Value

$ 114,556

^{[1],[2],[3],[7],[32]}

$ 61,076

^{[4],[5],[6],[33]}

Percentage of Net Assets

19.00%

^{[1],[2],[3],[32]}

13.00%

^{[4],[5],[6],[33]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments

Cost

$ 883,312

^[1],[2],[3]

$ 754,974

^[4],[5],[6]

Fair Value

$ 874,030

^{[1],[2],[3],[7]}

$ 758,739

^{[4],[5],[6],[8]}

Percent of Net Assets

149.00%

^[1],[2],[3]

158.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services

Cost

$ 15,100

^[1],[2],[3]

$ 16,053

^[4],[5],[6]

Fair Value

$ 14,759

^{[1],[2],[3],[7]}

$ 15,593

^{[4],[5],[6],[8]}

Percent of Net Assets

3.00%

^[1],[2],[3]

3.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021

Investment Date

Jun. 25, 2021

^{[1],[2],[3],[11]}

Jun. 25, 2021

^{[4],[5],[6],[14]}

Cost

$ 1,000

^[1],[2],[3]

$ 1,000

^[4],[5],[6]

Fair Value

$ 616

^{[1],[2],[3],[7]}

$ 477

^{[4],[5],[6],[8]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 11.48% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/2026

Variable Index Spread

^{[4],[5],[6],[22],[23],[34]}

6.75%

Variable Index Floor

^{[4],[5],[6],[22],[23],[34]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[18],[23],[34]}

11.48%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23],[34]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23],[34]}

Jun. 25, 2021

Maturity

^{[4],[5],[6],[23],[34]}

Jun. 25, 2026

Principal Amount

^{[4],[5],[6],[23],[34]}

$ 11,558

Cost

^{[4],[5],[6],[23],[34]}

11,497

Fair Value

^{[4],[5],[6],[8],[23],[34]}

$ 11,560

Variable Index Spread

^{[4],[5],[6],[16],[22],[35]}

6.75%

Variable Index Floor

^{[4],[5],[6],[16],[22],[35]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[35]}

11.48%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[35]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[35]}

Jul. 30, 2021

Maturity

^{[4],[5],[6],[16],[35]}

Jun. 25, 2026

Principal Amount

^{[4],[5],[6],[16],[35]}

$ 3,556

Cost

^{[4],[5],[6],[16],[35]}

3,556

Fair Value

^{[4],[5],[6],[8],[16],[35]}

3,556

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+7.25%) Variable Index Floor (0.50%) Rate Cash 12.80% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/2026

Variable Index Spread

^{[1],[2],[3],[25],[36],[37]}

7.25%

Variable Index Floor

^{[1],[2],[3],[25],[36],[37]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[17],[36],[37]}

12.80%

Investment interest rate, PIK

^{[1],[2],[3],[17],[36],[37]}

0.00%

Investment Date

^{[1],[2],[3],[11],[36],[37]}

Jun. 25, 2021

Maturity

^{[1],[2],[3],[36],[37]}

Jun. 25, 2026

Principal Amount

^{[1],[2],[3],[36],[37]}

$ 10,815

Cost

^{[1],[2],[3],[36],[37]}

10,772

Fair Value

^{[1],[2],[3],[7],[36],[37]}

$ 10,815

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+7.25%) Variable Index Floor (0.50%) Rate Cash 9.05% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[38]}

7.25%

Variable Index Floor

^{[1],[2],[3],[13],[25],[38]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[38]}

9.05%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[38]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[38]}

Jul. 30, 2021

Maturity

^{[1],[2],[3],[13],[38]}

Jun. 25, 2026

Principal Amount

^{[1],[2],[3],[13],[38]}

$ 3,328

Cost

^{[1],[2],[3],[13],[38]}

3,328

Fair Value

^{[1],[2],[3],[7],[13],[38]}

3,328

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution

Cost

^[1],[2],[3]

13,868

Fair Value

^{[1],[2],[3],[7]}

$ 13,868

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution First Lien Debt Rate Cash 11.75% Rate PIK 1.50% Investment date 11/14/2023 Maturity 11/13/2028

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

11.75%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

1.50%

Investment Date

^{[1],[2],[3],[11],[13]}

Nov. 14, 2023

Maturity

^{[1],[2],[3],[13]}

Nov. 13, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 13,027

Cost

^{[1],[2],[3],[13]}

12,868

Fair Value

^{[1],[2],[3],[7],[13]}

$ 12,868

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (519,244 units) Investment date 11/14/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Nov. 14, 2023

Cost

^{[1],[2],[3],[13]}

$ 1,000

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services

Cost

^[4],[5],[6]

10,690

Fair Value

^{[4],[5],[6],[8]}

$ 10,741

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity (1,232 units) Investment date 2/1/2022

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Feb. 01, 2022

Cost

^{[1],[2],[3],[12],[13]}

$ 1,372

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 1,600

Percent of Net Assets

^{[1],[2],[3],[12],[13]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity Investment date 2/1/2022

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Feb. 01, 2022

Cost

^{[4],[5],[6],[15],[16]}

$ 750

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 741

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services First Lien Debt Variable Index Spread (S +6.50%) Variable Index Floor (0.75%) Rate Cash 10.31% Rate PIK 0.00% Investment date 2/1/2022 Maturity 2/1/2027

Variable Index Spread

^{[4],[5],[6],[22],[39]}

6.50%

Variable Index Floor

^{[4],[5],[6],[22],[39]}

0.75%

Investment interest rate, Cash

^{[4],[5],[6],[18],[39]}

10.31%

Investment interest rate, PIK

^{[4],[5],[6],[18],[39]}

0.00%

Investment Date

^{[4],[5],[6],[14],[39]}

Feb. 01, 2022

Maturity

^{[4],[5],[6],[39]}

Feb. 01, 2027

Principal Amount

^{[4],[5],[6],[39]}

$ 10,000

Cost

^{[4],[5],[6],[39]}

9,940

Fair Value

^{[4],[5],[6],[8],[39]}

10,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing

Cost

$ 19,293

^[1],[2],[3]

16,090

^[4],[5],[6]

Fair Value

$ 19,370

^{[1],[2],[3],[7]}

$ 16,090

^{[4],[5],[6],[8]}

Percent of Net Assets

3.00%

^[1],[2],[3]

4.00%

^[4],[5],[6]

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Nov. 08, 2022

Cost

^{[1],[2],[3],[12],[13]}

$ 1,200

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 1,323

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Nov. 08, 2022

Cost

^{[4],[5],[6],[15],[16]}

$ 1,200

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 1,200

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 12.39% Rate PIK 0.00% Investment date 11/8/2022 Maturity 11/8/2027

Variable Index Spread

^{[1],[2],[3],[25],[40]}

7.00%

Variable Index Floor

^{[1],[2],[3],[25],[40]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[40]}

12.39%

Investment interest rate, PIK

^{[1],[2],[3],[17],[40]}

0.00%

Investment Date

^{[1],[2],[3],[11],[40]}

Nov. 08, 2022

Maturity

^{[1],[2],[3],[40]}

Nov. 08, 2027

Principal Amount

^{[1],[2],[3],[40]}

$ 18,200

Cost

^{[1],[2],[3],[40]}

18,093

Fair Value

^{[1],[2],[3],[7],[40]}

18,047

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (2.00%) Rate Cash 11.21% Rate PIK 0.00% Investment date 11/8/2022 Maturity 11/8/2027

Variable Index Spread

^{[4],[5],[6],[22],[41]}

7.00%

Variable Index Floor

^{[4],[5],[6],[22],[41]}

2.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[41]}

11.21%

Investment interest rate, PIK

^{[4],[5],[6],[18],[41]}

0.00%

Investment Date

^{[4],[5],[6],[14],[41]}

Nov. 08, 2022

Maturity

^{[4],[5],[6],[41]}

Nov. 08, 2027

Principal Amount

^{[4],[5],[6],[41]}

$ 15,000

Cost

^{[4],[5],[6],[41]}

14,890

Fair Value

^{[4],[5],[6],[8],[41]}

14,890

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services

Cost

19,156

^[1],[2],[3]

18,526

^[4],[5],[6]

Fair Value

$ 19,376

^{[1],[2],[3],[7]}

$ 18,706

^{[4],[5],[6],[8]}

Percent of Net Assets

3.00%

^[1],[2],[3]

4.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Common Equity (500,000 shares) Investment date 10/6/2021

Investment Date

Oct. 06, 2021

^{[1],[2],[3],[11],[13]}

Oct. 06, 2021

^{[4],[5],[6],[14],[16]}

Cost

$ 371

^{[1],[2],[3],[13]}

$ 371

^{[4],[5],[6],[16]}

Fair Value

$ 475

^{[1],[2],[3],[7],[13]}

$ 433

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 One

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.75%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

12.30%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Oct. 06, 2021

Maturity

^{[4],[5],[6],[16]}

Oct. 06, 2026

Principal Amount

^{[4],[5],[6],[16]}

$ 5,500

Cost

^{[4],[5],[6],[16]}

5,488

Fair Value

^{[4],[5],[6],[8],[16]}

$ 5,500

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.75%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

12.30%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Oct. 06, 2021

Maturity

^{[4],[5],[6],[16]}

Oct. 06, 2026

Principal Amount

^{[4],[5],[6],[16]}

$ 12,500

Cost

^{[4],[5],[6],[16]}

12,450

Fair Value

^{[4],[5],[6],[8],[16]}

$ 12,500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 13.41% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.75%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

13.41%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Oct. 06, 2021

Maturity

^{[1],[2],[3],[13]}

Oct. 06, 2026

Principal Amount

^{[1],[2],[3],[13]}

$ 5,459

Cost

^{[1],[2],[3],[13]}

5,450

Fair Value

^{[1],[2],[3],[7],[13]}

$ 5,459

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 13.41% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 Principal Amount 12,406

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.75%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

13.41%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Oct. 06, 2021

Maturity

^{[1],[2],[3],[13]}

Oct. 06, 2026

Principal Amount

^{[1],[2],[3],[13]}

$ 12,406

Cost

^{[1],[2],[3],[13]}

12,369

Fair Value

^{[1],[2],[3],[7],[13]}

$ 12,406

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/2022

Investment Date

Sep. 26, 2022

^{[1],[2],[3],[11],[13]}

Sep. 26, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 88

^{[1],[2],[3],[13]}

$ 88

^{[4],[5],[6],[16]}

Fair Value

$ 143

^{[1],[2],[3],[7],[13]}

$ 143

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.50%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021

Variable Index Spread

^{[4],[5],[6],[16],[22],[42]}

7.50%

Variable Index Floor

^{[4],[5],[6],[16],[22],[42]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[42]}

12.30%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[42]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[42]}

Oct. 06, 2021

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($250 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 13.41% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[43]}

7.75%

Variable Index Floor

^{[1],[2],[3],[13],[25],[43]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[43]}

13.41%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[43]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[43]}

Oct. 06, 2021

Maturity

^{[1],[2],[3],[13],[43]}

Oct. 06, 2026

Principal Amount

^{[1],[2],[3],[13],[43]}

$ 750

Cost

^{[1],[2],[3],[13],[43]}

750

Fair Value

^{[1],[2],[3],[7],[13],[43]}

$ 750

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Warrant (150,000 shares) Investment date 10/6/2021

Investment Date

Oct. 06, 2021

^{[1],[2],[3],[11],[13],[20]}

Oct. 06, 2021

^{[4],[5],[6],[14],[16],[19]}

Cost

$ 128

^{[1],[2],[3],[13],[20]}

$ 129

^{[4],[5],[6],[16],[19]}

Fair Value

143

^{[1],[2],[3],[7],[13],[20]}

130

^{[4],[5],[6],[8],[16],[19]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services

Cost

^[1],[2],[3]

13,673

Fair Value

^{[1],[2],[3],[7]}

$ 13,682

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 11.75% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/2029

Variable Index Spread

^{[1],[2],[3],[13],[25]}

6.25%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

11.75%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Nov. 01, 2023

Maturity

^{[1],[2],[3],[13]}

Sep. 16, 2029

Principal Amount

^{[1],[2],[3],[13]}

$ 12,500

Cost

^{[1],[2],[3],[13]}

12,431

Fair Value

^{[1],[2],[3],[7],[13]}

$ 12,432

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Preferred Equity (1,250,000 units) Investment date 11/1/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Nov. 01, 2023

Cost

^{[1],[2],[3],[13]}

$ 1,250

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,250

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Revolving Loan ($1,442 unfunded commitment) Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 11.75% Rate PIK 0.00% Investment date 11/1/2023 Maturity 9/16/2029

Variable Index Spread

^{[1],[2],[3],[13],[25],[43]}

6.25%

Variable Index Floor

^{[1],[2],[3],[13],[25],[43]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[43]}

11.75%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[43]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[43]}

Nov. 01, 2023

Maturity

^{[1],[2],[3],[13],[43]}

Sep. 16, 2029

Cost

^{[1],[2],[3],[13],[43]}

$ (8)

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing

Cost

^[4],[5],[6]

14,777

Fair Value

^{[4],[5],[6],[8]}

$ 15,029

Percent of Net Assets

^[4],[5],[6]

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing Common Equity (549 units) Investment Date 6/11/2021

Investment Date

^{[4],[5],[6],[14]}

Jun. 11, 2021

Cost

^[4],[5],[6]

$ 593

Fair Value

^{[4],[5],[6],[8]}

$ 779

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L +5.88%) Variable Index Floor (0.50%) Rate Cash 10.63% Rate PIK 0.00% Investment date 6/11/2021 Maturity 6/11/2026

Variable Index Spread

^{[4],[5],[6],[22],[44]}

5.88%

Variable Index Floor

^{[4],[5],[6],[22],[44]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[18],[44]}

10.63%

Investment interest rate, PIK

^{[4],[5],[6],[18],[44]}

0.00%

Investment Date

^{[4],[5],[6],[14],[44]}

Jun. 11, 2021

Maturity

^{[4],[5],[6],[44]}

Jun. 11, 2026

Principal Amount

^{[4],[5],[6],[44]}

$ 14,250

Cost

^{[4],[5],[6],[44]}

14,184

Fair Value

^{[4],[5],[6],[8],[44]}

$ 14,250

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services

Cost

^[1],[2],[3]

14,471

Fair Value

^{[1],[2],[3],[7]}

$ 14,773

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (7,883 units) Investment Date 6/30/2023

Investment Date

^{[1],[2],[3],[11]}

Jun. 30, 2023

Fair Value

^{[1],[2],[3],[7]}

$ 205

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services First Lien Debt Variable Index Spread (S +6.50%) Variable Index Floor (2.00%) Rate Cash 11.89% Rate PIK 0.00% Investment date 6/30/2023 Maturity 6/29/2029

Variable Index Spread

^{[1],[2],[3],[25],[45]}

6.50%

Variable Index Floor

^{[1],[2],[3],[25],[45]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[45]}

11.89%

Investment interest rate, PIK

^{[1],[2],[3],[17],[45]}

0.00%

Investment Date

^{[1],[2],[3],[11],[45]}

Jun. 30, 2023

Maturity

^{[1],[2],[3],[45]}

Jun. 29, 2029

Principal Amount

^{[1],[2],[3],[45]}

$ 13,780

Cost

^{[1],[2],[3],[45]}

13,683

Fair Value

^{[1],[2],[3],[7],[45]}

$ 13,780

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (7,883 units) Investment Date 6/30/2023

Investment Date

^{[1],[2],[3],[11]}

Jun. 30, 2023

Cost

^[1],[2],[3]

$ 788

Fair Value

^{[1],[2],[3],[7]}

788

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings

Cost

^[1],[2],[3]

12,066

Fair Value

^{[1],[2],[3],[7]}

$ 10,192

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Nov. 24, 2021

Cost

^{[1],[2],[3],[12],[13]}

$ 22

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 32

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Aug. 03, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 45

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 109

Investment Date

Jul. 21, 2017

^{[1],[2],[3],[11],[12],[13]}

Jul. 21, 2017

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 637

^{[1],[2],[3],[12],[13]}

$ 637

^{[4],[5],[6],[15],[16]}

Fair Value

$ 127

^{[1],[2],[3],[7],[12],[13]}

$ 98

^{[4],[5],[6],[8],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 12.50% Rate PIK 2.25% Investment date 3/2/2020 Maturity 9/2/2026

Investment interest rate, Cash

^{[4],[5],[6],[18],[27]}

12.50%

Investment interest rate, PIK

^{[4],[5],[6],[18],[27]}

2.25%

Investment Date

^{[4],[5],[6],[14],[27]}

Mar. 02, 2020

Maturity

^{[4],[5],[6],[27]}

Sep. 02, 2026

Principal Amount

^{[4],[5],[6],[27]}

$ 10,345

Cost

^{[4],[5],[6],[27]}

10,281

Fair Value

^{[4],[5],[6],[8],[27]}

8,144

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 5.00% Rate PIK 10.00% Investment date 3/2/2020 Maturity 9/2/2026

Investment interest rate, Cash

^{[1],[2],[3],[17]}

5.00%

Investment interest rate, PIK

^{[1],[2],[3],[17]}

10.00%

Investment Date

^{[1],[2],[3],[11]}

Mar. 02, 2020

Maturity

^[1],[2],[3]

Sep. 02, 2026

Principal Amount

^[1],[2],[3]

$ 11,415

Cost

^[1],[2],[3]

11,362

Fair Value

^{[1],[2],[3],[7]}

$ 9,924

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings

Cost

^[4],[5],[6]

10,940

Fair Value

^{[4],[5],[6],[8]}

$ 8,297

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Nov. 24, 2021

Cost

^{[4],[5],[6],[15],[16]}

$ 22

Fair Value

^{[4],[5],[6],[8],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AmeriWater LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.60% Rate PIK 0.00% Investment date 7/8/2022 Maturity 7/8/2027

Variable Index Spread

^{[1],[2],[3],[25],[46]}

6.25%

Variable Index Floor

^{[1],[2],[3],[25],[46]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[46]}

11.60%

Investment interest rate, PIK

^{[1],[2],[3],[17],[46]}

0.00%

Investment Date

^{[1],[2],[3],[11],[46]}

Jul. 08, 2022

Maturity

^{[1],[2],[3],[46]}

Jul. 08, 2027

Principal Amount

^{[1],[2],[3],[46]}

$ 7,613

Cost

^{[1],[2],[3],[46]}

7,580

Fair Value

^{[1],[2],[3],[7],[46]}

$ 7,613

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AmeriWater LLC Component Manufacturing Subordinated Debt Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/2028

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

7.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

7.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Jul. 08, 2022

Maturity

^{[1],[2],[3],[13]}

Jan. 08, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 2,220

Cost

^{[1],[2],[3],[13]}

2,213

Fair Value

^{[1],[2],[3],[7],[13]}

2,220

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries

Cost

22,356

^[1],[2],[3]

21,677

^[4],[5],[6]

Fair Value

$ 19,938

^{[1],[2],[3],[7]}

$ 21,917

^{[4],[5],[6],[8]}

Percent of Net Assets

3.00%

^[1],[2],[3]

5.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (L +3.75%) Variable Index Floor (1.00%) Rate Cash 7.42% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026

Variable Index Spread

^{[4],[5],[6],[16],[22],[47]}

3.75%

Variable Index Floor

^{[4],[5],[6],[16],[22],[47]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[47]}

7.42%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[47]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[47]}

Jun. 28, 2021

Maturity

^{[4],[5],[6],[16],[47]}

Jun. 28, 2026

Principal Amount

^{[4],[5],[6],[16],[47]}

$ 330

Cost

^{[4],[5],[6],[16],[47]}

330

Fair Value

^{[4],[5],[6],[8],[16],[47]}

$ 325

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (L +6.15%) Variable Index Floor (1.00%) Rate Cash 9.82% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026

Variable Index Spread

^{[4],[5],[6],[16],[22],[48]}

6.15%

Variable Index Floor

^{[4],[5],[6],[16],[22],[48]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[48]}

9.82%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[48]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[48]}

Jun. 28, 2021

Maturity

^{[4],[5],[6],[16],[48]}

Jun. 28, 2026

Principal Amount

^{[4],[5],[6],[16],[48]}

$ 20,500

Cost

^{[4],[5],[6],[16],[48]}

20,329

Fair Value

^{[4],[5],[6],[8],[16],[48]}

$ 20,500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 4.00%) Variable Index Floor (1.00%) Rate Cash 9.66% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[49]}

4.00%

Variable Index Floor

^{[1],[2],[3],[13],[25],[49]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[49]}

9.66%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[49]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[49]}

Jun. 28, 2021

Maturity

^{[1],[2],[3],[13],[49]}

Jun. 28, 2026

Principal Amount

^{[1],[2],[3],[13],[49]}

$ 330

Cost

^{[1],[2],[3],[13],[49]}

330

Fair Value

^{[1],[2],[3],[7],[13],[49]}

$ 304

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 12.16% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[50]}

6.50%

Variable Index Floor

^{[1],[2],[3],[13],[25],[50]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[50]}

12.16%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[50]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[50]}

Jun. 28, 2021

Maturity

^{[1],[2],[3],[13],[50]}

Jun. 28, 2026

Principal Amount

^{[1],[2],[3],[13],[50]}

$ 21,183

Cost

^{[1],[2],[3],[13],[50]}

21,008

Fair Value

^{[1],[2],[3],[7],[13],[50]}

$ 19,634

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/2020

Investment Date

Nov. 02, 2020

^{[1],[2],[3],[11],[12],[13]}

Nov. 02, 2020

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 171

^{[1],[2],[3],[12],[13]}

$ 171

^{[4],[5],[6],[15],[16]}

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 180

Investment Date

Aug. 06, 2019

^{[1],[2],[3],[11],[12],[13]}

Aug. 06, 2019

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 250

^{[1],[2],[3],[12],[13]}

$ 250

^{[4],[5],[6],[15],[16]}

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 264

Investment Date

May 31, 2018

^{[1],[2],[3],[11],[12],[13]}

May 31, 2018

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 500

^{[1],[2],[3],[12],[13]}

$ 500

^{[4],[5],[6],[15],[16]}

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 547

Investment Date

Dec. 29, 2021

^{[1],[2],[3],[11],[12],[13]}

Dec. 29, 2021

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 97

^{[1],[2],[3],[12],[13]}

$ 97

^{[4],[5],[6],[15],[16]}

Fair Value

^{[4],[5],[6],[8],[15],[16]}

101

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing

Cost

10,793

^[1],[2],[3]

10,722

^[4],[5],[6]

Fair Value

$ 11,036

^{[1],[2],[3],[7]}

$ 10,722

^{[4],[5],[6],[8]}

Percent of Net Assets

2.00%

^[1],[2],[3]

2.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/2022

Investment Date

Jul. 08, 2022

^{[1],[2],[3],[11],[12],[13]}

Jul. 08, 2022

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 1,000

^{[1],[2],[3],[12],[13]}

$ 1,000

^{[4],[5],[6],[15],[16]}

Fair Value

1,203

^{[1],[2],[3],[7],[12],[13]}

$ 1,000

^{[4],[5],[6],[8],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing First Lien Debt Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 9.81% Rate PIK 0.00% Investment date 7/8/2022 Maturity 7/8/2027

Variable Index Spread

^{[4],[5],[6],[22],[51]}

6.25%

Variable Index Floor

^{[4],[5],[6],[22],[51]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[51]}

9.81%

Investment interest rate, PIK

^{[4],[5],[6],[18],[51]}

0.00%

Investment Date

^{[4],[5],[6],[14],[51]}

Jul. 08, 2022

Maturity

^{[4],[5],[6],[51]}

Jul. 08, 2027

Principal Amount

^{[4],[5],[6],[51]}

$ 7,704

Cost

^{[4],[5],[6],[51]}

7,662

Fair Value

^{[4],[5],[6],[8],[51]}

$ 7,662

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Subordinated Debt Rate Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/2028

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

7.00%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

7.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Jul. 08, 2022

Maturity

^{[4],[5],[6],[16]}

Jan. 08, 2028

Principal Amount

^{[4],[5],[6],[16]}

$ 2,069

Cost

^{[4],[5],[6],[16]}

2,060

Fair Value

^{[4],[5],[6],[8],[16]}

2,060

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services

Cost

22,685

^[1],[2],[3]

20,167

^[4],[5],[6]

Fair Value

$ 24,225

^{[1],[2],[3],[7]}

$ 20,834

^{[4],[5],[6],[8]}

Percent of Net Assets

4.00%

^[1],[2],[3]

5.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity (24 units) Investment date 11/6/2020

Investment Date

^{[1],[2],[3],[11]}

Nov. 06, 2020

Cost

^[1],[2],[3]

$ 66

Fair Value

^{[1],[2],[3],[7]}

$ 1,260

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 10/1/2021

Investment Date

^{[4],[5],[6],[14],[16]}

Oct. 01, 2021

Cost

^{[4],[5],[6],[16]}

$ 500

Fair Value

^{[4],[5],[6],[8],[16]}

$ 471

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 11/6/2020

Investment Date

^{[4],[5],[6],[14]}

Nov. 06, 2020

Cost

^[4],[5],[6]

$ 66

Fair Value

^{[4],[5],[6],[8]}

$ 465

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.50%) Rate Cash 11.84% Rate PIK 0.00% Investment date 11/6/2020 Maturity 11/6/2025

Variable Index Spread

^{[1],[2],[3],[25],[37],[52]}

6.25%

Variable Index Floor

^{[1],[2],[3],[25],[37],[52]}

1.50%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37],[52]}

11.84%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37],[52]}

0.00%

Investment Date

^{[1],[2],[3],[11],[37],[52]}

Nov. 06, 2020

Maturity

^{[1],[2],[3],[37],[52]}

Nov. 06, 2025

Principal Amount

^{[1],[2],[3],[37],[52]}

$ 21,505

Cost

^{[1],[2],[3],[37],[52]}

21,434

Fair Value

^{[1],[2],[3],[7],[37],[52]}

$ 21,505

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (S +6.25%) Variable Index Floor (1.50%) Rate Cash 10.07% Rate PIK 0.00% Investment date 11/6/2020 Maturity 11/6/2025

Variable Index Spread

^{[4],[5],[6],[22],[23],[53]}

6.25%

Variable Index Floor

^{[4],[5],[6],[22],[23],[53]}

1.50%

Investment interest rate, Cash

^{[4],[5],[6],[18],[23],[53]}

10.07%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23],[53]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23],[53]}

Nov. 06, 2020

Maturity

^{[4],[5],[6],[23],[53]}

Nov. 06, 2025

Principal Amount

^{[4],[5],[6],[23],[53]}

$ 19,005

Cost

^{[4],[5],[6],[23],[53]}

18,916

Fair Value

^{[4],[5],[6],[8],[23],[53]}

$ 19,005

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity (1,184,711 units) Investment date 11/6/2020

Investment Date

^{[1],[2],[3],[11]}

Nov. 06, 2020

Cost

^[1],[2],[3]

$ 1,185

Fair Value

^{[1],[2],[3],[7]}

1,460

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity Investment date 11/6/2020

Investment Date

^{[4],[5],[6],[14]}

Nov. 06, 2020

Cost

^[4],[5],[6]

$ 1,185

Fair Value

^{[4],[5],[6],[8]}

1,364

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services

Cost

^[1],[2],[3]

8,780

Fair Value

^{[1],[2],[3],[7]}

$ 8,561

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity

Cost

^[4],[5],[6]

8,609

Fair Value

^{[4],[5],[6],[8]}

$ 8,639

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/2021

Investment Date

^{[1],[2],[3],[11],[13]}

Oct. 01, 2021

Cost

^{[1],[2],[3],[13]}

$ 500

Fair Value

^{[1],[2],[3],[7],[13]}

$ 237

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services First Lien Debt Variable Index Spread (P + 5.50%) Variable Index Floor (3.25%) Rate Cash 14.00% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026

Variable Index Spread

^{[1],[2],[3],[25],[54]}

5.50%

Variable Index Floor

^{[1],[2],[3],[25],[54]}

3.25%

Investment interest rate, Cash

^{[1],[2],[3],[17],[54]}

14.00%

Investment interest rate, PIK

^{[1],[2],[3],[17],[54]}

0.85%

Investment Date

^{[1],[2],[3],[11],[54]}

Oct. 01, 2021

Maturity

^{[1],[2],[3],[54]}

Oct. 01, 2026

Principal Amount

^{[1],[2],[3],[54]}

$ 7,647

Cost

^{[1],[2],[3],[54]}

7,606

Fair Value

^{[1],[2],[3],[7],[54]}

$ 7,647

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services First Lien Debt Variable Index Spread (P +5.50%) Variable Index Floor (3.25%) Rate Cash 13.00% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026

Variable Index Spread

^{[4],[5],[6],[22],[55]}

5.50%

Variable Index Floor

^{[4],[5],[6],[22],[55]}

3.25%

Investment interest rate, Cash

^{[4],[5],[6],[18],[55]}

13.00%

Investment interest rate, PIK

^{[4],[5],[6],[18],[55]}

0.85%

Investment Date

^{[4],[5],[6],[14],[55]}

Oct. 01, 2021

Maturity

^{[4],[5],[6],[55]}

Oct. 01, 2026

Principal Amount

^{[4],[5],[6],[55]}

$ 7,581

Cost

^{[4],[5],[6],[55]}

7,525

Fair Value

^{[4],[5],[6],[8],[55]}

$ 7,581

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 12.75% Investment date 10/1/2021 Maturity 12/31/2026

Investment interest rate, Cash

^{[4],[5],[6],[18]}

0.00%

Investment interest rate, PIK

^{[4],[5],[6],[18]}

12.75%

Investment Date

^{[4],[5],[6],[14]}

Oct. 01, 2021

Maturity

^[4],[5],[6]

Dec. 31, 2026

Principal Amount

^[4],[5],[6]

$ 587

Cost

^[4],[5],[6]

584

Fair Value

^{[4],[5],[6],[8]}

$ 587

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment date 10/1/2021 Maturity 12/31/2026

Investment interest rate, Cash

^{[1],[2],[3],[17]}

0.00%

Investment interest rate, PIK

^{[1],[2],[3],[17]}

14.50%

Investment Date

^{[1],[2],[3],[11]}

Oct. 01, 2021

Maturity

^[1],[2],[3]

Dec. 31, 2026

Principal Amount

^[1],[2],[3]

$ 677

Cost

^[1],[2],[3]

674

Fair Value

^{[1],[2],[3],[7]}

$ 677

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 10.25% Rate PIK 00.00% Investment date 11/17/2021 Maturity 11/17/2028

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

10.25%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Nov. 17, 2021

Maturity

^{[4],[5],[6],[16]}

Nov. 17, 2028

Principal Amount

^{[4],[5],[6],[16]}

$ 11,333

Cost

^{[4],[5],[6],[16]}

11,279

Fair Value

^{[4],[5],[6],[8],[16]}

$ 11,333

Percent of Net Assets

^{[4],[5],[6],[16]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 11.75% Rate PIK 0.00% Investment date 11/17/2021 Maturity 11/17/2028

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

11.75%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Nov. 17, 2021

Maturity

^{[1],[2],[3],[13]}

Nov. 17, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 18,333

Cost

^{[1],[2],[3],[13]}

18,201

Fair Value

^{[1],[2],[3],[7],[13]}

$ 18,333

Percent of Net Assets

^{[1],[2],[3],[13]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail

Cost

$ 22,528

^[1],[2],[3]

$ 20,564

^[4],[5],[6]

Fair Value

$ 23,343

^{[1],[2],[3],[7]}

$ 20,564

^{[4],[5],[6],[8]}

Percent of Net Assets

4.00%

^[1],[2],[3]

4.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail Common Equity (1000 units) Investment date 9/13/2022

Investment Date

Sep. 13, 2022

^{[1],[2],[3],[11],[13]}

Sep. 13, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 960

^{[1],[2],[3],[13]}

$ 1,000

^{[4],[5],[6],[16]}

Fair Value

$ 1,432

^{[1],[2],[3],[7],[13]}

$ 1,000

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread (S +5.75%) Variable Index Floor (1.50%) Rate Cash 11.14% Rate PIK 0.00% Investment date 9/13/2022 Maturity 9/13/2027

Variable Index Spread

^{[1],[2],[3],[13],[25],[56]}

5.75%

Variable Index Floor

^{[1],[2],[3],[13],[25],[56]}

1.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[56]}

11.14%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[56]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[56]}

Sep. 13, 2022

Maturity

^{[1],[2],[3],[13],[56]}

Sep. 13, 2027

Principal Amount

^{[1],[2],[3],[13],[56]}

$ 20,000

Cost

^{[1],[2],[3],[13],[56]}

19,657

Fair Value

^{[1],[2],[3],[7],[13],[56]}

$ 20,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread (S +5.75%) Variable Index Floor (1.50%) Rate Cash 8.89% Rate PIK 0.00% Investment date 5/12/2023 Maturity 9/13/2027

Variable Index Spread

^{[1],[2],[3],[13],[25]}

5.75%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

8.89%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

May 12, 2023

Maturity

^{[1],[2],[3],[13]}

Sep. 13, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 1,911

Cost

^{[1],[2],[3],[13]}

1,911

Fair Value

^{[1],[2],[3],[7],[13]}

1,911

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread Variable Index Spread (S +5.75%) Variable Index Floor (1.50%) Rate Cash 9.31% Rate PIK 0.00% Investment date 9/13/2022 Maturity 9/13/2027

Variable Index Spread

^{[4],[5],[6],[16],[22],[57]}

5.75%

Variable Index Floor

^{[4],[5],[6],[16],[22],[57]}

1.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[57]}

9.31%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[57]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[57]}

Sep. 13, 2022

Maturity

^{[4],[5],[6],[16],[57]}

Sep. 13, 2027

Principal Amount

^{[4],[5],[6],[16],[57]}

$ 20,000

Cost

^{[4],[5],[6],[16],[57]}

19,564

Fair Value

^{[4],[5],[6],[8],[16],[57]}

$ 19,564

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products

Cost

^[1],[2],[3]

14,306

Fair Value

^{[1],[2],[3],[7]}

$ 14,307

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment date 11/9/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Nov. 09, 2023

Cost

^{[1],[2],[3],[13]}

$ 1,300

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,300

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Subordinated Debt Rate Cash 9.00% Rate PIK 4.50% Investment date 11/9/2023 Maturity 11/9/2030

Investment interest rate, Cash

^{[1],[2],[3],[17],[37]}

9.00%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37]}

4.50%

Investment Date

^{[1],[2],[3],[11],[37]}

Nov. 09, 2023

Maturity

^{[1],[2],[3],[37]}

Nov. 09, 2030

Principal Amount

^{[1],[2],[3],[37]}

$ 13,087

Cost

^{[1],[2],[3],[37]}

13,006

Fair Value

^{[1],[2],[3],[7],[37]}

13,007

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services

Cost

^[1],[2],[3]

30,322

Fair Value

^{[1],[2],[3],[7]}

$ 30,322

Percent of Net Assets

^[1],[2],[3]

5.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (3,974 units) Investment date 12/22/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Dec. 22, 2023

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 12.37% Rate PIK 0.00% Investment date 12/22/2023 Maturity 12/22/2029

Variable Index Spread

^{[1],[2],[3],[25],[37]}

7.00%

Variable Index Floor

^{[1],[2],[3],[25],[37]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37]}

12.37%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37]}

0.00%

Investment Date

^{[1],[2],[3],[11],[37]}

Dec. 22, 2023

Maturity

^{[1],[2],[3],[37]}

Dec. 22, 2029

Principal Amount

^{[1],[2],[3],[37]}

$ 29,000

Cost

^{[1],[2],[3],[37]}

28,822

Fair Value

^{[1],[2],[3],[7],[37]}

$ 28,822

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (15,000 units) Investment date 12/22/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Dec. 22, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 1,500

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 1,500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Revolving Loan ($1,500 unfunded commitment) Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 12.37% Rate PIK 0.00% Investment date 12/22/2023 Maturity 12/22/2029

Variable Index Spread

^{[1],[2],[3],[13],[25],[43]}

7.00%

Variable Index Floor

^{[1],[2],[3],[13],[25],[43]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[43]}

12.37%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[43]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[43]}

Dec. 22, 2023

Maturity

^{[1],[2],[3],[13],[43]}

Dec. 22, 2029

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/2019

Investment Date

Mar. 12, 2019

^{[1],[2],[3],[11],[12],[13]}

Mar. 12, 2019

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 484

^{[1],[2],[3],[12],[13]}

$ 484

^{[4],[5],[6],[15],[16]}

Fair Value

$ 377

^{[1],[2],[3],[7],[12],[13]}

$ 486

^{[4],[5],[6],[8],[15],[16]}

Percent of Net Assets

0.00%

^{[1],[2],[3],[12],[13]}

0.00%

^{[4],[5],[6],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants

Cost

^{[1],[2],[3],[32]}

$ 570

Fair Value

^{[1],[2],[3],[7],[32]}

$ 257

Percent of Net Assets

^{[1],[2],[3],[32]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/3/2022

Investment Date

^{[1],[2],[3],[11],[13],[32],[58]}

Nov. 03, 2022

Cost

^{[1],[2],[3],[13],[32],[58]}

$ 521

Fair Value

^{[1],[2],[3],[7],[13],[32],[58]}

$ 12

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022

Investment Date

^{[1],[2],[3],[11],[13],[32],[58]}

Nov. 03, 2022

Cost

^{[1],[2],[3],[13],[32],[58]}

$ 49

Fair Value

^{[1],[2],[3],[7],[13],[32],[58]}

245

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services

Cost

14,597

^[1],[2],[3]

$ 14,434

^[4],[5],[6]

Fair Value

$ 16,208

^{[1],[2],[3],[7]}

$ 15,029

^{[4],[5],[6],[8]}

Percent of Net Assets

3.00%

^[1],[2],[3]

3.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/2022

Investment Date

Mar. 03, 2022

^{[1],[2],[3],[11],[13]}

Mar. 03, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 400

^{[1],[2],[3],[13]}

$ 400

^{[4],[5],[6],[16]}

Fair Value

$ 1,396

^{[1],[2],[3],[7],[13]}

$ 425

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services First Lien Debt Variable Index Spread Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/2028

Investment interest rate, Cash

^{[1],[2],[3],[17],[37]}

10.00%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37]}

1.00%

Investment Date

^{[1],[2],[3],[11],[37]}

Mar. 03, 2022

Maturity

^{[1],[2],[3],[37]}

Mar. 03, 2028

Principal Amount

^{[1],[2],[3],[37]}

$ 13,891

Cost

^{[1],[2],[3],[37]}

13,797

Fair Value

^{[1],[2],[3],[7],[37]}

$ 13,891

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/2022

Investment Date

Mar. 03, 2022

^{[1],[2],[3],[11],[13]}

Mar. 03, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 400

^{[1],[2],[3],[13]}

$ 400

^{[4],[5],[6],[16]}

Fair Value

$ 921

^{[1],[2],[3],[7],[13]}

$ 853

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Subordinated Debt Variable Index Spread Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/2028

Investment interest rate, Cash

^{[4],[5],[6],[18],[23]}

10.00%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23]}

1.00%

Investment Date

^{[4],[5],[6],[14],[23]}

Mar. 03, 2022

Maturity

^{[4],[5],[6],[23]}

Mar. 03, 2028

Principal Amount

^{[4],[5],[6],[23]}

$ 13,751

Cost

^{[4],[5],[6],[23]}

13,634

Fair Value

^{[4],[5],[6],[8],[23]}

$ 13,751

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/2022

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jun. 28, 2022

Cost

^{[1],[2],[3],[12],[13]}

$ 272

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 50

Percent of Net Assets

^{[1],[2],[3],[12],[13]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity Investment date 6/28/2022

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Jun. 28, 2022

Cost

^{[4],[5],[6],[15],[16]}

$ 272

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 212

Percent of Net Assets

^{[4],[5],[6],[15],[16]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services

Cost

^[1],[2],[3]

$ 10,230

Fair Value

^{[1],[2],[3],[7]}

$ 10,459

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/2023

Investment Date

^{[1],[2],[3],[11]}

Feb. 28, 2023

Cost

^[1],[2],[3]

$ 400

Fair Value

^{[1],[2],[3],[7]}

$ 485

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services First Lien Debt Variable Index Spread (S +6.75%) Variable Index Floor (1.00%) Rate Cash 12.29% Rate PIK 0.00% Investment date 2/28/2023 Maturity 11/30/2026

Variable Index Spread

^{[1],[2],[3],[25]}

6.75%

Variable Index Floor

^{[1],[2],[3],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17]}

12.29%

Investment interest rate, PIK

^{[1],[2],[3],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11]}

Feb. 28, 2023

Maturity

^[1],[2],[3]

Nov. 30, 2026

Principal Amount

^[1],[2],[3]

$ 7,940

Cost

^[1],[2],[3]

7,816

Fair Value

^{[1],[2],[3],[7]}

$ 7,940

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Subordinated Debt Rate Cash 11.50% Rate PIK 2.00% Investment date 2/28/2023 Maturity 11/30/2027

Investment interest rate, Cash

^{[1],[2],[3],[17]}

11.50%

Investment interest rate, PIK

^{[1],[2],[3],[17]}

2.00%

Investment Date

^{[1],[2],[3],[11]}

Feb. 28, 2023

Maturity

^[1],[2],[3]

Nov. 30, 2027

Principal Amount

^[1],[2],[3]

$ 2,034

Cost

^[1],[2],[3]

2,014

Fair Value

^{[1],[2],[3],[7]}

2,034

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services

Cost

11,943

^[1],[2],[3]

$ 12,735

^[4],[5],[6]

Fair Value

$ 11,977

^{[1],[2],[3],[7]}

$ 12,851

^{[4],[5],[6],[8]}

Percent of Net Assets

2.00%

^[1],[2],[3]

3.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/2021

Investment Date

Aug. 10, 2021

^{[1],[2],[3],[11],[13]}

Aug. 10, 2021

^{[4],[5],[6],[14],[16]}

Cost

$ 125

^{[1],[2],[3],[13]}

$ 125

^{[4],[5],[6],[16]}

Fair Value

^{[4],[5],[6],[8],[16]}

$ 33

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S+6.50%) Variable Index Floor (0.75%) Rate Cash 12.16% Rate PIK 0.00% Investment date 08/10/2021 Maturity 8/10/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[59]}

6.50%

Variable Index Floor

^{[1],[2],[3],[13],[25],[59]}

0.75%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[59]}

12.16%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[59]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[59]}

Aug. 10, 2021

Maturity

^{[1],[2],[3],[13],[59]}

Aug. 10, 2026

Principal Amount

^{[1],[2],[3],[13],[59]}

$ 11,734

Cost

^{[1],[2],[3],[13],[59]}

11,693

Fair Value

^{[1],[2],[3],[7],[13],[59]}

$ 11,734

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread Variable Index Spread (L +6.50%) Variable Index Floor (0.75%) Rate Cash 10.24% Rate PIK 0.00% Investment date 0810/2021 Maturity 8/10/2026

Variable Index Spread

^{[4],[5],[6],[16],[22],[60]}

6.50%

Variable Index Floor

^{[4],[5],[6],[16],[22],[60]}

0.75%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[60]}

10.24%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[60]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[60]}

Aug. 10, 2021

Maturity

^{[4],[5],[6],[16],[60]}

Aug. 10, 2026

Principal Amount

^{[4],[5],[6],[16],[60]}

$ 12,541

Cost

^{[4],[5],[6],[16],[60]}

12,485

Fair Value

^{[4],[5],[6],[8],[16],[60]}

$ 12,541

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/2021

Investment Date

Aug. 10, 2021

^{[1],[2],[3],[11],[13]}

Aug. 10, 2021

^{[4],[5],[6],[14],[16]}

Cost

$ 125

^{[1],[2],[3],[13]}

$ 125

^{[4],[5],[6],[16]}

Fair Value

243

^{[1],[2],[3],[7],[13]}

277

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthonys Coal Fired Pizza) Restaurants

Cost

^{[4],[5],[6],[33]}

617

Fair Value

^{[4],[5],[6],[8],[33]}

$ 310

Percent of Net Assets

^{[4],[5],[6],[33]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthonys Coal Fired Pizza) Restaurants Common Equity (14,201 units) Investment date 11/3/2022

Investment Date

^{[4],[5],[6],[14],[16],[33],[61]}

Nov. 03, 2022

Cost

^{[4],[5],[6],[16],[33],[61]}

$ 521

Fair Value

^{[4],[5],[6],[8],[16],[33],[61]}

$ 18

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthonys Coal Fired Pizza) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022

Investment Date

^{[4],[5],[6],[14],[16],[33],[61]}

Nov. 03, 2022

Cost

^{[4],[5],[6],[16],[33],[61]}

$ 96

Fair Value

^{[4],[5],[6],[8],[16],[33],[61]}

292

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services

Cost

8,969

^[1],[2],[3]

8,460

^[4],[5],[6]

Fair Value

$ 9,188

^{[1],[2],[3],[7]}

$ 8,500

^{[4],[5],[6],[8]}

Percent of Net Assets

2.00%

^[1],[2],[3]

2.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread (S +7.25%) Variable Index Floor (1.00%) Rate Cash 12.89% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.25%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

12.89%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Apr. 01, 2022

Maturity

^{[1],[2],[3],[13]}

Apr. 01, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 8,500

Cost

^{[1],[2],[3],[13]}

8,469

Fair Value

^{[1],[2],[3],[7],[13]}

$ 8,500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread Variable Index Spread (S +7.25%) Variable Index Floor (1.00%) Rate Cash 11.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.25%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

11.06%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Apr. 01, 2022

Maturity

^{[4],[5],[6],[16]}

Apr. 01, 2027

Principal Amount

^{[4],[5],[6],[16]}

$ 8,500

Cost

^{[4],[5],[6],[16]}

8,460

Fair Value

^{[4],[5],[6],[8],[16]}

$ 8,500

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Aug. 21, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 500

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 688

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027

Variable Index Spread

^{[4],[5],[6],[16],[22],[42]}

6.25%

Variable Index Floor

^{[4],[5],[6],[16],[22],[42]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[42]}

10.06%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[42]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[42]}

Apr. 01, 2022

Maturity

^{[4],[5],[6],[16],[42]}

Apr. 01, 2027

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 11.89% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027

Variable Index Spread

^{[1],[2],[3],[13],[25],[43]}

6.25%

Variable Index Floor

^{[1],[2],[3],[13],[25],[43]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[43]}

11.89%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[43]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[43]}

Apr. 01, 2022

Maturity

^{[1],[2],[3],[13],[43]}

Apr. 01, 2027

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing

Cost

^[4],[5],[6]

$ 9,169

Fair Value

^{[4],[5],[6],[8]}

$ 9,203

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread Rate Variable Index Spread Variable Index Spread (L +11.00%) Variable Index Floor (2.00%) Cash 17.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025

Variable Index Spread

^{[4],[5],[6],[22]}

11.00%

Variable Index Floor

^{[4],[5],[6],[22]}

2.00%

Investment interest rate, Cash

^{[4],[5],[6],[18]}

17.74%

Investment interest rate, PIK

^{[4],[5],[6],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14]}

Jan. 31, 2020

Maturity

^[4],[5],[6]

Jan. 31, 2025

Principal Amount

^[4],[5],[6]

$ 4,890

Cost

^[4],[5],[6]

4,866

Fair Value

^{[4],[5],[6],[8]}

$ 4,890

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread Rate Variable Index Spread Variable Index Spread (L +11.00%) Variable Index Floor (2.00%) Cash 18.75% Rate PIK 0.00% Investment date 12/22/2022 Maturity 2/15/2023

Variable Index Spread

^{[4],[5],[6],[22]}

11.00%

Variable Index Floor

^{[4],[5],[6],[22]}

2.00%

Investment interest rate, Cash

^{[4],[5],[6],[18]}

18.75%

Investment interest rate, PIK

^{[4],[5],[6],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14]}

Dec. 22, 2022

Maturity

^[4],[5],[6]

Feb. 15, 2023

Principal Amount

^[4],[5],[6]

$ 475

Cost

^[4],[5],[6]

475

Fair Value

^{[4],[5],[6],[8]}

$ 475

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L +10.00%) Variable Index Floor (2.00%) Rate Cash 16.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025

Variable Index Spread

^{[4],[5],[6],[16],[22],[62]}

10.00%

Variable Index Floor

^{[4],[5],[6],[16],[22],[62]}

2.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[62]}

16.74%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[62]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[62]}

Jan. 31, 2020

Maturity

^{[4],[5],[6],[16],[62]}

Jan. 31, 2025

Principal Amount

^{[4],[5],[6],[16],[62]}

$ 3,838

Cost

^{[4],[5],[6],[16],[62]}

3,828

Fair Value

^{[4],[5],[6],[8],[16],[62]}

$ 3,838

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity ( 868,922 units) Investment date 12/22/2023

Investment Date

^{[1],[2],[3],[11]}

Dec. 22, 2023

Cost

^[1],[2],[3]

$ 2,576

Fair Value

^{[1],[2],[3],[7]}

$ 2,576

Percent of Net Assets

^[1],[2],[3]

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity Investment date 12/11/2020

Investment Date

^{[4],[5],[6],[14]}

Dec. 11, 2020

Cost

^[4],[5],[6]

$ 627

Fair Value

^{[4],[5],[6],[8]}

$ 1,143

Percent of Net Assets

^[4],[5],[6]

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services

Cost

$ 23,335

^[1],[2],[3]

$ 22,212

^[4],[5],[6]

Fair Value

$ 23,186

^{[1],[2],[3],[7]}

$ 21,283

^{[4],[5],[6],[8]}

Percent of Net Assets

4.00%

^[1],[2],[3]

5.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/2020

Investment Date

^{[1],[2],[3],[11],[13]}

Dec. 31, 2020

Cost

^{[1],[2],[3],[13]}

$ 1,500

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,311

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity Investment date 12/31/2020

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 31, 2020

Cost

^{[4],[5],[6],[16]}

$ 1,500

Fair Value

^{[4],[5],[6],[8],[16]}

$ 569

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Rate Cash 11.00% Rate PIK 2.00% Investment date 12/30/2022 Maturity 11/23/2027

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

11.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

2.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Dec. 30, 2022

Maturity

^{[1],[2],[3],[13]}

Nov. 23, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 21,875

Cost

^{[1],[2],[3],[13]}

21,835

Fair Value

^{[1],[2],[3],[7],[13]}

21,875

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Variable Index Cash 11.00% Rate PIK 3.00% Investment date 12/30/2022 Maturity 11/23/2027

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

11.00%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

3.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 30, 2022

Maturity

^{[4],[5],[6],[16]}

Nov. 23, 2027

Principal Amount

^{[4],[5],[6],[16]}

$ 20,763

Cost

^{[4],[5],[6],[16]}

20,712

Fair Value

^{[4],[5],[6],[8],[16]}

20,714

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services

Cost

^[1],[2],[3]

19,193

Fair Value

^{[1],[2],[3],[7]}

$ 19,193

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jul. 21, 2023

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services First Lien Debt Variable Index Spread (S +5.75%) Variable Index Floor (4.00%) Rate Cash 11.15% Rate PIK 1.00% Investment date 7/21/2023 Maturity 7/21/2026

Variable Index Spread

^{[1],[2],[3],[25],[63]}

5.75%

Variable Index Floor

^{[1],[2],[3],[25],[63]}

4.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[63]}

11.15%

Investment interest rate, PIK

^{[1],[2],[3],[17],[63]}

1.00%

Investment Date

^{[1],[2],[3],[11],[63]}

Jul. 21, 2023

Maturity

^{[1],[2],[3],[63]}

Jul. 21, 2026

Principal Amount

^{[1],[2],[3],[63]}

$ 13,130

Cost

^{[1],[2],[3],[63]}

13,048

Fair Value

^{[1],[2],[3],[7],[63]}

$ 13,048

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jul. 21, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 1,000

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 1,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Subordinated Debt Rate Cash 7.50% Rate PIK 7.50% Investment date 7/21/2023 Maturity 1/21/2027

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

7.50%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

7.50%

Investment Date

^{[1],[2],[3],[11],[13]}

Jul. 21, 2023

Maturity

^{[1],[2],[3],[13]}

Jan. 21, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 5,172

Cost

^{[1],[2],[3],[13]}

5,145

Fair Value

^{[1],[2],[3],[7],[13]}

5,145

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC

Cost

^[1],[2],[3]

20,241

Fair Value

^{[1],[2],[3],[7]}

$ 20,381

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (500,000 units) Investment date 6/21/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jun. 21, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 500

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 538

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services First Lien Debt Variable Index Spread (S +5.75%) Variable Index Floor (2.25%) Rate Cash 11.14% Rate PIK 2.00% Investment date 6/21/2023 Maturity 6/21/2028

Variable Index Spread

^{[1],[2],[3],[25],[37]}

5.75%

Variable Index Floor

^{[1],[2],[3],[25],[37]}

2.25%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37]}

11.14%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37]}

2.00%

Investment Date

^{[1],[2],[3],[11],[37]}

Jun. 21, 2023

Maturity

^{[1],[2],[3],[37]}

Jun. 21, 2028

Principal Amount

^{[1],[2],[3],[37]}

$ 17,689

Cost

^{[1],[2],[3],[37]}

17,597

Fair Value

^{[1],[2],[3],[7],[37]}

$ 17,689

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.00% Investment date 6/21/2023 Maturity 6/21/2028

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

0.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

14.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Jun. 21, 2023

Maturity

^{[1],[2],[3],[13]}

Jun. 21, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 2,154

Cost

^{[1],[2],[3],[13]}

2,144

Fair Value

^{[1],[2],[3],[7],[13]}

2,154

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services

Cost

24,635

^[1],[2],[3]

24,593

^[4],[5],[6]

Fair Value

$ 24,591

^{[1],[2],[3],[7]}

$ 25,257

^{[4],[5],[6],[8]}

Percent of Net Assets

4.00%

^[1],[2],[3]

5.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/2019

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Feb. 07, 2019

Cost

^{[1],[2],[3],[12],[13]}

$ 552

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 436

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity Investment date 2/7/2019

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Feb. 07, 2019

Cost

^{[4],[5],[6],[15],[16]}

$ 552

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 1,102

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread Variable Index Spread (S +6.50%) Variable Index Floor (1.00%) Cash 10.32% Rate PIK 0.00% Investment date 2/7/2019 Maturity 2/7/2024

Variable Index Spread

^{[4],[5],[6],[22],[23],[64]}

6.50%

Variable Index Floor

^{[4],[5],[6],[22],[23],[64]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[23],[64]}

10.32%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23],[64]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23],[64]}

Feb. 07, 2019

Maturity

^{[4],[5],[6],[23],[64]}

Feb. 07, 2024

Principal Amount

^{[4],[5],[6],[23],[64]}

$ 24,155

Cost

^{[4],[5],[6],[23],[64]}

24,041

Fair Value

^{[4],[5],[6],[8],[23],[64]}

$ 24,155

Variable Index Spread

^{[1],[2],[3],[25],[37],[65]}

6.50%

Variable Index Floor

^{[1],[2],[3],[25],[37],[65]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37],[65]}

12.11%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37],[65]}

0.00%

Investment Date

^{[1],[2],[3],[11],[37],[65]}

Feb. 07, 2019

Maturity

^{[1],[2],[3],[37],[65]}

Sep. 30, 2025

Principal Amount

^{[1],[2],[3],[37],[65]}

$ 24,155

Cost

^{[1],[2],[3],[37],[65]}

24,083

Fair Value

^{[1],[2],[3],[7],[37],[65]}

$ 24,155

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity Investment date 4/30/2020

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Apr. 30, 2020

Cost

^{[4],[5],[6],[15],[16]}

$ 221

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 1,633

Percent of Net Assets

^{[4],[5],[6],[15],[16]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027

Investment interest rate, Cash

12.75%

^{[1],[2],[3],[17]}

12.75%

^{[4],[5],[6],[18]}

Investment interest rate, PIK

0.00%

^{[1],[2],[3],[17]}

0.00%

^{[4],[5],[6],[18]}

Investment Date

Oct. 31, 2022

^{[1],[2],[3],[11]}

Oct. 31, 2022

^{[4],[5],[6],[14]}

Maturity

Oct. 29, 2027

^[1],[2],[3]

Oct. 29, 2027

^[4],[5],[6]

Principal Amount

$ 6,000

^[1],[2],[3]

$ 6,000

^[4],[5],[6]

Cost

5,978

^[1],[2],[3]

5,971

^[4],[5],[6]

Fair Value

$ 6,000

^{[1],[2],[3],[7]}

$ 5,971

^{[4],[5],[6],[8]}

Percent of Net Assets

1.00%

^[1],[2],[3]

1.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products

Cost

$ 3,014

^[1],[2],[3]

$ 3,245

^[4],[5],[6]

Fair Value

$ 3,025

^{[1],[2],[3],[7]}

$ 3,275

^{[4],[5],[6],[8]}

Percent of Net Assets

1.00%

^[1],[2],[3]

1.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024

Investment interest rate, Cash

12.25%

^{[1],[2],[3],[17]}

12.25%

^{[4],[5],[6],[18]}

Investment interest rate, PIK

0.00%

^{[1],[2],[3],[17]}

0.00%

^{[4],[5],[6],[18]}

Investment Date

Dec. 31, 2020

^{[1],[2],[3],[11]}

Dec. 31, 2020

^{[4],[5],[6],[14]}

Maturity

Jun. 30, 2024

^[1],[2],[3]

Jun. 30, 2024

^[4],[5],[6]

Principal Amount

$ 1,525

^[1],[2],[3]

$ 1,775

^[4],[5],[6]

Cost

1,517

^[1],[2],[3]

1,755

^[4],[5],[6]

Fair Value

$ 1,525

^{[1],[2],[3],[7]}

$ 1,775

^{[4],[5],[6],[8]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024

Investment interest rate, Cash

12.25%

^{[1],[2],[3],[13],[17]}

12.25%

^{[4],[5],[6],[16],[18]}

Investment interest rate, PIK

0.00%

^{[1],[2],[3],[13],[17]}

0.00%

^{[4],[5],[6],[16],[18]}

Investment Date

Dec. 31, 2020

^{[1],[2],[3],[11],[13]}

Dec. 31, 2020

^{[4],[5],[6],[14],[16]}

Maturity

Jun. 30, 2024

^{[1],[2],[3],[13]}

Jun. 30, 2024

^{[4],[5],[6],[16]}

Principal Amount

$ 1,500

^{[1],[2],[3],[13]}

$ 1,500

^{[4],[5],[6],[16]}

Cost

1,497

^{[1],[2],[3],[13]}

1,490

^{[4],[5],[6],[16]}

Fair Value

$ 1,500

^{[1],[2],[3],[7],[13]}

$ 1,500

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 12.57% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027

Variable Index Spread

^{[4],[5],[6],[22],[66]}

7.75%

Variable Index Floor

^{[4],[5],[6],[22],[66]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[66]}

12.57%

Investment interest rate, PIK

^{[4],[5],[6],[18],[66]}

0.00%

Investment Date

^{[4],[5],[6],[14],[66]}

Mar. 25, 2022

Maturity

^{[4],[5],[6],[66]}

Mar. 25, 2027

Principal Amount

^{[4],[5],[6],[66]}

$ 14,428

Cost

^{[4],[5],[6],[66]}

14,335

Fair Value

^{[4],[5],[6],[8],[66]}

$ 14,427

Percent of Net Assets

^{[4],[5],[6],[66]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 13.40% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027

Variable Index Spread

^{[1],[2],[3],[25],[67]}

7.75%

Variable Index Floor

^{[1],[2],[3],[25],[67]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[67]}

13.40%

Investment interest rate, PIK

^{[1],[2],[3],[17],[67]}

0.00%

Investment Date

^{[1],[2],[3],[11],[67]}

Mar. 25, 2022

Maturity

^{[1],[2],[3],[67]}

Mar. 25, 2027

Principal Amount

^{[1],[2],[3],[67]}

$ 14,174

Cost

^{[1],[2],[3],[67]}

14,103

Fair Value

^{[1],[2],[3],[7],[67]}

$ 14,174

Percent of Net Assets

^{[1],[2],[3],[67]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services

Cost

^[1],[2],[3]

$ 3,977

Fair Value

^{[1],[2],[3],[7]}

$ 3,983

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (2.00%) Rate Cash 12.38% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/2028

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.00%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

12.38%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Dec. 08, 2023

Maturity

^{[1],[2],[3],[13]}

Dec. 08, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 3,000

Cost

^{[1],[2],[3],[13]}

2,983

Fair Value

^{[1],[2],[3],[7],[13]}

$ 2,983

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,000 units) Investment date 12/8/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Dec. 08, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 1,000

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 1,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.00%) Variable Index Floor (2.00%) Rate Cash 12.38% Rate PIK 0.00% Investment date 12/8/2023 Maturity 12/8/2028

Variable Index Spread

^{[1],[2],[3],[13],[25],[43]}

7.00%

Variable Index Floor

^{[1],[2],[3],[13],[25],[43]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[43]}

12.38%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[43]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[43]}

Dec. 08, 2023

Maturity

^{[1],[2],[3],[13],[43]}

Dec. 08, 2028

Cost

^{[1],[2],[3],[13],[43]}

$ (6)

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing

Cost

^[4],[5],[6]

$ 11,415

Fair Value

^{[4],[5],[6],[8]}

$ 11,313

Percent of Net Assets

^[4],[5],[6]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/2021

Investment Date

Jan. 22, 2021

^{[1],[2],[3],[11],[12],[13]}

Jan. 22, 2021

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 516

^{[1],[2],[3],[12],[13]}

$ 516

^{[4],[5],[6],[15],[16]}

Fair Value

$ 427

^{[1],[2],[3],[7],[12],[13]}

$ 313

^{[4],[5],[6],[8],[15],[16]}

Percent of Net Assets

^{[1],[2],[3],[12],[13]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (1.00%) Rate Cash 13.01% Rate PIK 0.00% Investment date 1/22/2021 Maturity 1/22/2026

Variable Index Spread

^{[4],[5],[6],[22],[68]}

8.25%

Variable Index Floor

^{[4],[5],[6],[22],[68]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[68]}

13.01%

Investment interest rate, PIK

^{[4],[5],[6],[18],[68]}

0.00%

Investment Date

^{[4],[5],[6],[14],[68]}

Jan. 22, 2021

Maturity

^{[4],[5],[6],[68]}

Jan. 22, 2026

Principal Amount

^{[4],[5],[6],[68]}

$ 11,000

Cost

^{[4],[5],[6],[68]}

10,899

Fair Value

^{[4],[5],[6],[8],[68]}

$ 11,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing

Cost

^[1],[2],[3]

$ 260

Fair Value

^{[1],[2],[3],[7]}

$ 256

Percent of Net Assets

^[1],[2],[3]

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (947 shares) Investment date 9/21/2018

Investment Date

Sep. 21, 2018

^{[1],[2],[3],[11],[13]}

Sep. 21, 2018

^{[4],[5],[6],[14],[16]}

Cost

$ 52

^{[1],[2],[3],[13]}

$ 52

^{[4],[5],[6],[16]}

Fair Value

$ 48

^{[1],[2],[3],[7],[13]}

$ 283

^{[4],[5],[6],[8],[16]}

Percent of Net Assets

^{[4],[5],[6],[16]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Subordinated Debt Rate Cash 0.00% Rate PIK 18.80% Investment date 3/31/2023 Maturity 3/18/2024

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

0.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

18.80%

Investment Date

^{[1],[2],[3],[11],[13]}

Mar. 31, 2023

Maturity

^{[1],[2],[3],[13]}

Mar. 18, 2024

Principal Amount

^{[1],[2],[3],[13]}

$ 208

Cost

^{[1],[2],[3],[13]}

208

Fair Value

^{[1],[2],[3],[7],[13]}

$ 208

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (L +13.00%) Variable Index Floor (0.00%) Rate Cash 17.77% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024

Variable Index Spread

^{[4],[5],[6],[16],[22]}

13.00%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

17.77%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 17, 2021

Maturity

^{[4],[5],[6],[16]}

Dec. 17, 2024

Principal Amount

^{[4],[5],[6],[16]}

$ 13,000

Cost

^{[4],[5],[6],[16]}

12,952

Fair Value

^{[4],[5],[6],[8],[16]}

$ 13,000

Percent of Net Assets

^{[4],[5],[6],[16]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (S +13.00%) Variable Index Floor (0.00%) Rate Cash 18.53% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024

Variable Index Spread

^{[1],[2],[3],[13],[25]}

13.00%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

18.53%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Dec. 17, 2021

Maturity

^{[1],[2],[3],[13]}

Dec. 17, 2024

Principal Amount

^{[1],[2],[3],[13]}

$ 12,000

Cost

^{[1],[2],[3],[13]}

11,977

Fair Value

^{[1],[2],[3],[7],[13]}

$ 12,000

Percent of Net Assets

^{[1],[2],[3],[13]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (3 shares) Investment date 12/19/2017

Investment Date

^{[4],[5],[6],[14]}

Dec. 19, 2017

Cost

^[4],[5],[6]

$ 605

Fair Value

^{[4],[5],[6],[8]}

$ 2,381

Percent of Net Assets

^[4],[5],[6]

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (5 shares) Investment date 12/19/2017

Investment Date

^{[1],[2],[3],[11]}

Dec. 19, 2017

Cost

^[1],[2],[3]

$ 563

Fair Value

^{[1],[2],[3],[7]}

$ 3,255

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services

Cost

$ 6,097

^[1],[2],[3]

$ 5,993

^[4],[5],[6]

Fair Value

$ 5,371

^{[1],[2],[3],[7]}

$ 5,793

^{[4],[5],[6],[8]}

Percent of Net Assets

1.00%

^[1],[2],[3]

1.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/2019

Investment Date

Oct. 11, 2019

^{[1],[2],[3],[11],[12],[13]}

Oct. 11, 2019

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 630

^{[1],[2],[3],[12],[13]}

$ 630

^{[4],[5],[6],[15],[16]}

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 415

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity 89 units) Investment date 6/26/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jun. 26, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 89

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 42

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (2.00%) Rate Cash 12.98% Rate PIK 0.00% Investment date 10/11/2019 Maturity 10/11/2024

Variable Index Spread

^{[4],[5],[6],[22],[69]}

8.25%

Variable Index Floor

^{[4],[5],[6],[22],[69]}

2.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[69]}

12.98%

Investment interest rate, PIK

^{[4],[5],[6],[18],[69]}

0.00%

Investment Date

^{[4],[5],[6],[14],[69]}

Oct. 11, 2019

Maturity

^{[4],[5],[6],[69]}

Oct. 11, 2024

Principal Amount

^{[4],[5],[6],[69]}

$ 5,378

Cost

^{[4],[5],[6],[69]}

5,363

Fair Value

^{[4],[5],[6],[8],[69]}

5,378

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (S +8.25%) Variable Index Floor (2.00%) Rate Cash 13.85% Rate PIK 0.00% Investment date 10/11/2019 Maturity 10/11/2024

Variable Index Spread

^{[1],[2],[3],[25],[70]}

8.25%

Variable Index Floor

^{[1],[2],[3],[25],[70]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[70]}

13.85%

Investment interest rate, PIK

^{[1],[2],[3],[17],[70]}

0.00%

Investment Date

^{[1],[2],[3],[11],[70]}

Oct. 11, 2019

Maturity

^{[1],[2],[3],[70]}

Oct. 11, 2024

Principal Amount

^{[1],[2],[3],[70]}

$ 5,385

Cost

^{[1],[2],[3],[70]}

5,378

Fair Value

^{[1],[2],[3],[7],[70]}

$ 5,329

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services

Cost

^[4],[5],[6]

9,073

Fair Value

^{[4],[5],[6],[8]}

$ 11,878

Percent of Net Assets

^[4],[5],[6]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Sep. 18, 2023

Cost

^{[1],[2],[3],[13]}

$ 3,645

Fair Value

^{[1],[2],[3],[7],[13]}

$ 3,646

Percent of Net Assets

^{[1],[2],[3],[13]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (750,000 units) Investment date 12/4/2020

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 04, 2020

Cost

^{[4],[5],[6],[16]}

$ 750

Fair Value

^{[4],[5],[6],[8],[16]}

$ 3,517

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +7.25%) Variable Index Floor (1.50%) Rate Cash 10.99% Rate PIK 0.00% Investment date 12/4/2020 Maturity 12/4/2025

Variable Index Spread

^{[4],[5],[6],[16],[22],[71]}

7.25%

Variable Index Floor

^{[4],[5],[6],[16],[22],[71]}

1.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[71]}

10.99%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[71]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[71]}

Dec. 04, 2020

Maturity

^{[4],[5],[6],[16],[71]}

Dec. 04, 2025

Principal Amount

^{[4],[5],[6],[16],[71]}

$ 8,361

Cost

^{[4],[5],[6],[16],[71]}

8,323

Fair Value

^{[4],[5],[6],[8],[16],[71]}

$ 8,361

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/2020

Investment Date

^{[1],[2],[3],[11]}

Nov. 13, 2020

Cost

^[1],[2],[3]

$ 749

Fair Value

^{[1],[2],[3],[7]}

$ 1,721

Percent of Net Assets

^[1],[2],[3]

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity Investment date 11/13/2020

Investment Date

^{[4],[5],[6],[14]}

Nov. 13, 2020

Cost

^[4],[5],[6]

$ 748

Fair Value

^{[4],[5],[6],[8]}

$ 1,376

Percent of Net Assets

^[4],[5],[6]

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products

Cost

$ 20,526

^[1],[2],[3]

$ 25,220

^[4],[5],[6]

Fair Value

$ 21,985

^{[1],[2],[3],[7]}

$ 25,932

^{[4],[5],[6],[8]}

Percent of Net Assets

4.00%

^[1],[2],[3]

5.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (3,750 units) Investment date 3/23/2016

Investment Date

^{[4],[5],[6],[14]}

Mar. 23, 2016

Cost

^[4],[5],[6]

$ 62

Fair Value

^{[4],[5],[6],[8]}

$ 708

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/2016

Investment Date

^{[1],[2],[3],[11]}

Mar. 23, 2016

Cost

^[1],[2],[3]

$ 390

Fair Value

^{[1],[2],[3],[7]}

$ 1,385

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Aug. 07, 2023

Cost

^{[1],[2],[3],[13]}

$ 102

Fair Value

^{[1],[2],[3],[7],[13]}

$ 151

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/2020

Investment Date

Oct. 16, 2020

^{[1],[2],[3],[11],[13]}

Oct. 16, 2020

^{[4],[5],[6],[14],[16]}

Cost

$ 154

^{[1],[2],[3],[13]}

$ 153

^{[4],[5],[6],[16]}

Fair Value

$ 309

^{[1],[2],[3],[7],[13]}

$ 218

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Cash 12.50% Rate PIK 1.00% Investment date 3/23/2016 Maturity 12/15/2023

Investment interest rate, Cash

^{[4],[5],[6],[18],[23]}

12.50%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23]}

1.00%

Investment Date

^{[4],[5],[6],[14],[23]}

Mar. 23, 2016

Maturity

^{[4],[5],[6],[23]}

Dec. 15, 2023

Principal Amount

^{[4],[5],[6],[23]}

$ 25,007

Cost

^{[4],[5],[6],[23]}

25,005

Fair Value

^{[4],[5],[6],[8],[23]}

$ 25,006

Investment interest rate, Cash

^{[1],[2],[3],[17],[37]}

12.50%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37]}

1.00%

Investment Date

^{[1],[2],[3],[11],[37]}

Apr. 25, 2023

Maturity

^{[1],[2],[3],[37]}

Jun. 30, 2028

Principal Amount

^{[1],[2],[3],[37]}

$ 20,140

Cost

^{[1],[2],[3],[37]}

19,880

Fair Value

^{[1],[2],[3],[7],[37]}

$ 20,140

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/2018

Investment Date

Jun. 20, 2018

^{[1],[2],[3],[11]}

Jun. 20, 2018

^{[4],[5],[6],[14]}

Fair Value

$ 9

^{[1],[2],[3],[7]}

$ 346

^{[4],[5],[6],[8]}

Percent of Net Assets

0.00%

^[1],[2],[3]

0.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services

Cost

$ 24,191

^[1],[2],[3]

$ 25,600

^[4],[5],[6]

Fair Value

$ 24,238

^{[1],[2],[3],[7]}

$ 25,835

^{[4],[5],[6],[8]}

Percent of Net Assets

4.00%

^[1],[2],[3]

5.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/2021

Investment Date

Apr. 05, 2021

^{[1],[2],[3],[11],[12],[13]}

Apr. 05, 2021

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 500

^{[1],[2],[3],[12],[13]}

$ 500

^{[4],[5],[6],[15],[16]}

Fair Value

$ 553

^{[1],[2],[3],[7],[12],[13]}

$ 666

^{[4],[5],[6],[8],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L +7.50%) Variable Index Floor (0.50%) Rate Cash 11.17% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/2026

Variable Index Spread

^{[4],[5],[6],[16],[22],[72]}

7.50%

Variable Index Floor

^{[4],[5],[6],[16],[22],[72]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[72]}

11.17%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[72]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[72]}

Apr. 05, 2021

Maturity

^{[4],[5],[6],[16],[72]}

Apr. 05, 2026

Principal Amount

^{[4],[5],[6],[16],[72]}

$ 12,175

Cost

^{[4],[5],[6],[16],[72]}

12,106

Fair Value

^{[4],[5],[6],[8],[16],[72]}

$ 12,175

Variable Index Spread

^{[4],[5],[6],[16],[22],[73]}

7.50%

Variable Index Floor

^{[4],[5],[6],[16],[22],[73]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[73]}

11.17%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[73]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[73]}

Jun. 30, 2021

Maturity

^{[4],[5],[6],[16],[73]}

Apr. 05, 2026

Principal Amount

^{[4],[5],[6],[16],[73]}

$ 12,994

Cost

^{[4],[5],[6],[16],[73]}

12,994

Fair Value

^{[4],[5],[6],[8],[16],[73]}

12,994

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 13.00% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[74]}

7.50%

Variable Index Floor

^{[1],[2],[3],[13],[25],[74]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[74]}

13.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[74]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[74]}

Apr. 05, 2021

Maturity

^{[1],[2],[3],[13],[74]}

Apr. 05, 2026

Principal Amount

^{[1],[2],[3],[13],[74]}

$ 11,517

Cost

^{[1],[2],[3],[13],[74]}

11,470

Fair Value

^{[1],[2],[3],[7],[13],[74]}

$ 11,517

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 9.50% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/2026

Variable Index Spread

^{[1],[2],[3],[13],[25],[75]}

7.50%

Variable Index Floor

^{[1],[2],[3],[13],[25],[75]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[75]}

9.50%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[75]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[75]}

Jun. 30, 2021

Maturity

^{[1],[2],[3],[13],[75]}

Apr. 05, 2026

Principal Amount

^{[1],[2],[3],[13],[75]}

$ 12,222

Cost

^{[1],[2],[3],[13],[75]}

12,221

Fair Value

^{[1],[2],[3],[7],[13],[75]}

12,168

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services

Cost

^[4],[5],[6]

19,765

Fair Value

^{[4],[5],[6],[8]}

$ 20,796

Percent of Net Assets

^[4],[5],[6]

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (1.00%) Rate Cash 11.69% Rate PIK 1.00% Investment date 6/30/2020 Maturity 7/28/2025

Variable Index Spread

^{[4],[5],[6],[16],[22],[76]}

7.00%

Variable Index Floor

^{[4],[5],[6],[16],[22],[76]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[76]}

11.69%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[76]}

1.00%

Investment Date

^{[4],[5],[6],[14],[16],[76]}

Jun. 30, 2020

Maturity

^{[4],[5],[6],[16],[76]}

Jul. 28, 2025

Principal Amount

^{[4],[5],[6],[16],[76]}

$ 19,773

Cost

^{[4],[5],[6],[16],[76]}

19,083

Fair Value

^{[4],[5],[6],[8],[16],[76]}

$ 19,773

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services Preferred Equity (682,075 units) Investment date 7/28/2021

Investment Date

^{[4],[5],[6],[14],[16]}

Jul. 28, 2021

Cost

^{[4],[5],[6],[16]}

$ 682

Fair Value

^{[4],[5],[6],[8],[16]}

$ 1,023

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n) Industrial Cleaning & Coatings Second Lien Debt Cash 0.00% Rate PIK 10.00% Investment date 1/28/2019 Maturity 1/28/2025

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[27]}

0.00%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[27]}

10.00%

Investment Date

^{[4],[5],[6],[14],[16],[27]}

Jan. 28, 2019

Maturity

^{[4],[5],[6],[16],[27]}

Jan. 28, 2025

Principal Amount

^{[4],[5],[6],[16],[27]}

$ 2,368

Cost

^{[4],[5],[6],[16],[27]}

2,368

Fair Value

^{[4],[5],[6],[8],[16],[27]}

$ 2,123

Percent of Net Assets

^{[4],[5],[6],[16],[27]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services

Cost

5,604

^[1],[2],[3]

$ 6,138

^[4],[5],[6]

Fair Value

$ 6,080

^{[1],[2],[3],[7]}

$ 6,428

^{[4],[5],[6],[8]}

Percent of Net Assets

1.00%

^[1],[2],[3]

1.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/2021

Investment Date

Apr. 01, 2021

^{[1],[2],[3],[11],[13]}

Apr. 01, 2021

^{[4],[5],[6],[14],[16]}

Cost

$ 1,000

^{[1],[2],[3],[13]}

$ 1,000

^{[4],[5],[6],[16]}

Fair Value

$ 1,458

^{[1],[2],[3],[7],[13]}

$ 1,263

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 10.49% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026

Variable Index Spread

^{[4],[5],[6],[22],[77]}

6.75%

Variable Index Floor

^{[4],[5],[6],[22],[77]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[18],[77]}

10.49%

Investment interest rate, PIK

^{[4],[5],[6],[18],[77]}

0.00%

Investment Date

^{[4],[5],[6],[14],[77]}

Apr. 01, 2021

Maturity

^{[4],[5],[6],[77]}

Apr. 01, 2026

Principal Amount

^{[4],[5],[6],[77]}

$ 5,165

Cost

^{[4],[5],[6],[77]}

5,138

Fair Value

^{[4],[5],[6],[8],[77]}

5,165

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (2.00%) Rate Cash 11.41% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026

Variable Index Spread

^{[1],[2],[3],[25],[78]}

5.75%

Variable Index Floor

^{[1],[2],[3],[25],[78]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[78]}

11.41%

Investment interest rate, PIK

^{[1],[2],[3],[17],[78]}

0.00%

Investment Date

^{[1],[2],[3],[11],[78]}

Apr. 01, 2021

Maturity

^{[1],[2],[3],[78]}

Apr. 01, 2026

Principal Amount

^{[1],[2],[3],[78]}

$ 4,622

Cost

^{[1],[2],[3],[78]}

4,604

Fair Value

^{[1],[2],[3],[7],[78]}

4,622

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products

Cost

16,959

^[1],[2],[3]

16,946

^[4],[5],[6]

Fair Value

$ 15,544

^{[1],[2],[3],[7]}

$ 16,023

^{[4],[5],[6],[8]}

Percent of Net Assets

3.00%

^[1],[2],[3]

3.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021

Investment Date

Mar. 19, 2021

^{[1],[2],[3],[11],[13]}

Mar. 19, 2021

^{[4],[5],[6],[14],[16]}

Cost

$ 1,000

^{[1],[2],[3],[13]}

$ 1,000

^{[4],[5],[6],[16]}

Fair Value

$ 442

^{[1],[2],[3],[7],[13]}

$ 605

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 9/19/2026

Investment interest rate, Cash

11.50%

^{[1],[2],[3],[13],[17]}

11.50%

^{[4],[5],[6],[16],[18]}

Investment interest rate, PIK

0.00%

^{[1],[2],[3],[13],[17]}

0.00%

^{[4],[5],[6],[16],[18]}

Investment Date

Mar. 19, 2021

^{[1],[2],[3],[11],[13]}

Mar. 19, 2021

^{[4],[5],[6],[14],[16]}

Maturity

Sep. 19, 2026

^{[1],[2],[3],[13]}

Sep. 19, 2026

^{[4],[5],[6],[16]}

Principal Amount

$ 16,000

^{[1],[2],[3],[13]}

$ 16,000

^{[4],[5],[6],[16]}

Cost

15,959

^{[1],[2],[3],[13]}

15,946

^{[4],[5],[6],[16]}

Fair Value

$ 15,102

^{[1],[2],[3],[7],[13]}

$ 15,418

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S +8.50%) Variable Index Floor (1.50%) Rate Cash 13.34% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/2026

Variable Index Spread

^{[4],[5],[6],[16],[22]}

8.50%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

1.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

13.34%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Sep. 29, 2022

Maturity

^{[4],[5],[6],[16]}

Sep. 28, 2026

Principal Amount

^{[4],[5],[6],[16]}

$ 27,000

Cost

^{[4],[5],[6],[16]}

26,873

Fair Value

^{[4],[5],[6],[8],[16]}

$ 26,873

Percent of Net Assets

^{[4],[5],[6],[16]}

6.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 14.16% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/2026

Variable Index Spread

^{[1],[2],[3],[13],[25]}

8.50%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

14.16%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Sep. 29, 2022

Maturity

^{[1],[2],[3],[13]}

Sep. 28, 2026

Principal Amount

^{[1],[2],[3],[13]}

$ 27,000

Cost

^{[1],[2],[3],[13]}

26,907

Fair Value

^{[1],[2],[3],[7],[13]}

$ 27,000

Percent of Net Assets

^{[1],[2],[3],[13]}

5.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products

Cost

^[1],[2],[3]

$ 13,056

Fair Value

^{[1],[2],[3],[7]}

$ 13,056

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (4,735 units) Investment date 9/18/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Sep. 18, 2023

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products First Lien Debt Variable Index Spread (S+6.25%) Variable Index Floor (1.00%) Rate Cash 11.75% Rate PIK 0.00% Investment date 8/31/2023 Maturity 8/3/2027

Variable Index Spread

^{[1],[2],[3],[25]}

6.25%

Variable Index Floor

^{[1],[2],[3],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17]}

11.75%

Investment interest rate, PIK

^{[1],[2],[3],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11]}

Aug. 31, 2023

Maturity

^[1],[2],[3]

Aug. 03, 2027

Principal Amount

^[1],[2],[3]

$ 11,893

Cost

^[1],[2],[3]

11,806

Fair Value

^{[1],[2],[3],[7]}

$ 11,806

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Sep. 18, 2023

Cost

^{[1],[2],[3],[13]}

$ 1,250

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,250

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Magenta Buyer LLC (dba Trellix) Information Technology Services Second Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (0.75%) Rate Cash 12.98% Rate PIK 0.00% Investment date 7/19/2022 Maturity 7/27/2029

Variable Index Spread

^{[4],[5],[6],[16],[22]}

8.25%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.75%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

12.98%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Jul. 19, 2022

Maturity

^{[4],[5],[6],[16]}

Jul. 27, 2029

Principal Amount

^{[4],[5],[6],[16]}

$ 7,182

Cost

^{[4],[5],[6],[16]}

6,809

Fair Value

^{[4],[5],[6],[8],[16]}

$ 7,126

Percent of Net Assets

^{[4],[5],[6],[16]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Magenta Buyer LLC (dba Trellix) Information Technology Services Second Lien Debt Variable Index Spread (S+8.25%) Variable Index Floor (0.75%) Rate Cash 13.89% Rate PIK 0.00% Investment date 7/19/2022 Maturity 7/27/2029

Variable Index Spread

^{[1],[2],[3],[13],[25]}

8.25%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.75%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

13.89%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Jul. 19, 2022

Maturity

^{[1],[2],[3],[13]}

Jul. 27, 2029

Principal Amount

^{[1],[2],[3],[13]}

$ 7,182

Cost

^{[1],[2],[3],[13]}

6,864

Fair Value

^{[1],[2],[3],[7],[13]}

$ 5,103

Percent of Net Assets

^{[1],[2],[3],[13]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing

Cost

$ 30,627

^[1],[2],[3]

$ 12,594

^[4],[5],[6]

Fair Value

$ 35,440

^{[1],[2],[3],[7]}

$ 14,396

^{[4],[5],[6],[8]}

Percent of Net Assets

7.00%

^[1],[2],[3]

3.00%

^[4],[5],[6]

Investment Date

Feb. 17, 2022

^{[1],[2],[3],[11],[13]}

Feb. 17, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 1,440

^{[1],[2],[3],[13]}

$ 1,440

^{[4],[5],[6],[16]}

Fair Value

$ 5,440

^{[1],[2],[3],[7],[13]}

$ 3,173

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S +5.50%) Variable Index Floor (0.50%) Rate Cash 9.32% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/2027

Variable Index Spread

^{[4],[5],[6],[22],[23],[79]}

5.50%

Variable Index Floor

^{[4],[5],[6],[22],[23],[79]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[18],[23],[79]}

9.32%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23],[79]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23],[79]}

Feb. 17, 2022

Maturity

^{[4],[5],[6],[23],[79]}

Feb. 17, 2027

Principal Amount

^{[4],[5],[6],[23],[79]}

$ 11,223

Cost

^{[4],[5],[6],[23],[79]}

11,154

Fair Value

^{[4],[5],[6],[8],[23],[79]}

$ 11,223

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.50%) Rate Cash 10.84% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/2027

Variable Index Spread

^{[1],[2],[3],[13],[25],[80]}

5.50%

Variable Index Floor

^{[1],[2],[3],[13],[25],[80]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[80]}

10.84%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[80]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[80]}

Feb. 17, 2022

Maturity

^{[1],[2],[3],[13],[80]}

Feb. 17, 2027

Principal Amount

^{[1],[2],[3],[13],[80]}

$ 20,636

Cost

^{[1],[2],[3],[13],[80]}

19,873

Fair Value

^{[1],[2],[3],[7],[13],[80]}

$ 20,636

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.50%) Rate Cash 10.84% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/2027 Principal Amount 9,364

Variable Index Spread

^{[1],[2],[3],[25],[81]}

5.50%

Variable Index Floor

^{[1],[2],[3],[25],[81]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[17],[81]}

10.84%

Investment interest rate, PIK

^{[1],[2],[3],[17],[81]}

0.00%

Investment Date

^{[1],[2],[3],[11],[81]}

Feb. 17, 2022

Maturity

^{[1],[2],[3],[81]}

Feb. 17, 2027

Principal Amount

^{[1],[2],[3],[81]}

$ 9,364

Cost

^{[1],[2],[3],[81]}

9,314

Fair Value

^{[1],[2],[3],[7],[81]}

9,364

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Mobilewalla, Inc. Information Technology Services First Lien Debt Variable Index Spread (L +11.50%) Variable Index Floor (0.50%) Rate Cash 16.26% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024

Variable Index Spread

^{[4],[5],[6],[16],[22]}

11.50%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

16.26%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 17, 2021

Maturity

^{[4],[5],[6],[16]}

Dec. 17, 2024

Principal Amount

^{[4],[5],[6],[16]}

$ 5,715

Cost

^{[4],[5],[6],[16]}

5,696

Fair Value

^{[4],[5],[6],[8],[16]}

$ 5,715

Percent of Net Assets

^{[4],[5],[6],[16]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NGT Acquisition Holdings, LLC (dba Techniks Industries) Component Manufacturing Common Equity (378 units) Investment date 5/24/2017

Investment Date

^{[4],[5],[6],[14],[16]}

May 24, 2017

Cost

^{[4],[5],[6],[16]}

$ 500

Fair Value

^{[4],[5],[6],[8],[16]}

$ 121

Percent of Net Assets

^{[4],[5],[6],[16]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services

Cost

^[1],[2],[3]

18,273

Fair Value

^{[1],[2],[3],[7]}

$ 18,333

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jun. 20, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 1,125

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 946

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (2.50%) Rate Cash 13.39% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/2028

Variable Index Spread

^{[1],[2],[3],[25],[82]}

8.00%

Variable Index Floor

^{[1],[2],[3],[25],[82]}

2.50%

Investment interest rate, Cash

^{[1],[2],[3],[17],[82]}

13.39%

Investment interest rate, PIK

^{[1],[2],[3],[17],[82]}

0.00%

Investment Date

^{[1],[2],[3],[11],[82]}

Jun. 20, 2023

Maturity

^{[1],[2],[3],[82]}

Jun. 16, 2028

Principal Amount

^{[1],[2],[3],[82]}

$ 17,000

Cost

^{[1],[2],[3],[82]}

16,773

Fair Value

^{[1],[2],[3],[7],[82]}

$ 17,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jun. 20, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 375

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 387

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025

Variable Index Spread

^{[4],[5],[6],[22],[23],[42],[83]}

4.00%

Variable Index Floor

^{[4],[5],[6],[22],[23],[42],[83]}

3.25%

Investment interest rate, Cash

^{[4],[5],[6],[18],[23],[42],[83]}

11.50%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23],[42],[83]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23],[42],[83]}

Nov. 18, 2021

Maturity

^{[4],[5],[6],[23],[42],[83]}

Nov. 18, 2025

Principal Amount

^{[4],[5],[6],[23],[42],[83]}

$ 16,708

Cost

^{[4],[5],[6],[23],[42],[83]}

16,618

Fair Value

^{[4],[5],[6],[8],[23],[42],[83]}

$ 16,852

Percent of Net Assets

^{[4],[5],[6],[23],[42],[83]}

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 12.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025

Variable Index Spread

^{[1],[2],[3],[25],[37],[84]}

4.00%

Variable Index Floor

^{[1],[2],[3],[25],[37],[84]}

3.25%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37],[84]}

12.50%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37],[84]}

0.00%

Investment Date

^{[1],[2],[3],[11],[37],[84]}

Nov. 18, 2021

Maturity

^{[1],[2],[3],[37],[84]}

Nov. 18, 2025

Principal Amount

^{[1],[2],[3],[37],[84]}

$ 16,708

Cost

^{[1],[2],[3],[37],[84]}

16,650

Fair Value

^{[1],[2],[3],[7],[37],[84]}

$ 16,459

Percent of Net Assets

^{[1],[2],[3],[37],[84]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services

Cost

$ 11,438

^[1],[2],[3]

$ 11,422

^[4],[5],[6]

Fair Value

$ 11,704

^{[1],[2],[3],[7]}

$ 11,422

^{[4],[5],[6],[8]}

Percent of Net Assets

2.00%

^[1],[2],[3]

3.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/2022

Investment Date

Sep. 30, 2022

^{[1],[2],[3],[11],[13]}

Sep. 30, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 500

^{[1],[2],[3],[13]}

$ 500

^{[4],[5],[6],[16]}

Fair Value

$ 704

^{[1],[2],[3],[7],[13]}

$ 500

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.50%) Variable Index Floor (1.00%) Rate Cash 12.08% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027

Variable Index Spread

^{[4],[5],[6],[22],[85]}

7.50%

Variable Index Floor

^{[4],[5],[6],[22],[85]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[85]}

12.08%

Investment interest rate, PIK

^{[4],[5],[6],[18],[85]}

0.00%

Investment Date

^{[4],[5],[6],[14],[85]}

Sep. 30, 2022

Maturity

^{[4],[5],[6],[85]}

Sep. 30, 2027

Principal Amount

^{[4],[5],[6],[85]}

$ 11,000

Cost

^{[4],[5],[6],[85]}

10,922

Fair Value

^{[4],[5],[6],[8],[85]}

$ 10,922

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (1.00%) Rate Cash 12.83% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027

Variable Index Spread

^{[1],[2],[3],[25],[86]}

7.50%

Variable Index Floor

^{[1],[2],[3],[25],[86]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[86]}

12.83%

Investment interest rate, PIK

^{[1],[2],[3],[17],[86]}

0.00%

Investment Date

^{[1],[2],[3],[11],[86]}

Sep. 30, 2022

Maturity

^{[1],[2],[3],[86]}

Sep. 30, 2027

Principal Amount

^{[1],[2],[3],[86]}

$ 11,000

Cost

^{[1],[2],[3],[86]}

10,938

Fair Value

^{[1],[2],[3],[7],[86]}

$ 11,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/2016

Investment Date

Nov. 03, 2016

^{[1],[2],[3],[11],[13]}

Nov. 03, 2016

^{[4],[5],[6],[14],[16]}

Cost

$ 265

^{[1],[2],[3],[13]}

$ 265

^{[4],[5],[6],[16]}

Fair Value

$ 306

^{[1],[2],[3],[7],[13]}

$ 453

^{[4],[5],[6],[8],[16]}

Percent of Net Assets

0.00%

^{[1],[2],[3],[13]}

0.00%

^{[4],[5],[6],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Debt Rate Cash 9.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/2027

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

9.00%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Jun. 30, 2022

Maturity

^{[4],[5],[6],[16]}

Jun. 30, 2027

Principal Amount

^{[4],[5],[6],[16]}

$ 13,000

Cost

^{[4],[5],[6],[16]}

12,933

Fair Value

^{[4],[5],[6],[8],[16]}

$ 13,000

Percent of Net Assets

^{[4],[5],[6],[16]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 9.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/2027

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

9.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Jun. 30, 2022

Maturity

^{[1],[2],[3],[13]}

Jun. 30, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 12,850

Cost

^{[1],[2],[3],[13]}

12,798

Fair Value

^{[1],[2],[3],[7],[13]}

$ 12,850

Percent of Net Assets

^{[1],[2],[3],[13]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Oil & Gas Services Common Equity (18,298 units) Investment date 10/28/2020

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Oct. 28, 2020

Cost

^{[1],[2],[3],[12],[13]}

$ 549

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 4,649

Percent of Net Assets

^{[1],[2],[3],[12],[13]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Specialty Distribution Common Equity (15,000 units) Investment date 10/28/2020

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Oct. 28, 2020

Cost

^{[4],[5],[6],[15],[16]}

$ 549

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 4,835

Percent of Net Assets

^{[4],[5],[6],[15],[16]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc.

Cost

^[4],[5],[6]

$ 18,591

Fair Value

^{[4],[5],[6],[8]}

$ 20,211

Percent of Net Assets

^[4],[5],[6]

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018

Investment Date

^{[4],[5],[6],[14],[16]}

Apr. 12, 2018

Cost

^{[4],[5],[6],[16]}

$ 462

Fair Value

^{[4],[5],[6],[8],[16]}

$ 1,776

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018

Investment Date

^{[4],[5],[6],[14],[16]}

Apr. 12, 2018

Cost

^{[4],[5],[6],[16]}

$ 392

Fair Value

^{[4],[5],[6],[8],[16]}

$ 624

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 12/2/2019

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 02, 2019

Cost

^{[4],[5],[6],[16]}

$ 48

Fair Value

^{[4],[5],[6],[8],[16]}

$ 77

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Second Lien Debt Industry Rate Cash/PIK 11.00%/0.50% Investment date 4/12/2018 Maturity 12/2/2025

Investment interest rate, Cash

^{[4],[5],[6],[18],[23]}

11.00%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23]}

0.50%

Investment Date

^{[4],[5],[6],[14],[23]}

Apr. 12, 2018

Maturity

^{[4],[5],[6],[23]}

Dec. 02, 2025

Principal Amount

^{[4],[5],[6],[23]}

$ 17,734

Cost

^{[4],[5],[6],[23]}

17,689

Fair Value

^{[4],[5],[6],[8],[23]}

17,734

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC

Cost

^[4],[5],[6]

11,320

Fair Value

^{[4],[5],[6],[8]}

$ 11,419

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services

Cost

^[1],[2],[3]

$ 11,327

Fair Value

^{[1],[2],[3],[7]}

$ 11,392

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,341 units) Investment date 9/21/2021

Investment Date

Sep. 21, 2021

^{[1],[2],[3],[11],[12],[13]}

Sep. 21, 2021

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 534

^{[1],[2],[3],[12],[13]}

$ 534

^{[4],[5],[6],[15],[16]}

Fair Value

$ 561

^{[1],[2],[3],[7],[12],[13]}

$ 588

^{[4],[5],[6],[8],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Second Lien Debt Variable Index Spread (S +9.50%) Variable Index Floor (1.00%)Cash 14.23% Rate PIK 0.00% Investment date 9/21/2021 Maturity 3/21/2029

Variable Index Spread

^{[4],[5],[6],[16],[22]}

9.50%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

14.23%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Sep. 21, 2021

Maturity

^{[4],[5],[6],[16]}

Mar. 21, 2029

Principal Amount

^{[4],[5],[6],[16]}

$ 10,831

Cost

^{[4],[5],[6],[16]}

10,786

Fair Value

^{[4],[5],[6],[8],[16]}

10,831

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Second Lien Debt Variable Index Spread (S+9.50%) Variable Index Floor (1.00%) Rate Cash 15.15% Rate PIK 0.00% Investment date 9/12/2021 Maturity 3/21/2029

Variable Index Spread

^{[1],[2],[3],[13],[25]}

9.50%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

15.15%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Sep. 21, 2021

Maturity

^{[1],[2],[3],[13]}

Mar. 21, 2029

Principal Amount

^{[1],[2],[3],[13]}

$ 10,831

Cost

^{[1],[2],[3],[13]}

10,793

Fair Value

^{[1],[2],[3],[7],[13]}

10,831

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc.

Cost

^[4],[5],[6]

6,660

Fair Value

^{[4],[5],[6],[8]}

$ 6,237

Percent of Net Assets

^[4],[5],[6]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services

Cost

^[1],[2],[3]

6,698

Fair Value

^{[1],[2],[3],[7]}

$ 6,181

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor (2.00%) Rate Cash 12.72% Rate PIK 0.00% Investment date 11/25/2019 Maturity 11/25/2024

Variable Index Spread

^{[1],[2],[3],[13],[25],[87]}

7.25%

Variable Index Floor

^{[1],[2],[3],[13],[25],[87]}

2.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[87]}

12.72%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[87]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[87]}

Nov. 25, 2019

Maturity

^{[1],[2],[3],[13],[87]}

Nov. 25, 2024

Principal Amount

^{[1],[2],[3],[13],[87]}

$ 5,833

Cost

^{[1],[2],[3],[13],[87]}

5,798

Fair Value

^{[1],[2],[3],[7],[13],[87]}

$ 5,833

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services First Lien Debt Variable Index Spread / Floor (S + 6.75%) / (2.00%) Rate Cash/PIK 11.59%/0.00% Investment date 11/25/2019 Maturity 11/25/2024

Variable Index Spread

^{[4],[5],[6],[16],[22]}

6.75%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

2.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

11.59%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Nov. 25, 2019

Maturity

^{[4],[5],[6],[16]}

Nov. 25, 2024

Principal Amount

^{[4],[5],[6],[16]}

$ 5,833

Cost

^{[4],[5],[6],[16]}

5,760

Fair Value

^{[4],[5],[6],[8],[16]}

$ 5,833

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/2019

Investment Date

Nov. 25, 2019

^{[1],[2],[3],[11],[13]}

Nov. 25, 2019

^{[4],[5],[6],[14],[16]}

Cost

$ 900

^{[1],[2],[3],[13]}

$ 900

^{[4],[5],[6],[16]}

Fair Value

$ 348

^{[1],[2],[3],[7],[13]}

$ 404

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime Quest Software US Holdings Inc. Information Technology Services Second Lien Debt Variable Index Spread (S +7.50%) Variable Index Floor (0.50%) Rate Cash 11.79% Rate PIK 0.00% Investment date 3/1/2022 Maturity 2/1/2030

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.50%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

11.79%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Mar. 01, 2022

Maturity

^{[4],[5],[6],[16]}

Feb. 01, 2030

Principal Amount

^{[4],[5],[6],[16]}

$ 20,000

Cost

^{[4],[5],[6],[16]}

19,360

Fair Value

^{[4],[5],[6],[8],[16]}

$ 15,002

Percent of Net Assets

^{[4],[5],[6],[16]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Puget Collision, LLC Retail First Lien Debt Variable Index Spread (S + 8.50%) Variable Index Floor (1.00%) Rate Cash 13.84% Rate PIK 0.00% Investment date 4/28/2023 Maturity 9/12/2027

Variable Index Spread

^{[1],[2],[3],[25],[37]}

8.50%

Variable Index Floor

^{[1],[2],[3],[25],[37]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37]}

13.84%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37]}

0.00%

Investment Date

^{[1],[2],[3],[11],[37]}

Apr. 28, 2023

Maturity

^{[1],[2],[3],[37]}

Sep. 12, 2027

Principal Amount

^{[1],[2],[3],[37]}

$ 17,546

Cost

^{[1],[2],[3],[37]}

17,465

Fair Value

^{[1],[2],[3],[7],[37]}

$ 17,546

Percent of Net Assets

^{[1],[2],[3],[37]}

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing

Cost

^[1],[2],[3]

$ 18,642

Fair Value

^{[1],[2],[3],[7]}

$ 19,271

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Feb. 28, 2023

Cost

^{[1],[2],[3],[13]}

$ 1,402

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,923

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing First Lien Debt (S + 6.25%) Variable Index Floor (1.50%) Rate Cash 11.14% Rate PIK 0.50% Investment date 3/1/2023 Maturity 3/1/2028

Variable Index Spread

^{[1],[2],[3],[25],[88]}

6.25%

Variable Index Floor

^{[1],[2],[3],[25],[88]}

1.50%

Investment interest rate, Cash

^{[1],[2],[3],[17],[88]}

11.14%

Investment interest rate, PIK

^{[1],[2],[3],[17],[88]}

0.50%

Investment Date

^{[1],[2],[3],[11],[88]}

Mar. 01, 2023

Maturity

^{[1],[2],[3],[88]}

Mar. 01, 2028

Principal Amount

^{[1],[2],[3],[88]}

$ 17,348

Cost

^{[1],[2],[3],[88]}

17,240

Fair Value

^{[1],[2],[3],[7],[88]}

$ 17,348

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Information Technology Services Second Lien Debt Variable Index Spread / Floor (S + 7.50%) / (0.50%) Rate Cash/PIK 13.03%/0.00% Investment date 3/1/2022 Maturity 2/1/2030

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.50%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

13.03%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Mar. 01, 2022

Maturity

^{[1],[2],[3],[13]}

Feb. 01, 2030

Principal Amount

^{[1],[2],[3],[13]}

$ 20,000

Cost

^{[1],[2],[3],[13]}

19,450

Fair Value

^{[1],[2],[3],[7],[13]}

$ 14,927

Percent of Net Assets

^{[1],[2],[3],[13]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics)

Cost

^[4],[5],[6]

$ 6,876

Fair Value

^{[4],[5],[6],[8]}

$ 6,876

Percent of Net Assets

^[4],[5],[6]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services

Cost

^[1],[2],[3]

$ 7,805

Fair Value

^{[1],[2],[3],[7]}

$ 8,063

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) ($70 unfunded commitment) Investment date 12/30/2022

Investment Date

Dec. 30, 2022

^{[1],[2],[3],[11],[13]}

Dec. 30, 2022

^{[4],[5],[6],[14],[16]}

Cost

$ 280

^{[1],[2],[3],[13]}

$ 280

^{[4],[5],[6],[16]}

Fair Value

$ 317

^{[1],[2],[3],[7],[13]}

$ 280

^{[4],[5],[6],[8],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt ($1,596 unfunded commitment) Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 11.72%/0.00% Investment date 12/30/2022 Maturity 12/30/2028

Variable Index Spread

^{[1],[2],[3],[13],[25],[89]}

6.25%

Variable Index Floor

^{[1],[2],[3],[13],[25],[89]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[89]}

11.72%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[89]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[89]}

Dec. 30, 2022

Maturity

^{[1],[2],[3],[13],[89]}

Dec. 30, 2028

Principal Amount

^{[1],[2],[3],[13],[89]}

$ 6,343

Cost

^{[1],[2],[3],[13],[89]}

6,162

Fair Value

^{[1],[2],[3],[7],[13],[89]}

$ 6,343

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt ($2,489 unfunded commitment) Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 10.83%/0.00% Investment date 12/30/2022 Maturity 12/30/2028

Variable Index Spread

^{[4],[5],[6],[16],[22],[62]}

6.25%

Variable Index Floor

^{[4],[5],[6],[16],[22],[62]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[62]}

10.83%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[62]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[62]}

Dec. 30, 2022

Maturity

^{[4],[5],[6],[16],[62]}

Dec. 30, 2028

Principal Amount

^{[4],[5],[6],[16],[62]}

$ 5,511

Cost

^{[4],[5],[6],[16],[62]}

5,309

Fair Value

^{[4],[5],[6],[8],[16],[62]}

$ 5,309

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt ($417 unfunded commitment) Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029

Investment interest rate, Cash

8.75%

^{[1],[2],[3],[13],[17],[89]}

8.75%

^{[4],[5],[6],[16],[18],[62]}

Investment interest rate, PIK

5.00%

^{[1],[2],[3],[13],[17],[89]}

5.00%

^{[4],[5],[6],[16],[18],[62]}

Investment Date

Dec. 30, 2022

^{[1],[2],[3],[11],[13],[89]}

Dec. 30, 2022

^{[4],[5],[6],[14],[16],[62]}

Maturity

Jun. 30, 2029

^{[1],[2],[3],[13],[89]}

Jun. 30, 2029

^{[4],[5],[6],[16],[62]}

Principal Amount

$ 1,403

^{[1],[2],[3],[13],[89]}

$ 1,334

^{[4],[5],[6],[16],[62]}

Cost

1,363

^{[1],[2],[3],[13],[89]}

1,287

^{[4],[5],[6],[16],[62]}

Fair Value

$ 1,403

^{[1],[2],[3],[7],[13],[89]}

1,287

^{[4],[5],[6],[8],[16],[62]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution

Cost

^[4],[5],[6]

16,230

Fair Value

^{[4],[5],[6],[8]}

$ 17,537

Percent of Net Assets

^[4],[5],[6]

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 08/11/2017

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Aug. 11, 2017

Cost

^{[4],[5],[6],[15],[16]}

$ 1,125

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 2,379

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class F Units) (710 units) Investment date 12/10/2020

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Dec. 10, 2020

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Preferred Equity (Units N/A) Investment date 12/10/2020

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Dec. 10, 2020

Cost

^{[4],[5],[6],[15],[16]}

$ 268

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 307

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Second Lien Debt Rate Cash/PIK 11.50%/0.00% Investment date 8/11/2017 Maturity 2/11/2026

Investment interest rate, Cash

^{[4],[5],[6],[18],[23]}

11.50%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23]}

Aug. 11, 2017

Maturity

^{[4],[5],[6],[23]}

Feb. 11, 2026

Principal Amount

^{[4],[5],[6],[23]}

$ 14,851

Cost

^{[4],[5],[6],[23]}

14,837

Fair Value

^{[4],[5],[6],[8],[23]}

14,851

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc.

Cost

^[4],[5],[6]

16,931

Fair Value

^{[4],[5],[6],[8]}

$ 17,400

Percent of Net Assets

^[4],[5],[6]

4.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018

Investment Date

^{[4],[5],[6],[14]}

Sep. 18, 2018

Cost

^[4],[5],[6]

$ 1,121

Fair Value

^{[4],[5],[6],[8]}

$ 1,558

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Second Lien Debt Industry Business Services Rate Cash/PIK 11.25%/2.00% Investment date 09/18/2018 Maturity 09/18/2025

Investment interest rate, Cash

^{[4],[5],[6],[18]}

11.25%

Investment interest rate, PIK

^{[4],[5],[6],[18]}

2.00%

Investment Date

^{[4],[5],[6],[14]}

Sep. 18, 2018

Maturity

^[4],[5],[6]

Sep. 18, 2025

Principal Amount

^[4],[5],[6]

$ 15,842

Cost

^[4],[5],[6]

15,810

Fair Value

^{[4],[5],[6],[8]}

$ 15,842

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Information Technology Services Second Lien Debt Variable Index Spread / Floor (S + 7.50%) / (0.00%) Rate Cash/PIK 13.01%/0.00% Investment date 9/6/2022 Maturity 5/18/2026

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.50%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

13.01%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Sep. 06, 2022

Maturity

^{[1],[2],[3],[13]}

May 18, 2026

Principal Amount

^{[1],[2],[3],[13]}

$ 3,581

Cost

^{[1],[2],[3],[13]}

3,391

Fair Value

^{[1],[2],[3],[7],[13]}

$ 3,356

Percent of Net Assets

^{[1],[2],[3],[13]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (L + 7.50%) / (0.00%) Rate Cash/PIK 12.20%/0.00% Investment date 9/6/2022 Maturity 5/18/2026

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.50%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

12.20%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Sep. 06, 2022

Maturity

^{[4],[5],[6],[16]}

May 18, 2026

Principal Amount

^{[4],[5],[6],[16]}

$ 4,774

Cost

^{[4],[5],[6],[16]}

4,508

Fair Value

^{[4],[5],[6],[8],[16]}

$ 4,733

Percent of Net Assets

^{[4],[5],[6],[16]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC

Cost

^[4],[5],[6]

$ 16,683

Fair Value

^{[4],[5],[6],[8]}

$ 10,738

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services

Cost

^[1],[2],[3]

$ 16,769

Fair Value

^{[1],[2],[3],[7]}

$ 4,324

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (56,382 units) Investment date 12/1/2021

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Dec. 01, 2021

Cost

^{[1],[2],[3],[12],[13]}

$ 836

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (7,500 units) Investment date 12/01/2021

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Dec. 01, 2021

Cost

^{[4],[5],[6],[15],[16]}

$ 750

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 12

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Second Lien Debt Rate Cash/PIK 0.00%/12.00% Investment date 10/29/2021 Maturity 6/1/2028

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[31]}

0.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[31]}

12.00%

Investment Date

^{[1],[2],[3],[11],[13],[31]}

Oct. 29, 2021

Maturity

^{[1],[2],[3],[13],[31]}

Jun. 01, 2028

Principal Amount

^{[1],[2],[3],[13],[31]}

$ 16,000

Cost

^{[1],[2],[3],[13],[31]}

15,933

Fair Value

^{[1],[2],[3],[7],[13],[31]}

4,324

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Second Lien Debt Industry Information Technology Services Rate Cash/PIK 12.00%/0.00% Investment date 10/29/2021 Maturity 6/1/2028

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

12.00%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Oct. 29, 2021

Maturity

^{[4],[5],[6],[16]}

Jun. 01, 2028

Principal Amount

^{[4],[5],[6],[16]}

$ 16,000

Cost

^{[4],[5],[6],[16]}

15,933

Fair Value

^{[4],[5],[6],[8],[16]}

$ 10,726

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products

Cost

^[1],[2],[3]

19,378

Fair Value

^{[1],[2],[3],[7]}

$ 18,759

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Delayed Draw Commitment ($3,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027

Variable Index Spread

^{[4],[5],[6],[16],[22],[62]}

7.75%

Variable Index Floor

^{[4],[5],[6],[16],[22],[62]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[62]}

11.57%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[62]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[62]}

Mar. 04, 2022

Maturity

^{[4],[5],[6],[16],[62]}

Mar. 04, 2027

Cost

^{[4],[5],[6],[16],[62]}

$ (14)

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.75%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

11.57%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Mar. 04, 2022

Maturity

^{[4],[5],[6],[16]}

Mar. 04, 2027

Principal Amount

^{[4],[5],[6],[16]}

$ 15,600

Cost

^{[4],[5],[6],[16]}

15,527

Fair Value

^{[4],[5],[6],[8],[16]}

$ 15,600

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Preferred Equity (Series A) (1,000 units) Investment date 03/04/2022

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Mar. 04, 2022

Cost

^{[4],[5],[6],[15],[16]}

$ 1,000

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 1,792

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,400 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027

Variable Index Spread

^{[4],[5],[6],[16],[22],[42]}

7.75%

Variable Index Floor

^{[4],[5],[6],[16],[22],[42]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[42]}

11.57%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[42]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[42]}

Mar. 04, 2022

Maturity

^{[4],[5],[6],[16],[42]}

Mar. 04, 2027

Principal Amount

^{[4],[5],[6],[16],[42]}

$ 1,600

Cost

^{[4],[5],[6],[16],[42]}

1,581

Fair Value

^{[4],[5],[6],[8],[16],[42]}

$ 1,600

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Subordinated Debt Cash 7.25% Rate PIK 7.25% Investment date 03/04/2022 Maturity 09/04/2027

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

7.25%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

7.25%

Investment Date

^{[4],[5],[6],[14],[16]}

Mar. 04, 2022

Maturity

^{[4],[5],[6],[16]}

Sep. 04, 2027

Principal Amount

^{[4],[5],[6],[16]}

$ 2,656

Cost

^{[4],[5],[6],[16]}

2,643

Fair Value

^{[4],[5],[6],[8],[16]}

3,750

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC.

Cost

^[4],[5],[6]

20,737

Fair Value

^{[4],[5],[6],[8]}

$ 22,742

Percent of Net Assets

^[4],[5],[6]

5.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 13.41% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.75%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

13.41%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Mar. 04, 2022

Maturity

^{[1],[2],[3],[13]}

Mar. 04, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 15,600

Cost

^{[1],[2],[3],[13]}

15,545

Fair Value

^{[1],[2],[3],[7],[13]}

$ 15,600

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/2022

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Mar. 04, 2022

Cost

^{[1],[2],[3],[12],[13]}

$ 1,000

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 432

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Revolving Loan ($2,400 unfunded commitment) Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 13.41% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027

Variable Index Spread

^{[1],[2],[3],[13],[25],[43]}

7.75%

Variable Index Floor

^{[1],[2],[3],[13],[25],[43]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[43]}

13.41%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[43]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[43]}

Mar. 04, 2022

Maturity

^{[1],[2],[3],[13],[43]}

Mar. 04, 2027

Cost

^{[1],[2],[3],[13],[43]}

$ (14)

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Subordinated Debt Rate Cash 7.25% Rate PIK 7.25% Investment date 3/4/2022 Maturity 9/4/2027

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

7.25%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

7.25%

Investment Date

^{[1],[2],[3],[11],[13]}

Mar. 04, 2022

Maturity

^{[1],[2],[3],[13]}

Sep. 04, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 2,857

Cost

^{[1],[2],[3],[13]}

2,847

Fair Value

^{[1],[2],[3],[7],[13]}

$ 2,727

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/2017

Investment Date

Dec. 08, 2017

^{[1],[2],[3],[11],[13]}

Dec. 08, 2017

^{[4],[5],[6],[14],[16]}

Cost

$ 933

^{[1],[2],[3],[13]}

$ 933

^{[4],[5],[6],[16]}

Fair Value

$ 7

^{[1],[2],[3],[7],[13]}

$ 110

^{[4],[5],[6],[8],[16]}

Percent of Net Assets

0.00%

^{[1],[2],[3],[13]}

0.00%

^{[4],[5],[6],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Industry Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/2025

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[61],[90]}

12.50%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[61],[90]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[61],[90]}

Dec. 21, 2022

Maturity

^{[4],[5],[6],[16],[61],[90]}

May 31, 2025

Principal Amount

^{[4],[5],[6],[16],[61],[90]}

$ 12,500

Cost

^{[4],[5],[6],[16],[61],[90]}

12,438

Fair Value

^{[4],[5],[6],[8],[16],[61],[90]}

$ 12,438

Percent of Net Assets

^{[4],[5],[6],[16],[61],[90]}

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/2025

Investment interest rate, Cash

^{[1],[2],[3],[13],[17],[58],[91]}

12.50%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17],[58],[91]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13],[58],[91]}

Dec. 21, 2022

Maturity

^{[1],[2],[3],[13],[58],[91]}

May 31, 2025

Principal Amount

^{[1],[2],[3],[13],[58],[91]}

$ 12,500

Cost

^{[1],[2],[3],[13],[58],[91]}

12,464

Fair Value

^{[1],[2],[3],[7],[13],[58],[91]}

$ 12,500

Percent of Net Assets

^{[1],[2],[3],[13],[58],[91]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Business Services Common Equity (705,000 units) Investment date 4/3/2018

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Apr. 03, 2018

Cost

^{[1],[2],[3],[12],[13]}

$ 655

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 1,935

Percent of Net Assets

^{[1],[2],[3],[12],[13]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Apr. 03, 2018

Cost

^{[4],[5],[6],[15],[16]}

$ 655

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 1,504

Percent of Net Assets

^{[4],[5],[6],[15],[16]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments US Fertility Enterprises, LLC Industry Healthcare Services Subordinated Debt Rate Cash 0.00% Rate PIK 13.75% Investment date 5/19/2023 Maturity 6/1/2028

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

0.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

13.75%

Investment Date

^{[1],[2],[3],[11],[13]}

May 19, 2023

Maturity

^{[1],[2],[3],[13]}

Jun. 01, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 13,614

Cost

^{[1],[2],[3],[13]}

13,284

Fair Value

^{[1],[2],[3],[7],[13]}

$ 13,614

Percent of Net Assets

^{[1],[2],[3],[13]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services

Cost

^[1],[2],[3]

$ 10,372

Fair Value

^{[1],[2],[3],[7]}

$ 10,959

Percent of Net Assets

^[1],[2],[3]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services Common Equity (Units N/A) Investment date 2/21/2023

Investment Date

^{[1],[2],[3],[11],[13]}

Feb. 21, 2023

Cost

^{[1],[2],[3],[13]}

$ 455

Fair Value

^{[1],[2],[3],[7],[13]}

$ 959

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services First Lien Debt Variable Index Spread (S + 8.50%) Variable Index Floor (2.50%) Rate Cash 14.04% Rate PIK 0.00% Investment date 2/21/2023

Variable Index Spread

^{[1],[2],[3],[13],[25]}

8.50%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

2.50%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

14.04%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Feb. 23, 2023

Maturity

^{[1],[2],[3],[13]}

Feb. 23, 2028

Principal Amount

^{[1],[2],[3],[13]}

$ 10,000

Cost

^{[1],[2],[3],[13]}

9,917

Fair Value

^{[1],[2],[3],[7],[13]}

10,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC.

Cost

$ 1,574

^[1],[2],[3]

$ 1,573

^[4],[5],[6]

Percent of Net Assets

0.00%

^[1],[2],[3]

0.00%

^[4],[5],[6]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012

Investment Date

Apr. 01, 2012

^{[1],[2],[3],[11],[12],[13]}

Apr. 01, 2012

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 1,008

^{[1],[2],[3],[12],[13]}

$ 1,008

^{[4],[5],[6],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012

Investment Date

Mar. 05, 2012

^{[1],[2],[3],[11],[13],[20]}

Mar. 05, 2012

^{[4],[5],[6],[14],[16],[19]}

Cost

$ 566

^{[1],[2],[3],[13],[20]}

$ 565

^{[4],[5],[6],[16],[19]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 Units) Investment date 12/19/2014

Investment Date

^{[1],[2],[3],[11],[13]}

Dec. 19, 2014

Cost

^{[1],[2],[3],[13]}

$ 181

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,330

Percent of Net Assets

^{[1],[2],[3],[13]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014

Investment Date

^{[4],[5],[6],[14],[16]}

Dec. 19, 2014

Cost

^{[4],[5],[6],[16]}

$ 79

Fair Value

^{[4],[5],[6],[8],[16]}

$ 845

Percent of Net Assets

^{[4],[5],[6],[16]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing

Cost

^[1],[2],[3]

$ 11,263

Fair Value

^{[1],[2],[3],[7]}

$ 5,671

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (1.00%) Rate Cash 14.48% Rate PIK 0.00% Investment date 4/13/2022 Maturity 10/13/2027

Variable Index Spread

^{[4],[5],[6],[22]}

9.75%

Variable Index Floor

^{[4],[5],[6],[22]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18]}

14.48%

Investment interest rate, PIK

^{[4],[5],[6],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14]}

Apr. 13, 2022

Maturity

^[4],[5],[6]

Oct. 13, 2027

Principal Amount

^[4],[5],[6]

$ 11,002

Cost

^[4],[5],[6]

10,906

Fair Value

^{[4],[5],[6],[8]}

$ 5,887

Percent of Net Assets

^[4],[5],[6]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (2.50%) Rate Cash 5.46% Rate PIK 9.75% Investment date 4/13/2022 Maturity 6/30/2026

Variable Index Spread

^{[1],[2],[3],[25],[31]}

9.75%

Variable Index Floor

^{[1],[2],[3],[25],[31]}

2.50%

Investment interest rate, Cash

^{[1],[2],[3],[17],[31]}

5.46%

Investment interest rate, PIK

^{[1],[2],[3],[17],[31]}

9.75%

Investment Date

^{[1],[2],[3],[11],[31]}

Apr. 13, 2022

Maturity

^{[1],[2],[3],[31]}

Jun. 30, 2026

Principal Amount

^{[1],[2],[3],[31]}

$ 11,002

Cost

^{[1],[2],[3],[31]}

10,906

Fair Value

^{[1],[2],[3],[7],[31]}

$ 5,340

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Subordinated Debt Variable Index Spread (S + 4.00%) Variable Index Floor (2.50%) Rate Cash 9.46% Rate PIK 0.00% Investment date 9/20/2023 Maturity 12/31/2025

Variable Index Spread

^{[1],[2],[3],[25]}

4.00%

Variable Index Floor

^{[1],[2],[3],[25]}

2.50%

Investment interest rate, Cash

^{[1],[2],[3],[17]}

9.46%

Investment interest rate, PIK

^{[1],[2],[3],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11]}

Sep. 20, 2023

Maturity

^[1],[2],[3]

Dec. 31, 2025

Principal Amount

^[1],[2],[3]

$ 359

Cost

^[1],[2],[3]

357

Fair Value

^{[1],[2],[3],[7]}

331

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Westerns Smokehouse, LLC

Cost

^[4],[5],[6]

$ 10,345

Fair Value

^{[4],[5],[6],[8]}

$ 10,413

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Westerns Smokehouse, LLC Delayed Draw Commitment ($2,702 unfunded commitment) Consumer Products Variable Index Spread/Floor(S + 5.00%)/(1.50%) Rate Cash /PIK 9.71%/ 0.00% Investment date 6/29/2022 Maturity 12/23/2024

Variable Index Spread

^{[4],[5],[6],[16],[22],[42],[92]}

5.00%

Variable Index Floor

^{[4],[5],[6],[16],[22],[42],[92]}

1.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[42],[92]}

9.71%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[42],[92]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[42],[92]}

Jun. 29, 2022

Maturity

^{[4],[5],[6],[16],[42],[92]}

Dec. 23, 2024

Principal Amount

^{[4],[5],[6],[16],[42],[92]}

$ 798

Cost

^{[4],[5],[6],[16],[42],[92]}

791

Fair Value

^{[4],[5],[6],[8],[16],[42],[92]}

$ 798

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Westerns Smokehouse, LLC First Lien Debt Consumer Products Variable Index Spread/ Floor(S + 6.50%) /(1.50%) Rate Cash/PIK 11.21%/ 0.00% Investment date 2/28/2020 Maturity 12/23/2024

Variable Index Spread

^{[4],[5],[6],[16],[22],[93]}

6.50%

Variable Index Floor

^{[4],[5],[6],[16],[22],[93]}

1.50%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[93]}

11.21%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[93]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[93]}

Feb. 28, 2020

Maturity

^{[4],[5],[6],[16],[93]}

Dec. 23, 2024

Principal Amount

^{[4],[5],[6],[16],[93]}

$ 9,616

Cost

^{[4],[5],[6],[16],[93]}

9,554

Fair Value

^{[4],[5],[6],[8],[16],[93]}

$ 9,615

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services

Cost

^[1],[2],[3]

17,905

Fair Value

^{[1],[2],[3],[7]}

$ 17,905

Percent of Net Assets

^[1],[2],[3]

3.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services Common Equity (536 units) Investment date 10/11/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Oct. 11, 2023

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.66% Rate PIK 0.00% Investment date 10/11/2023 Maturity 10/11/2029

Variable Index Spread

^{[1],[2],[3],[13],[25]}

6.25%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

11.66%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Oct. 11, 2023

Maturity

^{[1],[2],[3],[13]}

Oct. 11, 2029

Principal Amount

^{[1],[2],[3],[13]}

$ 17,500

Cost

^{[1],[2],[3],[13]}

17,405

Fair Value

^{[1],[2],[3],[7],[13]}

$ 17,405

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/2023

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Oct. 11, 2023

Cost

^{[1],[2],[3],[12],[13]}

$ 500

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 12.00%) Variable Index Floor (1.00%) Rate Cash 16.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026

Variable Index Spread

^{[4],[5],[6],[16],[22],[94]}

12.00%

Variable Index Floor

^{[4],[5],[6],[16],[22],[94]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18],[94]}

16.75%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18],[94]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16],[94]}

Apr. 01, 2021

Maturity

^{[4],[5],[6],[16],[94]}

Apr. 01, 2026

Principal Amount

^{[4],[5],[6],[16],[94]}

$ 4,000

Cost

^{[4],[5],[6],[16],[94]}

3,907

Fair Value

^{[4],[5],[6],[8],[16],[94]}

4,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (S + 11.00%) Variable Index Floor (6.00%) Rate Cash 12.00% Rate PIK 5.00% Investment date 12/13/2023 Maturity 6/13/2027

Variable Index Spread

^{[1],[2],[3],[13],[25]}

11.00%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

6.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

12.00%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

5.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Dec. 13, 2023

Maturity

^{[1],[2],[3],[13]}

Jun. 13, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 2,005

Cost

^{[1],[2],[3],[13]}

1,976

Fair Value

^{[1],[2],[3],[7],[13]}

$ 1,976

Percent of Net Assets

^{[1],[2],[3],[13]}

0.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution

Cost

^[4],[5],[6]

10,873

Fair Value

^{[4],[5],[6],[8]}

$ 11,000

Percent of Net Assets

^[4],[5],[6]

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution First Lien Debt Variable Index Spread (L + 13.00%) Variable Index Floor (1.00%) Rate Cash 17.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026

Variable Index Spread

^{[4],[5],[6],[22]}

13.00%

Variable Index Floor

^{[4],[5],[6],[22]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18]}

17.75%

Investment interest rate, PIK

^{[4],[5],[6],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14]}

Apr. 01, 2021

Maturity

^[4],[5],[6]

Apr. 01, 2026

Principal Amount

^[4],[5],[6]

$ 7,000

Cost

^[4],[5],[6]

6,966

Fair Value

^{[4],[5],[6],[8]}

$ 7,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Industry Information Technology Services First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (1.00%) Rate Cash 12.59% Rate PIK 0.00% Investment date 2/10/2021 Maturity 2/9/2026

Variable Index Spread

^{[1],[2],[3],[25],[37],[95]}

7.00%

Variable Index Floor

^{[1],[2],[3],[25],[37],[95]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[17],[37],[95]}

12.59%

Investment interest rate, PIK

^{[1],[2],[3],[17],[37],[95]}

0.00%

Investment Date

^{[1],[2],[3],[11],[37],[95]}

Feb. 10, 2021

Maturity

^{[1],[2],[3],[37],[95]}

Feb. 09, 2026

Principal Amount

^{[1],[2],[3],[37],[95]}

$ 8,316

Cost

^{[1],[2],[3],[37],[95]}

8,291

Fair Value

^{[1],[2],[3],[7],[37],[95]}

$ 8,316

Percent of Net Assets

^{[1],[2],[3],[37],[95]}

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (L + 7.25%) Variable Index Floor (1.00%) Rate Cash 11.97% Rate PIK 0.00% Investment date 2/10/2021 Maturity 2/9/2026

Variable Index Spread

^{[4],[5],[6],[22],[23],[96]}

7.25%

Variable Index Floor

^{[4],[5],[6],[22],[23],[96]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[18],[23],[96]}

11.97%

Investment interest rate, PIK

^{[4],[5],[6],[18],[23],[96]}

0.00%

Investment Date

^{[4],[5],[6],[14],[23],[96]}

Feb. 10, 2021

Maturity

^{[4],[5],[6],[23],[96]}

Feb. 09, 2026

Principal Amount

^{[4],[5],[6],[23],[96]}

$ 8,316

Cost

^{[4],[5],[6],[23],[96]}

8,279

Fair Value

^{[4],[5],[6],[8],[23],[96]}

$ 8,316

Percent of Net Assets

^{[4],[5],[6],[23],[96]}

2.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services

Cost

^[1],[2],[3]

$ 27,582

Fair Value

^{[1],[2],[3],[7]}

$ 28,499

Percent of Net Assets

^[1],[2],[3]

5.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (752,380 units) Investment date 7/26/2021

Investment Date

^{[1],[2],[3],[11],[12],[13]}

Jul. 26, 2021

Cost

^{[1],[2],[3],[12],[13]}

$ 225

Fair Value

^{[1],[2],[3],[7],[12],[13]}

$ 607

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (795,000units) Investment date 7/21/2021

Investment Date

^{[1],[2],[3],[11],[13]}

Jul. 21, 2021

Cost

^{[1],[2],[3],[13]}

$ 795

Fair Value

^{[1],[2],[3],[7],[13]}

$ 776

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Second Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (0.75%) Rate Cash 12.61% Rate PIK 0.00% Investment date 8/2/2021 Maturity 7/26/2029

Variable Index Spread

^{[1],[2],[3],[13],[25]}

7.00%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

0.75%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

12.61%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Aug. 02, 2021

Maturity

^{[1],[2],[3],[13]}

Jul. 26, 2029

Principal Amount

^{[1],[2],[3],[13]}

$ 27,497

Cost

^{[1],[2],[3],[13]}

26,562

Fair Value

^{[1],[2],[3],[7],[13]}

27,116

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services

Cost

^[4],[5],[6]

$ 27,418

Fair Value

^{[4],[5],[6],[8]}

$ 28,368

Percent of Net Assets

^[4],[5],[6]

6.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380units) Investment date 7/26/2021

Investment Date

^{[4],[5],[6],[14],[15],[16]}

Jul. 26, 2021

Cost

^{[4],[5],[6],[15],[16]}

$ 225

Fair Value

^{[4],[5],[6],[8],[15],[16]}

$ 892

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000units) Investment date 7/21/2021

Investment Date

^{[4],[5],[6],[14],[16]}

Jul. 21, 2021

Cost

^{[4],[5],[6],[16]}

$ 795

Fair Value

^{[4],[5],[6],[8],[16]}

$ 942

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Second Lien Debt Variable Index Spread (L + 7.00%) Variable Index Floor (0.75%) Rate Cash 11.73% Rate PIK 0.00% Investment date 8/2/2021 Maturity 7/26/2029

Variable Index Spread

^{[4],[5],[6],[16],[22]}

7.00%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

0.75%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

11.73%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Aug. 02, 2021

Maturity

^{[4],[5],[6],[16]}

Jul. 26, 2029

Principal Amount

^{[4],[5],[6],[16]}

$ 27,497

Cost

^{[4],[5],[6],[16]}

26,398

Fair Value

^{[4],[5],[6],[8],[16]}

26,534

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing

Cost

^[4],[5],[6]

4,976

Fair Value

^{[4],[5],[6],[8]}

$ 4,618

Percent of Net Assets

^[4],[5],[6]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing

Cost

^[1],[2],[3]

4,306

Fair Value

^{[1],[2],[3],[7]}

$ 4,757

Percent of Net Assets

^[1],[2],[3]

1.00%

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022

Investment Date

Mar. 18, 2022

^{[1],[2],[3],[11],[12],[13]}

Mar. 18, 2022

^{[4],[5],[6],[14],[15],[16]}

Cost

$ 154

^{[1],[2],[3],[12],[13]}

$ 169

^{[4],[5],[6],[15],[16]}

Fair Value

$ 457

^{[1],[2],[3],[7],[12],[13]}

$ 8

^{[4],[5],[6],[8],[15],[16]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 15.76% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027

Variable Index Spread

^{[4],[5],[6],[16],[22]}

10.00%

Variable Index Floor

^{[4],[5],[6],[16],[22]}

1.00%

Investment interest rate, Cash

^{[4],[5],[6],[16],[18]}

15.76%

Investment interest rate, PIK

^{[4],[5],[6],[16],[18]}

0.00%

Investment Date

^{[4],[5],[6],[14],[16]}

Mar. 18, 2022

Maturity

^{[4],[5],[6],[16]}

Mar. 18, 2027

Principal Amount

^{[4],[5],[6],[16]}

$ 5,000

Cost

^{[4],[5],[6],[16]}

4,807

Fair Value

^{[4],[5],[6],[8],[16]}

4,610

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing First Lien Debt Variable Index Spread (S + 10.00%) Variable Index Floor (1.00%) Rate Cash 16.63% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027

Variable Index Spread

^{[1],[2],[3],[13],[25]}

10.00%

Variable Index Floor

^{[1],[2],[3],[13],[25]}

1.00%

Investment interest rate, Cash

^{[1],[2],[3],[13],[17]}

16.63%

Investment interest rate, PIK

^{[1],[2],[3],[13],[17]}

0.00%

Investment Date

^{[1],[2],[3],[11],[13]}

Mar. 18, 2022

Maturity

^{[1],[2],[3],[13]}

Mar. 18, 2027

Principal Amount

^{[1],[2],[3],[13]}

$ 4,300

Cost

^{[1],[2],[3],[13]}

4,152

Fair Value

^{[1],[2],[3],[7],[13]}

4,300

Investment, Identifier [Axis]: Total Affiliate Investments

Cost

46,485

^{[1],[2],[3],[9]}

55,804

^{[4],[5],[6],[10]}

Fair Value

$ 83,876

^{[1],[2],[3],[7],[9]}

$ 101,590

^{[4],[5],[6],[8],[10]}

Percent of Net Assets

14.00%

^{[1],[2],[3],[9]}

21.00%

^{[4],[5],[6],[10]}

Investment, Identifier [Axis]: Total Control Investments

Cost

$ 6,832

^{[1],[2],[3],[29]}

$ 17,915

^{[4],[5],[6],[26]}

Percent of Net Assets

0.00%

^{[1],[2],[3],[29]}

0.00%

^{[4],[5],[6],[26]}

[1]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[2]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[3]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[4]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[5]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[6]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[7]	(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[8]	(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[9]	(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.
[10]	(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.
[11]	(f) Investment date represents the date of the initial investment in the security.
[12]	(h) Investment is held by a taxable subsidiary of the Company.
[13]	(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[14]	(f) Investment date represents the date of the initial investment in the security.
[15]	(h) Investment is held by a taxable subsidiary of the Company.
[16]	(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[17]	(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2023. Generally, payment-in-kind interest can be paid-in-kind or all in cash.
[18]	(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash.
[19]	(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
[20]	(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
[21]	(ag) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.54% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[22]	(d) Variable rate investments bear interest at a rate indexed to LIBOR (L), Prime (P) or SOFR (S), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR, Prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR, Prime or SOFR floor, if any, as of December 31, 2022.
[23]	(k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[24]	(ag) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.44% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[25]	(d) Variable rate investments bear interest at a rate indexed to Prime (P) or SOFR (S), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a Prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the Prime or SOFR floor, if any, as of December 31, 2023.
[26]	(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.
[27]	(y) Investment was on non-accrual status as of December 31, 2022.
[28]	(n) Investment in portfolio company that has sold its operations and is in the process of winding down.
[29]	(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.
[30]	(n) Investment in portfolio company that has sold its operations and is in the process of winding down.
[31]	(y) Investment was on non-accrual status as of December 31, 2023.
[32]	(ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.
[33]	(ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.
[34]	(at) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.21% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[35]	(aa) The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.
[36]	(at) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.55% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[37]	(k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[38]	(aa) The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.
[39]	(aq) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.68% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[40]	(ai) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.36% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[41]	(av) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[42]	(i) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.
[43]	(i) The disclosed commitment represents the unfunded amount as of December 31, 2023. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.
[44]	(ai) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.65% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[45]	(ae) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.20% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[46]	(af) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.28% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[47]	(o) The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.
[48]	(p) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.76% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[49]	(o) The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.
[50]	(p) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[51]	(af) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.28% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[52]	(v) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.63% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[53]	(v) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[54]	(am) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.23% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” 93 tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[55]	(au) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.26% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[56]	(al) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.04% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[57]	(al) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[58]	(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 1.17% of the Company's total assets calculated in accordance with the 1940 Act.
[59]	(ah) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[60]	(ah) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.63% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[61]	(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 1.36% of the Company's total assets calculated in accordance with the 1940 Act.
[62]	(ac) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.
[63]	(ac) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 3.75% and PIK interest amount of 0.82% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[64]	(r) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.24% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[65]	(r) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.22% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[66]	(ar) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.72% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[67]	(ar) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[68]	(w) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[69]	(x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.73% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[70]	(x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.37% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[71]	(ae) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[72]	(aj) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[73]	(an) The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.
[74]	(aj) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[75]	(an) The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.
[76]	(u) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.93% and PIK interest amount of 0.98% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[77]	(ak) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[78]	(ak) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.47% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[79]	(as) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.76% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[80]	(as) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[81]	(au) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[82]	(u) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.33% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[83]	(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 1.25% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[84]	(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[85]	(s) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[86]	(s) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.19% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[87]	(ab) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.72% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[88]	(q) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.09% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[89]	(w) The disclosed commitment represents the unfunded amount as of December 31, 2023. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.
[90]	(aw) The headquarters of this portfolio company is located in Canada.
[91]	(aq) The headquarters of this portfolio company is located in Canada.
[92]	(ax) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.75% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[93]	(ab) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.77% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[94]	(am) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.72% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[95]	(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[96]	(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.45% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt investments	$ 429,785	$ 368,817
Level 3 \| Second Lien Debt \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt investments	$ 50,500	$ 18,000

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Instrument [Line Items]

Summary of Interest and Fees Related to Debt

Interest and fees related to the Company’s debt for the years ended December 31, 2023, 2022 and 2021 that are included in interest and financing expenses on the consolidated statements of operations, were as follows:


	Year Ended December 31, 2023
	SBA debentures			Credit Facility				Secured Borrowings			Notes			Total
Stated interest expense	$	6,914		$	1,739			$	1,637		$	10,313		$	20,603
Amortization of deferred financing costs		733			297				-			1,116			2,146
Total interest and financing expenses	$	7,647		$	2,036			$	1,637		$	11,429		$	22,749
Weighted average stated interest rate, period end		4.226	%	N/A			(1)		9.407	%		4.125	%		4.346	%
Unused commitment fee rate, period end	N/A				1.261	%	(1)	N/A			N/A				1.261	%


	Year Ended December 31, 2022
	SBA debentures			Credit Facility				Secured Borrowings			Notes			Total
Stated interest expense	$	3,747		$	1,424			$	1,078		$	10,312		$	16,561
Amortization of deferred financing costs		598			394				-			1,112			2,104
Total interest and financing expenses	$	4,345		$	1,818			$	1,078		$	11,424		$	18,665
Weighted average stated interest rate, period end		3.479	%	N/A			(1)		7.786	%		4.125	%		4.037	%
Unused commitment fee rate, period end	N/A				1.200	%	(1)	N/A			N/A				1.200	%


	Year Ended December 31, 2021
	SBA debentures			Credit Facility				Secured Borrowings			Notes			Total
Stated interest expense	$	3,810		$	1,467			$	427		$	11,245		$	16,949
Amortization of deferred financing costs		532			453				-			1,230			2,215
Total interest and financing expenses	$	4,342		$	1,920			$	427		$	12,475		$	19,164
Weighted average stated interest rate, period end		2.676	%	N/A			(1)		4.392	%		4.125	%		3.724	%
Unused commitment fee rate, period end	N/A				1.375	%	(1)	N/A			N/A				1.375	%

(1)

Reflects the effective rate as of year end

Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses

Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of December 31, 2023 and 2022 were as follows:


	December 31, 2023												December 31, 2022
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,250		$	-		$	-		$	3,250		$	3,000		$	-		$	-		$	3,000
SBA debenture leverage fees		7,899			-			-			7,899			6,389			-			-			6,389
Credit Facility upfront fees		-			4,417			-			4,417			-			4,417			-			4,417
Notes underwriting discounts		-			-			5,005			5,005			-			-			5,005			5,005
Notes debt issue costs		-			-			685			685			-			-			685			685
Total deferred financing costs		11,149			4,417			5,690			21,256			9,389			4,417			5,690			19,496
Less: accumulated amortization		(5,621	)		(3,335	)		(2,933	)		(11,889	)		(4,865	)		(3,037	)		(1,818	)		(9,720	)
Unamortized deferred financing costs	$	5,528		$	1,082		$	2,757		$	9,367		$	4,524		$	1,380		$	3,872		$	9,776

Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs

The following table summarizes the outstanding debt net of unamortized deferred financing costs as of December 31, 2023 and 2022:


	December 31, 2023(1)												December 31, 2022
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	210,000		$	-		$	250,000		$	460,000		$	153,000		$	-		$	250,000		$	403,000
Less: unamortized deferred financing costs		(5,528	)		(1,082	)		(2,757	)		(9,367	)		(4,524	)		(1,380	)		(3,872	)		(9,776	)
Debt, net of deferred financing costs	$	204,472		$	(1,082	)	$	247,243		$	450,633		$	148,476		$	(1,380	)	$	246,128		$	393,224


(1)	Total excludes $15,880 and $16,880 of Secured Borrowings as of December 31, 2023 and 2022, respectively.

Scheduled to Mature Debt Liabilities

As of December 31, 2023, the Company’s debt liabilities are scheduled to mature as follows (1):


	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2024	$	—	$	—	$	—	$	—	$	—
2025		—		—		—		—		—
2026		1,000		—		15,880		250,000		266,880
2027		34,000		—		—		—		34,000
2028		—		—		—		—		—
Thereafter		175,000		—		—		—		175,000
Total	$	210,000	$	—	$	15,880	$	250,000	$	475,880

(1)

The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments.

(2)

The Company’s Credit Facility matures on August 17, 2027. As of December 31, 2023, there were no outstanding borrowings under the Credit Facility.

Information about Senior Securities

Information about our senior securities is shown in the following table for the years indicated in the table, unless otherwise noted.



Class and Year		Total Amount Outstanding Exclusive of Treasury Securities (1)			Asset Coverage per Unit (2)(5)			Involuntary Liquidation Preference per Unit (3)		Average Market Value per Unit (4)
	(dollars in thousands)
SBA debentures
2014	$		173,500	$	**		$	*	$	N/A
2015			213,500		**			*		N/A
2016			224,000		**			*		N/A
2017			231,300		**			*		N/A
2018			191,000		**			*		N/A
2019			157,500		**			*		N/A
2020			147,000		**			*		N/A
2021			107,000		**			*		N/A
2022			153,000		**			*		N/A
2023			210,000		**			*		N/A

Credit Facility
2014	$		10,000	$		25,326	$	*	$	N/A
2015			15,500			16,959		*		N/A
2016			-		N/A			*		N/A
2017			11,500			35,198		*		N/A
2018			36,500			5,659		*		N/A
2019			25,000			2,989		*		N/A
2020			-			2,337		*		N/A
2021			-			2,822		*		N/A
2022			-			2,800		*		N/A
2023			-			3,217		*		N/A

2023 Notes(6)
2018	$		50,000	$		5,659	$	*	$		25.74
2019			50,000			2,989		*			25.81
2020			50,000			2,337		*			24.12

February 2024 Notes(6)
2019	$		69,000	$		2,989	$	*	$		25.97
2020			69,000			2,337		*			24.60

November 2024 Notes(6)
2019	$		63,250	$		2,989	$	*	$		25.75
2020			63,250			2,337		*			23.20

January 2026 Notes
2020	$		125,000	$		2,337	$	*	$	N/A
2021			125,000			2,822		*		N/A
2022			125,000			2,800		*		N/A
2023			125,000			3,217		*		N/A

November 2026 Notes
2021	$		125,000	$		2,822	$	*	$	N/A
2022			125,000			2,800		*		N/A
2023			125,000			3,217		*		N/A

Secured Borrowings
2021	$		17,637	$		2,822	$	*	$	N/A


2022	16,880	2,800	*	N/A
2023	15,880	3,217	*	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “*” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable to SBA debentures, Credit Facility, January 2026 Notes, the November 2026 Notes and Secured Borrowings because these senior securities are not registered for public trading. The average market value per unit for the Public Notes is based on the average of the closing market price as of each quarter end during the fiscal year and the prior year end, as applicable, and is expressed per $1,000 of indebtedness. The January 2026 Notes and the November 2026 Notes were issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

(5) We have excluded our SBA debentures from the asset coverage calculation pursuant to the exemptive relief granted by the SEC in June 2014 that permits us to exclude the senior securities issued by the Funds from the definition of senior securities in the asset coverage requirement applicable to us under the 1940 Act.

(6) Our 2023 Notes were repaid in full on January 19, 2021. Our February 2024 Notes and our November 2024 Notes were repaid in full on November 2, 2021.

SBA Debentures

Debt Instrument [Line Items]

Summary of Issued and Outstanding SBA Debentures

As of December 31, 2023 and 2022, the Company’s issued and outstanding SBA debentures mature as follows:


Pooling	Maturity	Fixed			December 31,		December 31,
Date (1)	Date	Interest Rate			2023		2022
3/25/2015	3/1/2025		3.277	%	$	-		1,500
3/23/2016	3/1/2026		3.267			500		1,500
3/23/2016	3/1/2026		3.249			-		2,500
9/21/2016	9/1/2026		2.793			500		500
9/20/2017	9/1/2027		3.260			1,000		1,000
9/20/2017	9/1/2027		3.190			33,000		33,000
9/25/2019	9/1/2029		2.377			7,500		7,500
3/25/2020	3/1/2030		2.172			6,000		6,000
9/22/2021	9/1/2031		1.398			11,500		11,500
3/23/2022	3/1/2032		3.209			43,500		43,500
9/21/2022	9/1/2032		4.533			17,500		17,500
3/22/2023	3/1/2033		5.439			4,000		4,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.341			7,000		7,000
3/22/2023	3/1/2033		5.341			4,000		—
9/20/2023	9/1/2033		5.861			8,000		—
9/20/2023	9/1/2033		5.861			12,000		—
9/20/2023	9/1/2033		5.861			5,000		—
9/20/2023	9/1/2033		5.861			8,000		—
9/20/2023	9/1/2033		5.735			3,000		—
(2)	(2)	(2)				3,000		—
(2)	(2)	(2)				12,000		—
(2)	(2)	(2)				2,000		—
(2)	(2)	(2)				2,000		—
(2)	(2)	(2)				3,000		—
Total outstanding SBA debentures					$	210,000	$	153,000


(1)	The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)	The Company issued $3,000, $12,000, $2,000, $2,000, and $3,000 in SBA debentures that will pool in March 2024. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.083%, 6.026%, 6.009%, 5.991%, and 5.980%, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Schedule of Investments (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Secured borrowings

$ 15,880

$ 16,880

Interest earning on unfunded balance commitment

0.50%

Non-control/Non-affiliate Investments

Interest earning on unfunded balance commitment

1.00%

Control Investments

Ownership percentage of outstanding voting securities in portfolio investment

25.00%

First Lien Debt

Secured borrowings

$ 300

Environmental Industries | First Lien Debt | American AllWaste LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.83%

3.76%

Transportation Services | Warrants Notes | Midwest Transit Equipment, Inc. | Non-control/Non-affiliate Investments

Warrant or rights percentage of outstanding debt principal to purchase

4.79%

Specialty Distribution | First Lien Debt | Bedford Precision Parts L L C | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.24%

Specialty Distribution | First Lien Debt | Winona Foods Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

5.72%

Business Services | First Lien Debt | Diversified Search LLC Member | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.22%

2.32%

Business Services | First Lien Debt | Prime AE Group, Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

7.72%

Business Services | First Lien Debt | Isi Psg Holdings LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.11%

Business Services | First Lien Debt | Level Education Group LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.47%

4.83%

Business Services | First Lien Debt | Aldinger Company | Non-control/Non-affiliate Investments

Additional interest rate on investments

1.20%

Business Services | First Lien Debt One | Isi Psg Holdings LLC | Non-control/Non-affiliate Investments

Secured borrowings

$ 13,500

Utilities: Services | First Lien Debt | NWS Technologies, LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.33%

Information Technology Services | First Lien Debt | OnePath Systems, LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.19%

Information Technology Services | First Lien Debt | Ipro Tech, LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.93%

Additional interest rate on investments, PIK

0.98%

Information Technology Services | First Lien Debt | Applied Data Corporation | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.63%

3.11%

Information Technology Services | First Lien Debt | Wonderware Holdings, LLC dba CORE Business Technologies | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.60%

4.45%

Information Technology Services | First Lien Debt | Two K Direct Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.55%

2.21%

Information Technology Services | First Lien Debt | Cardback Intermediate L L C | Non-control/Non-affiliate Investments

Additional interest rate on investments

1.62%

1.63%

Information Technology Services | First Lien Debt | Netbase Solutions Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.00%

Information Technology Services | First Lien Debt | Aom Intermediate Holdco Llc | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.68%

Information Technology Services | First Lien Debt | Fishbowl Solutions Llc | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.11%

2.72%

Information Technology Services | First Lien Debt | Auto Crm Llc | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.23%

3.26%

Information Technology Services | First Lien Debt | DealerBuilt Acquisition, LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.75%

Additional interest rate on investments, PIK

0.82%

Information Technology Services | First Lien Debt One | Two K Direct Inc | Non-control/Non-affiliate Investments

Secured borrowings

$ 4,000

Information Technology Services | First Lien Debt Six | Netbase Solutions Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

1.25%

Component Manufacturing | First Lien Debt | QED Technologies International, Inc. | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.09%

Component Manufacturing | First Lien Debt | Garlock Printing And Converting Operations LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

7.11%

Component Manufacturing | First Lien Debt | Ameriwater LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.28%

Component Manufacturing | First Lien Debt | UPG Company, LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

5.62%

Component Manufacturing | First Lien Debt | Micronics Filtration Holdings Inc Dba Micronics Engineered Filtration Group Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.80%

4.76%

Healthcare Services | First Lien Debt | Haematologic Technologies Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

2.37%

2.73%

Healthcare Services | First Lien Debt | Hallmark Health Care Solutions Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.53%

Consumer Products Sector | First Lien Debt | Westerns Smokehouse LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

1.77%

Consumer Products Sector | Delayed Draw Commitment Four | Westerns Smokehouse LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

5.75%

Healthcare Products | Delayed Draw Commitment Two | Tedia Company LLC | Non-control/Non-affiliate Investments

Interest earning on unfunded balance commitment

1.00%

Aerospace And Defense Manufacturing | First Lien Debt | Spectra A&D Acquisition, Inc. | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.44%

4.54%

Aerospace And Defense Manufacturing | First Lien Debt | Aeronix Inc | Non-control/Non-affiliate Investments

Additional interest rate on investments

4.65%

Restaurants Member | Common And Preferred Equity Units | BurgerFi International, LLC | Non-control/Non-affiliate Investments

Percentage of non-qualifying assets fair value

1.17%

Percentage of minimum qualifying assets to purchase non qualifying assets

70.00%

Restaurants Member | Common And Preferred Equity Units | Cardboard Box Llc Dba Anthonys Coal Fired Pizza | Non-control/Non-affiliate Investments

Percentage of non-qualifying assets fair value

1.36%

Percentage of minimum qualifying assets to purchase non qualifying assets

70.00%

Building Products Manufacturing | First Lien Debt | Apm Intermediate Holdings Llc | Non-control/Non-affiliate Investments

Additional interest rate on investments

3.36%

3.50%

Retail | First Lien Debt | BP Thrift Buyer, LLC | Non-control/Non-affiliate Investments

Additional interest rate on investments

5.04%

Minimum

Ownership percentage of outstanding voting securities in portfolio investment

5.00%

Investment in number of shares or units

2,012

^{[1],[2],[3],[4],[5],[6]}

2,012

^{[7],[8],[9],[10],[11],[12]}

Investment in number of shares or units

5,690

^{[1],[2],[3],[4],[5],[6]}

5,690

^{[7],[8],[9],[10],[11],[12]}

Investment in number of shares or units

7,113

^{[1],[2],[3],[4],[5],[6]}

7,113

^{[7],[8],[9],[10],[11],[12]}

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011

Investment in number of shares or units

^{[7],[8],[9],[10],[11],[12]}

84,997

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011

Investment in number of shares or units

^{[7],[8],[9],[10],[11],[12],[13]}

252,588

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holdings LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011

Investment in number of shares or units

^{[1],[2],[3],[4],[5],[6]}

84,997

Investment, Identifier [Axis]: Affiliate Investments Medsurant Holdings LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011

Investment in number of shares or units

^{[1],[2],[3],[4],[5],[6],[14]}

252,588

Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/2013

Investment in number of shares or units

2,550

^{[1],[2],[3],[5],[6]}

2,550

^{[7],[8],[9],[11],[12]}

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/2021

Investment in number of shares or units

12,035

^{[1],[2],[3],[5],[6]}

12,035

^{[7],[8],[9],[11],[12]}

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022

Investment in number of shares or units

^{[7],[8],[9],[11],[12]}

38,493

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (4,633 units) Investment date 9/16/2022

Investment in number of shares or units

^{[7],[8],[9],[11],[12]}

4,663

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022

Investment in number of shares or units

^{[1],[2],[3],[5],[6]}

38,493

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,663 units) Investment date 9/16/2022

Investment in number of shares or units

^{[1],[2],[3],[5],[6]}

4,663

Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (6,783 units) Investment date 07/10/2023

Investment in number of shares or units

^{[1],[2],[3],[5],[6]}

6,783

Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/2015

Investment in number of shares or units

1,000,000

^{[1],[2],[3],[6]}

1,000,000

^{[7],[8],[9],[12]}

Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 10/3/2022

Investment in number of shares or units

^{[7],[8],[9],[11],[15]}

375

Unfunded commitment

^{[7],[8],[9],[11],[15]}

$ 375

Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (75,000 units) Investment Date 7/13/2017

Investment in number of shares or units

^{[7],[8],[9],[11],[15]}

75,000

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/2020

Investment in number of shares or units

1,022,813

^{[1],[2],[3],[4],[5],[16],[17]}

1,022,813

^{[7],[8],[9],[10],[11],[15],[18]}

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/2014

Investment in number of shares or units

2,522

^{[1],[2],[3],[4],[5],[16],[17]}

2,522

^{[7],[8],[9],[10],[11],[15],[18]}

Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/2019

Investment in number of shares or units

425,508

^{[1],[2],[3],[5],[16],[17]}

425,508

^{[7],[8],[9],[11],[15],[18]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021

Investment in number of shares or units

1,000,000

^[1],[2],[3]

1,000,000

^[7],[8],[9]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 301 Edison Holdings Inc. (dba LGG Industrial) Specialty Distribution Preferred Equity (519,244 units) Investment date 11/14/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

518,135

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

1,232

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity Investment date 2/1/2022

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

750

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc. Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/2022

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

1,200

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

1,200

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Common Equity (500,000 shares) Investment date 10/6/2021

Investment in number of shares or units

500,000

^{[1],[2],[3],[5]}

500,000

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/2022

Investment in number of shares or units

77,016

^{[1],[2],[3],[5]}

77,016

^{[7],[8],[9],[11]}

Unfunded commitment

^{[7],[8],[9],[11],[19]}

$ 1,000

Unfunded commitment

^{[1],[2],[3],[5],[20]}

$ 250

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Warrant (150,000 shares) Investment date 10/6/2021

Investment in number of shares or units

150,000

^{[1],[2],[3],[5],[14]}

150,000

^{[7],[8],[9],[11],[13]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ad Info Parent, Inc. (dba MediaRadar) Information Technology Services Preferred Equity (1,250,000 units) Investment date 11/1/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

1,250,000

Unfunded commitment

^{[1],[2],[3],[5],[20]}

$ 1,442

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing Common Equity (549 units) Investment Date 6/11/2021

Investment in number of shares or units

^[7],[8],[9]

549

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (7,883 units) Investment Date 6/30/2023

Investment in number of shares or units

^[1],[2],[3]

7,883

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (7,883 units) Investment Date 6/30/2023

Investment in number of shares or units

^[1],[2],[3]

7,883

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

39,443

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

524,624

Investment in number of shares or units

570,636

^{[1],[2],[3],[4],[5]}

570,636

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

39,443

Investment in number of shares or units

141

^{[1],[2],[3],[4],[5]}

141

^{[7],[8],[9],[10],[11]}

Investment in number of shares or units

207

^{[1],[2],[3],[4],[5]}

207

^{[7],[8],[9],[10],[11]}

Investment in number of shares or units

500

^{[1],[2],[3],[4],[5]}

500

^{[7],[8],[9],[10],[11]}

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/2022

Investment in number of shares or units

1,000

^{[1],[2],[3],[4],[5]}

1,000

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity (24 units) Investment date 11/6/2020

Investment in number of shares or units

^[1],[2],[3]

^[7],[8],[9]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 10/1/2021

Investment in number of shares or units

^{[7],[8],[9],[11]}

500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity (1,184,711 units) Investment date 11/6/2020

Investment in number of shares or units

1,184,711

^[1],[2],[3]

1,184,711

^[7],[8],[9]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/2021

Investment in number of shares or units

^{[1],[2],[3],[5]}

500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail Common Equity (1000 units) Investment date 9/13/2022

Investment in number of shares or units

1,000

^{[1],[2],[3],[5]}

1,000

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bad Boy Mowers JV Acquisition, LLC Consumer Products Preferred Equity (13,000 units) Investment date 11/9/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

13,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Common Equity (3,974 units) Investment date 12/22/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

3,974

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Barefoot Mosquito and Pest Control, LLC Consumer Services Preferred Equity (15,000 units) Investment date 12/22/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

15,000

Unfunded commitment

^{[1],[2],[3],[5],[20]}

$ 1,500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/2019

Investment in number of shares or units

500,000

^{[1],[2],[3],[4],[5]}

500,000

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/3/2022

Investment in number of shares or units

^{[1],[2],[3],[5],[21],[22]}

14,201

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022

Investment in number of shares or units

^{[1],[2],[3],[5],[21],[22]}

9,787

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/2022

Investment in number of shares or units

563

^{[1],[2],[3],[5]}

563

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/2022

Investment in number of shares or units

563

^{[1],[2],[3],[5]}

563

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (574,929 units) Investment date 6/28/2022

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

574,929

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity Investment date 6/28/2022

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

574,929

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/2023

Investment in number of shares or units

^[1],[2],[3]

400,000

Investment in number of shares or units

495

^{[1],[2],[3],[5]}

495

^{[7],[8],[9],[11]}

Investment in number of shares or units

495

^{[1],[2],[3],[5]}

495

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthonys Coal Fired Pizza) Restaurants Common Equity (14,201 units) Investment date 11/3/2022

Investment in number of shares or units

^{[7],[8],[9],[11],[23],[24]}

14,201

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthonys Coal Fired Pizza) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022

Investment in number of shares or units

^{[7],[8],[9],[11],[23],[24]}

9,787

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

500,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027

Unfunded commitment

^{[7],[8],[9],[11],[19]}

$ 1,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 11.89% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027

Unfunded commitment

^{[1],[2],[3],[5],[20]}

$ 1,000

Unfunded commitment

^{[7],[8],[9],[11],[25]}

$ 162

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity ( 868,922 units) Investment date 12/22/2023

Investment in number of shares or units

^[1],[2],[3]

868,922

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity Investment date 12/11/2020

Investment in number of shares or units

^[7],[8],[9]

1,000,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/2020

Investment in number of shares or units

909

^{[1],[2],[3],[5]}

909

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Common Equity (1,000 Units) Investment date 7/21/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

1,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dealerbuilt Acquisition, LLC Information Technology Services Preferred Equity (1,000 Units) Investment date 7/21/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

1,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (500,000 units) Investment date 6/21/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

500,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/2019

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

573

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Diversified Search LLC Common Equity (573 units) Investment date 2/7/2019

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

573

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 shares) Investment date 4/30/2020

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

1,000,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GMP HVAC, LLC (dba McGee Heating & Air, LLC) Utilities: Services Preferred Equity (1,000 units) Investment date 12/8/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

1,000

Unfunded commitment

^{[1],[2],[3],[5],[20]}

$ 1,000

Investment in number of shares or units

515,625

^{[1],[2],[3],[4],[5]}

515,625

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (947 shares) Investment date 9/21/2018

Investment in number of shares or units

947

^{[1],[2],[3],[5]}

947

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (3 shares) Investment date 12/19/2017

Investment in number of shares or units

^[7],[8],[9]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (5 shares) Investment date 12/19/2017

Investment in number of shares or units

^[1],[2],[3]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/2019

Investment in number of shares or units

630

^{[1],[2],[3],[4],[5]}

630

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity 89 units) Investment date 6/26/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (3,645,752 units) Investment date 9/18/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

3,645,752

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (750,000 units) Investment date 12/4/2020

Investment in number of shares or units

^{[7],[8],[9],[11]}

750,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/2020

Investment in number of shares or units

^[1],[2],[3]

197,980

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity Investment date 11/13/2020

Investment in number of shares or units

^[7],[8],[9]

197,980

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (3,750 units) Investment date 3/23/2016

Investment in number of shares or units

^[7],[8],[9]

3,750

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (5,837 units) Investment date 3/23/2016

Investment in number of shares or units

^[1],[2],[3]

5,837

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (637 units) Investment date 8/7/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

637

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/2020

Investment in number of shares or units

868

^{[1],[2],[3],[5]}

868

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/2018

Investment in number of shares or units

150,000

^[1],[2],[3]

150,000

^[7],[8],[9]

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/2021

Investment in number of shares or units

256,964

^{[1],[2],[3],[4],[5]}

256,964

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services Preferred Equity (682,075 units) Investment date 7/28/2021

Investment in number of shares or units

^{[7],[8],[9],[11]}

682,075

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/2021

Investment in number of shares or units

1,000,000

^{[1],[2],[3],[5]}

1,000,000

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021

Investment in number of shares or units

100

^{[1],[2],[3],[5]}

100

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Common Equity (4,735 units) Investment date 9/18/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

4,735

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MDME Holding Corp. Healthcare Products Preferred Equity (12,500 units) Investment date 9/18/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

12,500

Investment in number of shares or units

14,400

^{[1],[2],[3],[5]}

14,400

^{[7],[8],[9],[11]}

Investment in number of shares or units

^{[7],[8],[9],[11]}

378

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 unit) Investment date 6/20/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

0.375

Unfunded commitment

^{[7],[8],[9],[19],[26],[27]}

$ 3,300

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/2022

Investment in number of shares or units

732,542

^{[1],[2],[3],[5]}

732,542

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/2016

Investment in number of shares or units

499

^{[1],[2],[3],[5]}

499

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Oil & Gas Services Common Equity (18,298 units) Investment date 10/28/2020

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

15,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Specialty Distribution Common Equity (15,000 units) Investment date 10/28/2020

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

15,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018

Investment in number of shares or units

^{[7],[8],[9],[11]}

10,622

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018

Investment in number of shares or units

^{[7],[8],[9],[11]}

392

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 12/2/2019

Investment in number of shares or units

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,341 units) Investment date 9/21/2021

Investment in number of shares or units

5,341

^{[1],[2],[3],[4],[5]}

5,341

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/2019

Investment in number of shares or units

900,000

^{[1],[2],[3],[5]}

900,000

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Component Manufacturing Common Equity (140 shares) Investment date 2/28/2023

Investment in number of shares or units

^{[1],[2],[3],[5]}

140

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($2,489 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 10.83%/0.00% Investment date 12/30/2022 Maturity 12/30/2028

Unfunded commitment

^{[7],[8],[9],[11],[25]}

$ 2,489

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029

Unfunded commitment

^{[7],[8],[9],[11],[25]}

$ 417

Investment in number of shares or units

280,000

^{[1],[2],[3],[5]}

280,000

^{[7],[8],[9],[11]}

Unfunded commitment

$ 70

^{[1],[2],[3],[5]}

$ 70

^{[7],[8],[9],[11]}

Unfunded commitment

^{[1],[2],[3],[5],[28]}

1,596

Unfunded commitment

^{[1],[2],[3],[5],[28]}

$ 417

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

710

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 08/11/2017

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

10,915

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018

Investment in number of shares or units

^[7],[8],[9]

779

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (56,382 units) Investment date 12/1/2021

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

56,382

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (7,500 units) Investment date 12/01/2021

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

7,500

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Product Preferred Equity (Series A) (1,000 units) Investment date 03/04/2022

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

1,000

Unfunded commitment

^{[7],[8],[9],[11],[25]}

$ 3,000

Unfunded commitment

^{[7],[8],[9],[11],[19]}

$ 2,400

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Healthcare Products Preferred Equity (1,000 units) Investment date 3/4/2022

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

1,000

Unfunded commitment

^{[1],[2],[3],[5],[20]}

$ 2,400

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/2017

Investment in number of shares or units

855

^{[1],[2],[3],[5]}

855

^{[7],[8],[9],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Business Services Common Equity (705,000 units) Investment date 4/3/2018

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

705,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

705,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012

Investment in number of shares or units

98,377

^{[1],[2],[3],[4],[5]}

98,377

^{[7],[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012

Investment in number of shares or units

57,469

^{[1],[2],[3],[5],[14]}

57,469

^{[7],[8],[9],[11],[13]}

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014

Investment in number of shares or units

^{[1],[2],[3],[5]}

^{[7],[8],[9],[11]}

Unfunded commitment

^{[7],[8],[9],[11],[19],[29]}

$ 2,702

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services Common Equity (536 units) Investment date 10/11/2023

Unfunded commitment

^{[1],[2],[3],[4],[5]}

$ 536

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments White Label Communication, LLC Industry Information Technology Services Preferred Equity (5,000 units) Investment date 10/11/2023

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

5,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (752,380 units) Investment date 7/26/2021

Investment in number of shares or units

^{[1],[2],[3],[4],[5]}

752,380

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (795,000units) Investment date 7/21/2021

Investment in number of shares or units

^{[1],[2],[3],[5]}

795,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380units) Investment date 7/26/2021

Investment in number of shares or units

^{[7],[8],[9],[10],[11]}

752,380

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000units) Investment date 7/21/2021

Investment in number of shares or units

^{[7],[8],[9],[11]}

795,000

Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022

Investment in number of shares or units

4,987

^{[1],[2],[3],[4],[5]}

4,987

^{[7],[8],[9],[10],[11]}

[1]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[2]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[3]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[4]	(h) Investment is held by a taxable subsidiary of the Company.
[5]	(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[6]	(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.
[7]	(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[8]	(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[9]	(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[10]	(h) Investment is held by a taxable subsidiary of the Company.
[11]	(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[12]	(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.
[13]	(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
[14]	(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
[15]	(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.
[16]	(n) Investment in portfolio company that has sold its operations and is in the process of winding down.
[17]	(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.
[18]	(n) Investment in portfolio company that has sold its operations and is in the process of winding down.
[19]	(i) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.
[20]	(i) The disclosed commitment represents the unfunded amount as of December 31, 2023. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.
[21]	(ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.
[22]	(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 1.17% of the Company's total assets calculated in accordance with the 1940 Act.
[23]	(ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.
[24]	(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 1.36% of the Company's total assets calculated in accordance with the 1940 Act.
[25]	(ac) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.
[26]	(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 1.25% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
[27]	(k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).
[28]	(w) The disclosed commitment represents the unfunded amount as of December 31, 2023. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.
[29]	(ax) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.75% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment Income:
Total interest income	$ 109,947	$ 82,344	$ 73,078
Total payment-in-kind interest income	6,634	1,663	4,294
Total dividend income	1,215	1,614	2,635
Total fee income	9,450	7,982	10,431
Interest on idle funds	2,864	534	8
Total investment income	130,110	94,137	90,446
Expenses:
Interest and financing expenses	22,749	18,665	19,164
Base management fee	16,288	14,568	12,874
Incentive fee - income	16,529	8,318	10,266
Incentive fee (reversal) - capital gains	2,405	(432)	18,196
Administrative service expenses	2,353	1,902	1,719
Professional fees	2,906	2,463	1,899
Other general and administrative expenses	1,031	994	875
Total expenses before base management fee waiver	64,261	46,478	64,993
Base management fee waiver	(287)	(302)	(176)
Total expenses, net of base management fee waiver	63,974	46,176	64,817
Net investment income before income taxes	66,136	47,961	25,629
Income tax provision (benefit)	1,030	1,412	509
Net investment income	65,106	46,549	25,120
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	24,071	65,635	55,808
Income tax (provision) benefit from realized gains on investments	(1,662)	(1,841)	(2,057)
Income tax (provision) from deemed distribution of long term capital gains		(8,568)
Total net change in unrealized appreciation (depreciation) on investments	(10,359)	(65,702)	41,496
Net gain (loss) on investments	12,050	(10,476)	95,247
Realized losses on extinguishment of debt	(23)	(251)	(4,263)
Net increase (decrease) in net assets resulting from operations	$ 77,133	$ 35,822	$ 116,104
Per common share data:
Net investment income per share-basic	$ 2.47	$ 1.9	$ 1.03
Net investment income per share-diluted	2.47	1.9	1.03
Net increase in net assets resulting from operations per share - basic and diluted	2.93	1.46	4.75
Dividends declared per share	$ 2.88	$ 2	$ 1.6
Weighted average number of shares outstanding - basic	26,365,269	24,468,172	24,437,400
Weighted average number of shares outstanding - diluted	26,365,269	24,468,172	24,437,400
Control Investments
Investment Income:
Total interest income			$ 3,735
Total payment-in-kind interest income			2,117
Total dividend income			568
Total fee income			1,872
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	$ (11,458)	$ 48	20,521
Total net change in unrealized appreciation (depreciation) on investments	11,083	(13,233)	34
Affiliate Investments
Investment Income:
Total interest income	4,026	3,464	2,695
Total payment-in-kind interest income		30	368
Total dividend income	519	725	1,172
Total fee income	65	457	385
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	546	39,833	124
Total net change in unrealized appreciation (depreciation) on investments	(8,395)	(35,979)	32,207
Non-control/Non-affiliate Investments
Investment Income:
Total interest income	105,921	78,880	66,648
Total payment-in-kind interest income	6,634	1,633	1,809
Total dividend income	696	889	895
Total fee income	9,385	7,525	8,174
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	34,983	25,754	35,163
Total net change in unrealized appreciation (depreciation) on investments	$ (13,047)	$ (16,490)	$ 9,255

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Common Stock

The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011, except for the issuances under the ATM Program as described further below.


Period	Cumulative Number of Shares		Cumulative Gross Proceeds		Cumulative Underwriting Fees and Commissions and Offering Costs (1)		Weighted Average Offering Price
Cumulative since IPO		14,388,414	$	236,597	$	8,989	$	16.44

(1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company.

Summary of Equity ATM Program

and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the years ended December 31, 2023 and 2022 are as follows:




			Average				Underwriting
	Number of		Offering		Gross		Fees and		Net
Year Ended December 31, 2022	Shares		Price		Proceeds		Commissions		Proceeds
January 1, 2022 through March 31, 2022		-	$	-	$	-	$	-	$	-
April 1, 2022 through June 30, 2022		-		-		-		-		-
July 1, 2022 through September 30, 2022		-		-		-				-
October 1, 2022 through December 31, 2022		290,388		20.32		5,900		89		5,811
Total		290,388	$	20.32	$	5,900	$	89	$	5,811
Year Ended December 31, 2023
January 1, 2023 through March 31, 2023		260,610	$	20.68	$	5,389	$	81	$	5,308
April 1, 2023 through June 30, 2023		246,574		19.93		4,914		74		4,840
July 1, 2023 through September 30, 2023		3,187,661		19.54		62,277		779		61,498
October 1, 2023 through December 31, 2023		1,985,510		19.79		39,292		553		38,739
Total		5,680,355	$	19.69	$	111,872	$	1,487	$	110,385

N-2 - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

3 Months Ended

12 Months Ended

Oct. 08, 2021

Dec. 23, 2020

Oct. 23, 2019

Oct. 16, 2019

Feb. 19, 2019

Feb. 08, 2019

Feb. 22, 2018

Feb. 02, 2018

Feb. 27, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Cover [Abstract]

Entity Central Index Key

0001513363

Amendment Flag

false

Securities Act File Number

814-00861

Document Type

10-K

Entity Registrant Name

FIDUS INVESTMENT CORPORATION

Entity Address, Address Line One

1603 Orrington Avenue, Suite 1005

Entity Address, City or Town

Evanston

Entity Address, State or Province

Entity Address, Postal Zip Code

60201

City Area Code

847

Local Phone Number

859-3940

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

false

Fee Table [Abstract]

Shareholder Transaction Expenses [Table Text Block]


Stockholder transaction expenses:
Sales load (as a percentage of offering price)	-		(1)
Offering Expenses born by us (as a percentage of offering price)	-		(2)
Dividend reinvestment plan expenses	-		(3)
Total stockholder transaction expenses paid by us (as a percentage of offering price)	-		(4)
Annual expenses (as a percentage of net assets attributable to common stock) (5):
Base management fee	3.15	%	(6)
Incentive fees payable under Investment Advisory Agreement	3.88	%	(7)
Interest payments on borrowed funds	4.24	%	(8)
Other expenses	1.42	%	(9)
Total annual expenses, before base management fee waiver	12.69	%	(10)
Base management fee waiver	(0.06	%)	(11)
Total annual expenses, net of base management fee waiver	12.63	%	(12)

(1)

In the event that securities are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load.

(2)

In the event that we conduct an offering of any of our securities, a corresponding prospectus supplement will disclose the estimated offering expenses because they will be ultimately borne by the Company (and indirectly by our stockholders).

(3)

The expenses of administering our dividend reinvestment plan are included in other expenses.

(4)

Total stockholder transaction expenses may include a sales load and will be disclosed in a future prospectus supplement, if any.

(5)

Net assets attributable to common stock equals average net assets, which is calculated as the average of the net assets balances as of each quarter end during the year ended December 31, 2023 and the prior year end.

(6)

Our base management fee is 1.75% of the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts). This item represents actual base management fees incurred for the year ended December 31, 2023. We may from time to time decide it is appropriate to change the terms of the Investment Advisory Agreement. Under the 1940 Act, any material change to our Investment Advisory Agreement must be submitted to stockholders for approval. The 3.15% reflected in the table is calculated on our net assets (rather than our total assets). See Item 1. “Business — Management and Other Agreements—Investment Advisory Agreement.”

(7)

This item represents actual fees incurred on pre-incentive fee net investment income (income incentive fee) and actual fees payable for the capital gains incentive fee for the year ended December 31, 2023. The capital gains incentive fee payable as of December 31, 2023 is $3.5 million. For the year ended December 31, 2023, we accrued capital gains incentive fees (reversal) of $2.4 million in accordance with U.S. GAAP, which equals 0.46% of average net assets attributable to common stock; such amount has not been included in the estimated expenses figure reflected in the table above.

The incentive fee consists of two parts:

The first, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets, (including interest that is accrued but not yet received in cash), subject to a 2.0% quarterly (8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, our investment advisor receives no incentive fee until our pre-incentive fee net investment income equals the hurdle rate of 2.0% but then receives, as a “catch-up,” 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%. The effect of this provision is that, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, our investment advisor will receive 20.0% of our pre-incentive fee net investment income as if a hurdle rate did not apply.

The second part, payable annually in arrears, equals 20.0% of our realized capital gains net of realized capital losses and unrealized capital depreciation, if any, on a cumulative basis from inception through the end of the fiscal year (or upon the termination of the Investment Advisory Agreement, as of the termination date), less the aggregate amount of any previously paid capital gain incentive fees. In accordance with U.S. GAAP, we accrue the capital gains incentive fee in our consolidated financial statements considering the fair value of investments on that date (i.e., the amount of fee which would be payable under a hypothetical liquidation based on the fair value of investments as of that date), which differs from the calculation of the amount payable in cash by the inclusion of unrealized capital appreciation.

See Item 1. “Business — Management and Other Agreements—Investment Advisory Agreement.”

(8)

As of December 31, 2023, we had outstanding SBA debentures of $210.0 million; we had $250.0 million outstanding of our Notes; we had no outstanding borrowings under our senior secured revolving credit agreement with certain lenders party thereto and ING Capital, LLC, as administrative agent (the “Credit Facility”), which has a total commitment of $100.0 million. Interest payments on borrowed funds is based on estimated annual interest and fee expenses on outstanding SBA debentures and the Notes and outstanding borrowings under the Credit Facility as of December 31, 2023 with a weighted average stated interest rate of 4.346% as of that date. We also pay a commitment fee between 0.5% and 2.675% per annum based the unutilized commitment under our Credit Facility. We have estimated the annual interest expense on borrowed funds and caution you that our actual interest expense will depend on prevailing interest rates and our rate of borrowing, which may be substantially higher than the estimate provided in this table.

(9)

Other expenses represent our estimated annual operating expenses, as a percentage of net assets attributable to common shares estimated for the current year, including professional fees, directors’ fees, insurance costs, expenses of our dividend reinvestment plan and payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our administrator. See Item 1. “Business — Management and Other Agreements—Administration Agreement.” Other expenses exclude interest payments on borrowed funds, income tax (provision) benefit from realized gains on investment, income tax (provision) from deemed distribution of long term capital gains, and for issuances of debt securities or preferred stock, interest payments on debt securities and distributions with respect to preferred stock. “Other expenses” are based on actual other expenses for the year ended December 31, 2023.

(10)

“Total annual expenses, before base management fee waiver” as a percentage of consolidated net assets attributable to common stock are higher than the total annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets.

(11)

The Board of Directors accepted a voluntary, non-contractual, and unconditional waiver from the Investment Advisor to exclude any investments recorded as secured borrowings as defined under GAAP from the base management fee payable as of December 31, 2023. The base management fee waived as of December 31, 2023 is $0.3 million.

(12)

The SEC requires that the “total annual expenses, net of base management fee waiver” percentage be calculated as a percentage of net assets (defined as total assets less total liabilities), rather than the total assets, including assets that have been purchased with borrowed amounts. If the “total annual expenses, net of base management fee waiver” percentage were calculated instead as a percentage of average consolidated total assets, our “total annual expenses, net of base management fee waiver” would be 6.56% of average consolidated total assets.

Sales Load [Percent]

0.00%

Dividend Reinvestment and Cash Purchase Fees

$ 0

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

0.00%

Other Transaction Expenses [Percent]

0.00%

Management Fees [Percent]

3.15%

Interest Expenses on Borrowings [Percent]

4.24%

Incentive Fees [Percent]

3.88%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

1.42%

Total Annual Expenses [Percent]

12.69%

Waivers and Reimbursements of Fees [Percent]

(0.06%)

Net Expense over Assets [Percent]

12.63%

Expense Example [Table Text Block]

Example

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in us. In calculating the following expense amounts, we have assumed we would have no additional leverage, that none of our assets are cash or cash equivalents and that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are not included in the following example.


	1 year	3 years	5 years	10 years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return	$ 122	$ 337	$ 522	$ 872
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to our incentive fee on capital gains)	$ 130	$ 359	$ 549	$ 898

Expense Example, Year 01

$ 122

Expense Example, Years 1 to 3

337

Expense Example, Years 1 to 5

522

Expense Example, Years 1 to 10

$ 872

Purpose of Fee Table , Note [Text Block]

The following table is intended to assist you in understanding the costs and expenses that an investor in an offering will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever there is a reference to fees or expenses paid by “you,” “us,” “the Company” or “Fidus,” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in us.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Our investment strategy includes partnering with business owners, management teams and financial sponsors by providing customized financing for ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Although we are classified as a non-diversified investment company within the meaning of the 1940 Act, we maintain the flexibility to operate as a diversified investment company and have done so for an extended period of time. We seek to maintain a diversified portfolio of investments in order to help mitigate the potential effects of adverse economic events related to particular companies, regions or industries.

Investments

We seek to create a diversified investment portfolio that primarily includes debt investments and, to a lesser extent, equity securities. Our investments typically range between $5.0 million to $35.0 million per portfolio company, although this investment size may vary proportionately with the size of our capital base. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. We may invest in the equity securities of our portfolio companies, such as preferred stock, common stock, warrants and other equity interests, either directly or in conjunction with our debt investments.

First Lien Debt. We structure some of our investments as senior secured or first lien debt investments. First lien debt investments are secured by a first priority lien on existing and future assets of the borrower and may take the form of term loans or revolving lines of credit. First lien debt is typically senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second lien lenders in those assets. Our first lien debt may include stand-alone first lien loans, “last out” first lien loans, or “unitranche” loans. Stand-alone first lien loans are traditional first lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest. “Last out” first lien loans have a secondary priority behind super-senior “first out” first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a “last out” first lien loan are set forth in an “agreement among lenders,” which provides lenders with “first out” and “last out” payment streams based on a single lien on the collateral. Since the “first out” lenders generally have priority over the “last out” lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the “last out” lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second lien lenders often are subject.

Many of our debt investments also include excess cash flow sweep features, whereby principal repayment may be required before maturity if the portfolio company achieves certain defined operating targets. Additionally, our debt investments typically have principal prepayment penalties in the early years of the debt investment. The majority of our debt investments provide for a variable interest rate, generally with a Prime or SOFR floor.

Second Lien Debt. Some of our debt investments take the form of second lien debt, which includes senior subordinated notes. Second lien debt investments obtain security interests in the assets of the portfolio company as collateral in support of the repayment of such loans. Second lien debt typically is senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first lien debt secured by those assets. First lien lenders and second lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first lien lenders with priority over the second lien lenders’ liens on the collateral. These loans typically provide for no contractual loan amortization, with all amortization deferred until loan maturity, and may include payment-in-kind (“PIK”) interest, which increases the principal balance over the term and, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

Subordinated Debt. These investments are typically structured as unsecured, subordinated notes. Structurally, subordinated debt usually ranks subordinate in priority of payment to first lien and second lien debt and may not have the benefit of financial covenants common in first lien and second lien debt. Subordinated debt may rank junior as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, subordinated debt ranks senior to common and preferred equity in an issuer’s capital structure. These loans typically have relatively higher fixed interest rates (often representing a combination of cash pay and PIK interest) and amortization of principal deferred to maturity. The PIK feature (meaning a feature allowing for the payment of interest in the form of additional principal amount of the loan instead of in cash), which effectively operates as negative amortization of loan principal, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

Equity Securities. Our equity securities typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or we may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. Warrants we receive with our debt investments typically require only a nominal cost to exercise, and thus, as a portfolio company appreciates in value, we may achieve additional investment return from this equity interest. Our equity investments are typically not control-oriented investments, and in many cases, we acquire equity securities as part of a group of private equity investors in which we are not the lead investor. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a “put,” or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and “piggyback” registration rights. Our equity investments typically are made in connection with debt investments to the same portfolio companies.

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

RISK FACTORS

Investing in our securities involves a number of significant risks. You should carefully consider these risk factors, together with all of the other information included in this Annual Report and other reports and documents filed by us with the SEC. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value and the trading price of our common stock could decline, and you may lose all or part of your investment.

SUMMARY OF RISK FACTORS

The following is a summary of the principal risks that you should carefully consider before investing in our securities. These and other risk factors are described more fully in this “Item 1A. Risk Factors.”

Risks Relating to Our Business and Structure

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We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

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We may have potential conflicts of interest related to obligations that our investment advisor may have to other clients.

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We may have conflicts related to other arrangements with our investment advisor.

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The Funds are licensed by the SBA, and, therefore, are subject to SBA regulations.

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SBA regulations limit the amount of SBA-guaranteed debt that may be borrowed by an SBIC.

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The alterative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions.

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Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

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We are currently operating in a period of capital markets disruption and economic uncertainty.

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We may not be able to pay you distributions, our distributions may not grow over time, a portion of distributions paid to you may be a return of capital, and investors in our debt securities may not receive all of the interest income to which they are entitled.

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We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

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Due to current market conditions, we may reduce or defer our dividends and choose to incur U.S. federal excise tax in order preserve cash and maintain flexibility.

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Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.

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Public health threats may impact the businesses in which we invest and affect our business, operating results and financial condition.

Risks Relating to Our Investments

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Economic recessions or downturns could impair our portfolio companies and harm our operating results.

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Our investments in portfolio companies may be risky, and we could lose all or part of our investment.

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The lack of liquidity in our investments may adversely affect our business.

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We may not have the funds to make additional investments in our portfolio companies that could impair the value of our portfolio.

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Defaults by our portfolio companies will harm our operating results.

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We are a non-diversified investment company within the meaning of the 1940 Act; therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

Risks Relating to Our Common Stock

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Shares of closed-end investment companies, including business development companies, frequently trade at a discount to their net asset value.

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If, in the future, we sell common stock at a discount to our net asset value per share, stockholders who do not participate in such sale will experience immediate dilution in an amount that may be material.

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Our net asset value may have changed significantly since our last valuation.

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The market price of our securities may fluctuate significantly.

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Sales of substantial amounts of our common stock may have an adverse effect on the market price of our common stock.

Risks Relating to Our Business and Structure

We are dependent upon our investment advisor’s managing members and our executive officers for our future success. If our investment advisor was to lose any of its managing members or we lose any of our executive officers, our ability to achieve our investment objective could be significantly harmed.

We depend on the investment expertise, skill and network of business contacts of the managing members of our investment advisor, who evaluate, negotiate, structure, execute and monitor our investments. Our future success will depend to a significant extent on the continued service and coordination of the investment professionals of our investment advisor and executive officers. Certain investment professionals and executives may not devote all of their business time to our operations and may have other demands on their time as a result of other activities. The departure of any of these individuals could have a material adverse effect on our ability to achieve our investment objective.

Our business model depends, to a significant extent, upon strong referral relationships with financial institutions, sponsors and investment professionals. Any inability of our investment advisor to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

We depend upon the investment professionals of our investment advisor to maintain their relationships with financial institutions, sponsors and other investment professionals, and we intend to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the investment professionals of our investment advisor fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the investment professionals of our investment advisor have relationships are not obligated to provide us with investment opportunities, and, therefore, we can offer no assurance that these relationships will generate investment opportunities for us in the future.

Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

Our ability to achieve our investment objective and grow depends on our ability to manage our business and deploy our capital effectively. This depends, in turn, on our investment advisor’s ability to identify, evaluate and monitor companies that meet our investment criteria. Accomplishing our investment objectives on a cost-effective basis depends upon our investment advisor’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our ability to access financing on acceptable terms. Our investment advisor has substantial responsibilities under the Investment Advisory Agreement. In addition, our investment advisor’s investment professionals may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them or slow our rate of investment.

We may suffer credit losses and our investments could be rated below investment grade.

Private debt in the form of second lien, subordinated, and first lien loans (senior secured or unitranche loans) to corporate and asset-based borrowers is highly speculative and involves a high degree of risk of credit loss, and therefore an investment in our shares of common stock may not be suitable for someone with a low tolerance for risk. These risks are likely to increase during an economic downturn or recession.

In addition, investments in our portfolio typically are not rated by any rating agency. We believe that if such investments were rated, the vast majority would be rated below investment grade (which is sometimes referred to as “junk”) due to speculative characteristics of the issuer’s capacity to pay interest and repay principal. Our investments may result in an amount of risk, volatility or potential loss of principal that is greater than that of alternative investments.

Because we borrow money and may in the future issue additional senior securities, including preferred stock and debt securities, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.

Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in us. The Funds borrow from and issue debt securities to the SBA, and we may borrow from banks and other lenders in the future. The SBA has fixed dollar claims on the Funds’ assets that are superior to the claims of our stockholders. We may also borrow from banks and other lenders or issue additional senior securities including preferred stock and debt securities in the future. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not used leverage. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions to our stockholders. Leverage is generally considered a speculative investment technique.

Our ability to achieve our investment objectives may depend in part on our ability to achieve additional leverage on favorable terms by borrowing from the SBA, banks or other lenders, and there can be no assurance that such additional leverage can in fact be achieved.

As a BDC, we are generally required to meet a coverage ratio at least equal to 150% of total assets to total borrowings and other senior securities, which include all of our borrowings (other than the Funds’ SBA leverage under the terms of SEC exemptive relief) and any preferred stock we may issue in the future. If this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions to our stockholders.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.


Assumed Return on Our Portfolio
(Net of Expenses)
	(10.0	)	%	(5.0	)	%	0.0		%	5.0	%	10.0	%
Corresponding return to common stockholder (1)	(22.0	)	%	(12.8	)	%	(3.5	)	%	5.7	%	15.0	%


(1)	Assumes $1,090,898 in total assets, $210,000 in outstanding SBA debentures, no borrowings under the Credit Facility (as defined below), $15,880 in Secured Borrowings, $250,000 outstanding of our unsecured notes, $589,474 in net assets as of December 31, 2023, and an average cost of funds of 4.346%.

Effective April 29, 2020, our asset coverage requirement was reduced from 200% to 150%, which could increase the risk of investing in the Company.

The 1940 Act generally prohibits the Company from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets) or 150% if certain requirements under the 1940 Act are met. On April 29, 2019, our Board, including a majority of the independent directors, approved a minimum asset coverage ratio of 150% as set forth in Section 61(a)(2) of the 1940 Act. As a result, we are subject to the 150% asset coverage ratio, effective as of April 29, 2020. We are required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage.

Leverage is generally considered a speculative investment technique and increases the risk of investing in our securities. Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments, or other payments related to our securities. Increased leverage may also cause a downgrade of our credit rating. Leverage is generally considered a speculative investment technique.

All of our portfolio investments are recorded at fair value as determined in good faith by our board of directors, and, as a result, there is uncertainty as to the value of our portfolio investments and the valuation process for certain of our portfolio holdings creates a conflict of interest.

All of our portfolio investments take the form of debt and equity securities that are not publicly-traded. The debt and equity securities in which we invest for which market quotations are not readily available are valued at fair value as determined in good faith by our board of directors. As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments:


	•		a comparison of the portfolio company’s securities to comparable publicly-traded securities;
	•		the enterprise value of a portfolio company;
	•		the nature and realizable value of any collateral;
	•		the portfolio company’s ability to make payments and its earnings and discounted cash flow;
	•		the markets in which the portfolio company does business; and
	•		changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.

The fair value of each investment in our portfolio is determined quarterly by our board of directors. Any changes in fair value of portfolio securities from the prior period are recorded in our consolidated statement of operations as net change in unrealized appreciation or depreciation.

In connection with that determination, investment professionals from our investment advisor prepare portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. In addition, certain members of our board of directors have a pecuniary interest in our investment advisor. The participation of our investment advisor’s investment professionals in our valuation process, and the pecuniary interest in our investment advisor by certain members of our board of directors, may result in a conflict of interest as the management fees that we pay our investment advisor are based on our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts).

Our board of directors engages one or more independent third-party valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, we may determine that it is not cost-effective, and as a result it is not in our stockholders’ best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where we determine that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio. Our board of directors consulted with the independent valuation firm(s) in arriving at our determination of fair value for 18 and 16 of our portfolio company investments representing 29.9% and 29.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended December 31, 2023 and 2022, respectively) as of December 31, 2023 and 2022, respectively.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of our investments may differ significantly from the values that would have been used had a readily available market quotation existed for such investments, and the differences could be material. Declines in prices and liquidity in the corporate debt markets may also result in significant net unrealized depreciation in our debt portfolio. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

A number of entities compete with us to make the types of investments that we make. We compete with public and private funds, other BDCs, SBICs, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience a decrease in net investment income or an increase in risk of capital loss. A significant part of our competitive advantage stems from the fact that the lower middle-market is underserved by traditional commercial and investment banks, and generally has less access to capital. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms.

Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC tax treatment. The competitive pressures we face may have a material adverse effect on our business, financial condition and results of operations. As a result of this existing and potentially increasing competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective.

Our management and incentive fee structure may create incentives for our investment advisor that are not fully aligned with the interests of our stockholders and may encourage our investment advisor to make speculative investments.

The management and incentive fees paid to our investment advisor are based on our total assets (other than cash or cash equivalents but including assets purchased with borrowed amounts), and our investor advisor may therefore benefit when we incur debt or use leverage. This fee structure may encourage our investment advisor to cause us to borrow money to finance additional investments. Under certain circumstances, the use of borrowed money may increase the likelihood of default, which would disfavor our stockholders. Our board of directors is charged with protecting our interests by monitoring how our investment advisor addresses these and other conflicts of interests. Our board of directors is not expected to review or approve each borrowing or incurrence of leverage. However, our board of directors periodically reviews our investment advisor’s portfolio management decisions and portfolio performance. In addition, our board of directors at least annually reviews the services provided by and fees paid to our investment advisor. In connection with these reviews, our board of directors, including a majority of our Independent Directors, considers whether the fees and expenses (including those related to leverage) that we pay to our investment advisor are fair and reasonable in relation to the services provided and must approve renewal of our Advisory Agreement.

The part of the incentive fee payable to our investment advisor that relates to our net investment income is computed and paid on income that includes interest income that has been accrued but not yet received in cash. This fee structure may encourage our investment advisor to favor debt financings that provide for deferred interest (PIK interest), rather than current cash payments of interest. Our investment advisor may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because our investment advisor is not obligated to reimburse us for any incentive fees received even if we subsequently incur losses or never receive in cash the deferred interest that was previously accrued.

The incentive fee is based, in part, upon net capital gains realized on our investments. Unlike the portion of the incentive fee based on income, there is no hurdle rate applicable to the portion of the incentive fee based on net capital gains. As a result, our investment advisor may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

We may be obligated to pay our investment advisor incentive compensation even if we incur a loss and may pay more than 20% of our net capital gains because we cannot recover payments made in previous years.

Our investment advisor will be entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter above a threshold return for that quarter. Our pre-incentive fee net investment income for incentive compensation purposes excludes realized and unrealized capital losses that we may incur in the fiscal quarter, even if such capital losses result in a net loss on our consolidated statement of operations for that quarter. Thus, we may be required to pay our investment advisor incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. Further, if we pay an incentive fee of 20% of our realized capital gains (net of all realized capital losses and unrealized capital depreciation on a cumulative basis) and thereafter experience additional realized capital losses or unrealized capital depreciation, we will not be able to recover any portion of the incentive fee previously paid.

A general increase in interest rates will likely have the effect of making it easier for the investment advisor to receive incentive fees, without necessarily resulting in an increase in our net earnings.

We are currently in a rising interest rate environment. Given the structure of the Investment Advisory Agreement, any general increase in interest rates can be expected to lead to higher interest rates applicable to our debt investments and will likely have the effect of making it easier for the investment advisor to meet the quarterly hurdle rate for payment of income incentive fees under the Investment Advisory Agreement without any additional increase in relative performance on the part of the investment advisor. This may occur without a corresponding increase in distributions to our stockholders. In addition, in view of the catch-up provision applicable to income incentive fees under the Investment Advisory Agreement, the investment advisor could potentially receive a significant portion of the increase in our investment income attributable to such a general increase in interest rates. If that were to occur, our increase in net earnings, if any, would likely be significantly smaller than the relative increase in the investment advisor’s income incentive fee resulting from such a general increase in interest rates.

We may have potential conflicts of interest related to obligations that our investment advisor may have to other clients.

Currently, the Company, the Funds, Fidus Credit Opportunities, L.P., Fidus Equity Opportunities Fund, L.P., and Fidus Equity Fund I, L.P. are the only investment vehicles managed by our investment advisor. The Investment Advisory Agreement does not limit our investment advisor’s ability to act as an investment advisor to other funds, including other BDCs, or other investment advisory clients. To the extent our investment advisor acts as an investment advisor to other funds or clients, including Fidus Credit Opportunities, L.P., Fidus Equity Opportunities Fund, L.P., and Fidus Equity Fund I, L.P., we may have conflicts of interest with our investment advisor or its other clients that elect to invest in similar types of securities as those in which we invest. Members of our investment advisor’s investment committee serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do, or of investment funds or other investment vehicles managed by our investment advisor. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders. Our investment advisor will seek to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with an allocation policy approved by our board of directors.

To the extent our investment advisor forms affiliates, including Fidus Credit Opportunities, L.P., Fidus Equity Opportunities Fund, L.P., and Fidus Equity Fund I, L.P., we may co-invest on a concurrent basis with such affiliates, subject to compliance with applicable regulations and regulatory guidance and our allocation procedures. While we may co-invest with investment entities managed by our investment advisor or its affiliates, to the extent permitted by the 1940 Act and the rules and regulations thereunder, the 1940 Act imposes significant limits on co-investment. On January 4, 2017, the SEC granted us an exemptive order that expands our ability to co-invest in portfolio companies with certain of our affiliates managed by our investment advisor in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions (the “Order”). Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching by us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies. We intend to co-invest, subject to the conditions included in the Order. However, neither we nor our affiliated funds are obligated to invest or co-invest when investment opportunities are referred to us or them.

Our investment advisor or its investment committee may, from time to time, possess material non-public information, limiting our investment discretion.

The investment professionals of our investment advisor may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us.

We may have conflicts related to other arrangements with our investment advisor.

We entered into a license agreement with Fidus Partners, LLC under which Fidus Partners, LLC granted us a non-exclusive (provided that there is not a change in control of Fidus Partners, LLC), royalty-free license to use the name “Fidus.” Some of the members of our investment advisor’s investment committee and the senior origination professionals of our investment advisor are members of Fidus Partners, LLC. See Item 1. “Business — Management and Other Agreements — License Agreement.” In addition, we rent office space from our investment advisor and pay to our investment advisor our allocable portion of overhead and other expenses incurred in performing its obligations under the Administration Agreement, such as our allocable portion of the cost of our chief financial officer and chief compliance officer. This creates conflicts of interest that our board of directors must monitor.

The Funds are licensed by the SBA, and, therefore, are subject to SBA regulations.

The Funds are licensed to operate as SBICs and are regulated by the SBA. Under current SBA regulations, a licensed SBIC can provide capital to eligible "small businesses" that have a tangible net worth not exceeding $24.0 million and an average annual net income after U.S. federal income taxes not exceeding $8.0 million for the two most recent fiscal years. In addition, a licensed SBIC must devote 25% of its investment capital to "smaller enterprises" that have a tangible net worth not exceeding $6.0 million and an average annual net income after U.S. federal income taxes not exceeding $2.0 million for the two most recent fiscal years. The SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on either the number of employees or the gross sales of the business. The SBA regulations permit licensed SBICs to make long term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services. The SBA also places certain limitations on the financing terms of investments by SBICs in portfolio companies and prohibits SBICs from providing funds for certain purposes or to businesses in certain prohibited industries. Further, the SBA regulations require that a licensed SBIC be periodically examined and audited by the SBA staff to determine its compliance with the relevant SBA regulations. Compliance with these SBA requirements may cause the Funds to forego attractive investment opportunities that are not permitted under the SBA regulations, and may cause the Funds to make investments they otherwise would not make in order to remain in compliance with these regulations.

Failure to comply with the SBA regulations could result in the loss of the SBIC licenses and the resulting inability to participate in the SBA debenture program. The SBA prohibits, without prior SBA approval, a “change of control” of an SBIC or transfers that would result in any person (or a group of persons acting in concert) owning 10% or more of a class of capital stock of a licensed SBIC. Current SBA regulations provide the SBA with certain rights and remedies if an SBIC violates their terms. A key regulatory metric for SBA is the extent of “Capital Impairment,” which is the extent of realized (and, in certain circumstances, net unrealized) losses compared with the SBIC’s private capital commitments. Interest payments, management fees, organization and other expenses are included in determining “realized losses.” SBA regulations preclude the full amount of “unrealized appreciation” from portfolio companies from being considered when calculating Capital Impairment in certain circumstances. Remedies for regulatory violations are graduated in severity depending on the seriousness of Capital Impairment or other regulatory violations. For minor regulatory infractions, the SBA issues a warning. For more serious infractions, the use of SBA debentures may be limited or prohibited, outstanding debentures can be declared to be immediately due and payable, restrictions on distributions and making new investments may be imposed and management fees may be required to be reduced. In severe cases, the SBA may require the removal of a general partner of an SBIC or its officers, directors, managers or partners, or the SBA may obtain appointment of a receiver for the SBIC.

SBA regulations limit the amount of SBA-guaranteed debt that may be borrowed by an SBIC.

The SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC’s regulatory capital or $175.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. If the Funds borrow the maximum amount from the SBA and thereafter require additional capital, our cost of capital may increase, and there is no assurance that we will be able to obtain additional financing on acceptable terms.

Moreover, the Funds’ current status as SBICs does not automatically assure that they will continue to receive funding through the SBA debenture program. Receipt of SBA debenture funding is dependent upon the Funds’ continuing compliance with SBA regulations and policies and there being funding available. The amount of SBA debenture funding available to SBICs is dependent upon annual Congressional authorizations and in the future may be subject to annual Congressional appropriations. There can be no assurance that there will be sufficient SBA debenture funding available at the times desired by the Funds.

The debentures issued by the Funds and guaranteed by the SBA have a maturity of ten years and bear interest semi-annually at fixed rates. Certain of the Funds’ SBA debentures begin to mature in 2026 and will require repayment on or before the respective maturity dates. The Funds will need to generate sufficient cash flow to make required debt payments on such debentures. If the Funds are unable to generate such cash flow, the SBA, as guarantor of the debentures, will have a superior claim to our assets over our stockholders in the event the Funds liquidate or the SBA exercises its remedies under such debentures as the result of a default by the Funds.

The Funds, as SBICs, are limited in their ability to make distributions to us, which could result in us being unable to meet the minimum distribution requirements to maintain our status as a RIC.

In order to maintain our tax treatment as a RIC, we are required to timely distribute to our stockholders on an annual basis 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses. For this purpose, our taxable income will include the income of the Funds (and any other entities that are disregarded as separate from us for U.S. federal income tax purposes). The Funds’ ability to make distributions to us may be limited by the Small Business Investment Act of 1958. As a result, in order to maintain our tax treatment as a RIC, we may be required to make distributions attributable to the Funds’ income without receiving any corresponding cash distributions with respect to such income. We can make no assurances that the Funds will be able to make, or not be limited in making, distributions to us. If we are unable to satisfy the annual distribution requirements, we may fail to maintain our tax treatment as a RIC, which would result in the imposition of corporate-level U.S. federal income tax on our entire taxable income without regard to any distributions made by us. See “We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code.”

Changes in interest rates will affect our cost of capital and net investment income.

In response to market indicators showing a rise in inflation, since March 2022, the Federal Reserve has been rapidly increasing interest rates and has indicated that it may consider additional rate hikes in response to ongoing inflation concerns. Some of our debt investments bear interest at fixed rates and the value of these investments could be negatively affected by increases in market interest rates. In addition, to the extent that we borrow additional funds to make investments, an increase in interest rates would make it more expensive for us to use debt to finance our investments and adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. As a result, a significant increase in market interest rates could both reduce the value of our portfolio investments and increase our cost of capital, which would reduce our net investment income. Rising borrowing costs may contribute to the difficulty of companies in servicing their debt obligations and may lead to increases in default rates. Certain changes in interest rates could have a material adverse effect on the Company and its investments. Moreover, changes in interest rates could have a material negative impact on the financial condition of borrowers, the valuations for loans, the unanticipated repayments of loans, and pressure to renegotiate terms on existing loans. Also, an increase in interest rates available to investors could make an investment in shares of our common stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our common stock. It is possible that the Federal Reserve’s tightening cycle also could result in a recession in the United States. Conversely, a decrease in interest rates may have an adverse impact on our returns by requiring us to seek lower yields on our debt investments and by increasing the risk that our portfolio companies will prepay the debt investments, resulting in the need to redeploy capital at potentially lower rates.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

Certain of our portfolio companies may be impacted by inflation, which may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transaction.

The London Interbank Offered Rate (“LIBOR”) is an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies.

The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBORs, including USD LIBOR, except in very limited circumstances.

In the United States, the Secured Overnight Financing Rate (“SOFR”) is the preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each U.S. Government Securities Business Day, for transactions made on the immediately preceding U.S. Government Securities Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions.

As of the filing date of this Annual Report, substantially all of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on SOFR (“CME Term SOFR”) or CME Term SOFR plus a fixed spread adjustment. CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Since CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used. Further, the composition and characteristics of SOFR and CME Term SOFR are not the same as those of LIBOR. Even with the application of a fixed spread adjustment, LIBOR and CME Term SOFR will not have the same composition and characteristics, and there can be no assurance that the replacement rate, as so adjusted, will be a direct substitute for LIBOR.

There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in loans referencing SOFR. If the manner in which SOFR or CME Term SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on such loans and the trading prices of the SOFR Loans. In addition, there can be no guarantee that loans referencing SOFR or CME Term SOFR will continue to reference those rates until maturity or that, in the future, our loans will reference benchmark rates other than CME Term SOFR. Should any of these events occur, our loans, and the yield generated thereby, could be affected. Specifically, the anticipated yield on our loans may not be fully realized and our loans may be subject to increased pricing volatility and market risk.

Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.

In 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, for which compliance was required beginning in August 2022, BDCs that use derivatives are subject to a value-at-risk leverage limit, certain derivatives risk management program and testing requirements, and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act, when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivative transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. We qualify as a “limited derivatives user,” and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations and cash flow.

Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.

The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation could negatively impact the operations, cash flows or financial condition of us and our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of business and could be subject to civil fines and criminal penalties.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations.

Actual and proposed changes to the complex system of laws and regulations governing the banking industry further pose risks to the success of our operations, cash flows or financial conditions. Increases to the asset threshold for designating financial institutions as “systemically important financial institutions,” as well as proposed changes to the Volcker Rule, are just two examples; the effect of these change and any further rules or regulations are and could be complex and far-reaching, and the changes and any future laws or regulations or changes thereto could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations.

Until we know what policy changes are made and how those changes impact business and the business of our competitors over the long term, we will not know if, overall, it will benefit from them or be negatively affected by them.

On January 31, 2020, the United Kingdom ended its membership in the European Union, referred to as Brexit. Following the termination of a transition period, the United Kingdom and the European Union entered into a trade and cooperation agreement to govern the future relationship between the parties, which was provisionally applied as of January 1, 2021 and entered into force on May 1, 2021 following ratification by the European Union. With respect to financial services, the agreement leaves decisions on equivalence and adequacy to be determined by each of the United Kingdom and the European Union unilaterally in due course. Such agreement is untested and could lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European and global markets for some time. In addition, on December 24, 2020, the European Union and United Kingdom governments signed a trade deal that became provisionally effective on January 1, 2021 and that now governs the relationship between the United Kingdom and the European Union (the “Trade Agreement”). The Trade Agreement implements significant regulation around trade, transport of goods and travel restrictions between the United Kingdom and the European Union.

Notwithstanding the foregoing, the longer-term economic, legal, political and social implications of Brexit are unclear at this stage and are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the United Kingdom and in wider European markets for some time. In particular, Brexit could lead to calls for similar referenda in other European Union jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. This volatility and uncertainty may have an adverse effect on the economy generally and on our ability—and the ability of our portfolio companies—to execute our respective strategies and to receive attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies. Potential declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the United Kingdom’s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located in the United Kingdom or European Union.

We are currently operating in a period of significant capital markets disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations.

From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19 that began in December 2019, the conflict between Russia and Ukraine that began in late February 2022, and the ongoing war in the Middle East. Even after the COVID-19 pandemic subsided, the U.S. economy, as well as most other major economies, have continued to experience unpredictable economic conditions, and we anticipate our businesses would be materially and adversely affected by any prolonged economic downturn or recession in the United States and other major markets. In addition, disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets.

The current economic conditions have resulted in an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. The U.S. credit markets (in particular for middle-market loans), have experienced the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans and increased uses of PIK features; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues.

These conditions and future market disruptions and/or illiquidity could have an adverse effect on our (and our portfolio companies') business, financial condition, results of operations and cash flows. Ongoing unfavorable economic conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to our portfolio companies and/or us. These events have limited and could continue to limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions, continued increase in interest rates or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations.

While we intend to continue to source and invest in new loan transactions to U.S. middle market companies, we cannot be certain that we will be able to do so successfully or consistently. A lack of suitable investment opportunities may impair our ability to make new investments, and may negatively impact our earnings in decreased dividends to our shareholders.

If economic conditions caused by the current economic conditions continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income, which would have a material adverse effect on our business, financial condition or results of operations. We continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of economic and financial market instability both globally and in the United States. We will need to raise additional capital in the future in order to continue to make investments in accordance with our business and investing strategy and to pursue new business opportunities. Ongoing disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition.

In addition, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to qualify for the tax benefits available to RICs. As a result, these earnings will not be available to fund new investments. An inability to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which may have a material adverse effect on our business, results of operations and financial performance.

We cannot be certain as to the duration or magnitude of the ongoing economic condition in the markets in which we and our portfolio companies operate and corresponding declines in economic activity that may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle market companies. Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain of our portfolio companies may suffer declines in earnings and could experience financial distress, which could cause them to default on their financial obligations to us and their other lenders. In consideration of these and related factors, we have downgraded our internal ratings with respect to certain companies and may make additional downgrades with respect to other portfolio companies in the future as conditions warrant and new information becomes available.

Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.

The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships, including small and regional banks, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business. To the extent that our portfolio companies work with banks that are negatively impacted by the foregoing, such portfolio companies’ ability to access their own cash, cash equivalents and investments may be threatened. In addition, such affected portfolio companies may not be able to enter into new banking arrangements or credit facilities, or receive the benefits of their existing banking arrangements or facilities. Any such developments could harm our business, financial condition, and operating results, and prevent us from fully implementing our investment plan. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.

We may experience fluctuations in our quarterly operating results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire, the default rate on such securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code.

We have elected to be treated and intend to qualify annually as a RIC under Subchapter M of the Code; however, no assurance can be given that we will be able to maintain our RIC tax treatment. To maintain our tax treatment as a RIC under Subchapter M of the Code and to avoid the imposition of U.S. federal income tax on income and gains distributed to our stockholders, we must meet certain requirements, including source-of-income, asset diversification and annual distribution requirements. While we are not subject to U.S. federal income tax on the income and gains we timely distribute to our shareholders, our stockholders will be required to include the amounts of such distributions in income and may be subject to U.S. federal income tax on such amounts. The source-of-income requirement will be satisfied if we derive at least 90% of our gross income for each year from dividends, interest, gains from sale of securities or similar sources. To maintain our tax treatment as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these requirements may result in our losing our RIC tax treatment or our having to dispose of certain investments in order to prevent the loss of RIC tax treatment. Because most of our investments will be in private or thinly traded public companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. The annual distribution requirement applicable to RICs generally will be satisfied if we timely distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders on an annual basis. In addition, we will be subject to a 4% nondeductible U.S. federal excise tax to the extent that we do not satisfy certain additional minimum distribution requirements on a calendar-year basis. We will be subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making annual distributions necessary to maintain our tax treatment as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our tax treatment as a RIC and, thus, may be subject to U.S. federal income tax on our entire taxable income without regard to any distributions made by us. If we fail to maintain our tax treatment as a RIC for any reason and become subject to U.S. federal income tax at corporate rates, the resulting tax liability could substantially reduce our net assets, the amount of income available for distributions to stockholders and the amount of our distributions and the amount of funds available for new investments. Such a failure could have a material adverse effect on us and our stockholders.

We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K, including current market conditions described herein. If we violate certain covenants under our existing or future credit facilities or other leverage, we may be limited in our ability to make distributions. All distributions will be made at the discretion of our board of directors and will depend on our earnings, our financial condition, maintenance of RIC tax treatment, compliance with applicable BDC regulations, SBA regulations, state corporate laws affecting the distribution of corporate assets and such other factors as our board of directors may deem relevant from time to time. We cannot assure you that we will make distributions to our stockholders in the future.

The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt securities, which may cause a default under the terms of our then-existing debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of our then-existing debt agreements.

When we make quarterly distributions, we will be required to determine the extent to which such distributions are paid out of current and accumulated earnings and profits, recognized capital gain or capital. To the extent there is a return of capital, an investor receives his or her own invested capital, but reduced by the amount of the Company’s expenses and any sales load he or she may have paid. In addition, investors will be required to reduce their adjusted tax basis in our stock for U.S. federal income tax purposes.

We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

Under certain applicable provisions of the Code and the Treasury regulations and a revenue procedure issued by the IRS, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive their distributions in cash, we must allocate the cash available for distribution among the shareholders electing to receive cash (with the balance of the distribution paid in shares of our common stock). If we qualify as a publicly offered RIC and decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. The value of the shares received by a stockholder is treated as income for U.S. federal income tax purposes. A U.S. stockholder may have income from such dividend in excess of any cash received, and thus may be required to obtain cash from other sources to pay any applicable U.S. federal income tax. If a U.S. stockholder sells the

stock it received as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale.

Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

Due to current market conditions, we may reduce or defer our dividends and choose to incur US federal excise tax in order preserve cash and maintain flexibility.

As a BDC, we are not required to make any distributions to shareholders other than in connection with our election to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. In order to maintain our tax treatment as a RIC, we generally must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses). If we qualify for taxation as a RIC, we generally will not be subject to U.S. federal income tax on our investment company taxable income and net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to a 4% US federal excise tax on undistributed earnings of a RIC unless we distribute, each calendar year, at least the sum of (i) 98% of our ordinary income for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which we paid no federal income tax.

Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, referred to as "spillover dividends", the dividend will be treated for all U.S. federal income tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as “spillback dividends,” that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for U.S. federal income tax at corporate rates. Under these spillover dividend procedures, we may defer distribution of income earned during the current year until December of the following year. For example, we may defer distributions of income earned during 2023 until as late as December 31, 2024. If we choose to pay a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to current market conditions (as described herein), it is possible that we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may reduce our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock as discussed above under “We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.”

We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.

For U.S. federal income tax purposes, we are required to include in our income certain amounts that we have not yet received in cash, such as OID, which may arise if we receive warrants in connection with the making of a loan or in other circumstances, and contractual PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, or increases in loan balances as a result of contracted PIK arrangements, will be included in our income before we receive any corresponding cash payments. We also may be required to include in our income certain other amounts that we will not receive in cash.

Since in certain cases we may be required to recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute on an annual basis at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our tax treatment as a RIC. In such a case, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to satisfy the annual distribution requirements. In such circumstances, if we are unable to obtain such cash from other sources, we may fail to maintain our tax treatment as a RIC and thus be subject to U.S. federal income tax at corporate rates. See “We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code.”

If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible. Our investment advisor will not be under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never receive as a result of a default by an entity on the obligation that resulted in the accrual of such income. That part of the incentive fee payable by us that relates to our net investment income will be computed and paid on income that may include interest that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities.

To the extent we invest in OID instruments, including PIK loans, zero coupon bonds, and debt securities with attached warrants, investors will be exposed to the risks associated with the inclusion of such non-cash income in taxable and accounting income prior to receipt of cash, including the following risks:


	•		the interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan;


	•		the interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments;


	•		PIK instruments may have unreliable valuations because the accruals require judgments about ultimate collectability of the deferred payments and the value of the associated collateral;


	•		an election to defer PIK interest payments by adding them to principal increases our gross assets and, thus, increases future base management fees to the investment advisor and, because interest payments will then be payable on a larger principal amount, the PIK election also increases the investment advisor’s future income incentive fees at a compounding rate;


	•		market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash;


	•		the deferral of interest on a PIK loan increases its loan-to-value ratio, which is a measure of the riskiness of a loan;


	•		OID creates the risk of non-refundable cash payments to the investment advisor based on non-cash accruals that may never be realized;


	•		for U.S. federal income tax purposes, we will be required to make distributions of OID income to shareholders without receiving any cash and such distributions have to be paid from offering proceeds or the sale of assets without investors being given any notice of this fact; and


	•		the required recognition of OID, including PIK, interest for U.S. federal income tax purposes may have a negative impact on liquidity, because it represents a non-cash component of the our taxable income that must, nevertheless, be distributed in cash to investors to avoid it being subject to U.S. federal income tax.

You may have a current tax liability on distributions you elect to reinvest in our common stock but would not receive cash to pay such tax liability.

If you participate in our dividend reinvestment plan, you will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, unless you are a tax-exempt entity, you may have to use funds from other sources to pay your tax liability on the value of our common stock received as a result of the distribution.

Because we expect to distribute substantially all of our net investment income and net realized capital gains to our stockholders, we will need additional capital to finance our growth, and such capital may not be available on favorable terms or at all.

We have elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. If we continue to meet certain requirements, including source-of-income, asset diversification and distribution requirements, and if we continue to be regulated as a BDC, we will continue to qualify to be taxed as a RIC and therefore will not have to pay U.S. federal income tax at corporate rates on income that we timely distribute to our stockholders, allowing us to substantially reduce or eliminate our U.S. federal income tax liability. As a BDC, we are generally required to meet a coverage ratio of total assets to total senior securities, which includes all of our borrowings (other than the SBA guaranteed debentures) and any preferred stock we may issue in the future, of at least 150% at the time we issue any debt or preferred stock. This requirement limits the amount of our leverage. Because we will continue to need capital to grow our investment portfolio, this limitation may prevent us from incurring debt or issuing preferred stock and require us to raise additional equity at a time when it may be disadvantageous to do so.

While we expect to be able to borrow and to issue additional debt and equity securities, we cannot assure you that debt and equity financing will be available to us on favorable terms, or at all. If additional funds are not available to us, we could be forced to curtail or cease new investment activities, and our net asset value could decline. In addition, as a BDC, we generally are not permitted to issue equity securities priced below net asset value without stockholder approval. At our 2023 Annual Stockholders Meeting on June 8, 2023, our stockholders voted to allow us to issue common stock at a price below net asset value per share for a period of one year ending on the earlier of June 8, 2024 or the date of our 2024 Annual Meeting of Stockholders. We expect to present to our stockholders a similar proposal at our 2024 Annual Meeting of Stockholders. The maximum number of shares issuable below net asset value pursuant to the authority granted by our stockholders that could result in such dilution is limited to 25% of FIC’s then outstanding common stock immediately prior to each such sale. We do not intend to issue shares of our common stock below net asset value unless our board of directors determines that it would be in our stockholders’ best interests to do so. The level of net asset value dilution that could result from such an offering is not limited.

Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.

Our board of directors has the authority, except as otherwise provided by the 1940 Act, to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval. Under Maryland law, we also cannot be dissolved without prior stockholder approval except by judicial action. In addition, upon approval of a majority of our stockholders, we may elect to withdraw our status as a BDC. If we, or Fund I, decide to withdraw our election, or if we otherwise fail to maintain our qualification, as a BDC, we may be subject to the substantially greater regulation under the 1940 Act as a closed-end investment company. Compliance with such regulations would significantly decrease our operating flexibility, and could significantly increase our costs of doing business. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results or the value of our common stock. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions.

Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital that may have a negative effect on our growth.

Our business will require capital to operate and grow. We may acquire such additional capital from the following sources:

Senior Securities. Currently we, through the Funds, issue debentures guaranteed by the SBA and have access to funds under a revolving credit facility. In the future, we may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as senior securities. As a result of issuing senior securities, we will be exposed to additional risks, including, but not limited to, the following:


	•		Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150%. If the value of our assets declines, we may be unable to satisfy this requirement. If that happens, we may sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our debt at a time when such sales and/or repayments may be disadvantageous. Further, we will not be permitted to declare or make any distribution to stockholders or repurchase shares until such time as we satisfy this test.
	•		Any amounts that we use to service our debt or make payments on preferred stock will not be available for distributions to our common stockholders.
	•		It is likely that any senior securities or other indebtedness we issue will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, some of these securities or other indebtedness may be rated by rating agencies, and in obtaining a rating for such securities and other indebtedness, we may be required to abide by operating and investment guidelines that further restrict operating and financial flexibility.
	•		We and, indirectly, our stockholders will bear the cost of issuing and servicing such securities and other indebtedness.
	•		Preferred stock or any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock, including separate voting rights and could delay or prevent a transaction or a change in control to the detriment of the holders of our common stock.

Additional Common Stock. Under the provisions of the 1940 Act, we are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, warrants, options or rights to acquire our common stock, at a price below the current net asset value of the common stock if our board of directors determines that such sale is in the best interests of our stockholders, and our stockholders approve such sale. At our 2023 Annual Stockholders Meeting on June 8, 2023, our stockholders voted to allow us to issue common stock at a price below net asset value per share for a period of one year ending on the earlier of June 8, 2024 or the date of our 2024 Annual Meeting of Stockholders. We expect to present to our stockholders a similar proposal at our 2024 Annual Meeting of Stockholders. The maximum number of shares issuable below net asset value pursuant to the authority granted by our stockholders that could result in such dilution is limited to 25% of FIC’s then outstanding common stock immediately prior to each such sale. We do not intend to sell or otherwise issue shares of our common stock below net asset value unless our board of directors determines that it would be in our stockholders’ best interests to do so. The level of net asset value dilution that could result from such an offering is not limited. In any such case, however, the price at which our common stock is to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities (less any distributing commission or discount). We may also make rights offerings to our stockholders at prices per share less than the net asset value per share, subject to applicable requirements of the 1940 Act and the regulations and staff interpretations thereunder. If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders at that time would decrease, and they may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on favorable terms or at all.

There is uncertainty surrounding potential legal, regulatory and policy changes by the current presidential administration and Congress in the United States that may directly affect financial institutions and the global economy.

Changes in federal policy, including tax policies, and at regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Uncertainty surrounding future personnel or policy changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.

Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

We are subject to regulation at the local, state and federal level. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. In addition, any change to the SBA’s current debenture program could have a significant impact on our ability to obtain low-cost leverage and, therefore, our competitive advantage over other funds.

Legal, tax and regulatory changes could occur that may adversely affect us. For example, from time to time the market for private equity transactions has been (and is currently being) adversely affected by a decrease in the availability of senior and subordinated financings for transactions, in part in response to credit market disruptions and/or regulatory pressures on providers of financing to reduce or eliminate their exposure to the risks involved in such transactions.

Additionally, any changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to meet our investment objectives. Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment focus from the areas of expertise of our investment advisor to other types of investments in which our investment advisor may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.

We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The Biden Administration has proposed significant changes to the existing U.S. tax rules, and there are a number of proposals in Congress that would similarly modify the existing U.S. tax rules. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our investors of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our shares.

Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.

There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. The current U.S. presidential administration, along with the U.S. Congress, has created significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

Our ability to enter into and exit investment transactions with our affiliates will be restricted.

Except in those instances where we have received prior exemptive relief from the SEC, we will be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our Independent Directors. We, our investment advisor, the Funds, and Fidus Credit Opportunities, L.P. received exemptive relief from the SEC under the 1940 Act, which permits us to co-invest with other funds managed by our investment advisor or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. In addition, any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is deemed our affiliate for purposes of the 1940 Act and we are generally prohibited from buying or selling any security from or to such affiliate, absent the prior approval of our Independent Directors. The 1940 Act also prohibits “joint” transactions with an affiliate, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our Independent Directors. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person, or entering into joint transactions with such person, absent the prior approval of the SEC. These restrictions could limit or prohibit us from making certain attractive investments that we might otherwise make absent such restrictions.

Our investment advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

Our investment advisor has the right, under the Investment Advisory Agreement, to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If our investment advisor resigns, we may not be able to find a new investment advisor and administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, investment activities are likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment advisor and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

Our investment advisor can resign from its role as our administrator under the Administration Agreement, and we may not be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

Our investment advisor also has the right to resign under the Administration Agreement, whether we have found a replacement or not. If our investment advisor resigns as our administrator, we may not be able to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, administrative activities are likely to suffer if we are unable to identify and reach an agreement with a service provider or individuals with the expertise possessed by our investment advisor. Even if we are able to retain a comparable service provider or individuals to perform such services, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.

We, and others in our industry, are the targets of malicious cyber activity. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or an accidental disclosure of non-public information could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data, especially personal and other confidential information.

We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to unauthorized access, acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware), physical and electronic break-ins or unauthorized tampering, or system failures and disruptions of our computer systems, networks and data. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause, among other adverse effects, interruptions or malfunctions in our operations, misstated or unreliable financial data, misappropriation of assets, loss of personal information, liability for stolen information, any of which could result in financial losses, litigation, regulatory enforcement action and penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. We may have to make a significant investment to fix or replace any inoperable or compromised systems or to modify or enhance its cybersecurity controls, procedures and measures. Similarly, the public perception that we or our affiliates may have been the target of a cybersecurity threat, whether successful or not, also could have a material adverse effect on our reputation and lead to financial losses from loss of business, depending on the nature and severity of the threat.

Third parties with which we do business (including vendors that provide us with services) are sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as counterparty, employee, and borrower information. Cybersecurity failures or breaches to our investment adviser and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, acquisition, use, alteration or destruction of data, or other cybersecurity incidents that affects our data, resulting in increased costs and other consequences, as described above. The Company does not control the cybersecurity measures put in place by such third parties, and such third parties could have limited indemnification obligations to the Company and its affiliates. If such a third party fails to adopt or adhere to adequate cybersecurity procedures, or if despite such procedures its networks or systems are breached, information relating to investor transactions and/or personal information of investors may be lost or improperly accessed, used or disclosed. The Company, the Adviser and its affiliates have implemented processes, procedures and internal controls to mitigate cybersecurity risks and cyber intrusions, including in its vendors, but these measures, as well as the Company’s increased awareness of the nature and extent of a risk of a cyber-incident, may be ineffective and do not guarantee that a cyber-incident will not occur or that the Company’s financial results, operations or confidential information will not be negatively impacted by a cybersecurity or cyber intrusion incident. Substantial costs may be incurred in order to prevent any cyber incidents in the future.

Privacy and information security laws and regulatory changes (including regulations to report material cybersecurity incidents to the SEC), and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks.

Environmental, social and governance factors may adversely affect our business or cause us to alter our business strategy.

Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business.

The effect of global climate change may impact the operations of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.

Climate change creates physical and financial risk and certain portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition through, for example, decreased revenues, which may, in turn, impact the valuation of such portfolio companies. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

In December 2015, the United Nations adopted a climate accord (the “Paris Agreement”), which the United States rejoined in 2021, with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. Additionally, the Inflation Reduction Act of 2022 included several measures designed to combat climate change, including restrictions on methane emissions. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues, which may, in turn, impact their ability to make payments on our investments and, in turn, the valuation of such portfolio companies.

Risks Relating to Our Investments

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of our portfolio companies are susceptible to economic slowdowns or recessions (including industry specific downturns), elevated levels of inflation, and a rising interest rate environment, and may be unable to repay our debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest.

Our portfolio companies may be susceptible to economic downturns or recessions. During these periods, the value of our portfolio may decrease if we are required to write down the values of our investments, and we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of any collateral securing our loans and decrease the value of our equity investments. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. In addition, a prolonged economic downturn or recession could extend our investment time horizon by limiting our ability to achieve timely liquidity events, such as a sale, merger or IPO, or the refinancing of our debt investments, and could ultimately impact our ability to realize anticipated investment returns. These events could prevent us from increasing our investments and adversely impact our operating results.

The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, also may increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition.

Terrorist attacks, acts of war, or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.

Portfolio investments may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company or a counterparty to us or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company of repairing or replacing damaged assets resulting from such force majeure events could be considerable. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more companies or its assets, could result in a loss to us, including if its investment in such issuer is cancelled, unwound or acquired (which could be without what we consider to be adequate compensation). To the extent we are exposed to investments in portfolio companies that as a group are exposed to such force majeure events, the risks and potential losses to us are enhanced.

The continued threat of global terrorism and the impact of military and other action will likely continue to cause volatility in the economies of certain countries, contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide and various aspects thereof, including in prices of commodities. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Acts of war could similarly lead to such volatility. For example, in response to the ongoing conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. In addition, the recent outbreak of hostilities in the Middle East and escalating tensions in the region may create volatility and disruption of global markets.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and the Middle East and Russian and Middle Eastern companies, respectively, but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows, and results of operations, and could cause the market value of our common stock to decline. In addition, these market and economic disruptions could negatively impact the operating results of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies, and impact our business, operating resulting and financial condition.

Our investments in certain industry sectors, such as the energy sector, may be subject to significant political, economic and capacity risks that may increase the possibility that we lose all or a part of our investment.

The revenues and profitability of certain portfolio companies may be significantly affected by the future prices of and the demand for oil, natural gas liquids and natural gas, which are inherently uncertain. Investments in energy companies may have significant shortfalls in projected cash flow if prices decline from levels projected at the time the investment is made. Various factors beyond our control could affect energy prices, including worldwide supplies, political instability or armed conflicts in oil, natural gas liquids and natural gas producing regions, the price of foreign imports, the level of consumer demand, the price and availability of alternative fuels, capacity constraints and changes in existing government regulation, taxation and price controls. Energy prices have fluctuated greatly during the past, and energy markets may continue to be volatile.

Changes in healthcare laws and other regulations applicable to some of our portfolio companies’ businesses may constrain their ability to offer their products and services.

Changes in healthcare or other laws and regulations applicable to the businesses of some of our portfolio companies may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could have a material effect on the business and operations of some of our portfolio companies.

If our portfolio companies are unable to protect their intellectual property rights, our business and prospects could be harmed, and if portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced.

Our future success and competitive position will depend in part upon the ability of our portfolio companies to obtain, maintain and protect proprietary technology used in their products and services. The intellectual property held by our portfolio companies often represents a substantial portion of the collateral securing our investments and/or constitutes a significant portion of the portfolio companies’ value and may be available in a downside scenario to repay our loans. Our portfolio companies will rely, in part, on patent, trade secret, and trademark law to protect that technology, but competitors may misappropriate their intellectual property, and disputes as to ownership of intellectual property may arise. Portfolio companies may, from time to time, be required to institute litigation to enforce their patents, copyrights, or other intellectual property rights; protect their trade secrets; determine the validity and scope of the proprietary rights of others; or defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources. Similarly, if a portfolio company is found to infringe or misappropriate a third-party’s patent or other proprietary rights, it could be required to pay damages to the third party, alter its products or processes, obtain a license from the third-party, and/or cease activities utilizing the proprietary rights, including making or selling products utilizing the proprietary rights. Any of the foregoing events could negatively affect both the portfolio company’s ability to service our debt investment and the value of any related debt and equity securities that we own, as well as any collateral securing our investment.

Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us or our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, and the information systems of our portfolio companies. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a cyber-incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Our investments in portfolio companies may be risky, and we could lose all or part of our investment.

Investing in lower middle-market companies involves a number of significant risks. Among other things, these companies:


	•		may have limited financial resources and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees from subsidiaries or affiliates of portfolio companies that we may have obtained in connection with our investment;
	•		may have shorter operating histories, narrower product lines and smaller market shares, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns, than larger businesses;
	•		are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;
	•		generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; and
	•		generally have less publicly available information about their businesses, operations and financial condition. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and may lose all or part of our investment.

In addition, in the course of providing significant managerial assistance to certain portfolio companies, certain of our management and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of investments in these portfolio companies, our management and directors may be named as defendants in such litigation, which could result in an expenditure of funds (through our indemnification of such officers and directors) and the diversion of management time and resources.

The lack of liquidity in our investments may adversely affect our business.

All of our assets may be invested in illiquid securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded these investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. However, to maintain the elections to be regulated as a BDC and as a RIC, we may have to dispose of investments if they do not satisfy one or more of the applicable criteria under the respective regulatory frameworks. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we or our investment advisor have material nonpublic information regarding such portfolio company.

We may not have the funds to make additional investments in our portfolio companies that could impair the value of our portfolio.

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation or may reduce the expected yield on the investment. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements, SBA regulations or the desire to maintain our RIC tax treatment. Our ability to make follow-on investments may also be limited by our investment advisor’s allocation policy.

Portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

We will invest in second lien and subordinated debt as well as equity issued by lower middle-market companies. The portfolio companies generally have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such senior debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

There may be circumstances where our debt investments could be subordinated to claims of other creditors or could be subject to lender liability claims.

Even though we may have structured certain of our investments as senior loans, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might recharacterize our debt investment and subordinate all or a portion of our claim to that of other creditors. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken in rendering significant managerial assistance.

Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

Certain loans we make to portfolio companies are and will be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the company’s remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements entered into with the holders of senior debt. Under an intercreditor agreement, at any time that obligations having the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect to the collateral will be at the direction of the holders of the obligations secured by the first priority liens:


	•		the ability to cause the commencement of enforcement proceedings against the collateral;
	•		the ability to control the conduct of such proceedings;
	•		the approval of amendments to collateral documents;
	•		releases of liens on the collateral; and
	•		waivers of past defaults under collateral documents.

We may not have the ability to control or direct such actions, even if our rights are adversely affected.

We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings.

Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy filing by an issuer may adversely and permanently affect the issuer. If the proceeding is converted to a liquidation, the value of the issuer may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

Any unrealized depreciation we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at fair value as determined in good faith by our board of directors. Decreases in the fair values of our investments will be recorded as unrealized depreciation. Any unrealized depreciation in our investment portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the affected investments. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods.

Defaults by our portfolio companies will harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets. This could trigger cross-defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, reduced interest and/or loss of principal, with a defaulting portfolio company.

To the extent OID and PIK-interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.

Our investments may include original-issue-discount instruments and contractual PIK-interest arrangements. To the extent OID or PIK-interest constitutes a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following:


		The higher interest rates of OID and PIK instruments reflect the payment deferral, which results in a higher principal amount at the maturity of the instrument as compared to the original principal amount of the instrument, and increased credit risk associated with these instruments, and OID and PIK instruments generally represent a significantly higher credit risk than coupon loans.


		Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.


		OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID and PIK-income may also create uncertainty about the source of our cash distributions.


		To the extent we provide loans with interest-only payments or moderate loan amortization, the majority of the principal payment or amortization of principal may be deferred until loan maturity. Because this debt generally allows the borrower to make a large lump-sum payment of principal at the end of the loan term, there is a risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.


		For accounting purposes, any cash distributions to stockholders representing OID and PIK-income are not treated as coming from paid-in capital, even though the cash to pay them comes from the offering proceeds. As a result, despite the fact that a distribution representing OID and PIK-income could be paid out of amounts invested by our stockholders, the 1940 Act does not require that stockholders be given notice of this fact by reporting it as a return of capital.


		In certain cases, we may recognize taxable income before or without receiving corresponding cash payments and, as a result, we may have difficulty meeting the annual distribution requirement necessary to maintain our tax treatment as a RIC.

We do not expect to control many of our portfolio companies.

We do not expect to control many of our portfolio companies, even though we may have board representation or board observation rights, and the debt agreements may contain certain restrictive covenants. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of the company’s common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity for our investments in private companies in the lower middle-market, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at an appropriate valuation. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.

We are a non-diversified investment company within the meaning of the 1940 Act; therefore, we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer and the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, while we are not targeting any specific industries, our investments may be concentrated in relatively few industries. As a result, a downturn in any particular industry in which we are invested could also significantly impact the aggregate returns we realize. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the asset diversification requirements applicable to RICs, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies.

Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments (cash equivalents), pending future investments in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being repaid, and we could experience significant delays in reinvesting these amounts. In addition, any future investment of such amounts in a new portfolio company may also be at lower yields than the investment that was repaid. As a result, our results of operations could be materially

adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our common stock.

We may not realize gains from our equity investments.

Certain investments that we have made in the past and may make in the future include warrants or other equity or equity-related securities. Typically we make non-control equity investments in portfolio companies. Our goal is to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We often seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer. We may be unable to exercise these put rights for the consideration provided in our investment documents if the issuer is in financial distress. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

If our primary investments are deemed not to be qualifying assets, we could be precluded from investing in our desired manner or deemed to be in violation of the 1940 Act.

In order to maintain our status as a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs and be precluded from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or required to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility.

The disposition of our investments may result in contingent liabilities.

A significant portion of our investments involve private securities and we expect that a significant portion of our investments will continue to involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. Additionally, customary terms of such sales agreements generally provide adjustments to the initial purchase price determined on the closing date if the portfolio company's net working capital varies from preliminary amounts utilized in determining the initial purchase price; such adjustments could subsequently result in upward or downward revisions to the initial purchase price and impact our amount of realized gain or loss on sale. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through its return of distributions previously made to it.

We may be unable to invest a significant portion of any net proceeds from an offering or from exiting an investment or other capital on acceptable terms, which could harm our financial condition and operating results.

We may be unable to invest the net proceeds of any offering or from exiting an investment or other sources of capital on acceptable terms within the time period that we anticipate or at all. Delays in investing such capital may cause our performance to be worse than that of fully invested BDCs or other lenders or investors pursuing comparable investment strategies.

Depending on market conditions and the amount of the capital involved, it may take us a substantial period of time to invest substantially all the capital in securities meeting our investment objective. During this period, we will invest such capital primarily in short-term securities consistent with our BDC election and our election to be taxed as a RIC, which may produce returns that are significantly lower than the returns which we expect to achieve when our portfolio is fully invested in longer-term investments in pursuit of our investment objective. Any distributions that we pay during such period may be substantially lower than the distributions that we may be able to pay when our portfolio is fully invested. In addition, until such time as the net proceeds of any offering or from exiting an investment or other sources capital are invested in new investments meeting our investment objective, the market price for our common stock may decline.

Our investment advisor’s liability is limited under the Investment Advisory Agreement, and we have agreed to indemnify our investment advisor against certain liabilities, which may lead our investment advisor to act in a riskier manner on our behalf than it would when acting for its own account.

Under the Investment Advisory Agreement, our investment advisor does not assume any responsibility to us other than to render the services called for under that agreement, and it is not responsible for any action of our board of directors in following or declining to follow our investment advisor’s advice or recommendations. Under the terms of the Investment Advisory Agreement, our investment advisor and its officers, directors, members, managers, partners, stockholders and employees are not liable to us, any subsidiary of ours, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of our investment advisor’s duties under the Investment Advisory Agreement. In addition, we have agreed to indemnify our investment advisor and its officers, directors, members, managers, partners, stockholders and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to gross negligence, willful misconduct, bad faith or reckless disregard of such person’s duties under the Investment Advisory Agreement. These protections may lead our investment advisor to act in a riskier manner when acting on our behalf than it would when acting for its own account.

Risks Relating to Our Common Stock

Shares of closed-end investment companies, including business development companies, frequently trade at a discount to their net asset value.

Shares of closed-end investment companies, including BDCs, frequently trade at a discount from net asset value. This characteristic of closed-end investment companies and BDCs is separate and distinct from the risk that our net asset value per share may decline. We cannot predict whether our common stock will trade at, above or below net asset value. In addition, if our common stock trades below net asset value, we will generally not be able to issue additional common stock at the market price without first obtaining the approval of our stockholders and our Independent Directors. On June 8, 2023 our stockholders voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year ending on the earlier of June 8, 2024 or the date of our 2024 Annual Meeting of Stockholders. We expect to present to our stockholders a similar proposal at our 2024 Annual Meeting of Stockholders. Selling or otherwise issuing shares of FIC’s common stock below its then current net asset value per share would result in a dilution of FIC’s existing common stockholders. The maximum number of shares issuable below net asset value pursuant to the authority granted by our stockholders that could result in such dilution is limited to 25% of FIC’s then outstanding common stock immediately prior to each such sale. We do not intend to sell or otherwise issue shares of our common stock below net asset value unless our board of directors determines that it would be in our stockholders’ best interests to do so. The level of net asset value dilution that could result from such an offering is not limited.

Market conditions may increase the risks associated with our business and an investment in us.

The current worldwide financial market situation may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets and may cause economic uncertainties or deterioration in the United States and worldwide. These conditions raised the level of many of the risks described herein and, if repeated or continued, could have an adverse effect on our portfolio companies and on their results of operations, financial conditions, access to credit and capital. The stress in the credit market and upon banks has led other creditors to tighten credit and the terms of credit. In certain cases, senior lenders to our portfolio companies can block payments by our portfolio companies in respect of our loans to such portfolio companies. In turn, these could have adverse effects on our business, financial condition, results of operations, distributions to our stockholders, access to capital, valuation of our assets and our stock price. Notwithstanding any recent gains across either the equity or debt markets, these conditions may continue for a prolonged period of time or worsen in the future.

On June 8, 2023, our stockholders approved our ability to sell or otherwise issue shares of our common stock at a discount from net asset value per share, as long as the cumulative number of shares sold pursuant to such authority does not exceed 25% of our then outstanding common stock immediately prior to each such sale, for a period of one year ending on the earlier of June 8, 2024 or the date of our 2024 Annual Meeting of Stockholders. Our stockholders will be asked to vote on a similar proposal at our 2024 Annual Meeting of Stockholders. If we sell or otherwise issue shares of our common stock at a discount to net asset value, it will pose a risk of dilution to our stockholders. In particular, stockholders who do not purchase additional shares at or below the discounted price in proportion to their current ownership will experience an immediate decrease in net asset value per share (as well as in the aggregate net asset value of their shares if they do not participate at all). These stockholders will also experience a disproportionately greater decrease in their participation in our earnings and assets and their voting power than the increase we experience in our assets, potential earning power and voting interests from such issuances or sale. In addition, such issuances or sales may adversely affect the price at which our common stock trades. For additional information and hypothetical examples of these risks, see “Sales of Common Stock Below Net Asset Value,” and for actual dilution illustrations specific to an offering, see the prospectus supplement pursuant to which such sale is made.

Our net asset value may have changed significantly since our last valuation.

Our board of directors determines the fair value of our portfolio investments on a quarterly basis based on input from our investment advisor, our audit committee and, as to certain of our investments, a third party independent valuation firm. While the board of directors will review our net asset value per share in connection with any offering, it will not always have the benefit of input from the independent valuation firm when it does so. The fair value of various individual investments in our portfolio and/or the aggregate fair value of our investments may change significantly over time. If the fair value of our investment portfolio at December 31, 2023 is less than the fair value was at the time of an offering during 2023, then we may record an unrealized loss on our investment portfolio and may report a lower net asset value per share than was reflected in the Selected Consolidated Financial Data and the financial statements included in the prospectus supplement of that offering. If the fair value of our investment portfolio at December 31, 2023 is greater than the fair value at the time of an offering during 2023, we may record an unrealized gain on our investment portfolio and may report a greater net asset value per share than so reflected in the prospectus supplement of that offering. Upon publication of this information in connection with our announcement of operating results for our fiscal year ended December 31, 2023, the market price of our common stock may fluctuate materially, and may be substantially less than the price per share you pay for our common stock in an offering.

The market price of our securities may fluctuate significantly.

The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:


	•		significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which is not necessarily related to the operating performance of these companies;
	•		exclusion of our common stock from certain market indices, such as the Russell 2000 Financial Services Index, could reduce the ability of certain institutional investors to own our common stock and could put short term pressure on our common stock;
	•		changes in regulatory policies or tax guidelines, particularly with respect to RICs, BDCs or SBICs;
	•		failure to maintain our qualification for RIC tax treatment;
	•		loss of status as an SBIC for the Funds, or any other SBIC subsidiary we may form;
	•		distributions that exceed our net investment income and net income as reported according to U.S. GAAP;
	•		changes or perceived changes in earnings or variations in operating results;
	•		changes or perceived changes in the value of our portfolio of investments;
	•		changes in accounting guidelines governing valuation of our investments;
	•		any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;
	•		departure of our investment advisor’s key personnel;
	•		operating performance of companies comparable to us;
	•		general economic trends and other external factors; and
	•		loss of a major funding source.

If any of the above and other factors currently unknown to us were to occur, it could have a material adverse effect on the market price of our common stock.

Investing in our securities may involve an above average degree of risk.

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies may be highly speculative; therefore, an investment in our securities may not be suitable for someone with lower risk tolerance.

Sales of substantial amounts of our common stock may have an adverse effect on the market price of our common stock.

As of February 27, 2024, we had 30,646,509 shares of common stock outstanding. Sales of substantial amounts of our common stock, or the availability of shares for sale, could adversely affect the prevailing market price of our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of equity securities should we desire to do so.

If we issue preferred stock and/or debt securities, the net asset value and market value of our common stock may become more volatile.

We cannot assure you that the issuance of preferred stock and/or debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock and/or debt securities would likely cause the net asset value and market value of our common stock to become more volatile. If the distribution rate on the preferred stock, or the interest rate on the debt securities, were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the distribution rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock and/or debt securities. Any decline in the net asset value of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock and/or debt securities. This decline in net asset value would also tend to cause a greater decline in the market price for our common stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios which may be required by the preferred stock and/or debt securities or of a downgrade in the ratings of the preferred stock and/or debt securities or our current investment income might not be sufficient to meet the distribution requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund redemption of some or all of the preferred stock and/or debt securities. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock and/or debt securities. Holders of preferred stock and/or debt securities may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.

Provisions of the Maryland General Corporation Law and our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.

The Maryland General Corporation Law contains provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. In addition, our board of directors may, without stockholder action, authorize the issuance of shares of stock in one or more classes or series, including preferred stock. Our charter and bylaws contain provisions that limit liability and provide for indemnification of our directors and officers. These provisions and others also may have the effect of deterring hostile takeovers or delaying changes in control or management. We are generally prohibited from engaging in mergers and other business combinations with stockholders that beneficially own 10% or more of the voting power of our outstanding voting stock, or with their affiliates, for five years after the most recent date on which such stockholders became the beneficial owners of 10% or more of the voting power of our outstanding voting stock and thereafter unless our directors and stockholders approve the business combination in the prescribed manner. Maryland law may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter authorizing our board of directors to classify or reclassify shares of our stock in one or more classes or series and to cause the issuance of additional shares of our stock, including preferred stock. In addition, we have adopted a classified board of directors. A classified board may render a change in control of us or removal of our incumbent management more difficult. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.

Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism.

Effects of Leverage [Table Text Block]


Assumed Return on Our Portfolio
(Net of Expenses)
	(10.0	)	%	(5.0	)	%	0.0		%	5.0	%	10.0	%
Corresponding return to common stockholder (1)	(22.0	)	%	(12.8	)	%	(3.5	)	%	5.7	%	15.0	%


(1)	Assumes $1,090,898 in total assets, $210,000 in outstanding SBA debentures, no borrowings under the Credit Facility (as defined below), $15,880 in Secured Borrowings, $250,000 outstanding of our unsecured notes, $589,474 in net assets as of December 31, 2023, and an average cost of funds of 4.346%.

Return at Minus Ten [Percent]

(22.00%)

Return at Minus Five [Percent]

(12.80%)

Return at Zero [Percent]

(3.50%)

Return at Plus Five [Percent]

5.70%

Return at Plus Ten [Percent]

15.00%

Effects of Leverage, Purpose [Text Block]

The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.


Assumed Return on Our Portfolio
(Net of Expenses)
	(10.0	)	%	(5.0	)	%	0.0		%	5.0	%	10.0	%
Corresponding return to common stockholder (1)	(22.0	)	%	(12.8	)	%	(3.5	)	%	5.7	%	15.0	%

Share Price [Table Text Block]


Period	NAV(1)			High Closing Sales Price		Low Closing Sales Price		Premium / (Discount) of High Sales Price to NAV(2)					Premium / (Discount) of Low Sales Price to NAV(2)
Year Ended December 31, 2024:
First Quarter (through February 27, 2024)	$	*		$	20.04	$	18.79		*			%		*			%

Year Ended December 31, 2023:
First Quarter	$		19.39	$	20.90	$	18.29			7.8		%			(5.7	)	%
Second Quarter			19.13		20.08		18.10			5.0					(5.4	)
Third Quarter			19.28		20.98		18.80			8.8					(2.5	)
Fourth Quarter			19.37		20.13		17.69			3.9					(8.7	)

Year Ended December 31, 2022:
First Quarter	$		19.91	$	20.52	$	17.02			3.1		%			(14.5	)	%
Second Quarter			19.80		20.94		16.61			5.8					(16.1	)
Third Quarter			19.41		20.62		16.92			6.2					(12.8	)
Fourth Quarter			19.43		20.69		16.88			6.5					(13.1	)

Year Ended December 31, 2021:
First Quarter	$		16.90	$	15.67	$	12.78			(7.3	)	%			(24.4	)	%
Second Quarter			17.57		17.89		15.70			1.8					(10.6	)
Third Quarter			18.31		18.39		16.45			0.4					(10.2	)
Fourth Quarter			19.96		18.63		16.97			(6.7	)				(15.0	)

(1)

Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period.

(2)

Calculated as the difference between the respective high or low closing sales price and the quarter end net asset value divided by the quarter end net asset value.

(3)

Represents the regular and special, if applicable, distribution declared in the specified quarter. We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.

* NAV has not yet been determined.

Lowest Price or Bid

$ 18.79

$ 17.69

$ 18.8

$ 18.1

$ 18.29

$ 16.88

$ 16.92

$ 16.61

$ 17.02

$ 16.97

$ 16.45

$ 15.7

$ 12.78

Highest Price or Bid

$ 20.04

$ 20.13

$ 20.98

$ 20.08

$ 20.9

$ 20.69

$ 20.62

$ 20.94

$ 20.52

$ 18.63

$ 18.39

$ 17.89

$ 15.67

Highest Price or Bid, Premium (Discount) to NAV [Percent]

^[1]

3.90%

8.80%

5.00%

7.80%

6.50%

6.20%

5.80%

3.10%

(6.70%)

0.40%

1.80%

(7.30%)

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

^[1]

(8.70%)

(2.50%)

(5.40%)

(5.70%)

(13.10%)

(12.80%)

(16.10%)

(14.50%)

(15.00%)

(10.20%)

(10.60%)

(24.40%)

Share Price

$ 19.69

$ 19.03

$ 17.98

$ 19.69

$ 19.03

$ 13.1

$ 14.84

$ 11.69

$ 15.18

$ 15.73

$ 13.69

$ 14.85

NAV Per Share

$ 19.37

^[2]

$ 19.28

^[2]

$ 19.13

^[2]

$ 19.39

^[2]

$ 19.43

^[2]

$ 19.41

^[2]

$ 19.8

^[2]

$ 19.91

^[2]

$ 19.96

^[2]

$ 18.31

^[2]

$ 17.57

^[2]

$ 16.9

^[2]

$ 19.37

^[2]

$ 19.43

^[2]

$ 16.81

$ 16.85

$ 16.47

$ 16.05

$ 15.76

$ 15.17

$ 15.16

$ 15.35

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Notes

On February 2, 2018, we closed the public offering of $43.5 million in aggregate principal amount of our 5.875% notes due 2023, or the “2023 Notes.” On February 22, 2018, the underwriters exercised their option to purchase an additional $6.5 million in aggregate principal of the 2023 Notes. The total net proceeds to us from the 2023 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of $1.5 million and offering expenses of $0.4 million, were $48.1 million. On January 19, 2021, we redeemed $50.0 million in the aggregate principal amount on the issued and outstanding 2023 Notes, resulting in a realized loss on extinguishment of debt of $0.8 million.

On February 8, 2019, we closed the public offering of $60.0 million in aggregate principal amount of our 6.000% notes due 2024, or the “February 2024 Notes”. On February 19, 2019, the underwriters exercised their option to purchase an additional $9.0 million in aggregate principal of the February 2024 Notes. The total net proceeds to us from the February 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of $2.1 million and offering expenses of $0.4 million, were $66.5 million. On February 16, 2021, the Company redeemed $50.0 million of the $69.0 million in aggregate principal amount on the February 2024 Notes, resulting in a realized loss on extinguishment of debt of $1.1 million. On November 2, 2021, we fully redeemed the remaining $19.0 million in aggregate principal amount on the issued and outstanding February 2024 Notes, resulting in a realized loss on extinguishment of debt of $0.3 million.

On October 16, 2019, we closed the public offering of $55.0 million in aggregate principal amount of our 5.375% notes due 2024, or the “November 2024 Notes” (and collectively with the 2023 Notes and the February 2024 Notes, the “Public Notes”). On October 23, 2019, the underwriters exercised their option to purchase an additional $8.3 million in aggregate principal of the November 2024 Notes. The total net proceeds to us from the November 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of $1.9 million and offering expenses of $0.3 million, were $61.1 million. On November 2, 2021, we fully redeemed the $63.3 million in aggregate principal amount on the issued and outstanding November 2024 Notes, resulting in a realized loss on extinguishment of debt of $1.3 million.

On December 23, 2020, we closed the offering of $125.0 million in aggregate principal amount of our 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to us from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.4 million, were $122.1 million. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before October 31, 2025 (the date falling three months prior to maturity" and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. As of December 31, 2023, the outstanding principal balance of the January 2026 Notes was $125.0 million.

On October 8, 2021, we closed the offering of $125.0 million in aggregate principal amount of our 3.50% notes due 2026, or the “November 2026 Notes” (collectively with the January 2026 Notes, the “Notes”). The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.3 million, were $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before August 15, 2026 (the date falling three months prior to maturity) and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of December 31, 2023, the outstanding principal balance of the November 2026 Notes was $125.0 million.

Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Credit Facility.

Long Term Debt, Rights Limited by Other Securities [Text Block]

Outstanding Securities [Table Text Block]

Outstanding Securities

The following table shows our outstanding classes of securities as of December 31, 2023:


(a) Title of Class		(b) Amount Authorized			(c) Amount Held by us or for Our Account			d) Amount Outstanding Exclusive of Amounts Shown Under (c)
Common Stock			100,000,000			70,540			30,438,979
SBA Debentures	$	325.0 million		(1)	—		$	210.0 million
Credit Facility	$	100.0 million			—		$	—
Notes	$	250.0 million			—		$	250.0 million

(1)

For more information regarding our limitations as to SBA debenture issuances, see “Regulation — Small Business Administration Regulations.”

Outstanding Security, Authorized [Shares]

100,000,000

Outstanding Security, Held [Shares]

70,540

Outstanding Security, Not Held [Shares]

30,438,979

Risks Relating to Business and Structure

General Description of Registrant [Abstract]

Risk [Text Block]

Risks Relating to Our Business and Structure

•

We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

•

We may have potential conflicts of interest related to obligations that our investment advisor may have to other clients.

•

We may have conflicts related to other arrangements with our investment advisor.

•

The Funds are licensed by the SBA, and, therefore, are subject to SBA regulations.

•

SBA regulations limit the amount of SBA-guaranteed debt that may be borrowed by an SBIC.

•

Global economic, political and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

•

We are currently operating in a period of capital markets disruption and economic uncertainty.

•

We may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.

•

Due to current market conditions, we may reduce or defer our dividends and choose to incur U.S. federal excise tax in order preserve cash and maintain flexibility.

•

Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.

•

Public health threats may impact the businesses in which we invest and affect our business, operating results and financial condition.

Risks Relating to Our Business and Structure

Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

We may suffer credit losses and our investments could be rated below investment grade.


Assumed Return on Our Portfolio
(Net of Expenses)
	(10.0	)	%	(5.0	)	%	0.0		%	5.0	%	10.0	%
Corresponding return to common stockholder (1)	(22.0	)	%	(12.8	)	%	(3.5	)	%	5.7	%	15.0	%


(1)	Assumes $1,090,898 in total assets, $210,000 in outstanding SBA debentures, no borrowings under the Credit Facility (as defined below), $15,880 in Secured Borrowings, $250,000 outstanding of our unsecured notes, $589,474 in net assets as of December 31, 2023, and an average cost of funds of 4.346%.

Effective April 29, 2020, our asset coverage requirement was reduced from 200% to 150%, which could increase the risk of investing in the Company.


	•		a comparison of the portfolio company’s securities to comparable publicly-traded securities;
	•		the enterprise value of a portfolio company;
	•		the nature and realizable value of any collateral;
	•		the portfolio company’s ability to make payments and its earnings and discounted cash flow;
	•		the markets in which the portfolio company does business; and
	•		changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.