0000950170-23-040580 | 10-Q | XBRL Viewer | Portman Ridge Finance Corp

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


($ in thousands)
Common stock issued by the Company (1)	$	37,063
Cash consideration to HCAP shareholders (2)		20,688
Transaction costs (excluding offering costs $519)		881
Total purchase consideration	$	58,632
Assets acquired:
Investments, at fair value (amortized cost of $53,812)	$	57,621
Cash		32,119
Interest receivable		431
Other assets		2,665
Total assets acquired	$	92,836
Liabilities assumed:
Debt	$	28,750
Other liabilities		1,645
Total liabilities assumed	$	30,395
Net assets acquired	$	62,441
Total purchase discount	$	(3,809	)

Based on the market price at closing of $2.43 as of June 9, 2021 and the 15,252,453 shares of common stock issued by the Company in conjunction with the merger.

(2)

Approximately $18.5 million cash consideration paid by the Company plus $2.15 million cash payment paid at closing directly to shareholders of HCAP from the Adviser.

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required for annual consolidated financial statements. The unaudited interim consolidated financial statements (“consolidated financial statements”) and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). The Company is an investment company and follows accounting and reporting guidance in Accounting Standards Codification (“ASC”) topic 946 – Financial Services – Investment Companies. The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. Furthermore, the preparation of the consolidated financial statements requires the Company to make significant estimates and assumptions including with respect to the fair value of investments that do not have a readily available market value. Actual results could differ from those estimates, and the differences could be material. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for the full year. The Company consolidates the financial statements of its wholly-owned special purpose financing subsidiaries Portman Ridge Funding 2018-2 Ltd. (“PRF CLO 2018-2”) (formerly known as Garrison Funding 2018-2 Ltd.), Great Lakes KCAP Funding I LLC, Kohlberg Capital Funding I LLC, KCAP Senior Funding I, LLC, KCAP Funding I Holdings, LLC, Great Lakes Portman Ridge Funding, LLC and HCAP ICC, LLC in its consolidated financial statements as they are operated solely for investment activities of the Company. The creditors of Great Lakes Portman Ridge Funding, LLC received security interests in the assets which are owned by them and such assets are not intended to be available to the creditors of Portman Ridge Finance Corporation., or any other affiliate. The Company also consolidates various subsidiaries (KCAP Coastal, LLC, PTMN Sub Holdings, LLC, OHA Funding, LP, Garrison Capital Equity Holdings I LLC, Garrison Capital Equity Holdings II, LLC, Garrison Capital Equity Holdings VIII LLC, Garrison Capital Equity Holdings XI LLC, GIG Rooster Holdings, LLC, HCAP Equity Holdings, LLC and PTMN Sub Holdings LLC) created primarily to provide specific tax treatment for the equity and other investments held by these entities. In accordance with Article 6 of Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company does not consolidate portfolio company investments, including those in which it has a controlling interest. The determination of the tax character of distributions is made on an annual (full calendar year) basis at the end of the year based upon our taxable income for the full year and the distributions paid during the full year. Therefore, an estimate of tax attributes made on a quarterly basis may not be representative of the actual tax attributes of distributions for a full year. It is the Company’s primary investment objective to generate current income and capital appreciation by lending directly to privately-held middle market companies. During the quarter ended June 30, 2023, the Company provided approximately $16.7 million to portfolio companies. Approximately $6.3 million of this support was contractually obligated. See also Note 8 – Commitments and Contingencies. As of June 30, 2023, the Company held loans it has made to 85 investee companies with aggregate principal amounts of approximately $462.1 million. The details of such loans have been disclosed on the unaudited consolidated schedule of investments as well as in Note 4 – Investments. In addition to providing loans to investee companies, from time to time the Company assists investee companies in securing financing from other sources by introducing such investee companies to sponsors or by, among other things, leading a syndicate of lenders to provide the investee companies with financing. During the six months ended June 30, 2023 and 2022, the Company did not recognize any fee income from such or similar activities. Investments Investment transactions are recorded on the applicable trade date. Realized gains or losses are determined using the specific identification method. Valuation of Portfolio Investments. The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for making fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5. Debt and equity securities for which market quotations are readily available are generally valued at such market quotations. Debt and equity securities that are not publicly traded or whose market price is not readily available are valued by the Adviser based on detailed analyses prepared by management and, in certain circumstances, third parties with valuation expertise. Valuations are conducted by management on 100% of the investment portfolio at the end of each quarter. The Company follows the provisions of ASC 820: Fair Value Measurements and Disclosures (“ASC 820: Fair Value”). This standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about assets and liabilities measured at fair value. ASC 820: Fair Value defines “fair value” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Adviser utilizes one or more independent valuation firms to provide third party valuation consulting services. Each quarter the independent valuation firms perform third party valuations of the Company’s investments in material illiquid securities such that they are reviewed at least once during a trailing 12-month period. These third-party valuation estimates are considered as one of the relevant data points in the Adviser’s determination of fair value. The Adviser may consider other methods of valuation than those set forth below to determine the fair value of Level III investments as appropriate in conformity with GAAP. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ materially from the values that would have been used had a readily available market existed for such investments. Further, such investments may be generally subject to legal and other restrictions on resale or otherwise be less liquid than publicly traded securities. In addition, changes in the market environment and other events may occur over the life of the investments that may cause the value realized on such investments to be different from the currently assigned valuations. The majority of the Company’s investment portfolio is composed of debt and equity securities with unique contract terms and conditions and/or complexity that requires a valuation of each individual investment that considers multiple levels of market and asset specific inputs, which may include historical and forecasted financial and operational performance of the individual investment, projected cash flows, market multiples, comparable market transactions, the priority of the security compared with those of other securities for such issuers, credit risk, interest rates, and independent valuations and reviews. Debt Securities. To the extent that the Company’s investments are liquid and are priced or have sufficient price indications from normal course trading at or around the valuation date (financial reporting date), such pricing will be used to determine the fair value of the investments. Valuations from third party pricing services may be used as an indication of fair value, depending on the volume and reliability of the valuation, sufficient and reasonable correlation of bid and ask quotes, and, most importantly, the level of actual trading activity. However, if the Company has been unable to identify directly comparable market indices or other market guidance that correlate directly to the types of investments the Company owns, the Company will determine fair value using alternative methodologies such as available market data, as adjusted, to reflect the types of assets the Company owns, their structure, qualitative and credit attributes and other asset-specific characteristics. The Company derives fair value for its illiquid investments that do not have indicative fair values based upon active trades primarily by using a present value technique that discounts the estimated contractual cash flows for the subject assets with discount rates imputed by broad market indices, bond spreads and yields for comparable issuers relative to the subject assets (the “Income Approach”). The Company also considers, among other things, recent loan amendments or other activity specific to the subject asset. Discount rates applied to estimated contractual cash flows for an underlying asset vary by specific investment, industry, priority and nature of the debt security (such as the seniority or security interest of the debt security) and are assessed relative to leveraged loan and high-yield bond indices, at the valuation date. The Company has identified these indices as benchmarks for broad market information related to its loan and debt securities. Because the Company has not identified any market index that directly correlates to the loan and debt securities held by the Company and therefore uses these benchmark indices, these market indices may require significant adjustment to better correlate such market data for the calculation of fair value of the investment under the Income Approach. Such adjustments require judgment and may be material to the calculation of fair value. Further adjustments to the discount rate may be applied to reflect other market conditions or the perceived credit risk of the borrower. When broad market indices are used as part of the valuation methodology, their use is subject to adjustment for many factors, including priority, collateral used as security, structure, performance and other quantitative and qualitative attributes of the asset being valued. The resulting present value determination is then weighted along with any quotes from observable transactions and broker/pricing quotes. If such quotes are indicative of actual transactions with reasonable trading volume at or near the valuation date that are not liquidation or distressed sales, relatively more reliance will be put on such quotes to determine fair value. If such quotes are not indicative of market transactions or are insufficient as to volume, reliability, consistency or other relevant factors, such quotes will be compared with other fair value indications and given relatively less weight based on their relevancy. Other significant assumptions, such as coupon and maturity, are asset-specific and are noted for each investment in the Consolidated Schedules of Investments included herein. Equity Securities. The Company’s equity securities in portfolio companies for which there is no liquid public market are carried at fair value based on the enterprise value of the portfolio company, which is determined using various factors, including EBITDA (earnings before interest, taxes, depreciation and amortization) and discounted cash flows from operations, less capital expenditures and other pertinent factors, such as recent offers to purchase a portfolio company’s securities or other liquidation events. The determined fair values are generally discounted to account for restrictions on resale and minority ownership positions. In the event market quotations are readily available for the Company’s equity securities in public companies, those investments may be valued using the Market Approach (as defined below). In cases where the Company receives warrants to purchase equity securities, a market standard Black-Scholes model is utilized. The significant inputs used to determine the fair value of equity securities include prices, EBITDA and cash flows after capital expenditures for similar peer comparables and the investment entity itself. Equity securities are classified as Level III, when there is limited activity or less transparency around inputs to the valuation given the lack of information related to such equity investments held in nonpublic companies. Significant assumptions observed for comparable companies are applied to relevant financial data for the specific investment. Such assumptions, such as model discount rates or price/earnings multiples, vary by the specific investment, equity position and industry and incorporate adjustments for risk premiums, liquidity and company specific attributes. Such adjustments require judgment and may be material to the calculation of fair value. Derivatives. The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. The Company generally records a realized gain or loss on the expiration, termination, or settlement of a derivative contract. The periodic payments for the securities Swap and Option Agreement (excluding collateral) are included as a realized gain or loss. The Company values derivative contracts using various pricing models that take into account the terms of the contract (including notional amount and contract maturity) and observable and unobservable inputs such as interest rates and changes in fair value of the reference asset. Asset Manager Affiliates. The Company sold all of its investment in the Disposed Manager Affiliates on December 31, 2018. Previously, the Company’s investments in its wholly-owned Asset Manager Affiliates, were carried at fair value, which was primarily determined utilizing the discounted cash flow approach, which incorporated different levels of discount rates depending on the hierarchy of fees earned (including the likelihood of realization of senior, subordinate and incentive fees) and prospective modeled performance. Such valuation took into consideration an analysis of comparable asset management companies and the amount of assets under management. The Asset Manager Affiliates were classified as a Level III investment. Any change in value from period to period was recognized as net change in unrealized appreciation or depreciation. CLO Fund Securities. The Company typically makes a non-controlling investment in the most junior class of securities of CLO Funds. The investments held by CLO Funds generally relate to non-investment grade credit instruments issued by corporations. The Company’s investments in CLO Fund Securities are carried at fair value, which is based either on (i) the present value of the net expected cash inflows for interest income and principal repayments from underlying assets and cash outflows for interest expense, debt pay-down and other fund costs for the CLO Funds that are approaching or past the end of their reinvestment period and therefore are selling assets and/or using principal repayments to pay down CLO Fund debt (or will begin to do so shortly), and for which there continue to be net cash distributions to the class of securities owned by the Company, a Discounted Cash Flow approach, (ii) a discounted cash flow model that utilizes prepayment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow and comparable yields for similar securities or preferred shares to those in which the Company has invested, or (iii) indicative prices provided by the underwriters or brokers who arrange CLO Funds, a Market Approach. The Company recognizes unrealized appreciation or depreciation on the Company’s investments in CLO Fund Securities as comparable yields in the market change and/or based on changes in net asset values or estimated cash flows resulting from changes in prepayment or loss assumptions in the underlying collateral pool. As each investment in CLO Fund Securities ages, the expected amount of losses and the expected timing of recognition of such losses in the underlying collateral pool are updated and the revised cash flows are used in determining the fair value of the CLO Fund investment. The Company determines the fair value of its investments in CLO Fund Securities on a security-by-security basis. Due to the individual attributes of each CLO Fund Security, they are classified as a Level III investment unless specific trading activity can be identified at or near the valuation date. When available, observable market information will be identified, evaluated and weighted accordingly in the application of such data to the present value models and fair value determination. Significant assumptions to the present value calculations include default rates, recovery rates, prepayment rates, investment/reinvestment rates and spreads and the discount rate by which to value the resulting underlying cash flows. Such assumptions can vary significantly, depending on market data sources which often vary in depth and level of analysis, understanding of the CLO market, detailed or broad characterization of the CLO market and the application of such data to an appropriate framework for analysis. The application of data points are based on the specific attributes of each individual CLO Fund Security’s underlying assets, historic, current and prospective performance, vintage, and other quantitative and qualitative factors that would be evaluated by market participants. The Company evaluates the source of market data for reliability as an indicative market input, consistency amongst other inputs and results and also the context in which such data is presented. For rated note tranches of CLO Fund Securities (those above the junior class) without transactions to support a fair value for the specific CLO Fund and tranche, fair value is based on discounting estimated bond payments at current market yields, which may reflect the adjusted yield on the leveraged loan index for similarly rated tranches, as well as prices for similar tranches for other CLO Funds and also other factors such as indicative prices provided by underwriters or brokers who arrange CLO Funds, and the default and recovery rates of underlying assets in the CLO Fund, as may be applicable. Such model assumptions may vary and incorporate adjustments for risk premiums and CLO Fund specific attributes. Short-term investments. Short-term investments are generally comprised of money market accounts, time deposits, and U.S. treasury bills. Joint Ventures. The Company carries investments in joint ventures (“Joint Ventures”) at fair value based upon the fair value of the investments held by the joint venture, or the net asset value as a practical expedient. See Note 4 below, for more information regarding the Joint Ventures. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments, readily convertible to known amounts of cash, with an original maturity of three months or less in accounts such as demand deposit accounts and certain overnight investment sweep accounts. The company records cash and cash equivalents at cost, which approximates fair value. Restricted Cash Restricted cash and cash equivalents generally consists of cash held for interest and principal payments on the Company’s borrowings. Foreign Currency Translations The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company. Investment Income Interest Income. Interest income, including the amortization of premium and accretion of discount and accrual of payment-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company generally places a loan or security on non-accrual status and ceases recognizing interest income on such loan or security when a loan or security becomes 90 days or more past due or if the Company otherwise does not expect the debtor to be able to service its debt obligations. For investments with PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible (i.e. via a partial or full non-accrual). Loans which are on partial or full non-accrual remain in such status until the borrower has demonstrated the ability and intent to pay contractual amounts due or such loans become current. As of June 30, 2023, seven of our debt investments were on non-accrual status. Generally, the Company will capitalize loan origination fees, then amortize these fees into interest income over the term of the loan using the effective interest rate method, recognize prepayment and liquidation fees upon receipt and equity structuring fees as earned, which generally occurs when an investment transaction closes. Investment Income on CLO Fund Securities. The Company generates investment income from its investments in the most junior class of securities issued by CLO Funds (typically preferred shares or subordinated securities). The Company’s CLO Fund junior class securities are subordinated to senior note holders who typically receive a stated interest rate of return based on a floating rate index, such as the London Interbank Offered Rate (“LIBOR”) on their investment. The CLO Funds are leveraged funds and any excess cash flow or “excess spread” (interest earned by the underlying securities in the fund less payments made to senior note holders and less fund expenses and management fees) is paid to the holders of the CLO Fund’s subordinated securities or preferred shares. GAAP-basis investment income on CLO equity investments is recorded using the effective interest method in accordance with the provisions of ASC 325-40, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated projected future cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield prospectively over the remaining life of the investment from the date the estimated yield was changed. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from both the tax–basis investment income and from the cash distributions actually received by the Company during the period. For non-junior class CLO Fund Securities, interest is earned at a fixed spread relative to the LIBOR index. Investment Income on Joint Ventures. The Company recognizes investment income on its investment in the Joint Ventures based upon its share of the estimated earnings and profits of the Joint Venture on the ex-dividend or ex-distribution date. The final determination of the tax attributes of distributions from the Joint Ventures is made on an annual (full calendar year) basis at the end of the year based upon taxable income and distributions for the full year. Therefore, any estimate of tax attributes of distributions made on an interim basis may not be representative of the actual tax attributes of distributions for the full year. Fees and other income. Origination fees (to the extent services are performed to earn such income), amendment fees, consent fees, and other fees associated with investments in portfolio companies are recognized as income when they are earned. Prepayment penalties received by the Company for debt instruments repaid prior to maturity date are recorded as income upon receipt. Debt Issuance Costs Debt issuance costs represent fees and other direct costs incurred in connection with the Company’s borrowings. These amounts are capitalized, presented as a reduction of debt, and amortized using the effective interest method over the expected term of the borrowing. Extinguishment of Debt The Company derecognizes a liability if and only if it has been extinguished through delivery of cash, delivery of other financial assets, delivery of goods or services, or reacquisition by the Company of its outstanding debt securities whether the securities are cancelled or held. If the debt contains a cash conversion option, the Company allocates the consideration transferred and transaction costs incurred to the extinguishment of the liability component and the reacquisition of the equity component and recognize a gain or loss in the statement of operations. Expenses The Company is externally managed and in connection with the Advisory Agreement, pays the Adviser certain investment advisory fees and reimburses the Adviser and Administrator for certain expenses incurred in connection with the services they provide. See Note 5 “Related Party Transactions - Payment of Expenses under the Advisory and Administration Agreements.” Shareholder Distributions Distributions to common stockholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board each quarter. The Company has adopted a dividend reinvestment plan (the "DRIP") that provides for reinvestment of its distributions on behalf of its stockholders, unless a stockholder “opts out” of the DRIP to receive cash in lieu of having their cash distributions automatically reinvested in additional shares of the Company’s common stock.

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

OPERATING ACTIVITIES:

Net increase (decrease) in net assets resulting from operations

$ (3,059)

$ (4,375)

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by in operations:

Net realized (gains) losses on investment transactions

9,646

19,544

Net change in unrealized (appreciation) depreciation from investments

10,136

(2,256)

Purchases of investments

(23,170)

(127,470)

Proceeds from sales and redemptions of investments

76,575

84,862

Net accretion of investments

(4,349)

(5,913)

Amortization of debt issuance costs

598

609

Realized (gains) losses on extinguishments of debt

^[1]

218

Net payment-in-kind income

(2,566)

(2,674)

Change in operating assets and liabilities:

(Increase) decrease in receivable for unsettled trades

(360)

15,414

(Increase) decrease in interest and dividends receivable

(310)

2,685

(Increase) decrease in due from affiliates

(966)

(186)

(Increase) decrease in other assets

(78)

(15,235)

Increase (decrease) in payable for unsettled trades

(854)

14,896

Increase (decrease) in accrued interest payable

(104)

432

Increase (decrease) in management and incentive fees payable

(1,282)

Increase (decrease) in due to affiliates

121

(908)

Increase (decrease) in accounts payable and accrued expenses

(626)

(96)

Net cash (used in) provided by operating activities

60,857

(21,953)

FINANCING ACTIVITIES:

Debt issuance costs

(776)

Distributions to stockholders

414

Stock repurchase program

(1,345)

(3,004)

(12,706)

(11,491)

Repayment of 2018-2 Secured Notes

(30,491)

Repayment of Revolving Credit Facilities

(37,500)

Borrowings from Revolving Credit Facilities

23,500

12,500

Net cash (used in) provided by financing activities

(58,542)

(2,357)

CHANGE IN CASH AND RESTRICTED CASH

2,315

(24,310)

CASH AND RESTRICTED CASH, BEGINNING OF PERIOD

33,131

68,340

CASH AND RESTRICTED CASH, END OF PERIOD

35,446

44,030

Amounts per balance sheet:

Cash and cash equivalents

20,254

22,039

Restricted cash

15,192

21,991

Total Cash and Restricted cash

35,446

44,030

Supplemental Information and non-cash activities:

Cash paid for interest during the period

12,210

2,848

Reinvestment of distributions

$ 368

$ 684

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity

Stockholders' Equity - Summary of Components of Stockholders' Equity (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

$ 225,106

$ 232,123

^[1]

$ 278,301

$ 280,122

^[1]

$ 232,123

^[1]

$ 280,122

^[1]

Net change in unrealized appreciation on investments

7,915

8,529

5,522

7,908

(4,176)

(5,960)

113

2,143

(10,136)

2,256

Net realized (losses) from investment transactions and extinguishment of debt

(6,689)

(3,085)

(13,991)

(5,553)

Tax (provision) benefit on realized and unrealized gains (losses) on investments

(164)

571

(77)

(440)

407

^[1]

(517)

^[1]

Distributions to Stockholders

(6,579)

(6,495)

(6,064)

(6,111)

(13,074)

^[1]

(12,175)

^[1]

Reinvested Dividends

153

215

346

338

368

^[1]

684

^[1]

Stock repurchases

(553)

(792)

(2,459)

(545)

(1,345)

^[1]

(3,004)

^[1]

(25)

414

^[1]

Capital in Excess of Par Value

215,013

^[1],[2]

225,106

261,666

^[1],[2]

278,301

215,013

^[1],[2]

261,666

^[1],[2]

(1)

736,207

736,784

733,327

733,095

736,784

733,095

Reinvested Dividends

153

215

346

338

Stock repurchases

(552)

(792)

(2,459)

(545)

(25)

Total Distributable (Loss) Earnings

735,808

736,207

731,189

733,327

735,808

731,189

(511,197)

(504,757)

(455,123)

(453,070)

(504,757)

(453,070)

Net change in unrealized appreciation on investments

7,915

8,529

5,522

7,908

(4,176)

(5,960)

113

2,143

Net realized (losses) from investment transactions and extinguishment of debt

(6,689)

(3,085)

(13,991)

(5,553)

Tax (provision) benefit on realized and unrealized gains (losses) on investments

(164)

571

(77)

(440)

Distributions to Stockholders

(6,579)

(6,495)

(6,064)

(6,111)

$ (520,890)

$ (511,197)

$ (469,620)

(455,123)

$ (520,890)

$ (469,620)

HCAP Acquisition

HCAP Acquisition | Capital in Excess of Par Value

439

$ 439

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($)	Jun. 09, 2021	Oct. 28, 2020	Jun. 24, 2020	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Investments at fair value, amortized cost				$ 595,975,000	$ 652,217,000
Common stock, issued				9,935,250	9,916,856
Common stock, par value				$ 0.01	$ 0.01
GARS Acquisition
Business Acquisition [Line Items]
Transaction offering costs			$ 432,000
Investments at fair value, amortized cost			$ 277,380,000
Common stock, issued		1.917
Common stock, par value		$ 1.26
Additional consideration funded by adviser		$ 5,000,000.0
GARS Acquisition \| Common Stock
Business Acquisition [Line Items]
Common stock, issued		30,765,640
Common stock, par value		$ 0.01
HCAP Acquisition
Business Acquisition [Line Items]
Transaction offering costs	$ 519,000
Investments at fair value, amortized cost	$ 53,812,000
Common stock, par value	$ 2.43
Cash purchase price	$ 18,537,512.65
Additional consideration funded by adviser	$ 2,150,000
HCAP Acquisition \| Common Stock
Business Acquisition [Line Items]
Common stock, issued	15,252,453
Common stock, par value	$ 0.01

Organization - Additional Information (Details)						6 Months Ended
Organization - Additional Information (Details)	Aug. 23, 2021 $ / shares shares	Jun. 09, 2021 USD ($) $ / shares shares	Oct. 28, 2020 USD ($) $ / shares shares	Dec. 31, 2018	Nov. 08, 2018 USD ($)	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Aug. 24, 2021 shares	Jul. 23, 2021 USD ($)	Jun. 24, 2021 USD ($)	Mar. 29, 2019	Mar. 28, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Company incorporated date						Aug. 08, 2006
Asset coverage requirement percentage											150.00%	200.00%
Common stock, par value						$ 0.01	$ 0.01
Common stock, issued \| shares						9,935,250	9,916,856
Common stock, authorized \| shares						20,000,000	20,000,000
Reverse Stock Split
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value	$ 0.01
Reverse stock split	0.10
Common stock, authorized \| shares	100,000,000							20,000,000
HCAP Notes
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate principal amount \| $		$ 28,750,000
Interest rate		6.125%
Debt instrument, due date		Sep. 15, 2022
Debt Instrument redemption, amount \| $									$ 28,750,000	$ 28,750,000
Asset Manager Subsidiaries
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Date of acquisition agreement					Nov. 08, 2018
Date of acquisition closing				Dec. 31, 2018
Cash purchase price \| $					$ 37,900,000
GARS Acquisition
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Date of acquisition agreement			Jun. 24, 2020
Common stock, par value			$ 1.26
Share value in cash			$ 1.19
Common stock, issued \| shares			1.917
Additional consideration funded by adviser			$ 0.31
Additional consideration funded by adviser \| $			$ 5,000,000.0
GARS Acquisition \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value			$ 0.01
Common stock, issued \| shares			30,765,640
GARS Acquisition \| GARS Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value			$ 0.001
HCAP Acquisition
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash purchase price \| $		$ 18,537,512.65
Common stock, par value		$ 2.43
Additional consideration funded by adviser \| $		$ 2,150,000
Business acquisition, number of shares issued \| shares		15,252,453
Number of electing shares converted to non-electing shares \| shares		475,806
Shares received for each electing shares		$ 0.74
Cash received for each electing shares		7.43
Shares received for each non-electing shares		3.86
HCAP Acquisition \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value		$ 0.01
Common stock, issued \| shares		15,252,453

Investments - Summary of Investments in CLO Fund Securities (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

$ 595,975

$ 652,217

510,100

576,478

25,577

34,649

CLO Fund Securities | Subordinated Notes | Catamaran CLO 2014-1 Ltd.

$ 12,996

20,453

^[1]

22.00%

$ 4,324

4,216

CLO Fund Securities | Subordinated Notes | Catamaran CLO 2014-2 Ltd.

$ 2,032

3,232

^[1]

25.00%

CLO Fund Securities | Subordinated Notes | Catamaran CLO 2015-1 Ltd.

$ 6,066

6,066

^[1]

10.00%

CLO Fund Securities | Subordinated Notes | Catamaran CLO 2018-1 Ltd.

$ 2,534

2,534

^[1]

25.00%

$ 6,113

6,338

CLO Fund Securities | Subordinated Notes | Dryden 30 Senior Loan Fund

$ 4,647

4,753

^[1]

7.00%

$ 849

868

CLO Fund Securities | Subordinated Notes | JMP CLO IV Junior Sub Note

$ 626

868

^[1]

57.00%

$ 1,747

4,020

CLO Fund Securities | Subordinated Notes | JMP CLO V Junior Sub Note

$ 1,747

4,020

^[1]

57.00%

$ 3,944

10,607

Investments, Debt and Equity Securities [Abstract]

$ 3,944

$ 7,580

[1]	Represents percentage of class held at June 30, 2023.

Investments

6 Months Ended

Jun. 30, 2023

Investments

4. INVESTMENTS

The following table shows the Company’s portfolio by security type at June 30, 2023 and December 31, 2022:



($ in thousands)	June 30, 2023 (Unaudited)							December 31, 2022
Security Type	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Senior Secured Loan	$	396,674	$	376,539		74		$	435,856	$	418,722		73
Junior Secured Loan		51,707		37,962		7			65,776		56,400		10
Senior Unsecured Bond		416		43		0			416		43		0
Equity Securities		28,901		20,013		4			28,848		21,905		4
CLO Fund Securities		25,577		12,996		3			34,649		20,453		3
Asset Manager Affiliates(2)		17,791		-		-			17,791		-		-
Joint Ventures		74,878		62,547		12			68,850		58,955		10
Derivatives		31		-		-			31		-		-
Total	$	595,975	$	510,100		100	%	$	652,217	$	576,478		100	%

(1)

Represents percentage of total portfolio at fair value.

(2)

Represents the equity investment in the Asset Manager Affiliates.

The industry concentrations based on the fair value of the Company’s investment portfolio as of June 30, 2023 and December 31, 2022 were as follows:


($ in thousands)	June 30, 2023 (Unaudited)							December 31, 2022
Industry Classification	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Aerospace and Defense	$	9,436	$	9,556		2		$	10,579	$	10,494		2
Asset Management Company(2)		17,791		-		-			17,791		-		-
Automotive		6,906		4,986		1			7,329		6,947		1
Banking, Finance, Insurance & Real Estate		59,945		60,902		12			76,038		78,264		14
Beverage, Food and Tobacco		12,334		12,116		2			12,619		12,456		2
Capital Equipment		10,682		1,451		0			10,681		2,745		1
Chemicals, Plastics and Rubber		10,345		10,293		2			10,447		10,359		2
CLO Fund Securities		25,577		12,996		3			34,649		20,453		3
Construction & Building		7,773		7,507		1			9,545		9,199		2
Consumer goods: Durable		16,654		13,253		3			16,762		13,943		2
Containers, Packaging and Glass		2,741		2,743		1			2,754		2,655		1
Electronics		10,774		11,017		2			10,866		11,129		2
Energy: Electricity		671		671		0			671		671		0
Energy: Oil & Gas		6,719		580		0			6,718		1,056		0
Environmental Industries		-		-		-			4,315		4,930		1
Finance		19,014		19,048		4			17,570		17,581		3
Forest Products & Paper		-		-		-			1,589		1,373		0
Healthcare, Education and Childcare		6,205		6,191		1			9,726		9,586		2
Healthcare & Pharmaceuticals		50,244		48,805		10			51,901		50,566		9
High Tech Industries		84,922		76,160		14			83,661		73,994		13
Hotel, Gaming & Leisure		10,487		2,859		1			10,245		6,798		1
Joint Venture		74,878		62,547		12			68,850		58,955		10
Machinery (Non-Agrclt/Constr/Electr)		10,030		9,455		2			9,461		9,291		2
Media: Advertising, Printing & Publishing		-		-		-			150		549		0
Media: Broadcasting & Subscription		15,478		14,163		3			14,930		14,358		2
Media: Diversified & Production		1,641		1,650		0			6,976		6,572		1
Metals & Mining		9,000		8,948		2			15,846		14,786		3
Retail		9,024		9,009		2			10,772		10,871		2
Services: Business		67,135		65,957		13			66,807		66,207		11
Services: Consumer		9,029		8,357		2			8,569		8,128		1
Telecommunications		11,463		10,366		2			11,475		10,077		2
Textiles and Leather		-		-		-			12,689		12,808		2
Transportation: Cargo		11,585		11,114		2			11,583		11,342		2
Transportation: Consumer		7,492		7,400		1			7,653		7,335		1
Total	$	595,975	$	510,100		100	%	$	652,217	$	576,478		100	%

(1)

Calculated as a percentage of total portfolio at fair value.

(2)

Represents the equity investment in the Asset Manager Affiliates.

The Company may invest up to 30% of the investment portfolio in “non-qualifying” opportunistic investments, including investments in debt and equity securities of CLO Funds, distressed debt or debt and equity securities of large cap public companies. Within this 30% of the portfolio, the Company also may invest in debt of middle market companies located outside of the United States.

At June 30, 2023 and December 31, 2022, the total amount of non-qualifying assets was approximately 17.2% and 17.6% of total assets, respectively. The majority of non-qualifying assets are the Company’s investments in joint ventures which were approximately 11.2% and 9.5% respectively, of the total assets and the Company’s investments in CLO Funds, which are typically domiciled outside the U.S. and represented approximately 2.3% and 3.3% of its total assets on such dates, respectively.

Investments in CLO Fund Securities

The Company has made non-controlling investments in the most junior class of securities (typically preferred shares or subordinated securities) of CLO Funds. These securities also are entitled to recurring distributions which generally equal the net remaining cash flow of the payments made by the underlying CLO Fund's securities less contractual payments to senior bond holders, management fees and CLO Fund expenses. CLO Funds invest primarily in broadly syndicated non-investment grade loans, high-yield bonds and other credit instruments of corporate issuers. The underlying assets in each of the CLO Funds in which the Company has an investment are generally diversified secured or unsecured corporate debt. The CLO Funds are leveraged funds and any excess cash flow or “excess spread” (interest earned by the underlying securities in the CLO Funds less payments made to senior bond holders, fund expenses and management fees) is paid to the holders of the CLO Fund’s subordinated securities or preferred shares.

The following table details investments in CLO Fund Securities at June 30, 2023 (unaudited) and December 31, 2022:


($ in thousands)				June 30, 2023				December 31, 2022
CLO Fund Securities	Investment	%(1)		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Catamaran CLO 2014-1 Ltd.	Subordinated Notes		22	$	4,324	$	2,032	$	4,216	$	3,232
Catamaran CLO 2014-2 Ltd.	Subordinated Notes		25		6,066		-		6,066		-
Catamaran CLO 2015-1 Ltd.	Subordinated Notes		10		2,534		-		2,534		-
Catamaran CLO 2018-1 Ltd.	Subordinated Notes		25		6,113		4,647		6,338		4,753
Dryden 30 Senior Loan Fund	Subordinated Notes		7		849		626		868		868
JMP CLO IV Junior Sub Note	Subordinated Notes		57		1,747		1,747		4,020		4,020
JMP CLO V Junior Sub Note	Subordinated Notes		57		3,944		3,944		10,607		7,580
Total				$	25,577	$	12,996	$	34,649	$	20,453

(1)

Represents percentage of class held at June 30, 2023.

Affiliate Investments:

The following table details investments in affiliates at June 30, 2023 (unaudited):


($ in thousands)	Industry Classification	Fair Value as of December 31, 2022		Purchases/ (Sales) of or Advances/ (Distributions)			Net Accretion		Transfers In/(Out) of Affiliates			Net Change in Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value as of June 30, 2023		Principal / Shares at June 30, 2023		Interest and Fee Income		Dividend Income
Asset Manager Affiliates(1)(3)	Asset Management Company	$	-	$	-		$	-	$	-		$	-		$	-		$	-		-	$	-	$	-
Tank Partners Equipment Holdings, LLC(1)(2)(3)(6)	Energy: Oil & Gas		-		-			-		-			-			-			-		-		-		-
Tank Partners Equipment Holdings, LLC(1)(2)(3)	Energy: Oil & Gas		43		-			-		-			-			-			43		511		-		-
Flight Lease VII (1)(2)(4)(6)	Aerospace and Defense		242		(200	)		-		-			38			(80	)		-		-		-		-
ProAir, LLC(1)(2)(3)(6)	Capital Equipment		-		-			-		-			-			-			-		2,749,997		-		-
ProAir, LLC(1)(2)(3)	Capital Equipment		-		-			-		-			-			-			-		2,020		-		-
KCAP Freedom 3, LLC (1)(3)	Joint Venture		18,668		-			-		-			(2,094	)		-			16,574		27,220		-		1,540
Total controlled affiliates		$	18,953	$	(200	)	$	-	$	-		$	(2,056	)	$	(80	)	$	16,617			$	-	$	1,540

Series A-Great Lakes Funding II LLC(5)(6)(7)	Joint Venture	$	40,287	$	6,028		$	-	$	-		$	(342	)	$	-		$	45,973		47,463	$	-	$	3,248
GreenPark Infrastructure, LLC(1)(2)(5)(6)	Energy: Electricity		500		-			-		-			-			-			500		1,000		-		-
GreenPark Infrastructure, LLC(1)(2)(5)(6)(7)	Energy: Electricity		171		-			-		-			-			-			171		500		-		-
Kleen-Tech Acquisition, LLC (1)(2)(5)(6)	Services: Business		1,300		-			-		-			(280	)		-			1,020		250,000		-		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		13,445		(4,428	)		-		(9,000	)		1,107			(1,124	)		-		-		377		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		-			708			-			708		2,368		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		4,500			102			-			4,602		1,000		107		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		-		-			-		4,500			(862	)		-			3,638		4,500		87		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		464		-			-		-			81			-			545		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		206		-			-		-			36			-			242		88,946		-		-
Surge Hippodrome Partners LP(1)(2)(5)(6)	Services: Business		811		-			-		-			(171	)		-			640		185		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)(6)	Services: Business		484		-			-		-			(94	)		-			390		10		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)	Services: Business		5,165		-			103		-			110			-			5,378		5,460		445		-
Navex Topco, Inc.(2)(5)	Electronics		7,604		-			42		-			(42	)		-			7,604		7,700		457		-
Zest Acquisition Corp.(1)(2)(5)	Healthcare, Education and Childcare		3,390		(3,501	)		9		-			102			-			-		-		42		-
Total Non-controlled affiliates		$	73,827	$	(1,901	)	$	154	$	-		$	455		$	(1,124	)	$	71,411			$	1,515	$	3,248

Total Affiliated Investments		$	92,780	$	(2,101	)	$	154	$	-		$	(1,601	)	$	(1,204	)	$	88,028			$	1,515	$	4,788

(1)

Fair value of this investment was determined using significant unobservable inputs.

(2)

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company.

(4)

(5)

Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.

(6)

Number of shares held.

(7)

Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

The following table details investments in affiliates at December 31, 2022:


($ in thousands)	Industry Classification	Fair Value as of December 31, 2021		Purchases/ (Sales) of or Advances/ (Distributions)			Net Accretion			Transfers In/(Out) of Affiliates			Net Change in Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value as of December 31, 2022		Principal / Shares at December 31, 2022		Interest and Fee Income		Dividend Income
Asset Manager Affiliates(1)(2)(3)	Asset Management Company	$	-	$	-		$	-		$	-		$	-		$	-		$	-		-	$	-	$	-
Tank Partners Equipment Holdings, LLC(1)(2)(3)(6)	Energy: Oil & Gas		-		-			-			-			-			-			-		49,000		-		-
Tank Partners Equipment Holdings, LLC(1)(2)(3)	Energy: Oil & Gas		43		-			-			-			-			-			43		511		-		-
Flight Lease VII (1)(2)(4)(6)	Aerospace and Defense		256		-			-			-			(14	)		-			242		1,938		-		-
ProAir, LLC(1)(2)(3)(6)	Capital Equipment		-		-			-			4,262			(4,262	)		-			-		2,749,997		-		-
ProAir, LLC(1)(2)(3)	Capital Equipment		-		1,931			-			-			(1,931	)		-			-		1,931		181		-
KCAP Freedom 3, LLC (1)(3)	Joint Venture		23,062		-			-			-			(4,394	)		-			18,668		27,220		-		4,141
Total controlled affiliates		$	23,361	$	1,931		$	-		$	4,262		$	(10,601	)	$	-		$	18,953			$	181	$	4,141

BCP Great Lakes Holdings LP(5)(7)	Joint Venture	$	37,412	$	1,700		$	-		$	(38,124	)	$	(461	)	$	(527	)	$	-		-	$	-	$	3,099
Series A-Great Lakes Funding II LLC(5)(6)(8)	Joint Venture		-		3,311			-			38,124			(1,148	)		-			40,287		41,435		-		1,351
Flight Lease XII(1)(2)(5)(6)	Aerospace and Defense		677		(742	)		-			-			(147	)		212			-		-		40		-
GreenPark Infrastructure, LLC(1)(2)(5)(6)	Energy: Electricity		-		500			-			-			-			-			500		1,000		-		-
GreenPark Infrastructure, LLC(1)(2)(5)(6)(8)	Energy: Electricity		-		171			-			-			-			-			171		500		-		-
Kleen-Tech Acquisition, LLC (1)(2)(5)(6)	Services: Business		1,612		-			-			-			(312	)		-			1,300		250,000		-		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		12,280		476			(10	)		-			699			-			13,445		14,551		1,455		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-			-			-			-			-		2,368		-		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		492		-			-			-			(28	)		-			464		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		219		-			-			-			(13	)		-			206		88,946		-		-
Surge Hippodrome Partners LP(1)(2)(5)(6)	Services: Business		336		-			-			-			475			-			811		185		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)(6)	Services: Business		201		-			-			-			283			-			484		10		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)	Services: Business		5,160		-			207			-			(202	)		-			5,165		5,460		582		-
VTK Acquisition, Inc.(1)(2)(5)	Capital Equipment		1,531		(1,536	)		33			-			(28	)		-			-		-		57		-
VTK Acquisition, Inc.(1)(2)(5)	Capital Equipment		2,598		(2,628	)		110			-			(80	)		-			-		-		107		-
VTK Acquisition, Inc.(1)(2)(5)(6)	Capital Equipment		535		(369	)		-			-			(284	)		118			-		-		-		-
Navex Topco, Inc.(1)(2)(5)	Electronics		7,609		-			84			-			(89	)		-			7,604		7,700		680		-
Zest Acquisition Corp.(1)(2)(5)	Healthcare, Education and Childcare		3,480		-			3			-			(93	)		-			3,390		3,500		319		-
Total Non-controlled affiliates		$	74,142	$	883		$	427		$	-		$	(1,428	)	$	(197	)	$	73,827			$	3,240	$	4,450

Total Affiliated Investments		$	97,503	$	2,814		$	427		$	4,262		$	(12,029	)	$	(197	)	$	92,780			$	3,421	$	8,591

(1)

Fair value of this investment was determined using significant unobservable inputs.

(2)

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

(6)

Number of shares held.

(7)

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

(8)

Security has an unfunded commitment in addition to the amounts shown in consolidated schedule of investments. See Note 8 for additional information on the Company's commitments and contingencies

Investments in Joint Ventures

For the three months ended June 30, 2023 and 2022, the Company recognized $2.3 million and $2.1 million, respectively, in investment income from its investments in Joint Ventures. For the six months ended June 30, 2023 and 2022, the Company recognized $4.8 million and $4.2 million, respectively, in investment income from its investments in Joint Ventures. As of June 30, 2023 and December 31, 2022, the aggregate fair value of the Company’s investments in Joint Ventures was approximately $62.5 million and $59.0 million, respectively.

KCAP Freedom 3 LLC

During the third quarter of 2017, the Company and Freedom 3 Opportunities LLC (“Freedom 3 Opportunities”), an affiliate of Freedom 3 Capital LLC, entered into an agreement to create KCAP Freedom 3 LLC (the “F3C Joint Venture”). The fund capitalized by the F3C Joint Venture invests primarily in middle-market loans and the F3C Joint Venture partners may source middle-market loans from time-to-time for the fund.

The Company owns a 62.8% equity investment in the F3C Joint Venture. The F3C Joint Venture is structured as an unconsolidated Delaware limited liability company. All portfolio and other material decisions regarding the F3C Joint Venture must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and two of whom were selected by Freedom 3 Opportunities, and must be approved by at least one member appointed by the Company and one appointed by Freedom 3 Opportunities. In addition, certain matters may be approved by the F3C Joint Venture’s investment committee, which is comprised of one member appointed by the Company and one member appointed by Freedom 3 Opportunities.

The Company has determined that the F3C Joint Venture is an investment company under Accounting Standards Codification (“ASC”), Financial Services — Investment Companies (“ASC 946”), however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in the F3C Joint Venture because the Company does not control the F3C Joint Venture due to allocation of the voting rights among the F3C Joint Venture partners.

Series A – Great Lakes Funding II LLC

In August 2022, the Company invested in Series A – Great Lakes Funding II LLC (the “Great Lakes II Joint Venture,” collectively with the F3C Joint Venture the “Joint Ventures”), a joint venture with an investment strategy to underwrite and hold senior, secured unitranche loans made to middle-market companies. The Company treats its investment in the Great Lakes II Joint Venture as a joint venture since an affiliate of the Adviser controls a 50% voting interest in the Great Lakes II Joint Venture. In connection with the launch of the Great Lakes II Joint Venture, the Company entered into a series of transactions pursuant to which the Company’s prior investment in BCP Great Lakes Holdings LP, a vehicle formed as a co-investment vehicle to facilitate the participation of certain co-investors to invest, directly or indirectly, in BCP Great Lakes Funding, LLC (the “Prior Great Lakes Joint Venture”), and the corresponding assets held by the Prior Great Lakes Joint Venture in respect of the Company’s investment in BCP Great Lakes Holdings LP, were transferred to the Great Lakes II Joint Venture in complete redemption of the Company’s investment in BCP Great Lakes Holdings LP.

The Great Lakes II Joint Venture is a Delaware series limited liability company, and pursuant to the terms of the Great Lakes Funding II LLC Limited Liability Company Agreement (the “Great Lakes II LLC Agreement”), prior to the end of the investment period with respect to each series established under the Great Lakes II LLC Agreement, each member of the predecessor series would be offered the opportunity to roll its interests into any subsequent series of the Great Lakes II Joint Venture. The Company does not pay any advisory fees in connection with its investment in the Great Lakes II Joint Venture. Certain other funds managed by the Adviser or its affiliates have also invested in the Great Lakes II Joint Venture.

The fair value of the Company’s investment in the Great Lakes II Joint Venture at June 30, 2023 was $46.0 million. The fair value of the Company’s investment in the Great Lakes II Joint Venture at December 31, 2022 was $40.3 million. Fair value has been determined utilizing the practical expedient pursuant to ASC 820-10. Pursuant to the terms of the Great Lakes II LLC Agreement, the Company generally may not effect any direct or indirect sale, transfer, assignment, hypothecation, pledge or other disposition of or encumbrance upon its interests in the Great Lakes II Joint Venture, except that the Company may sell or otherwise transfer its interests with the consent of the managing members of the Great Lakes II Joint Venture or to an affiliate or a successor to substantially all of the assets of the Company.

As of June 30, 2023, the Company has a $2.0 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2022, the Company had a $8.0 million unfunded commitment to the Great Lakes II Joint Venture.

Fair Value Measurements

The Company follows the provisions of ASC 820: Fair Value, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. ASC 820: Fair Value defines “fair value” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This fair value definition focuses on an exit price in the principle, or most advantageous market, and prioritizes, within a measurement of fair value, the use of market-based inputs (which may be weighted or adjusted for relevance, reliability and specific attributes relative to the subject investment) over entity-specific inputs. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

ASC 820: Fair Value establishes the following three-level hierarchy, based upon the transparency of inputs to the fair value measurement of an asset or liability as of the measurement date:

Level I – Unadjusted quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I include listed equities and listed securities. As required by ASC 820: Fair Value, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably affect the quoted price.

Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments which are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities for which some level of recent trading activity has been observed.

Level III – Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level II inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. These inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level III if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation methodology.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the investment. A majority of the Company’s investments are classified as Level III. The Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value. Inputs that are highly correlated to the specific investment being valued and those derived from reliable or knowledgeable sources will tend to have a higher weighting in determining fair value. The Company’s fair value determinations may include factors such as an assessment of each underlying investment, its current and prospective operating and financial performance, consideration of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance factors, and other investment or industry specific market data, among other factors.

The following table summarizes the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of June 30, 2023 (unaudited) and December 31, 2022, respectively:


	As of June 30, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	57,551	$	356,993	$	-	$	414,544
Equity securities		-		-		20,013		-		20,013
CLO Fund securities		-		-		12,996		-		12,996
Joint Ventures		-		-		16,574		45,973		62,547
Derivatives		-		-		-		-		-
Total	$	-	$	57,551	$	406,576	$	45,973	$	510,100


	As of December 31, 2022
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	65,021	$	410,144	$	-	$	475,165
Equity securities		-		-		21,905		-		21,905
CLO Fund securities		-		-		20,453		-		20,453
Joint Ventures		-		-		18,668		40,287		58,955
Derivatives		-		-		-		-		-
Total	$	-	$	65,021	$	471,170	$	40,287	$	576,478

As a BDC, the Company is required to invest primarily in the debt and equity of non-public companies for which there is little, if any, market-observable information. As a result, a significant portion of the Company’s investments at any given time will likely be deemed Level III investments. Investment values derived by a third-party pricing service are generally deemed to be Level III values. For those that have observable trades, the Company considers them to be Level II.

The fair value of the Company’s investment in the Great Lakes II Joint Venture at June 30, 2023 was $46.0 million. The fair value of the Company's investment in the Prior Great Lakes Joint Venture at December 31, 2022 was $40.3 million. Fair value has been determined utilizing the practical expedient pursuant to ASC 820-10.

Subject to the limitations noted above, values derived for debt and equity securities using comparable public/private companies generally utilize market-observable data from such comparables and specific, non-public and non-observable financial measures (such as earnings or cash flows) for the private, underlying company/issuer. Such non-observable company/issuer data is typically provided on a monthly or quarterly basis, is certified as correct by the management of the company/issuer and/or audited by an independent accounting firm on an annual basis. Since such private company/issuer data is not publicly available it is not deemed market-observable data and, as a result, such investment values are grouped as Level III assets.

The Company’s policy for determining transfers between levels is based solely on the previously defined three-level hierarchy for fair value measurement. Transfers between the levels of the fair value hierarchy are separately noted in the tables below and the reason for such transfer described in each table’s respective footnotes. Certain information relating to investments measured at fair value for which the Company has used unobservable inputs to determine fair value is as follows:


	Six Months Ended June 30, 2023
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	410,144		$	21,905		$	20,453		$	18,668		$	-	$	471,170
Transfers out of Level III¹		(10,599	)		-			-			-			-		(10,599	)
Transfers into Level III²		10,286			-			-			-			-		10,286
Net accretion		3,635			-			1,377			-			-		5,012
Purchases		18,298			404			-			-			-		18,702
Sales/Paydowns/Return of Capital		(66,460	)		(1,526	)		(973	)		-			-		(68,959	)
Total realized gain (loss) included in earnings		(1,191	)		1,175			(9,476	)		-			-		(9,492	)
Change in unrealized gain (loss) included in earnings		(7,120	)		(1,945	)		1,615			(2,094	)		-		(9,544	)
Balance, June 30, 2023	$	356,993		$	20,013		$	12,996		$	16,574		$	-	$	406,576
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(12,868	)	$	(933	)	$	1,615		$	(2,094	)	$	-	$	(14,280	)

(1)

Transfers out of Level III represent a transfer of $10.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of June 30, 2023.

(2)

Transfers into Level III represent a transfer of $10.3 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of June 30, 2023.


	Six Months Ended June 30, 2022
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives			Total
Balance, December 31, 2021	$	392,432		$	20,992		$	31,632		$	23,062		$	(2,412	)	$	465,706
Transfers out of Level III¹		(17,056	)		-			-			-			-			(17,056	)
Transfers into Level III²		19,847			-			-			-			-			19,847
Net accretion		5,528			-			2,562			-			-			8,090
Purchases		106,839			3,227			-			-			-			110,066
Sales/Paydowns/Return of Capital		(78,318	)		(3,347	)		(4,611	)		-			2,087			(84,189	)
Total realized gain (loss) included in earnings		(13,198	)		471			(4,631	)		-			(2,095	)		(19,453	)
Change in unrealized gain (loss) included in earnings		6,045			1,988			(681	)		(2,659	)		2,442			7,135
Balance, June 30, 2022	$	422,119		$	23,331		$	24,271		$	20,403		$	22		$	490,146
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(7,781	)	$	2,419		$	(681	)	$	(2,658	)	$	12		$	(8,689	)

(1)

Transfers out of Level III represent a transfer of $17.1 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of June 30, 2022.

(2)

Transfers into Level III represent a transfer of $19.8 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of June 30, 2022.

As of June 30, 2023 and December 31, 2022, the Company’s Level II portfolio investments were valued by a third party pricing services for which the prices are not adjusted and for which inputs are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or by inputs that are derived principally from, or corroborated by, observable market information. The fair value of the Company’s Level II portfolio investments was $57.6 million and $65 million as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023 the Company’s Level III portfolio investments had the following valuation techniques and significant inputs:


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	12,455	Enterprise Value	Average EBITDA Multiple	7.0x
Debt Securities				Expected Sale Proceeds	$98.8-$120.0 ($108.4)
				Recovery Rate Multiple	0.1x
		327,829	Income Approach	Implied Discount Rate	5.7%-123.6% (12.0%)
		12,090	Waterfall Analysis	Average EBITDA Multiple	7.0x
				Average Revenue Multiple	0.35x
		4,619	Recent Transaction	Implied Discount Rate	13.0%
		12,208	Enterprise Value	Average EBITDA Multiple	1.6x-17.3x (5.15x)
				Average EBITDA Multiple / WACC	0.4x-3.7x (1.06x)
				Book Value of Equity	1.0x
		6,340	Waterfall Analysis	Average EBITDA Multiple	4.8x-7x (5.59x)
Equity Securities		536	Income Approach	Implied Discount Rate	15.0%
		929	Recent Transaction	Implied Discount Rate	12.4%
				Average EBITDA Multiple	8.5x
				Discount Rate	20.2%-26.0% (22.5%)
				Probability of Default	1.8%-2.5% (2.0%)
CLO Fund Securities		12,996	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	22.5%-24.1% (23.3%)
				Probability of Default	2.8%-3.3% (3.0%)
Joint Ventures		16,574	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
Derivatives		-	Enterprise Value	Average EBITDA Multiple	3.0x
Total Level III Investments	$	406,576

As of December 31, 2022, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs:


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	10,142	Enterprise Value	Average EBITDA Multiple	14.5x
Debt Securities				Recovery Rate Multiple	0.1x
				Average Revenue Multiple	0.3x
		387,805	Income Approach	Implied Discount Rate	5.4%-28.6% (12.2%)
		12,197	Recent Transaction	Implied Discount Rate	11.9%-13.2% (13.0%)
		20,221	Enterprise Value	Average EBITDA Multiple / WACC	0.4x-15.8x (6.73x)
Equity Securities				Recovery Rate	0.3x
		1,013	Income Approach	Implied Discount Rate	15.0%-19.3% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.40%
				Discount Rate	19.9%-25.5% (22.3%)
				Probability of Default	1.5%-2.5% (1.9%)
CLO Fund Securities		20,453	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	22.1%-23.7% (22.9%)
				Probability of Default	2.8%-3.3% (3%)
Joint Ventures		18,668	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
Derivatives		-	Enterprise Value	Average EBITDA Multiple	3.0x
Total Level III Investments	$	471,170

The significant unobservable inputs used in the fair value measurement of the Company’s debt securities may include, among other things, broad market indices, the comparable yields of similar investments in similar industries, effective discount rates, average EBITDA multiples, and weighted average cost of capital. Significant increases or decreases in such comparable yields would result in a significantly lower or higher fair value measurement, respectively.

The significant unobservable inputs used in the fair value measurement of the Company’s equity securities include the EBITDA multiple of similar investments in similar industries and the weighted average cost of capital. Significant increases or decreases in such inputs would result in a significantly lower or higher fair value measurement.

Significant unobservable inputs used in the fair value measurement of the Company’s CLO Fund Securities include default rates, recovery rates, prepayment rates, spreads, and the discount rate by which to value the resulting underlying cash flows. Such assumptions can vary significantly, depending on market data sources which often vary in depth and level of analysis, understanding of the CLO market, detailed or broad characterization of the CLO market and the application of such data to an appropriate framework for analysis. The application of data points are based on the specific attributes of each individual CLO Fund Security’s underlying assets, historic, current and prospective performance, vintage, and other quantitative and qualitative factors that would be evaluated by market participants. The Company evaluates the source of market data for reliability as an indicative market input, consistency amongst other inputs and results and also the context in which such data is presented. Significant increases or decreases in probability of default and loss severity inputs in isolation would result in a significantly lower or higher fair value measurement, respectively. In general, a change in the assumption of the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity in an event of default. Significant increases or decreases in the discount rate in isolation would result in a significantly lower or higher fair value measurement.

The Company’s investment in the F3C Joint Venture is carried at fair value based upon the fair value of the investments held by the F3C Joint Venture.

The Company values derivative contracts using various pricing models that take into account the terms of the contract (including notional amount and contract maturity) and observable and unobservable inputs such as interest rates and changes in fair value of the reference asset.

The following table details derivative investments at June 30, 2023 and December 31, 2022;


($ in thousands)	June 30, 2023
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)			Unrealized gain(loss)
Call option(1)	$	8	$	-	$	-		$	-
Put option(1)		563		-		-			-
Total	$	571	$	-	$	-		$	-
(1) Net amount included in non-controlled/non- affiliated investments on the consolidated balance sheets

($ in thousands)	December 31, 2022
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)			Unrealized gain(loss)
Call option(1)	$	8	$	-	$	-		$	(10	)
Put option(1)		563		-		-			-
Securities Swap and Option Agreement(2)		-		-		(2,095	)		2,422
Total	$	571	$	-	$	(2,095	)	$	2,412
(1) Net amount included in non-controlled/non- affiliated investments on the consolidated balance sheets
(2) Net amount included in the derivative caption on the consolidated balance sheets

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation (Additional Information) (Details) - USD ($)	Jun. 09, 2021	Oct. 28, 2020	Jun. 30, 2023	Dec. 31, 2022	Jul. 23, 2021	Jun. 24, 2021
Business Acquisition [Line Items]
Common stock, issued			9,935,250	9,916,856
Common stock, par value			$ 0.01	$ 0.01
HCAP Notes
Business Acquisition [Line Items]
Aggregate principal amount	$ 28,750,000
Debt Instrument redemption, amount					$ 28,750,000	$ 28,750,000
GARS Acquisition
Business Acquisition [Line Items]
Share value in cash		$ 1.19
Common stock, issued		1.917
Common stock, par value		$ 1.26
Additional consideration funded by adviser		$ 0.31
Cash payment, (deemed capital contribution)		$ 5,000,000.0
GARS Acquisition \| Common Stock
Business Acquisition [Line Items]
Common stock, issued		30,765,640
Common stock, par value		$ 0.01
HCAP Acquisition
Business Acquisition [Line Items]
Common stock, par value	$ 2.43
Cash purchase price	$ 18,537,512.65
Cash payment, (deemed capital contribution)	$ 2,150,000
Business acquisition, number of shares issued	15,252,453
Number of electing shares converted to non-electing shares	475,806
Cash received for each electing shares	$ 7.43
Shares received for each electing shares	0.74
Shares received for each non-electing shares	$ 3.86
HCAP Acquisition \| Common Stock
Business Acquisition [Line Items]
Common stock, issued	15,252,453
Common stock, par value	$ 0.01

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation

10. ACQUISITIONS OF GARRISON CAPITAL INC. AND HARVEST CAPITAL CREDIT CORPORATION

GARS acquisition

On October 28, 2020, the Company completed the GARS Acquisition, pursuant to the terms and conditions of the GARS Merger Agreement. To effect the acquisition, a wholly owned merger subsidiary of the Company merged with and into GARS, with GARS surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, GARS consummated a second merger, whereby GARS merged with and into the Company, with the Company surviving the merger. Under the terms of the GARS Merger Agreement, each share of GARS Common Stock issued and outstanding was converted into the right to receive (i) an amount in cash, without interest, equal to approximately $1.19 and (ii) approximately 1.917 shares of common stock, par value $0.01 per share, of the Company (plus any applicable cash in lieu of fractional shares). Each share of GARS Common Stock issued and outstanding received, as additional consideration funded by the Adviser, an amount in cash, without interest, equal to approximately $0.31. Shares of common stock issued and market price have not been adjusted to reflect the Reverse Stock Split.

The merger was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC Topic 805-50. The fair value of the consideration paid, and transaction costs incurred to complete the merger by the Company, including $5.0 million of cash payment (deemed capital contribution) paid at closing directly to shareholders of GARS from the Adviser, was allocated to the GARS investments acquired, based on their relative fair values as of the date of acquisition. The fair value of the purchase consideration paid by the Company below the fair value of net assets acquired is considered the purchase discount. Immediately following the acquisition of GARS, the Company recorded GARS net assets at their respective fair values and, as a result, the purchase discount was allocated to the cost basis of the GARS investments acquired and was immediately recognized as unrealized gain on the Company's Consolidated Statement of Operations. The purchase discount was allocated to the acquired investments on a relative fair value basis and, for performing debt investments, will amortize over the life of the investments through interest income with a corresponding reversal of the unrealized appreciation on the GARS investments acquired through their maturity. Upon the sale of any of the GARS acquired investments, the Company will recognize a realized gain or a reduction in realized losses with a corresponding reversal of the unrealized losses.


($ in thousands)
Common stock issued by the Company (1)	$	38,765
Cash consideration to GARS shareholders		24,100
Transaction costs (excluding offering costs $432)		1,168
Total purchase consideration	$	64,033
Assets acquired:
Investments, at fair value (amortized cost of $277,380)	$	317,803
Cash		35,361
Interest receivable		1,871
Other assets		2,088
Total assets acquired	$	357,123
Liabilities assumed:
Debt	$	251,213
Other liabilities		1,455
Total liabilities assumed	$	252,668
Net assets acquired	$	104,455
Total purchase discount	$	(40,422	)

(1)

Based on the market price at closing of $1.26 as of October 28, 2020 and the 30,765,640 shares of common stock issued by the Company in conjunction with the merger.

HCAP Acquisition and Assumption and Redemption of HCAP Notes

On June 9, 2021 the Company completed the HCAP Acquisition, pursuant to the terms and conditions of the HCAP Merger Agreement. To effect the acquisition, the Acquisition Sub merged with and into HCAP, with HCAP surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, HCAP consummated a second merger, whereby HCAP merged with and into the Company, with the Company surviving the merger. As a result of, and as of the effective time of, the second merger, HCAP’s separate corporate existence ceased.

Under the terms of the HCAP Merger Agreement, HCAP stockholders as of immediately prior to the effective time of the first merger (other than shares held by a subsidiary of HCAP or held, directly or indirectly, by the Company or Acquisition Sub, and all treasury shares (collectively, “Cancelled Shares”)) received a combination of (i) $18,537,512.65 in cash payable by Company, (ii) 15,252,453 validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.01 per share, and (iii) an additional cash payment from the Adviser of $2.15 million in the aggregate. Shares of common stock issued and market price have not been adjusted to reflect the Reverse Stock Split.

With respect to the merger consideration from the Company, HCAP stockholders as of immediately prior to the effective time of the first merger (other than Cancelled Shares) were entitled, with respect to all or any portion of the shares of HCAP common stock they held as of the effective time of the first merger, to elect to receive the merger consideration in the form of cash (an “Election”) or in the form of the Company's common stock, subject to certain conditions and limitations in the merger agreement. Any HCAP stockholder who did not validly make an Election was deemed to have elected to receive shares of the Company’s common stock with respect to the merger consideration as payment for their shares of HCAP common stock. Each share of HCAP common stock (other than Cancelled Shares) with respect to which an Election was made was treated as an “Electing Share” and each share of HCAP Common Stock (other than Cancelled Shares) with respect to which an Election was not made or that was transferred after the election deadline on June 2, 2021 was treated as a “Non-Electing Share.”

Pursuant to the conditions of and adjustment mechanisms in the HCAP Merger Agreement, 475,806 Electing Shares were converted to Non-Electing Shares for purposes of calculating the total mix of consideration to be paid to each Electing Share in order to ensure that the value of the aggregate cash consideration paid to holders of the Electing Shares equaled the aggregate cash consideration that HCAP received from the Company under the terms of the HCAP Merger Agreement. Accordingly, as a result of the Elections received from HCAP stockholders and any resulting adjustment under the terms of the HCAP Merger Agreement, each Electing Share received, in aggregate, approximately $7.43 in cash and 0.74 shares of the Company's common stock, while each Non-Electing Share received, in aggregate, approximately 3.86 shares of the Company's common stock.

The HCAP Acquisition was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC Topic 805-50. The fair value of the consideration paid, and transaction costs incurred to complete the merger by the Company, including $2.15 million of cash payment (deemed capital contribution) paid at closing directly to shareholders of HCAP from the Adviser, was allocated to the HCAP investments acquired, based on their relative fair values as of the date of acquisition. The fair value of the purchase consideration paid by the Company below the fair value of net assets acquired is considered the purchase discount. Immediately following the acquisition of HCAP, the Company recorded HCAP net assets at their respective fair values and, as a result, the purchase discount was allocated to the cost basis of the HCAP investments acquired and was immediately recognized as unrealized gain on the Company's Consolidated Statement of Operations. The purchase discount was allocated to the acquired investments on a relative fair value basis and, for performing debt investments, will amortize over the life of the investments through interest income with a corresponding reversal of the unrealized appreciation on the HCAP investments acquired through their maturity. Upon the sale of any of the HCAP acquired investments, the Company will recognize a realized gain or a reduction in realized losses with a corresponding reversal of the unrealized losses.


($ in thousands)
Common stock issued by the Company (1)	$	37,063
Cash consideration to HCAP shareholders (2)		20,688
Transaction costs (excluding offering costs $519)		881
Total purchase consideration	$	58,632
Assets acquired:
Investments, at fair value (amortized cost of $53,812)	$	57,621
Cash		32,119
Interest receivable		431
Other assets		2,665
Total assets acquired	$	92,836
Liabilities assumed:
Debt	$	28,750
Other liabilities		1,645
Total liabilities assumed	$	30,395
Net assets acquired	$	62,441
Total purchase discount	$	(3,809	)

(1)

Based on the market price at closing of $2.43 as of June 9, 2021 and the 15,252,453 shares of common stock issued by the Company in conjunction with the merger.

(2)

Approximately $18.5 million cash consideration paid by the Company plus $2.15 million cash payment paid at closing directly to shareholders of HCAP from the Adviser.

On June 9, 2021, the Company entered into the HCAP Third Supplemental Indenture, effective as of the closing of the HCAP Acquisition. The HCAP Third Supplemental Indenture relates to the Company’s assumption of $28.75 million in aggregate principal amount of the HCAP Notes.

Pursuant to the HCAP Third Supplemental Indenture, the Company expressly assumed the due and punctual payment of the principal of (and premium, if any) and interest, if any, on the HCAP Notes and the performance of HCAP’s covenants under the base indenture, dated as of January 27, 2015, by and between HCAP and the Trustee, as supplemented by the second supplemental indenture, dated as of August 24, 2017, by and between HCAP and the Trustee. No change of control offer was required to be made in respect of the HCAP Notes in connection with the consummation of the HCAP Acquisition.

The HCAP Notes could be redeemed by the Company at any time at par value plus accrued and unpaid interest. On July 23, 2021, the Company redeemed the entire notional amount of $28.75 million of the HCAP Notes.

Consolidated Financial Highlights - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Investment Company, Financial Highlights [Roll Forward]

Net asset value, at beginning of period

^[1]

$ 24.23

$ 28.88

Net realized gains (losses) from investments

^[1],[2]

1.72

1.39

^[1],[2]

(1.00)

(2.02)

Net change in unrealized (depreciation) appreciation on investments(

^[1],[2]

(1.06)

0.23

Realized gains (losses) from extinguishment of debt

^[1],[2]

(0.02)

Tax (provision) benefit on realized and unrealized gains (losses) on investments

^[1]

0.04

(0.05)

Net (decrease) increase in net assets resulting from operations

$ (0.33)

$ (0.88)

(0.32)

^[1]

(0.45)

^[1]

Net decrease in net assets resulting from distributions

^[1]

(1.37)

(1.26)

Net increase (decrease) in net assets relating to stock-based transactions

^[1],[3]

0.00

0.09

Net asset value, end of period

^[1],[4]

22.54

27.26

$ 22.54

$ 27.26

Total net asset value return

^[1],[5]

(0.40%)

Total market return

^[1],[6]

(7.00%)

(0.10%)

Ratio/Supplemental Data:

Per share market value at beginning of period

^[1]

$ 23.00

$ 24.76

Per share market value at end of period

^[1]

$ 19.99

$ 23.43

$ 19.99

$ 23.43

Shares outstanding at end of period

^[1],[4]

9,537,236

9,599,856

9,537,236

9,599,856

Net assets at end of period

^[1],[4]

$ 215,013

$ 261,666

$ 215,013

$ 261,666

Portfolio turnover rate

^[1],[7]

14.10%

15.00%

Asset coverage ratio

^[1]

163.00%

170.00%

Ratio of net investment income to average net assets (annualized)

^[1]

14.80%

10.10%

Ratio of total expenses to average net assets (annualized)

^[1]

21.20%

13.90%

Ratio of interest expense to average net assets (annualized)

^[1]

11.50%

5.40%

Ratio of non-interest expenses to average net assets (annualized)

^[1]

9.70%

8.50%

[1]	Totals may not sum due to rounding.
[2]	Based on weighted average number of common shares outstanding-basic for the period.
[3]	Includes the effects of the share issuance (at net asset value) from the acquisitions of OHAI, GARS, and HCAP while utilizing different share counts in calculating the other elements
[4]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[5]	Total net asset value return (not annualized) equals the change in the net asset value per share over the period plus distributions, divided by the beginning net asset value per share.
[6]	Total market return (not annualized) equals the change in market price, per share during the period plus distributions, divided by the beginning market price per share.
[7]	Portfolio turnover rate equals the year-to-date sales and paydowns over the average of the invested assets at fair value.

Borrowings - Schedule of Information about Senior Securities (Details)
$ in Thousands

Jun. 30, 2023

USD ($)

Fiscal 2011

Total Amount Outstanding Exclusive of Treasury Securities

$ 60,000

^[1]

4,009

^[2]

Fiscal 2012

Total Amount Outstanding Exclusive of Treasury Securities

101,400

^[1]

3,050

^[2]

Fiscal 2013

Total Amount Outstanding Exclusive of Treasury Securities

192,592

^[1]

2,264

^[2]

Fiscal 2014

Total Amount Outstanding Exclusive of Treasury Securities

223,885

^[1]

2,140

^[2]

Fiscal 2015

Total Amount Outstanding Exclusive of Treasury Securities

208,049

^[1]

2,025

^[2]

Fiscal 2016

Total Amount Outstanding Exclusive of Treasury Securities

180,881

^[1]

2,048

^[2]

Fiscal 2017

Total Amount Outstanding Exclusive of Treasury Securities

104,407

^[1]

2,713

^[2]

Fiscal 2018

Total Amount Outstanding Exclusive of Treasury Securities

103,763

^[1]

2,490

^[2]

Fiscal 2019

Total Amount Outstanding Exclusive of Treasury Securities

156,978

^[1],[3]

1,950

^[2],[3]

Fiscal 2020

Total Amount Outstanding Exclusive of Treasury Securities

377,910

^[1],[4]

1,560

^[2],[4]

Fiscal 2021

Total Amount Outstanding Exclusive of Treasury Securities

352,434

^[1],[5]

1,780

^[2],[5]

Fiscal 2022

Total Amount Outstanding Exclusive of Treasury Securities

378,163

^[1],[6]

1,601

^[2],[6]

March 31, 2023

Total Amount Outstanding Exclusive of Treasury Securities

358,288

^[1],[7]

1,616

^[2],[7]

June 30, 2023

Total Amount Outstanding Exclusive of Treasury Securities

333,672

^[1],[8]

Net increase (decrease) in net assets resulting from operations

$ 1,632

^[2],[8]

[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 PTMN’s 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]	As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facilities of $79,571.
[4]	As of December 31, 2020, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $76,726, Revolving Credit Facilities of $49,321 and 2018-2 Secured Notes of $251,863.
[5]	As of December 31, 2021, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $80,571 and 2018-2 Secured Notes of $163,863.
[6]	As of December 31, 2022, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $92,000 and 2018-2 Secured Notes of $178,163.
[7]	As of March 31, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $79,000 and 2018-2 Secured Notes of $171,288.
[8]	As of June 30, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $78,000 and 2018-2 Secured Notes of $147,672

Borrowings - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 23, 2021
2018-2 Secured Notes
Debt Instrument [Line Items]
Debt instruments, net of discount	$ 938	$ 1,226
4.875% Notes Due 2026
Debt Instrument [Line Items]
Debt instruments, net of discount	1,467	1,704	$ 2,430
Deferred financing costs, net	692	818
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ 941	$ 1,107

Consolidated Schedule of Investments - Summary of Derivatives (Parenthetical)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) NumberOfShares $ / shares shares	Dec. 31, 2022 USD ($) NumberOfShares $ / shares shares
Open Option Contract, Identifier [Axis]: Call option, HDNet Holdco LLC
Schedule of Investments [Line Items]
Number of shares \| shares	0.2	0.2
Notional amount \| $	$ 8,000	$ 8,000
Exercise price \| $ / shares	$ 0.01	$ 0.01
Open Option Contract, Identifier [Axis]: Put option, Advantage Capital Holdings LLC
Schedule of Investments [Line Items]
Number of shares \| NumberOfShares	164	164
Notional amount \| $	$ 563,000	$ 563,000
Exercise price \| $ / shares	$ 20	$ 20
Expiration date	Apr. 24, 2024	May 13, 2023

Distributable Taxable Income - Reconciliation of Net Increase in Net Assets Resulting From Operations to Taxable Income (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Tax Disclosure [Abstract]

$ (3,114)

$ (8,433)

$ (3,059)

^[1]

$ (4,375)

^[1]

Tax (provision) benefit on realized and unrealized gains (losses) on investments

164

$ (571)

$ 440

(407)

^[1]

517

^[1]

Net change in unrealized (appreciation) depreciation from investments

$ 4,176

$ 5,960

$ (113)

$ (2,143)

10,136

(2,256)

Net realized losses

9,774

19,544

Book/tax differences on CLO equity investments

(860)

2,050

Book/tax differences related to mergers and partnership investments

(1,301)

(1,986)

Other book/tax differences

602

Taxable income before deductions for distributions

$ 14,885

$ 14,096

Taxable income before deductions for distributions per weighted average basic and diluted shares for the period

$ 1.56

$ 1.46

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies

The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:


($ in thousands)		Par Value
Portfolio Company	Investment	June 30, 2023
Accordion Partners LLC	Revolver		$	1,531
AMCP Pet Holdings, Inc.	Revolving Loan			250
Anthem Sports & Entertainment Inc.	Revolver			83
BetaNXT, Inc.	Revolver			2,415
Bradshaw International Parent Corp.	Revolver			922
Centric Brands Inc.	Revolver			331
Centric Brands Inc.	Revolver			97
Critical Nurse Staffing, LLC	Delayed Draw Term Loan			3,094
Critical Nurse Staffing, LLC	Revolver			1,080
Dentive, LLC	Delayed Draw Term Loan - First Lien			677
Dentive, LLC	Revolver			234
GreenPark Infrastructure, LLC	Preferred Equity			1,829
H.W. Lochner, Inc.	Revolver			1,799
Luminii LLC	Revolver			172
Naviga Inc.	Revolver			77
Netwrix Corporation	Revolver			861
Netwrix Corporation	Delayed Draw Term Loan - First Lien			973
PhyNet Dermatology LLC	Delayed Draw Term Loan			690
Premier Imaging, LLC	Delayed Draw Term Loan			1,378
Series A-Great Lakes Funding II LLC	Joint Ventures			2,011
TA/WEG Holdings, LLC	Delayed Draw Term Loan			1,463
TA/WEG Holdings, LLC	Revolver			784
TLE Holdings, LLC	Delayed Draw Term Loan			2
VBC Spine Opco LLC	Revolver			387
VBC Spine Opco LLC	Delayed Draw Term Loan			2,581
Total Unfunded Portfolio Company Commitments			$	25,721


($ in thousands)		Par Value
Portfolio Company	Investment	December 31, 2022
Accordion Partners LLC	Revolver	$	1,531
Accordion Partners LLC	Delayed Draw Term Loan		698
Accordion Partners LLC	Delayed Draw Term Loan		872
Analogic Corporation	Revolver		23
Anthem Sports & Entertainment Inc.	Revolver		83
Beta Plus Technologies, Inc.	Revolver		2,415
Bradshaw International Parent Corp.	Revolver		922
Bristol Hospice	Delayed Draw Term Loan		55
Centric Brands Inc.	Revolver		428
Centric Brands Inc.	Revolver		58
Critical Nurse Staffing, LLC	Delayed Draw Term Loan		3,094
Critical Nurse Staffing, LLC	Revolver		1,400
Dentive, LLC	Delayed Draw Term Loan - First Lien		748
Dentive, LLC	Revolver		234
GreenPark Infrastructure, LLC	Preferred Equity		1,829
H.W. Lochner, Inc.	Revolver		1,799
Keg Logistics LLC	Revolver		436
Luminii LLC	Revolver		172
Marble Point Credit Management LLC	Revolver		2,500
Maxor National Pharmacy Services, LLC	Revolver		585
Naviga Inc.	Revolver		77
Netwrix Corporation	Revolver		1,148
Netwrix Corporation	Delayed Draw Term Loan - First Lien		1,017
Premier Imaging, LLC	Delayed Draw Term Loan		1,378
Series A-Great Lakes Funding II LLC	Joint Ventures		8,038
TA/WEG Holdings, LLC	Delayed Draw Term Loan		2,634
TA/WEG Holdings, LLC	Revolver		784
TLE Holdings, LLC	Delayed Draw Term Loan		2
Total Unfunded Portfolio Company Commitments		$	34,959

Subsequent Events - Additional Information (Details)	Aug. 08, 2023 $ / shares
Subsequent Event [Line Items]
Declared date	Aug. 08, 2023
Distribution payable date	Aug. 31, 2023
Cash Distribution
Subsequent Event [Line Items]
Declared cash distribution of per share of common stock	$ 0.69

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 462,100

595,975

$ 652,217

Investment, Identifier [Axis]: Asset Manager Affiliates Asset Management Company Percentage Ownership 100.0% Initial Acquisition Date12/11/06

$ 510,100

$ 576,478

Dec. 11, 2006

^[1],[2]

Dec. 11, 2006

^[3],[4]

100.00%

^[1],[2]

100.00%

^[3],[4]

Investment, Identifier [Axis]: Asset Manager Affiliates Net Asset Value at Fair Value

$ 17,791

^[1],[2]

$ 17,791

^[3],[4]

Investment, Identifier [Axis]: CLO Fund Securities Net Asset Value at Fair Value

17,791

25,577

34,649

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Catamaran CLO 2014-1 Ltd. Subordinated Securities, effective interest 11.2% CLO Fund Securities Maturity 4/20/30 Percentage Ownership 22.2% Initial Acquisition Date 5/6/14

$ 12,996

^[5]

$ 20,453

^[6]

^[4],[7],[8]

11.20%

^[4],[8]

CLO Fund Securities

^[4],[8]

Apr. 20, 2030

^[4],[8]

May 06, 2014

^[4],[8]

22.20%

^[4],[8]

$ 4,216

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Catamaran CLO 2014-2 Ltd. Subordinated Securities, effective interest 0.0% CLO Fund Securities Maturity 10/18/26 Percentage Ownership 24.9% Initial Acquisition Date 8/15/14

^[4],[6],[8]

$ 3,232

^[4],[7],[8]

0.00%

^[4],[8]

CLO Fund Securities

^[4],[8]

Oct. 18, 2026

^[4],[8]

Aug. 15, 2014

^[4],[8]

24.90%

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Catamaran CLO 2015-1 Ltd. Subordinated Securities, effective interest 0.0% CLO Fund Securities Maturity 4/22/27 Percentage Ownership 9.9% Initial Acquisition Date 5/5/15

^[4],[8]

$ 6,066

^[4],[7],[8]

0.00%

^[4],[8]

CLO Fund Securities

^[4],[8]

Apr. 22, 2027

^[4],[8]

May 05, 2015

^[4],[8]

9.90%

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Catamaran CLO 2018-1 Ltd Subordinated Securities, effective interest 9.9% CLO Fund Securities Maturity 10/27/31 Percentage Ownership 24.8% Initial Acquisition Date 9/27/18

^[4],[8]

$ 2,534

^[4],[7],[8]

9.90%

^[4],[8]

CLO Fund Securities

^[4],[8]

Oct. 27, 2031

^[4],[8]

Sep. 27, 2018

^[4],[8]

24.80%

^[4],[8]

$ 6,338

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Dryden 30 Senior Loan Fund Subordinated Securities, effective interest 0% CLO Fund Securities Maturity 11/1/28 Percentage Ownership 6.8% Initial Acquisition Date 10/10/13

^[4],[6],[8]

$ 4,753

^[4],[7],[8]

0.00%

^[4],[8]

CLO Fund Securities

^[4],[8]

Nov. 01, 2028

^[4],[8]

Oct. 10, 2013

^[4],[8]

6.80%

^[4],[8]

$ 868

Investment, Identifier [Axis]: CLO Fund Securities Portfolio JMP Credit Advisors CLO IV LTD Subordinated Securities, effective interest 6.3% CLO Fund Securities Maturity 7/17/29 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

^[4],[6],[8]

$ 868

^[4],[7],[8]

6.30%

^[4],[8]

CLO Fund Securities

^[4],[8]

Jul. 17, 2029

^[4],[8]

Oct. 22, 2021

^[4],[8]

$ 4,020

^[4],[6],[8]

$ 4,020

Investment, Identifier [Axis]: CLO Fund Securities Portfolio JMP Credit Advisors CLO IV LTD Subordinated Securities, effective interest 7.1% CLO Fund Securities Maturity 7/17/30 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

^[4],[8]

57.20%

^[4],[7],[8]

7.10%

^[4],[8]

CLO Fund Securities

^[4],[8]

Jul. 17, 2030

^[4],[8]

Oct. 22, 2021

^[4],[8]

57.20%

^[4],[8]

$ 10,607

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Catamaran CLO 2014-1 Ltd. Subordinated Securities, effective interest 6.8% CLO Fund Securities Maturity 4/20/30 Percentage Ownership 22.2% Initial Acquisition Date 5/6/14

^[4],[6],[8]

7,580

^[2],[9],[10]

6.80%

^[2],[10]

CLO Fund Securities

^[2],[10]

Apr. 20, 2030

^[2],[10]

May 06, 2014

^[2],[10]

22.20%

^[2],[10]

$ 4,324

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Catamaran CLO 2014-2 Ltd. Subordinated Securities, effective interest 0.0% CLO Fund Securities Maturity 10/18/26 Percentage Ownership 24.9% Initial Acquisition Date 8/15/14

^[2],[5],[10]

$ 2,032

^[2],[9],[10]

0.00%

^[2],[10]

CLO Fund Securities

^[2],[10]

Oct. 18, 2026

^[2],[10]

Aug. 15, 2014

^[2],[10]

24.90%

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Catamaran CLO 2015-1 Ltd. Subordinated Securities, effective interest 0.0% CLO Fund Securities Maturity 4/22/27 Percentage Ownership 9.9% Initial Acquisition Date 5/5/15

^[2],[10]

$ 6,066

^[2],[9],[10]

0.00%

^[2],[10]

CLO Fund Securities

^[2],[10]

Apr. 22, 2027

^[2],[10]

May 05, 2015

^[2],[10]

9.90%

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Catamaran CLO 2018-1 Ltd. Subordinated Securities, effective interest 13.1% CLO Fund Securities Maturity 10/27/31 Percentage Ownership 24.8% Initial Acquisition Date 9/27/18

^[2],[10]

$ 2,534

^[2],[9],[10]

13.10%

^[2],[10]

CLO Fund Securities

^[2],[10]

Oct. 27, 2031

^[2],[10]

Sep. 27, 2018

^[2],[10]

24.80%

^[2],[10]

$ 6,113

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Dryden 30 Senior Loan Fund Subordinated Securities, effective interest 20.5% CLO Fund Securities Maturity 11/1/28 Percentage Ownership 6.8% Initial Acquisition Date 10/10/13

^[2],[5],[10]

$ 4,647

^[2],[9],[10]

20.50%

^[2],[10]

CLO Fund Securities

^[2],[10]

Nov. 01, 2028

^[2],[10]

Oct. 10, 2013

^[2],[10]

6.80%

^[2],[10]

$ 849

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio JMP Credit Advisors CLO IV LTD Subordinated Securities, effective interest 25.8% CLO Fund Securities Maturity 7/17/29 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

^[2],[5],[10]

$ 626

^[2],[9],[10]

25.80%

^[2],[10]

CLO Fund Securities

^[2],[10]

Jul. 17, 2029

^[2],[10]

Oct. 22, 2021

^[2],[10]

57.20%

^[2],[10]

$ 1,747

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio JMP Credit Advisors CLO V LTD Subordinated Securities, effective interest 28.2% CLO Fund Securities Maturity 7/17/30 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

^[2],[5],[10]

$ 1,747

^[2],[9],[10]

28.20%

^[2],[10]

CLO Fund Securities

^[2],[10]

Jul. 17, 2030

^[2],[10]

Oct. 22, 2021

^[2],[10]

57.20%

^[2],[10]

$ 3,944

Investment, Identifier [Axis]: Controlled Affiliates BMP Slappey Investment II Industry Classification - Telecommunications

^[2],[5],[10]

3,944

Investment, Identifier [Axis]: Controlled Affiliates Flight Lease VII Industry Classification - Aerospace and Defense

^{[11],[12],[13],[14]}

206

$ 219

Investment, Identifier [Axis]: Controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity

^[16]

242

^{[15],[17],[18]}

256

^{[12],[13],[19]}

Investment, Identifier [Axis]: Controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity One

^{[11],[12],[13],[14]}

500

Investment, Identifier [Axis]: Controlled Affiliates KCAP Freedom 3, LLC Industry Classification - Joint Venture

^{[11],[12],[13],[14],[20]}

171

Investment, Identifier [Axis]: Controlled Affiliates Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture

^[16],[21]

16,574

18,668

^[15]

23,062

^[15]

Investment, Identifier [Axis]: Controlled Affiliates Tank Partners Equipment Holdings, LLC Industry Classification - Energy: Oil & Gas One

^{[12],[14],[20]}

40,287

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Confluence Technologies, Inc. Term Loan Second Lien Services: Business Interest Rate 10.9% Cash Reference Rate and Spread L+6.50% Floor 0.50% Maturity 7/23/29, Initial Acquisition Date 7/22/21

^{[16],[18],[21]}

$ 43

^[15]

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

10.90%

^{[4],[22],[23],[24]}

6.50%

^{[4],[22],[23]}

0.50%

^{[4],[22],[23]}

Jul. 23, 2029

^{[4],[22],[23]}

Jul. 22, 2021

^{[4],[22],[23]}

$ 4,000

^{[4],[22],[23]}

3,975

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Confluence Technologies, Inc. Term Loan Second Lien Services: Business Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 0.50% Maturity 7/23/29, Initial Acquisition Date 7/22/21

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

$ 3,705

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.90%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

0.50%

^{[2],[25],[26]}

Jul. 23, 2029

^{[2],[25],[26]}

Jul. 22, 2021

^{[2],[25],[26]}

$ 4,000

^{[2],[25],[26]}

3,977

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans DCert Buyer, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 11.7% Cash Reference Rate and Spread SOFR+7.00% Maturity 2/16/29, Initial Acquisition Date 3/16/21

^{[2],[5],[25],[26]}

$ 3,275

^[22],[23]

High Tech Industries

^[22],[23]

11.70%

^{[22],[23],[24]}

7.00%

^[22],[23]

Feb. 16, 2029

^[22],[23]

Mar. 16, 2021

^[22],[23]

$ 5,400

^[22],[23]

5,389

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Dcert Buyer, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Maturity 2/16/29, Initial Acquisition Date 3/16/21

^{[6],[22],[23]}

$ 4,951

^[25],[26]

High Tech Industries

^[25],[26]

12.30%

^{[25],[26],[27]}

7.00%

^[25],[26]

Feb. 16, 2029

^{[2],[25],[26]}

Mar. 16, 2021

^[25],[26]

$ 5,400

^[25],[26]

5,390

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Firstlight Holdco Inc. Initial Term Loan (Second Lien) Telecommunications Interest Rate 11.9% Cash Reference Rate and Spread L+7.50% Maturity 7/23/26, Initial Acquisition Date 12/18/19

^{[5],[25],[26]}

$ 4,977

^[22],[23]

Telecommunications

^[22],[23]

11.90%

^{[22],[23],[24]}

7.50%

^[22],[23]

Jul. 23, 2026

^[22],[23]

Dec. 18, 2019

^[22],[23]

$ 400

^[22],[23]

376

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Firstlight Holdco Inc. Initial Term Loan (Second Lien) Telecommunications Interest Rate 12.7% Cash Reference Rate and Spread SOFR+7.50% Maturity 7/23/26, Initial Acquisition Date 12/18/19

^{[6],[22],[23]}

$ 365

^{[2],[25],[26]}

Telecommunications

^{[2],[25],[26]}

12.70%

^{[2],[25],[26],[27]}

7.50%

^{[2],[25],[26]}

Jul. 23, 2026

^{[2],[25],[26]}

Dec. 18, 2019

^{[2],[25],[26]}

$ 400

^{[2],[25],[26]}

379

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Global Tel*Link Corporation Term Loan (Second Lien) Telecommunications Interest Rate 14.2% Cash Reference Rate and Spread SOFR+10.00% Maturity 11/29/26, Initial Acquisition Date 12/23/19

^{[2],[5],[25],[26]}

$ 358

^[22],[23]

Telecommunications

^[22],[23]

14.20%

^{[22],[23],[24]}

10.00%

^[22],[23]

Nov. 29, 2026

^[22],[23]

Dec. 23, 2019

^[22],[23]

$ 1,500

^[22],[23]

1,487

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Global Tel*Link Corporation Term Loan (Second Lien) Telecommunications Interest Rate 15.2% Cash Reference Rate and Spread SOFR+10.00% Maturity 11/29/26, Initial Acquisition Date 12/23/19

^{[6],[22],[23]}

$ 1,155

^[25],[26]

Telecommunications

^[25],[26]

15.20%

^{[25],[26],[27]}

10.00%

^[25],[26]

Nov. 29, 2026

^[25],[26]

Dec. 23, 2019

^[25],[26]

$ 1,500

^[25],[26]

1,489

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Helix Acquisition Holdings, Inc. Initial Term Loan (Second Lien) Metals & Mining Interest Rate 12.7% Cash Reference Rate and Spread L+8.00% Maturity 9/29/25, Initial Acquisition Date 12/18/19

^{[5],[25],[26]}

$ 1,206

^{[4],[22],[23]}

Metals & Mining

^{[4],[22],[23]}

12.70%

^{[4],[22],[23],[24]}

8.00%

^{[4],[22],[23]}

Sep. 29, 2025

^{[4],[22],[23]}

Dec. 18, 2019

^{[4],[22],[23]}

$ 1,400

^{[4],[22],[23]}

1,295

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Hoffmaster Group, Inc Initial Term Loan (Second Lien) Forest Products & Paper Interest Rate 14.2% Cash Reference Rate and Spread L+9.50% Floor 1.00% Maturity 11/21/24, Initial Acquisition Date 12/23/19

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

$ 1,341

^[22],[23]

Forest Products & Paper

^[22],[23]

14.20%

^{[22],[23],[24]}

9.50%

^[22],[23]

1.00%

^[22],[23]

Nov. 21, 2024

^[22],[23]

Dec. 23, 2019

^[22],[23]

$ 1,600

^[22],[23]

1,589

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Idera, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 10.5% Cash Reference Rate and Spread L+6.75% Floor 0.75% Maturity 2/4/29, Initial Acquisition Date 4/29/21

^{[6],[22],[23]}

$ 1,373

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

10.50%

^{[4],[22],[23],[24]}

6.75%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Feb. 04, 2029

^{[4],[22],[23]}

Apr. 29, 2021

^{[4],[22],[23]}

$ 6,000

^{[4],[22],[23]}

5,953

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Idera, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.75% Floor 0.75% Maturity 2/4/29, Initial Acquisition Date 4/29/21

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

$ 5,610

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

12.00%

^{[2],[25],[26],[27]}

6.75%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Feb. 04, 2029

^{[2],[25],[26]}

Apr. 29, 2021

^{[2],[25],[26]}

$ 6,000

^{[2],[25],[26]}

5,956

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Ivanti Software, Inc Term Loan Second Lien High Tech Industries Interest Rate 12.0% Cash Reference Rate and Spread L+7.25% Floor 0.50% Maturity 12/1/28, Initial Acquisition Date 10/26/21

^{[2],[5],[25],[26]}

$ 5,655

^[22],[23]

High Tech Industries

^[22],[23]

12.00%

^{[22],[23],[24]}

7.25%

^[22],[23]

0.50%

^[22],[23]

Dec. 01, 2028

^[22],[23]

Oct. 26, 2021

^[22],[23]

$ 6,000

^[22],[23]

5,958

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Ivanti Software, Inc. Term Loan Second Lien High Tech Industries Interest Rate 12.4% Cash Reference Rate and Spread L+7.25% Floor 0.50% Maturity 12/1/28, Initial Acquisition Date 10/26/21

^{[6],[22],[23]}

$ 3,510

^[25],[26]

High Tech Industries

^[25],[26]

12.40%

^{[25],[26],[27]}

7.25%

^[25],[26]

0.50%

^[25],[26]

Dec. 01, 2028

^[25],[26]

Oct. 26, 2021

^[25],[26]

$ 6,000

^[25],[26]

5,962

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Lucky Bucks Holdings LLC Promissory Note Hotel, Gaming & Leisure Interest Rate 12.5% PIK Maturity 5/29/28, Initial Acquisition Date 1/14/22

^{[5],[25],[26]}

$ 3,983

^{[2],[26],[28]}

Hotel, Gaming & Leisure

^{[2],[26],[28]}

12.50%

^{[2],[26],[28]}

May 29, 2028

^{[2],[26],[28]}

Jan. 14, 2022

^{[2],[26],[28]}

$ 6,011

^{[2],[26],[28]}

5,568

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Navex Topco, Inc. Initial Term Loan (Second Lien) Electronics Interest Rate 11.4% Cash Reference Rate and Spread L+7.00% Maturity 9/4/26, Initial Acquisition Date 12/8/20

^{[2],[5],[26],[28]}

$ 1,452

^{[22],[23],[29]}

Electronics

^{[22],[23],[29]}

11.40%

^{[22],[23],[24],[29]}

7.00%

^{[22],[23],[29]}

Sep. 04, 2026

^{[22],[23],[29]}

Dec. 08, 2020

^{[22],[23],[29]}

$ 7,700

^{[22],[23],[29]}

7,391

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Navex Topco, Inc. Initial Term Loan (Second Lien) Electronics Interest Rate 12.2% Cash Reference Rate and Spread SOFR+7.00% Maturity 9/4/26, Initial Acquisition Date 12/8/20

^{[6],[22],[23],[29]}

7,604

^{[25],[26],[30]}

Electronics

^{[25],[26],[30]}

12.20%

^{[25],[26],[27],[30]}

7.00%

^{[25],[26],[30]}

Sep. 04, 2026

^{[25],[26],[30]}

Dec. 08, 2020

^{[25],[26],[30]}

$ 7,700

^{[25],[26],[30]}

7,433

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Net Asset Value at Fair Value

^{[5],[25],[26],[30]}

7,604

51,707

65,776

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Phoenix Guarantor Inc. Term Loan Second Lien Healthcare & Pharmaceuticals Interest Rate 12.9% Cash Reference Rate and Spread L+8.50% Floor 1.00% Maturity 3/5/27, Initial Acquisition Date 12/18/19

$ 37,962

^[5]

$ 56,400

^[6]

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

12.90%

^{[4],[22],[23],[24]}

8.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Mar. 05, 2027

^{[4],[22],[23]}

Dec. 18, 2019

^{[4],[22],[23]}

$ 1,200

^{[4],[22],[23]}

1,132

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Phoenix Guarantor Inc. Term Loan Second Lien Healthcare & Pharmaceuticals Interest Rate 13.7% Cash Reference Rate and Spread L+8.50% Floor 1.00% Maturity 3/5/27, Initial Acquisition Date 12/18/19

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

$ 1,178

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

13.70%

^{[2],[25],[26],[27]}

8.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Mar. 05, 2027

^{[2],[25],[26]}

Dec. 18, 2019

^{[2],[25],[26]}

$ 1,200

^{[2],[25],[26]}

1,141

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans ProAir, LLC Sub Note Capital Equipment Interest Rate 17.8% PIK Maturity 1/31/23, Initial Acquisition Date 3/8/22

^{[2],[5],[25],[26]}

$ 1,179

Capital Equipment

^{[1],[2],[26],[28]}

Capital Equipment

^{[3],[4],[23],[31]}

17.80%

^{[1],[2],[26],[28]}

17.80%

^{[3],[4],[23],[31]}

Jan. 31, 2023

^{[1],[2],[26],[28]}

Jan. 31, 2023

^{[3],[4],[23],[31]}

Mar. 08, 2022

^{[1],[2],[26],[28]}

Mar. 08, 2022

^{[3],[4],[23],[31]}

$ 2,020

^{[1],[2],[26],[28]}

$ 1,931

^{[3],[4],[23],[31]}

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Project Leopard Holdings, Inc. 2nd Lien TL High Tech Industries Interest Rate 12.2% Cash Reference Rate and Spread SOFR+7.75% Floor 0.50% Maturity 7/20/30, Initial Acquisition Date 7/20/22

$ 1,931

^{[1],[2],[26],[28]}

$ 1,931

^{[3],[4],[23],[31]}

^[4],[23]

High Tech Industries

^[4],[23]

12.20%

^{[4],[23],[24]}

7.75%

^[4],[23]

0.50%

^[4],[23]

Jul. 20, 2030

^[4],[23]

Jul. 20, 2022

^[4],[23]

$ 5,000

^[4],[23]

4,906

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Project Leopard Holdings, Inc. 2nd Lien TL High Tech Industries Interest Rate 12.9% Cash Reference Rate and Spread SOFR+7.75% Floor 0.50% Maturity 7/20/30, Initial Acquisition Date 7/20/22

^[4],[6],[23]

$ 4,813

^[2],[26]

High Tech Industries

^[2],[26]

12.90%

^{[2],[26],[27]}

7.75%

^[2],[26]

0.50%

^[2],[26]

Jul. 20, 2030

^[2],[26]

Jul. 20, 2022

^[2],[26]

$ 5,000

^[2],[26]

4,912

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Redstone Holdco 2 LP Term Loan (Second Lien) High Tech Industries Interest Rate 12.1% Cash Reference Rate and Spread L+7.75% Floor 0.75% Maturity 4/16/29, Initial Acquisition Date 9/28/21

^[2],[5],[26]

$ 4,719

^[22],[23]

High Tech Industries

^[22],[23]

12.10%

^{[22],[23],[24]}

7.75%

^[22],[23]

0.75%

^[22],[23]

Apr. 16, 2029

^[22],[23]

Sep. 28, 2021

^[22],[23]

$ 4,566

^[22],[23]

4,498

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Redstone Holdco 2 LP Term Loan (Second Lien) High Tech Industries Interest Rate 13.0% Cash Reference Rate and Spread L+7.75% Floor 0.75% Maturity 4/16/29, Initial Acquisition Date 9/28/21

^{[6],[22],[23]}

$ 2,314

^[25],[26]

High Tech Industries

^[25],[26]

13.00%

^{[25],[26],[27]}

7.75%

^[25],[26]

0.75%

^[25],[26]

Apr. 16, 2029

^{[2],[25],[26]}

Sep. 28, 2021

^[25],[26]

$ 4,566

^[25],[26]

4,504

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Robertshaw US Holding Corp. Initial Term Loan (Second Lien) Capital Equipment Interest Rate 12.8% Cash Reference Rate and Spread L+8.00% Floor 1.00% Maturity 2/28/26, Initial Acquisition Date 2/15/18

^{[5],[25],[26]}

$ 2,884

^[23]

Capital Equipment

^[23]

12.80%

^[23],[24]

8.00%

^[23]

1.00%

^[23]

Feb. 28, 2026

^[23]

Feb. 15, 2018

^[23]

$ 3,000

^[23]

2,988

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Robertshaw Us Holding Corp. Initial Term Loan (Second Lien) Capital Equipment Interest Rate 13.3% Cash Reference Rate and Spread SOFR+8.00% Floor 1.00% Maturity 2/28/26, Initial Acquisition Date 2/15/18

^[6],[23]

$ 1,643

^[2],[26]

Capital Equipment

^[2],[26]

13.30%

^{[2],[26],[27]}

8.00%

^[2],[26]

1.00%

^[2],[26]

Feb. 28, 2026

^[2],[26]

Feb. 15, 2018

^[2],[26]

$ 3,000

^[2],[26]

2,990

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Safe Fleet Holdings LLC Initial Term Loan (Second Lien) Automotive Interest Rate 11.1% Cash Reference Rate and Spread L+6.75% Floor 1.00% Maturity 2/22/26, Initial Acquisition Date 12/18/19

^[2],[5],[26]

$ 670

^[22],[23]

Automotive

^[22],[23]

11.10%

^{[22],[23],[24]}

6.75%

^[22],[23]

1.00%

^[22],[23]

Feb. 02, 2026

^[22],[23]

Dec. 18, 2019

^[22],[23]

$ 700

^[22],[23]

654

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans TRSO II, Inc. Promissory Note Energy: Oil & Gas Interest Rate 1.7% PIK Maturity 1/24/25, Initial Acquisition Date 1/24/20

^{[6],[22],[23]}

$ 640

Energy: Oil & Gas

^{[2],[26],[28]}

Energy: Oil & Gas

^{[4],[23],[31]}

1.70%

^{[2],[26],[28]}

1.70%

^{[4],[23],[31]}

Jan. 24, 2025

^{[2],[26],[28]}

Jan. 24, 2025

^{[4],[23],[31]}

Jan. 24, 2020

^{[2],[26],[28]}

Jan. 24, 2020

^{[4],[23],[31]}

$ 75

^{[2],[26],[28]}

$ 74

^{[4],[23],[31]}

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Tex-Tech Industries, Inc. Term Loan (Second Lien) Textiles and Leather Interest Rate 11.9% Cash + 1.5% PIK Reference Rate and Spread L+7.50% Floor 1.00% Maturity 8/24/24, Initial Acquisition Date 12/23/19

$ 75

^{[2],[26],[28]}

$ 74

^{[4],[23],[31]}

^{[4],[22],[23]}

Textiles and Leather

^{[4],[22],[23]}

11.90%

^{[4],[22],[23]}

1.50%

^{[4],[22],[23],[24]}

7.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Aug. 24, 2024

^{[4],[22],[23]}

Dec. 23, 2019

^{[4],[22],[23]}

$ 12,808

^{[4],[22],[23]}

12,689

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Zest Acquisition Corp. Initial Term Loan (Second Lien) Healthcare, Education and Childcare Interest Rate 11.4% Cash Reference Rate and Spread L+7.00% Floor 1.00% Maturity 3/13/26, Initial Acquisition Date 12/18/19

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

$ 12,808

^{[4],[22],[23],[29]}

Healthcare, Education and Childcare

^{[4],[22],[23],[29]}

11.40%

^{[4],[22],[23],[24],[29]}

7.00%

^{[4],[22],[23],[29]}

1.00%

^{[4],[22],[23],[29]}

Mar. 13, 2026

^{[4],[22],[23],[29]}

Dec. 18, 2019

^{[4],[22],[23],[29]}

$ 3,500

^{[4],[22],[23],[29]}

3,491

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIDC IntermediateCo 2, LLC First Lien Term Loan Services: Business Interest Rate 10.4% Cash Reference Rate and Spread SOFR+6.40% Floor 1.00% Maturity 7/22/27, Initial Acquisition Date 9/9/22

^{[4],[6],[22],[23],[29]}

$ 3,390

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

10.40%

^{[4],[22],[23],[24]}

6.40%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jul. 22, 2027

^{[4],[22],[23]}

Sep. 09, 2022

^{[4],[22],[23]}

$ 1,000

^{[4],[22],[23]}

984

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIDC IntermediateCo 2, LLC First Lien Term Loan Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.40% Floor 1.00% Maturity 7/22/27, Initial Acquisition Date 9/9/22

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

$ 971

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.50%

^{[2],[25],[26],[27]}

6.40%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jul. 22, 2027

^{[2],[25],[26]}

Sep. 09, 2022

^{[2],[25],[26]}

$ 995

^{[2],[25],[26]}

980

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIS Holdco, LLC First Lien Term Loan A Banking, Finance, Insurance & Real Estate Interest Rate 10.3% Cash Reference Rate and Spread L+5.00% Maturity 8/15/25, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 970

^{[2],[25],[26]}

Banking, Finance, Insurance & Real Estate

^{[2],[25],[26]}

10.30%

^{[2],[25],[26],[27]}

5.00%

^{[2],[25],[26]}

Aug. 15, 2025

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 2,291

^{[2],[25],[26]}

2,082

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIS Holdco, LLC First Lien Term Loan A Banking, Finance, Insurance & Real Estate Interest Rate 9.4% Cash Reference Rate and Spread L+5.00% Maturity 8/15/25, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 2,270

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.40%

^{[4],[22],[23],[24]}

5.00%

^{[4],[22],[23]}

Aug. 15, 2025

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 2,339

^{[4],[22],[23]}

2,076

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. First Lien Term Loan Beverage, Food and Tobacco Interest Rate 11.0% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

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

$ 2,313

^{[4],[22],[23]}

Beverage, Food and Tobacco

^{[4],[22],[23]}

11.00%

^{[4],[22],[23],[24]}

6.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 06, 2026

^{[4],[22],[23]}

Dec. 09, 2020

^{[4],[22],[23]}

$ 4,900

^{[4],[22],[23]}

4,836

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. First Lien Term Loan Beverage, Food and Tobacco Interest Rate 12.4% Cash + 0.8% PIK Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

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

$ 4,741

^{[2],[25],[26]}

Beverage, Food and Tobacco

^{[2],[25],[26]}

12.40%

^{[2],[25],[26]}

0.80%

^{[2],[25],[26],[27]}

7.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Oct. 06, 2026

^{[2],[25],[26]}

Dec. 09, 2020

^{[2],[25],[26]}

$ 4,875

^{[2],[25],[26]}

4,820

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. Revolving Loan Beverage, Food and Tobacco Interest Rate 10.9% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

^{[2],[5],[25],[26]}

$ 4,729

^[4],[23]

Beverage, Food and Tobacco

^[4],[23]

10.90%

^{[4],[23],[24]}

6.25%

^[4],[23]

1.00%

^[4],[23]

Oct. 06, 2026

^[4],[23]

Dec. 09, 2020

^[4],[23]

$ 1,000

^[4],[23]

987

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. Revolving Loan Beverage, Food and Tobacco Interest Rate 11.5% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

^[4],[6],[23]

$ 968

^{[2],[26],[32]}

Beverage, Food and Tobacco

^{[2],[26],[32]}

11.50%

^{[2],[26],[27],[32]}

6.25%

^{[2],[26],[32]}

1.00%

^{[2],[26],[32]}

Oct. 06, 2026

^{[2],[26],[32]}

Dec. 09, 2020

^{[2],[26],[32]}

$ 750

^{[2],[26],[32]}

739

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AP Core Holdings II, LLC First Lien Term Loan One Media: Diversified & Production Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 0.75% Maturity 7/21/27, Initial Acquisition Date 7/21/21

^{[2],[5],[26],[32]}

$ 720

^[22],[23]

Media: Diversified & Production

^[22],[23]

9.90%

^{[22],[23],[24]}

5.50%

^[22],[23]

0.75%

^[22],[23]

Jul. 21, 2027

^[22],[23]

Jul. 21, 2021

^[22],[23]

$ 3,093

^[22],[23]

3,064

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AP Core Holdings II, LLC First Lien Term Loan Two Media: Diversified & Production Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 0.75% Maturity 7/21/27, Initial Acquisition Date 7/21/21

^{[6],[22],[23]}

$ 2,813

^[22],[23]

Media: Diversified & Production

^[22],[23]

9.90%

^{[22],[23],[24]}

5.50%

^[22],[23]

0.75%

^[22],[23]

Jul. 21, 2027

^[22],[23]

Jul. 21, 2021

^[22],[23]

$ 2,000

^[22],[23]

1,977

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan Finance Interest Rate 11.3% Reference Rate and Spread SOFR+6.25%Floor 0.75% Cash Maturity 8/29/29, Initial Acquisition Date 8/31/22

^{[6],[22],[23]}

$ 1,809

^{[2],[25],[26]}

Finance

^{[2],[25],[26]}

11.30%

^{[2],[25],[26],[27]}

6.25%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Aug. 29, 2029

^{[2],[25],[26]}

Aug. 31, 2022

^{[2],[25],[26]}

$ 872

^{[2],[25],[26]}

863

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan Finance Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.50% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

^{[2],[5],[25],[26]}

$ 862

^{[2],[25],[26]}

Finance

^{[2],[25],[26]}

11.70%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Aug. 29, 2029

^{[2],[25],[26]}

Aug. 31, 2022

^{[2],[25],[26]}

$ 698

^{[2],[25],[26]}

691

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan One Finance Interest Rate 1.0% Cash Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

^{[2],[5],[25],[26]}

$ 698

^{[4],[22],[23],[33]}

Finance

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

0.75%

^{[4],[22],[23],[33]}

Aug. 29, 2029

^{[4],[22],[23],[33]}

Aug. 31, 2022

^{[4],[22],[23],[33]}

$ 7

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan Two Finance Interest Rate 1.0% Cash Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

^{[4],[6],[22],[23],[33]}

$ (13)

^{[4],[22],[23],[33]}

Finance

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

0.75%

^{[4],[22],[23],[33]}

Aug. 29, 2029

^{[4],[22],[23],[33]}

Aug. 31, 2022

^{[4],[22],[23],[33]}

$ 9

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Revolver Finance Interest Rate 0.5% Cash Floor 0.75% Maturity 8/31/28, Initial Acquisition Date 8/31/22

^{[4],[6],[22],[23],[33]}

$ (16)

Finance

^{[2],[26],[32]}

Finance

^{[4],[23],[33]}

0.50%

^{[2],[26],[32]}

0.50%

^{[4],[23],[33]}

0.75%

^{[2],[26],[32]}

0.75%

^{[4],[23],[33]}

Aug. 31, 2028

^{[2],[26],[32]}

Aug. 31, 2028

^{[4],[23],[33]}

Aug. 31, 2022

^{[2],[26],[32]}

Aug. 31, 2022

^{[4],[23],[33]}

$ (30)

^{[2],[26],[32]}

$ 33

^{[4],[23],[33]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Term Loan Finance Interest Rate 10.8% Cash Reference Rate and Spread SOFR+6.25% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

$ (17)

^{[2],[5],[26],[32]}

$ (29)

^{[4],[6],[23],[33]}

^{[4],[22],[23]}

Finance

^{[4],[22],[23]}

10.80%

^{[4],[22],[23],[24]}

6.25%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Aug. 29, 2029

^{[4],[22],[23]}

Aug. 31, 2022

^{[4],[22],[23]}

$ 7,988

^{[4],[22],[23]}

7,817

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Term Loan Finance Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.25% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

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

$ 7,839

^{[2],[25],[26]}

Finance

^{[2],[25],[26]}

11.50%

^{[2],[25],[26],[27]}

6.25%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Aug. 29, 2029

^{[2],[25],[26]}

Aug. 31, 2022

^{[2],[25],[26]}

$ 7,948

^{[2],[25],[26]}

7,791

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accurate Background, LLC First Lien Term Loan Services: Business Interest Rate 10.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 3/26/27, Initial Acquisition Date 9/7/22

^{[2],[5],[25],[26]}

$ 7,859

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

10.70%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Mar. 26, 2027

^{[4],[22],[23]}

Sep. 07, 2022

^{[4],[22],[23]}

$ 1,496

^{[4],[22],[23]}

1,378

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accurate Background, LLC First Lien Term Loan Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 3/26/27, Initial Acquisition Date 9/7/22

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

$ 1,444

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.50%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Mar. 26, 2027

^{[2],[25],[26]}

Sep. 07, 2022

^{[2],[25],[26]}

$ 1,489

^{[2],[25],[26]}

1,385

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accurate Background, LLC Term Loan Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 3/26/27, Initial Acquisition Date 10/20/21

^{[2],[5],[25],[26]}

$ 1,429

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.50%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Mar. 26, 2027

^{[2],[25],[26]}

Oct. 20, 2021

^{[2],[25],[26]}

$ 2,947

^{[2],[25],[26]}

2,759

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accurate Background, LLC Term Loan Services: Business Interest Rate 9.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 3/26/27, Initial Acquisition Date 10/20/21

^{[2],[5],[25],[26]}

$ 2,829

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

9.70%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Mar. 26, 2027

^{[4],[22],[23]}

Oct. 20, 2021

^{[4],[22],[23]}

$ 2,962

^{[4],[22],[23]}

2,748

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Advantage Capital Holdings LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 12.0% Cash Maturity 4/14/27, Initial Acquisition Date 4/14/22

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

$ 2,858

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

12.00%

^{[4],[22],[23]}

Apr. 14, 2027

^{[4],[22],[23]}

Apr. 14, 2022

^{[4],[22],[23]}

$ 13,347

^{[4],[22],[23]}

13,347

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Advantage Capital Holdings LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 8.0% Cash + 5.0% PIK Maturity 4/14/27, Initial Acquisition Date 4/14/22

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

$ 12,964

^{[2],[25],[26]}

Banking, Finance, Insurance & Real Estate

^{[2],[25],[26]}

8.00%

^{[2],[25],[26]}

5.00%

^{[2],[25],[26]}

Apr. 14, 2027

^{[2],[25],[26]}

Apr. 14, 2022

^{[2],[25],[26]}

$ 13,684

^{[2],[25],[26]}

13,684

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC Delayed Draw Term Loan Services: Consumer Interest Rate 10.9% Cash + 5.3% PIK Reference Rate and Spread L+5.75% Floor 1.00% Maturity 1/1/25, Initial Acquisition Date 3/1/22

^{[2],[5],[25],[26]}

$ 13,205

^{[2],[25],[26]}

Services: Consumer

^{[2],[25],[26]}

10.90%

^{[2],[25],[26]}

5.30%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jan. 01, 2025

^{[2],[25],[26]}

Mar. 01, 2022

^{[2],[25],[26]}

$ 605

^{[2],[25],[26]}

602

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC Delayed Draw Term Loan Services: Consumer Interest Rate 9.1% Cash + 6.3% PIK Reference Rate and Spread L+4.75% Floor 1.00% Maturity 1/1/25, Initial Acquisition Date 3/1/22

^{[2],[5],[25],[26]}

$ 603

^{[4],[22],[23]}

Services: Consumer

^{[4],[22],[23]}

9.10%

^{[4],[22],[23]}

6.30%

^{[4],[22],[23],[24]}

4.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jan. 01, 2025

^{[4],[22],[23]}

Mar. 01, 2022

^{[4],[22],[23]}

$ 593

^{[4],[22],[23]}

589

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC First Lien Term Loan Services: Consumer Interest Rate 10.9% Cash + 5.3% PIK Reference Rate and Spread L+5.75% Floor 1.00% Maturity 1/1/25, Initial Acquisition Date 3/1/22

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

$ 582

^[2],[26]

Services: Consumer

^[2],[26]

10.90%

^[2],[26]

5.30%

^{[2],[26],[27]}

5.75%

^[2],[26]

1.00%

^[2],[26]

Jan. 01, 2025

^[2],[26]

Mar. 01, 2022

^[2],[26]

$ 3,050

^[2],[26]

3,034

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC First Lien Term Loan Services: Consumer Interest Rate 9.1% Cash + 6.3% PIK Reference Rate and Spread L+4.75% Floor 1.00% Maturity 1/1/25, Initial Acquisition Date 3/1/22

^[2],[5],[26]

$ 3,039

^{[4],[22],[23]}

Services: Consumer

^{[4],[22],[23]}

9.10%

^{[4],[22],[23]}

6.30%

^{[4],[22],[23],[24]}

4.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jan. 01, 2025

^{[4],[22],[23]}

Mar. 01, 2022

^{[4],[22],[23]}

$ 2,990

^{[4],[22],[23]}

2,969

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC Term Loan Second Lien Services: Consumer Interest Rate 14.5% PIK Maturity 3/1/28, Initial Acquisition Date 3/1/22

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

$ 2,934

Services: Consumer

^[2],[26]

Services: Consumer

^[4],[23]

14.50%

^[2],[26]

14.50%

^[4],[23]

Mar. 01, 2028

^[2],[26]

Mar. 01, 2028

^[4],[23]

Mar. 01, 2022

^[2],[26]

Mar. 01, 2022

^[4],[23]

$ 5,500

^[2],[26]

$ 5,124

^[4],[23]

5,393

^[2],[26]

5,007

^[4],[23]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Analogic Corporation First Lien Term Loan A Electronics Interest Rate 10.5% Cash Reference Rate and Spread L+5.25% Floor 1.00% Maturity 6/22/24, Initial Acquisition Date 10/28/20

$ 4,716

^[2],[5],[26]

$ 4,164

^[4],[6],[23]

^{[2],[25],[26]}

Electronics

^{[2],[25],[26]}

10.50%

^{[2],[25],[26],[27]}

5.25%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jun. 22, 2024

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 3,466

^{[2],[25],[26]}

3,342

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Analogic Corporation First Lien Term Loan A Electronics Interest Rate 9.7% Cash Reference Rate and Spread L+5.25% Floor 1.00% Maturity 6/22/24, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 3,413

^{[4],[22],[23]}

Electronics

^{[4],[22],[23]}

9.70%

^{[4],[22],[23],[24]}

5.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 22, 2024

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 3,484

^{[4],[22],[23]}

3,295

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Analogic Corporation Revolver Electronics Interest Rate 9.7% Cash Reference Rate and Spread L+5.25% Floor 1.00% Maturity 6/22/23, Initial Acquisition Date 10/28/20

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

$ 3,353

^{[4],[22],[23],[33]}

Electronics

^{[4],[22],[23],[33]}

9.70%

^{[4],[22],[23],[24],[33]}

5.25%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Jun. 22, 2023

^{[4],[22],[23],[33]}

Oct. 28, 2020

^{[4],[22],[23],[33]}

$ 179

^{[4],[22],[23],[33]}

179

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ancile Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 11.8% Cash + 3.0% PIK Reference Rate and Spread L+7.00% Floor 1.00% Maturity 6/11/26, Initial Acquisition Date 6/11/21

^{[4],[6],[22],[23],[33]}

$ 172

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

11.80%

^{[4],[22],[23]}

3.00%

^{[4],[22],[23],[24]}

7.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 11, 2026

^{[4],[22],[23]}

Jun. 11, 2021

^{[4],[22],[23]}

$ 6,701

^{[4],[22],[23]}

6,569

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ancile Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 12.6% Cash + 3.0% PIK Reference Rate and Spread L+7.00% Floor 1.00% Maturity 6/11/26, Initial Acquisition Date 6/11/21

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

$ 6,567

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

12.60%

^{[2],[25],[26]}

3.00%

^{[2],[25],[26],[27]}

7.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jun. 11, 2026

^{[2],[25],[26]}

Jun. 11, 2021

^{[2],[25],[26]}

$ 6,361

^{[2],[25],[26]}

6,255

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Industries Interest Rate 14.2% Cash Reference Rate and Spread L+9.50% Floor 1.00% Maturity 6/30/23, Initial Acquisition Date 8/9/22

^{[2],[5],[25],[26]}

$ 6,274

^[4],[23]

14.20%

^{[4],[23],[24]}

9.50%

^[4],[23]

1.00%

^[4],[23]

Jun. 30, 2023

^[4],[23]

Aug. 09, 2022

^[4],[23]

$ 500

^[4],[23]

500

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest 15.0% Cash Reference Rate and Spread L+9.50% Floor 1.00% Maturity 6/30/24, Initial Acquisition Date 8/9/22

^[4],[6],[23]

$ 464

^[2],[26]

Media: Broadcasting & Subscription

^[2],[26]

15.00%

^{[2],[26],[27]}

9.50%

^[2],[26]

1.00%

^[2],[26]

Jun. 30, 2024

^[2],[26]

Aug. 09, 2022

^[2],[26]

$ 500

^[2],[26]

500

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 14.2% Cash Reference Rate and Spread L+9.50% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

^[2],[26]

$ 446

^{[4],[23],[33]}

Media: Broadcasting & Subscription

^{[4],[23],[33]}

14.20%

^{[4],[23],[24],[33]}

9.50%

^{[4],[23],[33]}

1.00%

^{[4],[23],[33]}

Nov. 15, 2026

^{[4],[23],[33]}

Nov. 15, 2021

^{[4],[23],[33]}

$ 500

^{[4],[23],[33]}

490

^{[4],[6],[23],[33]}

$ 461

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 15.0% PIK Reference Rate and Spread L+9.50% Floor 1.00% Maturity 11/15/2026, Initial Acquisition Date 11/15/21

^[4],[23]

Media: Broadcasting & Subscription

^{[2],[26],[32]}

Media: Broadcasting & Subscription

^{[2],[26],[32]}

15.00%

^{[2],[26],[27],[32]}

9.50%

^{[2],[26],[32]}

1.00%

^{[2],[26],[32]}

Nov. 15, 2026

^{[2],[26],[32]}

Nov. 15, 2021

^{[2],[26],[32]}

$ 500

^{[2],[26],[32]}

491

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 16.0% Cash Reference Rate and Spread PRIME+8.50% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

^{[2],[5],[26],[32]}

$ 442

^[4],[23]

Media: Broadcasting & Subscription

^[4],[23]

16.00%

^{[4],[23],[24]}

8.50%

^[4],[23]

1.00%

^[4],[23]

Nov. 15, 2026

^[4],[23]

Nov. 15, 2021

^[4],[23]

$ 500

^[4],[23]

490

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 16.8% Cash Reference Rate and Spread PRIME+8.50% Floor 1.00% Maturity 11/15/2026, Initial Acquisition Date 11/15/21

^[4],[6],[23]

$ 461

^{[2],[26],[32]}

Media: Broadcasting & Subscription

^{[2],[26],[32]}

16.80%

^{[2],[26],[27],[32]}

8.50%

^{[2],[26],[32]}

1.00%

^{[2],[26],[32]}

Nov. 15, 2026

^{[2],[26],[32]}

Nov. 15, 2021

^{[2],[26],[32]}

$ 500

^{[2],[26],[32]}

491

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Term Loan Media: Broadcasting & Subscription Interest Rate 11.5% Cash + 2.8% PIK Reference Rate and Spread L+6.75% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

^{[2],[5],[26],[32]}

$ 442

^{[4],[22],[23]}

Media: Broadcasting & Subscription

^{[4],[22],[23]}

11.50%

^{[4],[22],[23]}

2.80%

^{[4],[22],[23],[24]}

6.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Nov. 15, 2026

^{[4],[22],[23]}

Nov. 15, 2021

^{[4],[22],[23]}

$ 11,815

^{[4],[22],[23]}

11,593

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Term Loan Media: Broadcasting & Subscription Interest Rate 15.0% Cash + 2.8% PIK Reference Rate and Spread L+9.50% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

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

$ 10,974

^{[2],[25],[26]}

Media: Broadcasting & Subscription

^{[2],[25],[26]}

15.00%

^{[2],[25],[26]}

2.80%

^{[2],[25],[26],[27]}

9.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 15, 2026

^{[2],[25],[26]}

Nov. 15, 2021

^{[2],[25],[26]}

$ 11,867

^{[2],[25],[26]}

11,673

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Appfire Technologies, LLC Term Loan High Tech Industries Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 3/9/27, Initial Acquisition Date 12/20/21

^{[2],[5],[25],[26]}

$ 10,591

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

10.70%

^{[2],[25],[26]}

5.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Mar. 09, 2027

^{[2],[25],[26]}

Dec. 20, 2021

^{[2],[25],[26]}

$ 5,924

^{[2],[25],[26]}

5,916

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Appfire Technologies, LLC Term Loan High Tech Industries Interest Rate 9.5% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 3/9/27, Initial Acquisition Date 12/20/21

^{[2],[5],[25],[26]}

$ 5,845

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

9.50%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Mar. 09, 2027

^{[4],[22],[23]}

Dec. 20, 2021

^{[4],[22],[23]}

$ 5,954

^{[4],[22],[23]}

5,946

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BW NHHC Holdco Inc. First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+7.50% Floor 2.00% Maturity 1/15/26, Initial Acquisition Date 12/21/22

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

$ 5,861

^[4],[23]

Healthcare & Pharmaceuticals

^[4],[23]

12.00%

^{[4],[23],[24]}

7.50%

^[4],[23]

2.00%

^[4],[23]

Jan. 15, 2026

^[4],[23]

Dec. 21, 2022

^[4],[23]

$ 952

^[4],[23]

942

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BW NHHC Holdco Inc. First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.7% Cash Reference Rate and Spread SOFR+7.50% Floor 2.00% Maturity 1/15/26, Initial Acquisition Date 12/21/22

^[4],[6],[23]

$ 942

^[26]

Healthcare & Pharmaceuticals

^[26]

12.70%

^[26],[27]

7.50%

^[26]

2.00%

^[26]

Jan. 15, 2026

^[26]

Dec. 21, 2022

^[26]

$ 952

^[26]

944

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Beta Plus Technologies, Inc. First Lien Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 8.9% Cash Reference Rate and Spread SOFR+4.75% Maturity 7/1/29, Initial Acquisition Date 7/1/22

^[5],[26]

$ 957

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

8.90%

^{[4],[22],[23],[24]}

4.75%

^{[4],[22],[23]}

Jul. 01, 2029

^{[4],[22],[23]}

Jul. 01, 2022

^{[4],[22],[23]}

$ 15,960

^{[4],[22],[23]}

15,664

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Beta Plus Technologies, Inc. Revolver Banking, Finance, Insurance & Real Estate Interest Rate 0.4% Cash Maturity 7/1/27, Initial Acquisition Date 7/1/22

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

$ 15,564

^{[4],[23],[33]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[33]}

0.40%

^{[4],[23],[33]}

Jul. 01, 2027

^{[4],[23],[33]}

Jul. 01, 2022

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BetaNXT, Inc. First Lien Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.75% Maturity 7/1/29, Initial Acquisition Date 7/1/22

^{[4],[6],[23],[33]}

$ (96)

^{[2],[25],[26]}

Banking, Finance, Insurance & Real Estate

^{[2],[25],[26]}

11.00%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

Jul. 01, 2029

^{[2],[25],[26]}

Jul. 01, 2022

^{[2],[25],[26]}

$ 15,880

^{[2],[25],[26]}

14,995

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BetaNXT, Inc. Revolver Banking, Finance, Insurance & Real Estate Interest Rate 0.3% Cash Maturity 7/1/27, Initial Acquisition Date 7/1/22

^{[2],[5],[25],[26]}

$ 14,670

^{[2],[26],[32]}

Banking, Finance, Insurance & Real Estate

^{[2],[26],[32]}

0.30%

^{[2],[26],[32]}

Jul. 01, 2027

^{[2],[26],[32]}

Jul. 01, 2022

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bradshaw International Parent Corp. Revolver Consumer goods: Durable Interest Rate 0.5% Cash Floor 1.00% Maturity 10/21/26, Initial Acquisition Date 10/29/21

^{[2],[5],[26],[32]}

$ (103)

Consumer goods: Durable

^{[2],[26],[32]}

Consumer goods: Durable

^{[4],[23],[33]}

0.50%

^{[2],[26],[32]}

0.50%

^{[4],[23],[33]}

1.00%

^{[2],[26],[32]}

1.00%

^{[4],[23],[33]}

Oct. 21, 2026

^{[2],[26],[32]}

Oct. 21, 2026

^{[4],[23],[33]}

Oct. 29, 2021

^{[2],[26],[32]}

Oct. 29, 2021

^{[4],[23],[33]}

$ (23)

^{[2],[26],[32]}

$ 23

^{[4],[23],[33]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bradshaw International Parent Corp. Term Loan Consumer goods: Durable Interest Rate 10.2% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 10/21/27, Initial Acquisition Date 10/29/21

$ (30)

^{[2],[5],[26],[32]}

$ (71)

^{[4],[6],[23],[33]}

^{[4],[22],[23]}

Consumer goods: Durable

^{[4],[22],[23]}

10.20%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 21, 2027

^{[4],[22],[23]}

Oct. 29, 2021

^{[4],[22],[23]}

$ 501

^{[4],[22],[23]}

491

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bradshaw International Parent Corp. Term Loan Consumer goods: Durable Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/21/27, Initial Acquisition Date 10/29/21

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

$ 462

^{[2],[25],[26]}

Consumer goods: Durable

^{[2],[25],[26]}

11.00%

^{[2],[25],[26]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Oct. 21, 2027

^{[2],[25],[26]}

Oct. 29, 2021

^{[2],[25],[26]}

$ 496

^{[2],[25],[26]}

487

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 10.1% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

^{[2],[5],[25],[26]}

$ 480

^{[4],[22],[23],[33]}

Healthcare & Pharmaceuticals

^{[4],[22],[23],[33]}

10.10%

^{[4],[22],[23],[24],[33]}

5.75%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Dec. 22, 2026

^{[4],[22],[23],[33]}

Dec. 22, 2020

^{[4],[22],[23],[33]}

$ 760

^{[4],[22],[23],[33]}

755

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

^{[4],[6],[22],[23],[33]}

$ 735

^{[2],[25],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[25],[26],[32]}

10.90%

^{[2],[25],[26],[27],[32]}

5.75%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Dec. 22, 2026

^{[2],[25],[26],[32]}

Dec. 22, 2020

^{[2],[25],[26],[32]}

$ 756

^{[2],[25],[26],[32]}

752

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Unitranche Healthcare & Pharmaceuticals Interest Rate 10.1% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

^{[2],[5],[25],[26],[32]}

$ 735

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

10.10%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 22, 2026

^{[4],[22],[23]}

Dec. 22, 2020

^{[4],[22],[23]}

$ 2,135

^{[4],[22],[23]}

2,106

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Unitranche Healthcare & Pharmaceuticals Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

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

$ 2,070

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

11.00%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 22, 2026

^{[2],[25],[26]}

Dec. 22, 2020

^{[2],[25],[26]}

$ 2,124

^{[2],[25],[26]}

2,099

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Seventh Amendment Acquisition Loan Chemicals, Plastics and Rubber Interest Rate 10.2% Cash Reference Rate and Spread L+6.50% Floor 1.00% Maturity 6/18/23, Initial Acquisition Date 6/26/20

^{[2],[5],[25],[26]}

$ 2,065

^{[4],[22],[23]}

Chemicals, Plastics and Rubber

^{[4],[22],[23]}

10.20%

^{[4],[22],[23],[24]}

6.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 18, 2023

^{[4],[22],[23]}

Jun. 26, 2020

^{[4],[22],[23]}

$ 2,813

^{[4],[22],[23]}

2,802

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Seventh Amendment Acquisition Loan Chemicals, Plastics and Rubber Interest Rate 11.7% Cash Reference Rate and Spread L+6.50% Floor 1.00% Maturity 7/7/23, Initial Acquisition Date 6/26/20

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

$ 2,787

^{[2],[25],[26]}

Chemicals, Plastics and Rubber

^{[2],[25],[26]}

11.70%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jul. 07, 2023

^{[2],[25],[26]}

Jun. 26, 2020

^{[2],[25],[26]}

$ 2,775

^{[2],[25],[26]}

2,775

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 11.2% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 7/7/23, Initial Acquisition Date 7/29/21

^{[2],[5],[25],[26]}

$ 2,761

^{[2],[25],[26]}

Chemicals, Plastics and Rubber

^{[2],[25],[26]}

11.20%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jul. 07, 2023

^{[2],[25],[26]}

Jul. 29, 2021

^{[2],[25],[26]}

$ 1,072

^{[2],[25],[26]}

1,072

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 11.2% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 7/7/23, Initial Acquisition Date 11/17/21

^{[2],[5],[25],[26]}

$ 1,066

^{[2],[25],[26]}

Chemicals, Plastics and Rubber

^{[2],[25],[26]}

11.20%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jul. 07, 2023

^{[2],[25],[26]}

Nov. 17, 2021

^{[2],[25],[26]}

$ 6,498

^{[2],[25],[26]}

6,498

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 9.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 6/18/23, Initial Acquisition Date 11/17/21

^{[2],[5],[25],[26]}

$ 6,466

^{[4],[22],[23]}

Chemicals, Plastics and Rubber

^{[4],[22],[23]}

9.70%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 18, 2023

^{[4],[22],[23]}

Nov. 17, 2021

^{[4],[22],[23]}

$ 6,583

^{[4],[22],[23]}

6,564

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

$ 6,501

^{[4],[22],[23]}

Chemicals, Plastics and Rubber

^{[4],[22],[23]}

9.70%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 18, 2023

^{[4],[22],[23]}

Jul. 29, 2021

^{[4],[22],[23]}

$ 1,086

^{[4],[22],[23]}

1,082

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans CB Midco, LLC Term Loan Consumer goods: Durable Interest Rate 10.5% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 9/27/27, Initial Acquisition Date 10/8/21

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

$ 1,072

^{[4],[22],[23]}

Consumer goods: Durable

^{[4],[22],[23]}

10.50%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Sep. 27, 2027

^{[4],[22],[23]}

Oct. 08, 2021

^{[4],[22],[23]}

$ 3,950

^{[4],[22],[23]}

3,918

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans CB Midco, LLC Term Loan Consumer goods: Durable Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 9/27/27, Initial Acquisition Date 10/8/21

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

$ 3,685

^{[2],[25],[26]}

Consumer goods: Durable

^{[2],[25],[26]}

11.00%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Sep. 27, 2027

^{[2],[25],[26]}

Oct. 08, 2021

^{[2],[25],[26]}

$ 3,822

^{[2],[25],[26]}

3,795

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Cenexel Clinical Research, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 10.9% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 11/8/25, Initial Acquisition Date 6/15/22

^{[2],[5],[25],[26]}

$ 3,486

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

10.90%

^{[4],[22],[23],[24]}

6.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Nov. 08, 2025

^{[4],[22],[23]}

Jun. 15, 2022

^{[4],[22],[23]}

$ 6,904

^{[4],[22],[23]}

6,846

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Cenexel Clinical Research, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 11/8/25, Initial Acquisition Date 6/15/22

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

$ 6,870

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

12.00%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 08, 2025

^{[2],[25],[26]}

Jun. 15, 2022

^{[2],[25],[26]}

$ 6,170

^{[2],[25],[26]}

6,127

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Revolver Machinery (Non-Agrclt/Constr/Electr) Interest Rate 0.8% Cash Floor 1.00% Maturity 10/9/24, Initial Acquisition Date 8/22/22

^{[2],[5],[25],[26]}

$ 6,143

^{[2],[25],[26],[32]}

Machinery (Non-Agrclt/Constr/Electr)

^{[2],[25],[26],[32]}

0.80%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Oct. 09, 2024

^{[2],[25],[26],[32]}

Aug. 22, 2022

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Revolver Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.1% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/9/24, Initial Acquisition Date 8/22/22

^{[2],[25],[26],[32]}

$ 1

^{[4],[22],[23],[33]}

Machinery (Non-Agrclt/Constr/Electr)

^{[4],[22],[23],[33]}

10.10%

^{[4],[22],[23],[24],[33]}

5.75%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Oct. 09, 2024

^{[4],[22],[23],[33]}

Aug. 22, 2022

^{[4],[22],[23],[33]}

$ 39

^{[4],[22],[23],[33]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Revolver Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/9/24, Initial Acquisition Date 10/28/20

^{[4],[6],[22],[23],[33]}

$ 39

^{[2],[25],[26],[32]}

Machinery (Non-Agrclt/Constr/Electr)

^{[2],[25],[26],[32]}

10.70%

^{[2],[25],[26],[27],[32]}

5.75%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Oct. 09, 2024

^{[2],[25],[26],[32]}

Oct. 28, 2020

^{[2],[25],[26],[32]}

$ 739

^{[2],[25],[26],[32]}

715

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Revolver Machinery (Non-Agrclt/Constr/Electr) Interest Rate 9.7% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/9/24, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26],[32]}

$ 737

^{[4],[22],[23],[33]}

Machinery (Non-Agrclt/Constr/Electr)

^{[4],[22],[23],[33]}

9.70%

^{[4],[22],[23],[24],[33]}

5.75%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Oct. 09, 2024

^{[4],[22],[23],[33]}

Oct. 28, 2020

^{[4],[22],[23],[33]}

$ 642

^{[4],[22],[23],[33]}

609

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Term Loan Machinery (Non-Agrclt/Constr/Electr) Interest Rate 6.8% Cash + 6.5% PIK Reference Rate and Spread SOFR+2.50% Maturity 10/9/25, Initial Acquisition Date 10/28/20

^{[4],[6],[22],[23],[33]}

$ 642

^{[4],[22],[23]}

Machinery (Non-Agrclt/Constr/Electr)

^{[4],[22],[23]}

6.80%

^{[4],[22],[23]}

6.50%

^{[4],[22],[23],[24]}

2.50%

^{[4],[22],[23]}

Oct. 09, 2025

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 9,810

^{[4],[22],[23]}

8,815

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Term Loan Machinery (Non-Agrclt/Constr/Electr) Interest Rate 7.6% Cash + 6.5% PIK Reference Rate and Spread SOFR+2.50% Maturity 10/9/25, Initial Acquisition Date 10/28/20

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

$ 8,610

^{[2],[25],[26]}

Machinery (Non-Agrclt/Constr/Electr)

^{[2],[25],[26]}

7.60%

^{[2],[25],[26]}

6.50%

^{[2],[25],[26],[27]}

2.50%

^{[2],[25],[26]}

Oct. 09, 2025

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 10,133

^{[2],[25],[26]}

9,316

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Circustrix Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 7/16/23, Initial Acquisition Date 1/11/21

^{[2],[5],[25],[26]}

$ 8,719

^[25],[26]

Banking, Finance, Insurance & Real Estate

^[25],[26]

10.70%

^{[25],[26],[27]}

5.50%

^[25],[26]

1.00%

^[25],[26]

Jul. 16, 2023

^[25],[26]

Jan. 11, 2021

^[25],[26]

$ 223

^[25],[26]

223

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Circustrix Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.00% Maturity 7/16/23, Initial Acquisition Date 1/11/21

^{[5],[25],[26]}

$ 223

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.90%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jul. 16, 2023

^{[4],[22],[23]}

Jan. 11, 2021

^{[4],[22],[23]}

$ 461

^{[4],[22],[23]}

461

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Circustrix Holdings, LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 1/26/24, Initial Acquisition Date 10/1/21

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

$ 461

^[25],[26]

Banking, Finance, Insurance & Real Estate

^[25],[26]

10.70%

^{[25],[26],[27]}

5.50%

^[25],[26]

1.00%

^[25],[26]

Jan. 26, 2024

^[25],[26]

Oct. 01, 2021

^[25],[26]

$ 6,624

^[25],[26]

6,337

^{[5],[25],[26]}

$ 6,624

^[25],[26]

Banking, Finance, Insurance & Real Estate

^[25],[26]

10.70%

^{[25],[26],[27]}

5.50%

^[25],[26]

1.00%

^[25],[26]

Jul. 16, 2023

^[25],[26]

Jan. 11, 2021

^[25],[26]

$ 225

^[25],[26]

225

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Circustrix Holdings, LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.00% Maturity 1/26/24, Initial Acquisition Date 10/1/21

^{[5],[25],[26]}

$ 224

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.90%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jan. 26, 2024

^{[4],[22],[23]}

Oct. 01, 2021

^{[4],[22],[23]}

$ 6,655

^{[4],[22],[23]}

6,117

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

$ 6,508

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.90%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jul. 16, 2023

^{[4],[22],[23]}

Jan. 11, 2021

^{[4],[22],[23]}

$ 465

^{[4],[22],[23]}

465

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Coastal Screen and Rail, LLC Term Loan Construction & Building Interest Rate 13.0% Cash Maturity 12/31/22, Initial Acquisition Date 6/9/21

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

$ 465

^[4],[23]

Construction & Building

^[4],[23]

13.00%

^[4],[23]

Dec. 31, 2022

^[4],[23]

Jun. 09, 2021

^[4],[23]

$ 850

^[4],[23]

850

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 10.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

^[4],[6],[23]

$ 850

^{[4],[22],[23],[33]}

Healthcare & Pharmaceuticals

^{[4],[22],[23],[33]}

10.70%

^{[4],[22],[23],[24],[33]}

6.00%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Oct. 30, 2026

^{[4],[22],[23],[33]}

Nov. 01, 2021

^{[4],[22],[23],[33]}

$ 631

^{[4],[22],[23],[33]}

598

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.1% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

^{[4],[6],[22],[23],[33]}

$ 584

^{[2],[25],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[25],[26],[32]}

11.10%

^{[2],[25],[26],[27],[32]}

5.75%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Oct. 30, 2026

^{[2],[25],[26],[32]}

Nov. 01, 2021

^{[2],[25],[26],[32]}

$ 628

^{[2],[25],[26],[32]}

595

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 10.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

^{[2],[5],[25],[26],[32]}

$ 628

^{[4],[23],[33]}

Healthcare & Pharmaceuticals

^{[4],[23],[33]}

10.70%

^{[4],[23],[24],[33]}

6.00%

^{[4],[23],[33]}

1.00%

^{[4],[23],[33]}

Oct. 30, 2026

^{[4],[23],[33]}

Nov. 01, 2021

^{[4],[23],[33]}

$ 600

^{[4],[23],[33]}

565

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 11.1% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

^{[4],[6],[23],[33]}

$ 575

^{[2],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[26],[32]}

11.10%

^{[2],[26],[27],[32]}

5.75%

^{[2],[26],[32]}

1.00%

^{[2],[26],[32]}

Oct. 30, 2026

^{[2],[26],[32]}

Nov. 01, 2021

^{[2],[26],[32]}

$ 920

^{[2],[26],[32]}

885

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 10.5% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

^{[2],[5],[26],[32]}

$ 920

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

10.50%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 30, 2026

^{[4],[22],[23]}

Nov. 01, 2021

^{[4],[22],[23]}

$ 8,165

^{[4],[22],[23]}

8,056

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.75 Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

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

$ 8,063

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

11.00%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Oct. 30, 2026

^{[2],[25],[26]}

Nov. 01, 2021

^{[2],[25],[26]}

$ 8,124

^{[2],[25],[26]}

8,029

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Datalink, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 11.5% Cash Reference Rate and Spread L+6.75% Floor 1.00% Maturity 11/23/26, Initial Acquisition Date 12/8/20

^{[2],[5],[25],[26]}

$ 8,124

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

11.50%

^{[4],[22],[23],[24]}

6.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Nov. 23, 2026

^{[4],[22],[23]}

Dec. 08, 2020

^{[4],[22],[23]}

$ 2,744

^{[4],[22],[23]}

2,695

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Datalink, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.75% Floor 1.00% Maturity 11/23/26, Initial Acquisition Date 12/8/20

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

$ 2,724

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

12.00%

^{[2],[25],[26],[27]}

6.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 23, 2026

^{[2],[25],[26]}

Dec. 08, 2020

^{[2],[25],[26]}

$ 2,730

^{[2],[25],[26]}

2,687

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Delayed Draw Term Loan - First Lien Healthcare & Pharmaceuticals Interest Rate 1.0% Cash Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

^{[2],[5],[25],[26]}

$ 2,730

^{[4],[22],[23],[33]}

Healthcare & Pharmaceuticals

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

0.75%

^{[4],[22],[23],[33]}

Dec. 26, 2028

^{[4],[22],[23],[33]}

Dec. 23, 2022

^{[4],[22],[23],[33]}

$ 11

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Delayed Draw Term Loan - First Lien Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

^{[4],[6],[22],[23],[33]}

$ (11)

^{[2],[25],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[25],[26],[32]}

11.90%

^{[2],[25],[26],[27],[32]}

7.00%

^{[2],[25],[26],[32]}

0.75%

^{[2],[25],[26],[32]}

Dec. 26, 2028

^{[2],[25],[26],[32]}

Dec. 23, 2022

^{[2],[25],[26],[32]}

$ 71

^{[2],[25],[26],[32]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 11.5% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

^{[2],[5],[25],[26],[32]}

$ 51

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

11.50%

^{[4],[22],[23],[24]}

7.00%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Dec. 26, 2028

^{[4],[22],[23]}

Dec. 23, 2022

^{[4],[22],[23]}

$ 1,519

^{[4],[22],[23]}

1,473

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.2% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

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

$ 1,473

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

12.20%

^{[2],[25],[26],[27]}

7.00%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Dec. 26, 2028

^{[2],[25],[26]}

Dec. 23, 2022

^{[2],[25],[26]}

$ 1,515

^{[2],[25],[26]}

1,473

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 0.5% Cash Floor 0.75% Maturity 12/23/28, Initial Acquisition Date 12/23/22

^{[2],[5],[25],[26]}

$ 1,475

Healthcare & Pharmaceuticals

^{[2],[26],[32]}

Healthcare & Pharmaceuticals

^{[4],[23],[33]}

0.50%

^{[2],[26],[32]}

0.50%

^{[4],[23],[33]}

0.75%

^{[2],[26],[32]}

0.75%

^{[4],[23],[33]}

Dec. 23, 2028

^{[2],[26],[32]}

Dec. 23, 2028

^{[4],[23],[33]}

Dec. 23, 2022

^{[2],[26],[32]}

Dec. 23, 2022

^{[4],[23],[33]}

$ 6

^{[2],[26],[32]}

$ 7

^{[4],[23],[33]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dodge Data & Analytics LLC Term Loan Construction & Building Interest Rate 10.1% Cash Reference Rate and Spread SOFR+4.75% Floor 0.50% Maturity 2/10/29, Initial Acquisition Date 2/10/22

$ (6)

^{[2],[5],[26],[32]}

$ (7)

^{[4],[6],[23],[33]}

^[25],[26]

Construction & Building

^[25],[26]

10.10%

^{[25],[26],[27]}

4.75%

^[25],[26]

0.50%

^[25],[26]

Feb. 10, 2029

^[25],[26]

Feb. 10, 2022

^[25],[26]

$ 1,485

^[25],[26]

1,467

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dodge Data & Analytics LLC Term Loan Construction & Building Interest Rate 9.8% Cash Reference Rate and Spread SOFR+4.75% Floor 0.50% Maturity 2/10/29, Initial Acquisition Date 2/10/22

^{[5],[25],[26]}

$ 1,202

^[22],[23]

Construction & Building

^[22],[23]

9.80%

^{[22],[23],[24]}

4.75%

^[22],[23]

0.50%

^[22],[23]

Feb. 10, 2029

^[22],[23]

Feb. 10, 2022

^[22],[23]

$ 1,493

^[22],[23]

1,473

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Drilling Info Holdings, Inc. 2020 Term Loan (First Lien) High Tech Industries Interest Rate 8.9% Cash Reference Rate and Spread L+4.50% Maturity 7/30/25, Initial Acquisition Date 2/13/20

^{[6],[22],[23]}

$ 1,183

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

8.90%

^{[4],[22],[23],[24]}

4.50%

^{[4],[22],[23]}

Jul. 30, 2025

^{[4],[22],[23]}

Feb. 13, 2020

^{[4],[22],[23]}

$ 973

^{[4],[22],[23]}

970

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Drilling Info Holdings, Inc. Initial Term Loan (First Lien) High Tech Industries Interest Rate 8.6% Cash Reference Rate and Spread L+4.25% Maturity 7/30/25, Initial Acquisition Date 12/23/19

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

$ 965

^[22],[23]

High Tech Industries

^[22],[23]

8.60%

^{[22],[23],[24]}

4.25%

^[22],[23]

Jul. 30, 2025

^[22],[23]

Dec. 23, 2019

^[22],[23]

$ 814

^[22],[23]

814

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans ELO Touch Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 10.9% Cash Reference Rate and Spread L+6.50% Maturity 12/14/25, Initial Acquisition Date 10/28/20

^{[6],[22],[23]}

$ 785

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

10.90%

^{[4],[22],[23],[24]}

6.50%

^{[4],[22],[23]}

Dec. 14, 2025

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 2,266

^{[4],[22],[23]}

2,064

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans ELO Touch Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.50% Maturity 12/14/25, Initial Acquisition Date 10/28/20

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

$ 2,224

^[25],[26]

High Tech Industries

^[25],[26]

11.70%

^{[25],[26],[27]}

6.50%

^[25],[26]

Dec. 14, 2025

^[25],[26]

Oct. 28, 2020

^[25],[26]

$ 2,266

^[25],[26]

2,098

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Electro Rent Corporation First Lien Term Loan High Tech Industries Interest Rate 10.3% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 11/1/24, Initial Acquisition Date 11/16/22

^{[5],[25],[26]}

$ 2,215

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

10.30%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Nov. 01, 2024

^{[4],[22],[23]}

Nov. 16, 2022

^{[4],[22],[23]}

$ 997

^{[4],[22],[23]}

980

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Electro Rent Corporation First Lien Term Loan High Tech Industries Interest Rate 10.8% Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 11/1/24, Initial Acquisition Date 11/16/22

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

$ 982

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

10.80%

^{[2],[25],[26],[27]}

5.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 01, 2024

^{[2],[25],[26]}

Nov. 16, 2022

^{[2],[25],[26]}

$ 992

^{[2],[25],[26]}

979

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC First Lien Term Loan Beverage, Food and Tobacco Interest Rate 10.1% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 10/18/28, Initial Acquisition Date 6/9/22

^{[2],[5],[25],[26]}

$ 974

^{[2],[25],[26]}

Beverage, Food and Tobacco

^{[2],[25],[26]}

10.10%

^{[2],[25],[26],[27]}

5.00%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Oct. 18, 2028

^{[2],[25],[26]}

Jun. 09, 2022

^{[2],[25],[26]}

$ 1,990

^{[2],[25],[26]}

1,888

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC First Lien Term Loan Beverage, Food and Tobacco Interest Rate 10.2% Cash Reference Rate and Spread L+5.00% Floor 0.75% Maturity 10/6/28, Initial Acquisition Date 3/22/22

^{[2],[5],[25],[26]}

$ 1,915

^[2],[26]

Beverage, Food and Tobacco

^[2],[26]

10.20%

^{[2],[26],[27]}

5.00%

^[2],[26]

0.75%

^[2],[26]

Oct. 06, 2028

^[2],[26]

Mar. 22, 2022

^[2],[26]

$ 4,938

^[2],[26]

4,888

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC First Lien Term Loan Beverage, Food and Tobacco Interest Rate 9.3% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 10/18/28, Initial Acquisition Date 6/9/22

^[2],[5],[26]

$ 4,752

^{[4],[22],[23]}

Beverage, Food and Tobacco

^{[4],[22],[23]}

9.30%

^{[4],[22],[23],[24]}

5.00%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Oct. 18, 2028

^{[4],[22],[23]}

Jun. 09, 2022

^{[4],[22],[23]}

$ 2,000

^{[4],[22],[23]}

1,888

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC First Lien Term Loan Beverage, Food and Tobacco Interest Rate 9.4% Cash Reference Rate and Spread L+5.00% Floor 0.75% Maturity 10/6/28, Initial Acquisition Date 3/22/22

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

$ 1,928

^{[4],[22],[23]}

Beverage, Food and Tobacco

^{[4],[22],[23]}

9.40%

^{[4],[22],[23],[24]}

5.00%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Oct. 06, 2028

^{[4],[22],[23]}

Mar. 22, 2022

^{[4],[22],[23]}

$ 4,963

^{[4],[22],[23]}

4,908

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Franchise Group, Inc. First Out Term Loan Retail Interest Rate 8.7% Cash Reference Rate and Spread L+4.75% Floor 0.75% Maturity2/25/26, Initial Acquisition Date 3/18/22

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

$ 4,820

^[22]

Retail

^[22]

8.70%

^[22],[24]

4.75%

^[22]

0.75%

^[22]

Feb. 25, 2026

^[22]

Mar. 18, 2022

^[22]

$ 4,900

^[22]

4,874

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. First Lien Term Loan Consumer Goods: Durable Interest Rate 12.0% Cash Reference Rate and Spread L+8.25% Floor 1.25% Maturity 2/15/23, Initial Acquisition Date 10/28/20

^[6],[22]

$ 4,727

^[4],[23]

Consumer goods: Durable

^[4],[23]

12.00%

^{[4],[23],[24]}

8.25%

^[4],[23]

1.25%

^[4],[23]

Feb. 15, 2023

^[4],[23]

Oct. 28, 2020

^[4],[23]

$ 6,990

^[4],[23]

6,147

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. First Lien Term Loan Consumer Goods: Durable Interest Rate 13.3% Cash + 1.0% PIK Reference Rate and Spread SOFR+8.36% Floor 1.25% Maturity 5/15/24, Initial Acquisition Date 10/28/20

^[4],[6],[23]

$ 3,539

^[2],[26]

Consumer goods: Durable

^[2],[26]

13.30%

^[2],[26]

1.00%

^{[2],[26],[27]}

8.36%

^[2],[26]

1.25%

^[2],[26]

May 15, 2024

^[2],[26]

Oct. 28, 2020

^[2],[26]

$ 6,944

^[2],[26]

6,220

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. Revolver Consumer Goods: Durable Interest Rate 12.5% Cash Reference Rate and Spread L+8.25% Floor 1.25% Maturity 2/15/23, Initial Acquisition Date 10/28/20

^[2],[5],[26]

$ 3,347

^{[4],[23],[33]}

Consumer goods: Durable

^{[4],[23],[33]}

12.50%

^{[4],[23],[24],[33]}

8.25%

^{[4],[23],[33]}

1.25%

^{[4],[23],[33]}

Feb. 15, 2023

^{[4],[23],[33]}

Oct. 28, 2020

^{[4],[23],[33]}

$ 50

^{[4],[23],[33]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. Revolver Consumer Goods: Durable Interest Rate 14.5% Cash + 1.0% PIK Reference Rate and Spread SOFR+8.36% Floor 1.25% Maturity 5/15/24, Initial Acquisition Date 10/28/20

^{[4],[6],[23],[33]}

$ 25

^[2],[26]

Consumer goods: Durable

^[2],[26]

14.50%

^[2],[26]

1.00%

^{[2],[26],[27]}

8.36%

^[2],[26]

1.25%

^[2],[26]

May 15, 2024

^[2],[26]

Oct. 28, 2020

^[2],[26]

$ 50

^[2],[26]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Grindr Capital LLC Delayed Draw Term Loan - First Lien Telecommunications Interest Rate 12.5% Cash Reference Rate and Spread SOFR+8.00% Floor 1.50% Maturity 11/14/27, Initial Acquisition Date 11/14/22

^[2],[5],[26]

$ 24

^[4],[22]

Telecommunications

^[4],[22]

12.50%

^{[4],[22],[24]}

8.00%

^[4],[22]

1.50%

^[4],[22]

Nov. 14, 2027

^[4],[22]

Nov. 14, 2022

^[4],[22]

$ 2,000

^[4],[22]

1,981

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Grindr Capital LLC Delayed Draw Term Loan - First Lien Telecommunications Interest Rate 13.4% Cash Reference Rate and Spread SOFR+8.00% Floor 1.50% Maturity 11/14/27, Initial Acquisition Date 11/14/22

^[4],[6],[22]

$ 1,988

^[2],[25]

Telecommunications

^[2],[25]

13.40%

^{[2],[25],[27]}

8.00%

^[2],[25]

1.50%

^[2],[25]

Nov. 14, 2027

^[2],[25]

Nov. 14, 2022

^[2],[25]

$ 1,974

^[2],[25]

1,956

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Grindr Capital LLC Term Loan Telecommunications Interest Rate 12.8% Cash Reference Rate and Spread L+8.00% Floor 1.50% Maturity 11/14/27, Initial Acquisition Date 6/10/20

^[2],[5],[25]

$ 1,958

^[4],[22]

Telecommunications

^[4],[22]

12.80%

^{[4],[22],[24]}

8.00%

^[4],[22]

1.50%

^[4],[22]

Nov. 14, 2027

^[4],[22]

Jun. 10, 2020

^[4],[22]

$ 3,073

^[4],[22]

3,045

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Grindr Capital LLC Term Loan Telecommunications Interest Rate 13.5% Cash Reference Rate and Spread SOFR 8.00% Floor 1.50% Maturity 11/14/27, Initial Acquisition Date 6/10/20

^[4],[6],[22]

$ 3,054

^[2],[25]

Telecommunications

^[2],[25]

13.50%

^{[2],[25],[27]}

8.00%

^[2],[25]

1.50%

^[2],[25]

Nov. 14, 2027

^[2],[25]

Jun. 10, 2020

^[2],[25]

$ 3,002

^[2],[25]

2,977

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H-CA II, LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 16.0% Cash Maturity 4/1/24, Initial Acquisition Date 2/16/21

^[2],[5],[25]

$ 2,978

^[2],[26]

Banking, Finance, Insurance & Real Estate

^[2],[26]

16.00%

^[2],[26]

Apr. 01, 2024

^[2],[26]

Feb. 16, 2021

^[2],[26]

$ 1,940

^[2],[26]

1,940

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H-CA II, LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 19.0% Cash Maturity 2/16/24, Initial Acquisition Date 2/16/21

^[2],[5],[26]

$ 1,940

^[4],[23]

Banking, Finance, Insurance & Real Estate

^[4],[23]

19.00%

^[4],[23]

Feb. 16, 2024

^[4],[23]

Feb. 16, 2021

^[4],[23]

$ 2,000

^[4],[23]

2,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Revolver Services: Business Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

^[4],[6],[23]

$ 2,000

^{[4],[23],[33]}

Services: Business

^{[4],[23],[33]}

10.40%

^{[4],[23],[24],[33]}

5.75%

^{[4],[23],[33]}

1.00%

^{[4],[23],[33]}

Jul. 02, 2027

^{[4],[23],[33]}

Jul. 02, 2021

^{[4],[23],[33]}

$ 1,200

^{[4],[23],[33]}

1,177

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Revolver Services: Business Interest Rate 11.1% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

^{[4],[6],[23],[33]}

$ 1,130

^{[2],[26],[32]}

Services: Business

^{[2],[26],[32]}

11.10%

^{[2],[26],[27],[32]}

6.25%

^{[2],[26],[32]}

1.00%

^{[2],[26],[32]}

Jul. 02, 2027

^{[2],[26],[32]}

Jul. 02, 2021

^{[2],[26],[32]}

$ 6,201

^{[2],[26],[32]}

6,094

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Revolver Services: Business Interest Rate 9.6% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

^{[2],[5],[26],[32]}

$ 5,953

^[4],[23]

Services: Business

^[4],[23]

9.60%

^{[4],[23],[24]}

5.75%

^[4],[23]

1.00%

^[4],[23]

Jul. 02, 2027

^[4],[23]

Jul. 02, 2021

^[4],[23]

$ 5,001

^[4],[23]

4,904

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Term Loan Services: Business Interest Rate 11.3% Cash Reference Rate and Spread SOFR 6.25% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

^[4],[6],[23]

$ 4,710

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.30%

^{[2],[25],[26],[27]}

6.25%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jul. 02, 2027

^{[2],[25],[26]}

Jul. 02, 2021

^{[2],[25],[26]}

$ 14,738

^{[2],[25],[26]}

14,540

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Term Loan Services: Business Interest Rate 9.5% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

^{[2],[5],[25],[26]}

$ 14,282

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

9.50%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jul. 02, 2027

^{[4],[22],[23]}

Jul. 02, 2021

^{[4],[22],[23]}

$ 14,813

^{[4],[22],[23]}

14,589

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC First Lien Term Loan A High Tech Industries Interest Rate 12.3% Cash + 5.8% PIK Reference Rate and Spread SOFR+7.50% Floor 1.00% Maturity 12/21/23, Initial Acquisition Date 10/28/20

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

$ 14,146

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

12.30%

^{[4],[22],[23]}

5.80%

^{[4],[22],[23],[24]}

7.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 21, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 7,525

^{[4],[22],[23]}

6,629

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC First Lien Term Loan A High Tech Industries Interest Rate 12.8% Cash + 2.0% PIK Reference Rate and Spread SOFR+7.50% Floor 1.00% Maturity 12/21/23, Initial Acquisition Date 10/28/20

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

$ 5,926

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

12.80%

^{[2],[25],[26]}

2.00%

^{[2],[25],[26],[27]}

7.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 21, 2023

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 7,525

^{[2],[25],[26]}

7,087

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC Revolver High Tech Industries Interest Rate 12.3% Cash + 2.0% PIK Reference Rate and Spread SOFR+7.50% Floor 1.00% Maturity 12/21/23, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 5,418

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

12.30%

^{[4],[22],[23]}

2.00%

^{[4],[22],[23],[24]}

7.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 21, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 773

^{[4],[22],[23]}

681

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC Revolver High Tech Industries Interest Rate 12.8% Cash + 2.0% PIK Reference Rate and Spread SOFR+7.50% Floor 1.00% Maturity 12/21/23, Initial Acquisition Date 10/28/20

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

$ 609

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

12.80%

^{[2],[25],[26]}

2.00%

^{[2],[25],[26],[27]}

7.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 21, 2023

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 773

^{[2],[25],[26]}

728

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Help Systems Holdings, Inc. First Lien Term Loan High Tech Industries Interest Rate 8.2% Cash Reference Rate and Spread SOFR+4.00% Floor 0.75% Maturity 11/19/26, Initial Acquisition Date 11/17/22

^{[2],[5],[25],[26]}

$ 556

^[22],[23]

High Tech Industries

^[22],[23]

8.20%

^{[22],[23],[24]}

4.00%

^[22],[23]

0.75%

^[22],[23]

Nov. 19, 2026

^[22],[23]

Nov. 17, 2022

^[22],[23]

$ 1,995

^[22],[23]

1,824

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Help Systems Holdings, LLC First Lien Term Loan High Tech Industries Interest Rate 9.2% Cash Reference Rate and Spread SOFR+4.00% Floor 0.75% Maturity 11/19/26, Initial Acquisition Date 11/17/22

^{[6],[22],[23]}

$ 1,804

^[25],[26]

High Tech Industries

^[25],[26]

9.20%

^{[25],[26],[27]}

4.00%

^[25],[26]

0.75%

^[25],[26]

Nov. 19, 2026

^[25],[26]

Nov. 17, 2022

^[25],[26]

$ 1,985

^[25],[26]

1,837

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Hollander Intermediate LLC First Lien Term Loan Consumer Goods: Durable Interest Rate 13.2% Cash Reference Rate and Spread SOFR+8.75% Floor 2.00% Maturity 9/19/26, Initial Acquisition Date 9/19/22

^{[5],[25],[26]}

$ 1,816

^{[4],[22],[23]}

Consumer goods: Durable

^{[4],[22],[23]}

13.20%

^{[4],[22],[23],[24]}

8.75%

^{[4],[22],[23]}

2.00%

^{[4],[22],[23]}

Sep. 19, 2026

^{[4],[22],[23]}

Sep. 19, 2022

^{[4],[22],[23]}

$ 5,709

^{[4],[22],[23]}

5,561

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Hollander Intermediate LLC First Lien Term Loan Consumer Goods: Durable Interest Rate 14.0% Cash Reference Rate and Spread SOFR+8.75% Floor 2.00% Maturity 9/19/26, Initial Acquisition Date 9/19/22

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

$ 5,502

^{[2],[25],[26]}

Consumer goods: Durable

^{[2],[25],[26]}

14.00%

^{[2],[25],[26],[27]}

8.75%

^{[2],[25],[26]}

2.00%

^{[2],[25],[26]}

Sep. 19, 2026

^{[2],[25],[26]}

Sep. 19, 2022

^{[2],[25],[26]}

$ 5,638

^{[2],[25],[26]}

5,507

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Intermedia Holdings, Inc. First Lien Term Loan B High Tech Industries Interest Rate 10.4% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 7/21/25, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 5,362

^[22],[23]

High Tech Industries

^[22],[23]

10.40%

^{[22],[23],[24]}

6.00%

^[22],[23]

1.00%

^[22],[23]

Jul. 21, 2025

^[22],[23]

Oct. 28, 2020

^[22],[23]

$ 2,640

^[22],[23]

2,450

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Intermedia Holdings, Inc. First Lien Term Loan B High Tech Industries Interest Rate 11.2% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 7/21/25, Initial Acquisition Date 10/28/20

^{[6],[22],[23]}

$ 2,040

^[25],[26]

High Tech Industries

^[25],[26]

11.20%

^{[25],[26],[27]}

6.00%

^[25],[26]

1.00%

^[25],[26]

Jul. 21, 2025

^[25],[26]

Oct. 28, 2020

^[25],[26]

$ 2,627

^[25],[26]

2,474

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ivanti Software, Inc. First Lien Term Loan High Tech Industries Interest Rate 9.0% Cash Reference Rate and Spread L+4.25% Floor 0.75% Maturity 12/1/27, Initial Acquisition Date 10/12/22

^{[5],[25],[26]}

$ 2,141

^[22],[23]

High Tech Industries

^[22],[23]

9.00%

^{[22],[23],[24]}

4.25%

^[22],[23]

0.75%

^[22],[23]

Dec. 01, 2027

^[22],[23]

Oct. 12, 2022

^[22],[23]

$ 997

^[22],[23]

776

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ivanti Software, Inc. First Lien Term Loan High Tech Industries Interest Rate 9.4% Cash Reference Rate and Spread L+4.25% Floor 0.75% Maturity 12/1/27, Initial Acquisition Date 10/12/22

^{[6],[22],[23]}

$ 794

^[25],[26]

High Tech Industries

^[25],[26]

9.40%

^{[25],[26],[27]}

4.25%

^[25],[26]

0.75%

^[25],[26]

Dec. 01, 2027

^[25],[26]

Oct. 12, 2022

^[25],[26]

$ 992

^[25],[26]

794

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans JO ET Holdings Limited Term Loan Telecommunications Interest Rate 10.5% Cash + 7.0% PIK Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 12/15/26, Initial Acquisition Date 12/15/21

^{[5],[25],[26]}

$ 841

^[4],[8]

Telecommunications

^[4],[8]

10.50%

^[4],[8]

7.00%

^[4],[8],[24]

6.00%

^[4],[8]

1.00%

^[4],[8]

Dec. 15, 2026

^[4],[8]

Dec. 15, 2021

^[4],[8]

$ 2,125

^[4],[8]

2,094

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans JO ET Holdings Limited Term Loan Telecommunications Interest Rate 11.3% Cash + 7.0% PIK Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 12/15/26, Initial Acquisition Date 12/15/21

^[4],[6],[8]

$ 2,098

^[2],[10]

Telecommunications

^[2],[10]

11.30%

^[2],[10]

7.00%

^{[2],[10],[27]}

6.00%

^[2],[10]

1.00%

^[2],[10]

Dec. 15, 2026

^[2],[10]

Dec. 15, 2021

^[2],[10]

$ 2,191

^[2],[10]

2,164

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Keg Logistics LLC Revolver Services: Business Interest Rate 10.3% Cash Reference Rate and Spread EURIBOR+6.00% Floor 1.00% Maturity 11/23/27, Initial Acquisition Date 11/23/21

^[2],[5],[10]

$ 2,191

^{[4],[23],[33]}

Services: Business

^{[4],[23],[33]}

10.30%

^{[4],[23],[24],[33]}

6.00%

^{[4],[23],[33]}

1.00%

^{[4],[23],[33]}

Nov. 23, 2027

^{[4],[23],[33]}

Nov. 23, 2021

^{[4],[23],[33]}

$ 436

^{[4],[23],[33]}

423

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Keg Logistics LLC Revolver Services: Business Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 11/23/27, Initial Acquisition Date 11/23/21

^{[4],[6],[23],[33]}

$ 406

^[2],[26]

Services: Business

^[2],[26]

11.30%

^{[2],[26],[27]}

6.00%

^[2],[26]

1.00%

^[2],[26]

Nov. 23, 2027

^[2],[26]

Nov. 23, 2021

^[2],[26]

$ 872

^[2],[26]

859

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Keg Logistics LLC Term Loan Services: Business Interest Rate 10.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 11/23/27, Initial Acquisition Date 11/23/21

^[2],[5],[26]

$ 853

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

10.70%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Nov. 23, 2027

^{[4],[22],[23]}

Nov. 23, 2021

^{[4],[22],[23]}

$ 12,122

^{[4],[22],[23]}

11,973

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Keg Logistics LLC Term Loan Services: Business Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 11/23/27, Initial Acquisition Date 11/23/21

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

$ 11,697

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.30%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 23, 2027

^{[2],[25],[26]}

Nov. 23, 2021

^{[2],[25],[26]}

$ 12,061

^{[2],[25],[26]}

11,928

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lifescan Global Corporation First Lien Term Loan A Healthcare & Pharmaceuticals Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.50% Maturity 12/31/26, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 11,799

^[25],[26]

Healthcare & Pharmaceuticals

^[25],[26]

11.70%

^{[25],[26],[27]}

6.50%

^[25],[26]

1.00%

^[25],[26]

Dec. 31, 2026

^[25],[26]

Oct. 28, 2020

^[25],[26]

$ 2,489

^[25],[26]

2,337

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lifescan Global Corporation First Lien Term Loan A Healthcare & Pharmaceuticals Interest Rate 9.7% Cash Reference Rate and Spread L+6.00% Maturity10/1/24, Initial Acquisition Date 10/28/20

^{[5],[25],[26]}

$ 2,033

^[22],[23]

Healthcare & Pharmaceuticals

^[22],[23]

9.70%

^{[22],[23],[24]}

6.00%

^[22],[23]

Oct. 01, 2024

^[22],[23]

Oct. 28, 2020

^[22],[23]

$ 2,707

^[22],[23]

2,489

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lucky Bucks Holdings LLC Term Loan Hotel, Gaming & Leisure Interest Rate 12.5% PIK Maturity 5/29/28, Initial Acquisition Date 1/14/22

^{[6],[22],[23]}

$ 1,969

^[4],[23]

Hotel, Gaming & Leisure

^[4],[23]

12.50%

^[4],[23]

May 29, 2028

^[4],[23]

Jan. 14, 2022

^[4],[23]

$ 5,653

^[4],[23]

5,568

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lucky Bucks, LLC Term Loan Hotel, Gaming & Leisure Interest Rate 10.4% Cash Reference Rate and Spread L+5.50% Floor 0.75% Maturity 7/21/27, Initial Acquisition Date 7/20/21

^[4],[6],[23]

$ 4,000

^[22],[23]

Hotel, Gaming & Leisure

^[22],[23]

10.40%

^{[22],[23],[24]}

5.50%

^[22],[23]

0.75%

^[22],[23]

Jul. 21, 2027

^[22],[23]

Jul. 20, 2021

^[22],[23]

$ 4,750

^[22],[23]

4,677

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lucky Bucks, LLC Term Loan Hotel, Gaming & Leisure Interest Rate 12.7% Cash Reference Rate and Spread L+7.50% Floor 0.75% Maturity 7/21/27, Initial Acquisition Date 7/20/21

^{[6],[22],[23]}

$ 2,799

^{[25],[26],[28]}

Hotel, Gaming & Leisure

^{[25],[26],[28]}

12.70%

^{[25],[26],[27],[28]}

7.50%

^{[25],[26],[28]}

0.75%

^{[25],[26],[28]}

Jul. 21, 2027

^{[25],[26],[28]}

Jul. 20, 2021

^{[25],[26],[28]}

$ 4,988

^{[25],[26],[28]}

4,919

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC First Lien Term Loan B Construction & Building Interest Rate 12.4% Cash Reference Rate and Spread L+7.25% Floor 1.00% Maturity 4/11/25, Initial Acquisition Date 10/28/20

^{[5],[25],[26],[28]}

$ 1,406

^{[2],[25],[26]}

Construction & Building

^{[2],[25],[26]}

12.40%

^{[2],[25],[26],[27]}

7.25%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Apr. 11, 2025

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 5,962

^{[2],[25],[26]}

5,962

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC First Lien Term Loan B Loan Construction & Building Interest Rate 10.0% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 4/11/23, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 5,962

^{[4],[22],[23]}

Construction & Building

^{[4],[22],[23]}

10.00%

^{[4],[22],[23],[24]}

6.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Apr. 11, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 6,990

^{[4],[22],[23]}

6,884

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC Revolver Construction & Building Interest Rate 10.0% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 4/11/23, Initial Acquisition Date 10/28/20

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

$ 6,835

^{[4],[22],[23],[33]}

Construction & Building

^{[4],[22],[23],[33]}

10.00%

^{[4],[22],[23],[24],[33]}

6.25%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Apr. 11, 2023

^{[4],[22],[23],[33]}

Oct. 28, 2020

^{[4],[22],[23],[33]}

$ 343

^{[4],[22],[23],[33]}

338

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC Revolver Construction & Building Interest Rate 12.4% Cash Reference Rate and Spread L+7.25% Floor 1.00% Maturity 4/11/25, Initial Acquisition Date 10/28/20

^{[4],[6],[22],[23],[33]}

$ 332

^{[2],[25],[26],[32]}

Construction & Building

^{[2],[25],[26],[32]}

12.40%

^{[2],[25],[26],[27],[32]}

7.25%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Apr. 11, 2025

^{[2],[25],[26],[32]}

Oct. 28, 2020

^{[2],[25],[26],[32]}

$ 343

^{[2],[25],[26],[32]}

343

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MAG DS Corp. First Lien Term Loan Aerospace and Defense Interest Rate 10.2% Cash Reference Rate and Spread L+5.50% Floor 1.00% Maturity 4/1/27, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26],[32]}

$ 343

^{[4],[22],[23]}

Aerospace and Defense

^{[4],[22],[23]}

10.20%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Apr. 01, 2027

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 3,704

^{[4],[22],[23]}

3,285

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MAG DS Corp. First Lien Term Loan Aerospace and Defense Interest Rate 10.8% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 4/1/27, Initial Acquisition Date 10/28/20

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

$ 3,361

^{[2],[25],[26]}

Aerospace and Defense

^{[2],[25],[26]}

10.80%

^{[2],[25],[26],[27]}

5.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Apr. 01, 2027

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 3,684

^{[2],[25],[26]}

3,316

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MSM Acquisitions, Inc. Delayed Draw Term Loan Services Business Interest Rate 10.8% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 6/9/26, Initial Acquisition Date 1/1/22

^{[2],[5],[25],[26]}

$ 3,498

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

10.80%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 09, 2026

^{[4],[22],[23]}

Jan. 01, 2022

^{[4],[22],[23]}

$ 2,886

^{[4],[22],[23]}

2,888

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MSM Acquisitions, Inc. Delayed Draw Term Loan Services Business Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 6/9/26, Initial Acquisition Date 1/1/22

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

$ 2,810

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.30%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jun. 09, 2026

^{[2],[25],[26]}

Jan. 01, 2022

^{[2],[25],[26]}

$ 2,871

^{[2],[25],[26]}

2,873

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MSM Acquisitions, Inc. First Lien Term Loan Services Business Interest Rate 10.8% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 12/9/26, Initial Acquisition Date 12/31/20

^{[2],[5],[25],[26]}

$ 2,764

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

10.80%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 09, 2026

^{[4],[22],[23]}

Dec. 31, 2020

^{[4],[22],[23]}

$ 6,918

^{[4],[22],[23]}

6,861

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MSM Acquisitions, Inc. First Lien Term Loan Services Business Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 12/9/26, Initial Acquisition Date 12/31/20

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

$ 6,737

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

11.30%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 09, 2026

^{[2],[25],[26]}

Dec. 31, 2020

^{[2],[25],[26]}

$ 6,883

^{[2],[25],[26]}

6,833

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Marble Point Credit Management LLC Revolver Banking, Finance, Insurance & Real Estate Interest Rate 0.5% Cash Floor 1.00% Maturity 8/11/28, Initial Acquisition Date 8/11/21

^{[2],[5],[25],[26]}

$ 6,625

^[4],[33]

Banking, Finance, Insurance & Real Estate

^[4],[33]

0.50%

^[4],[33]

1.00%

^[4],[33]

Aug. 11, 2028

^[4],[33]

Aug. 11, 2021

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Marble Point Credit Management LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.8% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 8/11/28, Initial Acquisition Date 8/11/21

^[4],[33]

$ 25

^[4],[22]

Banking, Finance, Insurance & Real Estate

^[4],[22]

10.80%

^{[4],[22],[24]}

6.00%

^[4],[22]

1.00%

^[4],[22]

Aug. 11, 2028

^[4],[22]

Aug. 11, 2021

^[4],[22]

$ 5,504

^[4],[22]

5,382

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Maxor National Pharmacy Services, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 0.5% Cash Floor 1.00% Maturity 12/6/26, Initial Acquisition Date 10/28/20

^[4],[6],[22]

$ 5,504

^{[4],[22],[23],[33]}

Healthcare & Pharmaceuticals

^{[4],[22],[23],[33]}

0.50%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Dec. 06, 2026

^{[4],[22],[23],[33]}

Oct. 28, 2020

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Maxor National Pharmacy Services, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 10.0% Cash Reference Rate and Spread L+5.25% Floor 1.00% Maturity 12/6/27, Initial Acquisition Date 10/28/20

^{[4],[6],[22],[23],[33]}

$ (2)

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

10.00%

^{[4],[22],[23],[24]}

5.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 06, 2027

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 8,008

^{[4],[22],[23]}

7,436

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan A Automotive Interest Rate 13.8% PIK Reference Rate and Spread L+6.50% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 2/4/22

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

$ 7,987

^{[2],[25],[26]}

Automotive

^{[2],[25],[26]}

13.80%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Sep. 28, 2024

^{[2],[25],[26]}

Feb. 04, 2022

^{[2],[25],[26]}

$ 193

^{[2],[25],[26]}

193

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan A Automotive Interest Rate 7.7% Cash + 3.3% PIK Reference Rate and Spread L+3.25% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 2/4/22

^{[2],[5],[25],[26]}

$ 134

^{[4],[22],[23]}

Automotive

^{[4],[22],[23]}

7.70%

^{[4],[22],[23]}

3.30%

^{[4],[22],[23],[24]}

3.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Sep. 28, 2024

^{[4],[22],[23]}

Feb. 04, 2022

^{[4],[22],[23]}

$ 182

^{[4],[22],[23]}

182

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan Automotive Interest Rate 13.7% PIK Reference Rate and Spread L+6.50% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 2/4/22

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

$ 163

^{[2],[25],[26]}

Automotive

^{[2],[25],[26]}

13.70%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Sep. 28, 2024

^{[2],[25],[26]}

Feb. 04, 2022

^{[2],[25],[26]}

$ 6,348

^{[2],[25],[26]}

6,111

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan Automotive Interest Rate 14.0% PIK Reference Rate and Spread L+6.50% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 2/4/22

^{[2],[5],[25],[26]}

$ 4,412

^{[2],[25],[26]}

Automotive

^{[2],[25],[26]}

14.00%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Sep. 28, 2024

^{[2],[25],[26]}

Feb. 04, 2022

^{[2],[25],[26]}

$ 441

^{[2],[25],[26]}

413

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan Automotive Interest Rate 7.0% Cash + 3.6% PIK Reference Rate and Spread L+3.25% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 2/4/22

^{[2],[5],[25],[26]}

$ 307

^{[4],[22],[23]}

Automotive

^{[4],[22],[23]}

7.00%

^{[4],[22],[23]}

3.60%

^{[4],[22],[23],[24]}

3.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Sep. 28, 2024

^{[4],[22],[23]}

Feb. 04, 2022

^{[4],[22],[23]}

$ 6,267

^{[4],[22],[23]}

5,936

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan Automotive Interest Rate 8.0% Cash + 3.3% PIK Reference Rate and Spread L+3.25% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 2/4/22

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

$ 5,609

^{[4],[22],[23]}

Automotive

^{[4],[22],[23]}

8.00%

^{[4],[22],[23]}

3.30%

^{[4],[22],[23],[24]}

3.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Sep. 28, 2024

^{[4],[22],[23]}

Feb. 04, 2022

^{[4],[22],[23]}

$ 417

^{[4],[22],[23]}

377

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan B Automotive Interest Rate 14.0% PIK Reference Rate and Spread L+6.50% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 1/20/22

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

$ 373

^{[2],[25],[26]}

Automotive

^{[2],[25],[26]}

14.00%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Sep. 28, 2024

^{[2],[25],[26]}

Jan. 20, 2022

^{[2],[25],[26]}

$ 191

^{[2],[25],[26]}

190

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mobex Global U.S., Inc. First Lien Term Loan B Automotive Interest Rate 8.0% Cash + 3.3% PIK Reference Rate and Spread L+3.25% Floor 1.00% Maturity 9/28/24, Initial Acquisition Date 1/20/22

^{[2],[5],[25],[26]}

$ 133

^{[4],[22],[23]}

Automotive

^{[4],[22],[23]}

8.00%

^{[4],[22],[23]}

3.30%

^{[4],[22],[23],[24]}

3.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Sep. 28, 2024

^{[4],[22],[23]}

Jan. 20, 2022

^{[4],[22],[23]}

$ 180

^{[4],[22],[23]}

180

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Money Transfer Acquisition, Inc. First Lien Term Loan Finance Interest Rate 12.7% Cash Reference Rate and Spread SOFR+8.25% Floor 1.00% Maturity 12/14/27, Initial Acquisition Date 12/14/22

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

$ 161

^{[4],[22],[23]}

Finance

^{[4],[22],[23]}

12.70%

^{[4],[22],[23],[24]}

8.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 14, 2027

^{[4],[22],[23]}

Dec. 14, 2022

^{[4],[22],[23]}

$ 10,000

^{[4],[22],[23]}

9,802

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Money Transfer Acquisition, Inc. First Lien Term Loan Finance Interest Rate 13.5% Cash Reference Rate and Spread SOFR+8.25% Floor 1.00% Maturity 12/14/27, Initial Acquisition Date 12/14/22

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

$ 9,800

^{[2],[25],[26]}

Finance

^{[2],[25],[26]}

13.50%

^{[2],[25],[26],[27]}

8.25%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 14, 2027

^{[2],[25],[26]}

Dec. 14, 2022

^{[2],[25],[26]}

$ 9,875

^{[2],[25],[26]}

9,699

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mothers Market & Kitchen, Inc. First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 10.6% Cash Reference Rate and Spread L+5.50% Floor 1.25% Maturity 7/26/2023, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 9,646

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

10.60%

^{[2],[25],[26],[27]}

5.50%

^{[2],[25],[26]}

1.25%

^{[2],[25],[26]}

Jul. 26, 2023

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 5,233

^{[2],[25],[26]}

5,215

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mothers Market & Kitchen, Inc. First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.25% Maturity 7/26/2023, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 5,213

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

9.90%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.25%

^{[4],[22],[23]}

Jul. 26, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 5,326

^{[4],[22],[23]}

5,177

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Delayed Draw Term Loan Services Business Interest Rate 11.7% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

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

$ 5,202

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

11.70%

^{[4],[22],[23],[24]}

7.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 29, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 453

^{[4],[22],[23]}

447

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

$ 441

^[4],[23]

Services: Business

^[4],[23]

11.70%

^{[4],[23],[24]}

7.00%

^[4],[23]

1.00%

^[4],[23]

Dec. 29, 2023

^[4],[23]

Mar. 01, 2021

^[4],[23]

$ 748

^[4],[23]

747

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Delayed Draw Term Loan Services Business Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

^[4],[6],[23]

$ 728

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

12.30%

^{[2],[25],[26],[27]}

7.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 29, 2023

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 450

^{[2],[25],[26]}

448

^{[2],[5],[25],[26]}

$ 444

^[2],[26]

Services: Business

^[2],[26]

12.30%

^{[2],[26],[27]}

7.00%

^[2],[26]

1.00%

^[2],[26]

Dec. 29, 2023

^[2],[26]

Mar. 01, 2021

^[2],[26]

$ 744

^[2],[26]

744

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc First Lien Term Loan Services Business Interest Rate 11.7% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

^[2],[5],[26]

$ 734

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

11.70%

^{[4],[22],[23],[24]}

7.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 29, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 4,949

^{[4],[22],[23]}

4,889

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc First Lien Term Loan Services Business Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

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

$ 4,820

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

12.30%

^{[2],[25],[26],[27]}

7.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 29, 2023

^{[2],[25],[26]}

Oct. 28, 2020

^{[2],[25],[26]}

$ 4,924

^{[2],[25],[26]}

4,894

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Revolver Services Business Interest Rate 11.4% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 4,856

^{[4],[22],[23],[33]}

Services: Business

^{[4],[22],[23],[33]}

11.40%

^{[4],[22],[23],[24],[33]}

7.00%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Dec. 29, 2023

^{[4],[22],[23],[33]}

Oct. 28, 2020

^{[4],[22],[23],[33]}

$ 384

^{[4],[22],[23],[33]}

378

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Revolver Services Business Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

^{[4],[6],[22],[23],[33]}

$ 372

^{[2],[25],[26],[32]}

Services: Business

^{[2],[25],[26],[32]}

12.30%

^{[2],[25],[26],[27],[32]}

7.00%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Dec. 29, 2023

^{[2],[25],[26],[32]}

Oct. 28, 2020

^{[2],[25],[26],[32]}

$ 609

^{[2],[25],[26],[32]}

604

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Revolver Services Business Interest Rate 13.5% Cash Reference Rate and Spread PRIME+6.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26],[32]}

$ 599

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

13.50%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 29, 2023

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 225

^{[4],[22],[23]}

222

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Term Loan Services Business Interest Rate 11.7% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 3/1/21

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

$ 218

^[4],[23]

Services: Business

^[4],[23]

11.70%

^{[4],[23],[24]}

7.00%

^[4],[23]

1.00%

^[4],[23]

Dec. 29, 2023

^[4],[23]

Mar. 01, 2021

^[4],[23]

$ 705

^[4],[23]

703

^[4],[6],[23]

$ 686

^{[4],[22],[23]}

Services: Business

^{[4],[22],[23]}

11.70%

^{[4],[22],[23],[24]}

7.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Dec. 29, 2023

^{[4],[22],[23]}

Mar. 02, 2022

^{[4],[22],[23]}

$ 404

^{[4],[22],[23]}

403

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Naviga Inc Term Loan Services Business Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 12/29/23, Initial Acquisition Date 3/1/21

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

394

^[2],[26]

Services: Business

^[2],[26]

12.30%

^{[2],[26],[27]}

7.00%

^[2],[26]

1.00%

^[2],[26]

Dec. 29, 2023

^[2],[26]

Mar. 01, 2021

^[2],[26]

$ 701

^[2],[26]

700

^[2],[5],[26]

$ 691

^{[2],[25],[26]}

Services: Business

^{[2],[25],[26]}

12.30%

^{[2],[25],[26],[27]}

7.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Dec. 29, 2023

^{[2],[25],[26]}

Mar. 02, 2022

^{[2],[25],[26]}

$ 402

^{[2],[25],[26]}

402

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Neptune BidCo US Inc. First Lien Term Loan Media: Broadcasting & Subscription Interest Rate 10.0% Cash Reference Rate and Spread SOFR+5.00% Floor 0.50% Maturity 4/11/2029, Initial Acquisition Date 11/22/22

^{[2],[5],[25],[26]}

$ 397

^[25],[26]

Media: Broadcasting & Subscription

^[25],[26]

10.00%

^{[25],[26],[27]}

5.00%

^[25],[26]

0.50%

^[25],[26]

Apr. 11, 2029

^[25],[26]

Nov. 22, 2022

^[25],[26]

$ 2,500

^[25],[26]

2,246

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Net Asset Value at Fair Value

^{[5],[25],[26]}

2,209

396,674

435,856

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Delayed Draw Term Loan - First Lien High Tech Industries Interest Rate 0.1% Cash Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

$ 376,539

^[5]

$ 418,722

^[6]

^{[4],[22],[23],[33]}

High Tech Industries

^{[4],[22],[23],[33]}

0.10%

^{[4],[22],[23],[33]}

0.75%

^{[4],[22],[23],[33]}

Jun. 09, 2029

^{[4],[22],[23],[33]}

Jun. 09, 2022

^{[4],[22],[23],[33]}

$ 2

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Delayed Draw Term Loan - First Lien High Tech Industries Interest Rate 0.5% Cash Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

^{[4],[6],[22],[23],[33]}

$ (22)

^{[2],[25],[26],[32]}

High Tech Industries

^{[2],[25],[26],[32]}

0.50%

^{[2],[25],[26],[32]}

0.75%

^{[2],[25],[26],[32]}

Jun. 09, 2029

^{[2],[25],[26],[32]}

Jun. 09, 2022

^{[2],[25],[26],[32]}

$ 2

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation First Lien Term Loan High Tech Industries Interest Rate 10.3% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

^{[2],[5],[25],[26],[32]}

$ (12)

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

10.30%

^{[2],[25],[26],[27]}

5.00%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Jun. 09, 2029

^{[2],[25],[26]}

Jun. 09, 2022

^{[2],[25],[26]}

$ 3,363

^{[2],[25],[26]}

3,342

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation First Lien Term Loan High Tech Industries Interest Rate 9.7% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

^{[2],[5],[25],[26]}

$ 3,323

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

9.70%

^{[4],[22],[23],[24]}

5.00%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Jun. 09, 2029

^{[4],[22],[23]}

Jun. 09, 2022

^{[4],[22],[23]}

$ 3,335

^{[4],[22],[23]}

3,312

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Revolver High Tech Industries Interest Rate 0.5% Cash Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

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

$ 3,264

^{[4],[23],[33]}

High Tech Industries

^{[4],[23],[33]}

0.50%

^{[4],[23],[33]}

0.75%

^{[4],[23],[33]}

Jun. 09, 2029

^{[4],[23],[33]}

Jun. 09, 2022

^{[4],[23],[33]}

$ 11

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Revolver High Tech Industries Interest Rate 10.2% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

^{[4],[6],[23],[33]}

$ (24)

^{[2],[26],[32]}

High Tech Industries

^{[2],[26],[32]}

10.20%

^{[2],[26],[27],[32]}

5.00%

^{[2],[26],[32]}

0.75%

^{[2],[26],[32]}

Jun. 09, 2029

^{[2],[26],[32]}

Jun. 09, 2022

^{[2],[26],[32]}

$ 287

^{[2],[26],[32]}

277

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Northeast Metal Works LLC Term Loan Metals & Mining Interest Rate 8.0% Cash + 2.0% PIK Maturity 4/28/23, Initial Acquisition Date 1/27/22

^{[2],[5],[26],[32]}

$ 273

^{[4],[23],[29]}

Metals & Mining

^{[4],[23],[29]}

8.00%

^{[4],[23],[29]}

2.00%

^{[4],[23],[29]}

Apr. 28, 2023

^{[4],[23],[29]}

Jan. 27, 2022

^{[4],[23],[29]}

$ 14,551

^{[4],[23],[29]}

14,551

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Northeast Metal Works LLC Term Loan Metals & Mining Interest Rate 8.0% Cash Maturity 4/5/28, Initial Acquisition Date 1/27/22

^{[4],[6],[23],[29]}

$ 13,445

^{[2],[26],[30]}

Metals & Mining

^{[2],[26],[30]}

8.00%

^{[2],[26],[30]}

Apr. 05, 2028

^{[2],[26],[30]}

Jan. 27, 2022

^{[2],[26],[30]}

$ 4,500

^{[2],[26],[30]}

4,500

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans One Stop Mailing LLC First Lien Term Loan Transportation Consumer Interest Rate 10.6% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 4/29/27, Initial Acquisition Date 5/7/21

^{[2],[5],[26],[30]}

$ 3,638

^{[4],[22],[23]}

Transportation: Consumer

^{[4],[22],[23]}

10.60%

^{[4],[22],[23],[24]}

6.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Apr. 29, 2027

^{[4],[22],[23]}

May 07, 2021

^{[4],[22],[23]}

$ 7,766

^{[4],[22],[23]}

7,653

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans One Stop Mailing LLC First Lien Term Loan Transportation Consumer Interest Rate 11.4% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 4/29/27, Initial Acquisition Date 5/7/21

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

$ 7,335

^{[2],[25],[26]}

Transportation: Consumer

^{[2],[25],[26]}

11.40%

^{[2],[25],[26],[27]}

6.25%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Apr. 29, 2027

^{[2],[25],[26]}

May 07, 2021

^{[2],[25],[26]}

$ 7,590

^{[2],[25],[26]}

7,492

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Orbit Purchaser LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 9.2% Cash Reference Rate and Spread L+4.50% Floor 1.00% Maturity 10/21/24, Initial Acquisition Date 10/28/20

^{[2],[5],[25],[26]}

$ 7,400

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.20%

^{[4],[22],[23],[24]}

4.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 21, 2024

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 730

^{[4],[22],[23]}

685

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Orbit Purchaser LLC First Lien Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 9.2% Cash Reference Rate and Spread L+4.50% Floor 1.00% Maturity 10/19/24, Initial Acquisition Date 10/28/20

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

$ 724

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.20%

^{[4],[22],[23],[24]}

4.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 19, 2024

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 2,496

^{[4],[22],[23]}

2,340

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Orbit Purchaser LLC Incremental First Lien Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 9.2% Cash Reference Rate and Spread L+4.50% Floor 1.00% Maturity 10/21/24, Initial Acquisition Date 10/28/20

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

$ 2,477

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

9.20%

^{[4],[22],[23],[24]}

4.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 21, 2024

^{[4],[22],[23]}

Oct. 28, 2020

^{[4],[22],[23]}

$ 1,509

^{[4],[22],[23]}

1,416

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PVHC Holding Corp Initial Term Loan Containers, Packaging and Glass Interest Rate 10.1% Cash Reference Rate and Spread SOFR+4.75% Floor 1.00% Maturity 8/3/24, Initial Acquisition Date 12/23/19

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

$ 1,497

^{[2],[25],[26]}

Containers, Packaging and Glass

^{[2],[25],[26]}

10.10%

^{[2],[25],[26],[27]}

4.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Aug. 03, 2024

^{[2],[25],[26]}

Dec. 23, 2019

^{[2],[25],[26]}

$ 2,743

^{[2],[25],[26]}

2,741

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PVHC Holding Corp Initial Term Loan Containers, Packaging and Glass Interest Rate 9.5% Cash Reference Rate and Spread L+4.75% Floor 1.00% Maturity 8/3/24, Initial Acquisition Date 12/23/19

^{[2],[5],[25],[26]}

$ 2,743

^{[4],[22],[23]}

Containers, Packaging and Glass

^{[4],[22],[23]}

9.50%

^{[4],[22],[23],[24]}

4.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Aug. 03, 2024

^{[4],[22],[23]}

Dec. 23, 2019

^{[4],[22],[23]}

$ 2,758

^{[4],[22],[23]}

2,754

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PhyNet Dermatology LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 1.0% Cash Floor 0.75% Maturity 8/16/24, Initial Acquisition Date 5/10/23

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

$ 2,655

^{[2],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[26],[32]}

1.00%

^{[2],[26],[32]}

0.75%

^{[2],[26],[32]}

Aug. 16, 2024

^{[2],[26],[32]}

May 10, 2023

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PhyNet Dermatology LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 0.75% Maturity 8/16/24, Initial Acquisition Date 5/10/23

^{[2],[26],[32]}

$ 9

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

11.90%

^{[2],[25],[26],[27]}

6.50%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Aug. 16, 2024

^{[2],[25],[26]}

May 10, 2023

^{[2],[25],[26]}

$ 1,310

^{[2],[25],[26]}

1,275

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Pomeroy Technologies, LLC Senior Term Loan A High Tech Industries Interest Rate 5.0% PIK Maturity 4/4/26, Initial Acquisition Date 5/29/20

^{[2],[5],[25],[26]}

$ 1,310

High Tech Industries

^[2],[26]

High Tech Industries

^[4],[23]

5.00%

^[2],[26]

5.00%

^[4],[23]

Apr. 04, 2026

^[2],[26]

Apr. 04, 2026

^[4],[23]

May 29, 2020

^[2],[26]

May 29, 2020

^[4],[23]

$ 1,664

^[2],[26]

$ 1,623

^[4],[23]

1,470

^[2],[26]

1,394

^[4],[23]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Pomeroy Technologies, LLC Senior Term Loan B High Tech Industries Interest Rate 7.0% PIK Maturity 4/4/26, Initial Acquisition Date 5/29/20

$ 963

^[2],[5],[26]

$ 1,051

^[4],[6],[23]

High Tech Industries

^{[2],[26],[28]}

High Tech Industries

^{[4],[23],[31]}

7.00%

^{[2],[26],[28]}

7.00%

^{[4],[23],[31]}

Apr. 04, 2026

^{[2],[26],[28]}

Apr. 04, 2026

^{[4],[23],[31]}

May 29, 2020

^{[2],[26],[28]}

May 29, 2020

^{[4],[23],[31]}

$ 1,538

^{[2],[26],[28]}

$ 1,485

^{[4],[23],[31]}

1,370

^{[2],[26],[28]}

1,287

^{[4],[23],[31]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Pomeroy Technologies, LLC Super Senior Term Loan B High Tech Industries Interest Rate 9.0% PIK Maturity 4/4/26, Initial Acquisition Date 5/29/20

$ 198

^{[2],[5],[26],[28]}

$ 193

^{[4],[6],[23],[31]}

High Tech Industries

^[2],[26]

High Tech Industries

^[4],[23]

9.00%

^[2],[26]

9.00%

^[4],[23]

Apr. 04, 2026

^[2],[26]

Apr. 04, 2026

^[4],[23]

May 29, 2020

^[2],[26]

May 29, 2020

^[4],[23]

$ 1,205

^[2],[26]

$ 1,152

^[4],[23]

1,197

^[2],[26]

1,142

^[4],[23]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Pomeroy Technologies, LLC Term Loan High Tech Industries Interest Rate 10.0% PIK Maturity 4/4/26, Initial Acquisition Date 4/4/22

$ 1,108

^[2],[5],[26]

$ 1,078

^[4],[6],[23]

High Tech Industries

^[2],[26]

High Tech Industries

^[4],[23]

10.00%

^[2],[26]

10.00%

^[4],[23]

Apr. 04, 2026

^[2],[26]

Apr. 04, 2026

^[4],[23]

Apr. 04, 2022

^[2],[26]

Apr. 04, 2022

^[4],[23]

$ 57

^[2],[26]

$ 55

^[4],[23]

^[2],[26]

^[4],[23]

$ 33

^[2],[5],[26]

$ 35

^[4],[6],[23]

High Tech Industries

^[2],[26]

High Tech Industries

^[4],[23]

10.00%

^[2],[26]

10.00%

^[4],[23]

Apr. 04, 2026

^[2],[26]

Apr. 04, 2026

^[4],[23]

May 03, 2022

^[2],[26]

May 03, 2022

^[4],[23]

$ 402

^[2],[26]

$ 382

^[4],[23]

399

^[2],[26]

379

^[4],[23]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Premier Imaging, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 10.1% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 1/2/25, Initial Acquisition Date 12/30/21

$ 374

^[2],[5],[26]

$ 363

^[4],[6],[23]

^{[4],[22],[23],[33]}

Healthcare & Pharmaceuticals

^{[4],[22],[23],[33]}

10.10%

^{[4],[22],[23],[24],[33]}

5.75%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Jan. 02, 2025

^{[4],[22],[23],[33]}

Dec. 30, 2021

^{[4],[22],[23],[33]}

$ 554

^{[4],[22],[23],[33]}

534

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Premier Imaging, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.2% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 1/2/25, Initial Acquisition Date 12/30/21

^{[4],[6],[22],[23],[33]}

$ 525

^{[2],[25],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[25],[26],[32]}

11.20%

^{[2],[25],[26],[27],[32]}

6.00%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Jan. 02, 2025

^{[2],[25],[26],[32]}

Dec. 30, 2021

^{[2],[25],[26],[32]}

$ 551

^{[2],[25],[26],[32]}

532

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Premier Imaging, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 10.1% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 1/2/25, Initial Acquisition Date 12/30/21

^{[2],[5],[25],[26],[32]}

$ 517

^{[4],[22],[23]}

Healthcare & Pharmaceuticals

^{[4],[22],[23]}

10.10%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jan. 02, 2025

^{[4],[22],[23]}

Dec. 30, 2021

^{[4],[22],[23]}

$ 2,043

^{[4],[22],[23]}

2,029

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Premier Imaging, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 11.2% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 1/2/25, Initial Acquisition Date 12/30/21

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

$ 2,012

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^{[2],[25],[26]}

11.20%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jan. 02, 2025

^{[2],[25],[26]}

Dec. 30, 2021

^{[2],[25],[26]}

$ 2,032

^{[2],[25],[26]}

2,022

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Priority Holdings, LLC First Lien Term Loan High Tech Industries Interest Rate 10.5% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 4/22/27, Initial Acquisition Date 4/21/21

^{[2],[5],[25],[26]}

$ 1,997

^{[4],[22],[23]}

High Tech Industries

^{[4],[22],[23]}

10.50%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Apr. 22, 2027

^{[4],[22],[23]}

Apr. 21, 2021

^{[4],[22],[23]}

$ 7,504

^{[4],[22],[23]}

7,474

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Priority Holdings, LLC First Lien Term Loan High Tech Industries Interest Rate 11.2% Cash Reference Rate and Spread L+5.75% Floor 1.00% Maturity 4/22/27, Initial Acquisition Date 4/21/21

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

$ 7,421

^{[2],[25],[26]}

High Tech Industries

^{[2],[25],[26]}

11.20%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Apr. 22, 2027

^{[2],[25],[26]}

Apr. 21, 2021

^{[2],[25],[26]}

$ 5,636

^{[2],[25],[26]}

5,612

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Castle, Inc First Lien Term Loan Transportation: Cargo Interest Rate 10.1% Cash Reference Rate and Spread SOFR+5.50% Floor 0.50% Maturity 6/8/29, Initial Acquisition Date 6/9/22

^{[2],[5],[25],[26]}

$ 5,570

^{[4],[22],[23]}

Transportation: Cargo

^{[4],[22],[23]}

10.10%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

0.50%

^{[4],[22],[23]}

Jun. 08, 2029

^{[4],[22],[23]}

Jun. 09, 2022

^{[4],[22],[23]}

$ 7,980

^{[4],[22],[23]}

7,201

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Castle, Inc First Lien Term Loan Transportation: Cargo Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.50% Floor 0.50% Maturity 6/8/29, Initial Acquisition Date 6/9/22

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

$ 6,943

^{[2],[25],[26]}

Transportation: Cargo

^{[2],[25],[26]}

10.40%

^{[2],[25],[26],[27]}

5.50%

^{[2],[25],[26]}

0.50%

^{[2],[25],[26]}

Jun. 08, 2029

^{[2],[25],[26]}

Jun. 09, 2022

^{[2],[25],[26]}

$ 7,940

^{[2],[25],[26]}

7,225

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Leopard Holdings, Inc First Lien Term Loan High Tech Industries Interest Rate 10.5% Cash Reference Rate and Spread SOFR+5.25% Floor 0.50% Maturity 6/15/29, Initial Acquisition Date 6/15/22

^{[2],[5],[25],[26]}

$ 6,769

^[25],[26]

High Tech Industries

^[25],[26]

10.50%

^{[25],[26],[27]}

5.25%

^{[2],[25],[26]}

0.50%

^[25],[26]

Jun. 15, 2029

^[25],[26]

Jun. 15, 2022

^[25],[26]

$ 7,960

^[25],[26]

7,478

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Leopard Holdings, Inc First Lien Term Loan High Tech Industries Interest Rate 9.8% Cash Reference Rate and Spread SOFR+5.25% Floor 0.50% Maturity 6/15/29, Initial Acquisition Date 6/15/22

^{[5],[25],[26]}

$ 7,293

^[22],[23]

High Tech Industries

^[22],[23]

9.80%

^{[22],[23],[24]}

5.25%

^[22],[23]

1.00%

^[22],[23]

Jun. 15, 2029

^[22],[23]

Jun. 15, 2022

^[22],[23]

$ 8,000

^[22],[23]

7,476

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Qualtek LLC First Lien Term Loan High Tech Industries Interest Rate 6.3% Cash + 11.0% PIK Reference Rate and Spread SOFR+1.00% Floor 1.00% Maturity 6/16/24, Initial Acquisition Date 3/16/23

^{[6],[22],[23]}

$ 7,326

^[2]

High Tech Industries

^[2]

6.30%

^[2]

11.00%

^[2],[27]

1.00%

^[2]

1.00%

^[2]

Jun. 16, 2024

^[2]

Mar. 16, 2023

^[2]

$ 2,395

^[2]

2,340

^[2],[5]

$ 2,395

^[2]

High Tech Industries

^[2]

6.30%

^[2]

11.00%

^[2],[27]

1.00%

^[2]

1.00%

^[2]

Jun. 16, 2024

^[2]

Mar. 16, 2023

^[2]

$ 871

^[2]

847

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Qualtek LLC Term Loan High Tech Industries Interest Rate 6.3% Cash + 11.0% PIK Reference Rate and Spread SOFR+1.00% Floor 1.00% Maturity 8/21/23, Initial Acquisition Date 5/25/23

^[2],[5]

$ 871

^[2]

High Tech Industries

^[2]

6.30%

^[2]

11.00%

^[2],[27]

1.00%

^[2]

1.00%

^[2]

Aug. 21, 2023

^[2]

May 25, 2023

^[2]

$ 491

^[2]

482

^[2],[5]

$ 491

^[2]

High Tech Industries

^[2]

6.30%

^[2]

11.00%

^[2],[27]

1.00%

^[2]

1.00%

^[2]

Aug. 21, 2023

^[2]

May 25, 2023

^[2]

$ 295

^[2]

289

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Qualtek USA, LLC First Lien Term Loan High Tech Industries Interest Rate 10.7% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 7/18/25, Initial Acquisition Date 10/28/20

^[2],[5]

$ 295

^[22]

High Tech Industries

^[22]

10.70%

^[22],[24]

6.25%

^[22]

1.00%

^[22]

Jul. 18, 2025

^[22]

Oct. 28, 2020

^[22]

$ 5,360

^[22]

4,749

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Qualtek USA, LLC First Lien Term Loan High Tech Industries Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 7/18/25, Initial Acquisition Date 10/28/20

^[6],[22]

$ 3,551

^{[2],[25],[28]}

High Tech Industries

^{[2],[25],[28]}

11.50%

^{[2],[25],[27],[28]}

6.25%

^{[2],[25],[28]}

1.00%

^{[2],[25],[28]}

Jul. 18, 2025

^{[2],[25],[28]}

Oct. 28, 2020

^{[2],[25],[28]}

$ 1,493

^{[2],[25],[28]}

1,339

^{[2],[5],[25],[28]}

$ 804

^[2],[25]

High Tech Industries

^[2],[25]

11.50%

^{[2],[25],[27]}

6.25%

^[2],[25]

1.00%

^[2],[25]

Jul. 18, 2025

^[2],[25]

Mar. 16, 2023

^[2],[25]

$ 3,882

^[2],[25]

3,530

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radiology Partners, Inc Term B Loan (First Lien) Healthcare & Pharmaceuticals Interest Rate 8.6% Cash Reference Rate and Spread L+4.25% Maturity 7/9/25, Initial Acquisition Date 1/26/21

^[2],[5],[25]

$ 3,882

^[22],[23]

Healthcare & Pharmaceuticals

^[22],[23]

8.60%

^{[22],[23],[24]}

4.25%

^[22],[23]

Jul. 09, 2025

^[22],[23]

Jan. 26, 2021

^[22],[23]

$ 7,000

^[22],[23]

6,347

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radiology Partners, Inc Term B Loan (First Lien) Healthcare & Pharmaceuticals Interest Rate 9.5% Cash Reference Rate and Spread L+4.25% Maturity 7/9/25, Initial Acquisition Date 1/26/21

^{[6],[22],[23]}

$ 5,908

^[25],[26]

Healthcare & Pharmaceuticals

^[25],[26]

9.50%

^{[25],[26],[27]}

4.25%

^[25],[26]

Jul. 09, 2025

^[25],[26]

Jan. 26, 2021

^[25],[26]

$ 7,000

^[25],[26]

6,476

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radius Aerospace, Inc Initial Term Loan Aerospace and Defense Interest Rate 10.5% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 3/29/25, Initial Acquisition Date 12/23/19

^{[5],[25],[26]}

$ 5,309

^{[4],[22],[23]}

Aerospace and Defense

^{[4],[22],[23]}

10.50%

^{[4],[22],[23],[24]}

5.75%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Mar. 29, 2025

^{[4],[22],[23]}

Dec. 23, 2019

^{[4],[22],[23]}

$ 6,148

^{[4],[22],[23]}

6,112

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radius Aerospace, Inc Initial Term Loan Aerospace and Defense Interest Rate 11.1% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 3/29/25, Initial Acquisition Date 12/23/19

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

$ 6,033

^{[2],[25],[26]}

Aerospace and Defense

^{[2],[25],[26]}

11.10%

^{[2],[25],[26],[27]}

5.75%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Mar. 29, 2025

^{[2],[25],[26]}

Dec. 23, 2019

^{[2],[25],[26]}

$ 6,148

^{[2],[25],[26]}

6,120

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Reception Purchaser, LLC First Lien Term Loan Transportation: Cargo Interest Rate 10.3% Cash Reference Rate and Spread SOFR+6.00% Floor 0.75% Maturity 3/24/28, Initial Acquisition Date 4/28/22

^{[2],[5],[25],[26]}

$ 6,058

^{[4],[22],[23]}

Transportation: Cargo

^{[4],[22],[23]}

10.30%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

0.75%

^{[4],[22],[23]}

Mar. 24, 2028

^{[4],[22],[23]}

Apr. 28, 2022

^{[4],[22],[23]}

$ 4,484

^{[4],[22],[23]}

4,382

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Reception Purchaser, LLC First Lien Term Loan Transportation: Cargo Interest Rate 11.4% Cash Reference Rate and Spread SOFR+6.00% Floor 0.75% Maturity 3/24/28, Initial Acquisition Date 4/28/22

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

$ 4,400

^{[2],[25],[26]}

Transportation: Cargo

^{[2],[25],[26]}

11.40%

^{[2],[25],[26],[27]}

6.00%

^{[2],[25],[26]}

0.75%

^{[2],[25],[26]}

Mar. 24, 2028

^{[2],[25],[26]}

Apr. 28, 2022

^{[2],[25],[26]}

$ 4,450

^{[2],[25],[26]}

4,359

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Securus Technologies Holdings, Inc Term Loan Telecommunications Interest Rate 10.0% Cash Reference Rate and Spread L+4.50% Floor 1.00% Maturity 11/1/24, Initial Acquisition Date 3/21/22

^{[2],[5],[25],[26]}

$ 4,345

^{[2],[25],[26]}

Telecommunications

^{[2],[25],[26]}

10.00%

^{[2],[25],[26],[27]}

4.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 01, 2024

^{[2],[25],[26]}

Mar. 21, 2022

^{[2],[25],[26]}

$ 984

^{[2],[25],[26]}

957

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Securus Technologies Holdings, Inc Term Loan Telecommunications Interest Rate 9.2% Cash Reference Rate and Spread L+4.50% Floor 1.00% Maturity 11/1/24, Initial Acquisition Date 3/21/22

^[5]

$ 888

Telecommunications

9.20%

^[24]

4.50%

1.00%

Nov. 01, 2024

Mar. 21, 2022

$ 990

952

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans South Street Securities Holdings, Inc Senior Notes Banking, Finance, Insurance & Real Estate Interest Rate 9.0% Cash Maturity 9/20/27, Initial Acquisition Date 9/20/22

^[6]

$ 747

Banking, Finance, Insurance & Real Estate

^[2],[26]

Banking, Finance, Insurance & Real Estate

^[4],[23]

9.00%

^[2],[26]

9.00%

^[4],[23]

Sep. 20, 2027

^[2],[26]

Sep. 20, 2027

^[4],[23]

Sep. 20, 2022

^[2],[26]

Sep. 20, 2022

^[4],[23]

$ 3,150

^[2],[26]

$ 3,150

^[4],[23]

2,707

^[2],[26]

2,655

^[4],[23]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Sundance Holdings Group, LLC Term Loan Retail Interest Rate 10.7% Cash Reference Rate and Spread L+6.00% Floor 1.00% Maturity 5/1/24, Initial Acquisition Date 10/1/21

$ 2,481

^[2],[5],[26]

$ 2,603

^[4],[6],[23]

^{[4],[22],[23]}

Retail

^{[4],[22],[23]}

10.70%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

May 01, 2024

^{[4],[22],[23]}

Oct. 01, 2021

^{[4],[22],[23]}

$ 6,237

^{[4],[22],[23]}

5,897

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Sundance Holdings Group, LLC Term Loan Retail Interest Rate 13.4% Cash + 1.5% PIK Reference Rate and Spread SOFR+8.00% Floor 1.00% Maturity 5/1/24, Initial Acquisition Date 10/1/21

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

$ 6,144

^{[2],[25],[26]}

Retail

^{[2],[25],[26]}

13.40%

^{[2],[25],[26]}

1.50%

^{[2],[25],[26],[27]}

8.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

May 01, 2024

^{[2],[25],[26]}

Oct. 01, 2021

^{[2],[25],[26]}

$ 6,346

^{[2],[25],[26]}

6,136

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Surge Hippodrome Holdings LLC Last Out Term Loan Services Business Interest Rate 15.8% Cash Reference Rate and Spread SOFR+10.59% Floor 2.00% Maturity 8/1/24, Initial Acquisition Date 6/9/21

^{[2],[5],[25],[26]}

$ 6,154

^{[2],[26],[30]}

Services: Business

^{[2],[26],[30]}

15.80%

^{[2],[26],[27],[30]}

10.59%

^{[2],[26],[30]}

2.00%

^{[2],[26],[30]}

Aug. 01, 2024

^{[2],[26],[30]}

Jun. 09, 2021

^{[2],[26],[30]}

$ 5,460

^{[2],[26],[30]}

5,235

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Surge Hippodrome Holdings LLC Last Out Term Loan Services: Business Interest Rate 15.4% Cash Reference Rate and Spread SOFR+11.04% Floor 2.00% Maturity 8/1/24, Initial Acquisition Date 6/9/21

^{[2],[5],[26],[30]}

$ 5,378

^{[4],[23],[29]}

Services: Business

^{[4],[23],[29]}

15.40%

^{[4],[23],[24],[29]}

11.04%

^{[4],[23],[29]}

2.00%

^{[4],[23],[29]}

Aug. 01, 2024

^{[4],[23],[29]}

Jun. 09, 2021

^{[4],[23],[29]}

$ 5,460

^{[4],[23],[29]}

5,132

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Symplr Software, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 8.7% Cash Reference Rate and Spread SOFR+4.50% Floor 0.75% Maturity 12/22/27, Initial Acquisition Date 2/2/22

^{[4],[6],[23],[29]}

$ 5,165

^[22],[23]

Healthcare & Pharmaceuticals

^[22],[23]

8.70%

^{[22],[23],[24]}

4.50%

^[22],[23]

0.75%

^[22],[23]

Dec. 22, 2027

^[22],[23]

Feb. 02, 2022

^[22],[23]

$ 1,687

^[22],[23]

1,684

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Symplr Software, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 9.7% Cash Reference Rate and Spread SOFR+4.50% Floor 0.75% Maturity 12/22/27, Initial Acquisition Date 2/2/22

^{[6],[22],[23]}

$ 1,417

^[25],[26]

Healthcare & Pharmaceuticals

^[25],[26]

9.70%

^{[25],[26],[27]}

4.50%

^[25],[26]

0.75%

^[25],[26]

Dec. 22, 2027

^[25],[26]

Feb. 02, 2022

^[25],[26]

$ 1,679

^[25],[26]

1,676

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.0% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 10/1/21

^{[5],[25],[26]}

$ 1,515

^{[4],[22],[23]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23]}

10.00%

^{[4],[22],[23],[24]}

6.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Oct. 02, 2027

^{[4],[22],[23]}

Oct. 01, 2021

^{[4],[22],[23]}

$ 7,953

^{[4],[22],[23]}

7,937

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.4% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

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

$ 7,883

^{[4],[22],[23],[33]}

Banking, Finance, Insurance & Real Estate

^{[4],[22],[23],[33]}

10.40%

^{[4],[22],[23],[24],[33]}

6.00%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Oct. 02, 2027

^{[4],[22],[23],[33]}

May 02, 2022

^{[4],[22],[23],[33]}

$ 2,366

^{[4],[22],[23],[33]}

2,356

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 11.1% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

^{[4],[6],[22],[23],[33]}

$ 2,322

^{[2],[25],[26],[32]}

Banking, Finance, Insurance & Real Estate

^{[2],[25],[26],[32]}

11.10%

^{[2],[25],[26],[27],[32]}

6.25%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Oct. 02, 2027

^{[2],[25],[26],[32]}

May 02, 2022

^{[2],[25],[26],[32]}

$ 3,530

^{[2],[25],[26],[32]}

3,520

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 11.2% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 10/1/21

^{[2],[5],[25],[26],[32]}

$ 3,525

^{[2],[25],[26],[32]}

Banking, Finance, Insurance & Real Estate

^{[2],[25],[26],[32]}

11.20%

^{[2],[25],[26],[27],[32]}

6.25%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Oct. 02, 2027

^{[2],[25],[26],[32]}

Oct. 01, 2021

^{[2],[25],[26],[32]}

$ 7,913

^{[2],[25],[26],[32]}

7,899

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Revolver Banking, Finance, Insurance & Real Estate Interest Rate 0.5% Cash Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

^{[2],[5],[25],[26],[32]}

$ 7,904

Banking, Finance, Insurance & Real Estate

^{[2],[26],[32]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[33]}

0.50%

^{[2],[26],[32]}

0.50%

^{[4],[23],[33]}

1.00%

^{[2],[26],[32]}

1.00%

^{[4],[23],[33]}

Oct. 02, 2027

^{[2],[26],[32]}

Oct. 02, 2027

^{[4],[23],[33]}

May 02, 2022

^{[2],[25],[26],[32]}

May 02, 2022

^{[4],[23],[33]}

$ 3

^{[2],[26],[32]}

$ 3

^{[4],[23],[33]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Delayed Draw Term Loan Healthcare, Education and Childcare Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 6/28/24, Initial Acquisition Date 12/23/19

$ (1)

^{[2],[5],[26],[32]}

$ (7)

^{[4],[6],[23],[33]}

^{[2],[25],[26],[32]}

Healthcare, Education and Childcare

^{[2],[25],[26],[32]}

10.70%

^{[2],[25],[26],[27],[32]}

5.50%

^{[2],[25],[26],[32]}

1.00%

^{[2],[25],[26],[32]}

Jun. 28, 2024

^{[2],[25],[26],[32]}

Dec. 23, 2019

^{[2],[25],[26],[32]}

$ 724

^{[2],[25],[26],[32]}

724

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Delayed Draw Term Loan Healthcare, Education and Childcare Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.00% Maturity 6/28/24, Initial Acquisition Date 12/23/19

^{[2],[5],[25],[26],[32]}

$ 722

^{[4],[22],[23],[33]}

Healthcare, Education and Childcare

^{[4],[22],[23],[33]}

9.90%

^{[4],[22],[23],[24],[33]}

5.50%

^{[4],[22],[23],[33]}

1.00%

^{[4],[22],[23],[33]}

Jun. 28, 2024

^{[4],[22],[23],[33]}

Dec. 23, 2019

^{[4],[22],[23],[33]}

$ 728

^{[4],[22],[23],[33]}

727

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Initial Term Loan Healthcare, Education and Childcare Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 6/28/24, Initial Acquisition Date 12/8/20

^{[4],[6],[22],[23],[33]}

$ 722

^{[2],[25],[26]}

Healthcare, Education and Childcare

^{[2],[25],[26]}

10.70%

^{[2],[25],[26],[27]}

5.50%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Jun. 28, 2024

^{[2],[25],[26]}

Dec. 08, 2020

^{[2],[25],[26]}

$ 5,487

^{[2],[25],[26]}

5,482

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Initial Term Loan Healthcare, Education and Childcare Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.00% Maturity 6/28/24, Initial Acquisition Date 12/8/20

^{[2],[5],[25],[26]}

$ 5,469

^{[4],[22],[23]}

Healthcare, Education and Childcare

^{[4],[22],[23]}

9.90%

^{[4],[22],[23],[24]}

5.50%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Jun. 28, 2024

^{[4],[22],[23]}

Dec. 08, 2020

^{[4],[22],[23]}

$ 5,516

^{[4],[22],[23]}

5,508

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TronAir Parent Inc. Initial Term Loan (First Lien) Aerospace and Defense Interest Rate 10.8% Cash Reference Rate and Spread L+6.25% Floor 1.00% Maturity 9/8/23, Initial Acquisition Date 12/23/19

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

$ 5,474

^{[4],[22],[23]}

Aerospace and Defense

^{[4],[22],[23]}

10.80%

^{[4],[22],[23],[24]}

6.25%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Sep. 08, 2023

^{[4],[22],[23]}

Dec. 23, 2019

^{[4],[22],[23]}

$ 903

^{[4],[22],[23]}

901

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 0.5% Cash Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

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

$ 858

^{[2],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[26],[32]}

0.50%

^{[2],[26],[32]}

2.00%

^{[2],[26],[32]}

Jun. 14, 2028

^{[2],[26],[32]}

Jun. 14, 2023

^{[2],[26],[32]}

$ 51

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Revolver Healthcare & Pharmaceuticals Interest Rate 0.5% Cash Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

^{[2],[5],[26],[32]}

$ (52)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Revolver Healthcare & Pharmaceuticals Interest Rate 0.5% Cash Maturity 6/14/28, Initial Acquisition Date 6/14/23

^{[2],[26],[32]}

2.00%

^{[2],[26],[32]}

Healthcare & Pharmaceuticals

^{[2],[26],[32]}

0.50%

^{[2],[26],[32]}

Jun. 14, 2028

^{[2],[26],[32]}

Jun. 14, 2023

^{[2],[26],[32]}

$ 8

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 13.4% Cash Reference Rate and Spread SOFR+8.00% Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

^{[2],[5],[26],[32]}

$ (8)

^{[2],[25],[26]}

13.40%

^{[2],[25],[26],[27]}

8.00%

^{[2],[25],[26]}

2.00%

^{[2],[25],[26]}

Jun. 14, 2028

^{[2],[25],[26]}

Jun. 14, 2023

^{[2],[25],[26]}

$ 4,774

^{[2],[25],[26]}

4,680

^{[2],[5],[25],[26]}

$ 4,679

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Wework Companies LLC First Lien Term Loan - Last Out Lender Banking, Finance, Insurance & Real Estate Interest Rate 9.6% Cash Reference Rate and Spread SOFR+6.50% Floor 0.75% Maturity 11/30/23, Initial Acquisition Date 6/30/22

^{[2],[25],[26]}

Healthcare & Pharmaceuticals

^[4],[22]

Banking, Finance, Insurance & Real Estate

^[4],[22]

9.60%

^{[4],[22],[24]}

6.50%

^[4],[22]

0.75%

^[4],[22]

Nov. 30, 2023

^[4],[22]

Jun. 30, 2022

^[4],[22]

$ 7,000

^[4],[22]

6,978

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Wonder Love, Inc. Term Loan Media: Diversified & Production Interest Rate 10.5% Cash Reference Rate and Spread L+5.00% Floor 1.00% Maturity 11/18/24, Initial Acquisition Date 12/18/19

^[4],[6],[22]

$ 6,928

^{[2],[25],[26]}

Media: Diversified & Production

^{[2],[25],[26]}

10.50%

^{[2],[25],[26],[27]}

5.00%

^{[2],[25],[26]}

1.00%

^{[2],[25],[26]}

Nov. 18, 2024

^{[2],[25],[26]}

Dec. 18, 2019

^{[2],[25],[26]}

$ 1,650

^{[2],[25],[26]}

1,641

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Wonder Love, Inc. Term Loan Media: Diversified & Production Interest Rate 9.7% Cash Reference Rate and Spread L+5.00% Floor 1.00% Maturity 11/18/24, Initial Acquisition Date 12/18/19

^{[2],[5],[25],[26]}

$ 1,650

^{[4],[22],[23]}

Media: Diversified & Production

^{[4],[22],[23]}

9.70%

^{[4],[22],[23],[24]}

5.00%

^{[4],[22],[23]}

1.00%

^{[4],[22],[23]}

Nov. 18, 2024

^{[4],[22],[23]}

Dec. 18, 2019

^{[4],[22],[23]}

$ 1,950

^{[4],[22],[23]}

1,935

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured LoansNeptune BidCo US Inc. First Lien Term Loan Media: Broadcasting & Subscription Interest Rate 8.8% Cash Reference Rate and Spread SOFR+5.00% Floor 0.50% Maturity 4/11/29, Initial Acquisition Date 11/22/22

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

$ 1,950

^[22],[23]

Media: Broadcasting & Subscription

^[22],[23]

8.80%

^{[22],[23],[24]}

5.00%

^[22],[23]

0.50%

^[22],[23]

Apr. 11, 2029

^[22],[23]

Nov. 22, 2022

^[22],[23]

$ 2,000

^[22],[23]

1,782

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Unsecured Bond Tank Partners Equipment Holdings LLC 10.00% - 02/2022 - TankConvert Energy: Oil & Gas Interest Rate 10.0% PIK Maturity 2/15/22, Initial Acquisition Date 2/15/19

^{[6],[22],[23]}

$ 1,793

^{[3],[4],[23],[31]}

Energy: Oil & Gas

10.00%

^{[1],[2],[26],[28]}

10.00%

^{[3],[4],[23],[31]}

Feb. 15, 2022

^{[1],[2],[26],[28]}

Feb. 15, 2022

^{[3],[4],[23],[31]}

Feb. 15, 2019

^{[1],[2],[25],[26],[28]}

Feb. 15, 2019

^{[3],[4],[23],[31]}

$ 511

^{[1],[2],[26],[28]}

$ 511

^{[3],[4],[23],[31]}

416

^{[1],[2],[26],[28]}

416

^{[3],[4],[23],[31]}

Investment, Identifier [Axis]: DebtDebt Securities Portfolio Senior Secured Loans Franchise Group, Inc. First Out Term Loan Retail Interest Rate 10.0% Cash Reference Rate and Spread SOFR+4.75% Floor 0.75% Maturity 2/25/26, Initial Acquisition Date 3/18/22 Securities Portfolio Senior Secured Loans Franchise Group, Inc. First Out Term Loan Retail Interest Rate 10.0% Cash Reference Rate and Spread L+4.75% Floor 0.75% Maturity 2/25/26, Initial Acquisition Date 3/18/22

$ 43

^{[1],[2],[5],[26],[28]}

^{[3],[4],[6],[23],[31]}

^[2],[25]

Retail

^[2],[25]

10.00%

^{[2],[25],[27]}

4.75%

^[2],[25]

0.75%

^[2],[25]

Feb. 25, 2026

^[2],[25]

Mar. 18, 2022

^[2],[25]

$ 2,900

^[2],[25]

2,887

Investment, Identifier [Axis]: Derivatives Net Asset Value at Fair Value

^[2],[5],[25]

2,855

Investment, Identifier [Axis]: Derivatives Portfolio Advantage Capital Holdings LLC Derivatives Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/14/22

$ 31

Banking, Finance, Insurance & Real Estate

^[2],[34]

Banking, Finance, Insurance & Real Estate

^[4],[35]

Investment, Identifier [Axis]: Derivatives Portfolio HDNet Holdco LLC (Anthem) Derivatives Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

Apr. 14, 2022

^[2],[34]

Apr. 14, 2022

^[4],[35]

Media: Broadcasting & Subscription

^[2],[34]

Media: Broadcasting & Subscription

^[4],[35]

Sep. 09, 2019

^[2],[34]

Sep. 09, 2019

^[4],[35]

Investment, Identifier [Axis]: Equity Securities Portfolio 4L Ultimate Topco Corporation Common Services: Business Initial Acquisition Date 5/29/20

$ 31

^[2],[34]

$ 31

^[4],[35]

Services: Business

^{[2],[26],[36]}

Services: Business

^{[4],[23],[37]}

May 29, 2020

^{[2],[26],[36]}

May 29, 2020

^{[4],[23],[37]}

321

^{[2],[26],[36]}

321,000

^{[4],[23],[37]}

$ 29

^{[2],[26],[36]}

$ 29

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Equity Healthcare & Pharmaceuticals Initial Acquisition Date 5/18/22

$ 29

^{[2],[5],[26],[36]}

$ 29

^{[4],[6],[23],[37]}

^{[2],[26],[36],[38]}

Healthcare & Pharmaceuticals

^{[2],[26],[36],[38]}

May 18, 2022

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Equity Services: Consumer Initial Acquisition Date 5/18/22

^{[2],[5],[26],[36],[38]}

$ 442

^{[4],[23],[37],[39]}

Services: Consumer

^{[4],[23],[37],[39]}

May 18, 2022

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% Cash Initial Acquisition Date 5/18/22

^{[4],[6],[23],[37],[39]}

$ 280

^{[4],[23],[39]}

Healthcare & Pharmaceuticals

^{[4],[23],[39]}

18.00%

^{[4],[23],[39]}

May 18, 2022

^{[4],[23],[39]}

146,214

^{[4],[23],[39]}

$ 4

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% PIK Initial Acquisition Date 5/18/22

^{[4],[6],[23],[39]}

$ 168

^{[2],[26],[38]}

Healthcare & Pharmaceuticals

^{[2],[26],[38]}

18.00%

^{[2],[26],[38]}

May 18, 2022

^{[2],[26],[38]}

146,214

^{[2],[26],[38]}

$ 4

Investment, Identifier [Axis]: Equity Securities Portfolio ATP Oil & Gas Corporation Limited Term Royalty Interest Energy: Oil & Gas Initial Acquisition Date 12/18/19

^{[2],[5],[26],[38]}

$ 181

Energy: Oil & Gas

^{[2],[26],[40]}

Energy: Oil & Gas

^{[4],[23],[41]}

Dec. 18, 2019

^{[2],[26],[40]}

Dec. 18, 2019

^{[4],[23],[41]}

Investment, Identifier [Axis]: Equity Securities Portfolio Advantage Capital Holdings LLC Class A Membership Units Banking, Finance, Insurance & Real Estate Initial Acquisition Date 3/31/20

$ 536

^{[2],[5],[26],[40]}

$ 1,013

^{[4],[6],[23],[41]}

Banking, Finance, Insurance & Real Estate

^{[2],[26],[34],[36],[38]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[35],[37],[39]}

Mar. 31, 2020

^{[2],[26],[34],[36],[38]}

Mar. 31, 2020

^{[4],[23],[35],[37],[39]}

658

^{[2],[26],[34],[36],[38]}

628

^{[4],[23],[35],[37],[39]}

Investment, Identifier [Axis]: Equity Securities Portfolio Advantage Capital Holdings LLC Class A Membership Units Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/14/22

$ 1,611

^{[2],[5],[26],[34],[36],[38]}

$ 1,645

^{[4],[6],[23],[35],[37],[39]}

Banking, Finance, Insurance & Real Estate

^{[2],[26],[36],[38]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[37],[39]}

Apr. 14, 2022

^{[2],[26],[36],[38]}

Apr. 14, 2022

^{[4],[23],[37],[39]}

164

^{[2],[26],[36],[38]}

164

^{[4],[23],[37],[39]}

$ 502

^{[2],[26],[36],[38]}

$ 500

^{[4],[23],[37],[39]}

Investment, Identifier [Axis]: Equity Securities Portfolio Advantage Capital Holdings LLC Preferred Equity Banking, Finance, Insurance & Real Estate Interest Rate 12.5% PIK Initial Acquisition Date 4/14/22

$ 595

^{[2],[5],[26],[36],[38]}

$ 650

^{[4],[6],[23],[37],[39]}

Banking, Finance, Insurance & Real Estate

^{[2],[26],[38]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[39]}

12.50%

^{[2],[26],[38]}

12.50%

^{[4],[23],[39]}

Apr. 14, 2022

^{[2],[26],[38]}

Apr. 14, 2022

^{[4],[23],[39]}

2,321,612

^{[2],[26],[38]}

2,184,128

^{[4],[23],[39]}

$ 2,322

^{[2],[26],[38]}

$ 2,186

^{[4],[23],[39]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class A Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

$ 2,322

^{[2],[5],[26],[38]}

$ 2,355

^{[4],[6],[23],[39]}

Media: Broadcasting & Subscription

^{[2],[26],[36]}

Media: Broadcasting & Subscription

^{[4],[23],[37]}

Sep. 09, 2019

^{[2],[26],[36]}

Sep. 09, 2019

^{[4],[23],[37]}

263

^{[2],[26],[36]}

263

^{[4],[23],[37]}

$ 46

^{[2],[26],[36]}

$ 46

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class B Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

$ 17

^{[2],[5],[26],[36]}

$ 106

^{[4],[6],[23],[37]}

Media: Broadcasting & Subscription

^{[2],[26],[36]}

Media: Broadcasting & Subscription

^{[4],[23],[37]}

Sep. 09, 2019

^{[2],[26],[36]}

Sep. 09, 2019

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Common Stock Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

^{[2],[26],[36]}

^{[4],[23],[37]}

Media: Broadcasting & Subscription

^{[2],[26],[36]}

Media: Broadcasting & Subscription

^{[4],[23],[37]}

Sep. 09, 2019

^{[2],[26],[36]}

Sep. 09, 2019

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants1 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

859

^{[2],[26],[36]}

859

^{[4],[23],[37]}

Media: Broadcasting & Subscription

^{[2],[26],[36]}

Media: Broadcasting & Subscription

^{[4],[23],[37]}

Nov. 15, 2021

^{[2],[26],[36]}

Nov. 15, 2021

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants2 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

^{[2],[26],[36]}

^{[4],[23],[37]}

Media: Broadcasting & Subscription

^{[2],[26],[36]}

Media: Broadcasting & Subscription

^{[4],[23],[37]}

Nov. 15, 2021

^{[2],[26],[36]}

Nov. 15, 2021

^{[4],[23],[37]}

247

^{[2],[26],[36]}

247

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants3 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

$ 16

^{[2],[5],[26],[36]}

$ 99

^{[4],[6],[23],[37]}

Media: Broadcasting & Subscription

^{[2],[26],[36]}

Media: Broadcasting & Subscription

^{[4],[23],[37]}

Nov. 15, 2021

^{[2],[26],[36]}

Nov. 15, 2021

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Aperture Dodge 18 LLC Equity Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/22/22

785

^{[2],[26],[36]}

785

^{[4],[23],[37]}

Banking, Finance, Insurance & Real Estat

^{[2],[26],[36]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[37]}

Apr. 22, 2022

^{[2],[26],[36]}

Apr. 22, 2022

^{[4],[23],[37]}

3,058,456

^{[2],[26],[36]}

3,049,871

^{[4],[23],[37]}

$ 3,058

^{[2],[26],[36]}

$ 3,050

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Holdco, LLC Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

$ 3,006

^{[2],[5],[26],[36]}

$ 3,050

^{[4],[6],[23],[37]}

Telecommunications

^{[2],[26],[30],[36],[42]}

Telecommunications

^{[4],[23],[29],[37],[43]}

Jun. 09, 2021

^{[2],[26],[30],[36],[42]}

Jun. 09, 2021

^{[4],[23],[29],[37],[43]}

200,000

^{[2],[26],[30],[36],[42]}

200,000

^{[4],[23],[29],[37],[43]}

$ 467

^{[2],[26],[30],[36],[42]}

$ 467

^{[4],[23],[29],[37],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Investment II Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

$ 545

^{[2],[5],[26],[30],[36],[42]}

$ 464

^{[4],[6],[23],[29],[37],[43]}

Telecommunications

^{[2],[26],[30],[36],[42]}

Telecommunications

^{[4],[23],[29],[37],[43]}

Jun. 09, 2021

^{[2],[26],[30],[36],[42]}

Jun. 09, 2021

^{[4],[23],[29],[37],[43]}

88,946

^{[2],[26],[30],[36],[42]}

88,946

^{[4],[23],[29],[37],[43]}

$ 208

^{[2],[26],[30],[36],[42]}

$ 208

^{[4],[23],[29],[37],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio Brite Media LLC Common Stock Media: Advertising, Printing & Publishing Initial Acquisition Date 6/9/21

$ 242

^{[2],[5],[26],[30],[36],[42]}

$ 206

^{[4],[6],[23],[29],[37],[43]}

^{[4],[23],[37]}

Media: Advertising, Printing & Publishing

^{[4],[23],[37]}

Jun. 09, 2021

^{[4],[23],[37]}

139

^{[4],[23],[37]}

$ 150

Investment, Identifier [Axis]: Equity Securities Portfolio Carestream Health Holdings, Inc Common Stock Healthcare & Pharmaceuticals Initial Acquisition Date 9/30/22

^{[4],[6],[23],[37]}

$ 549

Healthcare & Pharmaceuticals

^{[2],[26],[36]}

Healthcare & Pharmaceuticals

^{[4],[23],[37]}

Sep. 30, 2022

^{[2],[26],[36]}

Sep. 30, 2022

^{[4],[23],[37]}

4,099

^{[2],[26],[36]}

4,099

^{[4],[23],[37]}

$ 53

^{[2],[26],[36]}

$ 53

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Centric Brands Inc. Common Machinery (Non-Agrclt/Constr/Electr) Initial Acquisition Date 10/28/20

$ 87

^{[2],[5],[26],[36]}

$ 52

^{[4],[6],[23],[37]}

Machinery (Non-Agrclt/Constr/Electr)

^{[2],[25],[26],[36],[42]}

Machinery (Non-Agrclt/Constr/Electr)

^{[4],[22],[23],[37],[43]}

Oct. 28, 2020

^{[2],[25],[26],[36],[42]}

Oct. 28, 2020

^{[4],[22],[23],[37],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio DxTx Pain and Spine LLC Common Healthcare & Pharmaceuticals Initial Acquisition Date 6/14/23

36,342

^{[2],[25],[26],[36],[42]}

36,342

^{[4],[22],[23],[37],[43]}

^[2],[26]

Healthcare & Pharmaceuticals

^[2],[26]

Jun. 14, 2023

^[2],[26]

158,166

^[2],[26]

$ 258

Investment, Identifier [Axis]: Equity Securities Portfolio Equities Net Asset Value at Fair Value

^[2],[5],[26]

258

28,901

$ 28,848

Investment, Identifier [Axis]: Equity Securities Portfolio Everyware Global, Inc. Common Consumer goods: Durable Initial Acquisition Date 10/28/20

$ 20,013

^[5]

$ 21,905

^[6]

Consumer goods: Durable

^{[2],[26],[36]}

Consumer goods: Durable

^{[4],[23],[37]}

Oct. 28, 2020

^{[2],[26],[36]}

Oct. 28, 2020

^{[4],[23],[37]}

1,085,565

^{[2],[26],[36]}

1,085,565

^{[4],[23],[37]}

$ 346

^{[2],[26],[36]}

$ 346

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio FP WRCA Coinvestment Fund VII, Ltd Class A Shares Capital Equipment Initial Acquisition Date 2/2/07

$ 261

^{[2],[5],[26],[36]}

$ 478

^{[4],[6],[23],[37]}

Capital Equipment

^{[2],[10],[36]}

Capital Equipment

^[4],[8],[37]

Feb. 02, 2007

^{[2],[10],[36]}

Feb. 02, 2007

^[4],[8],[37]

1,500,000

^{[2],[10],[36]}

1,500,000

^[4],[8],[37]

$ 1,500

^{[2],[10],[36]}

$ 1,500

^[4],[8],[37]

Investment, Identifier [Axis]: Equity Securities Portfolio Flight Lease VII Common Stock Aerospace and Defense Initial Acquisition Date 6/9/21

$ 781

^{[2],[5],[10],[36]}

$ 1,103

^{[4],[6],[8],[37]}

^{[4],[23],[37],[44],[45]}

Aerospace and Defense

^{[4],[23],[37],[44],[45]}

Jun. 09, 2021

^{[4],[23],[37],[44],[45]}

1,938

^{[4],[23],[37],[44],[45]}

$ 280

Investment, Identifier [Axis]: Equity Securities Portfolio Fusion Connect, Inc. Common Telecommunications Initial Acquisition Date 1/14/20

^{[4],[6],[23],[37],[44],[45]}

$ 242

Telecommunications

^{[2],[25],[26],[36]}

Telecommunications

^{[4],[22],[23],[37]}

Jan. 14, 2020

^{[2],[25],[26],[36]}

Jan. 14, 2020

^{[4],[22],[23],[37]}

121,871

^{[2],[25],[26],[36]}

121,871

^{[4],[22],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity Initial Acquisition Date 6/10/22

$ 866

^{[2],[25],[26],[36]}

$ 866

^{[4],[22],[23],[37]}

Energy: Electricity

^{[2],[26],[30],[36],[38]}

Energy: Electricity

^{[4],[23],[29],[37],[39]}

Jun. 10, 2022

^{[2],[26],[30],[36],[38]}

Jun. 10, 2022

^{[4],[23],[29],[37],[39]}

1,000

^{[2],[26],[30],[36],[38]}

1,000

^{[4],[23],[29],[37],[39]}

$ 500

^{[2],[26],[30],[36],[38]}

$ 500

^{[4],[23],[29],[37],[39]}

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity One Initial Acquisition Date 6/10/22

$ 500

^{[2],[5],[26],[30],[36],[38]}

$ 500

^{[4],[6],[23],[29],[37],[39]}

Energy: Electricity

^{[2],[26],[30],[32],[36],[38]}

Energy: Electricity

^{[4],[23],[29],[33],[37],[39]}

Jun. 10, 2022

^{[2],[26],[30],[32],[36],[38]}

Jun. 10, 2022

^{[4],[23],[29],[33],[37],[39]}

500

^{[2],[26],[30],[32],[36],[38]}

500

^{[4],[23],[29],[33],[37],[39]}

$ 171

^{[2],[26],[30],[32],[36],[38]}

$ 171

^{[4],[23],[29],[33],[37],[39]}

Investment, Identifier [Axis]: Equity Securities Portfolio KC Engineering & Construction Services, LLC Common Stock Environmental Industries Initial Acquisition Date 6/9/21

$ 171

^{[2],[5],[26],[30],[32],[36],[38]}

$ 171

^{[4],[6],[23],[29],[33],[37],[39]}

^{[4],[23],[37],[43]}

Environmental Industries

^{[4],[23],[37],[43]}

Jun. 09, 2021

^{[4],[23],[37],[43]}

131,081

^{[4],[23],[37],[43]}

$ 4,315

Investment, Identifier [Axis]: Equity Securities Portfolio Kleen-Tech Acquisition, LLC Common Stock Services: Business Initial Acquisition Date 6/9/21

^{[4],[6],[23],[37],[43]}

$ 4,930

Services: Business

^{[2],[26],[30],[36],[42]}

Services: Business

^{[4],[23],[29],[37],[43]}

Jun. 09, 2021

^{[2],[26],[30],[36],[42]}

Jun. 09, 2021

^{[4],[23],[29],[37],[43]}

250,000

^{[2],[26],[30],[36],[42]}

250,000

^{[4],[23],[29],[37],[43]}

$ 1,264

^{[2],[26],[30],[36],[42]}

$ 1,264

^{[4],[23],[29],[37],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 4/5/23

$ 1,020

^{[2],[5],[26],[30],[36],[42]}

$ 1,300

^{[4],[6],[23],[29],[37],[43]}

^{[2],[26],[30]}

Metals & Mining

^{[2],[26],[30]}

Apr. 05, 2023

^{[2],[26],[30]}

1,000

^{[2],[26],[30]}

$ 4,500

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 6/9/21

^{[2],[5],[26],[30]}

$ 4,602

^{[2],[26],[30],[36],[42]}

Metals & Mining

^{[2],[26],[30],[36],[42]}

Jun. 09, 2021

^{[2],[26],[30],[36],[42]}

2,368

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Services: Business Initial Acquisition Date 6/9/21

^{[2],[5],[26],[30],[36],[42]}

$ 708

^{[4],[23],[29],[37],[43]}

Metals & Mining

^{[4],[23],[29],[37],[43]}

Jun. 09, 2021

Investment, Identifier [Axis]: Equity Securities Portfolio Ohene Holdings B.V. Warrants High Tech Industries Business Initial Acquisition Date 3/13/19

^{[4],[23],[29],[37],[43]}

2,368

High Tech Industries

^{[2],[10],[36]}

High Tech Industries

^[4],[8],[37]

Mar. 13, 2019

^{[2],[10],[36]}

Mar. 13, 2019

^[4],[8],[37]

Investment, Identifier [Axis]: Equity Securities Portfolio ProAir HoldCo, LLC Common Stock Capital Equipment Business Initial Acquisition Date 2/11/22

^{[2],[10],[36]}

^[4],[8],[37]

Capital Equipment

^{[1],[2],[26],[36]}

Capital Equipment

^{[3],[4],[23],[37]}

Feb. 11, 2022

^{[1],[2],[26],[36]}

Feb. 11, 2022

^{[3],[4],[23],[37]}

2,749,997

^{[1],[2],[26],[36]}

2,749,997

^{[3],[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Prosper Marketplace Class B Preferred Units Consumer goods: Durable Business Initial Acquisition Date 9/23/13

$ 4,261

^{[1],[2],[26],[36]}

$ 4,261

^{[3],[4],[23],[37]}

Consumer goods: Durable

^{[2],[26],[36],[46]}

Consumer goods: Durable

^{[4],[23],[37],[47]}

Sep. 23, 2013

^{[2],[26],[36],[46]}

Sep. 23, 2013

^{[4],[23],[37],[47]}

912,865

^{[2],[26],[36],[46]}

912,865

^{[4],[23],[37],[47]}

$ 279

^{[2],[26],[36],[46]}

$ 279

^{[4],[23],[37],[47]}

Investment, Identifier [Axis]: Equity Securities Portfolio Roscoe Investors, LLC Class A Units Healthcare & Pharmaceuticals Business Initial Acquisition Date 3/26/14

$ 324

^{[2],[5],[26],[36],[46]}

$ 324

^{[4],[6],[23],[37],[47]}

Healthcare & Pharmaceuticals

^{[2],[26],[36]}

Healthcare & Pharmaceuticals

^{[4],[23],[37]}

Mar. 26, 2014

^{[2],[26],[36]}

Mar. 26, 2014

^{[4],[23],[37]}

10,000

^{[2],[26],[36]}

10,000

^{[4],[23],[37]}

$ 1,000

^{[2],[26],[36]}

$ 1,000

^{[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Safety Services Holdings Corporation Preferred Stock Services: Business Business Initial Acquisition Date 6/9/21

$ 322

^{[2],[5],[26],[36]}

$ 299

^{[4],[6],[23],[37]}

^{[4],[23],[37]}

Services: Business

^{[4],[23],[37]}

Jun. 09, 2021

^{[4],[23],[37]}

100,000

^{[4],[23],[37]}

$ 43

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrant Banking, Finance, Insurance & Real Estate Business Initial Acquisition Date 9/20/22

^{[4],[6],[23],[37]}

$ 11

^{[4],[23],[37]}

Banking, Finance, Insurance & Real Estate

^{[4],[23],[37]}

Sep. 20, 2022

^{[4],[23],[37]}

3,966

^{[4],[23],[37]}

$ 455

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrant Banking, Finance, Insurance & Real Estate Initial Acquisition Date 9/20/22

^{[4],[6],[23],[37]}

$ 455

^{[2],[26],[36]}

Banking, Finance, Insurance & Real Estate

^{[2],[26],[36]}

Sep. 20, 2022

^{[2],[26],[36]}

3,966

^{[2],[26],[36]}

$ 455

Investment, Identifier [Axis]: Equity Securities Portfolio Surge Busy Bee Holdings LLC Warrants Services: Business Business Initial Acquisition Date 6/9/21

^{[2],[5],[26],[36]}

$ 407

^{[4],[23],[37],[43]}

Services: Business

^{[4],[23],[37],[43]}

Jun. 09, 2021

^{[4],[23],[37],[43]}

105

^{[4],[23],[37],[43]}

$ 63

Investment, Identifier [Axis]: Equity Securities Portfolio Surge Hippodrome Holdings LLC Warrants Services: Business Business Initial Acquisition Date 6/9/21

^{[4],[6],[23],[37],[43]}

$ 131

Services: Business

^{[2],[26],[30],[36],[42]}

Services: Business

^{[4],[23],[29],[37],[43]}

Jun. 09, 2021

^{[2],[26],[30],[36],[42]}

Jun. 09, 2021

^{[4],[23],[29],[37],[43]}

^{[2],[26],[30],[36],[42]}

^{[4],[23],[29],[37],[43]}

$ 159

^{[2],[26],[30],[36],[42]}

$ 159

^{[4],[23],[29],[37],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio Surge Hippodrome Partners LP Common Stock Services: Business Business Initial Acquisition Date 6/9/21

$ 390

^{[2],[5],[26],[30],[36],[42]}

$ 484

^{[4],[6],[23],[29],[37],[43]}

Services: Business

^{[2],[26],[30],[36],[42]}

Services: Business

^{[4],[23],[29],[37],[43]}

Jun. 09, 2021

^{[2],[26],[30],[36],[42]}

Jun. 09, 2021

^{[4],[23],[29],[37],[43]}

185

^{[2],[26],[30],[36],[42]}

185

^{[4],[23],[29],[37],[43]}

$ 425

^{[2],[26],[30],[36],[42]}

$ 425

^{[4],[23],[29],[37],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio Tank Partners Equipment Holdings LLC Class A Units Energy: Oil & Gas Business Initial Acquisition Date 2/15/19

$ 640

^{[2],[26],[30],[36],[42]}

$ 811

^{[4],[6],[23],[29],[37],[43]}

Energy: Oil & Gas

^{[2],[26],[36],[48]}

Energy: Oil & Gas

^{[3],[4],[23],[37]}

Feb. 15, 2019

^{[2],[26],[36],[48]}

Feb. 15, 2019

^{[3],[4],[23],[37]}

49,000

^{[2],[26],[36],[48]}

49,000

^{[3],[4],[23],[37]}

Investment, Identifier [Axis]: Equity Securities PortfolioWorld Business Lenders, LLC Common Stock Banking, Finance, Insurance & Real Estate Business Initial Acquisition Date 6/9/21

$ 6,228

^{[2],[26],[36],[48]}

$ 6,228

^{[3],[4],[23],[37]}

Banking, Finance, Insurance & Real Estate

^[2],[36]

Banking, Finance, Insurance & Real Estate

^[4],[37]

Jun. 09, 2021

^[2],[36]

Jun. 09, 2021

^[4],[37]

Investment, Identifier [Axis]: Investments Net Asset Value at Fair Value

49,209

^[2],[36]

49,209

^[4],[37]

$ 595,975

^[49]

$ 652,217

^[50]

Investment, Identifier [Axis]: Joint Venture Net Asset Value at Fair Value

510,100

^[5],[49]

576,478

^[6],[50]

74,878

68,850

Investment, Identifier [Axis]: Joint Venture Portfolio KCAP Freedom 3 LLC Joint Ventures Percentage Ownership 62.8% Initial Acquisition Date 12/11/18

$ 62,547

^[5]

$ 58,955

^[6]

Dec. 11, 2018

^[1],[2]

Dec. 11, 2018

^[3],[4]

62.80%

^[1],[2]

62.80%

^[3],[4]

$ 27,415

^[1],[2]

$ 27,415

^[3],[4]

Investment, Identifier [Axis]: Joint Venture Portfolio Series A-Great Lakes Funding II LLC Joint Ventures Percentage Ownership 12.5% Initial Acquisition Date 8/5/22

$ 16,574

^[1],[2],[5]

$ 18,668

^[3],[4],[6]

Aug. 05, 2022

^{[30],[32],[51],[52]}

Aug. 05, 2022

^{[29],[33],[53],[54]}

12.50%

^{[30],[32],[51],[52]}

12.50%

^{[29],[33],[53],[54]}

$ 47,463

^{[30],[32],[51],[52]}

$ 41,435

^{[29],[33],[53],[54]}

Investment, Identifier [Axis]: Non-controlled Affiliates BCP Great Lakes Holdings LP Industry Classification - Joint Venture

45,973

^{[5],[30],[32],[51],[52]}

40,287

^{[6],[29],[33],[53],[54]}

Investment, Identifier [Axis]: Non-controlled Affiliates BMP Slappey Holdco, LLC Industry Classification - Telecommunications

^[55],[56]

37,412

Investment, Identifier [Axis]: Non-controlled Affiliates BMP Slappey Investment II Industry Classification - Telecommunications

545

^{[16],[17],[18],[56]}

464

^{[16],[17],[18],[56]}

492

^{[11],[12],[13],[14]}

Investment, Identifier [Axis]: Non-controlled Affiliates Flight Lease XII Industry Classification - Aerospace and Defense

^{[16],[17],[18],[56]}

242

206

Investment, Identifier [Axis]: Non-controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity

^{[11],[12],[13],[14]}

677

Investment, Identifier [Axis]: Non-controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity One

^{[17],[18],[56]}

500

^[16]

500

Investment, Identifier [Axis]: Non-controlled Affiliates Kleen-Tech Acquisition, LLC Industry Classification - Services: Business

^{[16],[17],[18],[56],[57]}

171

Investment, Identifier [Axis]: Non-controlled Affiliates Navex Topco, Inc. Industry Classification - Electronics

1,020

^{[16],[17],[18],[56]}

1,300

^{[11],[12],[13],[14]}

1,612

^{[11],[12],[13],[14]}

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining

7,604

^[18],[56]

7,604

^{[11],[18],[56]}

7,609

^{[11],[13],[14]}

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining One

13,445

^{[16],[18],[56]}

12,280

^{[11],[13],[14]}

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Three

^{[16],[17],[18],[56]}

708

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Two

^{[16],[18],[56]}

3,638

Investment, Identifier [Axis]: Non-controlled Affiliates Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture

^{[16],[17],[18],[56]}

4,602

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business

^{[17],[56],[57]}

45,973

40,287

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business One

^{[11],[12],[13],[14]}

484

201

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business

^{[11],[13],[14]}

5,165

5,160

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business One

640

^{[16],[17],[18],[56]}

811

^{[16],[17],[18],[56]}

336

^{[11],[12],[13],[14]}

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business Two

^{[16],[17],[18],[56]}

390

484

Investment, Identifier [Axis]: Non-controlled Affiliates VTK Acquisition, Inc Industry Classification - Capital Equipment

^{[16],[18],[56]}

5,378

5,165

Investment, Identifier [Axis]: Non-controlled Affiliates VTK Acquisition, Inc. Industry Classification - Capital Equipment One

^{[11],[13],[14]}

1,531

Investment, Identifier [Axis]: Non-controlled Affiliates VTK Acquisition, Inc. Industry Classification - Capital Equipment Two

^{[11],[13],[14]}

2,598

Investment, Identifier [Axis]: Non-controlled Affiliates Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare

^{[11],[12],[13],[14]}

535

Investment, Identifier [Axis]: Senior Unsecured Bond Net Asset Value at Fair Value

3,390

^{[16],[18],[56]}

3,480

^{[11],[13],[14]}

416

Investment, Identifier [Axis]: Total Affiliated Investments

^[6]

Investment, Identifier [Axis]: Total Non-controlled affiliates

88,028

92,780

97,503

Investment, Identifier [Axis]: Total Senior Unsecured Bond Net Asset Value at Fair Value

71,411

73,827

74,142

416

Investment, Identifier [Axis]: Total controlled affiliates

^[5]

$ 16,617

$ 18,953

$ 23,361

[1]

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company.

[2]

Fair value of this investment was determined using significant unobservable inputs.

[3]

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company.

[4]

Fair value of this investment was determined using significant unobservable inputs.

[5]

Reflects the fair market value of all investments as of June 30, 2023 as determined by the Company’s Board of Directors.

[6]

Reflects the fair market value of all investments as of December 31, 2022 as determined by the Company’s Board of Directors.

[7]

CLO Subordinated Investments are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.

[8]

Non-U.S. company or principal place of business outside the U.S.

[9]

[10]

Non-U.S. company or principal place of business outside the U.S.

[11]

Fair value of this investment was determined using significant unobservable inputs.

[12]

Number of shares held.

[13]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[14]

[15]

[16]

Fair value of this investment was determined using significant unobservable inputs.

[17]

Number of shares held.

[18]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[19]

[20]

Security has an unfunded commitment in addition to the amounts shown in consolidated schedule of investments. See Note 8 for additional information on the Company's commitments and contingencies

[21]

[22]

As of December 31, 2022, this investment is pledged to secure the Company’s debt obligations.

[23]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Qualifying assets represent approximately 82.4% of the total assets at December 31, 2022.

[24]

A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The Borrower may also elect to have multiple interest reset periods for each December 31, 2022 loan. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month, or 1 month L rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at December 31, 2022. As noted in the table above, 78.8%(based on par) of debt securities contain floors which range between 0.50% and 2.00%.

[25]

As of June 30, 2023, this investment is pledged to secure the Company’s debt obligations.

[26]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Qualifying assets represent approximately 82.8% of the total assets at June 30, 2023.

[27]

A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR ("L"), SOFR or an alternate Base Rate (commonly based on the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The Borrower may also elect to have multiple interest reset periods for each June 30, 2023 loan. L loans are typically indexed to 6 month, 3 month, or 1 month L rates. SOFR loans are typically indexed to 6 month, 3 month, or 1 month SOFR rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at June 30, 2023. As noted in the table above, 79.5% (based on par) of debt securities contain floors which range between 0.50% and 2.00%.

[28]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[29]

[30]

[31]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[32]

[33]

Debt security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

[34]

Information related to the Company’s derivatives is presented below as of June 30, 2023:

($ in thousands)

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Call option

HDNet Holdco LLC

0.2

8

0.01

N/A

-

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Put option

Advantage Capital Holdings LLC

164

563

20

4/24/2024

-

See accompanying notes to unaudited consolidated financial statements.

[35]

Information related to the Company’s derivatives is presented below as of December 31, 2022:

($ in thousands)

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Call option

HDNet Holdco LLC

0.2

8

0.01

N/A

-

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Put option

Advantage Capital Holdings LLC

164

563

20

5/13/23

-

[36]

Non-income producing.

[37]

Non-income producing.

[38]

This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

[39]

This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.

[40]

This investment is on non-accrual status and receives a 5% royalty interest on oil being produced on certain fields. All production payments received were applied to the cost basis and considered return of capital. Production payments received in excess of cost basis are recognized as realized gain.

[41]

This investment is on non-accrual status and receives a 5% royalty interest on oil being produced on certain fields. All production payments received are being applied to the cost basis and are considered return of capital.

[42]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[43]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[44]

[45]

This is an equity investment that receives a cash flow stream based on lease payments received by Flight Lease VII, LLC. Flight Lease VII, LLC owns an aircraft that was leased to one lessee. The lessee had been in arrears on its lease payments and in June of 2018, Flight Lease VII, LLC terminated the lease. As a result of the cessation of cash flows, future payments on this equity investment will resume only if Flight Lease VII, LLC is successful in obtaining a new lessee or sells the aircraft.

[46]

Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.

[47]

[48]

[49]

The aggregate cost of investments for federal income tax purposes is approximately $596.8 million. The aggregate gross unrealized appreciation is approximately $36.1 million, the aggregate gross unrealized depreciation is approximately $36.9 million., and the net unrealized depreciation is approximately $0.8 million.

[50]

The aggregate cost of investments for federal income tax purposes is approximately $656.0 million. The aggregate gross unrealized appreciation is approximately $34.8 million, the aggregate gross unrealized depreciation is approximately $38.3 million, and the net unrealized depreciation is approximately $3.4 million.

[51]

Non-voting.

[52]

See Note 4 - Investments for additional information regarding the Company's investment in Series A-Great Lakes Funding II LLC.

[53]

Non-voting.

[54]

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

[55]

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

[56]

[57]

Consolidated Statements of Changes in Net Assets - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Operations:

Net realized gains (losses) from investment transactions

^[1]

$ 16,444

$ 13,430

^[1]

(9,556)

(19,544)

Realized gains (losses) from extinguishments of debt

$ (218)

(218)

^[1]

Net change in unrealized appreciation (depreciation) on investments

^[1]

(10,136)

2,256

Tax (provision) benefit on realized and unrealized gains (losses) on investments

(164)

$ 571

$ (77)

$ (440)

407

^[1]

(517)

^[1]

Net increase (decrease) in net assets resulting from operations

(3,114)

(8,433)

(3,059)

^[1]

(4,375)

^[1]

Stockholder distributions:

Distributions of ordinary income

^[1]

(13,074)

(12,175)

Net decrease in net assets resulting from stockholder distributions

(6,579)

(6,495)

(6,064)

(6,111)

(13,074)

^[1]

(12,175)

^[1]

Capital share transactions:

Distribution reinvestment plan

153

215

346

338

368

^[1]

684

^[1]

Stock repurchases

(553)

(792)

(2,459)

(545)

(1,345)

^[1]

(3,004)

^[1]

Net increase (decrease) in net assets resulting from capital share transactions

(25)

414

^[1]

^[1]

(977)

(1,906)

225,106

232,123

^[1]

278,301

280,122

^[1]

232,123

^[1]

280,122

^[1]

Net asset value per common share

$ 215,013

^[1],[2]

$ 225,106

$ 261,666

^[1],[2]

$ 278,301

$ 215,013

^[1],[2]

$ 261,666

^[1],[2]

^[2]

$ 22.54

^[1]

$ 27.26

^[1]

$ 22.54

^[1]

$ 27.26

^[1]

$ 24.23

$ 28.88

Common stock, outstanding

9,537,236

^[1],[2]

9,599,856

^[1],[2]

9,537,236

^[1],[2]

9,599,856

^[1],[2]

9,581,536

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.

Distributable Taxable Income - Additional Information (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

^[1]

Income Tax Examination [Line Items]

Excise tax percentage

4.00%

Net capital loss carryforward

$ 429,100,000

Provision for income taxes

164,000

$ (571,000)

$ 77,000

$ 440,000

(407,000)

^[1]

$ 517,000

Deferred tax assets

Deferred tax liabilities

$ 1,500,000

Maximum

Income Tax Examination [Line Items]

Percentage of cash dividend on total distribution

20.00%

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity

Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

6. BORROWINGS

The Company’s debt obligations consist of the following:


	As of		As of
	June 30, 2023		December 31, 2022
($ in thousands)	(Unaudited)
2018-2 Secured Notes (net of discount of: 2023 - $938; 2022 - $1,226)	$	146,734	$	176,937
4.875% Notes Due 2026 (net of discount of: 2023 - $1,467; 2022 - $1,704; net of deferred financing costs of: 2023 - $692; 2022 - $818)		105,841		105,478
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $941; 2022 - $1,107)		77,059		90,893
	$	329,634	$	373,308

The weighted average stated interest rate and weighted average maturity on all our debt outstanding as of June 30, 2023 was 6.7% and 4.4 years, respectively, and as of December 31, 2022 were 6.1% and 5.0 years, respectively.

Notes Offering

On April 30, 2021, the Company issued $80 million in aggregate principal amount of unsecured 4.875% Notes due 2026 (the “4.875% Notes due 2026”) in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act. The 4.875% Notes due 2026 were not registered under the Securities Act or any state securities laws and may not be reoffered or resold in the United States absent registration or an applicable exemption from such registration requirements. The net proceeds to the Company were approximately $77.7 million, after deducting estimated offering expenses. The Company used the net proceeds of the offering to redeem in full its 6.125% Notes due 2022, to make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes.

On April 30, 2021, the Company and U.S. Bank National Association (the “Trustee”) entered into a Supplemental Indenture (the “Third Supplemental Indenture”), which supplements that certain Base Indenture, dated as of October 10, 2012 (as may be further amended, supplemented or otherwise modified from time to time, the “Base Indenture” and, together with the Third Supplemental Indenture, the “Indenture”). The Third Supplemental Indenture relates to the Company’s issuance of the 4.875% Notes due 2026.

The 4.875% Notes due 2026 will mature on April 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture and bear interest at a rate of 4.875% per year payable semi-annually on March 16 and September 16 of each year, commencing on September 16, 2021. The 4.875% Notes due 2026 are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 4.875% Notes due 2026, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Sections 18(a)(1)(A) and 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. Additionally, the Company has agreed to use its commercially reasonable efforts to maintain a rating of the 4.875% Notes due 2026 from a rating agency, as long as the notes are outstanding. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding notes at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest to the repurchase date.

Sale of Additional 4.875% Notes due 2026

On June 23, 2021, the Company issued $28 million in aggregate principal amount of its 4.875% Notes due 2026 (the “New Notes”) in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act. The New Notes have not been registered under the Securities Act or any state securities laws and may not be reoffered or resold in the United States absent registration or an applicable exemption from such registration requirements. The net proceeds to the Company were approximately $27.4 million, after deducting estimated offering expenses. The Company intends to use the net proceeds of the offering to redeem in full its HCAP Notes (as defined below), make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes.

The New Notes were issued under the Indenture governing the 4.875% Notes due 2026. The New Notes were issued as “Additional Notes” under the Indenture and have identical terms to Company’s $80.0 million of aggregate principal amount of 4.875% Notes due 2026 that were issued on April 30, 2021, other than the issue date. The New Notes will be treated as a single class of notes with the Company’s existing 4.875% Notes due 2026 for all purposes under the Indenture.

In connection with the issuance of the 4.875% Notes Due 2026, (including the New Notes) the Company incurred approximately $2.43 million of original issue discount, and $1.2 million of debt offering costs, both of which were being amortized over the expected term of the facility on an effective yield method.

Exchange of 4.875% Notes due 2026

On October 5, 2021, the Company filed with the SEC a registration statement relating to an offer to exchange the 4.875% Notes due 2026 for new notes issued by the Company that are registered under the Securities Act (the “Exchange Offer”), which registration statement was declared effective on December 2, 2021. Upon the terms and subject to the conditions in the prospectus relating to the Exchange Offer, the Company accepted any existing 4.875% Notes due 2026 (the “Restricted Notes”) validly tendered and not withdrawn prior to January 3, 2022, the expiration date of the Exchange Offer, and issued new 4.875% Notes due 2026 that have been registered under the Securities Act (the “Exchange Notes”). The form and terms of the Exchange Notes are substantially identical to those of the Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default. In addition, the Exchange Notes bear a different CUSIP number than the Restricted Notes. The Exchange Notes are issued under and entitled to the benefits of the same indenture that authorized the issuance of the Restricted Notes.

On the expiration date of the Exchange Offer, all of the Restricted Notes had been validly tendered, and all of the outstanding Restricted Notes were exchanged for newly issued Exchange Notes.

Fair Value of 4.875% Notes Due 2026.

The 4.875% Notes Due 2026 were issued during the second quarter of 2021 and are carried at cost, net of unamortized discount of approximately $1.5 million and unamortized offering costs of approximately $692 thousand as of June 30, 2023. The fair value of the Company’s outstanding 4.875% Notes Due 2026 was approximately $105.8 million at June 30, 2023. The fair value was determined based on the recent transaction price. The 4.875% Notes Due 2026 were categorized as Level II under the ASC 820 Fair Value.

6.125% Notes Due 2022

During the third quarter of 2017, the Company issued $77.4 million in aggregate principal amount of unsecured 6.125% Notes due 2022 (the 6.125% Notes Due 2022). The net proceeds for these Notes, after the payment of underwriting expenses, were approximately $74.6 million. Interest on the 6.125% Notes Due 2022 was paid quarterly in arrears on March 30, June 30, September 30 and December 30, at a rate of 6.125%.

Redemption of 6.125% Notes due 2022

On April 30, 2021, Company notified the trustee for the Company’s 6.125% Notes due 2022 of the Company’s election to redeem the $77.4 million aggregate principal amount of the 6.125% Notes due 2022 outstanding, and instructed the trustee to provide notice of such redemption to the holders of the 6.125% Notes due 2022 in accordance with the terms of the indenture governing the 6.125% Notes due 2022. The redemption was completed on May 30, 2021. Following the redemption, none of the 6.125% Notes due 2022 remain outstanding, and they were delisted from the NASDAQ Global Select Market. In connection with the issuance of the 6.125% Notes Due 2022, the Company incurred approximately $2.9 million of debt offering costs which were being amortized over the expected term of the facility on an effective yield method. In connection with the anticipated refinancing of the 6.125% Notes Due 2022 during the first quarter of 2021, the Company wrote off approximately $1.0 million of unamortized debt offering costs which are reflected in Realized Losses on Extinguishment of Debt on the Consolidated Statement of Operations.

Assumption of HCAP Notes

In connection with the closing of the HCAP Acquisition, on June 9, 2021, the Company entered into the HCAP Third Supplemental Indenture, effective as of the closing of the HCAP Acquisition. The HCAP Third Supplemental Indenture relates to the Company’s assumption of $28.75 million in aggregate principal amount of HCAP Notes.

Pursuant to the HCAP Third Supplemental Indenture, the Company expressly assumed the due and punctual payment of the principal of (and premium, if any) and interest, if any, on the HCAP Notes and the performance of HCAP’s covenants under the base indenture, dated as of January 27, 2015, by and between HCAP and the Trustee, as supplemented by the second supplemental indenture, dated as of August 24, 2017, by and between HCAP and the Trustee. The HCAP Notes could be redeemed by the Company at any time at par value plus accrued and unpaid interest. No change of control offer was required to be made in respect of the HCAP Notes in connection with the consummation of the HCAP Acquisition.

On June 24, 2021, the Company notified the trustee for the Company’s HCAP Notes of the Company’s election to redeem the $28.75 million aggregate principal amount of the HCAP Notes outstanding, and instructed the trustee to provide notice of such redemptions to the holders of such notes in accordance with the terms of the indenture governing the HCAP Notes. The Company completed the redemption on July 23, 2021. Following the redemption, none of the HCAP Notes remain outstanding, and they were delisted from the NASDAQ Global Select Market.

Revolving Credit Facility

On December 18, 2019, Great Lakes Portman Ridge Funding LLC (“GLPRF LLC”), our wholly-owned subsidiary, entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent, U.S. Bank National Association serves as collateral agent, securities intermediary and collateral administrator, and we serve as portfolio manager under the Revolving Credit Facility.

Advances under the Revolving Credit Facility bear interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.85% per annum. GLPRF LLC is required to utilize a minimum of 80% of the commitments under the Revolving Credit Facility, after an initial six-month ramp-up period during which a lesser minimum utilization requirement applies. Unused amounts below such minimum utilization amount accrue interest as if such amounts are outstanding as borrowings under the Revolving Credit Facility. In addition, GLPRF LLC will pay a non-usage fee during the first three years after the closing date in an amount not to exceed 0.50% per annum on the average daily unborrowed portion of the financing commitments in excess of such minimum utilization amount.

The initial principal amount of the Revolving Credit Facility is $115 million. The Revolving Credit Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Revolving Credit Facility to up to $215 million. Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by GLPRF LLC and to make advances under delayed draw term loans where GLPRF LLC is a lender. All amounts outstanding under the Revolving Credit Facility must be repaid by the maturity date of December 18, 2023.

GLPRF LLC’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of GLPRF LLC’s portfolio of investments and cash. The obligations of GLPRF LLC under the Revolving Credit Facility are non-recourse to us, and our exposure under the Revolving Credit Facility is limited to the value of our investment in GLPRF LLC. In connection with the Revolving Credit Facility, GLPRF LLC has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of GLPRF LLC occurs or if we are no longer the portfolio manager of GLPRF LLC.

On April 29, 2022, GLPRF LLC amended the Revolving Credit Facility with JPM as administrative agent. The amended agreement replaces three-month SOFR as the benchmark interest rate and reduces the applicable margin to 2.80% per annum from 2.85% per annum. Other amendments include the extension of the reinvestment period and scheduled termination date to April 29, 2025 and April 29, 2026, respectively.

At June 30, 2023, GLPRF LLC was in compliance with all of its debt covenants and $78.0 million principal amount of borrowings was outstanding under the Revolving Credit Facility. The fair value of GLPRF LLC was approximately $77.1 million at June 30, 2023 and categorized as Level III under the ASC 820 Fair Value Hierarchy.

For the three months ended June 30, 2023 and 2022, interest and fees expense related to the Revolving Credit Facility was approximately$1.8 million and $0.9 million, respectively. For the six months ended June 30, 2023 and 2022, interest and fees expense related to the Revolving Credit Facility was approximately $3.6 million and $1.6 million, respectively.

2018-2 Secured Notes


($ in thousands)
June 30, 2023	Amortized Carrying Value		Outstanding Principal at Par		Spread	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	18,203	$	18,352	LIBOR + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		55,747		55,970	LIBOR + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,681		55,100	LIBOR + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	LIBOR + 3.17%	A (sf)	11/20/2029
	$	146,734	$	147,672

(1)

Represents ratings from each of S&P and DBRS for the Class A-1R-R Notes and the Class A-1T-R Notes and from S&P for the Class A-2-R Notes and Class B-R Notes as of the closing of the CLO on October 18, 2018.

(2)

The indenture governing our CLO permits the repricing or refinancing of the secured notes after November 20, 2020, which may result in the redemption of the outstanding notes occurring prior to their stated maturity.

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or three-month USD LIBOR.


($ in thousands)
December 31, 2022	Amortized Carrying Value		Outstanding Principal at Par		Spread	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	25,671	$	25,880	LIBOR + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		78,482		78,933	LIBOR + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,681		55,100	LIBOR + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	LIBOR + 3.17%	A (sf)	11/20/2029
	$	176,937	$	178,163

(1)

(2)

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or three-month USD LIBOR.

October 28, 2020 the Company completed the GARS Acquisition, pursuant to the terms and conditions of the GARS Merger Agreement. In connection therewith, the Company now consolidates the financial statements the 2018-2 CLO a $420.0 million par value CLO facility. On the date of the transaction the debt assumed was recognized at fair value, resulting in a $2.4 million discount which is amortized over the remaining term of the borrowings.

The CLO was executed by GF 2018-2 (the “Issuer”) and Portman Ridge Funding 2018-2 LLC (formerly known as Garrison Funding 2018-2 LLC, together with the Issuer, the “Co-Issuers”) who issued $312.0 million of senior secured notes (collectively referred to as the “2018-2 Secured Notes” individually defined above in the table) and $108.0 million of subordinated notes (the “2018-2 Subordinated Notes” and, together with the 2018-2 Secured Notes, the “2018-2 Notes”) backed by a diversified portfolio of primarily senior secured loans. The Company owns all $108.0 million of the 2018-2 Subordinated Notes and $18.3 million of the Class B-R Notes and serves as collateral manager for the Co-Issuers. The Company is entitled to receive interest from the Class B-R Notes, distributions from the 2018-2 Subordinated Notes and fees for serving as collateral manager in accordance with the CLO’s governing documents and to the extent funds are available for such purposes. However, as a result of retaining all of the 2018-2 Subordinated Notes, the Company consolidates the accounts of the Co-Issuers into its financial statements and all transactions between the Company and the Co-Issuers are eliminated on consolidation. As a result of this consolidation, the 2018-2 Secured Notes issued by the CLO is treated as the Company’s indebtedness, except any 2018-2 Secured Notes owned by the Company, which are eliminated in consolidation. The 2018-2 Notes are scheduled to mature on November 20, 2029, however the Co-Issuers may redeem the 2018-2 Notes on any business day after November 20, 2020. The indenture governing the 2018-2 Notes provides that, to the extent cash is available from cash collections, the holders of the 2018-2 Notes are to receive quarterly interest payments on the 20th day or, if not a business day, the next succeeding business day of February, May, August and November of each year until the stated maturity or earlier redemption. On July 18, 2019, $25.0 million outstanding of the aggregate $50.0 million Class A-1R-R Notes available under the CLO converted to Class A-1T-R Notes. On November 18, 2022, the Company drew $14.3 million of the $25.0 million unfunded Class A-1R-R Notes. The Reinvestment Period ended on November 20, 2022, and the remaining amount of the unfunded Class A1 R-R Notes terminated.

The fair value of the 2018-2 Notes approximated their carrying value on the consolidated statements of financial condition as of June 30, 2023 and are categorized as Level III under the ASC 820 Fair Value Hierarchy.

Collateralized Loan Obligation Financing Covenants

The documents governing the CLO include three overcollateralization tests which are comprised of the Class A Overcollateralization Test, the Class B Overcollateralization Test and the EoD Overcollateralization Test, each of which are individually defined below.

The documents governing the CLO include two coverage tests applicable to the 2018-2 Secured Notes as of June 30, 2023. The first test compares the amount of interest received on the collateral loans held by 2018-2 CLO to the amount of interest payable on the 2018-2 Secured Notes in respect of the amounts drawn and certain expenses. To meet this first test, at any time, the aggregate amount of interest received on the collateral loans must equal, after the payment of certain fees and expenses, at least 135.0% of the aggregate amount of interest payable on the Class A-1R-R Notes, the Class A-1T-R Notes and the Class A-2-R Notes (collectively, the “Class A-R Notes”) and 125.0% of the interest payable on the Class A-R Notes and Class B-R Notes, taken together.

The second test compares the aggregate assets that serve as collateral for the 2018-2 Secured Notes, or the Total Capitalization, as defined and calculated in accordance with the indenture, to the aggregate outstanding principal amount of the 2018-2 Secured Notes in respect of the amounts drawn. To meet this second test at any time, the Total Capitalization must equal at least (1) 128.0% of the aggregate outstanding principal amount of the Class A-R Notes (“Class A Overcollateralization Test”), and (2) 118.2% of the aggregate principal amount of the Class A-R Notes and Class B-R Notes, taken together (the test in clause (2), the “Class B Overcollateralization Test”).

If the coverage tests are not satisfied with respect to a quarterly payment date, the CLO may be required to apply amounts to the repayment of interest on and principal of the 2018-2 Notes prior to their maturity to the extent necessary to satisfy the applicable coverage tests. As a result, there may be reduced funds available for 2018-2 CLO to make additional investments or to make distributions on the 2018-2 Notes held by the Company. Additionally, compliance was measured on each day collateral loans are purchased, originated or sold and in connection with monthly reporting to the note holders.

Furthermore, if under the second coverage test the Total Capitalization equals 125.0% or less of the aggregate outstanding principal amount on the Class A-1R-R and Class A-1T-R Notes (“EoD Overcollateralization Test”), taken together remained so for ten business days, an event of default would be deemed to have occurred.

As of June 30, 2023, the trustee for the CLO has asserted that the Class A Overcollateralization Test, Class B Overcollateralization, and the EoD Overcollateralization Test were met.

Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table.


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)		Average Market Value per Unit(4)
($ in thousands)
Fiscal 2011	$	60,000		4,009		—	N/A
Fiscal 2012		101,400		3,050		—	N/A
Fiscal 2013		192,592		2,264		—	N/A
Fiscal 2014		223,885		2,140		—	N/A
Fiscal 2015		208,049		2,025		—	N/A
Fiscal 2016		180,881		2,048		—	N/A
Fiscal 2017		104,407		2,713		—	N/A
Fiscal 2018		103,763		2,490		—	N/A
Fiscal 2019(5)		156,978		1,950		—	N/A
Fiscal 2020(6)		377,910		1,560		—	N/A
Fiscal 2021(7)		352,434		1,780		—	N/A
Fiscal 2022(8)		378,163		1,601		—	N/A
March 31, 2023(9)		358,288		1,616		—	N/A
June 30, 2023(10)		333,672		1,632		—	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 PTMN’s 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, except with respect to the 7.375% Notes Due 2019 and the 6.125% Notes Due 2022, as other debt securities are not registered for public trading. For the years ended December 31, 2017, 2016, 2015, 2014, 2013 and for the period from October 17, 2012 (date of issuance) to December 31, 2012, the average market value per $1,000 of par value of the 7.375% Notes Due 2019 was $1,016.04, $1,000.00, $1,011.96, $1,037.72, $1,032.96 and $1,012.28, respectively. For the years-ended December 31, 2020, 2019 and 2018 and for the period from August 14, 2017 (date of issuance) to December 31, 2017, the average market value per $1,000 of par value of the 6.125% Notes Due 2022 was $953.20, $1,009.93, $1,009.20 and $1,006.00, respectively. Average market value is computed by taking the daily average of the closing prices for the period.

(5)

As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facilities of $79,571.

(6)

As of December 31, 2020, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $76,726, Revolving Credit Facilities of $49,321 and 2018-2 Secured Notes of $251,863.

(7)

As of December 31, 2021, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $80,571 and 2018-2 Secured Notes of $163,863.

(8)

As of December 31, 2022, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $92,000 and 2018-2 Secured Notes of $178,163.

(9)

As of March 31, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $79,000 and 2018-2 Secured Notes of $171,288.

(10)

As of June 30, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $78,000 and 2018-2 Secured Notes of $147,672

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Name Accounting Standards Codification
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Commitments and Contingencies - Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	$ 25,721	$ 34,959
Accordion Partners LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		698
Accordion Partners LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		872
Accordion Partners LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		1,531
Accordion Partners LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,531
AMCP Pet Holdings, Inc. \| Revolving Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	250
Analogic Corporation \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		23
Anthem Sports & Entertainment Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	83	83
Beta Plus Technologies, Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		2,415
BetaNXT, Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	2,415
Bradshaw International Parent Corp. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		922
Bradshaw International Parent Corp. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	922
Bristol Hospice \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		55
Centric Brands Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		428
Centric Brands Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	331	58
Centric Brands Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	97
Critical Nurse Staffing, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		3,094
Critical Nurse Staffing, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	3,094
Critical Nurse Staffing, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		1,400
Critical Nurse Staffing, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,080
Dentive, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	234	234
Dentive, LLC \| Delayed Draw Term Loan - First Lien
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		748
Dentive, LLC \| Delayed Draw Term Loan - First Lien
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	677
GreenPark Infrastructure, LLC \| Preferred Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,829	1,829
H.W. Lochner, Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,799	1,799
Keg Logistics LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		436
Luminii LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	172	172
Marble Point Credit Management LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		2,500
Maxor National Pharmacy Services, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		585
Naviga Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	77	77
Netwrix Corporation \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	861	1,148
Netwrix Corporation \| Delayed Draw Term Loan - First Lien
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	973	1,017
PhyNet Dermatology LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	690
Premier Imaging, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		1,378
Premier Imaging, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,378
Series A-Great Lakes Funding II LLC \| Joint Venture
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	2,011	8,038
TA/WEG Holdings, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		2,634
TA/WEG Holdings, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,463
TA/WEG Holdings, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		784
TA/WEG Holdings, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	784
TLE Holdings, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		$ 2
TLE Holdings, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	2
VBC Spine Opco LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	2,581
VBC Spine Opco LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	$ 387

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands

Jun. 09, 2021

Oct. 28, 2020

Jun. 30, 2023

Dec. 31, 2022

Common stock issued by the Company

$ 95

$ 96

GARS Acquisition

Common stock issued by the Company

^[1]

$ 38,765

Cash consideration to GARS / HCAP shareholders

24,100

Transaction costs

1,168

Total purchase consideration

64,033

Assets acquired:

Investments, at fair value

317,803

Cash

35,361

Interest receivable

1,871

Other assets

2,088

Total assets acquired

357,123

Liabilities assumed:

Debt

251,213

Other liabilities

1,455

Total liabilities assumed

252,668

Net assets acquired

104,455

Total purchase discount

$ (40,422)

HCAP Acquisition

Common stock issued by the Company

^[2]

$ 37,063

Cash consideration to GARS / HCAP shareholders

^[3]

20,688

Transaction costs

881

Total purchase consideration

58,632

Assets acquired:

Investments, at fair value

57,621

Cash

32,119

Interest receivable

431

Other assets

2,665

Total assets acquired

92,836

Liabilities assumed:

Debt

28,750

Other liabilities

1,645

Total liabilities assumed

30,395

Net assets acquired

62,441

Total purchase discount

$ (3,809)

[1]	Based on the market price at closing of $1.26 as of October 28, 2020 and the 30,765,640 shares of common stock issued by the Company in conjunction with the merger.
[2]	Based on the market price at closing of $2.43 as of June 9, 2021 and the 15,252,453 shares of common stock issued by the Company in conjunction with the merger.
[3]	Approximately $18.5 million cash consideration paid by the Company plus $2.15 million cash payment paid at closing directly to shareholders of HCAP from the Adviser.

Investments - Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 471,170

$ 465,706

(10,599)

^[1]

(17,056)

^[2]

10,286

^[3]

19,847

^[4]

Net accretion

5,012

8,090

Purchases

18,702

110,066

(68,959)

(84,189)

Change in unrealized gain (loss) included in earnings

(9,492)

(19,453)

(9,544)

7,135

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

406,576

490,146

(14,280)

8,689

Debt securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

410,144

392,432

(10,599)

^[1]

(17,056)

^[2]

10,286

^[3]

19,847

^[4]

Net accretion

3,635

5,528

Purchases

18,298

106,839

(66,460)

(78,318)

Change in unrealized gain (loss) included in earnings

(1,191)

(13,198)

(7,120)

6,045

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

356,993

422,119

(12,868)

(7,781)

Equity Securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

21,905

20,992

Purchases

404

3,227

(1,526)

(3,347)

Change in unrealized gain (loss) included in earnings

1,175

471

(1,945)

1,988

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

20,013

23,331

(933)

2,419

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

20,453

31,632

Net accretion

1,377

2,562

(973)

(4,611)

Change in unrealized gain (loss) included in earnings

(9,476)

(4,631)

1,615

(681)

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

12,996

24,271

1,615

(681)

Joint Ventures

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Change in unrealized gain (loss) included in earnings

18,668

23,062

(2,094)

(2,659)

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

16,574

20,403

$ (2,094)

(2,658)

Derivatives

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

(2,412)

2,087

Change in unrealized gain (loss) included in earnings

(2,095)

2,442

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

$ 12

[1]	Transfers out of Level III represent a transfer of $10.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of June 30, 2023.
[2]	Transfers out of Level III represent a transfer of $17.1 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of June 30, 2022.
[3]	Transfers into Level III represent a transfer of $10.3 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of June 30, 2023.
[4]	Transfers into Level III represent a transfer of $19.8 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of June 30, 2022.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

On August 8, 2023, the Company's Board declared a cash distribution of $0.69 per share of common stock. The distribution is payable on August 31, 2023 to stockholders of record at the close of business as of August 22, 2023.

The Company has evaluated events and transactions occurring subsequent to June 30, 2023 for items that should potentially be recognized or disclosed in these financial statements. Other than as described above, management has determined that there are no other material subsequent events that would require adjustment to, or disclosure in, these unaudited consolidated financial statements.

N-2	6 Months Ended
N-2	Jun. 30, 2023
Cover [Abstract]
Entity Central Index Key	0001372807
Amendment Flag	false
Securities Act File Number	814-00735
Document Type	10-Q
Entity Registrant Name	Portman Ridge Finance Corporation
Entity Address, Address Line One	650 Madison Avenue
Entity Address, Address Line Two	23rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	891-2880
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Risk Factors [Table Text Block]	Item 1A. Risk Factors Other than the items noted below, there have been no material changes during quarter ended June 30, 2023 to the risk factors that were included in our Annual Report on Form 10-K for the year ended December 31, 2022. We, our Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties. Our cash and our Adviser’s cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Adviser’s and our portfolio companies’ business, financial condition, results of operations or prospects. Although we and our Adviser assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us, our Adviser or our portfolio companies, the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.

Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Interest income:

Total interest income

$ 15,412

$ 11,506

$ 31,107

$ 24,764

966

1,292

2,566

2,674

Dividend income:

Total fees and other income

2,329

2,071

4,788

4,179

Fees and other income

919

175

1,492

371

Total investment income

19,626

15,044

39,953

31,988

EXPENSES

Management fees

1,869

2,088

3,822

4,223

Performance-based incentive fees

1,680

1,169

3,488

2,847

Interest and amortization of debt issuance costs

6,372

3,889

12,704

7,233

Professional fees

699

879

1,302

1,724

Administrative services expense

659

822

1,330

1,669

Other general and administrative expenses

432

675

863

862

Total expenses

11,711

9,522

23,509

18,558

NET INVESTMENT INCOME

7,915

5,522

16,444

13,430

Net realized gains (losses) from investment transactions:

Net realized gain (loss) from derivatives

(2,095)

Net realized gain (loss) on investments

(6,471)

(13,991)

(9,556)

(19,544)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on derivatives

2,442

Net unrealized gain (loss) on investments

(4,176)

113

(10,136)

2,256

Tax (provision) benefit on realized and unrealized gains (losses) on investments

(164)

(77)

407

(517)

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

(10,811)

(13,955)

(19,285)

(17,805)

Realized gains (losses) on extinguishments of debt

(218)

^[1]

Net increase (decrease) in net assets resulting from operations

$ (3,114)

$ (8,433)

$ (3,059)

^[1]

$ (4,375)

^[1]

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Basic

$ (0.33)

$ (0.88)

$ (0.32)

^[2]

$ (0.45)

^[2]

Diluted

(0.33)

(0.88)

(0.32)

(0.45)

Net Investment Income Per Common Share:

Basic and Diluted:

$ 0.83

$ 0.57

$ 1.72

$ 1.39

Weighted Average Shares of Common Stock Outstanding - Basic

9,541,722

9,634,870

9,548,424

9,666,298

Weighted Average Shares of Common Stock Outstanding - Diluted

9,541,722

9,634,870

9,548,424

9,666,298

Non-controlled/Non-affiliated Investments

Interest income:

Total interest income

$ 14,786

$ 10,649

$ 29,632

$ 23,316

Total fees and other income

^[3]

859

1,199

2,386

2,325

Fees and other income

905

175

1,478

371

Net realized gains (losses) from investment transactions:

Net realized gain (loss) from investments

(5,267)

(14,109)

(8,352)

(17,779)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

(5,478)

4,870

(8,535)

5,699

Non-controlled Affiliated Investments

Interest income:

Total interest income

626

857

1,475

1,448

107

180

329

Dividend income:

Total fees and other income

1,864

1,005

3,248

1,950

Fees and other income

Net realized gains (losses) from investment transactions:

Net realized gain (loss) from investments

(1,124)

118

(1,124)

330

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

766

(1,329)

455

(1,212)

Controlled Affiliated Investments

Dividend income:

Net realized gains (losses) from investment transactions:

465

1,066

1,540

2,229

Net realized gain (loss) from investments

(80)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

$ 536

$ (3,428)

$ (2,056)

$ (4,673)

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.
[3]	(1) During the three and six months ended June 30, 2023, the Company received $191.2 thousand and $492.4 thousand, respectively of non-recurring fee income that was paid in-kind and included in this financial statement line item.

Investments - Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value (Parenthetical) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 10,599

^[1]

$ 17,056

^[2]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

10,286

^[3]

19,847

^[4]

Debt securities

10,599

^[1]

17,056

^[2]

$ 10,286

^[3]

$ 19,847

^[4]

[1]	Transfers out of Level III represent a transfer of $10.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of June 30, 2023.
[2]	Transfers out of Level III represent a transfer of $17.1 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of June 30, 2022.
[3]	Transfers into Level III represent a transfer of $10.3 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of June 30, 2023.
[4]	Transfers into Level III represent a transfer of $19.8 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of June 30, 2022.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required for annual consolidated financial statements. The unaudited interim consolidated financial statements (“consolidated financial statements”) and notes thereto should be read in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). The Company is an investment company and follows accounting and reporting guidance in Accounting Standards Codification (“ASC”) topic 946 – Financial Services – Investment Companies. The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. Furthermore, the preparation of the consolidated financial statements requires the Company to make significant estimates and assumptions including with respect to the fair value of investments that do not have a readily available market value. Actual results could differ from those estimates, and the differences could be material. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for the full year. The Company consolidates the financial statements of its wholly-owned special purpose financing subsidiaries Portman Ridge Funding 2018-2 Ltd. (“PRF CLO 2018-2”) (formerly known as Garrison Funding 2018-2 Ltd.), Great Lakes KCAP Funding I LLC, Kohlberg Capital Funding I LLC, KCAP Senior Funding I, LLC, KCAP Funding I Holdings, LLC, Great Lakes Portman Ridge Funding, LLC and HCAP ICC, LLC in its consolidated financial statements as they are operated solely for investment activities of the Company. The creditors of Great Lakes Portman Ridge Funding, LLC received security interests in the assets which are owned by them and such assets are not intended to be available to the creditors of Portman Ridge Finance Corporation., or any other affiliate. The Company also consolidates various subsidiaries (KCAP Coastal, LLC, PTMN Sub Holdings, LLC, OHA Funding, LP, Garrison Capital Equity Holdings I LLC, Garrison Capital Equity Holdings II, LLC, Garrison Capital Equity Holdings VIII LLC, Garrison Capital Equity Holdings XI LLC, GIG Rooster Holdings, LLC, HCAP Equity Holdings, LLC and PTMN Sub Holdings LLC) created primarily to provide specific tax treatment for the equity and other investments held by these entities. In accordance with Article 6 of Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company does not consolidate portfolio company investments, including those in which it has a controlling interest. The determination of the tax character of distributions is made on an annual (full calendar year) basis at the end of the year based upon our taxable income for the full year and the distributions paid during the full year. Therefore, an estimate of tax attributes made on a quarterly basis may not be representative of the actual tax attributes of distributions for a full year. It is the Company’s primary investment objective to generate current income and capital appreciation by lending directly to privately-held middle market companies. During the quarter ended June 30, 2023, the Company provided approximately $16.7 million to portfolio companies. Approximately $6.3 million of this support was contractually obligated. See also Note 8 – Commitments and Contingencies. As of June 30, 2023, the Company held loans it has made to 85 investee companies with aggregate principal amounts of approximately $462.1 million. The details of such loans have been disclosed on the unaudited consolidated schedule of investments as well as in Note 4 – Investments. In addition to providing loans to investee companies, from time to time the Company assists investee companies in securing financing from other sources by introducing such investee companies to sponsors or by, among other things, leading a syndicate of lenders to provide the investee companies with financing. During the six months ended June 30, 2023 and 2022, the Company did not recognize any fee income from such or similar activities.
Investments	Investments Investment transactions are recorded on the applicable trade date. Realized gains or losses are determined using the specific identification method. Valuation of Portfolio Investments. The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for making fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5. Debt and equity securities for which market quotations are readily available are generally valued at such market quotations. Debt and equity securities that are not publicly traded or whose market price is not readily available are valued by the Adviser based on detailed analyses prepared by management and, in certain circumstances, third parties with valuation expertise. Valuations are conducted by management on 100% of the investment portfolio at the end of each quarter. The Company follows the provisions of ASC 820: Fair Value Measurements and Disclosures (“ASC 820: Fair Value”). This standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about assets and liabilities measured at fair value. ASC 820: Fair Value defines “fair value” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Adviser utilizes one or more independent valuation firms to provide third party valuation consulting services. Each quarter the independent valuation firms perform third party valuations of the Company’s investments in material illiquid securities such that they are reviewed at least once during a trailing 12-month period. These third-party valuation estimates are considered as one of the relevant data points in the Adviser’s determination of fair value. The Adviser may consider other methods of valuation than those set forth below to determine the fair value of Level III investments as appropriate in conformity with GAAP. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ materially from the values that would have been used had a readily available market existed for such investments. Further, such investments may be generally subject to legal and other restrictions on resale or otherwise be less liquid than publicly traded securities. In addition, changes in the market environment and other events may occur over the life of the investments that may cause the value realized on such investments to be different from the currently assigned valuations. The majority of the Company’s investment portfolio is composed of debt and equity securities with unique contract terms and conditions and/or complexity that requires a valuation of each individual investment that considers multiple levels of market and asset specific inputs, which may include historical and forecasted financial and operational performance of the individual investment, projected cash flows, market multiples, comparable market transactions, the priority of the security compared with those of other securities for such issuers, credit risk, interest rates, and independent valuations and reviews. Debt Securities. To the extent that the Company’s investments are liquid and are priced or have sufficient price indications from normal course trading at or around the valuation date (financial reporting date), such pricing will be used to determine the fair value of the investments. Valuations from third party pricing services may be used as an indication of fair value, depending on the volume and reliability of the valuation, sufficient and reasonable correlation of bid and ask quotes, and, most importantly, the level of actual trading activity. However, if the Company has been unable to identify directly comparable market indices or other market guidance that correlate directly to the types of investments the Company owns, the Company will determine fair value using alternative methodologies such as available market data, as adjusted, to reflect the types of assets the Company owns, their structure, qualitative and credit attributes and other asset-specific characteristics. The Company derives fair value for its illiquid investments that do not have indicative fair values based upon active trades primarily by using a present value technique that discounts the estimated contractual cash flows for the subject assets with discount rates imputed by broad market indices, bond spreads and yields for comparable issuers relative to the subject assets (the “Income Approach”). The Company also considers, among other things, recent loan amendments or other activity specific to the subject asset. Discount rates applied to estimated contractual cash flows for an underlying asset vary by specific investment, industry, priority and nature of the debt security (such as the seniority or security interest of the debt security) and are assessed relative to leveraged loan and high-yield bond indices, at the valuation date. The Company has identified these indices as benchmarks for broad market information related to its loan and debt securities. Because the Company has not identified any market index that directly correlates to the loan and debt securities held by the Company and therefore uses these benchmark indices, these market indices may require significant adjustment to better correlate such market data for the calculation of fair value of the investment under the Income Approach. Such adjustments require judgment and may be material to the calculation of fair value. Further adjustments to the discount rate may be applied to reflect other market conditions or the perceived credit risk of the borrower. When broad market indices are used as part of the valuation methodology, their use is subject to adjustment for many factors, including priority, collateral used as security, structure, performance and other quantitative and qualitative attributes of the asset being valued. The resulting present value determination is then weighted along with any quotes from observable transactions and broker/pricing quotes. If such quotes are indicative of actual transactions with reasonable trading volume at or near the valuation date that are not liquidation or distressed sales, relatively more reliance will be put on such quotes to determine fair value. If such quotes are not indicative of market transactions or are insufficient as to volume, reliability, consistency or other relevant factors, such quotes will be compared with other fair value indications and given relatively less weight based on their relevancy. Other significant assumptions, such as coupon and maturity, are asset-specific and are noted for each investment in the Consolidated Schedules of Investments included herein. Equity Securities. The Company’s equity securities in portfolio companies for which there is no liquid public market are carried at fair value based on the enterprise value of the portfolio company, which is determined using various factors, including EBITDA (earnings before interest, taxes, depreciation and amortization) and discounted cash flows from operations, less capital expenditures and other pertinent factors, such as recent offers to purchase a portfolio company’s securities or other liquidation events. The determined fair values are generally discounted to account for restrictions on resale and minority ownership positions. In the event market quotations are readily available for the Company’s equity securities in public companies, those investments may be valued using the Market Approach (as defined below). In cases where the Company receives warrants to purchase equity securities, a market standard Black-Scholes model is utilized. The significant inputs used to determine the fair value of equity securities include prices, EBITDA and cash flows after capital expenditures for similar peer comparables and the investment entity itself. Equity securities are classified as Level III, when there is limited activity or less transparency around inputs to the valuation given the lack of information related to such equity investments held in nonpublic companies. Significant assumptions observed for comparable companies are applied to relevant financial data for the specific investment. Such assumptions, such as model discount rates or price/earnings multiples, vary by the specific investment, equity position and industry and incorporate adjustments for risk premiums, liquidity and company specific attributes. Such adjustments require judgment and may be material to the calculation of fair value. Derivatives. The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. The Company generally records a realized gain or loss on the expiration, termination, or settlement of a derivative contract. The periodic payments for the securities Swap and Option Agreement (excluding collateral) are included as a realized gain or loss. The Company values derivative contracts using various pricing models that take into account the terms of the contract (including notional amount and contract maturity) and observable and unobservable inputs such as interest rates and changes in fair value of the reference asset. Asset Manager Affiliates. The Company sold all of its investment in the Disposed Manager Affiliates on December 31, 2018. Previously, the Company’s investments in its wholly-owned Asset Manager Affiliates, were carried at fair value, which was primarily determined utilizing the discounted cash flow approach, which incorporated different levels of discount rates depending on the hierarchy of fees earned (including the likelihood of realization of senior, subordinate and incentive fees) and prospective modeled performance. Such valuation took into consideration an analysis of comparable asset management companies and the amount of assets under management. The Asset Manager Affiliates were classified as a Level III investment. Any change in value from period to period was recognized as net change in unrealized appreciation or depreciation. CLO Fund Securities. The Company typically makes a non-controlling investment in the most junior class of securities of CLO Funds. The investments held by CLO Funds generally relate to non-investment grade credit instruments issued by corporations. The Company’s investments in CLO Fund Securities are carried at fair value, which is based either on (i) the present value of the net expected cash inflows for interest income and principal repayments from underlying assets and cash outflows for interest expense, debt pay-down and other fund costs for the CLO Funds that are approaching or past the end of their reinvestment period and therefore are selling assets and/or using principal repayments to pay down CLO Fund debt (or will begin to do so shortly), and for which there continue to be net cash distributions to the class of securities owned by the Company, a Discounted Cash Flow approach, (ii) a discounted cash flow model that utilizes prepayment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow and comparable yields for similar securities or preferred shares to those in which the Company has invested, or (iii) indicative prices provided by the underwriters or brokers who arrange CLO Funds, a Market Approach. The Company recognizes unrealized appreciation or depreciation on the Company’s investments in CLO Fund Securities as comparable yields in the market change and/or based on changes in net asset values or estimated cash flows resulting from changes in prepayment or loss assumptions in the underlying collateral pool. As each investment in CLO Fund Securities ages, the expected amount of losses and the expected timing of recognition of such losses in the underlying collateral pool are updated and the revised cash flows are used in determining the fair value of the CLO Fund investment. The Company determines the fair value of its investments in CLO Fund Securities on a security-by-security basis. Due to the individual attributes of each CLO Fund Security, they are classified as a Level III investment unless specific trading activity can be identified at or near the valuation date. When available, observable market information will be identified, evaluated and weighted accordingly in the application of such data to the present value models and fair value determination. Significant assumptions to the present value calculations include default rates, recovery rates, prepayment rates, investment/reinvestment rates and spreads and the discount rate by which to value the resulting underlying cash flows. Such assumptions can vary significantly, depending on market data sources which often vary in depth and level of analysis, understanding of the CLO market, detailed or broad characterization of the CLO market and the application of such data to an appropriate framework for analysis. The application of data points are based on the specific attributes of each individual CLO Fund Security’s underlying assets, historic, current and prospective performance, vintage, and other quantitative and qualitative factors that would be evaluated by market participants. The Company evaluates the source of market data for reliability as an indicative market input, consistency amongst other inputs and results and also the context in which such data is presented. For rated note tranches of CLO Fund Securities (those above the junior class) without transactions to support a fair value for the specific CLO Fund and tranche, fair value is based on discounting estimated bond payments at current market yields, which may reflect the adjusted yield on the leveraged loan index for similarly rated tranches, as well as prices for similar tranches for other CLO Funds and also other factors such as indicative prices provided by underwriters or brokers who arrange CLO Funds, and the default and recovery rates of underlying assets in the CLO Fund, as may be applicable. Such model assumptions may vary and incorporate adjustments for risk premiums and CLO Fund specific attributes. Short-term investments. Short-term investments are generally comprised of money market accounts, time deposits, and U.S. treasury bills. Joint Ventures. The Company carries investments in joint ventures (“Joint Ventures”) at fair value based upon the fair value of the investments held by the joint venture, or the net asset value as a practical expedient. See Note 4 below, for more information regarding the Joint Ventures.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments, readily convertible to known amounts of cash, with an original maturity of three months or less in accounts such as demand deposit accounts and certain overnight investment sweep accounts. The company records cash and cash equivalents at cost, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash and cash equivalents generally consists of cash held for interest and principal payments on the Company’s borrowings.
Foreign Currency Translations	Foreign Currency Translations The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Investment Income	Investment Income Interest Income. Interest income, including the amortization of premium and accretion of discount and accrual of payment-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company generally places a loan or security on non-accrual status and ceases recognizing interest income on such loan or security when a loan or security becomes 90 days or more past due or if the Company otherwise does not expect the debtor to be able to service its debt obligations. For investments with PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, we will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible (i.e. via a partial or full non-accrual). Loans which are on partial or full non-accrual remain in such status until the borrower has demonstrated the ability and intent to pay contractual amounts due or such loans become current. As of June 30, 2023, seven of our debt investments were on non-accrual status. Generally, the Company will capitalize loan origination fees, then amortize these fees into interest income over the term of the loan using the effective interest rate method, recognize prepayment and liquidation fees upon receipt and equity structuring fees as earned, which generally occurs when an investment transaction closes. Investment Income on CLO Fund Securities. The Company generates investment income from its investments in the most junior class of securities issued by CLO Funds (typically preferred shares or subordinated securities). The Company’s CLO Fund junior class securities are subordinated to senior note holders who typically receive a stated interest rate of return based on a floating rate index, such as the London Interbank Offered Rate (“LIBOR”) on their investment. The CLO Funds are leveraged funds and any excess cash flow or “excess spread” (interest earned by the underlying securities in the fund less payments made to senior note holders and less fund expenses and management fees) is paid to the holders of the CLO Fund’s subordinated securities or preferred shares. GAAP-basis investment income on CLO equity investments is recorded using the effective interest method in accordance with the provisions of ASC 325-40, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated projected future cash flows due to changes in prepayments and/or re-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield prospectively over the remaining life of the investment from the date the estimated yield was changed. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from both the tax–basis investment income and from the cash distributions actually received by the Company during the period. For non-junior class CLO Fund Securities, interest is earned at a fixed spread relative to the LIBOR index. Investment Income on Joint Ventures. The Company recognizes investment income on its investment in the Joint Ventures based upon its share of the estimated earnings and profits of the Joint Venture on the ex-dividend or ex-distribution date. The final determination of the tax attributes of distributions from the Joint Ventures is made on an annual (full calendar year) basis at the end of the year based upon taxable income and distributions for the full year. Therefore, any estimate of tax attributes of distributions made on an interim basis may not be representative of the actual tax attributes of distributions for the full year. Fees and other income. Origination fees (to the extent services are performed to earn such income), amendment fees, consent fees, and other fees associated with investments in portfolio companies are recognized as income when they are earned. Prepayment penalties received by the Company for debt instruments repaid prior to maturity date are recorded as income upon receipt.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs represent fees and other direct costs incurred in connection with the Company’s borrowings. These amounts are capitalized, presented as a reduction of debt, and amortized using the effective interest method over the expected term of the borrowing.
Extinguishment of Debt	Extinguishment of Debt The Company derecognizes a liability if and only if it has been extinguished through delivery of cash, delivery of other financial assets, delivery of goods or services, or reacquisition by the Company of its outstanding debt securities whether the securities are cancelled or held. If the debt contains a cash conversion option, the Company allocates the consideration transferred and transaction costs incurred to the extinguishment of the liability component and the reacquisition of the equity component and recognize a gain or loss in the statement of operations.
Expenses	Expenses The Company is externally managed and in connection with the Advisory Agreement, pays the Adviser certain investment advisory fees and reimburses the Adviser and Administrator for certain expenses incurred in connection with the services they provide. See Note 5 “Related Party Transactions - Payment of Expenses under the Advisory and Administration Agreements.”
Shareholder Distributions	Shareholder Distributions Distributions to common stockholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board each quarter. The Company has adopted a dividend reinvestment plan (the "DRIP") that provides for reinvestment of its distributions on behalf of its stockholders, unless a stockholder “opts out” of the DRIP to receive cash in lieu of having their cash distributions automatically reinvested in additional shares of the Company’s common stock.

Borrowings - Additional Information (Details)

3 Months Ended

6 Months Ended

12 Months Ended

Nov. 18, 2022

USD ($)

Jun. 23, 2021

USD ($)

Jun. 09, 2021

USD ($)

Apr. 30, 2021

USD ($)

Dec. 18, 2019

USD ($)

Jul. 18, 2019

USD ($)

Jun. 30, 2023

USD ($)

Jun. 30, 2022

USD ($)

Sep. 30, 2017

USD ($)

Jun. 30, 2023

USD ($)

CoverageTest

Jun. 30, 2022

USD ($)

Dec. 31, 2022

USD ($)

Mar. 31, 2023

USD ($)

Apr. 29, 2022

Apr. 28, 2022

Dec. 31, 2021

USD ($)

Jul. 23, 2021

USD ($)

Jun. 24, 2021

USD ($)

Dec. 31, 2020

USD ($)

Oct. 28, 2020

USD ($)

Dec. 31, 2019

USD ($)

Weighted average stated interest rate on debt outstanding

6.70%

6.10%

Weighted average maturity on debt outstanding

4 years 4 months 24 days

5 years

Principal amount of borrowings

$ 77,059,000

$ 90,893,000

Gain (Loss) on Extinguishment of Debt

329,634,000

373,308,000

(218,000)

^[1]

GLPRF LLC | SOFR

CLO Facility | GARS Acquisition

Effective interest

2.80%

2.85%

Discount amortized over the remaining term

$ 420,000,000.0

2,400,000

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

78,000,000

92,000,000

$ 79,000,000

$ 80,571,000

$ 49,321,000

$ 79,571,000

Unamortized debt offering costs

2.85%

941,000

$ 941,000

1,107,000

Percentage of minimum commitments utilization requirement

80.00%

Percentage of average daily unborrowed portion of financing commitments

0.50%

Initial principal amount

$ 115,000,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 215,000,000

Maturity date

Dec. 18, 2023

Principal amount of borrowings

78,000,000.0

$ 78,000,000.0

Interest and fees expense

1,800,000

$ 900,000

3,600,000

$ 1,600,000

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | Level III

77,059,000

$ 90,893,000

Fair value of borrowings

77,100,000

$ 77,100,000

Unsecured Debt

Debt instrument, redemption price, percentage

100.00%

2018-2 Secured Notes Class B-R Notes

18,300,000

Nov. 20, 2029

^[2]

Nov. 20, 2029

^[3]

2018-2 Secured Notes Class A-1R-R Notes

18,103,000

$ 18,103,000

$ 50,000,000.0

Nov. 20, 2029

^[2]

Nov. 20, 2029

^[3]

Debt instrument converted amount

18,203,000

$ 18,203,000

$ 25,671,000

25,000,000.0

Drew Amount

$ 14,300,000

Debt Instrument redemption, amount

$ 25,000,000.0

Class A-R Notes

Percentage of aggregate amount of interest payable for first coverage test

135.00%

Percentage of aggregate outstanding principal amount

128.00%

Class A-R Notes and B-R Notes

Percentage of aggregate amount of interest payable for first coverage test

125.00%

Percentage of aggregate outstanding principal amount

118.20%

Class A-1R-R and Class A-1T-R Notes

Percentage of capitalization

125.00%

4.875% Notes Due 2026

Debt instrument, issuance date

Apr. 30, 2021

Debt discount

$ 2,430,000

1,467,000

$ 1,467,000

1,704,000

Debt offering costs

1,200,000

Fair value of outstanding debt

105,800,000

Unamortized debt offering costs

692,000

818,000

4.875% Notes Due 2026 | Unsecured Debt

105,841,000

105,478,000

108,000,000

$ 108,000,000

108,000,000

4.875%

Debt instrument, frequency of periodic payment

Apr. 30, 2026

semi-annually

Debt instrument, date of first required payment

Sep. 16, 2021

4.875% Notes Due 2026 | Private Placement

4.875% Notes Due 2026 | Private Placement | Unsecured Debt

4.875%

$ 28,000,000

$ 80,000,000

Proceeds from offering of notes

4.875%

$ 27,400,000

Proceeds from offering of notes

$ 77,700,000

6.125% Notes Due 2022

Debt instrument, frequency of periodic payment

6.125%

quarterly

Debt offering costs

$ 2,900,000

Debt Instrument redemption, amount

$ 77,400,000

Debt instrument, redemption start date

Apr. 30, 2021

Debt instrument, redemption end date

May 30, 2021

Gain (Loss) on Extinguishment of Debt

$ 1,000,000.0

6.125% Notes Due 2022 | Unsecured Debt

$ 77,400,000

76,726,000

$ 77,407,000

Proceeds from offering of notes

6.125%

$ 74,600,000

HCAP Notes

$ 28,750,000

6.125%

Debt Instrument redemption, amount

Sep. 15, 2022

$ 28,750,000

147,672,000

$ 147,672,000

178,163,000

$ 171,288,000

$ 163,863,000

$ 251,863,000

312,000,000.0

Debt discount

938,000

1,226,000

Number of coverage tests | CoverageTest

$ 146,734,000

$ 176,937,000

2018-2 Subordinated Notes

$ 108,000,000.0

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	The indenture governing our CLO permits the repricing or refinancing of the secured notes after November 20, 2020, which may result in the redemption of the outstanding notes occurring prior to their stated maturity.
[3]	The indenture governing our CLO permits the repricing or refinancing of the secured notes after November 20, 2020, which may result in the redemption of the outstanding notes occurring prior to their stated maturity.

Investments - Summary of Details Investments in Affiliates (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

$ 576,478

$ 510,100

510,100

$ 576,478

Investment, Identifier [Axis]: CLO Fund Securities Net Asset Value at Fair Value

2,329

$ 2,071

4,788

$ 4,179

^[1]

20,453

12,996

^[2]

12,996

^[2]

20,453

^[1]

^[1],[3],[4]

3,232

^[1],[3],[4]

3,232

^[1],[3],[4]

4,753

^[1],[3],[4]

4,753

^[1],[3],[4]

868

^[1],[3],[4]

868

^[1],[3],[4]

4,020

^[1],[3],[4]

4,020

^[1],[3],[4]

7,580

^[1],[3],[4]

7,580

^[2],[5],[6]

2,032

^[2],[5],[6]

4,647

^[2],[5],[6]

626

^[2],[5],[6]

1,747

Investment, Identifier [Axis]: Controlled Affiliates BMP Slappey Investment II Industry Classification - Telecommunications

^[2],[5],[6]

3,944

^{[7],[8],[9],[10]}

206

219

^{[7],[8],[9],[10]}

(13)

^{[7],[8],[9],[10]}

206

Investment, Identifier [Axis]: Controlled Affiliates Flight Lease VII Industry Classification - Aerospace and Defense

^{[7],[8],[9],[10]}

88,946

^[12]

242

^{[11],[13],[14]}

256

^[8],[9],[15]

256

^[8],[9],[15]

^{[11],[12],[13],[14]}

(200)

^[12],[13]

^[11],[14]

(14)

^[9],[15]

^{[11],[12],[13],[14]}

(80)

^{[11],[12],[13],[14]}

242

Investment, Identifier [Axis]: Controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity

^{[9],[12],[13],[15]}

1,938

^{[7],[8],[9],[10]}

500

^{[7],[8],[9],[10]}

500

^{[7],[8],[9],[10]}

500

Investment, Identifier [Axis]: Controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity One

^{[7],[8],[9],[10]}

1,000

^{[7],[8],[9],[10],[16]}

171

^{[7],[8],[9],[10],[16]}

171

^{[7],[8],[9],[10],[16]}

171

Investment, Identifier [Axis]: Controlled Affiliates KCAP Freedom 3, LLC Industry Classification - Joint Venture

^{[7],[8],[9],[10],[16]}

500

^{[11],[12],[17]}

18,668

23,062

^[12],[17]

(2,094)

(4,394)

^[11]

^[12],[17]

16,574

18,668

^[11]

^[12],[17]

27,220

^[11]

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classification - Capital Equipment One

^[12],[17]

1,540

4,141

^[11]

^{[11],[12],[13],[14],[17]}

4,262

^{[11],[12],[13],[14],[17]}

(4,262)

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classification - Capital Equipment Two

^{[12],[14],[17]}

2,020

2,749,997

^[11],[13]

^{[11],[12],[14],[17]}

1,931

^{[11],[12],[14],[17]}

(1,931)

^{[11],[12],[14],[17]}

1,931

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classififcation - Capital Equipment

^{[11],[12],[14],[17]}

181

Investment, Identifier [Axis]: Controlled Affiliates Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture

^{[12],[13],[14],[17]}

2,749,997

^{[8],[10],[16]}

40,287

^{[8],[10],[16]}

3,311

^{[8],[10],[16]}

38,124

^{[8],[10],[16]}

(1,148)

^{[8],[10],[16]}

40,287

^{[8],[10],[16]}

41,435

Investment, Identifier [Axis]: Controlled Affiliates Tank Partners Equipment Holdings, LLC Industry Classification - Energy: Oil & Gas

^{[8],[10],[16]}

1,351

Investment, Identifier [Axis]: Controlled Affiliates Tank Partners Equipment Holdings, LLC Industry Classification - Energy: Oil & Gas One

^{[11],[12],[13],[14],[17]}

49,000

^{[11],[12],[14],[17]}

^{[12],[14],[17]}

^[11]

^{[12],[14],[17]}

511

^[11]

^{[1],[3],[18],[19]}

3,705

^{[1],[3],[18],[19]}

3,705

^{[2],[5],[20],[21]}

3,275

^{[1],[18],[19]}

4,951

^{[1],[18],[19]}

4,951

^{[2],[20],[21]}

4,977

^{[1],[18],[19]}

365

^{[1],[18],[19]}

365

^{[2],[5],[20],[21]}

358

^{[1],[18],[19]}

1,155

^{[1],[18],[19]}

1,155

^{[2],[20],[21]}

1,206

^{[1],[3],[18],[19]}

1,341

^{[1],[3],[18],[19]}

1,341

^{[1],[18],[19]}

1,373

^{[1],[18],[19]}

1,373

^{[1],[3],[18],[19]}

5,610

^{[1],[3],[18],[19]}

5,610

^{[2],[5],[20],[21]}

5,655

^{[1],[18],[19]}

3,510

^{[1],[18],[19]}

3,510

^{[2],[20],[21]}

3,983

^{[2],[5],[21],[22]}

1,452

^{[1],[18],[19],[23]}

7,604

^{[1],[18],[19],[23]}

7,604

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Net Asset Value at Fair Value

^{[2],[20],[21],[24]}

7,604

^[1]

56,400

37,962

^[2]

37,962

^[2]

56,400

^[1]

^{[1],[3],[18],[19]}

1,178

^{[1],[3],[18],[19]}

1,178

^{[2],[5],[20],[21]}

1,179

^[1],[3],[19]

4,813

^[1],[3],[19]

4,813

^[2],[5],[21]

4,719

^{[1],[18],[19]}

2,314

^{[1],[18],[19]}

2,314

^{[2],[20],[21]}

2,884

^[1],[19]

1,643

^[1],[19]

1,643

^[2],[5],[21]

670

^{[1],[18],[19]}

640

^{[1],[18],[19]}

640

^{[1],[3],[18],[19]}

12,808

^{[1],[3],[18],[19]}

12,808

^{[1],[3],[18],[19],[23]}

3,390

^{[1],[3],[18],[19],[23]}

3,390

^{[1],[3],[18],[19]}

971

^{[1],[3],[18],[19]}

971

^{[2],[5],[20],[21]}

970

^{[2],[5],[20],[21]}

2,270

^{[1],[3],[18],[19]}

2,313

^{[1],[3],[18],[19]}

2,313

^{[1],[3],[18],[19]}

4,741

^{[1],[3],[18],[19]}

4,741

^{[2],[5],[20],[21]}

4,729

^[1],[3],[19]

968

^[1],[3],[19]

968

^{[2],[5],[21],[25]}

720

^{[1],[18],[19]}

2,813

^{[1],[18],[19]}

2,813

^{[1],[18],[19]}

1,809

^{[1],[18],[19]}

1,809

^{[2],[5],[20],[21]}

862

^{[2],[5],[20],[21]}

698

^{[1],[3],[18],[19],[26]}

(13)

^{[1],[3],[18],[19],[26]}

(13)

^{[1],[3],[18],[19],[26]}

(16)

^{[1],[3],[18],[19],[26]}

(16)

^{[1],[3],[19],[26]}

(29)

(17)

^{[2],[5],[21],[25]}

(17)

^{[2],[5],[21],[25]}

(29)

^{[1],[3],[19],[26]}

^{[1],[3],[18],[19]}

7,839

^{[1],[3],[18],[19]}

7,839

^{[2],[5],[20],[21]}

7,859

^{[1],[3],[18],[19]}

1,444

^{[1],[3],[18],[19]}

1,444

^{[2],[5],[20],[21]}

1,429

^{[2],[5],[20],[21]}

2,829

^{[1],[3],[18],[19]}

2,858

^{[1],[3],[18],[19]}

2,858

^{[1],[3],[18],[19]}

12,964

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Advantage Capital Holdings LLC Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 8.0% Cash + 5.0% PIK Maturity 4/14/27, Initial Acquisition Date 4/14/22

^{[1],[3],[18],[19]}

12,964

^{[2],[5],[20],[21]}

13,205

^{[2],[5],[20],[21]}

603

^{[1],[3],[18],[19]}

582

^{[1],[3],[18],[19]}

582

^[2],[5],[21]

3,039

^{[1],[3],[18],[19]}

2,934

^{[1],[3],[18],[19]}

2,934

^[1],[3],[19]

4,164

4,716

^[2],[5],[21]

4,716

^[2],[5],[21]

4,164

^[1],[3],[19]

^{[2],[5],[20],[21]}

3,413

^{[1],[3],[18],[19]}

3,353

^{[1],[3],[18],[19]}

3,353

^{[1],[3],[18],[19],[26]}

172

^{[1],[3],[18],[19],[26]}

172

^{[1],[3],[18],[19]}

6,567

^{[1],[3],[18],[19]}

6,567

^{[2],[5],[20],[21]}

6,274

^[1],[3],[19]

464

^[1],[3],[19]

464

^[5],[21]

446

^{[1],[3],[19],[26]}

461

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 15.0% PIK Reference Rate and Spread L+9.50% Floor 1.00% Maturity 11/15/2026, Initial Acquisition Date 11/15/21

^{[1],[3],[19],[26]}

461

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 16.0% Cash Reference Rate and Spread PRIME+8.50% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

^{[2],[5],[21],[25]}

442

^[1],[3],[19]

461

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 16.8% Cash Reference Rate and Spread PRIME+8.50% Floor 1.00% Maturity 11/15/2026, Initial Acquisition Date 11/15/21

^[1],[3],[19]

461

^{[2],[5],[21],[25]}

442

^{[1],[3],[18],[19]}

10,974

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Term Loan Media: Broadcasting & Subscription Interest Rate 15.0% Cash + 2.8% PIK Reference Rate and Spread L+9.50% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

^{[1],[3],[18],[19]}

10,974

^{[2],[5],[20],[21]}

10,591

^{[2],[5],[20],[21]}

5,845

^{[1],[3],[18],[19]}

5,861

^{[1],[3],[18],[19]}

5,861

^[1],[3],[19]

942

^[1],[3],[19]

942

^[2],[21]

957

^{[1],[3],[18],[19]}

15,564

^{[1],[3],[18],[19]}

15,564

^{[1],[3],[19],[26]}

(96)

^{[1],[3],[19],[26]}

(96)

^{[2],[5],[20],[21]}

14,670

^{[2],[5],[21],[25]}

(103)

^{[1],[3],[19],[26]}

(71)

(30)

^{[2],[5],[21],[25]}

(30)

^{[2],[5],[21],[25]}

(71)

^{[1],[3],[19],[26]}

^{[1],[3],[18],[19]}

462

^{[1],[3],[18],[19]}

462

^{[2],[5],[20],[21]}

480

^{[1],[3],[18],[19],[26]}

735

^{[1],[3],[18],[19],[26]}

735

^{[2],[5],[20],[21],[25]}

735

^{[1],[3],[18],[19]}

2,070

^{[1],[3],[18],[19]}

2,070

^{[2],[5],[20],[21]}

2,065

^{[1],[3],[18],[19]}

2,787

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Seventh Amendment Acquisition Loan Chemicals, Plastics and Rubber Interest Rate 11.7% Cash Reference Rate and Spread L+6.50% Floor 1.00% Maturity 7/7/23, Initial Acquisition Date 6/26/20

^{[1],[3],[18],[19]}

2,787

^{[2],[5],[20],[21]}

2,761

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 11.2% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 7/7/23, Initial Acquisition Date 11/17/21

^{[2],[5],[20],[21]}

1,066

^{[2],[5],[20],[21]}

6,466

^{[1],[3],[18],[19]}

6,501

^{[1],[3],[18],[19]}

6,501

^{[1],[3],[18],[19]}

1,072

^{[1],[3],[18],[19]}

1,072

^{[1],[3],[18],[19]}

3,685

^{[1],[3],[18],[19]}

3,685

^{[2],[5],[20],[21]}

3,486

^{[1],[3],[18],[19]}

6,870

^{[1],[3],[18],[19]}

6,870

^{[2],[5],[20],[21]}

6,143

^{[1],[3],[18],[19],[26]}

^{[1],[3],[18],[19],[26]}

^{[2],[5],[20],[21],[25]}

737

^{[1],[3],[18],[19],[26]}

642

^{[1],[3],[18],[19],[26]}

642

^{[1],[3],[18],[19]}

8,610

^{[1],[3],[18],[19]}

8,610

^{[2],[5],[20],[21]}

8,719

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Circustrix Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.00% Maturity 7/16/23, Initial Acquisition Date 1/11/21

^{[2],[20],[21]}

223

^{[1],[3],[18],[19]}

461

^{[1],[3],[18],[19]}

461

^{[2],[20],[21]}

6,624

^{[2],[20],[21]}

224

^{[1],[3],[18],[19]}

6,508

^{[1],[3],[18],[19]}

6,508

^{[1],[3],[18],[19]}

465

^{[1],[3],[18],[19]}

465

^[1],[3],[19]

850

^[1],[3],[19]

850

^{[1],[3],[18],[19],[26]}

584

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.1% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

^{[1],[3],[18],[19],[26]}

584

^{[2],[5],[20],[21],[25]}

628

^{[1],[3],[19],[26]}

575

^{[1],[3],[19],[26]}

575

^{[2],[5],[21],[25]}

920

^{[1],[3],[18],[19]}

8,063

^{[1],[3],[18],[19]}

8,063

^{[2],[5],[20],[21]}

8,124

^{[1],[3],[18],[19]}

2,724

^{[1],[3],[18],[19]}

2,724

^{[2],[5],[20],[21]}

2,730

^{[1],[3],[18],[19],[26]}

(11)

^{[1],[3],[18],[19],[26]}

(11)

^{[2],[5],[20],[21],[25]}

^{[1],[3],[18],[19]}

1,473

^{[1],[3],[18],[19]}

1,473

^{[2],[5],[20],[21]}

1,475

^{[1],[3],[19],[26]}

(7)

(6)

^{[2],[5],[21],[25]}

(6)

^{[2],[5],[21],[25]}

(7)

^{[1],[3],[19],[26]}

^{[2],[20],[21]}

1,202

^{[1],[18],[19]}

1,183

^{[1],[18],[19]}

1,183

^{[1],[3],[18],[19]}

965

^{[1],[3],[18],[19]}

965

^{[1],[18],[19]}

785

^{[1],[18],[19]}

785

^{[1],[3],[18],[19]}

2,224

^{[1],[3],[18],[19]}

2,224

^{[2],[20],[21]}

2,215

^{[1],[3],[18],[19]}

982

^{[1],[3],[18],[19]}

982

^{[2],[5],[20],[21]}

974

^{[2],[5],[20],[21]}

1,915

^[2],[5],[21]

4,752

^{[1],[3],[18],[19]}

1,928

^{[1],[3],[18],[19]}

1,928

^{[1],[3],[18],[19]}

4,820

^{[1],[3],[18],[19]}

4,820

^[1],[18]

4,727

^[1],[18]

4,727

^[1],[3],[19]

3,539

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. First Lien Term Loan Consumer Goods: Durable Interest Rate 13.3% Cash + 1.0% PIK Reference Rate and Spread SOFR+8.36% Floor 1.25% Maturity 5/15/24, Initial Acquisition Date 10/28/20

^[1],[3],[19]

3,539

^[2],[5],[21]

3,347

^{[1],[3],[19],[26]}

^{[1],[3],[19],[26]}

^[2],[5],[21]

^[1],[3],[18]

1,988

^[1],[3],[18]

1,988

^[2],[5],[20]

1,958

^[1],[3],[18]

3,054

^[1],[3],[18]

3,054

^[2],[5],[20]

2,978

^[2],[5],[21]

1,940

^[1],[3],[19]

2,000

^[1],[3],[19]

2,000

^{[1],[3],[19],[26]}

1,130

^{[1],[3],[19],[26]}

1,130

^{[2],[5],[21],[25]}

5,953

^[1],[3],[19]

4,710

^[1],[3],[19]

4,710

^{[2],[5],[20],[21]}

14,282

^{[1],[3],[18],[19]}

14,146

^{[1],[3],[18],[19]}

14,146

^{[1],[3],[18],[19]}

5,926

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC First Lien Term Loan A High Tech Industries Interest Rate 12.8% Cash + 2.0% PIK Reference Rate and Spread SOFR+7.50% Floor 1.00% Maturity 12/21/23, Initial Acquisition Date 10/28/20

^{[1],[3],[18],[19]}

5,926

^{[2],[5],[20],[21]}

5,418

^{[1],[3],[18],[19]}

609

^{[1],[3],[18],[19]}

609

^{[2],[5],[20],[21]}

556

^{[1],[18],[19]}

1,804

^{[1],[18],[19]}

1,804

^{[2],[20],[21]}

1,816

^{[1],[3],[18],[19]}

5,502

^{[1],[3],[18],[19]}

5,502

^{[2],[5],[20],[21]}

5,362

^{[1],[18],[19]}

2,040

^{[1],[18],[19]}

2,040

^{[2],[20],[21]}

2,141

^{[1],[18],[19]}

794

^{[1],[18],[19]}

794

^{[2],[20],[21]}

841

^[1],[3],[4]

2,098

^[1],[3],[4]

2,098

^[2],[5],[6]

2,191

^{[1],[3],[19],[26]}

406

^{[1],[3],[19],[26]}

406

^[2],[5],[21]

853

^{[1],[3],[18],[19]}

11,697

^{[1],[3],[18],[19]}

11,697

^{[2],[5],[20],[21]}

11,799

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lifescan Global Corporation First Lien Term Loan A Healthcare & Pharmaceuticals Interest Rate 9.7% Cash Reference Rate and Spread L+6.00% Maturity10/1/24, Initial Acquisition Date 10/28/20

^{[2],[20],[21]}

2,033

^{[1],[18],[19]}

1,969

^{[1],[18],[19]}

1,969

^[1],[3],[19]

4,000

^[1],[3],[19]

4,000

^{[1],[18],[19]}

2,799

^{[1],[18],[19]}

2,799

^{[2],[20],[21],[22]}

1,406

^{[2],[5],[20],[21]}

5,962

^{[1],[3],[18],[19]}

6,835

^{[1],[3],[18],[19]}

6,835

^{[1],[3],[18],[19],[26]}

332

^{[1],[3],[18],[19],[26]}

332

^{[2],[5],[20],[21],[25]}

343

^{[1],[3],[18],[19]}

3,361

^{[1],[3],[18],[19]}

3,361

^{[2],[5],[20],[21]}

3,498

^{[1],[3],[18],[19]}

2,810

^{[1],[3],[18],[19]}

2,810

^{[2],[5],[20],[21]}

2,764

^{[1],[3],[18],[19]}

6,737

^{[1],[3],[18],[19]}

6,737

^{[2],[5],[20],[21]}

6,625

^[1],[3],[18]

5,504

^[1],[3],[18]

5,504

^{[1],[3],[18],[19],[26]}

(2)

^{[1],[3],[18],[19],[26]}

(2)

^{[1],[3],[18],[19]}

7,987

^{[1],[3],[18],[19]}

7,987

^{[2],[5],[20],[21]}

134

^{[1],[3],[18],[19]}

163

^{[1],[3],[18],[19]}

163

^{[2],[5],[20],[21]}

4,412

^{[2],[5],[20],[21]}

307

^{[1],[3],[18],[19]}

5,609

^{[1],[3],[18],[19]}

5,609

^{[1],[3],[18],[19]}

373

^{[1],[3],[18],[19]}

373

^{[2],[5],[20],[21]}

133

^{[1],[3],[18],[19]}

161

^{[1],[3],[18],[19]}

161

^{[1],[3],[18],[19]}

9,800

^{[1],[3],[18],[19]}

9,800

^{[2],[5],[20],[21]}

9,646

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Mothers Market & Kitchen, Inc. First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 9.9% Cash Reference Rate and Spread L+5.50% Floor 1.25% Maturity 7/26/2023, Initial Acquisition Date 10/28/20

^{[2],[5],[20],[21]}

5,213

^{[1],[3],[18],[19]}

5,202

^{[1],[3],[18],[19]}

5,202

^{[1],[3],[18],[19]}

441

^{[1],[3],[18],[19]}

441

^[1],[3],[19]

728

^[1],[3],[19]

728

^{[2],[5],[20],[21]}

444

^[2],[5],[21]

734

^{[1],[3],[18],[19]}

4,820

^{[1],[3],[18],[19]}

4,820

^{[2],[5],[20],[21]}

4,856

^{[1],[3],[18],[19],[26]}

372

^{[1],[3],[18],[19],[26]}

372

^{[2],[5],[20],[21],[25]}

599

^{[1],[3],[18],[19]}

218

^{[1],[3],[18],[19]}

218

^[1],[3],[19]

686

^[1],[3],[19]

686

^{[1],[3],[18],[19]}

394

^{[1],[3],[18],[19]}

394

^[2],[5],[21]

691

^{[2],[5],[20],[21]}

397

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Net Asset Value at Fair Value

^{[2],[20],[21]}

2,209

^[1]

418,722

376,539

^[2]

376,539

^[2]

418,722

^[1]

^{[1],[3],[18],[19],[26]}

(22)

^{[1],[3],[18],[19],[26]}

(22)

^{[2],[5],[20],[21],[25]}

(12)

^{[2],[5],[20],[21]}

3,323

^{[1],[3],[18],[19]}

3,264

^{[1],[3],[18],[19]}

3,264

^{[1],[3],[19],[26]}

(24)

^{[1],[3],[19],[26]}

(24)

^{[2],[5],[21],[25]}

273

^{[1],[3],[19],[23]}

13,445

^{[1],[3],[19],[23]}

13,445

^{[2],[5],[21],[24]}

3,638

^{[1],[3],[18],[19]}

7,335

^{[1],[3],[18],[19]}

7,335

^{[2],[5],[20],[21]}

7,400

^{[1],[3],[18],[19]}

724

^{[1],[3],[18],[19]}

724

^{[1],[3],[18],[19]}

2,477

^{[1],[3],[18],[19]}

2,477

^{[1],[3],[18],[19]}

1,497

^{[1],[3],[18],[19]}

1,497

^{[2],[5],[20],[21]}

2,743

^{[1],[3],[18],[19]}

2,655

^{[1],[3],[18],[19]}

2,655

^{[2],[5],[20],[21]}

1,310

^[1],[3],[19]

1,051

963

^[2],[5],[21]

963

^[2],[5],[21]

1,051

^[1],[3],[19]

^{[1],[3],[19],[27]}

193

198

^{[2],[5],[21],[22]}

198

^{[2],[5],[21],[22]}

193

^{[1],[3],[19],[27]}

^[1],[3],[19]

1,078

1,108

^[2],[5],[21]

1,108

^[2],[5],[21]

1,078

^[1],[3],[19]

^[1],[3],[19]

^[2],[5],[21]

^[1],[3],[19]

^[1],[3],[19]

363

374

^[2],[5],[21]

374

^[2],[5],[21]

363

^[1],[3],[19]

^{[1],[3],[18],[19],[26]}

525

^{[1],[3],[18],[19],[26]}

525

^{[2],[5],[20],[21],[25]}

517

^{[1],[3],[18],[19]}

2,012

^{[1],[3],[18],[19]}

2,012

^{[2],[5],[20],[21]}

1,997

^{[1],[3],[18],[19]}

7,421

^{[1],[3],[18],[19]}

7,421

^{[2],[5],[20],[21]}

5,570

^{[1],[3],[18],[19]}

6,943

^{[1],[3],[18],[19]}

6,943

^{[2],[5],[20],[21]}

6,769

^{[2],[20],[21]}

7,293

^{[1],[18],[19]}

7,326

^{[1],[18],[19]}

7,326

^[2],[5]

2,395

^[2],[5]

871

^[2],[5]

491

^[2],[5]

295

^[1],[18]

3,551

^[1],[18]

3,551

^{[2],[5],[20],[22]}

804

^[2],[5],[20]

3,882

^{[1],[18],[19]}

5,908

^{[1],[18],[19]}

5,908

^{[2],[20],[21]}

5,309

^{[1],[3],[18],[19]}

6,033

^{[1],[3],[18],[19]}

6,033

^{[2],[5],[20],[21]}

6,058

^{[1],[3],[18],[19]}

4,400

^{[1],[3],[18],[19]}

4,400

^{[2],[5],[20],[21]}

4,345

^[2]

888

^[1]

747

^[1]

747

^[1],[3],[19]

2,603

2,481

^[2],[5],[21]

2,481

^[2],[5],[21]

2,603

^[1],[3],[19]

^{[1],[3],[18],[19]}

6,144

^{[1],[3],[18],[19]}

6,144

^{[2],[5],[20],[21]}

6,154

^{[2],[5],[21],[24]}

5,378

^{[1],[3],[19],[23]}

5,165

^{[1],[3],[19],[23]}

5,165

^{[1],[18],[19]}

1,417

^{[1],[18],[19]}

1,417

^{[2],[20],[21]}

1,515

^{[1],[3],[18],[19]}

7,883

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.4% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

^{[1],[3],[18],[19]}

7,883

^{[1],[3],[18],[19],[26]}

2,322

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 11.1% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

^{[1],[3],[18],[19],[26]}

2,322

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 11.2% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 10/1/21

^{[2],[5],[20],[21],[25]}

3,525

^{[2],[5],[20],[21],[25]}

7,904

^{[1],[3],[19],[26]}

(7)

(1)

^{[2],[5],[21],[25]}

(1)

^{[2],[5],[21],[25]}

(7)

^{[1],[3],[19],[26]}

^{[2],[5],[20],[21],[25]}

722

^{[1],[3],[18],[19],[26]}

722

^{[1],[3],[18],[19],[26]}

722

^{[2],[5],[20],[21]}

5,469

^{[1],[3],[18],[19]}

5,474

^{[1],[3],[18],[19]}

5,474

^{[1],[3],[18],[19]}

858

^{[1],[3],[18],[19]}

858

^{[2],[5],[21],[25]}

(52)

^{[2],[5],[21],[25]}

(8)

^{[2],[5],[20],[21]}

4,679

^[1],[3],[18]

6,928

^[1],[3],[18]

6,928

^{[2],[5],[20],[21]}

1,650

^{[1],[3],[18],[19]}

1,950

^{[1],[3],[18],[19]}

1,950

^{[1],[18],[19]}

1,793

^{[1],[18],[19]}

1,793

^{[1],[3],[19],[27],[28]}

^{[2],[5],[21],[22],[29]}

^{[1],[3],[19],[27],[28]}

Investment, Identifier [Axis]: Equity Securities Portfolio 4L Ultimate Topco Corporation Common Services: Business Initial Acquisition Date 5/29/20

^[2],[5],[20]

2,855

^{[1],[3],[19],[30]}

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Equity Healthcare & Pharmaceuticals Initial Acquisition Date 5/18/22

^{[2],[5],[21],[31]}

^{[1],[3],[19],[30]}

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Equity Services: Consumer Initial Acquisition Date 5/18/22

^{[2],[5],[21],[31],[32]}

442

^{[1],[3],[19],[30],[33]}

280

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% Cash Initial Acquisition Date 5/18/22

^{[1],[3],[19],[30],[33]}

280

^{[1],[3],[19],[33]}

168

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% PIK Initial Acquisition Date 5/18/22

^{[1],[3],[19],[33]}

168

Investment, Identifier [Axis]: Equity Securities Portfolio ATP Oil & Gas Corporation Limited Term Royalty Interest Energy: Oil & Gas Initial Acquisition Date 12/18/19

^{[2],[5],[21],[32]}

181

^{[1],[3],[19],[34]}

1,013

Investment, Identifier [Axis]: Equity Securities Portfolio Advantage Capital Holdings LLC Class A Membership Units Banking, Finance, Insurance & Real Estate Initial Acquisition Date 3/31/20

536

^{[2],[5],[21],[35]}

536

^{[2],[5],[21],[35]}

1,013

^{[1],[3],[19],[34]}

^{[1],[3],[19],[30],[33],[36]}

1,645

Investment, Identifier [Axis]: Equity Securities Portfolio Advantage Capital Holdings LLC Class A Membership Units Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/14/22

1,611

^{[2],[5],[21],[31],[32],[37]}

1,611

^{[2],[5],[21],[31],[32],[37]}

1,645

^{[1],[3],[19],[30],[33],[36]}

^{[1],[3],[19],[30],[33]}

650

595

^{[2],[5],[21],[31],[32]}

595

^{[2],[5],[21],[31],[32]}

650

^{[1],[3],[19],[30],[33]}

^{[1],[3],[19],[33]}

2,355

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class A Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

2,322

^{[2],[5],[21],[32]}

2,322

^{[2],[5],[21],[32]}

2,355

^{[1],[3],[19],[33]}

^{[1],[3],[19],[30]}

106

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants2 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

^{[2],[5],[21],[31]}

106

^{[1],[3],[19],[30]}

^{[1],[3],[19],[30]}

Investment, Identifier [Axis]: Equity Securities Portfolio Aperture Dodge 18 LLC Equity Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/22/22

^{[2],[5],[21],[31]}

^{[1],[3],[19],[30]}

^{[1],[3],[19],[30]}

3,050

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Holdco, LLC Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

3,006

^{[2],[5],[21],[31]}

3,006

^{[2],[5],[21],[31]}

3,050

^{[1],[3],[19],[30]}

^{[1],[3],[19],[23],[30],[38]}

464

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Investment II Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

545

^{[2],[5],[21],[24],[31],[39]}

545

^{[2],[5],[21],[24],[31],[39]}

464

^{[1],[3],[19],[23],[30],[38]}

^{[1],[3],[19],[23],[30],[38]}

206

Investment, Identifier [Axis]: Equity Securities Portfolio Brite Media LLC Common Stock Media: Advertising, Printing & Publishing Initial Acquisition Date 6/9/21

242

^{[2],[5],[21],[24],[31],[39]}

242

^{[2],[5],[21],[24],[31],[39]}

206

^{[1],[3],[19],[23],[30],[38]}

^{[1],[3],[19],[30]}

549

Investment, Identifier [Axis]: Equity Securities Portfolio Carestream Health Holdings, Inc Common Stock Healthcare & Pharmaceuticals Initial Acquisition Date 9/30/22

^{[1],[3],[19],[30]}

549

^{[1],[3],[19],[30]}

Investment, Identifier [Axis]: Equity Securities Portfolio DxTx Pain and Spine LLC Common Healthcare & Pharmaceuticals Initial Acquisition Date 6/14/23

^{[2],[5],[21],[31]}

^{[1],[3],[19],[30]}

Investment, Identifier [Axis]: Equity Securities Portfolio Equities Net Asset Value at Fair Value

^[2],[5],[21]

258

^[1]

21,905

Investment, Identifier [Axis]: Equity Securities Portfolio Everyware Global, Inc. Common Consumer goods: Durable Initial Acquisition Date 10/28/20

20,013

^[2]

20,013

^[2]

21,905

^[1]

^{[1],[3],[19],[30]}

478

Investment, Identifier [Axis]: Equity Securities Portfolio FP WRCA Coinvestment Fund VII, Ltd Class A Shares Capital Equipment Initial Acquisition Date 2/2/07

261

^{[2],[5],[21],[31]}

261

^{[2],[5],[21],[31]}

478

^{[1],[3],[19],[30]}

^{[1],[3],[4],[30]}

1,103

Investment, Identifier [Axis]: Equity Securities Portfolio Flight Lease VII Common Stock Aerospace and Defense Initial Acquisition Date 6/9/21

781

^{[2],[5],[6],[31]}

781

^{[2],[5],[6],[31]}

1,103

^{[1],[3],[4],[30]}

^{[1],[3],[19],[30],[40],[41]}

242

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity Initial Acquisition Date 6/10/22

^{[1],[3],[19],[30],[40],[41]}

242

^{[1],[3],[19],[23],[30],[33]}

500

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity One Initial Acquisition Date 6/10/22

500

^{[2],[5],[21],[24],[31],[32]}

500

^{[2],[5],[21],[24],[31],[32]}

500

^{[1],[3],[19],[23],[30],[33]}

^{[1],[3],[19],[23],[26],[30],[33]}

171

Investment, Identifier [Axis]: Equity Securities Portfolio KC Engineering & Construction Services, LLC Common Stock Environmental Industries Initial Acquisition Date 6/9/21

171

^{[2],[5],[21],[24],[25],[31],[32]}

171

^{[2],[5],[21],[24],[25],[31],[32]}

171

^{[1],[3],[19],[23],[26],[30],[33]}

^{[1],[3],[19],[30],[38]}

4,930

Investment, Identifier [Axis]: Equity Securities Portfolio Kleen-Tech Acquisition, LLC Common Stock Services: Business Initial Acquisition Date 6/9/21

^{[1],[3],[19],[30],[38]}

4,930

^{[1],[3],[19],[23],[30],[38]}

1,300

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 4/5/23

1,020

^{[2],[5],[21],[24],[31],[39]}

1,020

^{[2],[5],[21],[24],[31],[39]}

1,300

^{[1],[3],[19],[23],[30],[38]}

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 6/9/21

^{[2],[5],[21],[24]}

4,602

Investment, Identifier [Axis]: Equity Securities Portfolio Prosper Marketplace Class B Preferred Units Consumer goods: Durable Business Initial Acquisition Date 9/23/13

^{[2],[5],[21],[24],[31],[39]}

708

^{[1],[3],[19],[30],[42]}

324

Investment, Identifier [Axis]: Equity Securities Portfolio Roscoe Investors, LLC Class A Units Healthcare & Pharmaceuticals Business Initial Acquisition Date 3/26/14

324

^{[2],[5],[21],[31],[43]}

324

^{[2],[5],[21],[31],[43]}

324

^{[1],[3],[19],[30],[42]}

^{[1],[3],[19],[30]}

299

Investment, Identifier [Axis]: Equity Securities Portfolio Safety Services Holdings Corporation Preferred Stock Services: Business Business Initial Acquisition Date 6/9/21

322

^{[2],[5],[21],[31]}

322

^{[2],[5],[21],[31]}

299

^{[1],[3],[19],[30]}

^{[1],[3],[19],[30]}

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrant Banking, Finance, Insurance & Real Estate Business Initial Acquisition Date 9/20/22

^{[1],[3],[19],[30]}

^{[1],[3],[19],[30]}

455

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrant Banking, Finance, Insurance & Real Estate Initial Acquisition Date 9/20/22

^{[1],[3],[19],[30]}

455

Investment, Identifier [Axis]: Equity Securities Portfolio Surge Busy Bee Holdings LLC Warrants Services: Business Business Initial Acquisition Date 6/9/21

^{[2],[5],[21],[31]}

407

^{[1],[3],[19],[30],[38]}

131

Investment, Identifier [Axis]: Equity Securities Portfolio Surge Hippodrome Holdings LLC Warrants Services: Business Business Initial Acquisition Date 6/9/21

^{[1],[3],[19],[30],[38]}

131

^{[1],[3],[19],[23],[30],[38]}

484

Investment, Identifier [Axis]: Equity Securities Portfolio Surge Hippodrome Partners LP Common Stock Services: Business Business Initial Acquisition Date 6/9/21

390

^{[2],[5],[21],[24],[31],[39]}

390

^{[2],[5],[21],[24],[31],[39]}

484

^{[1],[3],[19],[23],[30],[38]}

^{[1],[3],[19],[23],[30],[38]}

811

Investment, Identifier [Axis]: Investments Net Asset Value at Fair Value

640

^{[5],[21],[24],[31],[39]}

640

^{[5],[21],[24],[31],[39]}

811

^{[1],[3],[19],[23],[30],[38]}

^[1],[44]

576,478

Investment, Identifier [Axis]: Joint Venture Net Asset Value at Fair Value

510,100

^[2],[45]

510,100

^[2],[45]

576,478

^[1],[44]

^[1]

58,955

Investment, Identifier [Axis]: Joint Venture Portfolio KCAP Freedom 3 LLC Joint Ventures Percentage Ownership 62.8% Initial Acquisition Date 12/11/18

62,547

^[2]

62,547

^[2]

58,955

^[1]

^[1],[3],[28]

18,668

Investment, Identifier [Axis]: Joint Venture Portfolio Series A-Great Lakes Funding II LLC Joint Ventures Percentage Ownership 12.5% Initial Acquisition Date 8/5/22

16,574

^[2],[5],[29]

16,574

^[2],[5],[29]

18,668

^[1],[3],[28]

^{[1],[23],[26],[46],[47]}

40,287

Investment, Identifier [Axis]: Non-controlled Affiliates BCP Great Lakes Holdings LP Industry Classification - Joint Venture

45,973

^{[2],[24],[25],[48],[49]}

45,973

^{[2],[24],[25],[48],[49]}

40,287

^{[1],[23],[26],[46],[47]}

^[50],[51]

37,412

^[50],[51]

1,700

^[50],[51]

(38,124)

^[50],[51]

(461)

^[50],[51]

(527)

Investment, Identifier [Axis]: Non-controlled Affiliates BMP Slappey Holdco, LLC Industry Classification - Telecommunications

^[50],[51]

3,099

464

^{[12],[13],[14],[51]}

492

^{[7],[8],[9],[10]}

492

^{[7],[8],[9],[10]}

^{[12],[13],[14],[51]}

(28)

^{[7],[8],[9],[10]}

^{[12],[13],[14],[51]}

545

464

Investment, Identifier [Axis]: Non-controlled Affiliates BMP Slappey Investment II Industry Classification - Telecommunications

200,000

^{[12],[13],[14],[51]}

200,000

^{[12],[13],[14],[51]}

200,000

^{[7],[8],[9],[10]}

^{[12],[13],[14],[51]}

206

^{[12],[13],[14],[51]}

^{[12],[13],[14],[51]}

242

206

Investment, Identifier [Axis]: Non-controlled Affiliates Flight Lease XII Industry Classification - Aerospace and Defense

^{[12],[13],[14],[51]}

88,946

^{[7],[8],[9],[10]}

677

^{[7],[8],[9],[10]}

(742)

^{[7],[8],[9],[10]}

(147)

^{[7],[8],[9],[10]}

212

Investment, Identifier [Axis]: Non-controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity

^{[7],[8],[9],[10]}

^{[13],[14],[51]}

500

^{[13],[14],[51]}

500

^[12]

500

^[12]

500

Investment, Identifier [Axis]: Non-controlled Affiliates GreenPark Infrastructure, LLC Industry Classification - Energy: Electricity One

^{[12],[13],[14],[51]}

1,000

^{[12],[13],[14],[51],[52]}

171

^{[12],[13],[14],[51],[52]}

171

Investment, Identifier [Axis]: Non-controlled Affiliates Kleen-Tech Acquisition, LLC Industry Classification - Services: Business

^{[12],[13],[14],[51],[52]}

500

^{[7],[8],[9],[10]}

1,300

1,612

(280)

^{[12],[13],[14],[51]}

(312)

^{[7],[8],[9],[10]}

1,020

^{[12],[13],[14],[51]}

1,020

^{[12],[13],[14],[51]}

1,300

^{[7],[8],[9],[10]}

Investment, Identifier [Axis]: Non-controlled Affiliates Navex Topco, Inc. Industry Classification - Electronics

250,000

^{[12],[13],[14],[51]}

250,000

^{[12],[13],[14],[51]}

250,000

^{[7],[8],[9],[10]}

^[7]

7,604

^[14],[51]

7,609

^[9],[10]

7,609

^[9],[10]

^[14],[51]

^[7],[9],[10]

(42)

^[14],[51]

(89)

^[7],[9],[10]

^[14],[51]

7,604

^[7]

7,700

^[14],[51]

7,700

^[14],[51]

7,700

^[7],[9],[10]

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining

457

^[14],[51]

680

^[7],[9],[10]

13,445

^{[12],[14],[51]}

12,280

^[7],[9],[10]

12,280

^[7],[9],[10]

(4,428)

^{[12],[14],[51]}

476

^[7],[9],[10]

^[7],[9],[10]

^{[12],[14],[51]}

(9,000)

1,107

^{[12],[14],[51]}

699

^[7],[9],[10]

^{[12],[14],[51]}

(1,124)

^{[12],[14],[51]}

13,445

^[7],[9],[10]

14,551

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining One

377

^{[12],[14],[51]}

1,455

^[7],[9],[10]

^{[12],[13],[14],[51]}

708

^{[12],[13],[14],[51]}

708

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Three

2,368

^{[12],[13],[14],[51]}

2,368

^{[12],[13],[14],[51]}

2,368

^{[7],[8],[9],[10]}

^{[12],[14],[51]}

4,500

^{[12],[14],[51]}

(862)

^{[12],[14],[51]}

3,638

^{[12],[14],[51]}

4,500

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Two

^{[12],[14],[51]}

^{[12],[13],[14],[51]}

4,500

^{[12],[13],[14],[51]}

102

^{[12],[13],[14],[51]}

4,602

^{[12],[13],[14],[51]}

1,000

Investment, Identifier [Axis]: Non-controlled Affiliates Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture

^{[12],[13],[14],[51]}

107

^{[13],[51],[52]}

40,287

^{[13],[51],[52]}

6,028

^{[13],[51],[52]}

(342)

^{[13],[51],[52]}

45,973

40,287

^{[13],[51],[52]}

47,463

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business

^{[13],[51],[52]}

3,248

^{[7],[8],[9],[10]}

484

201

^{[7],[8],[9],[10]}

283

^{[7],[8],[9],[10]}

484

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business One

^{[7],[8],[9],[10]}

^[7],[9],[10]

5,165

5,160

^[7],[9],[10]

207

^[7],[9],[10]

(202)

^[7],[9],[10]

5,165

^[7],[9],[10]

5,460

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business

^[7],[9],[10]

582

811

^{[12],[13],[14],[51]}

336

^{[7],[8],[9],[10]}

336

^{[7],[8],[9],[10]}

(171)

^{[12],[13],[14],[51]}

475

^{[7],[8],[9],[10]}

^{[12],[13],[14],[51]}

640

811

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business One

185

^{[12],[13],[14],[51]}

185

^{[12],[13],[14],[51]}

185

^{[7],[8],[9],[10]}

^{[12],[13],[14],[51]}

484

^{[12],[13],[14],[51]}

(94)

^{[12],[13],[14],[51]}

390

484

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business Two

^{[12],[13],[14],[51]}

^{[12],[14],[51]}

5,165

^{[12],[14],[51]}

103

^{[10],[12],[14]}

110

^{[12],[14],[51]}

5,378

5,165

^{[12],[14],[51]}

5,460

Investment, Identifier [Axis]: Non-controlled Affiliates VTK Acquisition, Inc Industry Classification - Capital Equipment

^{[12],[14],[51]}

445

^[7],[9],[10]

1,531

^[7],[9],[10]

(1,536)

^[7],[9],[10]

^[7],[9],[10]

(28)

Investment, Identifier [Axis]: Non-controlled Affiliates VTK Acquisition, Inc. Industry Classification - Capital Equipment One

^[7],[9],[10]

^[7],[9],[10]

2,598

^[7],[9],[10]

(2,628)

^[7],[9],[10]

110

^[7],[9],[10]

(80)

Investment, Identifier [Axis]: Non-controlled Affiliates VTK Acquisition, Inc. Industry Classification - Capital Equipment Two

^[7],[9],[10]

107

^{[7],[8],[9],[10]}

535

^{[7],[8],[9],[10]}

(369)

^{[7],[8],[9],[10]}

(284)

Investment, Identifier [Axis]: Non-controlled Affiliates Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare

^{[7],[8],[9],[10]}

118

3,390

^{[12],[14],[51]}

3,480

^[7],[9],[10]

3,480

^[7],[9],[10]

^{[12],[14],[51]}

(3,501)

^{[12],[14],[51]}

^[7],[9],[10]

102

^{[12],[14],[51]}

(93)

^[7],[9],[10]

^{[12],[14],[51]}

3,390

^[7],[9],[10]

3,500

Investment, Identifier [Axis]: Senior Unsecured Bond Net Asset Value at Fair Value

^{[12],[14],[51]}

319

^[7],[9],[10]

^[1]

Investment, Identifier [Axis]: Total Affiliated Investments

^[1]

92,780

97,503

(2,101)

2,814

154

427

4,262

(1,601)

(12,029)

(1,204)

(197)

88,028

92,780

1,515

3,421

Investment, Identifier [Axis]: Total Non-controlled affiliates

4,788

8,591

73,827

74,142

(1,901)

883

154

427

455

(1,428)

(1,124)

(197)

71,411

73,827

1,515

3,240

Investment, Identifier [Axis]: Total Senior Unsecured Bond Net Asset Value at Fair Value

3,248

4,450

Investment, Identifier [Axis]: Total controlled affiliates

^[2]

18,953

$ 23,361

23,361

(200)

1,931

4,262

(2,056)

(10,601)

(80)

$ 16,617

16,617

18,953

181

Stockholders' Equity Note [Abstract]

$ 1,540

$ 4,141

[1]

Reflects the fair market value of all investments as of December 31, 2022 as determined by the Company’s Board of Directors.

[2]

Reflects the fair market value of all investments as of June 30, 2023 as determined by the Company’s Board of Directors.

[3]

Fair value of this investment was determined using significant unobservable inputs.

[4]

Non-U.S. company or principal place of business outside the U.S.

[5]

Fair value of this investment was determined using significant unobservable inputs.

[6]

Non-U.S. company or principal place of business outside the U.S.

[7]

Fair value of this investment was determined using significant unobservable inputs.

[8]

Number of shares held.

[9]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[10]

[11]

[12]

Fair value of this investment was determined using significant unobservable inputs.

[13]

Number of shares held.

[14]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[15]

[16]

Security has an unfunded commitment in addition to the amounts shown in consolidated schedule of investments. See Note 8 for additional information on the Company's commitments and contingencies

[17]

[18]

As of December 31, 2022, this investment is pledged to secure the Company’s debt obligations.

[19]

[20]

As of June 30, 2023, this investment is pledged to secure the Company’s debt obligations.

[21]

[22]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[23]

[24]

[25]

[26]

[27]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[28]

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company.

[29]

As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Other than for purposes of the 1940 Act, the Company does not believe that it has control over this portfolio company.

[30]

Non-income producing.

[31]

Non-income producing.

[32]

This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

[33]

This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.

[34]

[35]

[36]

Information related to the Company’s derivatives is presented below as of December 31, 2022:

($ in thousands)

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Call option

HDNet Holdco LLC

0.2

8

0.01

N/A

-

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Put option

Advantage Capital Holdings LLC

164

563

20

5/13/23

-

[37]

Information related to the Company’s derivatives is presented below as of June 30, 2023:

($ in thousands)

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Call option

HDNet Holdco LLC

0.2

8

0.01

N/A

-

Description

Counterparty

Number of shares

Notional amount

Exercise price

Expiration date

Value

Put option

Advantage Capital Holdings LLC

164

563

20

4/24/2024

-

See accompanying notes to unaudited consolidated financial statements.

[38]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[39]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[40]

[41]

[42]

[43]

[44]

[45]

[46]

Non-voting.

[47]

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

[48]

Non-voting.

[49]

See Note 4 - Investments for additional information regarding the Company's investment in Series A-Great Lakes Funding II LLC.

[50]

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

[51]

[52]

Investments - Summary of Fair Value of Investments by Fair Value Hierarchy Levels (Details) - ASC 820 - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 510,100	$ 576,478
Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	57,551	65,021
Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	406,576	471,170
NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	45,973	40,287
Debt securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	414,544	475,165
Debt securities \| Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	57,551	65,021
Debt securities \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	356,993	410,144
Equity Securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	20,013	21,905
Equity Securities \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	20,013	21,905
CLO Fund Securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	12,996	20,453
CLO Fund Securities \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	12,996	20,453
Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	62,547	58,955
Joint Ventures \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	16,574	18,668
Joint Ventures \| NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 45,973	$ 40,287

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Components of Stockholders' Equity

The following table details the components of Stockholders’ Equity for the six months ended June 30, 2023 and 2022 :


	For the Six Months Ended June 30, 2023
($ in thousands)	Common Stock			Capital in Excess of Par Value			Total Distributable (loss) earnings			Total Stockholders' Equity
Balance, January 1, 2023	$	96		$	736,784		$	(504,757	)	$	232,123
Net investment income		-			-			8,529			8,529
Net change in unrealized appreciation on investments		-			-			(5,960	)		(5,960	)
Net realized (losses) from investment transactions and extinguishment of debt		-			-			(3,085	)		(3,085	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-			-			571			571
Distributions to Stockholders		-			-			(6,495	)		(6,495	)
Reinvested Dividends		-			215			-			215
Stock-repurchase		-			(792	)		-			(792	)
Balance, March 31, 2023	$	96		$	736,207		$	(511,197	)	$	225,106
Net investment income	$	-		$	-		$	7,915		$	7,915
Net change in unrealized appreciation on investments		-			-			(4,176	)		(4,176	)
Net realized (losses) from investment transactions and extinguishment of debt		-			-			(6,689	)		(6,689	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-			-			(164	)		(164	)
Distributions to Stockholders		-			-			(6,579	)		(6,579	)
Reinvested Dividends		-			153			-			153
Stock-repurchase		(1	)		(552	)		-			(553	)
Balance, June 30, 2023	$	95		$	735,808		$	(520,890	)	$	215,013


	For the Six Months Ended June 30, 2022
($ in thousands)	Common Stock		Capital in Excess of Par Value			Total Distributable (loss) earnings			Total Stockholders' Equity
Balance, January 1, 2022	$	97	$	733,095		$	(453,070	)	$	280,122
Net investment income		-		-			7,908			7,908
Net change in unrealized appreciation on investments		-		-			2,143			2,143
Net realized (losses) from investment transactions and extinguishment of debt		-		-			(5,553	)		(5,553	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-		-			(440	)		(440	)
Distributions to Stockholders		-		-			(6,111	)		(6,111	)
Reinvested Dividends		-		338			-			338
Stock-repurchase		-		(545	)		-			(545	)
Private placement and other		-		439			-			439
Balance at March 31, 2022	$	97	$	733,327		$	(455,123	)	$	278,301
Net investment income	$	-	$	-		$	5,522		$	5,522
Net change in unrealized appreciation on investments		-		-			113			113
Net realized (losses) from investment transactions and extinguishment of debt		-		-			(13,991	)		(13,991	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-		-			(77	)		(77	)
Distributions to Stockholders		-		-			(6,064	)		(6,064	)
Reinvested Dividends		-		346			-			346
Stock-repurchase		-		(2,459	)		-			(2,459	)
Private placement		-		(25	)		-			(25	)
Balance, June 30, 2022	$	97	$	731,189		$	(469,620	)	$	261,666

Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	As of		As of
	June 30, 2023		December 31, 2022
($ in thousands)	(Unaudited)
2018-2 Secured Notes (net of discount of: 2023 - $938; 2022 - $1,226)	$	146,734	$	176,937
4.875% Notes Due 2026 (net of discount of: 2023 - $1,467; 2022 - $1,704; net of deferred financing costs of: 2023 - $692; 2022 - $818)		105,841		105,478
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $941; 2022 - $1,107)		77,059		90,893
	$	329,634	$	373,308

Schedule of Information about Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table.


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)		Average Market Value per Unit(4)
($ in thousands)
Fiscal 2011	$	60,000		4,009		—	N/A
Fiscal 2012		101,400		3,050		—	N/A
Fiscal 2013		192,592		2,264		—	N/A
Fiscal 2014		223,885		2,140		—	N/A
Fiscal 2015		208,049		2,025		—	N/A
Fiscal 2016		180,881		2,048		—	N/A
Fiscal 2017		104,407		2,713		—	N/A
Fiscal 2018		103,763		2,490		—	N/A
Fiscal 2019(5)		156,978		1,950		—	N/A
Fiscal 2020(6)		377,910		1,560		—	N/A
Fiscal 2021(7)		352,434		1,780		—	N/A
Fiscal 2022(8)		378,163		1,601		—	N/A
March 31, 2023(9)		358,288		1,616		—	N/A
June 30, 2023(10)		333,672		1,632		—	N/A

(1)

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

(3)

(4)

(5)

As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facilities of $79,571.

(6)

(7)

(8)

(9)

(10)

Summary of 2018-2 Secured Notes

2018-2 Secured Notes


($ in thousands)
June 30, 2023	Amortized Carrying Value		Outstanding Principal at Par		Spread	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	18,203	$	18,352	LIBOR + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		55,747		55,970	LIBOR + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,681		55,100	LIBOR + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	LIBOR + 3.17%	A (sf)	11/20/2029
	$	146,734	$	147,672

(1)

(2)

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or three-month USD LIBOR.


($ in thousands)
December 31, 2022	Amortized Carrying Value		Outstanding Principal at Par		Spread	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	25,671	$	25,880	LIBOR + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		78,482		78,933	LIBOR + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,681		55,100	LIBOR + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	LIBOR + 3.17%	A (sf)	11/20/2029
	$	176,937	$	178,163

(1)

(2)

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or three-month USD LIBOR.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Net increase (decrease) in net assets resulting from operations

Earnings (Losses) Per Share - Schedule of Basic and Diluted Net Increase (Decrease) In Stockholders' Equity Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

$ (3,114)

$ (8,433)

$ (3,059)

^[1]

$ (4,375)

^[1]

Weighted average number of common and common stock equivalent shares outstanding for basic shares computation

9,541,722

9,634,870

9,548,424

9,666,298

Weighted average number of common and common stock equivalent shares outstanding for diluted shares computation

9,541,722

9,634,870

9,548,424

9,666,298

Net increase (decrease) in net assets from operations, Basic

$ (0.33)

$ (0.88)

$ (0.32)

^[2]

$ (0.45)

^[2]

Net increase (decrease) in net assets from operations, Diluted

$ (0.33)

$ (0.88)

$ (0.32)

$ (0.45)

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.

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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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 11
-Subparagraph (a)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (a)
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Cash and cash equivalents

$ 510,100

$ 576,478

20,254

5,148

Restricted cash

15,192

27,983

Interest receivable

5,245

4,828

Receivable for unsettled trades

1,755

1,395

Due from affiliates

1,896

930

Other assets

2,802

2,724

Total Assets

557,244

619,486

Liabilities [Abstract]

2018-2 Secured Notes (net of discount of: 2023 - $938; 2022 - $1,226)

146,734

176,937

4.875% Notes Due 2026 (net of discount of: 2023 - $1,466; 2022 - $1,704; net of deferred financing costs of: 2023 - $692; 2022 - $818)

105,841

105,478

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2023 - $941; 2022 - $1,107)

77,059

90,893

Payable for unsettled trades

422

1,276

Accounts payable, accrued expenses and other liabilities

3,988

4,614

Accrued interest payable

3,618

3,722

Due to affiliates

1,021

900

Management and incentive fees payable

3,548

3,543

Total Liabilities

342,231

387,363

COMMITMENTS AND CONTINGENCIES (NOTE 8)

NET ASSETS

Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,935,250 issued, and 9,537,236 outstanding at June 30, 2023, and 9,916,856 issued, and 9,581,536 outstanding at December 31, 2022

Capital in excess of par value

735,808

736,784

Total distributable (loss) earnings

(520,890)

(504,757)

Total Net Assets

^[1]

215,013

^[2]

232,123

Total Liabilities and Net Assets

$ 557,244

$ 619,486

Net Asset Value Per Common Share

^[2]

$ 22.54

^[1]

$ 24.23

Non-controlled/Non-affiliated Investments

Non-controlled Affiliated Investments

$ 422,072

$ 483,698

Controlled Affiliated Investments

71,411

73,827

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 16,617

$ 18,953

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.

Organization

6 Months Ended

Jun. 30, 2023

Organization

1. ORGANIZATION

Portman Ridge Finance Corporation (“Portman Ridge” or the “Company”), formerly known as KCAP Financial, Inc., is an externally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company was formed as a Delaware limited liability company on August 8, 2006 and, prior to the issuance of shares of the Company’s common stock in its initial public offering (“IPO”), converted to a corporation incorporated in Delaware on December 11, 2006.

The Company originates, structures, and invests in secured term loans, bonds or notes and mezzanine debt primarily in privately-held middle market companies but may also invest in other investments such as loans to publicly-traded companies, high-yield bonds, and distressed debt securities (collectively the “Debt Securities Portfolio”). The Company also invests in debt and subordinated securities issued by collateralized loan obligation funds (“CLO Fund Securities”). In addition, from time to time the Company may invest in the equity securities of privately held middle market companies and may also receive warrants or options to purchase common stock in connection with its debt investments.

The Company has elected to be treated and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a RIC, the Company must, among other things, meet certain source-of-income, asset diversification and annual distribution requirements. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any income that it distributes in a timely manner to its stockholders.

On March 29, 2018, the Company’s Board of Directors (the “Board”), including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act (“SBCA”). As a result, the Company’s asset coverage requirement for senior securities changed from 200% to 150%, effective as of March 29, 2019.

During the third quarter of 2017, the Company formed a joint venture with Freedom 3 Opportunities LLC (“Freedom 3 Opportunities”), an affiliate of Freedom 3 Capital LLC, to create KCAP Freedom 3 LLC (the “F3C Joint Venture”). The F3C Joint Venture may originate loans from time to time and sell them to the fund capitalized by the F3C Joint Venture.

On November 8, 2018, the Company entered into an agreement with LibreMax Intermediate Holdings, LP (“LibreMax”) under which Commodore Holdings, LLC (“Commodore”), a wholly-owned subsidiary of the Company, sold the Company’s wholly-owned asset manager subsidiaries Katonah Debt Advisors, LLC (“Katonah Debt Advisors”), Trimaran Advisors, L.L.C. (“Trimaran Advisors”), and Trimaran Advisors Management, L.L.C. (“Trimaran Advisors Management” and, together with Katonah Debt Advisors and Trimaran Advisors, the “Disposed Manager Affiliates”), for a cash purchase price of approximately $37.9 million (the “LibreMax Transaction”). The LibreMax Transaction closed on December 31, 2018. As of June 30, 2023, the Company’s remaining wholly-owned asset management subsidiaries (the “Asset Manager Affiliates”) were comprised of Commodore, Katonah Management Holdings, LLC, Katonah X Management LLC, Katonah 2007-1 Management, LLC and KCAP Management, LLC. Prior to their sale in the LibreMax Transaction, the Disposed Manager Affiliates represented substantially all of the Company’s investment in the Asset Manager Affiliates.

The Externalization Agreement

On December 14, 2018, the Company entered into a stock purchase and transaction agreement (the “Externalization Agreement”) with BC Partners Advisors L.P. (“BCP”), an affiliate of BC Partners LLP, (“BC Partners”), through which Sierra Crest Investment Management LLC (the “Adviser”), an affiliate of BC Partners, became the Company’s investment adviser pursuant to an investment advisory Agreement (the “Advisory Agreement”) with the Company. At a special meeting of the Company’s stockholders (the “Special Meeting”) held on February 19, 2019, the Company’s stockholders approved the Advisory Agreement. The transactions contemplated by the Externalization Agreement closed on April 1, 2019 (the “Closing”), and the Company commenced operations as an externally managed BDC managed by the Adviser on that date.

On the date of the Closing, the Company changed its name from KCAP Financial, Inc. to Portman Ridge Finance Corporation and on April 2, 2019, began trading on the NASDAQ Global Select Market under the symbol “PTMN.”

About the Adviser

The Adviser is an affiliate of BC Partners. Subject to the overall supervision of the Board, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring the Company’s investments, and monitoring the Company’s portfolio companies on an ongoing basis through a team of investment professionals.

The Adviser seeks to invest on behalf of the Company in performing, well-established middle market businesses that operate across a wide range of industries (i.e., no concentration in any one industry). The Adviser employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. The Adviser has experience managing levered vehicles, both public and private, and seeks to enhance the Company’s returns through the use of leverage with a prudent approach that prioritizes capital preservation. The Adviser believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles.

During the fourth quarter of 2020, LibreMax Intermediate Holdings, LP (“LibreMax”) sold its minority stake in the Adviser to a wholly-owned subsidiary of Mount Logan Capital Inc. (“Mount Logan”). An affiliate of BC Partners serves as administrator to Mount Logan.

GARS Transaction

On October 28, 2020 the Company completed its acquisition of Garrison Capital Inc., a publicly traded BDC (“GARS”, and such transaction, the “GARS Acquisition”). To effect the acquisition, a wholly owned merger subsidiary of the Company merged with and into GARS, with GARS surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, GARS consummated a second merger, whereby GARS merged with and into the Company, with the Company surviving the merger. Under the terms of the merger agreement for the GARS Acquisition, dated June 24, 2020 (the "GARS Merger Agreement"), each share of common stock, par value $0.001 per share, of GARS (the "GARS Common Stock") issued and outstanding was converted into the right to receive (i) an amount in cash, without interest, equal to approximately $1.19 and (ii) approximately 1.917 shares of common stock, par value $0.01 per share, of the Company (plus any applicable cash in lieu of fractional shares). Each share of GARS Common Stock issued and outstanding received, as additional consideration funded by the Adviser, an amount in cash, without interest, equal to approximately $0.31.

HCAP Acquisition and Assumption and Redemption of HCAP Notes

On June 9, 2021 the Company completed its acquisition of Harvest Capital Credit Corporation, a publicly traded BDC (“HCAP”, and such transaction, the “HCAP Acquisition”). To effect the acquisition, the Company’s wholly owned merger subsidiary (“Acquisition Sub”) merged with HCAP, with HCAP surviving the merger as the Company’s wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, HCAP consummated a second merger, whereby HCAP merged with and into the Company, with the Company surviving the merger. As a result of, and as of the effective time of, the second merger, HCAP’s separate corporate existence ceased.

Under the terms of the merger agreement for the HCAP Acquisition, dated December 23, 2020 (the “HCAP Merger Agreement”), HCAP stockholders as of immediately prior to the effective time of the first merger (other than shares held by a subsidiary of HCAP or held, directly or indirectly, by the Company or Acquisition Sub, and all treasury shares (collectively, “Cancelled Shares”)) received a combination of (i) $18.54 million in cash paid by the Company, (ii) 15,252,453 validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.01 per share, and (iii) an additional cash payment from the Adviser of $2.15 million in the aggregate. Shares of common stock issued and market price have not been adjusted to reflect the Reverse Stock Split.

With respect to the merger consideration from the Company, HCAP stockholders as of immediately prior to the effective time of the first merger (other than Cancelled Shares) were entitled, with respect to all or any portion of the shares of HCAP common stock they held as of the effective time of the first merger, to elect to receive the merger consideration in the form of cash (an “Election”) or in the form of the Company's common stock, subject to certain conditions and limitations in the merger agreement. Any HCAP stockholder who did not validly make an Election was deemed to have elected to receive shares of the Company’s common stock with respect to the merger consideration as payment for their shares of HCAP common stock. Each share of HCAP common stock (other than Cancelled Shares) with respect to which an Election was made was treated as an “Electing Share” and each share of HCAP Common Stock (other than a Cancelled Share) with respect to which an Election was not made or that was transferred after the election deadline on June 2, 2021 was treated as a “Non-Electing Share.”

On June 9, 2021, the Company entered into a third supplemental indenture (the “HCAP Third Supplemental Indenture”) by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), effective as of the closing of the HCAP Acquisition. The HCAP Third Supplemental Indenture relates to the Company’s assumption of $28.75 million in aggregate principal amount of HCAP’s 6.125% Notes due September 15, 2022 (the “HCAP Notes”).

Reverse Stock Split

On August 23, 2021, the Company filed a Certificate of Amendment (the “Reverse Stock Split Certificate of Amendment”) to the Company’s Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-10 reverse stock split of the issued and outstanding (or held in treasury) shares of the Company’s common stock, par value $0.01 per share (the “Reverse Stock Split”). The Reverse Stock Split became effective as of 12:01 a.m. (Eastern Time) on August 26, 2021.

As a result of the Reverse Stock Split, every ten shares of issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split. Instead, any stockholder who would have been entitled to receive a fractional share as a result of the Reverse Stock Split received cash payments in lieu of such fractional shares (without interest and subject to backup withholding and applicable withholding taxes).

On August 23, 2021, the Company filed a Certificate of Amendment to decrease the number of authorized shares of common stock by one half of the reverse stock split ratio (the “Decrease Shares Certificate of Amendment”) with the Secretary of State of the State of Delaware. The Decrease Shares Certificate of Amendment became effective as of 12:05 a.m. (Eastern Time) on August 26, 2021. Following the effectiveness of the Decrease Shares Certificate of Amendment, the number of authorized shares of common stock under the Company’s Certificate of Incorporation was reduced from 100 million shares to 20 million shares.

The Reverse Stock Split Certificate of Amendment and the Decrease Shares Certificate of Amendment were approved by the Company’s stockholders at its annual meeting held on June 7, 2021 and were approved by the Board on August 4, 2021.

Borrowings - Schedule of Information about Senior Securities (Parenthetical) (Details) - USD ($)	2 Months Ended	5 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2017	Jun. 30, 2023	Jun. 30, 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	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2021	Oct. 28, 2020	Dec. 18, 2019	Sep. 30, 2017
Debt Instrument [Line Items]
Asset coverage per unit measure per dollar			$ 1,000,000	$ 1,000,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Interest Rate																		2.85%
Aggregate principal amount			78,000,000		$ 49,321,000	$ 79,571,000							$ 79,000,000	$ 92,000,000	$ 80,571,000
7.375% Notes Due 2019
Debt Instrument [Line Items]
Interest Rate				7.375%
Average market value per par value	$ 1,012,280							$ 1,016,040.00	$ 1,000,000.00	$ 1,011,960	$ 1,037,720	$ 1,032,960
6.125% Notes Due 2022
Debt Instrument [Line Items]
Interest Rate				6.125%												6.125%
Average market value per par value		$ 1,006,000.00			953,200	1,009,930	$ 1,009,200
6.125% Notes Due 2022 \| Unsecured Debt
Debt Instrument [Line Items]
Interest Rate																			6.125%
Aggregate principal amount					76,726,000	$ 77,407,000													$ 77,400,000
4.875% Notes Due 2026 \| Unsecured Debt
Debt Instrument [Line Items]
Interest Rate																4.875%
Aggregate principal amount			108,000,000										108,000,000	108,000,000	108,000,000
2018-2 Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 147,672,000		$ 251,863,000								$ 171,288,000	$ 178,163,000	$ 163,863,000		$ 312,000,000.0

Stockholders' Equity - Additional Information (Details) - USD ($)

3 Months Ended

6 Months Ended

Mar. 06, 2023

Mar. 08, 2022

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Termination date of stock repurchase program

Mar. 31, 2024

Mar. 31, 2023

Common stock issued under dividend reinvestment plan

7,961

15,285

18,394

29,778

Shares outstanding at end of period

9,537,236

^[1],[2]

9,599,856

^[1],[2]

9,537,236

^[1],[2]

9,599,856

^[1],[2]

9,581,536

Stock repurchases, value

$ 553,000

$ 792,000

$ 2,459,000

$ 545,000

$ 1,345,000

^[1]

$ 3,004,000

^[1]

4.875% Notes Due 2026

Interest Rate

4.875%

Stock Repurchase Program

Stock repurchase program, authorized amount

$ 10,000,000

Period of stock repurchase program

1 year

Renewed Stock Repurchase Program

Stock repurchase program, authorized amount

$ 10,000,000

Period of stock repurchase program

1 year

Stock repurchases, shares

27,081

106,627

62,694

129,617

Stock repurchases, value

$ 552,000

$ 2,500,000

$ 1,300,000

$ 3,000,000.0

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES

From time-to-time the Company is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of the Company’s investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on the Company’s balance sheet. Prior to extending such credit, the Company attempts to limit its credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of June 30, 2023 and December 31, 2022, the Company had $25.7 million and $35.0 million unfunded commitments, respectively.

The Company has made an aggregate commitment to the Great Lakes II Joint Venture of $50 million, subject to certain limitations (including that the Company is not obligated to fund capital calls if such funding would cause the Company to be out of compliance with certain provisions of the 1940 Act). As of June 30, 2023 the Company had a $2.0 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2022, the Company had a $8.0 million unfunded commitment to the Great Lakes II Joint Venture.

The Company is involved in litigation in the normal course of its operations and does not expect that the outcome of those litigations to have a material adverse impact to the Company’s financial position or results of operations.


($ in thousands)		Par Value
Portfolio Company	Investment	June 30, 2023
Accordion Partners LLC	Revolver		$	1,531
AMCP Pet Holdings, Inc.	Revolving Loan			250
Anthem Sports & Entertainment Inc.	Revolver			83
BetaNXT, Inc.	Revolver			2,415
Bradshaw International Parent Corp.	Revolver			922
Centric Brands Inc.	Revolver			331
Centric Brands Inc.	Revolver			97
Critical Nurse Staffing, LLC	Delayed Draw Term Loan			3,094
Critical Nurse Staffing, LLC	Revolver			1,080
Dentive, LLC	Delayed Draw Term Loan - First Lien			677
Dentive, LLC	Revolver			234
GreenPark Infrastructure, LLC	Preferred Equity			1,829
H.W. Lochner, Inc.	Revolver			1,799
Luminii LLC	Revolver			172
Naviga Inc.	Revolver			77
Netwrix Corporation	Revolver			861
Netwrix Corporation	Delayed Draw Term Loan - First Lien			973
PhyNet Dermatology LLC	Delayed Draw Term Loan			690
Premier Imaging, LLC	Delayed Draw Term Loan			1,378
Series A-Great Lakes Funding II LLC	Joint Ventures			2,011
TA/WEG Holdings, LLC	Delayed Draw Term Loan			1,463
TA/WEG Holdings, LLC	Revolver			784
TLE Holdings, LLC	Delayed Draw Term Loan			2
VBC Spine Opco LLC	Revolver			387
VBC Spine Opco LLC	Delayed Draw Term Loan			2,581
Total Unfunded Portfolio Company Commitments			$	25,721


($ in thousands)		Par Value
Portfolio Company	Investment	December 31, 2022
Accordion Partners LLC	Revolver	$	1,531
Accordion Partners LLC	Delayed Draw Term Loan		698
Accordion Partners LLC	Delayed Draw Term Loan		872
Analogic Corporation	Revolver		23
Anthem Sports & Entertainment Inc.	Revolver		83
Beta Plus Technologies, Inc.	Revolver		2,415
Bradshaw International Parent Corp.	Revolver		922
Bristol Hospice	Delayed Draw Term Loan		55
Centric Brands Inc.	Revolver		428
Centric Brands Inc.	Revolver		58
Critical Nurse Staffing, LLC	Delayed Draw Term Loan		3,094
Critical Nurse Staffing, LLC	Revolver		1,400
Dentive, LLC	Delayed Draw Term Loan - First Lien		748
Dentive, LLC	Revolver		234
GreenPark Infrastructure, LLC	Preferred Equity		1,829
H.W. Lochner, Inc.	Revolver		1,799
Keg Logistics LLC	Revolver		436
Luminii LLC	Revolver		172
Marble Point Credit Management LLC	Revolver		2,500
Maxor National Pharmacy Services, LLC	Revolver		585
Naviga Inc.	Revolver		77
Netwrix Corporation	Revolver		1,148
Netwrix Corporation	Delayed Draw Term Loan - First Lien		1,017
Premier Imaging, LLC	Delayed Draw Term Loan		1,378
Series A-Great Lakes Funding II LLC	Joint Ventures		8,038
TA/WEG Holdings, LLC	Delayed Draw Term Loan		2,634
TA/WEG Holdings, LLC	Revolver		784
TLE Holdings, LLC	Delayed Draw Term Loan		2
Total Unfunded Portfolio Company Commitments		$	34,959

Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 329,634	$ 373,308
2018-2 Secured Notes
Debt Instrument [Line Items]
Long-term debt	146,734	176,937
4.875% Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	105,841	105,478
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 77,059	$ 90,893

Reconciliation of Net Increase in Net Assets Resulting From Operations to Taxable Income

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Distributable Taxable Income (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

The following reconciles net increase in net assets resulting from operations to taxable income for the six months ended June 30, 2023 and 2022 :


	Six Months Ended June 30,
($ in thousands)	2023			2022

Net (decrease) increase in net assets resulting from operations	$	(3,059	)	$	(4,375	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		(407	)		517
Net change in unrealized depreciation (appreciation) from investments		10,136			(2,256	)
Net realized losses		9,774			19,544
Book/tax differences on CLO equity investments		(860	)		2,050
Book/tax differences related to mergers and partnership investments		(1,301	)		(1,986	)
Other book/tax differences		602			602
Taxable income before deductions for distributions	$	14,885		$	14,096
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period1	$	1.56		$	1.46

Investments - Schedule of Derivative Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts		$ 571,000	$ 571,000
Realized gain(loss)	$ (2,095,000)	(2,095,000)
Unrealized gain(loss)	$ 2,442,000	2,412,000
Call Option
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts		8,000	8,000
Unrealized gain(loss)		(10,000)
Put Option
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts		563,000	$ 563,000
Securities Swap and Option Agreement
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain(loss)		(2,095,000)
Unrealized gain(loss)		$ 2,422,000

Earnings (Losses) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings (Losses) Per Share

3. EARNINGS (LOSSES) PER SHARE

In accordance with the provisions of ASC 260, “Earnings per Share” (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following information sets forth the computation of basic and diluted net increase (decrease) in net assets per share for the three and six months ended June 30, 2023 and 2022:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2023			2022			2023			2022
Net increase (decrease) in net assets resulting from operations	$	(3,114	)	$	(8,433	)	$	(3,059	)	$	(4,375	)
Weighted average number of common and common stock equivalent shares outstanding for basic and diluted shares computation		9,541,722			9,634,870			9,548,424			9,666,298
Net increase (decrease) in net assets per basic common shares and diluted shares:
Net increase (decrease) in net assets from operations	$	(0.33	)	$	(0.88	)	$	(0.32	)	$	(0.45	)

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Management fees	$ 1,869	$ 2,088	$ 3,822	$ 4,223
Incentive fees	1,680	1,169	3,488	2,847
Administrative services expense	659	822	$ 1,330	1,669
Advisory Agreement
Related Party Transaction [Line Items]
Related party transaction, terms of terminate advisory agreement			In accordance with the 1940 Act, without payment of any penalty, we may terminate the Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the stockholders holding a majority of the outstanding shares of our common stock. See “Advisory Agreement—Removal of Adviser” below. In addition, without payment of any penalty, the Adviser may generally terminate the Advisory Agreement upon 60 days’ written notice and, in certain circumstances, the Adviser may only be able to terminate the Advisory Agreement upon 120 days’ written notice.
Related party transaction, terms of removal of adviser			The Adviser may be removed by the Board or by the affirmative vote of a Majority of the Outstanding Shares. “Majority of the Outstanding Shares” means the lesser of (1) 67% or more of the outstanding shares of our common stock present at a meeting, if the holders of more than 50% of the outstanding shares of our common stock are present or represented by proxy or (2) a majority of outstanding shares of our common stock.
Management fee, description			For the period from the date of the Advisory Agreement (the “Effective Date”) through the end of the first calendar quarter after the Effective Date, the Base Management Fee will be calculated at an annual rate of 1.50% of the Company’s gross assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts, as of the end of such calendar quarter. Subsequently, the Base Management Fee will be 1.50% of the Company’s average gross assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters; provided, however, that the Base Management Fee will be 1.00% of the Company’s average gross assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts, that exceed the product of (i) 200% and (ii) the value of the Company’s net asset value at the end of the most recently completed calendar quarter.
Incentive fee, description			The Incentive Fee consists of two parts: (1) a portion based on the Company’s pre-incentive fee net investment income (the “Income-Based Fee”) and (2) a portion based on the net capital gains received on the Company’s portfolio of securities on a cumulative basis for each calendar year, net of all realized capital losses and all unrealized capital depreciation on a cumulative basis, in each case calculated from the Effective Date, less the aggregate amount of any previously paid capital gains Incentive Fee (the “Capital Gains Fee”).
Percentage of pre-incentive fee net investment income			17.50%
Percentage of hurdle rate			7.00%
Percentage of capital gains fee			17.50%
Percentage of cumulative realized capital gains			17.50%
Management fees	1,900	2,100	$ 3,800	4,200
Incentive fees	1,700	1,200	$ 3,500	2,800
Administration Agreement
Related Party Transaction [Line Items]
Related party transaction, terms of terminate administration agreement			The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the stockholders holding a Majority of the Outstanding Shares. In addition, the Adviser may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice.
Administrative services expense	$ 659	$ 822	$ 1,300	$ 1,700

Investments - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Member	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investment Holdings [Line Items]
CLO fund securities percentage of total assets	2.30%		2.30%		3.30%
Non qualified assets percentage of total assets	17.20%		17.20%		17.60%
Joint ventures percentage of total assets	11.20%		11.20%		9.50%
Fair Value	$ 510,100		$ 510,100		$ 576,478
Unfunded commitment to investee	25,721		25,721		34,959
Level II
Investment Holdings [Line Items]
Fair Value	57,600		$ 57,600		65,000
Non Qualifying Assets
Investment Holdings [Line Items]
Investment portfolio percentage			30.00%
Joint venture
Investment Holdings [Line Items]
Investment income from investments in joint ventures	2,300	$ 2,100	$ 4,800	$ 4,200
Aggregate fair value of investments in joint venture	$ 62,500		$ 62,500		59,000
F3C Joint Venture
Investment Holdings [Line Items]
F3C Joint venture ownership percentage	62.80%		62.80%
Number of board of directors \| Member			4
Directors selected by company \| Member			2
Directors selected by Freedom 3 Opportunities \| Member			2
Series A-Great Lakes Funding II LLC
Investment Holdings [Line Items]
Percentage of voting interest	50.00%		50.00%
Fair Value	$ 46,000		$ 46,000		40,300
Increase in aggregate commitment to investee			50,000
Unfunded commitment to investee	$ 2,000		$ 2,000		$ 8,000

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

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Percentage of debt securities contains floor rates

79.50%

78.80%

Aggregate gross unrealized appreciation

$ 595,975

$ 652,217

36,100

34,800

Aggregate gross unrealized depreciation

36,900

38,300

Net unrealized depreciation

$ 800

$ 3,400

Percentage of qualifying assets to total assets

82.80%

82.40%

Maximum

Floor rate

2.00%

Minimum

Floor rate

0.50%

Investments

Garrison Capital Equity Holdings II LLC

237.00%

247.00%

Non controlling member interest rate

17.50%

ATP Oil & Gas Corporation

Royalty interest

5.00%

Junior Secured Loan

18.00%

24.00%

$ 51,707

$ 65,776

Senior Unsecured Bond

0.00%

Senior Unsecured Bond | Tank Partners Equipment Holdings, LLC

$ 416

10.00%

Equity Securities

9.00%

CLO Subordinated Investments

$ 28,901

$ 28,848

6.00%

9.00%

Asset Manager Affiliates

0.00%

^[1]

$ 17,791

Joint Ventures

29.00%

25.00%

$ 74,878

$ 68,850

Derivatives

0.00%

$ 31

Senior Secured Loan

175.00%

180.00%

Investments For Federal Income Tax Purpose

$ 396,674

$ 435,856

Controlled Affiliated Investments | Minimum

$ 596,800

$ 656,000

Percentage of outstanding voting securities owned

25.00%

Non-controlled Affiliated Investments | Minimum

Percentage of outstanding voting securities owned

5.00%

[1]	Represents the equity investment in the Asset Manager Affiliates.

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

The following table details the components of Stockholders’ Equity for the six months ended June 30, 2023 and 2022 :


	For the Six Months Ended June 30, 2023
($ in thousands)	Common Stock			Capital in Excess of Par Value			Total Distributable (loss) earnings			Total Stockholders' Equity
Balance, January 1, 2023	$	96		$	736,784		$	(504,757	)	$	232,123
Net investment income		-			-			8,529			8,529
Net change in unrealized appreciation on investments		-			-			(5,960	)		(5,960	)
Net realized (losses) from investment transactions and extinguishment of debt		-			-			(3,085	)		(3,085	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-			-			571			571
Distributions to Stockholders		-			-			(6,495	)		(6,495	)
Reinvested Dividends		-			215			-			215
Stock-repurchase		-			(792	)		-			(792	)
Balance, March 31, 2023	$	96		$	736,207		$	(511,197	)	$	225,106
Net investment income	$	-		$	-		$	7,915		$	7,915
Net change in unrealized appreciation on investments		-			-			(4,176	)		(4,176	)
Net realized (losses) from investment transactions and extinguishment of debt		-			-			(6,689	)		(6,689	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-			-			(164	)		(164	)
Distributions to Stockholders		-			-			(6,579	)		(6,579	)
Reinvested Dividends		-			153			-			153
Stock-repurchase		(1	)		(552	)		-			(553	)
Balance, June 30, 2023	$	95		$	735,808		$	(520,890	)	$	215,013


	For the Six Months Ended June 30, 2022
($ in thousands)	Common Stock		Capital in Excess of Par Value			Total Distributable (loss) earnings			Total Stockholders' Equity
Balance, January 1, 2022	$	97	$	733,095		$	(453,070	)	$	280,122
Net investment income		-		-			7,908			7,908
Net change in unrealized appreciation on investments		-		-			2,143			2,143
Net realized (losses) from investment transactions and extinguishment of debt		-		-			(5,553	)		(5,553	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-		-			(440	)		(440	)
Distributions to Stockholders		-		-			(6,111	)		(6,111	)
Reinvested Dividends		-		338			-			338
Stock-repurchase		-		(545	)		-			(545	)
Private placement and other		-		439			-			439
Balance at March 31, 2022	$	97	$	733,327		$	(455,123	)	$	278,301
Net investment income	$	-	$	-		$	5,522		$	5,522
Net change in unrealized appreciation on investments		-		-			113			113
Net realized (losses) from investment transactions and extinguishment of debt		-		-			(13,991	)		(13,991	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-		-			(77	)		(77	)
Distributions to Stockholders		-		-			(6,064	)		(6,064	)
Reinvested Dividends		-		346			-			346
Stock-repurchase		-		(2,459	)		-			(2,459	)
Private placement		-		(25	)		-			(25	)
Balance, June 30, 2022	$	97	$	731,189		$	(469,620	)	$	261,666

On March 8, 2022, the Board of Directors of the Company approved a $10 million stock repurchase program (the “Stock Repurchase Program”) for an approximately one-year period effective March 8, 2022 and terminating on March 31, 2023. Under this repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise subject to any agreement to which we are party including any restrictions in the indenture for our 4.875% Notes Due 2026. The timing and actual number of shares repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This Stock Repurchase Program may be suspended or discontinued at any time. On March 6, 2023, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “Renewed Stock Repurchase Program”) for an approximately one-year period, effective March 6, 2023 and terminating on March 31, 2024. The terms and conditions of the Renewed Stock Repurchase Program are substantially similar to the prior Stock Repurchase Program. The Renewed Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.

During the three months ended June 30, 2023 and 2022, the Company issued 7,961 and 15,285 shares, respectively, of common stock under its dividend reinvestment plan. During the six months ended June 30, 2023 and 2022, the Company issued 18,394 and 29,778 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of June 30, 2023 and December 31, 2022 was 9,537,236 and 9,581,536, respectively.

During the three months ended June 30, 2023, the Company repurchased 27,081 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $552 thousand. During the six months ended June 30, 2023, the Company repurchased 62,694 shares under the Renewed Stock
Repurchase Program at an aggregate cost of approximately $1.3 million. During the three months ended June 30, 2022, the Company repurchased 106,627 shares under the Stock Repurchase Program at an aggregate cost of approximately $2.5 million. During the six months ended June 30, 2022, the Company repurchased approximately 129,617 shares under the Stock Repurchase Program at an aggregate cost of approximately $3.0 million.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Investments - Company Portfolio by Security and Investment (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Jun. 30, 2023

$ 652,217

$ 595,975

652,217

595,975

576,478

510,100

$ 576,478

$ 510,100

^[1],[2]

100.00%

Aerospace and Defense

$ 10,579

$ 9,436

$ 10,494

$ 9,556

^[1]

2.00%

Asset Management Company

$ 17,791

^[3]

$ 17,791

^[4]

Automotive

7,329

6,906

$ 6,947

$ 4,986

Banking, Finance, Insurance & Real Estate

^[1]

1.00%

$ 76,038

$ 59,945

$ 78,264

$ 60,902

Beverage, Food and Tobacco

^[1]

14.00%

12.00%

$ 12,619

$ 12,334

$ 12,456

$ 12,116

^[1]

2.00%

Capital Equipment

$ 10,681

$ 10,682

$ 2,745

$ 1,451

Chemicals, Plastics and Rubber

^[1]

1.00%

0.00%

$ 10,447

$ 10,345

$ 10,359

$ 10,293

^[1]

2.00%

$ 34,649

$ 25,577

$ 20,453

$ 12,996

^[1]

3.00%

Construction & Building

$ 9,545

$ 7,773

$ 9,199

$ 7,507

^[1]

2.00%

1.00%

Consumer goods: Durable

$ 16,762

$ 16,654

$ 13,943

$ 13,253

Containers, Packaging and Glass

^[1]

2.00%

3.00%

$ 2,754

$ 2,741

$ 2,655

$ 2,743

^[1]

1.00%

Electronics

$ 10,866

$ 10,774

$ 11,129

$ 11,017

^[1]

2.00%

Energy: Electricity

$ 671

$ 671

^[1]

0.00%

Energy: Oil & Gas

$ 6,718

$ 6,719

$ 1,056

$ 580

^[1]

0.00%

Environmental Industries

$ 4,315

$ 4,930

^[1]

1.00%

Finance

$ 17,570

$ 19,014

$ 17,581

$ 19,048

^[1]

3.00%

4.00%

Forest Products & Paper

$ 1,589

$ 1,373

Healthcare, Education and Childcare

^[1]

0.00%

$ 9,726

$ 6,205

$ 9,586

$ 6,191

Healthcare & Pharmaceuticals

^[1]

2.00%

1.00%

$ 51,901

$ 50,244

$ 50,566

$ 48,805

^[1]

9.00%

10.00%

High Tech Industries

$ 83,661

$ 84,922

$ 73,994

$ 76,160

^[1]

13.00%

14.00%

Hotel, Gaming & Leisure

$ 10,245

$ 10,487

$ 6,798

$ 2,859

^[1]

1.00%

Joint Venture

$ 68,850

$ 74,878

$ 58,955

$ 62,547

Machinery (Non-Agrclt/Constr/Electr)

10.00%

^[1]

12.00%

$ 9,461

$ 10,030

$ 9,291

$ 9,455

Media: Advertising, Printing & Publishing

^[1]

2.00%

$ 150

$ 549

Media: Broadcasting & Subscription

^[1]

0.00%

$ 14,930

$ 15,478

$ 14,358

$ 14,163

Media: Diversified & Production

^[1]

2.00%

3.00%

$ 6,976

$ 1,641

$ 6,572

$ 1,650

^[1]

1.00%

0.00%

Metals & Mining

$ 15,846

$ 9,000

$ 14,786

$ 8,948

^[1]

3.00%

2.00%

Retail

$ 10,772

$ 9,024

$ 10,871

$ 9,009

^[1]

2.00%

Services: Business

$ 66,807

$ 67,135

$ 66,207

$ 65,957

^[1]

11.00%

13.00%

Services: Consumer

$ 8,569

$ 9,029

$ 8,128

$ 8,357

^[1]

1.00%

2.00%

Telecommunications

$ 11,475

$ 11,463

$ 10,077

$ 10,366

^[1]

2.00%

Textiles and Leather

$ 12,689

$ 12,808

^[1]

2.00%

Transportation: Cargo

$ 11,583

$ 11,585

$ 11,342

$ 11,114

^[1]

2.00%

Transportation: Consumer

$ 7,653

$ 7,492

$ 7,335

$ 7,400

^[1]

1.00%

Senior Secured Loan

$ 435,856

$ 396,674

$ 418,722

$ 376,539

^[2]

73.00%

74.00%

Junior Secured Loan

$ 65,776

$ 51,707

$ 56,400

$ 37,962

^[2]

10.00%

7.00%

Senior Unsecured Bond

$ 416

$ 43

^[2]

0.00%

Equity Securities

$ 28,848

$ 28,901

$ 21,905

$ 20,013

^[2]

4.00%

$ 34,649

$ 25,577

$ 20,453

$ 12,996

^[2]

3.00%

Asset Manager Affiliates

^[4]

$ 17,791

Joint Ventures

68,850

74,878

$ 58,955

$ 62,547

^[2]

10.00%

12.00%

Derivatives

$ 31

Distributable Taxable Income

$ 31

[1]	Calculated as a percentage of total portfolio at fair value.
[2]	Represents percentage of total portfolio at fair value.
[3]	Represents the equity investment in the Asset Manager Affiliates
[4]	Represents the equity investment in the Asset Manager Affiliates.

Distributable Taxable Income

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

7. DISTRIBUTABLE TAXABLE INCOME

Effective December 11, 2006, the Company elected to be treated as a RIC under the Code and adopted a December 31 tax-calendar year end. As a RIC, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed currently to its stockholders as a dividend. The Company’s quarterly distributions, if any, are determined by the Board. The Company anticipates distributing substantially all of its taxable income and gains, within the Subchapter M rules, and thus the Company anticipates that it will not incur any federal or state income tax at the RIC level. As a RIC, the Company is also subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis (e.g., calendar year 2021). 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 and pay a 4% excise tax on such income, to the extent required.

The Company may distribute taxable dividends that are payable in cash or shares of its common stock at the election of each stockholder. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in shares of stock at the election of stockholders are treated as taxable dividends. The Internal Revenue Service has published guidance with respect to publicly offered RICs indicating that this rule will apply even where the total amount of cash that may be distributed is limited to no more than 20% of the total distribution. Under this guidance, if too many stockholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). If the Company decides to make any distributions consistent with this guidance that are payable in part in its stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, shares of the Company’s 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 the Company’s current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives 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 the Company’s stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, the Company 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. In addition, if a significant number of the Company’s stockholders determine to sell shares of its stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of the Company’s stock.

The following reconciles net increase in net assets resulting from operations to taxable income for the six months ended June 30, 2023 and 2022 :


	Six Months Ended June 30,
($ in thousands)	2023			2022

Net (decrease) increase in net assets resulting from operations	$	(3,059	)	$	(4,375	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		(407	)		517
Net change in unrealized depreciation (appreciation) from investments		10,136			(2,256	)
Net realized losses		9,774			19,544
Book/tax differences on CLO equity investments		(860	)		2,050
Book/tax differences related to mergers and partnership investments		(1,301	)		(1,986	)
Other book/tax differences		602			602
Taxable income before deductions for distributions	$	14,885		$	14,096
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period1	$	1.56		$	1.46

Dividends from Asset Manager Affiliates are recorded based upon a quarterly estimate of tax-basis earnings and profits of each Asset Manager Affiliate. Distributions in excess of the estimated tax-basis quarterly earnings and profits of each distributing Asset Manager Affiliate are recognized as tax-basis return of capital. The actual tax-basis earnings and profits and resulting dividend and/or return of capital for the year will be determined at the end of the tax year for each distributing Asset Manager Affiliate. For the three and six months ended June 30, 2023, the Asset Manager Affiliates did not make any cash distributions to the Company.

Distributions to shareholders that exceed tax-basis distributable income (tax-basis net investment income and realized gains, if any) are reported as distributions of paid-in capital (i.e. return of capital). The tax character of distributions is made on an annual (full calendar-year) basis. The determination of the tax attributes of our distributions is made at the end of the year based upon our taxable income for the full year and the distributions paid during the full year. Therefore, a determination of tax attributes made on a quarterly basis may not be representative of the actual tax attributes of distributions for a full year.

At June 30, 2023, the Company had a net capital loss carryforward of $429.1 million to offset net capital gains. This net capital loss carryforward is not subject to expiration. A portion of the Company’s capital loss carryovers are subject to an annual use limitation under the Code and related regulations.

The Company has certain taxable subsidiaries which have elected to be taxed as corporations for U.S. tax purposes. For the six months ended June 30, 2023, the taxable subsidiaries’ activity resulted in a provision for income taxes of $407 thousand. As of June 30, 2023, the taxable subsidiaries have, in aggregate, no deferred tax assets (primarily due to net operating loss and capital loss carryovers) and of $1.5 million of deferred tax liabilities. A portion of the taxable subsidiaries’ net operating loss and capital loss carryovers are subject to an annual use limitation under the Code and related regulations.

ASC Topic 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (the last three fiscal years) or expected to be taken in the Company’s current year tax return. The Company identifies its major tax jurisdictions as U.S. Federal and New York State, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Investments, Debt and Equity Securities [Abstract]

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Portfolio by Security and Investment

The following table shows the Company’s portfolio by security type at June 30, 2023 and December 31, 2022:



($ in thousands)	June 30, 2023 (Unaudited)							December 31, 2022
Security Type	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Senior Secured Loan	$	396,674	$	376,539		74		$	435,856	$	418,722		73
Junior Secured Loan		51,707		37,962		7			65,776		56,400		10
Senior Unsecured Bond		416		43		0			416		43		0
Equity Securities		28,901		20,013		4			28,848		21,905		4
CLO Fund Securities		25,577		12,996		3			34,649		20,453		3
Asset Manager Affiliates(2)		17,791		-		-			17,791		-		-
Joint Ventures		74,878		62,547		12			68,850		58,955		10
Derivatives		31		-		-			31		-		-
Total	$	595,975	$	510,100		100	%	$	652,217	$	576,478		100	%

(1)

Represents percentage of total portfolio at fair value.

(2)

Represents the equity investment in the Asset Manager Affiliates.

The industry concentrations based on the fair value of the Company’s investment portfolio as of June 30, 2023 and December 31, 2022 were as follows:


($ in thousands)	June 30, 2023 (Unaudited)							December 31, 2022
Industry Classification	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Aerospace and Defense	$	9,436	$	9,556		2		$	10,579	$	10,494		2
Asset Management Company(2)		17,791		-		-			17,791		-		-
Automotive		6,906		4,986		1			7,329		6,947		1
Banking, Finance, Insurance & Real Estate		59,945		60,902		12			76,038		78,264		14
Beverage, Food and Tobacco		12,334		12,116		2			12,619		12,456		2
Capital Equipment		10,682		1,451		0			10,681		2,745		1
Chemicals, Plastics and Rubber		10,345		10,293		2			10,447		10,359		2
CLO Fund Securities		25,577		12,996		3			34,649		20,453		3
Construction & Building		7,773		7,507		1			9,545		9,199		2
Consumer goods: Durable		16,654		13,253		3			16,762		13,943		2
Containers, Packaging and Glass		2,741		2,743		1			2,754		2,655		1
Electronics		10,774		11,017		2			10,866		11,129		2
Energy: Electricity		671		671		0			671		671		0
Energy: Oil & Gas		6,719		580		0			6,718		1,056		0
Environmental Industries		-		-		-			4,315		4,930		1
Finance		19,014		19,048		4			17,570		17,581		3
Forest Products & Paper		-		-		-			1,589		1,373		0
Healthcare, Education and Childcare		6,205		6,191		1			9,726		9,586		2
Healthcare & Pharmaceuticals		50,244		48,805		10			51,901		50,566		9
High Tech Industries		84,922		76,160		14			83,661		73,994		13
Hotel, Gaming & Leisure		10,487		2,859		1			10,245		6,798		1
Joint Venture		74,878		62,547		12			68,850		58,955		10
Machinery (Non-Agrclt/Constr/Electr)		10,030		9,455		2			9,461		9,291		2
Media: Advertising, Printing & Publishing		-		-		-			150		549		0
Media: Broadcasting & Subscription		15,478		14,163		3			14,930		14,358		2
Media: Diversified & Production		1,641		1,650		0			6,976		6,572		1
Metals & Mining		9,000		8,948		2			15,846		14,786		3
Retail		9,024		9,009		2			10,772		10,871		2
Services: Business		67,135		65,957		13			66,807		66,207		11
Services: Consumer		9,029		8,357		2			8,569		8,128		1
Telecommunications		11,463		10,366		2			11,475		10,077		2
Textiles and Leather		-		-		-			12,689		12,808		2
Transportation: Cargo		11,585		11,114		2			11,583		11,342		2
Transportation: Consumer		7,492		7,400		1			7,653		7,335		1
Total	$	595,975	$	510,100		100	%	$	652,217	$	576,478		100	%

(1)

Calculated as a percentage of total portfolio at fair value.

(2)

Represents the equity investment in the Asset Manager Affiliates.

Summary of Investments in CLO Fund Securities

The following table details investments in CLO Fund Securities at June 30, 2023 (unaudited) and December 31, 2022:


($ in thousands)				June 30, 2023				December 31, 2022
CLO Fund Securities	Investment	%(1)		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Catamaran CLO 2014-1 Ltd.	Subordinated Notes		22	$	4,324	$	2,032	$	4,216	$	3,232
Catamaran CLO 2014-2 Ltd.	Subordinated Notes		25		6,066		-		6,066		-
Catamaran CLO 2015-1 Ltd.	Subordinated Notes		10		2,534		-		2,534		-
Catamaran CLO 2018-1 Ltd.	Subordinated Notes		25		6,113		4,647		6,338		4,753
Dryden 30 Senior Loan Fund	Subordinated Notes		7		849		626		868		868
JMP CLO IV Junior Sub Note	Subordinated Notes		57		1,747		1,747		4,020		4,020
JMP CLO V Junior Sub Note	Subordinated Notes		57		3,944		3,944		10,607		7,580
Total				$	25,577	$	12,996	$	34,649	$	20,453

(1)

Represents percentage of class held at June 30, 2023.

Summary of Investments in Affiliates

The following table details investments in affiliates at June 30, 2023 (unaudited):


($ in thousands)	Industry Classification	Fair Value as of December 31, 2022		Purchases/ (Sales) of or Advances/ (Distributions)			Net Accretion		Transfers In/(Out) of Affiliates			Net Change in Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value as of June 30, 2023		Principal / Shares at June 30, 2023		Interest and Fee Income		Dividend Income
Asset Manager Affiliates(1)(3)	Asset Management Company	$	-	$	-		$	-	$	-		$	-		$	-		$	-		-	$	-	$	-
Tank Partners Equipment Holdings, LLC(1)(2)(3)(6)	Energy: Oil & Gas		-		-			-		-			-			-			-		-		-		-
Tank Partners Equipment Holdings, LLC(1)(2)(3)	Energy: Oil & Gas		43		-			-		-			-			-			43		511		-		-
Flight Lease VII (1)(2)(4)(6)	Aerospace and Defense		242		(200	)		-		-			38			(80	)		-		-		-		-
ProAir, LLC(1)(2)(3)(6)	Capital Equipment		-		-			-		-			-			-			-		2,749,997		-		-
ProAir, LLC(1)(2)(3)	Capital Equipment		-		-			-		-			-			-			-		2,020		-		-
KCAP Freedom 3, LLC (1)(3)	Joint Venture		18,668		-			-		-			(2,094	)		-			16,574		27,220		-		1,540
Total controlled affiliates		$	18,953	$	(200	)	$	-	$	-		$	(2,056	)	$	(80	)	$	16,617			$	-	$	1,540

Series A-Great Lakes Funding II LLC(5)(6)(7)	Joint Venture	$	40,287	$	6,028		$	-	$	-		$	(342	)	$	-		$	45,973		47,463	$	-	$	3,248
GreenPark Infrastructure, LLC(1)(2)(5)(6)	Energy: Electricity		500		-			-		-			-			-			500		1,000		-		-
GreenPark Infrastructure, LLC(1)(2)(5)(6)(7)	Energy: Electricity		171		-			-		-			-			-			171		500		-		-
Kleen-Tech Acquisition, LLC (1)(2)(5)(6)	Services: Business		1,300		-			-		-			(280	)		-			1,020		250,000		-		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		13,445		(4,428	)		-		(9,000	)		1,107			(1,124	)		-		-		377		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		-			708			-			708		2,368		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		4,500			102			-			4,602		1,000		107		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		-		-			-		4,500			(862	)		-			3,638		4,500		87		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		464		-			-		-			81			-			545		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		206		-			-		-			36			-			242		88,946		-		-
Surge Hippodrome Partners LP(1)(2)(5)(6)	Services: Business		811		-			-		-			(171	)		-			640		185		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)(6)	Services: Business		484		-			-		-			(94	)		-			390		10		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)	Services: Business		5,165		-			103		-			110			-			5,378		5,460		445		-
Navex Topco, Inc.(2)(5)	Electronics		7,604		-			42		-			(42	)		-			7,604		7,700		457		-
Zest Acquisition Corp.(1)(2)(5)	Healthcare, Education and Childcare		3,390		(3,501	)		9		-			102			-			-		-		42		-
Total Non-controlled affiliates		$	73,827	$	(1,901	)	$	154	$	-		$	455		$	(1,124	)	$	71,411			$	1,515	$	3,248

Total Affiliated Investments		$	92,780	$	(2,101	)	$	154	$	-		$	(1,601	)	$	(1,204	)	$	88,028			$	1,515	$	4,788

(1)

Fair value of this investment was determined using significant unobservable inputs.

(2)

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

(6)

Number of shares held.

(7)

The following table details investments in affiliates at December 31, 2022:


($ in thousands)	Industry Classification	Fair Value as of December 31, 2021		Purchases/ (Sales) of or Advances/ (Distributions)			Net Accretion			Transfers In/(Out) of Affiliates			Net Change in Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value as of December 31, 2022		Principal / Shares at December 31, 2022		Interest and Fee Income		Dividend Income
Asset Manager Affiliates(1)(2)(3)	Asset Management Company	$	-	$	-		$	-		$	-		$	-		$	-		$	-		-	$	-	$	-
Tank Partners Equipment Holdings, LLC(1)(2)(3)(6)	Energy: Oil & Gas		-		-			-			-			-			-			-		49,000		-		-
Tank Partners Equipment Holdings, LLC(1)(2)(3)	Energy: Oil & Gas		43		-			-			-			-			-			43		511		-		-
Flight Lease VII (1)(2)(4)(6)	Aerospace and Defense		256		-			-			-			(14	)		-			242		1,938		-		-
ProAir, LLC(1)(2)(3)(6)	Capital Equipment		-		-			-			4,262			(4,262	)		-			-		2,749,997		-		-
ProAir, LLC(1)(2)(3)	Capital Equipment		-		1,931			-			-			(1,931	)		-			-		1,931		181		-
KCAP Freedom 3, LLC (1)(3)	Joint Venture		23,062		-			-			-			(4,394	)		-			18,668		27,220		-		4,141
Total controlled affiliates		$	23,361	$	1,931		$	-		$	4,262		$	(10,601	)	$	-		$	18,953			$	181	$	4,141

BCP Great Lakes Holdings LP(5)(7)	Joint Venture	$	37,412	$	1,700		$	-		$	(38,124	)	$	(461	)	$	(527	)	$	-		-	$	-	$	3,099
Series A-Great Lakes Funding II LLC(5)(6)(8)	Joint Venture		-		3,311			-			38,124			(1,148	)		-			40,287		41,435		-		1,351
Flight Lease XII(1)(2)(5)(6)	Aerospace and Defense		677		(742	)		-			-			(147	)		212			-		-		40		-
GreenPark Infrastructure, LLC(1)(2)(5)(6)	Energy: Electricity		-		500			-			-			-			-			500		1,000		-		-
GreenPark Infrastructure, LLC(1)(2)(5)(6)(8)	Energy: Electricity		-		171			-			-			-			-			171		500		-		-
Kleen-Tech Acquisition, LLC (1)(2)(5)(6)	Services: Business		1,612		-			-			-			(312	)		-			1,300		250,000		-		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		12,280		476			(10	)		-			699			-			13,445		14,551		1,455		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-			-			-			-			-		2,368		-		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		492		-			-			-			(28	)		-			464		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		219		-			-			-			(13	)		-			206		88,946		-		-
Surge Hippodrome Partners LP(1)(2)(5)(6)	Services: Business		336		-			-			-			475			-			811		185		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)(6)	Services: Business		201		-			-			-			283			-			484		10		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)	Services: Business		5,160		-			207			-			(202	)		-			5,165		5,460		582		-
VTK Acquisition, Inc.(1)(2)(5)	Capital Equipment		1,531		(1,536	)		33			-			(28	)		-			-		-		57		-
VTK Acquisition, Inc.(1)(2)(5)	Capital Equipment		2,598		(2,628	)		110			-			(80	)		-			-		-		107		-
VTK Acquisition, Inc.(1)(2)(5)(6)	Capital Equipment		535		(369	)		-			-			(284	)		118			-		-		-		-
Navex Topco, Inc.(1)(2)(5)	Electronics		7,609		-			84			-			(89	)		-			7,604		7,700		680		-
Zest Acquisition Corp.(1)(2)(5)	Healthcare, Education and Childcare		3,480		-			3			-			(93	)		-			3,390		3,500		319		-
Total Non-controlled affiliates		$	74,142	$	883		$	427		$	-		$	(1,428	)	$	(197	)	$	73,827			$	3,240	$	4,450

Total Affiliated Investments		$	97,503	$	2,814		$	427		$	4,262		$	(12,029	)	$	(197	)	$	92,780			$	3,421	$	8,591

(1)

Fair value of this investment was determined using significant unobservable inputs.

(2)

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

(6)

Number of shares held.

(7)

Ownership of LP interest held through the holding company BCP Great Lakes Fund, L.P, a non-U.S. company or principal place of business outside the U.S.

(8)

Security has an unfunded commitment in addition to the amounts shown in consolidated schedule of investments. See Note 8 for additional information on the Company's commitments and contingencies

Summary of Fair Value of Investments by Fair Value Hierarchy Levels

The following table summarizes the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of June 30, 2023 (unaudited) and December 31, 2022, respectively:


	As of June 30, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	57,551	$	356,993	$	-	$	414,544
Equity securities		-		-		20,013		-		20,013
CLO Fund securities		-		-		12,996		-		12,996
Joint Ventures		-		-		16,574		45,973		62,547
Derivatives		-		-		-		-		-
Total	$	-	$	57,551	$	406,576	$	45,973	$	510,100


	As of December 31, 2022
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	65,021	$	410,144	$	-	$	475,165
Equity securities		-		-		21,905		-		21,905
CLO Fund securities		-		-		20,453		-		20,453
Joint Ventures		-		-		18,668		40,287		58,955
Derivatives		-		-		-		-		-
Total	$	-	$	65,021	$	471,170	$	40,287	$	576,478

Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value


	Six Months Ended June 30, 2023
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	410,144		$	21,905		$	20,453		$	18,668		$	-	$	471,170
Transfers out of Level III¹		(10,599	)		-			-			-			-		(10,599	)
Transfers into Level III²		10,286			-			-			-			-		10,286
Net accretion		3,635			-			1,377			-			-		5,012
Purchases		18,298			404			-			-			-		18,702
Sales/Paydowns/Return of Capital		(66,460	)		(1,526	)		(973	)		-			-		(68,959	)
Total realized gain (loss) included in earnings		(1,191	)		1,175			(9,476	)		-			-		(9,492	)
Change in unrealized gain (loss) included in earnings		(7,120	)		(1,945	)		1,615			(2,094	)		-		(9,544	)
Balance, June 30, 2023	$	356,993		$	20,013		$	12,996		$	16,574		$	-	$	406,576
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(12,868	)	$	(933	)	$	1,615		$	(2,094	)	$	-	$	(14,280	)

(1)

(2)


	Six Months Ended June 30, 2022
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives			Total
Balance, December 31, 2021	$	392,432		$	20,992		$	31,632		$	23,062		$	(2,412	)	$	465,706
Transfers out of Level III¹		(17,056	)		-			-			-			-			(17,056	)
Transfers into Level III²		19,847			-			-			-			-			19,847
Net accretion		5,528			-			2,562			-			-			8,090
Purchases		106,839			3,227			-			-			-			110,066
Sales/Paydowns/Return of Capital		(78,318	)		(3,347	)		(4,611	)		-			2,087			(84,189	)
Total realized gain (loss) included in earnings		(13,198	)		471			(4,631	)		-			(2,095	)		(19,453	)
Change in unrealized gain (loss) included in earnings		6,045			1,988			(681	)		(2,659	)		2,442			7,135
Balance, June 30, 2022	$	422,119		$	23,331		$	24,271		$	20,403		$	22		$	490,146
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(7,781	)	$	2,419		$	(681	)	$	(2,658	)	$	12		$	(8,689	)

(1)

(2)

Schedule of Valuation Techniques and Significant Inputs of Level III Investments

As of June 30, 2023 the Company’s Level III portfolio investments had the following valuation techniques and significant inputs:


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	12,455	Enterprise Value	Average EBITDA Multiple	7.0x
Debt Securities				Expected Sale Proceeds	$98.8-$120.0 ($108.4)
				Recovery Rate Multiple	0.1x
		327,829	Income Approach	Implied Discount Rate	5.7%-123.6% (12.0%)
		12,090	Waterfall Analysis	Average EBITDA Multiple	7.0x
				Average Revenue Multiple	0.35x
		4,619	Recent Transaction	Implied Discount Rate	13.0%
		12,208	Enterprise Value	Average EBITDA Multiple	1.6x-17.3x (5.15x)
				Average EBITDA Multiple / WACC	0.4x-3.7x (1.06x)
				Book Value of Equity	1.0x
		6,340	Waterfall Analysis	Average EBITDA Multiple	4.8x-7x (5.59x)
Equity Securities		536	Income Approach	Implied Discount Rate	15.0%
		929	Recent Transaction	Implied Discount Rate	12.4%
				Average EBITDA Multiple	8.5x
				Discount Rate	20.2%-26.0% (22.5%)
				Probability of Default	1.8%-2.5% (2.0%)
CLO Fund Securities		12,996	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	22.5%-24.1% (23.3%)
				Probability of Default	2.8%-3.3% (3.0%)
Joint Ventures		16,574	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
Derivatives		-	Enterprise Value	Average EBITDA Multiple	3.0x
Total Level III Investments	$	406,576

As of December 31, 2022, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs:


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	10,142	Enterprise Value	Average EBITDA Multiple	14.5x
Debt Securities				Recovery Rate Multiple	0.1x
				Average Revenue Multiple	0.3x
		387,805	Income Approach	Implied Discount Rate	5.4%-28.6% (12.2%)
		12,197	Recent Transaction	Implied Discount Rate	11.9%-13.2% (13.0%)
		20,221	Enterprise Value	Average EBITDA Multiple / WACC	0.4x-15.8x (6.73x)
Equity Securities				Recovery Rate	0.3x
		1,013	Income Approach	Implied Discount Rate	15.0%-19.3% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.40%
				Discount Rate	19.9%-25.5% (22.3%)
				Probability of Default	1.5%-2.5% (1.9%)
CLO Fund Securities		20,453	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	22.1%-23.7% (22.9%)
				Probability of Default	2.8%-3.3% (3%)
Joint Ventures		18,668	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
Derivatives		-	Enterprise Value	Average EBITDA Multiple	3.0x
Total Level III Investments	$	471,170

Schedule of Derivative Investments

The following table details derivative investments at June 30, 2023 and December 31, 2022;


($ in thousands)	June 30, 2023
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)			Unrealized gain(loss)
Call option(1)	$	8	$	-	$	-		$	-
Put option(1)		563		-		-			-
Total	$	571	$	-	$	-		$	-
(1) Net amount included in non-controlled/non- affiliated investments on the consolidated balance sheets

($ in thousands)	December 31, 2022
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)			Unrealized gain(loss)
Call option(1)	$	8	$	-	$	-		$	(10	)
Put option(1)		563		-		-			-
Securities Swap and Option Agreement(2)		-		-		(2,095	)		2,422
Total	$	571	$	-	$	(2,095	)	$	2,412
(1) Net amount included in non-controlled/non- affiliated investments on the consolidated balance sheets
(2) Net amount included in the derivative caption on the consolidated balance sheets

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Schedule of Basic and Diluted Net Increase (Decrease) In Net assets Per Share

Consolidated Statements of Operations (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Income Statement [Abstract]
Non-recurring fee income received	$ 191,200	$ 492,400

Earnings (Losses) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

The following information sets forth the computation of basic and diluted net increase (decrease) in net assets per share for the three and six months ended June 30, 2023 and 2022:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2023			2022			2023			2022
Net increase (decrease) in net assets resulting from operations	$	(3,114	)	$	(8,433	)	$	(3,059	)	$	(4,375	)
Weighted average number of common and common stock equivalent shares outstanding for basic and diluted shares computation		9,541,722			9,634,870			9,548,424			9,666,298
Net increase (decrease) in net assets per basic common shares and diluted shares:
Net increase (decrease) in net assets from operations	$	(0.33	)	$	(0.88	)	$	(0.32	)	$	(0.45	)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Portman Ridge Finance Corporation
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001372807
Entity File Number	814-00735
Entity Tax Identification Number	20-5951150
Entity Current Reporting Status	Yes
Entity Address, Address Line One	650 Madison Avenue
Entity Address, Address Line Two	23rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
Entity Incorporation, State or Country Code	DE
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Trading Symbol	PTMN
City Area Code	212
Local Phone Number	891-2880
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2023
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		9,508,123
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Common stock, outstanding

$ 595,975

$ 652,217

Common stock, par value

$ 0.01

Common stock, authorized

20,000,000

Common stock, issued

9,935,250

9,916,856

9,537,236

^[1],[2]

9,581,536

Non-controlled/Non-affiliated Investments

Non-controlled Affiliated Investments

$ 465,608

$ 518,699

Controlled Affiliated Investments

72,325

75,196

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

58,042

58,322

Deferred financing costs, net

941

1,107

Debt instruments, net of discount

938

1,226

4.875% Notes Due 2026

Debt instruments, net of discount

1,467

1,704

Deferred financing costs, net

$ 692

$ 818

[1]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[2]	Totals may not sum due to rounding.

Significant Accounting Policies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) DebtInvestment InvesteeCompany
Amount provided to portfolio companies	$ 16.7
Amount provided to portfolio companies contractually obligated	$ 6.3
Number of investee companies where loans held \| InvesteeCompany	85
Aggregate principal amount of loans held	$ 462.1
Percentage of investment portfolio valuation	100.00%
Number of debt investments on non-accrual status \| DebtInvestment	7

Borrowings - Summary of 2018-2 Secured Notes (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

2018-2 Secured Notes Class A-1R-R Notes

$ 329,634

$ 373,308

18,203

25,671

$ 18,352

$ 25,880

AAA(sf)

^[1]

AAA(sf)

^[2]

2018-2 Secured Notes Class A-1T-R Notes

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

$ 55,747

$ 78,482

$ 55,970

$ 78,933

AAA(sf)

^[1]

AAA(sf)

^[2]

2018-2 Secured Notes Class A-2-R Notes

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

$ 54,681

$ 55,100

AA (sf)

^[1]

AA (sf)

^[2]

2018-2 Secured Notes Class B-R Notes

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

$ 18,103

$ 18,250

A (sf)

^[1]

A (sf)

^[2]

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

$ 146,734

$ 176,937

LIBOR | 2018-2 Secured Notes Class A-1R-R Notes

$ 147,672

$ 178,163

LIBOR | 2018-2 Secured Notes Class A-1T-R Notes

1.58%

^[5]

1.58%

^[6]

LIBOR | 2018-2 Secured Notes Class A-2-R Notes

1.58%

LIBOR | 2018-2 Secured Notes Class B-R Notes

2.45%