0000950170-24-055625 | 10-Q | XBRL Viewer | Portman Ridge Finance Corp

[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.

N-2 - $ / shares

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Dec. 31, 2022

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

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

There have been no material changes during the quarter ended March 31, 2024 to the risk factors that were included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Share Price

^[1]

$ 18.98

$ 18.19

$ 20.61

$ 23

NAV Per Share

^[1]

22.57

^[2]

22.76

23.56

^[2]

24.23

Share Price

^[1]

18.98

18.19

20.61

NAV Per Share

^[1]

$ 22.57

^[2]

$ 22.76

$ 23.56

^[2]

$ 24.23

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

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Unfunded commitment to investee	$ 33,338	$ 28,566
Series A-Great Lakes Funding II LLC
Other Commitments [Line Items]
Unfunded commitment to investee	10,900	$ 5,500
Aggregate commitment	$ 50,000

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

5. RELATED PARTY TRANSACTIONS

Advisory Agreement

The Adviser provides management services to the Company pursuant to the Advisory Agreement. Under the terms of the Advisory Agreement, the Adviser is responsible for the following:

•

managing the Company’s assets in accordance with our investment objective, policies and restrictions;

•

determining the composition of the Company’s portfolio, the nature and timing of the changes to the portfolio and the manner of implementing such changes;

•

identifying, evaluating and negotiating the structure of the Company’s investments;

•

monitoring the Company’s investments;

•

determining the securities and other assets that the Company will purchase, retain or sell;

•

assisting the Board with its valuation of the Company’s assets;

•

directing investment professionals of the Adviser to provide managerial assistance to the Company’s portfolio companies;

•

performing due diligence on prospective portfolio companies;

•

exercising voting rights in respect of portfolio securities and other investments for the Company;

•

serving on, and exercising observer rights for, boards of directors and similar committees of our portfolio companies; and

•

providing the Company with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of capital.

The Adviser’s services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

Term

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of the outstanding shares, and, in each case, a majority of the independent directors.

The Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related Securities and Exchange Commission (“SEC”) guidance and interpretations in the event of its assignment. 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.

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.

Compensation of Adviser

Pursuant to the terms of the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”). 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. 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”). The Income-Based Fee is 17.50% of pre-incentive fee net investment income with a 7.00% hurdle rate. The Capital Gains Fee is 17.50%.

Pre-incentive fee net investment income means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus operating expenses for the quarter (including the management fee, expenses payable under the administration agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company may not have received in cash. The Adviser is not obligated to return the incentive fee it receives on PIK interest that is later determined to be uncollectible in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

To determine the income incentive fee, pre-incentive fee net investment income is expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a calendar quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that calendar quarter due to realized capital losses and unrealized capital depreciation. In addition, because the quarterly hurdle rate is calculated based on our net assets, decreases in the Company’s net assets due to realized capital losses or unrealized capital depreciation in any given calendar quarter may increase the likelihood that the hurdle rate is reached and therefore the likelihood of the Company paying an incentive fee for the subsequent quarter. The Company’s net investment income used to calculate this component of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the management fee because gross assets are total assets (including cash received) before deducting liabilities (such as declared dividend payments).

The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.50% of cumulative realized capital gains through the end of such calendar year commencing with the calendar year ending December 31, 2019, computed net of all realized capital losses and 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 for prior periods. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended (the “Advisers Act”) including Section 205 thereof.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

Limitations of Liability and Indemnification

Under the Advisory Agreement, the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its managing member, will not be liable to the Company for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting criminal conduct, gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to the Company under the Advisory Agreement. In addition, as part of the Advisory Agreement, the Company has agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner, and the Administrator from and against any damages, liabilities, costs and expenses, including reasonable legal fees and other expenses reasonably incurred, in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company, except where attributable to criminal conduct, gross negligence, willful misfeasance, bad faith or reckless disregard of such person’s duties under the Advisory Agreement.

Board Approval of the Advisory Agreement

On December 12, 2018, the then-current Board of the Company held an in-person meeting to consider and approve the Advisory Agreement and related matters, and on April 1, 2019 the Company entered into the Advisory Agreement with the Adviser. The Board most recently determined to re-approve the Advisory Agreement at a meeting held on March 11, 2024. In reaching a decision to re-approve the Advisory Agreement, the Board was provided the information required to consider the Advisory Agreement, including: (a) the nature, quality and extent of the advisory and other services to be provided to the Company by the Adviser; (b) comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives; (c) the Company projected operating expenses and expense ratio compared to BDCs with similar investment objectives; (d) any existing and potential sources of indirect income to the Adviser from its relationship with the Company and the profitability of that relationship; (e) information about the services to be performed and the personnel performing such services under the Advisory Agreement; and (f) the organizational capability and financial condition of the Adviser and its affiliates.

The Board, including a majority of independent directors will oversee and monitor the Company’s investment performance and annually reviews the compensation we pay to the Adviser.

Management fees for the three months ended March 31, 2024 and 2023, were approximately $1.7 million and $2.0 million, respectively. Incentive fees for the three months ended March 31, 2024 and 2023, were approximately $1.2 million and $1.8 million, respectively.

Administration Agreement

Under the terms of the administration agreement (the “Administration Agreement”) between the Company and BC Partners Management LLC (the “Administrator”), the Administrator will perform, or oversee the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company will reimburse the Administrator for services performed for us pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for its costs and expenses in performing its obligations and providing personnel and facilities (including rent, office equipment and utilities) for the Company’s use under the Administration Agreement, including an allocable portion of the compensation paid to the Company’s chief compliance officer and chief financial officer and their respective staff who provide services to the Company. The Board, including the independent directors, will review the general nature of the services provided by the Administrator as well as the related cost to the Company for those services and consider whether the cost is reasonable in light of the services provided.

Unless earlier terminated as described below, the Administration Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a Majority of the Outstanding Shares, and, in each case, a majority of the independent directors. On April 1, 2019, the Board approved the Administration Agreement with the Administrator and the Board most recently determined to re-approve the Administration Agreement at a meeting held on March 11, 2024.

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 for the three months ended March 31, 2024 and 2023, was $0.4 million and $0.7 million, respectively.

Payment of Expenses under the Advisory and Administration Agreements

Except as specifically provided below, all investment professionals and staffs of the Adviser, when and to the extent engaged in providing investment advisory and management services to the Company, and the compensation and routine overhead expenses (including rent, office equipment and utilities), of such personnel allocable to such services, is provided and paid for by the Adviser. The Company bears an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company’s chief compliance officer and chief financial officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). The Company also bears all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement; (ii) an allocable portion of overhead and other expenses incurred by the Adviser (or its affiliates) in performing its administrative obligations under the Advisory Agreement, and (iii) all other expenses of our operations and transactions including, without limitation, those relating to:

•

the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services;

•

the cost of effecting any sales and repurchases of the Company’s common stock and other securities;

•

fees and expenses payable under any dealer manager or placement agent agreements, if any;

•

administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•

debt service and other costs of borrowings or other financing arrangements;

•

costs of hedging;

•

expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

•

transfer agent and custodial fees;

•

fees and expenses associated with marketing efforts;

•

federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

•

federal, state and local taxes;

•

independent directors’ fees and expenses including certain travel expenses;

•

costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing;

•

the costs of any reports, proxy statements or other notices to stockholders (including printing and mailing costs), the costs of any stockholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;

•

commissions and other compensation payable to brokers or dealers;

•

research and market data;

•

fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

•

direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

•

fees and expenses associated with independent audits, outside legal and consulting costs;

•

costs of winding up our affairs;

•

costs incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement;

•

extraordinary expenses (such as litigation or indemnification);

•

costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws; and

•

costs associated with the Company’s legacy lease.

Co-investment Exemptive Relief

As a BDC, we are subject to certain regulatory restrictions in making investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

On April 10, 2023, superseding a prior exemptive order granted on October 23, 2018, the SEC issued an order granting an application for exemptive relief to us and certain of our affiliates that allows BDCs managed by the Adviser, including us, to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Adviser or its affiliates, certain proprietary accounts of the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers.

Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching with respect to the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies and certain criteria established by the Board.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

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

Mar. 31, 2024

Dec. 31, 2023

Business Acquisition [Line Items]

Common stock issued by the Company

$ 93

$ 94

GARS Acquisition

Business Acquisition [Line Items]

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

Business Acquisition [Line Items]

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.

Borrowings - Schedule of Information about Senior Securities (Parenthetical) (Details) - USD ($)	3 Months Ended	5 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2021	Oct. 28, 2020
Debt Instrument [Line Items]
Asset coverage per unit measure per dollar	$ 1,000,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Aggregate principal amount	$ 92,000,000		$ 49,321,000	$ 79,571,000							$ 92,000,000	$ 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						$ 1,016,040.00	$ 1,000,000	$ 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	953,200	1,009,930	$ 1,009,200
6.125% Notes Due 2022 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount			76,726,000	$ 77,407,000
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	$ 91,651,000		$ 251,863,000								$ 125,683,000	$ 178,163,000	$ 163,863,000		$ 312,000,000

Commitments and Contingencies - Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	$ 33,338	$ 28,566
Accordion Partners LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	765	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	275	350
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
BetaNXT, Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,449	2,174
Bradshaw International Parent Corp. \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	922	922
Centric Brands Inc. \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		1,069
Centric Brands Inc. \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		97
Colonnade Intermediate, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		68
Critical Nurse Staffing, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	2,000	2,000
Dentive, LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	234	186
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	245	430
Fortis Payment Systems, LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	744
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	2,142	4,142
IDC Infusion Services \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	805	1,065
Luminii LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	172	172
Morae Global Corporation \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	208	208
Netwrix Corporation \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	1,148	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	30	941
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	690
Riddell Inc \| 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	636
Riskonnect Parent LLC \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	5,000
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	10,912	5,473
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		758
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	77	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
Tactical Air Support, Inc. \| Delayed Draw Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value	286	286
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	$ 1,902	1,902
VBC Spine Opco LLC \| Revolver
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Portfolio Company Commitments, Par Value		$ 258

Subsequent Events - Additional Information (Details) - Subsequent Event	May 08, 2024 $ / shares
Subsequent Event [Line Items]
Declared date	May 08, 2024
Distribution payable date	May 31, 2024
Cash Distribution
Subsequent Event [Line Items]
Declared cash distribution of per share of common stock	$ 0.69

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Portfolio by Security and Investment

The following table shows the Company’s portfolio by security type at March 31, 2024 and December 31, 2023:



($ in thousands)	March 31, 2024 (Unaudited)							December 31, 2023
Security Type	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Senior Secured Loan	$	364,981	$	349,844		74		$	356,358	$	340,159		73
Junior Secured Loan		52,951		36,270		8			53,888		38,875		8
Senior Unsecured Bond		-		-		-			416		43		0
Equity Securities		34,077		23,428		5			31,280		20,533		4
CLO Fund Securities		8,762		8,549		2			9,103		8,968		2
Asset Manager Affiliates(2)		17,791		-		-			17,791		-		-
Joint Ventures		65,008		53,164		11			71,415		59,287		13
Derivatives		31		-		-			31		-		-
Total	$	543,601	$	471,255		100	%	$	540,282	$	467,865		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 March 31, 2024 and December 31, 2023 were as follows:


($ in thousands)	March 31, 2024 (Unaudited)							December 31, 2023
Industry Classification	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Aerospace and Defense	$	11,134	$	11,260		2		$	11,130	$	11,256		2
Alternative Carriers		-		-		-			971		937		0
Application Software		1,163		1,162		0			-		-		-
Asset Management Company(2)		17,791		-		-			17,791		-		-
Banking, Finance, Insurance & Real Estate		49,725		51,332		11			51,486		53,918		11
Beverage, Food and Tobacco		12,288		11,531		2			12,220		11,444		2
Capital Equipment		10,668		972		0			10,684		1,203		0
Chemicals, Plastics and Rubber		9,498		9,498		2			9,738		9,836		2
CLO Fund Securities		8,762		8,549		2			9,103		8,968		2
Construction & Building		7,718		7,481		2			7,737		7,441		2
Consumer goods: Durable		24,577		21,869		4			16,431		13,898		3
Containers, Packaging and Glass		2,733		2,673		1			2,734		2,665		1
Diversified Financial Services		2,699		2,696		1
Energy: Electricity		671		671		0			671		671		0
Energy: Oil & Gas		6,304		-		-			6,721		100		0
Finance		19,643		19,702		4			18,884		18,972		4
Healthcare & Pharmaceuticals		57,350		56,094		12			59,189		57,224		12
Healthcare, Education and Childcare		6,161		6,150		1			6,175		6,163		1
High Tech Industries		83,452		72,617		15			84,676		73,430		16
Hotel, Gaming & Leisure		8,353		4,034		1			8,358		3,948		1
Interactive Media & Services		2,625		2,639		1			2,663		2,662		1
IT Consulting & Other Services		2,213		2,267		1			2,213		2,259		1
Joint Venture		65,008		53,164		11			71,415		59,287		13
Machinery (Non-Agrclt/Constr/Electr)		11,378		11,975		2			9,836		10,097		2
Media: Broadcasting & Subscription		17,094		14,044		3			16,665		14,618		3
Media: Diversified & Production		748		750		0			1,121		1,125		0
Metals & Mining		9,500		8,051		2			9,000		7,742		2
Retail		9,510		9,029		2			9,334		8,732		2
Services: Business		61,116		59,607		13			58,997		57,168		12
Telecommunications		5,305		4,637		1			5,268		4,389		1
Transportation: Cargo		10,962		9,416		2			11,606		10,303		2
Transportation: Consumer		7,452		7,385		2			7,465		7,409		2
Total	$	543,601	$	471,255		100	%	$	540,282	$	467,865		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 March 31, 2024 (unaudited) and December 31, 2023:


($ in thousands)					March 31, 2024							December 31, 2023
CLO Fund Securities	Investment	Percentage Ownership(1)			Amortized Cost		Fair Value		Percentage Ownership(1)			Amortized Cost		Fair Value
Catamaran CLO 2014-1 Ltd.	Subordinated Notes		22.2	%	$	702	$	702		22.2	%	$	1,024	$	904
Catamaran CLO 2018-1 Ltd.	Subordinated Notes		24.8	%		3,846		3,757		24.8	%		3,923		3,923
Dryden 30 Senior Loan Fund	Subordinated Notes		6.8	%		246		246		6.8	%		424		409
JMP Credit Advisors CLO IV Ltd.	Subordinated Notes		57.2	%		715		668		57.2	%		683		683
JMP Credit Advisors CLO V Ltd.	Subordinated Notes		57.2	%		3,253		3,176		57.2	%		3,049		3,049
Total					$	8,762	$	8,549				$	9,103	$	8,968

(1)

Represents percentage of class held at March 31, 2024 and December 31, 2023, respectively.

Summary of Investments in Affiliates

The following table details investments in affiliates at March 31, 2024 (unaudited):


($ in thousands)	Industry Classification	Fair Value as of December 31, 2023		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 March 31, 2024		Principal / Shares at March 31, 2024		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		-		-			-		-		-			-			-		49,000		-		-
Tank Partners Equipment Holdings, LLC(1)(2)(3)	Energy: Oil & Gas		43		-			-		-		373			(416	)		-		-		-		-
Flight Lease VII (1)(2)(4)(6)	Aerospace and Defense		-		(1	)		-		-		1			-			-		-		-		-
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		14,275		(968	)		-		-		216			-			13,523		27,220		-		-
Total controlled affiliates		$	14,318	$	(969	)	$	-	$	-	$	590		$	(416	)	$	13,523			$	-	$	-

Series A-Great Lakes Funding II LLC(5)(6)(7)	Joint Venture	$	45,012	$	(5,439	)	$	-	$	-	$	68		$	-		$	39,641		38,562	$	-	$	1,653
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		998		-			-		-		150			-			1,148		250,000		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		-		-			-			-		2,368		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		4,182		-			-		-		-			-			4,182		4,500,000		112		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		3,560		-			-		-		(191	)		-			3,369		4,500		91		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		-		500			-		-		-			-			500		500		4		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		553		-			-		-		78			-			631		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		246		-			-		-		35			-			281		88,946		-		-
Total Non-controlled affiliates		$	55,222	$	(4,939	)	$	-	$	-	$	140		$	-		$	50,423			$	207	$	1,653

Total Affiliated Investments		$	69,540	$	(5,908	)	$	-	$	-	$	730		$	(416	)	$	63,946			$	207	$	1,653

(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)

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 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, 2023:


($ 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 December 31, 2023		Principal / Shares at December 31, 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		-		-			-		-			-			-			-		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		242		(248	)		-		-			39			(33	)		-		-		-		-
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		-			-		-			(4,393	)		-			14,275		27,220		-		2,184
Total controlled affiliates		$	18,953	$	(248	)	$	-	$	-		$	(4,354	)	$	(33	)	$	14,318			$	-	$	2,184

Series A-Great Lakes Funding II LLC(5)(6)(7)	Joint Venture	$	40,287	$	2,565		$	-	$	-		$	2,160		$	-		$	45,012		44,000	$	-	$	6,764
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		-			-		-			(302	)		-			998		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		-		-			-		-			-			-			-		2,368		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		4,500			(318	)		-			4,182		4,500,000		333		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		-		-			-		4,500			(940	)		-			3,560		4,500		270		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		464		-			-		-			89			-			553		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		206		-			-		-			40			-			246		88,946		-		-
Surge Hippodrome Partners LP(1)(2)(5)(6)	Services: Business		811		(813	)		-		-			(386	)		388			-		-		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)(6)	Services: Business		484		(496	)		-		-			(325	)		337			-		-		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)	Services: Business		5,165		(5,460	)		328		-			(33	)		-			-		-		675		-
Navex Topco, Inc.(2)(5)	Electronics		7,604		(7,700	)		310		-			(214	)		-			-		-		804		-
Zest Acquisition Corp.(1)(2)(5)	Healthcare, Education and Childcare		3,390		(3,501	)		9		-			102			-			-		-		42		-
Total Non-controlled affiliates		$	73,827	$	(19,833	)	$	647	$	-		$	980		$	(399	)	$	55,222			$	2,501	$	6,764

Total Affiliated Investments		$	92,780	$	(20,081	)	$	647	$	-		$	(3,374	)	$	(432	)	$	69,540			$	2,501	$	8,948

(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 March 31, 2024 (unaudited) and December 31, 2023, respectively:


	As of March 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	65,961	$	320,153	$	-	$	386,114
Equity securities		-		-		23,428		-		23,428
CLO Fund securities		-		-		8,549		-		8,549
Joint Ventures		-		-		13,523		39,641		53,164
Derivatives		-		-		-		-		-
Total	$	-	$	65,961	$	365,653	$	39,641	$	471,255


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	65,325	$	313,752	$	-	$	379,077
Equity securities		-		-		20,533		-		20,533
CLO Fund securities		-		-		8,968		-		8,968
Joint Ventures		-		-		14,275		45,012		59,287
Derivatives		-		-		-		-		-
Total	$	-	$	65,325	$	357,528	$	45,012	$	467,865

Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value

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:


	Three Months Ended March 31, 2024
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	313,752		$	20,533		$	8,968		$	14,275		$	-	$	357,528
Transfers out of Level III¹		(9,239	)		-			-			-			-		(9,239	)
Transfers into Level III²		6,433			-			-			-			-		6,433
Net accretion		444			-			556			-			-		1,000
Purchases		34,377			2,797			-			-			-		37,174
Sales/Paydowns/Return of Capital		(22,566	)		(503	)		(392	)		(968	)		-		(24,429	)
Total realized gain (loss) included in earnings		(1,660	)		503			(505	)		-			-		(1,662	)
Change in unrealized gain (loss) included in earnings		(1,388	)		98			(78	)		216			-		(1,152	)
Balance, March 31, 2024	$	320,153		$	23,428		$	8,549		$	13,523		$	-	$	365,653
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(1,388	)	$	98		$	(78	)	$	216		$	-	$	(1,152	)

(1)

Transfers out of Level III represent a transfer of $9.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2024.

(2)

Transfers into Level III represent a transfer of $6.4 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2024.


	Three Months Ended March 31, 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		(5,585	)		-			-			-			-		(5,585	)
Transfers into Level III²		6,519			-			-			-			-		6,519
Net accretion		2,197			-			548			-			-		2,745
Purchases		8,880			68			-			-			-		8,948
Sales/Paydowns/Return of Capital		(29,317	)		(5,429	)		(457	)		-			-		(35,203	)
Total realized gain (loss) included in earnings		(31	)		858			(3,881	)		-			-		(3,054	)
Change in unrealized gain (loss) included in earnings		(3,318	)		(2,082	)		2,578			(2,592	)		-		(5,414	)
Balance, March 31, 2023	$	389,489		$	15,320		$	19,241		$	16,076		$	-	$	440,126
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,986	)	$	(1,032	)	$	2,578		$	(2,592	)	$	-	$	(8,033	)

(1)

Transfers out of Level III represent a transfer of $5.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2023.

(2)

Transfers into Level III represent a transfer of $6.5 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2023.

Schedule of Valuation Techniques and Significant Inputs of Level III Investments

As of March 31, 2024, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	40,404	Enterprise Value	Average EBITDA Multiple	0.4x-8.8x (5.7x)
Debt Securities				Expected Sale Proceeds	$6.3-$90.3 ($87.4)
				Average Settlement Value	$47.1-$47.1($47.1)
		279,749	Income Approach	Implied Discount Rate	0.5%-21.49% (11.9%)
		18,574	Enterprise Value	Average EBITDA Multiple	1.5x-18.3x (6.2x)
				Average EBITDA Multiple / WACC	0.4x-3.7x (1.1x)
				Book Value of Equity	1x-8x (6.3x)
Equity Securities				Expected Sale Proceeds	90.25x-110x (0x)
		4,182	Income Approach	Implied Discount Rate	15%-17.95% (18%)
		672	Recent Transaction	Implied Discount Rate	12.4%-12.4% (12.4%)
				Discount Rate	18.1%-24.9% (20.9%)
				Probability of Default	1.8%-2.5% (2.0%)
CLO Fund Securities		8,549	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	19.6%-21.1% (20.3%)
				Probability of Default	2.8%-3.3% (3.0%)
Joint Ventures		13,523	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	2.5x
Total Level III Investments	$	365,653

As of December 31, 2023, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	10,371	Enterprise Value	Average EBITDA Multiple	0.4x-9.5x (1.0x)
Debt Securities				Recovery Rate Multiple	0.1x
				Expected Sale Proceeds	$97.6
				Average Settlement Value	$61.0
		298,111	Income Approach	Implied Discount Rate	5.3%-40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8%-14.2% (14.0%)
		19,805	Enterprise Value	Average EBITDA Multiple	5.0x-18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x-3.7x (1.1x)
Equity Securities				Book Value of Equity	1.0x-1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0%
		671	Recent Transaction	Implied Discount Rate	12.4%
				Discount Rate	18.4%-25.2% (21.1%)
				Probability of Default	1.8%-2.5% (2.0%)
CLO Fund Securities		8,968	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	20.5%-22.1% (21.3%)
				Probability of Default	2.8%-3.3% (3.0%)
Joint Ventures		14,275	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	2.5x
Total Level III Investments	$	357,528

Schedule of Derivative Investments

The following table details derivative investments at March 31, 2024 and December 31, 2023;


($ in thousands)	March 31, 2024
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, 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

- Definition

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.

+ References + Details

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Beginning balance

^[1]

$ 213,518

$ 232,123

Net investment income

6,226

8,529

Net change in unrealized appreciation on investments

(5,960)

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

(2,270)

(3,085)

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

^[1]

459

571

Distributions to Stockholders

^[1]

(6,444)

(6,495)

Reinvested Dividends

215

^[1]

Stock repurchases

^[1]

(953)

(792)

Ending balance

^[1],[2]

210,607

225,106

(1)

Capital in Excess of Par Value

Beginning balance

717,835

736,784

Reinvested Dividends

215

Stock repurchases

(952)

(792)

Ending balance

716,883

736,207

Total Distributable (Loss) Earnings

Beginning balance

(504,411)

(504,757)

Net investment income

6,226

8,529

Net change in unrealized appreciation on investments

(5,960)

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

(2,270)

(3,085)

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

459

571

Distributions to Stockholders

(6,444)

(6,495)

Ending balance

$ (506,369)

$ (511,197)

[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 - Additional Information (Details)						3 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 ($)	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Aug. 24, 2021 shares	Jul. 23, 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						9,943,385	9,943,385
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
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
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

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of Components of Stockholders' Equity

The following table details the components of Stockholders’ Equity for the three months ended March 31, 2024 and 2023 :


	For the Three Months Ended March 31, 2024
($ in thousands)	Common Stock			Capital in Excess of Par Value			Total Distributable (loss) earnings			Total Stockholders' Equity
Balance, January 1, 2024	$	94		$	717,835		$	(504,411	)	$	213,518
Net investment income		-			-		$	6,226			6,226
Net change in unrealized appreciation on investments		-			-		$	71			71
Net realized (losses) from investment transactions and extinguishment of debt		-			-		$	(2,270	)		(2,270	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-			-		$	459			459
Distributions to Stockholders		-			-		$	(6,444	)		(6,444	)
Reinvested Dividends		-			-		$	—			-
Stock-repurchase		(1	)		(952	)	$	—			(953	)
Balance, March 31, 2024	$	93		$	716,883		$	(506,369	)	$	210,607


	For the Three Months Ended March 31, 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

Investments - Summary of Details Investments in Affiliates (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

$ 467,865,000

Fair Value, Ending Balance

471,255,000

$ 467,865,000

Principal

430,400,000

420,900,000

Total dividend income

1,653,000

$ 2,459,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

5,237,000

Fair Value, Ending Balance

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

5,237,000

Principal

^[1],[2]

5,909,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

8,968,000

Fair Value, Ending Balance

8,549,000

^[4]

8,968,000

^[3]

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Catamaran CLO 2014-1 Ltd. Subordinated Securities, effective interest 13.7% CLO Fund Securities Maturity 4/20/30 Percentage Ownership 22.2% Initial Acquisition Date 5/6/14

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[5]

904,000

Fair Value, Ending Balance

^[1],[3],[5]

904,000

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Catamaran CLO 2018-1 Ltd. Subordinated Securities, effective interest 25% CLO Fund Securities Maturity 10/27/31 Percentage Ownership 24.8% Initial Acquisition Date 9/27/18

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[5]

3,923,000

Fair Value, Ending Balance

^[1],[3],[5]

3,923,000

Investment, Identifier [Axis]: CLO Fund Securities Portfolio Dryden 30 Senior Loan Fund Subordinated Securities, effective interest 25.4% CLO Fund Securities Maturity 11/1/28 Percentage Ownership 6.8% Initial Acquisition Date 10/10/13

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[5]

409,000

Fair Value, Ending Balance

^[1],[3],[5]

409,000

Investment, Identifier [Axis]: CLO Fund Securities Portfolio JMP Credit Advisors CLO IV LTD Subordinated Securities, effective interest 19.8% CLO Fund Securities Maturity 7/17/29 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[5]

683,000

Fair Value, Ending Balance

^[1],[3],[5]

683,000

Investment, Identifier [Axis]: CLO Fund Securities Portfolio JMP Credit Advisors CLO V LTD Subordinated Securities, effective interest 25.3% CLO Fund Securities Maturity 7/17/30 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[5]

3,049,000

Fair Value, Ending Balance

^[1],[3],[5]

3,049,000

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Catamaran CLO 2014-1 Ltd. Subordinated Securities, effective interest 13.7% CLO Fund Securities Maturity 4/20/30 Percentage Ownership 22.2% Initial Acquisition Date 5/6/14

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[7]

702,000

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Catamaran CLO 2018-1 Ltd. Subordinated Securities, effective interest 24.9% CLO Fund Securities Maturity 10/27/31 Percentage Ownership 24.8% Initial Acquisition Date 9/27/18

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[7]

3,757,000

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio Dryden 30 Senior Loan Fund Subordinated Securities, effective interest 25.3% CLO Fund Securities Maturity 11/1/28 Percentage Ownership 6.8% Initial Acquisition Date 10/10/13

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[7]

246,000

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio JMP Credit Advisors CLO IV Ltd. Subordinated Securities, effective interest 22.0% CLO Fund Securities Maturity 7/17/29 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[7]

668,000

Investment, Identifier [Axis]: CLO Subordinated Investments Portfolio JMP Credit Advisors CLO V Ltd. Subordinated Securities, effective interest 27.8% CLO Fund Securities Maturity 7/17/30 Percentage Ownership 57.2% Initial Acquisition Date 10/22/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[7]

3,176,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[9],[10],[11]}

246,000

206,000

Net Change in Unrealized Gain/(Loss)

^{[8],[9],[10],[11]}

40,000

Fair Value, Ending Balance

^{[8],[9],[10],[11]}

246,000

Principal

^{[8],[9],[10],[11]}

88,946

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[12],[13]}

242,000

Purchases/ (sales) of or Advances/ (Distributions)

^[13]

(1,000)

^{[14],[15],[16]}

(248,000)

^[10],[12]

Net Change in Unrealized Gain/(Loss)

^[13]

1,000

^{[14],[15],[16]}

39,000

^[10],[12]

Realized Gain/(Loss)

^{[10],[12],[13]}

(33,000)

Fair Value, Ending Balance

^{[13],[14],[15],[16]}

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[9],[10],[11]}

500,000

Fair Value, Ending Balance

^{[8],[9],[10],[11]}

500,000

Principal

^{[8],[9],[10],[11]}

1,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[9],[10],[11],[17]}

171,000

Fair Value, Ending Balance

^{[8],[9],[10],[11],[17]}

171,000

Principal

^{[8],[9],[10],[11],[17]}

500

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[13],[18]

14,275,000

18,668,000

Purchases/ (sales) of or Advances/ (Distributions)

^[13],[18]

(968,000)

Net Change in Unrealized Gain/(Loss)

^[13],[18]

216,000

(4,393,000)

Fair Value, Ending Balance

^[13],[18]

13,523,000

14,275,000

Principal

^[13],[18]

27,220

Total dividend income

^[13],[18]

2,184,000

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classification - Capital Equipment One

Summary of Investment Holdings [Line Items]

Principal

^[13],[16]

2,020

^[18]

2,749,997

^[14],[15]

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classification - Capital Equipment Two

Summary of Investment Holdings [Line Items]

Principal

^{[13],[16],[18]}

2,020

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classififcation - Capital Equipment

Summary of Investment Holdings [Line Items]

Principal

^{[13],[15],[16],[18]}

2,749,997

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[11],[17]}

45,012,000

40,287,000

Purchases/ (sales) of or Advances/ (Distributions)

^{[9],[11],[17]}

2,565,000

Net Change in Unrealized Gain/(Loss)

^{[9],[11],[17]}

2,160,000

Fair Value, Ending Balance

^{[9],[11],[17]}

45,012,000

Principal

^{[9],[11],[17]}

44,000

Total dividend income

^{[9],[11],[17]}

6,764,000

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

Summary of Investment Holdings [Line Items]

Principal

49,000

^{[13],[15],[16],[18]}

49,000

^{[8],[9],[10],[19]}

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[13],[14],[16],[18]}

43,000

Net Change in Unrealized Gain/(Loss)

^{[13],[16],[18]}

373,000

Realized Gain/(Loss)

^{[13],[16],[18]}

(416,000)

Fair Value, Ending Balance

^{[13],[16],[18]}

43,000

^[14]

Principal

^{[13],[16],[18]}

511

^[14]

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

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

5,487,000

Principal

^[6],[20]

6,122,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Confluence Technologies, Inc. Term Loan Second Lien Services: Business Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 0.50% Maturity 7/23/29, Initial Acquisition Date 7/22/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

3,605,000

Fair Value, Ending Balance

3,670,000

^{[4],[6],[20],[22]}

3,605,000

^{[1],[2],[3],[21]}

Principal

4,000,000

^{[6],[20],[22]}

4,000,000

^[1],[2],[21]

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

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

4,904,000

Principal

^[20],[22]

5,400,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Dcert Buyer, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Maturity 2/16/29, Initial Acquisition Date 3/16/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

4,941,000

Fair Value, Ending Balance

^[2],[3],[21]

4,941,000

Principal

^[2],[21]

5,400,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Global Tel*Link Corporation Term Loan (Second Lien) Telecommunications Interest Rate 15.3% Cash Reference Rate and Spread SOFR+10.00% Maturity 11/29/26, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

1,430,000

Principal

^[20],[22]

1,500,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Global Tel*Link Corporation Term Loan (Second Lien) Telecommunications Interest Rate 15.5% Cash Reference Rate and Spread SOFR+10.00% Maturity 11/29/26, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,336,000

Fair Value, Ending Balance

^[2],[3],[21]

1,336,000

Principal

^[2],[21]

1,500,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Idera, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 12.2% Cash Reference Rate and Spread SOFR+6.75% Floor 0.75% Maturity 2/4/29, Initial Acquisition Date 4/29/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

5,873,000

Principal

^{[6],[20],[22]}

6,000,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Idera, Inc. Term Loan (Second Lien) High Tech Industries Interest Rate 12.3% Cash Reference Rate and Spread SOFR+6.75% Floor 0.75% Maturity 2/4/29, Initial Acquisition Date 4/29/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,811,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

5,811,000

Principal

^[1],[2],[21]

6,000,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Ivanti Software, Inc. Term Loan Second Lien High Tech Industries Interest Rate 12.8% Cash Reference Rate and Spread SOFR+7.25% Floor 0.50% Maturity 12/1/28, Initial Acquisition Date 10/26/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

5,213,000

Principal

^[20],[22]

6,000,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Ivanti Software, Inc. Term Loan Second Lien High Tech Industries Interest Rate 12.9% Cash Reference Rate and Spread SOFR+7.25% Floor 0.50% Maturity 12/1/28, Initial Acquisition Date 10/26/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

4,870,000

Fair Value, Ending Balance

^[2],[3],[21]

4,870,000

Principal

^[2],[21]

6,000,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[23]}

1,181,000

Fair Value, Ending Balance

1,212,000

^{[4],[6],[20],[24]}

1,181,000

^{[1],[2],[3],[23]}

Principal

6,258,000

^{[6],[20],[24]}

6,198,000

^[1],[2],[23]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

38,875,000

Fair Value, Ending Balance

36,270,000

^[4]

38,875,000

^[3]

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Phoenix Guarantor Inc. Term Loan Second Lien Healthcare & Pharmaceuticals Interest Rate 14.0% Cash Reference Rate and Spread SOFR+8.50% Floor 1.00% Maturity 3/5/27, Initial Acquisition Date 12/18/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,131,000

Fair Value, Ending Balance

^[2],[3],[21]

1,131,000

Principal

^[2],[21]

1,200,000

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

Summary of Investment Holdings [Line Items]

Principal

2,020,000

^{[6],[20],[24],[25]}

2,020,000

^{[1],[2],[23],[26]}

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Project Leopard Holdings, Inc. 2nd Lien TL High Tech Industries Interest Rate 13.1% Cash Reference Rate and Spread SOFR+7.75% Floor 0.50% Maturity 7/20/30, Initial Acquisition Date 7/20/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

4,719,000

Fair Value, Ending Balance

4,793,000

^[4],[6],[20]

4,719,000

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

Principal

5,000,000

^[6],[20]

5,000,000

^[1],[2]

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Project Qualtek LLC Term Loan Second Lien High Tech Industries Reference Rate and Spread SOFR+1.00% Floor 1.00% Maturity 01/14/27, Initial Acquisition Date 07/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[24]}

752,000

Principal

^{[6],[20],[22],[24]}

4,242,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Qualtek LLC Term Loan Second Lien High Tech Industries Interest Rate 6.4% Cash + 9.0% PIK Reference Rate and Spread SOFR+1.00% Floor 1.00% Maturity 1/14/27, Initial Acquisition Date 7/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

2,913,000

Fair Value, Ending Balance

^[2],[3],[21]

2,913,000

Principal

^[2],[21]

4,146,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Redstone Holdco 2 LP Term Loan (Second Lien) High Tech Industries Interest Rate 13.2% Cash Reference Rate and Spread SOFR+7.75% Floor 0.75% Maturity 4/16/29, Initial Acquisition Date 9/28/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

2,831,000

Fair Value, Ending Balance

2,747,000

^{[4],[20],[22]}

2,831,000

^[2],[3],[21]

Principal

4,566,000

^[20],[22]

4,566,000

^[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Robertshaw US Holding Corp. Initial Term Loan (Second Lien) Capital Equipment Interest Rate 13.5% Cash Reference Rate and Spread SOFR+8.00% Floor 1.00% Maturity 2/28/26, Initial Acquisition Date 2/15/18

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

300,000

Fair Value, Ending Balance

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

300,000

Principal

^[1],[2]

3,000,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Robertshaw US Holding Corp. Term Loan Second Lien Capital Equipment Maturity 2/28/26, Initial Acquisition Date 2/15/18

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[24]}

189,000

Principal

^{[6],[20],[24]}

3,000,000

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

Summary of Investment Holdings [Line Items]

Principal

^[1],[2],[23]

75,000

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

Summary of Investment Holdings [Line Items]

Principal

^{[6],[20],[24]}

76,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIDC IntermediateCo 2, LLC First Lien Term Loan Services: Business Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.40% Floor 1.00% Maturity 7/22/27, Initial Acquisition Date 9/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

971,000

Principal

^{[6],[20],[22]}

988,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIDC IntermediateCo 2, LLC First Lien Term Loan Services: Business Interest Rate 11.8% Cash Reference Rate and Spread SOFR+6.40% Floor 1.00% Maturity 7/22/27, Initial Acquisition Date 9/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

976,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

976,000

Principal

^[1],[2],[21]

990,000

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 SOFR+5.00% Floor Maturity 8/15/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

2,125,000

Principal

^[20],[22]

2,172,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIS Holdco, LLC First Lien Term Loan A Banking, Finance, Insurance & Real Estate Interest Rate 10.6% Cash Reference Rate and Spread SOFR+5.00% Maturity 8/15/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,220,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,220,000

Principal

^[1],[2],[21]

2,223,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. First Lien Term Loan Beverage, Food and Tobacco Interest Rate 11.7% Cash + 0.8% PIK Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

4,726,000

Principal

^{[6],[20],[22]}

4,866,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. First Lien Term Loan Beverage, Food and Tobacco Interest Rate 11.8% Cash + 0.8% PIK Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

4,766,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

4,766,000

Principal

^[1],[2],[21]

4,869,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AMCP Pet Holdings, Inc. Revolving Loan Beverage, Food and Tobacco Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 10/6/26, Initial Acquisition Date 12/9/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

698,000

Principal

^{[6],[20],[27]}

727,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

630,000

Fair Value, Ending Balance

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

630,000

Principal

^[1],[2],[28]

651,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan Finance Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

864,000

Principal

^{[6],[20],[22]}

868,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan Finance Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.25% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

700,000

Fair Value, Ending Balance

692,000

^{[4],[6],[20],[22]}

700,000

^{[1],[2],[3],[21],[28]}

Principal

692,000

^{[6],[20],[22]}

694,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Delayed Draw Term Loan Finance Interest Rate 11.6% Reference Rate and Spread SOFR+6.25% Floor 0.75% Cash Maturity 8/29/29, Initial Acquisition Date 8/31/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

869,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

869,000

Principal

^[1],[2],[21]

870,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(2,000)

Fair Value, Ending Balance

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

(2,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Revolver Finance Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.25% Floor 0.75% Maturity 8/31/28, Initial Acquisition Date 8/31/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

759,000

Principal

^{[6],[20],[27]}

765,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Term Loan Finance Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

7,856,000

Principal

^{[6],[20],[22]}

7,889,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accordion Partners LLC Term Loan Finance Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.25% Floor 0.75% Maturity 8/29/29, Initial Acquisition Date 8/31/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

7,899,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

7,899,000

Principal

^[1],[2],[21]

7,908,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accurate Background, LLC First Lien Term Loan Services: Business Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 3/26/27, Initial Acquisition Date 9/7/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,424,000

Fair Value, Ending Balance

1,444,000

^{[4],[6],[20],[22]}

1,424,000

^{[1],[2],[3],[21]}

Principal

1,478,000

^{[6],[20],[22]}

1,481,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Accurate Background, LLC Term Loan Services: Business Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 3/26/27, Initial Acquisition Date 10/20/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,818,000

Fair Value, Ending Balance

2,857,000

^{[4],[6],[20],[22]}

2,818,000

^{[1],[2],[3],[21]}

Principal

2,924,000

^{[6],[20],[22]}

2,931,000

^[1],[2],[21]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

13,773,000

Fair Value, Ending Balance

13,615,000

^{[4],[6],[20],[22]}

13,773,000

^{[1],[2],[3],[21]}

Principal

14,036,000

^{[6],[20],[22]}

14,036,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.2% Cash + 5.3% PIK Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 1/1/25, Initial Acquisition Date 3/1/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

624,000

Fair Value, Ending Balance

633,000

^{[4],[6],[20],[22]}

624,000

^{[1],[2],[3],[21]}

Principal

628,000

^{[6],[20],[22]}

620,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans American Academy Holdings, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 11.2% Cash + 5.3% PIK Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 1/1/25, Initial Acquisition Date 3/1/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

3,144,000

Fair Value, Ending Balance

3,191,000

^[4],[6],[20]

3,144,000

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

Principal

3,163,000

^[6],[20]

3,124,000

^[1],[2]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ancile Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 15.6% Cash Reference Rate and Spread SOFR+10.00% Floor 1.00% Maturity 6/11/26, Initial Acquisition Date 6/11/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

6,285,000

Principal

^{[6],[20],[22]}

6,230,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ancile Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 15.7% Cash Reference Rate and Spread SOFR+10.00% Floor 1.00% Maturity 6/11/26, Initial Acquisition Date 6/11/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

6,305,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

6,305,000

Principal

^[1],[2],[21]

6,274,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest 15.1% Cash Reference Rate and Spread SOFR+9.50% Floor 1.00% Maturity 6/30/24, Initial Acquisition Date 8/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

444,000

Principal

^[6],[20]

563,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest 15.2% Cash Reference Rate and Spread SOFR+9.50% Floor 1.00% Maturity 6/30/24, Initial Acquisition Date 8/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

465,000

Fair Value, Ending Balance

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

465,000

Principal

^[1],[2]

547,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Revolver Media: Broadcasting & Subscription Interest Rate 15.1% Cash Reference Rate and Spread SOFR+9.50% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

910,000

Fair Value, Ending Balance

863,000

^{[4],[6],[20],[27]}

910,000

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

Principal

1,115,000

^{[6],[20],[27]}

1,084,000

^[1],[2],[28]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Term Loan Media: Broadcasting & Subscription Interest Rate 3.0% Cash + 12.1% PIK Reference Rate and Spread SOFR+3.00% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

10,965,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

10,965,000

Principal

^[1],[2],[21]

12,880,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Term Loan Media: Broadcasting & Subscription Interest Rate 3.0% Cash + 12.2% PIK Reference Rate and Spread SOFR+3.00% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

10,444,000

Principal

^{[6],[20],[22]}

13,240,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Appfire Technologies, LLC Term Loan High Tech Industries Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 3/9/27, Initial Acquisition Date 12/20/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,859,000

Fair Value, Ending Balance

5,838,000

^{[4],[6],[20],[22]}

5,859,000

^{[1],[2],[3],[21]}

Principal

5,879,000

^{[6],[20],[22]}

5,894,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Aventiv Technologies, LLC Term Loan Alternative Carriers Interest Rate 10.5% Cash Reference Rate and Spread SOFR+4.89% Floor 1.00% Maturity 11/1/24, Initial Acquisition Date 12/29/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

937,000

Fair Value, Ending Balance

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

937,000

Principal

^[1],[2]

989,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BW NHHC Holdco Inc. First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.9% Cash Reference Rate and Spread SOFR+7.50% Floor 2.00% Maturity 1/15/26, Initial Acquisition Date 12/21/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3]

969,000

Fair Value, Ending Balance

^[2],[3]

969,000

Principal

^[2]

952,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BetaNXT, Inc. First Lien Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 11.1% Cash Reference Rate and Spread SOFR+5.75% Maturity 7/1/29, Initial Acquisition Date 7/1/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

12,104,000

Fair Value, Ending Balance

12,034,000

^{[4],[6],[20],[22]}

12,104,000

^{[1],[2],[3],[21]}

Principal

12,576,000

^{[6],[20],[22]}

12,608,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans BetaNXT, Inc. Revolver Banking, Finance, Insurance & Real Estate Interest Rate 9.6% Cash Reference Rate and Spread SOFR+4.25% Maturity 7/1/27, Initial Acquisition Date 7/1/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

145,000

Fair Value, Ending Balance

862,000

^{[4],[6],[20],[27]}

145,000

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

Principal

966,000

^{[6],[20],[27]}

242,000

^[1],[2],[28]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(25,000)

Fair Value, Ending Balance

(13,000)

^{[4],[6],[20],[27]}

(25,000)

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

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bradshaw International Parent Corp. Term Loan Consumer goods: Durable Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 10/21/27, Initial Acquisition Date 10/29/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

482,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

482,000

Principal

^[1],[2],[21]

496,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bradshaw International Parent Corp. Term Loan Consumer goods: Durable Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Maturity 10/21/27, Initial Acquisition Date 10/29/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

488,000

Principal

^{[6],[20],[22]}

495,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[27]}

722,000

Principal

^{[6],[20],[22],[27]}

736,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

718,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

718,000

Principal

^{[1],[2],[21],[28]}

738,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Unitranche Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[27]}

2,026,000

Principal

^{[6],[20],[22],[27]}

2,066,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bristol Hospice Unitranche Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 12/22/26, Initial Acquisition Date 12/22/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,017,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,017,000

Principal

^[1],[2],[21]

2,071,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Seventh Amendment Acquisition Loan Chemicals, Plastics and Rubber Interest Rate 12.1% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 6/26/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,548,000

Principal

^{[6],[20],[22]}

2,548,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Seventh Amendment Acquisition Loan Chemicals, Plastics and Rubber Interest Rate 12.2% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 6/26/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,638,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,638,000

Principal

^[1],[2],[21]

2,612,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 12.0% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 7/29/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,019,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

1,019,000

Principal

^[1],[2],[21]

1,009,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 12.1% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 7/29/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

984,000

Principal

^{[6],[20],[22]}

984,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 12.3% Cash + 1.0% PIK Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 11/17/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

6,178,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

6,178,000

Principal

^[1],[2],[21]

6,117,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 12.3% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 11/17/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

5,966,000

Principal

^{[6],[20],[22]}

5,966,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans CB Midco, LLC Term Loan Consumer goods: Durable Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 9/27/27, Initial Acquisition Date 10/8/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

3,525,000

Fair Value, Ending Balance

3,576,000

^{[4],[6],[20],[22]}

3,525,000

^{[1],[2],[3],[21]}

Principal

3,792,000

^{[6],[20],[22]}

3,802,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Cenexel Clinical Research, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 11/8/25, Initial Acquisition Date 6/15/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,773,000

Fair Value, Ending Balance

5,752,000

^{[4],[6],[20],[22]}

5,773,000

^{[1],[2],[3],[21]}

Principal

5,773,000

^{[6],[20],[22]}

5,773,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Term Loan Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.8% Cash + 2.0% PIK Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 2/6/31, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

3,807,000

Principal

^{[6],[20],[22]}

3,807,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

3,136,000

Principal

^{[6],[20],[22]}

3,136,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

3,689,000

Principal

^{[6],[20],[22]}

3,689,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Term Loan Machinery (Non-Agrclt/Constr/Electr) Interest Rate 7.9% Cash + 7.0% PIK Reference Rate and Spread SOFR+2.50% Maturity 10/9/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

9,976,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

9,976,000

Principal

^[1],[2],[21]

10,487,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Delayed Draw Term Loan Services: Business Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 4/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

424,000

Principal

^{[6],[20],[22]}

447,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

701,000

Principal

^[6],[20]

739,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Delayed Draw Term Loan Services: Business Interest Rate 12.5% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 2/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

445,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

445,000

Principal

^[1],[2],[21]

448,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

735,000

Fair Value, Ending Balance

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

735,000

Principal

^[1],[2]

740,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC First Lien Term Loan Services: Business Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 4/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

4,637,000

Principal

^{[6],[20],[22]}

4,886,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC First Lien Term Loan Services: Business Interest Rate 12.5% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 2/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

4,866,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

4,866,000

Principal

^[1],[2],[21]

4,899,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Revolver Services: Business Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 4/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

546,000

Principal

^{[6],[20],[22]}

575,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Revolver Services: Business Interest Rate 12.6% Cash Reference Rate and Spread PRIME+7.00% Floor 1.00% Maturity 2/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

41,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

41,000

Principal

^{[1],[2],[21],[28]}

41,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Revolver Services: Business Interest Rate 12.6% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 2/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

571,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

571,000

Principal

^{[1],[2],[21],[28]}

576,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Revolver Services: Business Interest Rate 14.5% Cash Reference Rate and Spread PRIME+7.00% Floor 1.00% Maturity 4/27/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

104,000

Principal

^{[6],[20],[22]}

110,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Term Loan Services: Business Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 4/27/24, Initial Acquisition Date 3/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

660,000

Principal

^[6],[20]

696,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

379,000

Principal

^{[6],[20],[22]}

399,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Term Loan Services: Business Interest Rate 12.5% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 2/27/24, Initial Acquisition Date 3/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

693,000

Fair Value, Ending Balance

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

693,000

Principal

^[1],[2]

698,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

398,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

398,000

Principal

^[1],[2],[21]

400,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

615,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

615,000

Principal

^[1],[2],[21]

625,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

615,000

Principal

^{[6],[20],[22]}

623,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 0.5% Cash Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(30,000)

Fair Value, Ending Balance

(26,000)

^{[4],[6],[20],[27]}

(30,000)

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

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

7,959,000

Principal

^{[6],[20],[22]}

8,062,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[27]}

3,929,000

Principal

^{[6],[20],[22]}

3,980,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

7,961,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

7,961,000

Principal

^[1],[2],[21]

8,082,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

3,930,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

3,930,000

Principal

^[1],[2],[21]

3,990,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Datalink, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.2% Cash Reference Rate and Spread SOFR+6.75% Floor 1.00% Maturity 11/23/26, Initial Acquisition Date 12/8/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,615,000

Principal

^{[6],[20],[22]}

2,696,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Datalink, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.2% Cash Reference Rate and Spread SOFR+6.75% Floor 1.25% Maturity 11/23/26, Initial Acquisition Date 12/8/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,715,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,715,000

Principal

^[1],[2],[21]

2,715,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Delayed Draw Term Loan - First Lien Healthcare & Pharmaceuticals Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[27]}

488,000

Principal

^{[6],[20],[22],[27]}

501,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Delayed Draw Term Loan - First Lien Healthcare & Pharmaceuticals Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

304,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

304,000

Principal

^{[1],[2],[21],[28]}

317,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

1,477,000

Principal

^{[6],[20],[22]}

1,504,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,482,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

1,482,000

Principal

^[1],[2],[21]

1,507,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 12.3% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/23/28, Initial Acquisition Date 12/23/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

(4,000)

Principal

^{[6],[20],[27]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Revolver Healthcare & Pharmaceuticals Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/23/28, Initial Acquisition Date 12/23/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

44,000

Fair Value, Ending Balance

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

44,000

Principal

^[1],[2],[28]

48,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dodge Data & Analytics LLC Term Loan Construction & Building Interest Rate 10.3% Cash Reference Rate and Spread SOFR+4.75% Floor 0.50% Maturity 2/10/29, Initial Acquisition Date 2/10/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,165,000

Fair Value, Ending Balance

^[2],[3],[21]

1,165,000

Principal

^[2],[21]

1,478,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

1,220,000

Principal

^{[6],[20],[22]}

1,474,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans ELO Touch Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor Maturity 12/14/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,046,000

Principal

^{[6],[20],[22]}

2,049,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans ELO Touch Solutions, Inc. First Lien Term Loan High Tech Industries Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Maturity 12/14/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,983,000

Fair Value, Ending Balance

^[2],[3],[21]

1,983,000

Principal

^[2],[21]

2,049,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC First Lien Term Loan Beverage, Food and Tobacco Interest Rate 10.3% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 10/18/28, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

1,754,000

Principal

^{[6],[20],[22]}

1,975,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC First Lien Term Loan Beverage, Food and Tobacco Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 10/18/28, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,737,000

Fair Value, Ending Balance

^[2],[3],[21]

1,737,000

Principal

^[2],[21]

1,980,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC Term Loan Beverage, Food and Tobacco Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 10/18/28, Initial Acquisition Date 3/22/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

4,353,000

Principal

^{[6],[20],[22]}

4,900,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Florida Food Products, LLC Term Loan Beverage, Food and Tobacco Interest Rate 10.5% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 10/18/28, Initial Acquisition Date 3/22/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

4,311,000

Fair Value, Ending Balance

^[2],[3],[21]

4,311,000

Principal

^[2],[21]

4,913,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Fortis Payment Systems, LLC Delayed Draw Term Loan Diversified Financial Services Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 2/13/26, Initial Acquisition Date 2/13/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

123,000

Principal

^{[6],[20],[27]}

131,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Fortis Payment Systems, LLC Term Loan Diversified Financial Services Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 2/13/26, Initial Acquisition Date 2/13/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,573,000

Principal

^{[6],[20],[22]}

2,625,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Franchise Group, Inc. First Out Term Loan Retail Interest Rate 10.4% Cash Reference Rate and Spread SOFR+4.75% Floor 0.75% Maturity 2/25/26, Initial Acquisition Date 3/18/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[21]

2,350,000

Fair Value, Ending Balance

^[3],[21]

2,350,000

Principal

^[21]

2,900,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Franchise Group, Inc. Term Loan Retail Interest Rate 10.4% Cash Reference Rate and Spread SOFR+4.75% Floor 0.75% Maturity 3/10/26, Initial Acquisition Date 3/18/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[22]

2,617,000

Principal

^[22]

2,900,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. First Lien Term Loan Consumer Goods: Durable Interest Rate 13.8% Cash + 1.0% PIK Reference Rate and Spread SOFR+8.36% Maturity 5/15/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

4,127,000

Fair Value, Ending Balance

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

4,127,000

Principal

^[1],[2]

6,852,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. First Lien Term Loan Consumer goods: Durable Interest Rate 13.7% Cash + 1.0% PIK Reference Rate and Spread SOFR+8.36% Maturity 5/15/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

3,851,000

Principal

^[6],[20]

6,742,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. Revolver Consumer Goods: Durable Interest Rate 13.7% Cash Reference Rate and Spread SOFR+8.36% Maturity 5/15/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

31,000

Fair Value, Ending Balance

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

31,000

Principal

^[1],[2]

51,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Global Integrated Flooring Systems Inc. Revolver Consumer goods: Durable Interest Rate 13.7% Cash Reference Rate and Spread SOFR+8.36% Maturity 5/15/24, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

29,000

Principal

^[6],[20]

51,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

1,854,000

Fair Value, Ending Balance

1,800,000

^[4],[6],[20]

1,854,000

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

Principal

1,808,000

^[6],[20]

1,854,000

^[1],[2]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. LOCHNER, INC. Revolver Services: Business Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

5,679,000

Principal

^{[6],[20],[27]}

5,858,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. LOCHNER, INC. Term Loan Services: Business Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.25% Maturity 7/2/27, Initial Acquisition Date 7/2/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

14,299,000

Principal

^{[6],[20],[22]}

4,625,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Revolver Services: Business Interest Rate 11.8% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

3,578,000

Fair Value, Ending Balance

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

3,578,000

Principal

^[1],[2],[28]

3,858,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans H.W. Lochner, Inc. Term Loan Services: Business Interest Rate 11.8% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 7/2/27, Initial Acquisition Date 7/2/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

14,149,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

14,149,000

Principal

^[1],[2],[21]

14,663,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[23]}

4,252,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[23]}

4,252,000

Principal

^{[1],[2],[21],[23]}

7,525,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC First Lien Term Loan High Tech Industries Maturity 6/21/26, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Principal

^{[6],[20],[22],[24]}

3,827,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[23]}

437,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[23]}

437,000

Principal

^{[1],[2],[21],[23]}

773,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans HDC/HW Intermediate Holdings, LLC, Term Loan, High Tech Industries, Interest Rate 6% Cash + 2.5% PIK Reference Rate and Spread SOFR+1.00% Floor 5.25% Maturity 6/21/26 Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

5,290,000

Principal

^{[6],[20],[22]}

5,525,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Help Systems Holdings, Inc First Lien Term Loan, High Tech Industries, Interest Rate 9.4% Cash Reference Rate and Spread SOFR+4.00% Floor 0.75% Maturity 11/19/26, Initial Acquisition Date 11/17/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

1,909,000

Principal

^[20],[22]

1,969,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Help Systems Holdings, LLC First Lien Term Loan High Tech Industries Interest Rate 9.5% Cash Reference Rate and Spread SOFR+4.00% Floor 0.75% Maturity 11/19/26, Initial Acquisition Date 11/17/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,876,000

Fair Value, Ending Balance

^[2],[3],[21]

1,876,000

Principal

^[2],[21]

1,974,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Hollander Intermediate LLC First Lien Term Loan Consumer Goods: Durable Interest Rate 14.2% Cash Reference Rate and Spread SOFR+8.75% Floor 2.00% Maturity 9/19/26, Initial Acquisition Date 9/19/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,260,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

5,260,000

Principal

^[1],[2],[21]

5,508,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Hollander Intermediate LLC First Lien Term Loan, Consumer goods: Durable, Interest Rate 14.2% Cash Reference Rate and Spread SOFR+8.75% Floor 2.00% Maturity 09/19/26, Initial Acquisition Date 9/19/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

5,215,000

Principal

^{[6],[20],[22]}

5,541,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans IDC Infusion Services Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 1.0% Cash Floor 1.00% Maturity 7/7/28, Initial Acquisition Date 7/20/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(17,000)

Fair Value, Ending Balance

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

(17,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans IDC Infusion Services Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 7/7/28, Initial Acquisition Date 7/20/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

245,000

Principal

^{[6],[20],[27]}

260,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans IDC Infusion Services Term Loan Healthcare & Pharmaceuticals Interest Rate 11.9% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 7/7/28, Initial Acquisition Date 7/20/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,880,000

Principal

^{[6],[20],[22]}

2,920,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans IDC Infusion Services Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 0.50% Maturity 7/7/28, Initial Acquisition Date 7/20/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,880,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,880,000

Principal

^[1],[2],[21]

2,928,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Intermedia Holdings, Inc. First Lien Term Loan B High Tech Industries Interest Rate 11.4% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 7/21/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

2,580,000

Principal

^[20],[22]

2,606,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Intermedia Holdings, Inc. First Lien Term Loan B High Tech Industries Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 7/21/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

2,531,000

Fair Value, Ending Balance

^[2],[3],[21]

2,531,000

Principal

^[2],[21]

2,613,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ivanti Software, Inc. First Lien Term Loan High Tech Industries Interest Rate 9.8% Cash Reference Rate and Spread SOFR+4.25% Floor 0.75% Maturity 12/1/27, Initial Acquisition Date 10/12/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

925,000

Principal

^[20],[22]

985,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Ivanti Software, Inc. First Lien Term Loan High Tech Industries Interest Rate 9.9% Cash Reference Rate and Spread SOFR+4.25% Floor 0.75% Maturity 12/1/27, Initial Acquisition Date 10/12/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

940,000

Fair Value, Ending Balance

^[2],[3],[21]

940,000

Principal

^[2],[21]

987,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[7]

2,295,000

Principal

^[6],[7]

2,295,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans JO ET Holdings Limited Term Loan Telecommunications Interest Rate 11.4% Cash + 7.0% PIK Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 12/15/26, Initial Acquisition Date 12/15/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[5]

2,254,000

Fair Value, Ending Balance

^[1],[3],[5]

2,254,000

Principal

^[1],[5]

2,260,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Keg Logistics LLC Revolver Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 11/23/27, Initial Acquisition Date 11/23/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

842,000

Fair Value, Ending Balance

858,000

^[4],[6],[20]

842,000

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

Principal

872,000

^[6],[20]

872,000

^[1],[2]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Keg Logistics LLC Term Loan Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 11/23/27, Initial Acquisition Date 11/23/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

11,579,000

Fair Value, Ending Balance

11,770,000

^{[4],[6],[20],[22]}

11,579,000

^{[1],[2],[3],[21]}

Principal

11,969,000

^{[6],[20],[22]}

11,999,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lifescan Global Corporation First Lien Term Loan A Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 12/31/26, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,792,000

Fair Value, Ending Balance

1,454,000

^{[4],[20],[22]}

1,792,000

^[2],[3],[21]

Principal

2,327,000

^[20],[22]

2,381,000

^[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Lucky Bucks, LLC Term Loan Hotel, Gaming & Leisure Interest Rate 13.0% Cash Reference Rate and Spread SOFR+7.65% Floor 1.00% Maturity 10/2/28, Initial Acquisition Date 10/2/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

473,000

Fair Value, Ending Balance

472,000

^{[4],[6],[20],[22]}

473,000

^{[1],[2],[3],[21]}

Principal

468,000

^{[6],[20],[22]}

469,000

^[1],[2],[21]

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

853,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

853,000

Principal

^[1],[2],[21]

892,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

853,000

Principal

^{[6],[20],[22]}

890,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC First Lien Term Loan B Construction & Building Interest Rate 12.7% Cash Reference Rate and Spread SOFR+7.25% Floor 1.00% Maturity 4/11/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,933,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

5,933,000

Principal

^[1],[2],[21]

5,933,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC First Lien Term Loan B Construction & Building Interest Rate 12.7% Cash Reference Rate and Spread SOFR+7.35% Floor 1.00% Maturity 4/11/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

5,918,000

Principal

^{[6],[20],[22]}

5,918,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC Revolver Construction & Building Interest Rate 12.7% Cash Reference Rate and Spread SOFR+7.35% Floor 1.00% Maturity 4/11/25, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

343,000

Fair Value, Ending Balance

343,000

^{[4],[6],[20],[22],[27]}

343,000

^{[1],[2],[3],[21],[28]}

Principal

343,000

^{[6],[20],[22],[27]}

343,000

^{[1],[2],[21],[28]}

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MAG DS Corp. First Lien Term Loan Aerospace and Defense Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 4/1/27, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

3,526,000

Principal

^{[6],[20],[22]}

3,654,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MAG DS Corp. First Lien Term Loan Aerospace and Defense Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 4/1/27, Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

3,520,000

Fair Value, Ending Balance

^[2],[3],[21]

3,520,000

Principal

^[2],[21]

3,664,000

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 12/9/26, Initial Acquisition Date 1/1/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,776,000

Principal

^{[6],[20],[22]}

2,922,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MSM Acquisitions, Inc. Delayed Draw Term Loan Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 12/9/26, Initial Acquisition Date 1/1/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,774,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,774,000

Principal

^[1],[2],[21]

2,893,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

6,655,000

Principal

^{[6],[20],[22]}

7,005,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans MSM Acquisitions, Inc. First Lien Term Loan Services: Business Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 12/9/26, Initial Acquisition Date 12/31/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

6,649,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

6,649,000

Principal

^[1],[2],[21]

6,935,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Money Transfer Acquisition, Inc. First Lien Term Loan Finance Interest Rate 13.7% Cash Reference Rate and Spread SOFR+8.25% Floor 1.00% Maturity 12/14/27, Initial Acquisition Date 12/14/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

9,506,000

Fair Value, Ending Balance

9,531,000

^{[4],[6],[20],[22]}

9,506,000

^{[1],[2],[3],[21]}

Principal

9,750,000

^{[6],[20],[22]}

9,750,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Morae Global Corporation Revolver IT Consulting & Other Services Interest Rate 0.5% Cash Floor 2.00% Maturity 10/26/26, Initial Acquisition Date 10/26/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(10,000)

Fair Value, Ending Balance

(9,000)

^{[4],[6],[20],[27]}

(10,000)

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

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Morae Global Corporation Term Loan IT Consulting & Other Services Interest Rate 13.5% Cash Reference Rate and Spread SOFR+8.00% Floor 2.00% Maturity 10/26/26, Initial Acquisition Date 10/26/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,169,000

Fair Value, Ending Balance

2,167,000

^{[4],[6],[20],[22]}

2,169,000

^{[1],[2],[3],[21]}

Principal

2,263,000

^{[6],[20],[22]}

2,277,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Neptune BidCo US Inc. First Lien Term Loan Media: Broadcasting & Subscription Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.00% Floor 0.50% Maturity 4/11/29, Initial Acquisition Date 11/22/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

2,293,000

Principal

^[20],[22]

2,481,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Neptune BidCo US Inc. First Lien Term Loan Media: Broadcasting & Subscription Interest Rate 10.5% Cash Reference Rate and Spread SOFR+5.00% Floor 0.50% Maturity 4/11/29, Initial Acquisition Date 11/22/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

2,279,000

Fair Value, Ending Balance

^[2],[3],[21]

2,279,000

Principal

^[2],[21]

2,488,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

340,159,000

Fair Value, Ending Balance

349,844,000

^[4]

340,159,000

^[3]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Delayed Draw Term Loan - First Lien High Tech Industries Interest Rate 1.0% Cash Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

(3,000)

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

(3,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation First Lien Term Loan High Tech Industries Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.00% Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

4,223,000

Principal

^{[6],[20],[22]}

4,281,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

3,367,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

3,367,000

Principal

^[1],[2],[21]

3,379,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Revolver High Tech Industries Interest Rate 0.3% Cash Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(4,000)

Fair Value, Ending Balance

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

(4,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Netwrix Corporation Revolver High Tech Industries Interest Rate 0.3% Floor 0.75% Maturity 6/9/29, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

(15,000)

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

3,560,000

Fair Value, Ending Balance

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

3,560,000

Principal

^[1],[2],[29]

4,500,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Northeast Metal Works LLC Term Loan Metals & Mining Interest Rate 8.0% Cash Maturity 1/1/25, Initial Acquisition Date 2/21/24

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

500,000

Principal

^[6],[20]

500,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[30]}

3,369,000

Principal

^{[6],[20],[30]}

4,500,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans One Stop Mailing LLC First Lien Term Loan Transportation: Consumer Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 4/29/27, Initial Acquisition Date 5/7/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

7,385,000

Principal

^{[6],[20],[22]}

7,530,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans One Stop Mailing LLC First Lien Term LoanTransportation: Consumer Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 4/9/27, Initial Acquisition Date 5/7/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

7,409,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

7,409,000

Principal

^[1],[2],[21]

7,550,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PVHC Holding Corp Term Loan Containers, Packaging and Glass Interest Rate 11.0% Cash + 0.8% PIK Reference Rate and Spread SOFR+5.50% Floor 2.50% Maturity 2/17/27, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

2,673,000

Principal

^{[6],[20],[22]}

2,735,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PVHC Holding Corp Term Loan Containers, Packaging and Glass Interest Rate 11.0% Cash + 0.8% PIK Reference Rate and Spread SOFR+5.55% Floor 2.50% Maturity 2/17/27, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,665,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

2,665,000

Principal

^[1],[2],[21]

2,736,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PhyNet Dermatology LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 1.0% Cash Maturity 10/20/29, Initial Acquisition Date 5/10/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

(8,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PhyNet Dermatology LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 1.0% Cash Floor 1.00% Maturity 10/20/29, Initial Acquisition Date 5/10/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(7,000)

Fair Value, Ending Balance

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

(7,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PhyNet Dermatology LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 10/20/29, Initial Acquisition Date 5/10/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,294,000

Fair Value, Ending Balance

1,289,000

^{[4],[6],[20],[22]}

1,294,000

^{[1],[2],[3],[21]}

Principal

1,304,000

^{[6],[20],[22]}

1,307,000

^[1],[2],[21]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

1,007,000

Fair Value, Ending Balance

652,000

^[4],[6],[20]

1,007,000

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

Principal

1,728,000

^[6],[20]

1,706,000

^[1],[2]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[23]}

193,000

Fair Value, Ending Balance

^{[1],[2],[3],[23]}

193,000

Principal

1,621,000

^{[6],[20],[24]}

1,593,000

^[1],[2],[23]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

1,170,000

Fair Value, Ending Balance

1,206,000

^[4],[6],[20]

1,170,000

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

Principal

1,289,000

^[6],[20]

1,261,000

^[1],[2]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

36,000

Fair Value, Ending Balance

23,000

^[4],[6],[20]

36,000

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

Principal

62,000

^[6],[20]

60,000

^[1],[2]

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

398,000

Fair Value, Ending Balance

411,000

^[4],[6],[20]

398,000

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

Principal

433,000

^[6],[20]

422,000

^[1],[2]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Premier Imaging, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 1/2/25, Initial Acquisition Date 12/30/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

527,000

Fair Value, Ending Balance

531,000

^{[4],[6],[20],[22]}

527,000

^{[1],[2],[3],[21]}

Principal

564,000

^{[6],[20],[22]}

548,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Premier Imaging, LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 11.6% Cash Reference Rate and Spread SOFR+6.00% Floor 1.00% Maturity 1/2/25, Initial Acquisition Date 12/30/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,944,000

Fair Value, Ending Balance

1,954,000

^{[4],[6],[20],[22]}

1,944,000

^{[1],[2],[3],[21]}

Principal

2,081,000

^{[6],[20],[22]}

2,022,000

^[1],[2],[21]

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 SOFR+5.75% Floor 1.00% Maturity 4/22/27, Initial Acquisition Date 4/21/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,591,000

Fair Value, Ending Balance

5,592,000

^{[4],[6],[20],[22]}

5,591,000

^{[1],[2],[3],[21]}

Principal

5,597,000

^{[6],[20],[22]}

5,612,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Castle, Inc. First Lien Term Loan Transportation: Cargo Interest Rate 10.8% Cash Reference Rate and Spread SOFR+5.50% Floor 0.50% Maturity 6/8/29, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

6,516,000

Principal

^[20],[22]

7,154,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Castle, Inc. First Lien Term Loan Transportation: Cargo Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.50% Floor 0.50% Maturity 6/8/29, Initial Acquisition Date 6/9/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

7,018,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

7,018,000

Principal

^[1],[2],[21]

7,900,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Project Leopard Holdings, Inc. Term Loan High Tech Industries Interest Rate 10.7% Cash Reference Rate and Spread SOFR+5.25% Floor 0.50% Maturity 7/20/29, Initial Acquisition Date 6/15/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

7,201,000

Fair Value, Ending Balance

7,329,000

^{[4],[20],[22]}

7,201,000

^[2],[3],[21]

Principal

7,900,000

^[20],[22]

7,920,000

^[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Qualtek LLC Term Loan High Tech Industries Interest Rate 6.2% Cash + 9.0% PIK Reference Rate and Spread SOFR+1.00% Floor 1.00% Maturity 7/14/25, Initial Acquisition Date 7/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

4,041,000

Principal

^[20],[22]

4,473,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Qualtek LLC Term Loan High Tech Industries Interest Rate 6.4% Cash + 9.0% PIK Reference Rate and Spread SOFR+1.00% Floor 1.00% Maturity 7/14/25, Initial Acquisition Date 7/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3]

4,209,000

Fair Value, Ending Balance

^[2],[3]

4,209,000

Principal

^[2]

4,373,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radiology Partners, Inc Term B Loan (First Lien) Healthcare & Pharmaceuticals Interest Rate 10.2% Cash Reference Rate and Spread SOFR+4.25% Maturity 7/9/25, Initial Acquisition Date 1/26/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

5,654,000

Fair Value, Ending Balance

^[2],[3],[21]

5,654,000

Principal

^[2],[21]

6,966,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radiology Partners, Inc Term Loan Healthcare & Pharmaceuticals Interest Rate 10.6% Cash Reference Rate and Spread SOFR+5.00% Floor 1.00% Maturity 1/31/29, Initial Acquisition Date 1/26/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

6,033,000

Principal

^[20],[22]

6,229,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radius Aerospace, Inc. Initial Term Loan Aerospace and Defense Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 3/29/25, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

6,067,000

Principal

^{[6],[20],[22]}

6,114,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Radius Aerospace, Inc. Initial Term Loan Aerospace and Defense Interest Rate 11.3% Cash Reference Rate and Spread SOFR+5.75% Floor 1.00% Maturity 3/29/25, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

6,064,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

6,064,000

Principal

^[1],[2],[21]

6,131,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Reception Purchaser, LLC First Lien Term Loan Transportation: Cargo Interest Rate 11.5% Cash Reference Rate and Spread SOFR+6.00% Floor 0.75% Maturity 3/24/28, Initial Acquisition Date 4/28/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

3,285,000

Fair Value, Ending Balance

2,900,000

^{[4],[20],[22]}

3,285,000

^[2],[3],[21]

Principal

4,427,000

^[20],[22]

4,439,000

^[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Riddell Inc Delayed Draw Term Loan - First Lien Consumer goods: Durable Reference Rate and Spread SOFR+0.00% Maturity 3/29/29, Initial Acquisition Date 3/29/24

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

4,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Riddell Inc First Lien Term Loan Consumer goods: Durable Interest Rate 11.3% Cash Reference Rate and Spread SOFR+6.00% Maturity 3/29/29, Initial Acquisition Date 3/29/24

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

6,246,000

Principal

^{[6],[20],[22]}

6,364,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Riskonnect Parent LLC Delayed Draw Term Loan Application Software Interest Rate 0.5% Cash Maturity 12/7/28, Initial Acquisition Date 12/7/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

(50,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Riskonnect Parent LLC Term Loan Application Software Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.50% Floor 0.75% Maturity 12/7/28, Initial Acquisition Date 12/7/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

1,212,000

Principal

^{[6],[20],[22]}

1,225,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

2,528,000

Fair Value, Ending Balance

2,552,000

^[4],[6],[20]

2,528,000

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

Principal

3,150,000

^[6],[20]

3,150,000

^[1],[2]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Sundance Holdings Group, LLC Term Loan Retail Interest Rate 13.5% Cash + 1.5% PIK Reference Rate and Spread SOFR+8.00% Floor 1.00% Maturity 5/1/24, Initial Acquisition Date 10/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

6,412,000

Principal

^{[6],[20],[22]}

6,639,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Sundance Holdings Group, LLC Term Loan Retail Interest Rate 13.5% Cash + 9.5% PIK Reference Rate and Spread SOFR+8.00% Floor 1.00% Maturity 5/1/24, Initial Acquisition Date 10/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

6,313,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

6,313,000

Principal

^[1],[2],[21]

6,528,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Symplr Software, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 10.0% Cash Reference Rate and Spread SOFR+4.50% Floor 0.75% Maturity 12/22/27, Initial Acquisition Date 2/2/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[2],[3],[21]

1,502,000

Fair Value, Ending Balance

^[2],[3],[21]

1,502,000

Principal

^[2],[21]

1,670,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Symplr Software, Inc. Term Loan Healthcare & Pharmaceuticals Interest Rate 9.9% Cash Reference Rate and Spread SOFR+4.50% Floor 0.75% Maturity 12/22/27, Initial Acquisition Date 2/2/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[20],[22]}

1,572,000

Principal

^[20],[22]

1,666,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Synamedia Americas Holdings, Inc. Term Loan Interactive Media & Services Interest Rate 13.1% Cash Reference Rate and Spread SOFR+7.75% Floor 1.00% Maturity 12/5/28, Initial Acquisition Date 12/5/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

2,662,000

Fair Value, Ending Balance

2,639,000

^{[4],[6],[20],[22]}

2,662,000

^{[1],[2],[3],[21]}

Principal

2,714,000

^{[6],[20],[22]}

2,759,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.8% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 10/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[27]}

7,853,000

Principal

^{[6],[20],[22],[27]}

7,853,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22],[27]}

1,713,000

Principal

^{[6],[20],[22],[27]}

1,713,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 10/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

7,873,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

7,873,000

Principal

^{[1],[2],[21],[28]}

7,873,000

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+5.75% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[28]}

4,219,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[28]}

4,219,000

Principal

^{[1],[2],[21],[28]}

4,219,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Delayed Draw Term Loan Healthcare, Education and Childcare Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 6/29/26, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

719,000

Principal

^{[6],[20],[22]}

720,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Delayed Draw Term Loan Healthcare, Education and Childcare Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 6/28/24, Initial Acquisition Date 12/23/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

718,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

718,000

Principal

^[1],[2],[21]

722,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Initial Term Loan Healthcare, Education and Childcare Interest Rate 11.0% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 6/28/24, Initial Acquisition Date 12/8/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

5,444,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

5,444,000

Principal

^[1],[2],[21]

5,458,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TLE Holdings, LLC Term Loan Healthcare, Education and Childcare Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 6/29/26, Initial Acquisition Date 12/8/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

5,431,000

Principal

^{[6],[20],[22]}

5,443,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Tactical Air Support, Inc. Delayed Draw Term Loan Aerospace and Defense Interest Rate 0.8% Cash Maturity 12/22/28, Initial Acquisition Date 12/22/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

(7,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Tactical Air Support, Inc. Term Loan Aerospace and Defense Interest Rate 14.0% Cash Reference Rate and Spread SOFR+8.50% Floor 1.00% Maturity 12/22/28, Initial Acquisition Date 12/22/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,671,000

Fair Value, Ending Balance

1,674,000

^{[4],[6],[20],[22]}

1,671,000

^{[1],[2],[3],[21]}

Principal

1,714,000

^{[6],[20],[22]}

1,714,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 1.0% Cash Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

(24,000)

Fair Value, Ending Balance

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

(24,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 1.0% Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27]}

(33,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Revolver Healthcare & Pharmaceuticals Interest Rate 13.5% Cash Reference Rate and Spread SOFR+8.00% Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

124,000

Fair Value, Ending Balance

380,000

^[4],[6],[20]

124,000

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

Principal

387,000

^[6],[20]

129,000

^[1],[2],[28]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans VBC Spine Opco LLC Term Loan Healthcare & Pharmaceuticals Interest Rate 13.5% Cash Reference Rate and Spread SOFR+8.00% Floor 2.00% Maturity 6/14/28, Initial Acquisition Date 6/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

3,456,000

Fair Value, Ending Balance

3,430,000

^{[4],[6],[20],[22]}

3,456,000

^{[1],[2],[3],[21]}

Principal

3,491,000

^{[6],[20],[22]}

3,500,000

^[1],[2],[21]

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Wonder Love, Inc. Term Loan Media: Diversified & Production Interest Rate 10.3% Cash Reference Rate and Spread SOFR+5.00% Floor 1.00% Maturity 11/18/24, Initial Acquisition Date 12/18/19

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

750,000

Principal

^{[6],[20],[22]}

750,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Wonder Love, Inc. Term Loan Media: Diversified & Production Interest Rate 10.4% Cash Reference Rate and Spread SOFR+5.00% Floor 1.00% Maturity 11/18/24, Initial Acquisition Date 12/18/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,124,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

1,124,000

Principal

^[1],[2],[21]

1,125,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[23],[26]}

43,000

Fair Value, Ending Balance

^{[1],[2],[23],[26]}

43,000

Principal

^{[1],[2],[23],[26]}

511,000

Investment, Identifier [Axis]: Equity Securities Portfolio 4L Ultimate Topco Corporation Common Services: Business Initial Acquisition Date 5/29/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31]}

29,000

Fair Value, Ending Balance

29,000

^{[4],[6],[20],[32]}

29,000

^{[1],[2],[3],[31]}

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Equity Healthcare & Pharmaceuticals Initial Acquisition Date 5/18/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31],[33]}

493,000

Fair Value, Ending Balance

509,000

^{[4],[6],[20],[32],[34]}

493,000

^{[1],[2],[3],[31],[33]}

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% Cash Initial Acquisition Date 5/18/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[34]}

201,000

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% PIK Initial Acquisition Date 5/18/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[33]}

195,000

Fair Value, Ending Balance

^{[1],[2],[3],[33]}

195,000

Investment, Identifier [Axis]: Equity Securities Portfolio ATP Oil & Gas Corporation Limited Term Royalty Interest Energy Oil & Gas Initial Acquisition Date 12/18/19

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[35]}

57,000

Fair Value, Ending Balance

^{[1],[2],[3],[35]}

57,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31],[33],[36]}

2,128,000

Fair Value, Ending Balance

1,883,000

^{[4],[6],[20],[32],[34],[37]}

2,128,000

^{[1],[2],[3],[31],[33],[36]}

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31],[33]}

700,000

Fair Value, Ending Balance

649,000

^{[4],[6],[20],[32],[34]}

700,000

^{[1],[2],[3],[31],[33]}

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[33]}

2,733,000

Fair Value, Ending Balance

2,548,000

^{[4],[6],[20],[34]}

2,733,000

^{[1],[2],[3],[33]}

Investment, Identifier [Axis]: Equity Securities Portfolio Aperture Dodge 18 LLC Equity Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/22/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31]}

3,237,000

Fair Value, Ending Balance

3,317,000

^{[4],[6],[20],[32]}

3,237,000

^{[1],[2],[3],[31]}

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Holdco, LLC Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[29],[31],[38]}

553,000

Fair Value, Ending Balance

631,000

^{[4],[6],[20],[30],[32],[39]}

553,000

^{[1],[2],[3],[29],[31],[38]}

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Investment II Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[29],[31],[38]}

246,000

Fair Value, Ending Balance

281,000

^{[4],[6],[20],[30],[32],[39]}

246,000

^{[1],[2],[3],[29],[31],[38]}

Investment, Identifier [Axis]: Equity Securities Portfolio Carestream Health Holdings, Inc Common Stock Healthcare & Pharmaceuticals Initial Acquisition Date 9/30/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31]}

93,000

Fair Value, Ending Balance

91,000

^{[4],[6],[20],[32]}

93,000

^{[1],[2],[3],[31]}

Investment, Identifier [Axis]: Equity Securities Portfolio Centric Brands Inc. Common Machinery (Non-Agrclt/Constr/Electr) Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21],[31],[38]}

121,000

Fair Value, Ending Balance

^{[1],[2],[3],[21],[31],[38]}

121,000

Investment, Identifier [Axis]: Equity Securities Portfolio Centric Brands, L.P. Equity Machinery (Non-Agrclt/Constr/Electr) Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[22]}

1,343,000

Investment, Identifier [Axis]: Equity Securities Portfolio DxTx Pain and Spine LLC Common Healthcare & Pharmaceuticals Initial Acquisition Date 6/14/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

258,000

Fair Value, Ending Balance

259,000

^[4],[6],[20]

258,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio EBSC Holdings LLC Preferred Equity Consumer goods: Durable Initial Acquisition Date 3/29/24

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

1,974,000

Investment, Identifier [Axis]: Equity Securities Portfolio Equities Net Asset Value at Fair Value

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

20,533,000

Fair Value, Ending Balance

23,428,000

^[4]

20,533,000

^[3]

Investment, Identifier [Axis]: Equity Securities Portfolio Everyware Global, Inc. Common Consumer Goods Durable Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31]}

174,000

Fair Value, Ending Balance

^{[1],[2],[3],[31]}

174,000

Investment, Identifier [Axis]: Equity Securities Portfolio Everyware Global, Inc. Common Consumer goods: Durable Initial Acquisition Date 10/28/20

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[32]}

175,000

Investment, Identifier [Axis]: Equity Securities Portfolio FP WRCA Coinvestment Fund VII, Ltd Class A Shares Capital Equipment Initial Acquisition Date 2/2/07

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[3],[5],[31]}

903,000

Fair Value, Ending Balance

783,000

^{[4],[6],[7],[32]}

903,000

^{[1],[3],[5],[31]}

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity Initial Acquisition Date 6/10/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[30],[32],[34]}

500,000

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity One Initial Acquisition Date 6/10/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[27],[30],[32],[34]}

171,000

Investment, Identifier [Axis]: Equity Securities Portfolio Greenpark Infrastructure, Llc Preferred Equity Energy Electricity Initial Acquisition Date 6/10/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[29],[31],[33]}

500,000

Fair Value, Ending Balance

^{[1],[2],[3],[29],[31],[33]}

500,000

Investment, Identifier [Axis]: Equity Securities Portfolio Greenpark Infrastructure, Llc Preferred Equity Energy Electricity One Initial Acquisition Date 6/10/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[28],[29],[31],[33]}

171,000

Fair Value, Ending Balance

^{[1],[2],[3],[28],[29],[31],[33]}

171,000

Investment, Identifier [Axis]: Equity Securities Portfolio Kleen-Tech Acquisition, LLC Common Stock Services: Business Initial Acquisition Date 6/9/21

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[30],[32],[39]}

1,148,000

Investment, Identifier [Axis]: Equity Securities Portfolio LB NewHoldCo LLC Common Stock Hotel, Gaming & Leisure Initial Acquisition Date 10/2/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

1,442,000

Fair Value, Ending Balance

1,497,000

^{[4],[6],[20],[22]}

1,442,000

^{[1],[2],[3],[21]}

Investment, Identifier [Axis]: Equity Securities Portfolio Morae Global Holdings Inc Warrant IT Consulting & Other Services Initial Acquisition Date 10/26/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

99,000

Fair Value, Ending Balance

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

99,000

Investment, Identifier [Axis]: Equity Securities Portfolio Morae Global Holdings Inc. Warrants IT Consulting & Other Services Initial Acquisition Date 10/26/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^[4],[6],[20]

109,000

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 4/5/23

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

4,182,000

Fair Value, Ending Balance

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

4,182,000

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Interest Rate 10.0% PIK Initial Acquisition Date 4/5/23

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[30]}

4,182,000

Investment, Identifier [Axis]: Equity Securities Portfolio Prosper Marketplace Class B Preferred Units Consumer goods: Durable Business Initial Acquisition Date 9/23/13

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31],[40]}

324,000

Fair Value, Ending Balance

^{[1],[2],[3],[31],[40]}

324,000

Investment, Identifier [Axis]: Equity Securities Portfolio Prosper Marketplace Class B Preferred Units Consumer goods: Durable Initial Acquisition Date 9/23/13

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[32],[41]}

324,000

Investment, Identifier [Axis]: Equity Securities Portfolio Roscoe Investors, LLC Class A Units Healthcare & Pharmaceuticals Business Initial Acquisition Date 3/26/14

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31]}

425,000

Fair Value, Ending Balance

^{[1],[2],[3],[31]}

425,000

Investment, Identifier [Axis]: Equity Securities Portfolio Roscoe Investors, LLC Class A Units Healthcare & Pharmaceuticals Initial Acquisition Date 3/26/14

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[32]}

443,000

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrant Banking, Finance, Insurance & Real Estate Initial Acquisition Date 9/20/22

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[31]}

403,000

Fair Value, Ending Balance

^{[1],[2],[3],[31]}

403,000

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrants Banking, Finance, Insurance & Real Estate Initial Acquisition Date 9/20/22

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[4],[6],[20],[32]}

381,000

Investment, Identifier [Axis]: Equity Securities Portfolio Sundance Holdings Group, LLC Common Stock Retail Initial Acquisition Date 10/1/21

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[21]}

69,000

Fair Value, Ending Balance

^{[1],[2],[3],[21]}

69,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

467,865,000

Fair Value, Ending Balance

471,255,000

^[4],[42]

467,865,000

Investment, Identifier [Axis]: Joint Venture Net Asset Value at Fair Value

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

59,287,000

Fair Value, Ending Balance

53,164,000

^[4]

59,287,000

^[3]

Investment, Identifier [Axis]: Joint Venture Portfolio KCAP Freedom 3 LLC Joint Ventures Percentage Ownership 62.8% Initial Acquisition Date 12/11/18

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3],[26]

14,275,000

Fair Value, Ending Balance

13,523,000

^[4],[6],[25]

14,275,000

^[1],[3],[26]

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[3],[28],[29],[43],[44]}

45,012,000

Fair Value, Ending Balance

39,641,000

^{[4],[27],[30],[45],[46]}

45,012,000

^{[3],[28],[29],[43],[44]}

Investment, Identifier [Axis]: Non-controlled Affiliates BMP Slappey Holdco, LLC Industry Classification - Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

553,000

^{[13],[15],[16],[47]}

464,000

^{[8],[9],[10],[11]}

464,000

^{[8],[9],[10],[11]}

Net Change in Unrealized Gain/(Loss)

78,000

^{[13],[15],[16],[47]}

89,000

^{[8],[9],[10],[11]}

Fair Value, Ending Balance

^{[13],[15],[16],[47]}

631,000

553,000

Principal

200,000

^{[13],[15],[16],[47]}

200,000

^{[8],[9],[10],[11]}

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[13],[15],[16],[47]}

246,000

Net Change in Unrealized Gain/(Loss)

^{[13],[15],[16],[47]}

35,000

Fair Value, Ending Balance

^{[13],[15],[16],[47]}

281,000

246,000

Principal

^{[13],[15],[16],[47]}

88,946

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[13],[15],[16],[47]}

500,000

Fair Value, Ending Balance

^{[13],[15],[16],[47]}

500,000

Principal

^{[13],[15],[16],[47]}

1,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[13],[15],[16],[47],[48]}

171,000

Fair Value, Ending Balance

^{[13],[15],[16],[47],[48]}

171,000

Principal

^{[13],[15],[16],[47],[48]}

500

Investment, Identifier [Axis]: Non-controlled Affiliates Kleen-Tech Acquisition, LLC Industry Classification - Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

998,000

^{[1],[2],[3],[15],[16],[29],[31],[38],[47]}

1,300,000

^{[8],[9],[10],[11]}

1,300,000

^{[8],[9],[10],[11]}

Net Change in Unrealized Gain/(Loss)

150,000

^{[13],[15],[16],[47]}

(302,000)

^{[8],[9],[10],[11]}

Fair Value, Ending Balance

^{[15],[16],[47]}

1,148,000

^[13]

998,000

^{[1],[2],[3],[29],[31],[38]}

Principal

250,000

^{[13],[15],[16],[47]}

250,000

^{[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-controlled Affiliates Navex Topco, Inc. Industry Classification - Electronics

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[10],[11]

7,604,000

Purchases/ (sales) of or Advances/ (Distributions)

^[10],[11]

(7,700,000)

Net Accretion

^[10],[11]

310,000

Net Change in Unrealized Gain/(Loss)

^[10],[11]

(214,000)

Interest and Fee Income

^[10],[11]

804,000

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[10],[11]}

13,445,000

Purchases/ (sales) of or Advances/ (Distributions)

500,000

^{[13],[16],[47]}

(4,428,000)

^{[8],[10],[11]}

Transfers In (Out) of Affiliates

^{[13],[16],[47]}

(9,000,000)

^{[8],[10],[11]}

Net Change in Unrealized Gain/(Loss)

^{[13],[16],[47]}

1,107,000

^{[8],[10],[11]}

Realized Gain/(Loss)

^{[8],[10],[11]}

(1,124,000)

Fair Value, Ending Balance

^{[13],[16],[47]}

500,000

Principal

^{[13],[16],[47]}

500

Interest and Fee Income

4,000

^{[13],[16],[47]}

377,000

^{[8],[10],[11]}

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining One

Summary of Investment Holdings [Line Items]

Principal

2,368

^{[13],[15],[16],[47]}

2,368

^{[8],[9],[10],[11]}

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Three

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[13],[16],[47]}

3,560,000

Net Accretion

^{[8],[10],[11]}

4,500,000

Transfers In (Out) of Affiliates

^{[13],[16],[47]}

Net Change in Unrealized Gain/(Loss)

(191,000)

^{[13],[16],[47]}

(940,000)

^{[8],[10],[11]}

Fair Value, Ending Balance

^{[13],[16],[47]}

3,369,000

3,560,000

Principal

4,500

^{[13],[16],[47]}

4,500

^{[8],[10],[11]}

Interest and Fee Income

91,000

^{[13],[16],[47]}

270,000

^{[8],[10],[11]}

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Two

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[13],[15],[16],[47]}

4,182,000

Transfers In (Out) of Affiliates

^{[13],[15],[16],[47]}

4,500,000

^{[8],[9],[10],[11]}

Net Change in Unrealized Gain/(Loss)

^{[13],[15],[16],[47]}

(318,000)

^{[8],[9],[10],[11]}

Fair Value, Ending Balance

^{[13],[15],[16],[47]}

4,182,000

Principal

4,500,000

^{[13],[15],[16],[47]}

4,500,000

^{[8],[9],[10],[11]}

Interest and Fee Income

112,000

^{[13],[15],[16],[47]}

333,000

^{[8],[9],[10],[11]}

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[15],[47],[48]}

45,012,000

Purchases/ (sales) of or Advances/ (Distributions)

^{[15],[47],[48]}

(5,439,000)

Net Change in Unrealized Gain/(Loss)

^{[15],[47],[48]}

(68,000)

Fair Value, Ending Balance

^{[15],[47],[48]}

39,641,000

45,012,000

Principal

^{[15],[47],[48]}

38,562

Total dividend income

^{[15],[47],[48]}

1,653,000

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[9],[10],[11]}

484,000

Purchases/ (sales) of or Advances/ (Distributions)

^{[8],[9],[10],[11]}

(496,000)

Net Change in Unrealized Gain/(Loss)

^{[8],[9],[10],[11]}

(325,000)

Realized Gain/(Loss)

^{[8],[9],[10],[11]}

337,000

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business One

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[10],[11]}

5,165,000

Purchases/ (sales) of or Advances/ (Distributions)

^{[8],[10],[11]}

(5,460,000)

Net Accretion

^{[8],[10],[11]}

328,000

Net Change in Unrealized Gain/(Loss)

^{[8],[10],[11]}

(33,000)

Interest and Fee Income

^{[8],[10],[11]}

675,000

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[9],[10],[11]}

811,000

Purchases/ (sales) of or Advances/ (Distributions)

^{[8],[9],[10],[11]}

(813,000)

Net Change in Unrealized Gain/(Loss)

^{[8],[9],[10],[11]}

(386,000)

Realized Gain/(Loss)

^{[8],[9],[10],[11]}

388,000

Investment, Identifier [Axis]: Non-controlled Affiliates Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[8],[10],[11]}

3,390,000

Purchases/ (sales) of or Advances/ (Distributions)

^{[8],[10],[11]}

(3,501,000)

Net Accretion

^{[8],[10],[11]}

9,000

Net Change in Unrealized Gain/(Loss)

^{[8],[10],[11]}

102,000

Interest and Fee Income

^{[8],[10],[11]}

42,000

Investment, Identifier [Axis]: Total Affiliated Investments

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

69,540,000

92,780,000

Purchases/ (sales) of or Advances/ (Distributions)

(5,908,000)

(20,081,000)

Net Accretion

647,000

Net Change in Unrealized Gain/(Loss)

730,000

(3,374,000)

Realized Gain/(Loss)

(416,000)

(432,000)

Fair Value, Ending Balance

63,946,000

69,540,000

Interest and Fee Income

207,000

2,501,000

Total dividend income

1,653,000

8,948,000

Investment, Identifier [Axis]: Total Non-controlled affiliates

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

55,222,000

73,827,000

Purchases/ (sales) of or Advances/ (Distributions)

(4,939,000)

(19,833,000)

Net Accretion

647,000

Net Change in Unrealized Gain/(Loss)

140,000

980,000

Realized Gain/(Loss)

(399,000)

Fair Value, Ending Balance

50,423,000

55,222,000

Interest and Fee Income

207,000

2,501,000

Total dividend income

1,653,000

6,764,000

Investment, Identifier [Axis]: Total Senior Unsecured Bond Net Asset Value at Fair Value

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

43,000

Fair Value, Ending Balance

^[3]

43,000

Investment, Identifier [Axis]: Total controlled affiliates

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

14,318,000

$ 18,953,000

18,953,000

Purchases/ (sales) of or Advances/ (Distributions)

(969,000)

(248,000)

Net Change in Unrealized Gain/(Loss)

590,000

(4,354,000)

Realized Gain/(Loss)

(416,000)

(33,000)

Fair Value, Ending Balance

13,523,000

14,318,000

Total dividend income

$ 0

$ 2,184,000

[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, as amended (the “1940 Act”). Qualifying assets represent approximately 86.6% of the total assets at December 31, 2023.

[3]

Reflects the fair market value of all investments as of December 31, 2023 as determined by the Company’s Board.

[4]

Reflects the fair market value of all investments as of March 31, 2024 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

[5]

Non-U.S. company or principal place of business outside the U.S.

[6]

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

[7]

Non-U.S. company or principal place of business outside the U.S.

[8]

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

[9]

Number of shares held.

[10]

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

[11]

[12]

[13]

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

[14]

[15]

Number of shares held.

[16]

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

[17]

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.

[18]

[19]

[20]

Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Qualifying assets represent approximately 87.1% of the total assets at March 31, 2024.

[21]

As of December 31, 2023, this investment is pledged to secure the Company’s debt obligations.

[22]

As of March 31, 2024, this investment is pledged to secure the Company’s debt obligations.

[23]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[24]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[25]

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.

[26]

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.

[27]

[28]

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.

See accompanying notes to unaudited consolidated financial statements.

[29]

[30]

[31]

Non-income producing.

[32]

Non-income producing.

[33]

This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.

See accompanying notes to unaudited consolidated financial statements.

[34]

This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

[35]

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.

[36]

Information related to the Company’s derivatives is presented below as of December 31, 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

4/24/24

-

[37]

Information related to the Company’s derivatives is presented below as of March 31, 2024:

($ 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

4/24/24

-

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]

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.

[41]

[42]

The aggregate cost of investments for federal income tax purposes is approximately $513.6 million. The aggregate gross unrealized appreciation is approximately $31.5 million, the aggregate gross unrealized depreciation is approximately $0.2 million and the net unrealized depreciation is approximately $31.3 million.

[43]

Non-voting.

[44]

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.

[45]

Non-voting.

[46]

See Note 4 - Investments for additional information regarding the Company's investment in Series A-Great Lakes Funding II LLC.

[47]

[48]

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.

Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

4. INVESTMENTS

The following table shows the Company’s portfolio by security type at March 31, 2024 and December 31, 2023:



($ in thousands)	March 31, 2024 (Unaudited)							December 31, 2023
Security Type	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Senior Secured Loan	$	364,981	$	349,844		74		$	356,358	$	340,159		73
Junior Secured Loan		52,951		36,270		8			53,888		38,875		8
Senior Unsecured Bond		-		-		-			416		43		0
Equity Securities		34,077		23,428		5			31,280		20,533		4
CLO Fund Securities		8,762		8,549		2			9,103		8,968		2
Asset Manager Affiliates(2)		17,791		-		-			17,791		-		-
Joint Ventures		65,008		53,164		11			71,415		59,287		13
Derivatives		31		-		-			31		-		-
Total	$	543,601	$	471,255		100	%	$	540,282	$	467,865		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 March 31, 2024 and December 31, 2023 were as follows:


($ in thousands)	March 31, 2024 (Unaudited)							December 31, 2023
Industry Classification	Cost/Amortized Cost		Fair Value		%(¹)			Cost/Amortized Cost		Fair Value		%(¹)
Aerospace and Defense	$	11,134	$	11,260		2		$	11,130	$	11,256		2
Alternative Carriers		-		-		-			971		937		0
Application Software		1,163		1,162		0			-		-		-
Asset Management Company(2)		17,791		-		-			17,791		-		-
Banking, Finance, Insurance & Real Estate		49,725		51,332		11			51,486		53,918		11
Beverage, Food and Tobacco		12,288		11,531		2			12,220		11,444		2
Capital Equipment		10,668		972		0			10,684		1,203		0
Chemicals, Plastics and Rubber		9,498		9,498		2			9,738		9,836		2
CLO Fund Securities		8,762		8,549		2			9,103		8,968		2
Construction & Building		7,718		7,481		2			7,737		7,441		2
Consumer goods: Durable		24,577		21,869		4			16,431		13,898		3
Containers, Packaging and Glass		2,733		2,673		1			2,734		2,665		1
Diversified Financial Services		2,699		2,696		1
Energy: Electricity		671		671		0			671		671		0
Energy: Oil & Gas		6,304		-		-			6,721		100		0
Finance		19,643		19,702		4			18,884		18,972		4
Healthcare & Pharmaceuticals		57,350		56,094		12			59,189		57,224		12
Healthcare, Education and Childcare		6,161		6,150		1			6,175		6,163		1
High Tech Industries		83,452		72,617		15			84,676		73,430		16
Hotel, Gaming & Leisure		8,353		4,034		1			8,358		3,948		1
Interactive Media & Services		2,625		2,639		1			2,663		2,662		1
IT Consulting & Other Services		2,213		2,267		1			2,213		2,259		1
Joint Venture		65,008		53,164		11			71,415		59,287		13
Machinery (Non-Agrclt/Constr/Electr)		11,378		11,975		2			9,836		10,097		2
Media: Broadcasting & Subscription		17,094		14,044		3			16,665		14,618		3
Media: Diversified & Production		748		750		0			1,121		1,125		0
Metals & Mining		9,500		8,051		2			9,000		7,742		2
Retail		9,510		9,029		2			9,334		8,732		2
Services: Business		61,116		59,607		13			58,997		57,168		12
Telecommunications		5,305		4,637		1			5,268		4,389		1
Transportation: Cargo		10,962		9,416		2			11,606		10,303		2
Transportation: Consumer		7,452		7,385		2			7,465		7,409		2
Total	$	543,601	$	471,255		100	%	$	540,282	$	467,865		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 March 31, 2024 and December 31, 2023, the total amount of non-qualifying assets was approximately 12.9% and 13.4% of total assets, respectively. The majority of non-qualifying assets are the Company’s investments in joint ventures which were approximately 10.1% and 10.8% of its total assets, respectively. The Company’s investments in CLO Funds, which are typically domiciled outside the U.S., represented approximately 1.6% and 1.6% of its total assets at March 31, 2024 and December 31, 2023, 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 March 31, 2024 (unaudited) and December 31, 2023:


($ in thousands)					March 31, 2024							December 31, 2023
CLO Fund Securities	Investment	Percentage Ownership(1)			Amortized Cost		Fair Value		Percentage Ownership(1)			Amortized Cost		Fair Value
Catamaran CLO 2014-1 Ltd.	Subordinated Notes		22.2	%	$	702	$	702		22.2	%	$	1,024	$	904
Catamaran CLO 2018-1 Ltd.	Subordinated Notes		24.8	%		3,846		3,757		24.8	%		3,923		3,923
Dryden 30 Senior Loan Fund	Subordinated Notes		6.8	%		246		246		6.8	%		424		409
JMP Credit Advisors CLO IV Ltd.	Subordinated Notes		57.2	%		715		668		57.2	%		683		683
JMP Credit Advisors CLO V Ltd.	Subordinated Notes		57.2	%		3,253		3,176		57.2	%		3,049		3,049
Total					$	8,762	$	8,549				$	9,103	$	8,968

(1)

Represents percentage of class held at March 31, 2024 and December 31, 2023, respectively.

Affiliate Investments:

The following table details investments in affiliates at March 31, 2024 (unaudited):


($ in thousands)	Industry Classification	Fair Value as of December 31, 2023		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 March 31, 2024		Principal / Shares at March 31, 2024		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		-		-			-		-		-			-			-		49,000		-		-
Tank Partners Equipment Holdings, LLC(1)(2)(3)	Energy: Oil & Gas		43		-			-		-		373			(416	)		-		-		-		-
Flight Lease VII (1)(2)(4)(6)	Aerospace and Defense		-		(1	)		-		-		1			-			-		-		-		-
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		14,275		(968	)		-		-		216			-			13,523		27,220		-		-
Total controlled affiliates		$	14,318	$	(969	)	$	-	$	-	$	590		$	(416	)	$	13,523			$	-	$	-

Series A-Great Lakes Funding II LLC(5)(6)(7)	Joint Venture	$	45,012	$	(5,439	)	$	-	$	-	$	68		$	-		$	39,641		38,562	$	-	$	1,653
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		998		-			-		-		150			-			1,148		250,000		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		-		-			-			-		2,368		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		4,182		-			-		-		-			-			4,182		4,500,000		112		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		3,560		-			-		-		(191	)		-			3,369		4,500		91		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		-		500			-		-		-			-			500		500		4		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		553		-			-		-		78			-			631		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		246		-			-		-		35			-			281		88,946		-		-
Total Non-controlled affiliates		$	55,222	$	(4,939	)	$	-	$	-	$	140		$	-		$	50,423			$	207	$	1,653

Total Affiliated Investments		$	69,540	$	(5,908	)	$	-	$	-	$	730		$	(416	)	$	63,946			$	207	$	1,653

(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)

The following table details investments in affiliates at December 31, 2023:


($ 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 December 31, 2023		Principal / Shares at December 31, 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		-		-			-		-			-			-			-		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		242		(248	)		-		-			39			(33	)		-		-		-		-
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		-			-		-			(4,393	)		-			14,275		27,220		-		2,184
Total controlled affiliates		$	18,953	$	(248	)	$	-	$	-		$	(4,354	)	$	(33	)	$	14,318			$	-	$	2,184

Series A-Great Lakes Funding II LLC(5)(6)(7)	Joint Venture	$	40,287	$	2,565		$	-	$	-		$	2,160		$	-		$	45,012		44,000	$	-	$	6,764
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		-			-		-			(302	)		-			998		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		-		-			-		-			-			-			-		2,368		-		-
Northeast Metal Works LLC (1)(2)(5)(6)	Metals & Mining		-		-			-		4,500			(318	)		-			4,182		4,500,000		333		-
Northeast Metal Works LLC (1)(2)(5)	Metals & Mining		-		-			-		4,500			(940	)		-			3,560		4,500		270		-
BMP Slappey Holdco, LLC (1)(2)(5)(6)	Telecommunications		464		-			-		-			89			-			553		200,000		-		-
BMP Slappey Investment II (1)(2)(5)(6)	Telecommunications		206		-			-		-			40			-			246		88,946		-		-
Surge Hippodrome Partners LP(1)(2)(5)(6)	Services: Business		811		(813	)		-		-			(386	)		388			-		-		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)(6)	Services: Business		484		(496	)		-		-			(325	)		337			-		-		-		-
Surge Hippodrome Holdings LLC(1)(2)(5)	Services: Business		5,165		(5,460	)		328		-			(33	)		-			-		-		675		-
Navex Topco, Inc.(2)(5)	Electronics		7,604		(7,700	)		310		-			(214	)		-			-		-		804		-
Zest Acquisition Corp.(1)(2)(5)	Healthcare, Education and Childcare		3,390		(3,501	)		9		-			102			-			-		-		42		-
Total Non-controlled affiliates		$	73,827	$	(19,833	)	$	647	$	-		$	980		$	(399	)	$	55,222			$	2,501	$	6,764

Total Affiliated Investments		$	92,780	$	(20,081	)	$	647	$	-		$	(3,374	)	$	(432	)	$	69,540			$	2,501	$	8,948

(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 March 31, 2024 and 2023, the Company recognized $1.7 million and $2.5 million, respectively, in investment income from its investments in Joint Ventures. As of March 31, 2024 and December 31, 2023, the aggregate fair value of the Company’s investments in Joint Ventures was approximately $53.2 million and $59.3 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.

The fair value of the Company’s investment in the F3C Joint Venture at March 31, 2024 was $13.5 million. The fair value of the Company’s investment in the F3C Joint Venture at December 31, 2023 was $14.3 million.

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 March 31, 2024 was $39.6 million. The fair value of the Company’s investment in the Great Lakes II Joint Venture at December 31, 2023 was $45.0 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 March 31, 2024, the Company has a $10.9 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2023, the Company had a $5.5 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 March 31, 2024 (unaudited) and December 31, 2023, respectively:


	As of March 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	65,961	$	320,153	$	-	$	386,114
Equity securities		-		-		23,428		-		23,428
CLO Fund securities		-		-		8,549		-		8,549
Joint Ventures		-		-		13,523		39,641		53,164
Derivatives		-		-		-		-		-
Total	$	-	$	65,961	$	365,653	$	39,641	$	471,255


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
Debt securities	$	-	$	65,325	$	313,752	$	-	$	379,077
Equity securities		-		-		20,533		-		20,533
CLO Fund securities		-		-		8,968		-		8,968
Joint Ventures		-		-		14,275		45,012		59,287
Derivatives		-		-		-		-		-
Total	$	-	$	65,325	$	357,528	$	45,012	$	467,865

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 March 31, 2024 was $39.6 million. The fair value of the Company's investment in the Prior Great Lakes Joint Venture at December 31, 2023 was $45.0 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.


	Three Months Ended March 31, 2024
($ in thousands)	Debt Securities			Equity Securities			CLO Fund Securities			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	313,752		$	20,533		$	8,968		$	14,275		$	-	$	357,528
Transfers out of Level III¹		(9,239	)		-			-			-			-		(9,239	)
Transfers into Level III²		6,433			-			-			-			-		6,433
Net accretion		444			-			556			-			-		1,000
Purchases		34,377			2,797			-			-			-		37,174
Sales/Paydowns/Return of Capital		(22,566	)		(503	)		(392	)		(968	)		-		(24,429	)
Total realized gain (loss) included in earnings		(1,660	)		503			(505	)		-			-		(1,662	)
Change in unrealized gain (loss) included in earnings		(1,388	)		98			(78	)		216			-		(1,152	)
Balance, March 31, 2024	$	320,153		$	23,428		$	8,549		$	13,523		$	-	$	365,653
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(1,388	)	$	98		$	(78	)	$	216		$	-	$	(1,152	)

(1)

(2)


	Three Months Ended March 31, 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		(5,585	)		-			-			-			-		(5,585	)
Transfers into Level III²		6,519			-			-			-			-		6,519
Net accretion		2,197			-			548			-			-		2,745
Purchases		8,880			68			-			-			-		8,948
Sales/Paydowns/Return of Capital		(29,317	)		(5,429	)		(457	)		-			-		(35,203	)
Total realized gain (loss) included in earnings		(31	)		858			(3,881	)		-			-		(3,054	)
Change in unrealized gain (loss) included in earnings		(3,318	)		(2,082	)		2,578			(2,592	)		-		(5,414	)
Balance, March 31, 2023	$	389,489		$	15,320		$	19,241		$	16,076		$	-	$	440,126
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,986	)	$	(1,032	)	$	2,578		$	(2,592	)	$	-	$	(8,033	)

(1)

(2)

As of March 31, 2024 and December 31, 2023, 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 $66.0 million and $65.3 million as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	40,404	Enterprise Value	Average EBITDA Multiple	0.4x-8.8x (5.7x)
Debt Securities				Expected Sale Proceeds	$6.3-$90.3 ($87.4)
				Average Settlement Value	$47.1-$47.1($47.1)
		279,749	Income Approach	Implied Discount Rate	0.5%-21.49% (11.9%)
		18,574	Enterprise Value	Average EBITDA Multiple	1.5x-18.3x (6.2x)
				Average EBITDA Multiple / WACC	0.4x-3.7x (1.1x)
				Book Value of Equity	1x-8x (6.3x)
Equity Securities				Expected Sale Proceeds	90.25x-110x (0x)
		4,182	Income Approach	Implied Discount Rate	15%-17.95% (18%)
		672	Recent Transaction	Implied Discount Rate	12.4%-12.4% (12.4%)
				Discount Rate	18.1%-24.9% (20.9%)
				Probability of Default	1.8%-2.5% (2.0%)
CLO Fund Securities		8,549	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	19.6%-21.1% (20.3%)
				Probability of Default	2.8%-3.3% (3.0%)
Joint Ventures		13,523	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	2.5x
Total Level III Investments	$	365,653

As of December 31, 2023, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):


Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs	Range of Inputs (Weighted Average)
	$	10,371	Enterprise Value	Average EBITDA Multiple	0.4x-9.5x (1.0x)
Debt Securities				Recovery Rate Multiple	0.1x
				Expected Sale Proceeds	$97.6
				Average Settlement Value	$61.0
		298,111	Income Approach	Implied Discount Rate	5.3%-40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8%-14.2% (14.0%)
		19,805	Enterprise Value	Average EBITDA Multiple	5.0x-18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x-3.7x (1.1x)
Equity Securities				Book Value of Equity	1.0x-1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0%
		671	Recent Transaction	Implied Discount Rate	12.4%
				Discount Rate	18.4%-25.2% (21.1%)
				Probability of Default	1.8%-2.5% (2.0%)
CLO Fund Securities		8,968	Discounted Cash Flow	Recovery Rate	65.0%-75.0% (70.0%)
				Prepayment Rate	15.0%-25.0% (20.0%)
				Discount Rate	20.5%-22.1% (21.3%)
				Probability of Default	2.8%-3.3% (3.0%)
Joint Ventures		14,275	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	2.5x
Total Level III Investments	$	357,528

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 March 31, 2024 and December 31, 2023;


($ in thousands)	March 31, 2024
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, 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

Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Interest income:

Total interest income

$ 12,716

$ 15,695

Payment-in-kind income:

Total payment-in-kind income

2,006

1,600

Dividend income:

Total dividend income

1,653

2,459

Fees and other income

Total fees and other income

151

573

Total investment income

16,526

20,327

EXPENSES

Management fees

1,729

1,953

Performance-based incentive fees

1,234

1,808

Interest and amortization of debt issuance costs

5,725

6,332

Professional fees

766

603

Administrative services expense

356

671

Other general and administrative expenses

490

431

Total expenses

10,300

11,798

NET INVESTMENT INCOME

6,226

8,529

Net realized gains (losses) from investment transactions:

Net realized gain (loss) on investments

(2,057)

(3,085)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized gain (loss) on investments

(5,960)

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

(459)

(571)

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

(1,527)

(8,474)

Net realized gain (loss) on extinguishment of debt

^[1]

(213)

Net increase (decrease) in net assets resulting from operations

^[1]

$ 4,486

$ 55

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Basic

^[2]

$ 0.48

$ 0.01

Diluted

0.48

0.01

Net Investment Income Per Common Share:

Basic and Diluted:

^[2],[3]

$ 0.67

$ 0.89

Weighted Average Shares of Common Stock Outstanding - Basic

9,344,994

9,555,125

Weighted Average Shares of Common Stock Outstanding - Diluted

9,344,994

9,555,125

Non-controlled/Non-affiliated Investments

Interest income:

Total interest income

$ 12,621

$ 14,846

Payment-in-kind income:

Total payment-in-kind income

^[4]

1,894

1,527

Fees and other income

Total fees and other income

151

573

Net realized gains (losses) from investment transactions:

Net realized gain (loss) from investments

(1,641)

(3,085)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

(659)

(3,057)

Non-controlled Affiliated Investments

Interest income:

Total interest income

849

Payment-in-kind income:

Total payment-in-kind income

112

Dividend income:

Total dividend income

1,653

1,384

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

140

(311)

Controlled Affiliated Investments

Dividend income:

Total dividend income

1,075

Net realized gains (losses) from investment transactions:

Net realized gain (loss) from investments

(416)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

$ 590

$ (2,592)

[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]	Based on weighted average number of common shares outstanding-basic for the period.
[4]	During the three months ended March 31, 2024, the Company received $0.1 million of non-recurring fee income that was paid in-kind and included in this financial statement line item. During the period ended March 31, 2023, the Company received $0.3 million of non-recurring fee income that was paid in-kind and included in this financial statement line item.

Investments - Summary of Fair Value of Investments by Fair Value Hierarchy Levels (Details) - ASC 820 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 471,255	$ 467,865
Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	65,961	65,325
Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	365,653	357,528
NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	39,641	45,012
Debt securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	386,114	379,077
Debt securities \| Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	65,961	65,325
Debt securities \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	320,153	313,752
Equity Securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	23,428	20,533
Equity Securities \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	23,428	20,533
CLO Fund Securities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	8,549	8,968
CLO Fund Securities \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	8,549	8,968
Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	53,164	59,287
Joint Ventures \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	13,523	14,275
Joint Ventures \| NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 39,641	$ 45,012

Borrowings - Summary of 2018-2 Secured Notes (Parenthetical) (Details) - 2018-2 Secured Notes	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Spread	5.56%
SOFR
Debt Instrument [Line Items]
Spread	0.26161%	0.26161%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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+ Details

Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 March 31, 2024, 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.”

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.

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”).

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.

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.

Investments - Company Portfolio by Security and Investment (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 543,601

$ 540,282

Fair Value

$ 471,255

$ 467,865

Investment Owned Percent

^[1]

100.00%

^[2]

Aerospace and Defense

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 11,134

$ 11,130

Fair Value

$ 11,260

$ 11,256

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Alternative Carriers

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 971

Fair Value

$ 937

Investment Owned Percent

^[2]

0.00%

Application Software

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 1,163

$ 0

Fair Value

$ 1,162

$ 0

Investment Owned Percent

^[2]

0.00%

Asset Management Company

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 17,791

^[3]

$ 17,791

^[4]

Banking, Finance, Insurance & Real Estate

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

49,725

51,486

Fair Value

$ 51,332

$ 53,918

Investment Owned Percent

11.00%

^[1]

11.00%

^[2]

Beverage, Food and Tobacco

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 12,288

$ 12,220

Fair Value

$ 11,531

$ 11,444

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Capital Equipment

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 10,668

$ 10,684

Fair Value

$ 972

$ 1,203

Investment Owned Percent

0.00%

^[1]

0.00%

^[2]

Chemicals, Plastics and Rubber

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 9,498

$ 9,738

Fair Value

$ 9,498

$ 9,836

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

CLO Fund Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 8,762

$ 9,103

Fair Value

$ 8,549

$ 8,968

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Construction & Building

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 7,718

$ 7,737

Fair Value

$ 7,481

$ 7,441

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Consumer goods: Durable

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 24,577

$ 16,431

Fair Value

$ 21,869

$ 13,898

Investment Owned Percent

4.00%

^[1]

3.00%

^[2]

Containers, Packaging and Glass

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,733

$ 2,734

Fair Value

$ 2,673

$ 2,665

Investment Owned Percent

1.00%

^[1]

1.00%

^[2]

Diversified Financial Services

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,699

Fair Value

$ 2,696

Investment Owned Percent

1.00%

Energy: Electricity

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 671

Fair Value

$ 671

Investment Owned Percent

0.00%

^[1]

0.00%

^[2]

Energy: Oil & Gas

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 6,304

$ 6,721

Fair Value

$ 0

$ 100

Investment Owned Percent

0.00%

^[1]

0.00%

^[2]

Finance

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 19,643

$ 18,884

Fair Value

$ 19,702

$ 18,972

Investment Owned Percent

4.00%

^[1]

4.00%

^[2]

Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 57,350

$ 59,189

Fair Value

$ 56,094

$ 57,224

Investment Owned Percent

12.00%

^[1]

12.00%

^[2]

Healthcare, Education and Childcare

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 6,161

$ 6,175

Fair Value

$ 6,150

$ 6,163

Investment Owned Percent

1.00%

^[1]

1.00%

^[2]

High Tech Industries

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 83,452

$ 84,676

Fair Value

$ 72,617

$ 73,430

Investment Owned Percent

15.00%

^[1]

16.00%

^[2]

Hotel, Gaming & Leisure

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 8,353

$ 8,358

Fair Value

$ 4,034

$ 3,948

Investment Owned Percent

^[2]

1.00%

^[1]

1.00%

Interactive Media & Services

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,625

$ 2,663

Fair Value

$ 2,639

$ 2,662

Investment Owned Percent

^[2]

1.00%

IT Consulting & Other Services

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,213

Fair Value

$ 2,267

$ 2,259

Investment Owned Percent

^[2]

1.00%

Joint Venture

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 65,008

$ 71,415

Fair Value

$ 53,164

$ 59,287

Investment Owned Percent

11.00%

^[1]

13.00%

^[2]

Machinery (Non-Agrclt/Constr/Electr)

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 11,378

$ 9,836

Fair Value

$ 11,975

$ 10,097

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Media: Broadcasting & Subscription

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 17,094

$ 16,665

Fair Value

$ 14,044

$ 14,618

Investment Owned Percent

3.00%

^[1]

3.00%

^[2]

Media: Diversified & Production

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 748

$ 1,121

Fair Value

$ 750

$ 1,125

Investment Owned Percent

0.00%

^[1]

0.00%

^[2]

Metals & Mining

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 9,500

$ 9,000

Fair Value

$ 8,051

$ 7,742

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Retail

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 9,510

$ 9,334

Fair Value

$ 9,029

$ 8,732

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Services: Business

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 61,116

$ 58,997

Fair Value

$ 59,607

$ 57,168

Investment Owned Percent

13.00%

^[1]

12.00%

^[2]

Telecommunications

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 5,305

$ 5,268

Fair Value

$ 4,637

$ 4,389

Investment Owned Percent

1.00%

^[1]

1.00%

^[2]

Transportation: Cargo

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 10,962

$ 11,606

Fair Value

$ 9,416

$ 10,303

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Transportation: Consumer

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 7,452

$ 7,465

Fair Value

$ 7,385

$ 7,409

Investment Owned Percent

2.00%

^[1]

2.00%

^[2]

Senior Secured Loan

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 364,981

$ 356,358

Fair Value

$ 349,844

$ 340,159

Investment Owned Percent

^[1]

74.00%

73.00%

Junior Secured Loan

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 52,951

$ 53,888

Fair Value

$ 36,270

$ 38,875

Investment Owned Percent

^[1]

8.00%

Senior Unsecured Bond

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 416

Fair Value

$ 43

Investment Owned Percent

^[1]

0.00%

Equity Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 34,077

$ 31,280

Fair Value

$ 23,428

$ 20,533

Investment Owned Percent

^[1]

5.00%

4.00%

CLO Fund Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 8,762

$ 9,103

Fair Value

$ 8,549

$ 8,968

Investment Owned Percent

^[1]

2.00%

Asset Manager Affiliates

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

^[3]

$ 17,791

Joint Ventures

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

65,008

71,415

Fair Value

$ 53,164

$ 59,287

Investment Owned Percent

^[1]

11.00%

13.00%

Derivatives

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 31

[1]	Represents percentage of total portfolio at fair value.
[2]	Calculated as a 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

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

OPERATING ACTIVITIES:

Net increase (decrease) in net assets resulting from operations

$ 4,486

$ 55

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

2,057

2,995

Net change in unrealized (appreciation) depreciation from investments

(71)

5,960

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

(459)

Purchases of investments

(37,188)

(13,279)

Proceeds from sales and redemptions of investments

35,481

45,793

Net accretion of investments

(1,276)

(2,512)

Amortization of debt issuance costs

273

308

Net realized (gain) loss on extinguishment of debt

213

^[1]

$ 400

Net payment-in-kind income

(1,894)

(1,600)

Change in operating assets and liabilities:

(Increase) decrease in receivable for unsettled trades

(668)

705

(Increase) decrease in interest receivable

1,051

(Increase) decrease in due from affiliates

195

(446)

(Increase) decrease in other assets

(401)

166

Increase (decrease) in payable for unsettled trades

8,224

(431)

Increase (decrease) in accrued interest payable

965

1,215

Increase (decrease) in management and incentive fees payable

(1,119)

218

Increase (decrease) in due to affiliates

442

401

Increase (decrease) in accounts payable and accrued expenses

104

(677)

Net cash (used in) provided by operating activities

9,391

39,922

FINANCING ACTIVITIES:

Stock repurchase program

(953)

(792)

Distributions to stockholders

(6,280)

Distribution paid in advance to the transfer agent

(6,366)

Repayment of 2018-2 Secured Notes

(34,032)

(6,875)

Repayment of Revolving Credit Facilities

(17,500)

Borrowings from Revolving Credit Facilities

4,500

Net cash (used in) provided by financing activities

(41,351)

(26,947)

CHANGE IN CASH AND RESTRICTED CASH

(31,960)

12,975

CASH AND RESTRICTED CASH, BEGINNING OF PERIOD

71,564

33,131

CASH AND RESTRICTED CASH, END OF PERIOD

39,604

46,106

71,564

Amounts per balance sheet:

Cash and cash equivalents

20,829

11,865

26,912

Restricted cash

18,775

34,241

44,652

Total Cash and Restricted cash

39,604

46,106

$ 71,564

Supplemental Information and non-cash activities:

Cash paid for interest during the period

$ 4,487

4,809

Reinvestment of distributions

$ 215

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

Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 288,863	$ 322,410
2018-2 Secured Notes
Debt Instrument [Line Items]
Long-term debt	91,151	124,971
4.875% Notes due 2026
Debt Instrument [Line Items]
Long-term debt	106,404	106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 91,308	$ 91,225

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, and December 31, 2023, the Company had $33.3 million and $28.6 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 March 31, 2024, the Company had a $10.9 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2023, the Company had a $5.5 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.

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 March 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	March 31, 2024			December 31, 2023
Accordion Partners LLC	Revolver		$	765		$	1,531
AMCP Pet Holdings, Inc.	Revolving Loan			275			350
Anthem Sports & Entertainment Inc.	Revolver			83			83
BetaNXT, Inc.	Revolver			1,449			2,174
Bradshaw International Parent Corp.	Delayed Draw Term Loan			922			922
Centric Brands Inc.	Delayed Draw Term Loan			-			1,069
Centric Brands Inc.	Revolver			-			97
Colonnade Intermediate, LLC	Revolver			-			68
Critical Nurse Staffing, LLC	Revolver			2,000			2,000
Dentive, LLC	Delayed Draw Term Loan - First Lien			245			430
Dentive, LLC	Revolver			234			186
Fortis Payment Systems, LLC	Delayed Draw Term Loan			744			-
GreenPark Infrastructure, LLC	Preferred Equity			1,829			1,829
H.W. Lochner, Inc.	Revolver			2,142			4,142
IDC Infusion Services	Delayed Draw Term Loan			805			1,065
Luminii LLC	Revolver			172			172
Morae Global Corporation	Revolver			208			208
Netwrix Corporation	Revolver			1,148			1,148
Netwrix Corporation	Delayed Draw Term Loan - First Lien			30			941
PhyNet Dermatology LLC	Delayed Draw Term Loan			690			690
Riddell Inc	Delayed Draw Term Loan - First Lien			636
Riskonnect Parent LLC	Delayed Draw Term Loan			5,000			-
Series A-Great Lakes Funding II LLC	Joint Ventures			10,912			5,473
TA/WEG Holdings, LLC	Delayed Draw Term Loan			-			758
TA/WEG Holdings, LLC	Delayed Draw Term Loan			77			784
TA/WEG Holdings, LLC	Revolver			784
Tactical Air Support, Inc.	Delayed Draw Term Loan			286			286
VBC Spine Opco LLC	Revolver			-			258
VBC Spine Opco LLC	Delayed Draw Term Loan			1,902			1,902
Total Unfunded Portfolio Company Commitments			$	33,338		$	28,566

Distributable Taxable Income (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Net Increase in Net Assets Resulting From Operations to Taxable Income

The following reconciles net increase in net assets resulting from operations to taxable income for the three months ended March 31, 2024 and 2023 :


	Three Months Ended March 31,
($ in thousands)	2024			2023

Net (decrease) increase in net assets resulting from operations	$	4,486		$	55
Tax (provision) benefit on realized and unrealized gains (losses) on investments		(459	)		(571	)
Net change in unrealized depreciation (appreciation) from investments		(71	)		5,960
Net realized losses		2,270			3,085
Book/tax differences on CLO equity investments		(164	)		(92	)
Book/tax differences related to mergers and partnership investments		622			(1,763	)
Other book/tax differences		127			360
Taxable income before deductions for distributions	$	6,811		$	7,034
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	0.73		$	0.74

Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

6. BORROWINGS

The Company’s debt obligations consist of the following:


	As of		As of
	March 31, 2024		December 31, 2023
($ in thousands)	(Unaudited)
2018-2 Secured Notes (net of discount of: 2024 - $500; 2023 - $712)	$	91,151	$	124,971
4.875% Notes Due 2026 (net of discount of: 2024 - $1,100; 2023 - $1,225; net of deferred financing costs of: 2024 - $496; 2023 - $561)		106,404		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2024 - $692; 2023 - $775)		91,308		91,225
	$	288,863	$	322,410

The weighted average stated interest rate and weighted average maturity on all our debt outstanding as of March 31, 2024 was 6.9% and 3.2 years, respectively, and as of December 31, 2023 were 7.0% and 3.7 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 $2.4 million of original issue discount, and $1.2 million of debt offering costs, both of which are 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 $1.1 million and unamortized offering costs of approximately $0.5 million as of March 31, 2024. The fair value of the Company’s outstanding 4.875% Notes due 2026 disclosed, but not carried, was approximately $100.5 million at March 31, 2024. The 4.875% Notes due 2026 were categorized as Level III under the ASC 820 Fair Value.

As of December 31, 2023, the 4.875% Notes due 2026 were carried net of unamortized discount of approximately $1.2 million and unamortized offering costs of approximately $561 thousand. The fair value of the 4.875% Notes due 2026 was approximated at carrying value on the consolidated balance sheets and the 4.875% Notes due 2026 were categorized as Level III under the ASC 820 Fair Value Hierarchy. The fair value of the Company’s outstanding 4.875% Notes due 2026 was approximately $106.2 million at December 31, 2023.

The following table summarizes the interest expense, amortization of original issue discount, deferred financing costs, average outstanding balance, and average stated interest rate on the 4.875% Notes due 2026 for the three months ended March 31, 2024 and 2023.


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	1,316		$	1,316
Amortization of original issue discount		124			117
Deferred financing costs		66			63
Total interest and financing expenses	$	1,506		$	1,496
Average outstanding balance	$	108,000		$	108,000
Average stated interest rate		4.88	%		4.88	%

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.

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.

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 March 31, 2024, GLPRF LLC was in compliance with all of its debt covenants and $92.0 million principal amount of borrowings was outstanding under the Revolving Credit Facility. The fair value of GLPRF LLC disclosed, but not carried, was approximately $92.5 million at March 31, 2024 and categorized as Level III under the ASC 820 Fair Value Hierarchy.

At December 31, 2023, GLPRF LLC was in compliance with all of its debt covenants and $92.0 million principal amount of borrowings was outstanding under the Revolving Credit Facility. The fair value of GLPRF LLC was approximated at carrying value on the consolidated balance sheets and is categorized as Level III under the ASC 820 Fair Value Hierarchy. The fair value of GLPRF LLC was approximately $91.2 million at December 31, 2023.

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the Revolving Credit Facility for the three months ended March 31, 2024 and 2023.


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	1,935		$	1,733
Deferred financing costs		83			83
Total interest and financing expenses	$	2,018		$	1,816
Average outstanding balance	$	92,000		$	79,578
Average stated interest rate		8.13	%		7.36	%

2018-2 Secured Notes


($ in thousands)
March 31, 2024	Amortized Carrying Value		Outstanding Principal at Par		Spread(4)	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	4,482	$	4,519	Reference Rate + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		13,884		13,782	Reference Rate + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,682		55,100	Reference Rate + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	Reference Rate + 3.17%	A (sf)	11/20/2029
	$	91,151	$	91,651

(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 Reference Rate.

(4)

Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%, or 5.56% as of March 31, 2024.


($ in thousands)
December 31, 2023	Amortized Carrying Value		Outstanding Principal at Par		Spread(4)	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	12,818	$	12,922	Reference Rate + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		39,369		39,411	Reference Rate + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,681		55,100	Reference Rate + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	Reference Rate + 3.17%	A (sf)	11/20/2029
	$	124,971	$	125,683

(1)

(2)

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or Reference Rate.

(4)

Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%.

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. During the first quarter of 2021, the Company redeemed approximately $88.0 million of the 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of debt of approximately $0.9 million. During 2023, the Company redeemed approximately $52.5 million of the par value of 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of approximately $0.4 million.

During the three months ended March 31, 2024, the Company redeemed approximately $34.0 million of the par value of 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of approximately $0.2 million.

During the three months ended March 31, 2023, the Company redeemed approximately $6.9 million of the par value of 2018-2 Secured Notes. In connection therewith, no realized loss on extinguishment was recognized.

At March 31, 2024, the fair value of the 2018-2 Notes disclosed, but not carried, approximated $91.5 million, and the 2018-2 Notes were categorized as Level III under the ASC 820 Fair Value Hierarchy.

At December 31, 2023, the fair value of the 2018-2 Notes approximated their carrying value on the consolidated balance sheets and the 2018-2 Notes were categorized as Level III under the ASC 820 Fair Value Hierarchy. The fair value of the Company's outstanding 2018-2 Notes was approximately $125.0 million at December 31, 2023.

The following table summarizes the interest expense, amortization of original issue discount, average outstanding balance, and average stated interest rate on the 2018-2 Secured Notes for the three months ended March 31, 2024 and 2023.


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	2,201		$	2,976
Amortization of original issue discount		-			44
Total interest and financing expenses	$	2,201		$	3,020
Average outstanding balance	$	110,516		$	175,260
Average stated interest rate		7.90	%		6.80	%

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 March 31, 2024. 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 March 31, 2024, 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 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
Fiscal 2023(9)		325,683		1,646		—	N/A
March 31, 2024(10)		291,651		1,713		—	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, and 2013, 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, and $1,032.96, 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 December 31, 2023, 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 $125,683.

(10)

As of March 31, 2024, 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 $91,651.

- Definition

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.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Investments [Line Items]

Percentage of debt securities contains floor rates

79.50%

77.40%

Aggregate cost of investments

$ 543,601

$ 540,282

Aggregate gross unrealized appreciation

31,500

36,300

Aggregate gross unrealized depreciation

200

34,700

Net unrealized depreciation

$ 31,300

$ 1,600

Percentage of qualifying assets to total assets

87.10%

86.60%

Maximum

Schedule of Investments [Line Items]

Floor rate

5.25%

Floor rate

2.50%

Minimum

Schedule of Investments [Line Items]

Floor rate

0.50%

Floor rate

0.50%

Investments

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

224.00%

219.00%

Garrison Capital Equity Holdings II LLC

Schedule of Investments [Line Items]

Non controlling member interest rate

17.50%

ATP Oil & Gas Corporation

Schedule of Investments [Line Items]

Royalty interest

5.00%

Junior Secured Loan

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

17.00%

18.00%

Aggregate cost of investments

$ 52,951

$ 53,888

Senior Unsecured Bond

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

0.00%

Aggregate cost of investments

$ 416

Senior Unsecured Bond | Tank Partners Equipment Holdings, LLC

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

10.00%

Equity Securities

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

11.00%

10.00%

Aggregate cost of investments

$ 34,077

$ 31,280

CLO Subordinated Investments

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

4.00%

Asset Manager Affiliates

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

0.00%

Aggregate cost of investments

^[1]

$ 17,791

Joint Ventures

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

25.00%

28.00%

Aggregate cost of investments

$ 65,008

$ 71,415

Derivatives

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

0.00%

Aggregate cost of investments

$ 31

Senior Secured Loan

Schedule of Investments [Line Items]

Percentage of net asset value at fair value

166.00%

159.00%

Aggregate cost of investments

$ 364,981

$ 356,358

Investments For Federal Income Tax Purpose

Schedule of Investments [Line Items]

Aggregate cost of investments

$ 513,600

$ 539,800

Controlled Affiliated Investments | Minimum

Schedule of Investments [Line Items]

Percentage of outstanding voting securities owned

25.00%

Non-controlled Affiliated Investments | Minimum

Schedule of Investments [Line Items]

Percentage of outstanding voting securities owned

5.00%

[1]	Represents the equity investment in the Asset Manager Affiliates.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2024
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, 2023, 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 three months ended March 31, 2024, the Company made approximately $37.2 million of investments and had approximately $35.5 million in repayments and sales, resulting in net deployment of approximately $1.7 million for the period. During the quarter ended March 31, 2023, the Company made approximately $13.3 million of investments and had approximately $45.8 million in repayments and sales, resulting in net repayment and sales of approximately $32.5 million for the period. As of March 31, 2024, the Company held loans it has made to 79 investee companies with aggregate principal amounts of approximately $430.4 million. As of December 31, 2023, the Company held loans it has made to 80 investee companies with aggregate principal amounts of approximately $420.9 million. 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 March 31, 2024, seven of our debt investments were on non-accrual status with an aggregate amortized cost of $17.1 million and an aggregate fair value of $2.2 million, which represented 3.2% and 0.5% of the investment portfolio, respectively. As of December 31, 2023, seven of our debt investments were on non-accrual status with an aggregate amortized cost of $17.3 million and an aggregate fair value of $6.1 million, which represented 3.2% and 1.3% of the investment portfolio, respectively. 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 Secured Overnight Financing Rate (“SOFR”) 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 SOFR 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.

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

The following table details the components of Stockholders’ Equity for the three months ended March 31, 2024 and 2023 :


	For the Three Months Ended March 31, 2024
($ in thousands)	Common Stock			Capital in Excess of Par Value			Total Distributable (loss) earnings			Total Stockholders' Equity
Balance, January 1, 2024	$	94		$	717,835		$	(504,411	)	$	213,518
Net investment income		-			-		$	6,226			6,226
Net change in unrealized appreciation on investments		-			-		$	71			71
Net realized (losses) from investment transactions and extinguishment of debt		-			-		$	(2,270	)		(2,270	)
Tax (provision) benefit on realized and unrealized gains (losses) on investments		-			-		$	459			459
Distributions to Stockholders		-			-		$	(6,444	)		(6,444	)
Reinvested Dividends		-			-		$	—			-
Stock-repurchase		(1	)		(952	)	$	—			(953	)
Balance, March 31, 2024	$	93		$	716,883		$	(506,369	)	$	210,607


	For the Three Months Ended March 31, 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

On March 6, 2023, 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 6, 2023 and terminating on March 31, 2024. 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 11, 2024, 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 11, 2024 and terminating on March 31, 2025. 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 March 31, 2024 and 2023, the Company issued 0 and 10,433 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of March 31, 2024 and December 31, 2023, was 9,332,117 and 9,383,132, respectively.

During the three months ended March 31, 2024, the Company repurchased 51,015 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $1.0 million. During the three months ended March 31, 2023, the Company repurchased 35,613 shares under the Stock Repurchase Program at an aggregate cost of approximately $0.7 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Distributable Taxable Income - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Income Tax Examination [Line Items]

Excise tax percentage

4.00%

Net capital loss carryforward

$ 450,500

Provision for income taxes

^[1]

459

$ 571

Deferred tax liabilities

$ 900

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

Pay vs Performance Disclosure - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Pay vs Performance Disclosure

Net Income (Loss)

^[1]

$ 4,486

$ 55

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

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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+ Details

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

Mar. 31, 2024

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Net increase (decrease) in net assets resulting from operations

^[1]

$ 4,486

$ 55

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

^[1]

(459)

(571)

Net change in unrealized (appreciation) depreciation from investments

(71)

5,960

Net realized losses

2,270

3,085

Book/tax differences on CLO equity investments

(164)

(92)

Book/tax differences related to mergers and partnership investments

622

(1,763)

Other book/tax differences

127

360

Taxable income before deductions for distributions

$ 6,811

$ 7,034

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

$ 0.73

$ 0.74

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

Investments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Member	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investment Holdings [Line Items]
CLO fund securities percentage of total assets	1.60%		1.60%
Non qualified assets percentage of total assets	12.90%		13.40%
Joint ventures percentage of total assets	10.10%		10.80%
Fair Value	$ 471,255		$ 467,865
Unfunded commitment to investee	33,338		28,566
Level II
Investment Holdings [Line Items]
Fair Value	$ 66,000		65,300
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	$ 1,700	$ 2,500
Aggregate fair value of investments in joint venture	$ 53,200		59,300
F3C Joint Venture
Investment Holdings [Line Items]
F3C Joint venture ownership percentage	62.80%
Number of board of directors \| Member	4
Directors selected by company \| Member	2
Directors selected by Freedom 3 Opportunities \| Member	2
Fair Value	$ 13,500		14,300
Series A-Great Lakes Funding II LLC
Investment Holdings [Line Items]
Percentage of voting interest	50.00%
Fair Value	$ 39,600		45,000	$ 39,600	$ 45,000
Increase in aggregate commitment to investee	50,000
Unfunded commitment to investee	$ 10,900		$ 5,500

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Management fees	$ 1,729	$ 1,953
Incentive fees	1,234	1,808
Administrative services expense	$ 356	671
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	$ 1,700	2,000
Incentive fees	$ 1,200	1,800
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	$ 400	$ 700

Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instrument [Line Items]

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	As of		As of
	March 31, 2024		December 31, 2023
($ in thousands)	(Unaudited)
2018-2 Secured Notes (net of discount of: 2024 - $500; 2023 - $712)	$	91,151	$	124,971
4.875% Notes Due 2026 (net of discount of: 2024 - $1,100; 2023 - $1,225; net of deferred financing costs of: 2024 - $496; 2023 - $561)		106,404		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2024 - $692; 2023 - $775)		91,308		91,225
	$	288,863	$	322,410

Schedule of Interest Expense, Amortization of Original Issue Discount, Deferred Financing Costs, Average Outstanding Balance, and Average Stated Interest Rate


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	1,316		$	1,316
Amortization of original issue discount		124			117
Deferred financing costs		66			63
Total interest and financing expenses	$	1,506		$	1,496
Average outstanding balance	$	108,000		$	108,000
Average stated interest rate		4.88	%		4.88	%


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	1,935		$	1,733
Deferred financing costs		83			83
Total interest and financing expenses	$	2,018		$	1,816
Average outstanding balance	$	92,000		$	79,578
Average stated interest rate		8.13	%		7.36	%


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	2,201		$	2,976
Amortization of original issue discount		-			44
Total interest and financing expenses	$	2,201		$	3,020
Average outstanding balance	$	110,516		$	175,260
Average stated interest rate		7.90	%		6.80	%

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 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
Fiscal 2023(9)		325,683		1,646		—	N/A
March 31, 2024(10)		291,651		1,713		—	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)

2018-2 Secured Notes

Debt Instrument [Line Items]

Summary of 2018-2 Secured Notes

2018-2 Secured Notes


($ in thousands)
March 31, 2024	Amortized Carrying Value		Outstanding Principal at Par		Spread(4)	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	4,482	$	4,519	Reference Rate + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		13,884		13,782	Reference Rate + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,682		55,100	Reference Rate + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	Reference Rate + 3.17%	A (sf)	11/20/2029
	$	91,151	$	91,651

(1)

(2)

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or Reference Rate.

(4)

Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%, or 5.56% as of March 31, 2024.


($ in thousands)
December 31, 2023	Amortized Carrying Value		Outstanding Principal at Par		Spread(4)	Rating(1)	Stated Maturity(2)
2018-2 Secured Notes:
Class A-1R-R Notes	$	12,818	$	12,922	Reference Rate + 1.58%(3)	AAA(sf)	11/20/2029
Class A-1T-R Notes		39,369		39,411	Reference Rate + 1.58%	AAA(sf)	11/20/2029
Class A-2-R Notes		54,681		55,100	Reference Rate + 2.45%	AA (sf)	11/20/2029
Class B-R Notes		18,103		18,250	Reference Rate + 3.17%	A (sf)	11/20/2029
	$	124,971	$	125,683

(1)

(2)

(3)

Interest may be indexed to either the CP Rate (as defined in the governing indenture) or Reference Rate.

(4)

Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%.

- Definition

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

+ References

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation

3 Months Ended

Mar. 31, 2024

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.”

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.

Distributable Taxable Income

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Distributable Taxable Income

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 three months ended March 31, 2024 and 2023 :


	Three Months Ended March 31,
($ in thousands)	2024			2023

Net (decrease) increase in net assets resulting from operations	$	4,486		$	55
Tax (provision) benefit on realized and unrealized gains (losses) on investments		(459	)		(571	)
Net change in unrealized depreciation (appreciation) from investments		(71	)		5,960
Net realized losses		2,270			3,085
Book/tax differences on CLO equity investments		(164	)		(92	)
Book/tax differences related to mergers and partnership investments		622			(1,763	)
Other book/tax differences		127			360
Taxable income before deductions for distributions	$	6,811		$	7,034
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	0.73		$	0.74

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 months ended March 31, 2024, 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 March 31, 2024, the Company had a net capital loss carryforward of $450.5 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 three months ended March 31, 2024, the taxable subsidiaries’ activity resulted in a benefit for income taxes of $0.5 million. As of March 31, 2024, the taxable subsidiaries have, in aggregate, $0.9 million of net 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Investments at fair value, amortized cost				$ 543,601,000	$ 540,282,000
Common stock, issued				9,943,385	9,943,385
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
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

$ 357,528

$ 471,170

Transfers out of Level III

(9,239)

^[1]

(5,585)

^[2]

Transfers into Level III

6,433

^[3]

6,519

^[4]

Net accretion

1,000

2,745

Purchases

37,174

8,948

Sales/Paydowns/Return of Capital

(24,429)

(35,203)

Total realized gain (loss) included in earnings

(1,662)

(3,054)

Change in unrealized gain (loss) included in earnings

(1,152)

(5,414)

Ending balance

365,653

440,126

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(1,152)

(8,033)

Debt securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

313,752

410,144

Transfers out of Level III

(9,239)

^[1]

(5,585)

^[2]

Transfers into Level III

6,433

^[3]

6,519

^[4]

Net accretion

444

2,197

Purchases

34,377

8,880

Sales/Paydowns/Return of Capital

(22,566)

(29,317)

Total realized gain (loss) included in earnings

(1,660)

(31)

Change in unrealized gain (loss) included in earnings

(1,388)

(3,318)

Ending balance

320,153

389,489

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(1,388)

(6,986)

Equity Securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

20,533

21,905

Purchases

2,797

Sales/Paydowns/Return of Capital

(503)

(5,429)

Total realized gain (loss) included in earnings

503

858

Change in unrealized gain (loss) included in earnings

(2,082)

Ending balance

23,428

15,320

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(1,032)

CLO Fund Securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

8,968

20,453

Net accretion

556

548

Purchases

Sales/Paydowns/Return of Capital

(392)

(457)

Total realized gain (loss) included in earnings

(505)

(3,881)

Change in unrealized gain (loss) included in earnings

(78)

2,578

Ending balance

8,549

19,241

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(78)

2,578

Joint Ventures

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

14,275

18,668

Sales/Paydowns/Return of Capital

(968)

Change in unrealized gain (loss) included in earnings

216

(2,592)

Ending balance

13,523

16,076

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

$ 216

$ (2,592)

[1]	Transfers out of Level III represent a transfer of $9.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2024.
[2]	Transfers out of Level III represent a transfer of $5.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2023.
[3]	Transfers into Level III represent a transfer of $6.4 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2024.
[4]	Transfers into Level III represent a transfer of $6.5 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2023.

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation (Tables)

3 Months Ended

Mar. 31, 2024

GARS Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


($ 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

Business Acquisition [Line Items]

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.

Consolidated Schedule of Investments - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Schedule of Investments [Line Items]

Par/ Shares

$ 430,400,000

$ 420,900,000

Cost/Amortized Cost

543,601,000

540,282,000

Fair Value

$ 471,255,000

$ 467,865,000

Schedule of Investments [Line Items]

Interest Rate, PIK

^[1],[2]

14.50%

Maturity

^[1],[2]

Mar. 01, 2028

Initial Acquisition Date

^[1],[2]

Mar. 01, 2022

Par/ Shares

^[1],[2]

$ 5,909,000

Cost/Amortized Cost

^[1],[2]

5,814,000

Fair Value

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

$ 5,237,000

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

Schedule of Investments [Line Items]

Initial Acquisition Date

Dec. 11, 2006

^[4],[5]

Dec. 11, 2006

^[1],[6]

Percentage Ownership

100.00%

^[4],[5]

100.00%

^[1],[6]

Cost/Amortized Cost

$ 17,791,000

^[4],[5]

$ 17,791,000

^[1],[6]

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

Schedule of Investments [Line Items]

Cost/Amortized Cost

17,791,000

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

Schedule of Investments [Line Items]

Cost/Amortized Cost

8,762,000

9,103,000

Fair Value

$ 8,549,000

^[7]

$ 8,968,000

^[3]

Schedule of Investments [Line Items]

Investment Interest Rate

^[1],[8]

13.70%

Maturity

^[1],[8]

Apr. 20, 2030

Initial Acquisition Date

^[1],[8]

May 06, 2014

Percentage Ownership

^[1],[8]

22.20%

Cost/Amortized Cost

^[1],[8]

$ 1,024,000

Fair Value

^[1],[3],[8]

$ 904,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[1],[8]

25.00%

Maturity

^[1],[8]

Oct. 27, 2031

Initial Acquisition Date

^[1],[8]

Sep. 27, 2018

Percentage Ownership

^[1],[8]

24.80%

Cost/Amortized Cost

^[1],[8]

$ 3,923,000

Fair Value

^[1],[3],[8]

$ 3,923,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[1],[8]

25.40%

Maturity

^[1],[8]

Nov. 01, 2028

Initial Acquisition Date

^[1],[8]

Oct. 10, 2013

Percentage Ownership

^[1],[8]

6.80%

Cost/Amortized Cost

^[1],[8]

$ 424,000

Fair Value

^[1],[3],[8]

$ 409,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[1],[8]

19.80%

Maturity

^[1],[8]

Jul. 17, 2029

Initial Acquisition Date

^[1],[8]

Oct. 22, 2021

Percentage Ownership

^[1],[8]

57.20%

Cost/Amortized Cost

^[1],[8]

$ 683,000

Fair Value

^[1],[3],[8]

$ 683,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[1],[8]

25.30%

Maturity

^[1],[8]

Jul. 17, 2030

Initial Acquisition Date

^[1],[8]

Oct. 22, 2021

Percentage Ownership

^[1],[8]

57.20%

Cost/Amortized Cost

^[1],[8]

$ 3,049,000

Fair Value

^[1],[3],[8]

3,049,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[5],[9],[10]

43.40%

Maturity

^[5],[10]

Apr. 20, 2030

Initial Acquisition Date

^[5],[10]

May 06, 2014

Percentage Ownership

^[5],[10]

22.20%

Cost/Amortized Cost

^[5],[10]

$ 702,000

Fair Value

^[5],[7],[10]

$ 702,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[5],[9],[10]

21.70%

Maturity

^[5],[10]

Oct. 27, 2031

Initial Acquisition Date

^[5],[10]

Sep. 27, 2018

Percentage Ownership

^[5],[10]

24.80%

Cost/Amortized Cost

^[5],[10]

$ 3,846,000

Fair Value

^[5],[7],[10]

$ 3,757,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[5],[9],[10]

32.60%

Maturity

^[5],[10]

Nov. 01, 2028

Initial Acquisition Date

^[5],[10]

Oct. 10, 2013

Percentage Ownership

^[5],[10]

6.80%

Cost/Amortized Cost

^[5],[10]

$ 246,000

Fair Value

^[5],[7],[10]

$ 246,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[5],[9],[10]

13.20%

Maturity

^[5],[10]

Jul. 17, 2029

Initial Acquisition Date

^[5],[10]

Oct. 22, 2021

Percentage Ownership

^[5],[10]

57.20%

Cost/Amortized Cost

^[5],[10]

$ 715,000

Fair Value

^[5],[7],[10]

$ 668,000

Schedule of Investments [Line Items]

Investment Interest Rate

^[5],[9],[10]

24.50%

Maturity

^[5],[10]

Jul. 17, 2030

Initial Acquisition Date

^[5],[10]

Oct. 22, 2021

Percentage Ownership

^[5],[10]

57.20%

Cost/Amortized Cost

^[5],[10]

$ 3,253,000

Fair Value

^[5],[7],[10]

3,176,000

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

Schedule of Investments [Line Items]

Par/ Shares

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

88,946

Fair Value

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

246,000

$ 206,000

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

Schedule of Investments [Line Items]

Fair Value

^[16]

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

242,000

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

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

Schedule of Investments [Line Items]

Par/ Shares

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

1,000

Fair Value

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

500,000

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

Schedule of Investments [Line Items]

Par/ Shares

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

500

Fair Value

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

171,000

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

Schedule of Investments [Line Items]

Par/ Shares

^[16],[21]

27,220

Fair Value

^[16],[21]

13,523,000

14,275,000

18,668,000

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classification - Capital Equipment One

Schedule of Investments [Line Items]

Par/ Shares

^[16],[18]

2,020

^[21]

2,749,997

^[15],[17]

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classification - Capital Equipment Two

Schedule of Investments [Line Items]

Par/ Shares

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

2,020

Investment, Identifier [Axis]: Controlled Affiliates ProAir, LLC Industry Classififcation - Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^{[16],[17],[18],[21]}

2,749,997

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

Schedule of Investments [Line Items]

Par/ Shares

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

44,000

Fair Value

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

45,012,000

40,287,000

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

Schedule of Investments [Line Items]

Par/ Shares

49,000

^{[16],[17],[18],[21]}

49,000

^{[11],[12],[13],[22]}

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

Schedule of Investments [Line Items]

Par/ Shares

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

511

^[15]

Fair Value

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

$ 0

$ 43,000

^[15]

43,000

^[15]

Schedule of Investments [Line Items]

Interest Rate, PIK

^[5],[23]

14.50%

Maturity

^[5],[23]

Mar. 01, 2028

Initial Acquisition Date

^[5],[23]

Mar. 01, 2022

Par/ Shares

^[5],[23]

$ 6,122,000

Cost/Amortized Cost

^[5],[23]

6,033,000

Fair Value

^[5],[7],[23]

$ 5,487,000

Schedule of Investments [Line Items]

Interest Rate, Cash

12.00%

^{[5],[23],[24]}

12.00%

^[1],[2],[25]

Reference Rate and Spread

6.50%

^{[5],[23],[24],[26]}

6.50%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

0.50%

^{[5],[23],[24]}

0.50%

^[1],[2],[25]

Maturity

Jul. 23, 2029

^{[5],[23],[24]}

Jul. 23, 2029

^[1],[2],[25]

Initial Acquisition Date

Jul. 22, 2021

^{[5],[23],[24]}

Jul. 22, 2021

^[1],[2],[25]

Par/ Shares

$ 4,000,000

^{[5],[23],[24]}

$ 4,000,000

^[1],[2],[25]

Cost/Amortized Cost

3,980,000

^{[5],[23],[24]}

3,979,000

^[1],[2],[25]

Fair Value

$ 3,670,000

^{[5],[7],[23],[24]}

$ 3,605,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

12.30%

Reference Rate and Spread

^{[23],[24],[26]}

7.00%

Maturity

^[23],[24]

Feb. 16, 2029

Initial Acquisition Date

^[23],[24]

Mar. 16, 2021

Par/ Shares

^[23],[24]

$ 5,400,000

Cost/Amortized Cost

^[23],[24]

5,391,000

Fair Value

^{[7],[23],[24]}

$ 4,904,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

12.40%

Reference Rate and Spread

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

7.00%

Maturity

^[2],[25]

Feb. 16, 2029

Initial Acquisition Date

^[2],[25]

Mar. 16, 2021

Par/ Shares

^[2],[25]

$ 5,400,000

Cost/Amortized Cost

^[2],[25]

5,391,000

Fair Value

^[2],[3],[25]

$ 4,941,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

15.30%

Reference Rate and Spread

^{[23],[24],[26]}

10.00%

Maturity

^[23],[24]

Nov. 29, 2026

Initial Acquisition Date

^[23],[24]

Dec. 23, 2019

Par/ Shares

^[23],[24]

$ 1,500,000

Cost/Amortized Cost

^[23],[24]

1,491,000

Fair Value

^{[7],[23],[24]}

$ 1,430,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

15.50%

Reference Rate and Spread

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

10.00%

Maturity

^[2],[25]

Nov. 29, 2026

Initial Acquisition Date

^[2],[25]

Dec. 23, 2019

Par/ Shares

^[2],[25]

$ 1,500,000

Cost/Amortized Cost

^[2],[25]

1,491,000

Fair Value

^[2],[3],[25]

$ 1,336,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.20%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.75%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.75%

Maturity

^{[5],[23],[24]}

Feb. 04, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Apr. 29, 2021

Par/ Shares

^{[5],[23],[24]}

$ 6,000,000

Cost/Amortized Cost

^{[5],[23],[24]}

5,962,000

Fair Value

^{[5],[7],[23],[24]}

$ 5,873,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.30%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.75%

Investment, Interest Rate, Floor

^[1],[2],[25]

0.75%

Maturity

^[1],[2],[25]

Feb. 04, 2029

Initial Acquisition Date

^[1],[2],[25]

Apr. 29, 2021

Par/ Shares

^[1],[2],[25]

$ 6,000,000

Cost/Amortized Cost

^[1],[2],[25]

5,960,000

Fair Value

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

$ 5,811,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

12.80%

Reference Rate and Spread

^{[23],[24],[26]}

7.25%

Investment, Interest Rate, Floor

^[23],[24]

0.50%

Maturity

^[23],[24]

Dec. 01, 2028

Initial Acquisition Date

^[23],[24]

Oct. 26, 2021

Par/ Shares

^[23],[24]

$ 6,000,000

Cost/Amortized Cost

^[23],[24]

5,967,000

Fair Value

^{[7],[23],[24]}

$ 5,213,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

12.90%

Reference Rate and Spread

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

7.25%

Investment, Interest Rate, Floor

^[2],[25]

0.50%

Maturity

^[2],[25]

Dec. 01, 2028

Initial Acquisition Date

^[2],[25]

Oct. 26, 2021

Par/ Shares

^[2],[25]

$ 6,000,000

Cost/Amortized Cost

^[2],[25]

5,965,000

Fair Value

^[2],[3],[25]

$ 4,870,000

Schedule of Investments [Line Items]

Interest Rate, PIK

^[1],[2],[28]

12.50%

Maturity

May 29, 2028

^{[5],[23],[29]}

May 29, 2028

^[1],[2],[28]

Initial Acquisition Date

Jan. 14, 2022

^{[5],[23],[29]}

Jan. 14, 2022

^[1],[2],[28]

Par/ Shares

$ 6,258,000

^{[5],[23],[29]}

$ 6,198,000

^[1],[2],[28]

Cost/Amortized Cost

5,565,000

^{[5],[23],[29]}

5,568,000

^[1],[2],[28]

Fair Value

1,212,000

^{[5],[7],[23],[29]}

1,181,000

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

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

Schedule of Investments [Line Items]

Cost/Amortized Cost

52,951,000

53,888,000

Fair Value

$ 36,270,000

^[7]

$ 38,875,000

^[3]

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

14.00%

Reference Rate and Spread

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

8.50%

Investment, Interest Rate, Floor

^[2],[25]

1.00%

Maturity

^[2],[25]

Mar. 05, 2027

Initial Acquisition Date

^[2],[25]

Dec. 18, 2019

Par/ Shares

^[2],[25]

$ 1,200,000

Cost/Amortized Cost

^[2],[25]

1,149,000

Fair Value

^[2],[3],[25]

$ 1,131,000

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

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[1],[2],[6],[28]}

17.80%

Maturity

Jan. 31, 2023

^{[4],[5],[23],[29]}

Jan. 31, 2023

^{[1],[2],[6],[28]}

Initial Acquisition Date

Mar. 08, 2022

^{[4],[5],[23],[29]}

Mar. 08, 2022

^{[1],[2],[6],[28]}

Par/ Shares

$ 2,020,000

^{[4],[5],[23],[29]}

$ 2,020,000

^{[1],[2],[6],[28]}

Cost/Amortized Cost

$ 1,931,000

^{[4],[5],[23],[29]}

$ 1,931,000

^{[1],[2],[6],[28]}

Schedule of Investments [Line Items]

Interest Rate, Cash

13.10%

^[5],[23]

13.10%

^[1],[2]

Reference Rate and Spread

7.75%

^{[5],[23],[26]}

7.75%

^[1],[2],[27]

Investment, Interest Rate, Floor

0.50%

^[5],[23]

0.50%

^[1],[2]

Maturity

Jul. 20, 2030

^[5],[23]

Jul. 20, 2030

^[1],[2]

Initial Acquisition Date

Jul. 20, 2022

^[5],[23]

Jul. 20, 2022

^[1],[2]

Par/ Shares

$ 5,000,000

^[5],[23]

$ 5,000,000

^[1],[2]

Cost/Amortized Cost

4,921,000

^[5],[23]

4,918,000

^[1],[2]

Fair Value

$ 4,793,000

^[5],[7],[23]

$ 4,719,000

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

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[5],[23],[24],[26],[29]}

1.00%

Investment, Interest Rate, Floor

^{[5],[23],[24],[29]}

1.00%

Maturity

^{[5],[23],[24],[29]}

Jan. 14, 2027

Initial Acquisition Date

^{[5],[23],[24],[29]}

Jul. 14, 2023

Par/ Shares

^{[5],[23],[24],[29]}

$ 4,242,000

Cost/Amortized Cost

^{[5],[23],[24],[29]}

4,146,000

Fair Value

^{[5],[7],[23],[24],[29]}

$ 752,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

6.40%

Interest Rate, PIK

^[2],[25]

9.00%

Reference Rate and Spread

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

1.00%

Investment, Interest Rate, Floor

^[2],[25]

1.00%

Maturity

^[2],[25]

Jan. 14, 2027

Initial Acquisition Date

^[2],[25]

Jul. 14, 2023

Par/ Shares

^[2],[25]

$ 4,146,000

Cost/Amortized Cost

^[2],[25]

4,146,000

Fair Value

^[2],[3],[25]

$ 2,913,000

Schedule of Investments [Line Items]

Interest Rate, Cash

13.20%

^[23],[24]

13.20%

^[2],[25]

Reference Rate and Spread

7.75%

^{[23],[24],[26]}

7.75%

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

Investment, Interest Rate, Floor

0.75%

^[23],[24]

0.75%

^[2],[25]

Maturity

Apr. 16, 2029

^[23],[24]

Apr. 16, 2029

^[2],[25]

Initial Acquisition Date

Sep. 28, 2021

^[23],[24]

Sep. 28, 2021

^[2],[25]

Par/ Shares

$ 4,566,000

^[23],[24]

$ 4,566,000

^[2],[25]

Cost/Amortized Cost

4,512,000

^[23],[24]

4,509,000

^[2],[25]

Fair Value

$ 2,747,000

^{[7],[23],[24]}

$ 2,831,000

^[2],[3],[25]

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

13.50%

Reference Rate and Spread

^[1],[2],[27]

8.00%

Investment, Interest Rate, Floor

^[1],[2]

1.00%

Maturity

^[1],[2]

Feb. 28, 2026

Initial Acquisition Date

^[1],[2]

Feb. 15, 2018

Par/ Shares

^[1],[2]

$ 3,000,000

Cost/Amortized Cost

^[1],[2]

2,992,000

Fair Value

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

$ 300,000

Investment, Identifier [Axis]: Debt Securities Portfolio Junior Secured Loans Robertshaw US Holding Corp. Term Loan Second Lien Capital Equipment Maturity 2/28/26, Initial Acquisition Date 2/15/18

Schedule of Investments [Line Items]

Maturity

^{[5],[23],[29]}

Feb. 28, 2026

Initial Acquisition Date

^{[5],[23],[29]}

Feb. 15, 2018

Par/ Shares

^{[5],[23],[29]}

$ 3,000,000

Cost/Amortized Cost

^{[5],[23],[29]}

2,976,000

Fair Value

^{[5],[7],[23],[29]}

$ 189,000

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

Schedule of Investments [Line Items]

Interest Rate, PIK

^[1],[2],[28]

1.70%

Maturity

^[1],[2],[28]

Jan. 24, 2025

Initial Acquisition Date

^[1],[2],[28]

Jan. 24, 2020

Par/ Shares

^[1],[2],[28]

$ 75,000

Cost/Amortized Cost

^[1],[2],[28]

$ 75,000

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

Schedule of Investments [Line Items]

Maturity

^{[5],[23],[29]}

Jan. 24, 2025

Initial Acquisition Date

^{[5],[23],[29]}

Jan. 24, 2020

Par/ Shares

^{[5],[23],[29]}

$ 76,000

Cost/Amortized Cost

^{[5],[23],[29]}

$ 76,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.70%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.40%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Jul. 22, 2027

Initial Acquisition Date

^{[5],[23],[24]}

Sep. 09, 2022

Par/ Shares

^{[5],[23],[24]}

$ 988,000

Cost/Amortized Cost

^{[5],[23],[24]}

976,000

Fair Value

^{[5],[7],[23],[24]}

$ 971,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.80%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.40%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Jul. 22, 2027

Initial Acquisition Date

^[1],[2],[25]

Sep. 09, 2022

Par/ Shares

^[1],[2],[25]

$ 990,000

Cost/Amortized Cost

^[1],[2],[25]

977,000

Fair Value

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

$ 976,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

10.30%

Reference Rate and Spread

^{[5],[23],[26]}

5.00%

Maturity

^[23],[24]

Aug. 15, 2025

Initial Acquisition Date

^[23],[24]

Oct. 28, 2020

Par/ Shares

^[23],[24]

$ 2,172,000

Cost/Amortized Cost

^[23],[24]

2,044,000

Fair Value

^{[7],[23],[24]}

$ 2,125,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans AIS Holdco, LLC First Lien Term Loan A Banking, Finance, Insurance & Real Estate Interest Rate 10.6% Cash Reference Rate and Spread SOFR+5.00% Maturity 8/15/25, Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

10.60%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.00%

Maturity

^[1],[2],[25]

Aug. 15, 2025

Initial Acquisition Date

^[1],[2],[25]

Oct. 28, 2020

Par/ Shares

^[1],[2],[25]

$ 2,223,000

Cost/Amortized Cost

^[1],[2],[25]

2,068,000

Fair Value

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

$ 2,220,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.70%

Interest Rate, PIK

^{[5],[23],[24]}

0.80%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.25%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Oct. 06, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 09, 2020

Par/ Shares

^{[5],[23],[24]}

$ 4,866,000

Cost/Amortized Cost

^{[5],[23],[24]}

4,824,000

Fair Value

^{[5],[7],[23],[24]}

$ 4,726,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.80%

Interest Rate, PIK

^[1],[2],[25]

0.80%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.25%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Oct. 06, 2026

Initial Acquisition Date

^[1],[2],[25]

Dec. 09, 2020

Par/ Shares

^[1],[2],[25]

$ 4,869,000

Cost/Amortized Cost

^[1],[2],[25]

4,823,000

Fair Value

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

$ 4,766,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

11.70%

Reference Rate and Spread

^{[5],[23],[26],[30]}

6.25%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

1.00%

Maturity

^{[5],[23],[30]}

Oct. 06, 2026

Initial Acquisition Date

^{[5],[23],[30]}

Dec. 09, 2020

Par/ Shares

^{[5],[23],[30]}

$ 727,000

Cost/Amortized Cost

^{[5],[23],[30]}

719,000

Fair Value

^{[5],[7],[23],[30]}

$ 698,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

12.40%

Reference Rate and Spread

^{[1],[2],[27],[31]}

7.00%

Investment, Interest Rate, Floor

^[1],[2],[31]

1.00%

Maturity

^[1],[2],[31]

Oct. 06, 2026

Initial Acquisition Date

^[1],[2],[31]

Dec. 09, 2020

Par/ Shares

^[1],[2],[31]

$ 651,000

Cost/Amortized Cost

^[1],[2],[31]

641,000

Fair Value

^{[1],[2],[3],[31]}

$ 630,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.75%

Maturity

^{[5],[23],[24]}

Aug. 29, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Aug. 31, 2022

Par/ Shares

^{[5],[23],[24]}

$ 868,000

Cost/Amortized Cost

^{[5],[23],[24]}

860,000

Fair Value

^{[5],[7],[23],[24]}

$ 864,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.60%

^{[5],[23],[24]}

11.60%

^{[1],[2],[25],[31]}

Reference Rate and Spread

6.25%

^{[5],[23],[24],[26]}

6.25%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

0.75%

^{[5],[23],[24]}

0.75%

^{[1],[2],[25],[31]}

Maturity

Aug. 29, 2029

^{[5],[23],[24]}

Aug. 29, 2029

^{[1],[2],[25],[31]}

Initial Acquisition Date

Aug. 31, 2022

^{[5],[23],[24]}

Aug. 31, 2022

^{[1],[2],[25],[31]}

Par/ Shares

$ 692,000

^{[5],[23],[24]}

$ 694,000

^[1],[2],[25]

Cost/Amortized Cost

686,000

^{[5],[23],[24]}

688,000

^{[1],[2],[25],[31]}

Fair Value

$ 692,000

^{[5],[7],[23],[24]}

$ 700,000

^{[1],[2],[3],[25],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

11.60%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.25%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

0.75%

Maturity

^{[1],[2],[25],[31]}

Aug. 29, 2029

Initial Acquisition Date

^{[1],[2],[25],[31]}

Aug. 31, 2022

Par/ Shares

^[1],[2],[25]

$ 870,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

862,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 869,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

0.50%

Investment, Interest Rate, Floor

^[1],[2],[31]

0.75%

Maturity

^[1],[2],[31]

Aug. 31, 2028

Initial Acquisition Date

^[1],[2],[31]

Aug. 31, 2022

Cost/Amortized Cost

^[1],[2],[31]

$ (27,000)

Fair Value

^{[1],[2],[3],[31]}

$ (2,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

11.60%

Reference Rate and Spread

^{[5],[23],[26],[30]}

6.25%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

0.75%

Maturity

^{[5],[23],[30]}

Aug. 31, 2028

Initial Acquisition Date

^{[5],[23],[30]}

Aug. 31, 2022

Par/ Shares

^{[5],[23],[30]}

$ 765,000

Cost/Amortized Cost

^{[5],[23],[30]}

740,000

Fair Value

^{[5],[7],[23],[30]}

$ 759,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.75%

Maturity

^{[5],[23],[24]}

Aug. 29, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Aug. 31, 2022

Par/ Shares

^{[5],[23],[24]}

$ 7,889,000

Cost/Amortized Cost

^{[5],[23],[24]}

7,751,000

Fair Value

^{[5],[7],[23],[24]}

$ 7,856,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.60%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.25%

Investment, Interest Rate, Floor

^[1],[2],[25]

0.75%

Maturity

^[1],[2],[25]

Aug. 29, 2029

Initial Acquisition Date

^[1],[2],[25]

Aug. 31, 2022

Par/ Shares

^[1],[2],[25]

$ 7,908,000

Cost/Amortized Cost

^[1],[2],[25]

7,765,000

Fair Value

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

$ 7,899,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.60%

^{[5],[23],[24]}

11.60%

^[1],[2],[25]

Reference Rate and Spread

6.00%

^{[5],[23],[24],[26]}

6.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Mar. 26, 2027

^{[5],[23],[24]}

Mar. 26, 2027

^[1],[2],[25]

Initial Acquisition Date

Sep. 07, 2022

^{[5],[23],[24]}

Sep. 07, 2022

^[1],[2],[25]

Par/ Shares

$ 1,478,000

^{[5],[23],[24]}

$ 1,481,000

^[1],[2],[25]

Cost/Amortized Cost

1,395,000

^{[5],[23],[24]}

1,392,000

^[1],[2],[25]

Fair Value

$ 1,444,000

^{[5],[7],[23],[24]}

$ 1,424,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.60%

^{[5],[23],[24]}

11.60%

^[1],[2],[25]

Reference Rate and Spread

6.00%

^{[5],[23],[24],[26]}

6.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Mar. 26, 2027

^{[5],[23],[24]}

Mar. 26, 2027

^[1],[2],[25]

Initial Acquisition Date

Oct. 20, 2021

^{[5],[23],[24]}

Oct. 20, 2021

^[1],[2],[25]

Par/ Shares

$ 2,924,000

^{[5],[23],[24]}

$ 2,931,000

^[1],[2],[25]

Cost/Amortized Cost

2,775,000

^{[5],[23],[24]}

2,770,000

^[1],[2],[25]

Fair Value

$ 2,857,000

^{[5],[7],[23],[24]}

$ 2,818,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

8.00%

^{[5],[23],[24]}

8.00%

^[1],[2],[25]

Interest Rate, PIK

5.00%

^{[5],[23],[24]}

5.00%

^[1],[2],[25]

Maturity

Apr. 14, 2027

^{[5],[23],[24]}

Apr. 14, 2027

^[1],[2],[25]

Initial Acquisition Date

Apr. 14, 2022

^{[5],[23],[24]}

Apr. 14, 2022

^[1],[2],[25]

Par/ Shares

$ 14,036,000

^{[5],[23],[24]}

$ 14,036,000

^[1],[2],[25]

Cost/Amortized Cost

14,036,000

^{[5],[23],[24]}

14,036,000

^[1],[2],[25]

Fair Value

$ 13,615,000

^{[5],[7],[23],[24]}

$ 13,773,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.20%

^{[5],[23],[24]}

11.20%

^[1],[2],[25]

Interest Rate, PIK

5.30%

^{[5],[23],[24]}

5.30%

^[1],[2],[25]

Reference Rate and Spread

5.75%

^{[5],[23],[24],[26]}

5.75%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Jan. 01, 2025

^{[5],[23],[24]}

Jan. 01, 2025

^[1],[2],[25]

Initial Acquisition Date

Mar. 01, 2022

^{[5],[23],[24]}

Mar. 01, 2022

^[1],[2],[25]

Par/ Shares

$ 628,000

^{[5],[23],[24]}

$ 620,000

^[1],[2],[25]

Cost/Amortized Cost

626,000

^{[5],[23],[24]}

618,000

^[1],[2],[25]

Fair Value

$ 633,000

^{[5],[7],[23],[24]}

$ 624,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.20%

^[5],[23]

11.20%

^[1],[2]

Interest Rate, PIK

5.30%

^[5],[23]

5.30%

^[1],[2]

Reference Rate and Spread

5.75%

^{[5],[23],[26]}

5.75%

^[1],[2],[27]

Investment, Interest Rate, Floor

1.00%

^[5],[23]

1.00%

^[1],[2]

Maturity

Jan. 01, 2025

^[5],[23]

Jan. 01, 2025

^[1],[2]

Initial Acquisition Date

Mar. 01, 2022

^[5],[23]

Mar. 01, 2022

^[1],[2]

Par/ Shares

$ 3,163,000

^[5],[23]

$ 3,124,000

^[1],[2]

Cost/Amortized Cost

3,155,000

^[5],[23]

3,114,000

^[1],[2]

Fair Value

$ 3,191,000

^[5],[7],[23]

$ 3,144,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

15.60%

Reference Rate and Spread

^{[5],[23],[24],[26]}

10.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Jun. 11, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Jun. 11, 2021

Par/ Shares

^{[5],[23],[24]}

$ 6,230,000

Cost/Amortized Cost

^{[5],[23],[24]}

6,153,000

Fair Value

^{[5],[7],[23],[24]}

$ 6,285,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

15.70%

Reference Rate and Spread

^{[1],[2],[25],[27]}

10.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Jun. 11, 2026

Initial Acquisition Date

^[1],[2],[25]

Jun. 11, 2021

Par/ Shares

^[1],[2],[25]

$ 6,274,000

Cost/Amortized Cost

^[1],[2],[25]

6,187,000

Fair Value

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

$ 6,305,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[23]

15.10%

Reference Rate and Spread

^{[5],[23],[26]}

9.50%

Investment, Interest Rate, Floor

^[5],[23]

1.00%

Maturity

^[5],[23]

Jun. 30, 2024

Initial Acquisition Date

^[5],[23]

Aug. 09, 2022

Par/ Shares

^[5],[23]

$ 563,000

Cost/Amortized Cost

^[5],[23]

563,000

Fair Value

^[5],[7],[23]

$ 444,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

15.10%

Reference Rate and Spread

^[1],[2],[27]

9.50%

Investment, Interest Rate, Floor

^[1],[2]

1.00%

Maturity

^[1],[2]

Jun. 30, 2024

Initial Acquisition Date

^[1],[2]

Aug. 09, 2022

Par/ Shares

^[1],[2]

$ 547,000

Cost/Amortized Cost

^[1],[2]

547,000

Fair Value

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

$ 465,000

Schedule of Investments [Line Items]

Interest Rate, Cash

15.10%

^{[5],[23],[30]}

15.10%

^[1],[2],[31]

Reference Rate and Spread

9.50%

^{[5],[23],[26],[30]}

9.50%

^{[1],[2],[27],[31]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[30]}

1.00%

^[1],[2],[31]

Maturity

Nov. 15, 2026

^{[5],[23],[30]}

Nov. 15, 2026

^[1],[2],[31]

Initial Acquisition Date

Nov. 15, 2021

^{[5],[23],[30]}

Nov. 15, 2021

^[1],[2],[31]

Par/ Shares

$ 1,115,000

^{[5],[23],[30]}

$ 1,084,000

^[1],[2],[31]

Cost/Amortized Cost

1,102,000

^{[5],[23],[30]}

1,068,000

^[1],[2],[31]

Fair Value

$ 863,000

^{[5],[7],[23],[30]}

$ 910,000

^{[1],[2],[3],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

3.00%

Interest Rate, PIK

^[1],[2],[25]

12.10%

Reference Rate and Spread

^{[1],[2],[25],[27]}

9.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Nov. 15, 2026

Initial Acquisition Date

^[1],[2],[25]

Nov. 15, 2021

Par/ Shares

^[1],[2],[25]

$ 12,880,000

Cost/Amortized Cost

^[1],[2],[25]

12,718,000

Fair Value

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

$ 10,965,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Anthem Sports & Entertainment Inc. Term Loan Media: Broadcasting & Subscription Interest Rate 3.0% Cash + 12.2% PIK Reference Rate and Spread SOFR+3.00% Floor 1.00% Maturity 11/15/26, Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

3.00%

Interest Rate, PIK

^{[5],[23],[24]}

12.10%

Reference Rate and Spread

^{[5],[23],[24],[26]}

3.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Nov. 15, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Nov. 15, 2021

Par/ Shares

^{[5],[23],[24]}

$ 13,240,000

Cost/Amortized Cost

^{[5],[23],[24]}

13,091,000

Fair Value

^{[5],[7],[23],[24]}

$ 10,444,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.00%

^{[5],[23],[24]}

11.00%

^[1],[2],[25]

Reference Rate and Spread

5.50%

^{[5],[23],[24],[26]}

5.50%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Mar. 09, 2027

^{[5],[23],[24]}

Mar. 09, 2027

^[1],[2],[25]

Initial Acquisition Date

Dec. 20, 2021

^{[5],[23],[24]}

Dec. 20, 2021

^[1],[2],[25]

Par/ Shares

$ 5,879,000

^{[5],[23],[24]}

$ 5,894,000

^[1],[2],[25]

Cost/Amortized Cost

5,872,000

^{[5],[23],[24]}

5,887,000

^[1],[2],[25]

Fair Value

$ 5,838,000

^{[5],[7],[23],[24]}

$ 5,859,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

10.50%

Reference Rate and Spread

^[1],[2],[27]

4.89%

Investment, Interest Rate, Floor

^[1],[2]

1.00%

Maturity

^[1],[2]

Nov. 01, 2024

Initial Acquisition Date

^[1],[2]

Dec. 29, 2023

Par/ Shares

^[1],[2]

$ 989,000

Cost/Amortized Cost

^[1],[2]

971,000

Fair Value

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

$ 937,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2]

12.90%

Reference Rate and Spread

^[2],[27]

7.50%

Investment, Interest Rate, Floor

^[2]

2.00%

Maturity

^[2]

Jan. 15, 2026

Initial Acquisition Date

^[2]

Dec. 21, 2022

Par/ Shares

^[2]

$ 952,000

Cost/Amortized Cost

^[2]

946,000

Fair Value

^[2],[3]

$ 969,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.10%

^{[5],[23],[24]}

11.10%

^[1],[2],[25]

Reference Rate and Spread

5.75%

^{[5],[23],[24],[26]}

5.75%

^{[1],[2],[25],[27]}

Maturity

Jul. 01, 2029

^{[5],[23],[24]}

Jul. 01, 2029

^[1],[2],[25]

Initial Acquisition Date

Jul. 01, 2022

^{[5],[23],[24]}

Jul. 01, 2022

^[1],[2],[25]

Par/ Shares

$ 12,576,000

^{[5],[23],[24]}

$ 12,608,000

^[1],[2],[25]

Cost/Amortized Cost

11,963,000

^{[5],[23],[24]}

11,964,000

^[1],[2],[25]

Fair Value

$ 12,034,000

^{[5],[7],[23],[24]}

$ 12,104,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

9.60%

^{[5],[23],[30]}

9.60%

^[1],[2],[31]

Reference Rate and Spread

4.25%

^{[5],[23],[26],[30]}

4.25%

^{[1],[2],[27],[31]}

Maturity

Jul. 01, 2027

^{[5],[23],[30]}

Jul. 01, 2027

^[1],[2],[31]

Initial Acquisition Date

Jul. 01, 2022

^{[5],[23],[30]}

Jul. 01, 2022

^[1],[2],[31]

Par/ Shares

$ 966,000

^{[5],[23],[30]}

$ 242,000

^[1],[2],[31]

Cost/Amortized Cost

966,000

^{[5],[23],[30]}

242,000

^[1],[2],[31]

Fair Value

$ 862,000

^{[5],[7],[23],[30]}

$ 145,000

^{[1],[2],[3],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

0.50%

^{[5],[23],[30]}

0.50%

^[1],[2],[31]

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[30]}

1.00%

^[1],[2],[31]

Maturity

Oct. 21, 2026

^{[5],[23],[30]}

Oct. 21, 2026

^[1],[2],[31]

Initial Acquisition Date

Oct. 29, 2021

^{[5],[23],[30]}

Oct. 29, 2021

^[1],[2],[31]

Cost/Amortized Cost

$ 23,000

^{[5],[23],[30]}

$ (22,000)

^[1],[2],[31]

Fair Value

$ (13,000)

^{[5],[7],[23],[30]}

$ (25,000)

^{[1],[2],[3],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.20%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.75%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Oct. 21, 2027

Initial Acquisition Date

^[1],[2],[25]

Oct. 29, 2021

Par/ Shares

^[1],[2],[25]

$ 496,000

Cost/Amortized Cost

^[1],[2],[25]

488,000

Fair Value

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

$ 482,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Bradshaw International Parent Corp. Term Loan Consumer goods: Durable Interest Rate 11.2% Cash Reference Rate and Spread SOFR+5.75% Maturity 10/21/27, Initial Acquisition Date 10/29/21

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.20%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.75%

Maturity

^{[5],[23],[24]}

Oct. 21, 2027

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 29, 2021

Par/ Shares

^{[5],[23],[24]}

$ 495,000

Cost/Amortized Cost

^{[5],[23],[24]}

487,000

Fair Value

^{[5],[7],[23],[24]}

$ 488,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24],[30]}

11.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24],[30]}

Dec. 22, 2026

Initial Acquisition Date

^{[5],[23],[24],[30]}

Dec. 22, 2020

Par/ Shares

^{[5],[23],[24],[30]}

$ 736,000

Cost/Amortized Cost

^{[5],[23],[24],[30]}

732,000

Fair Value

^{[5],[7],[23],[24],[30]}

$ 722,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

12.00%

Reference Rate and Spread

^{[1],[2],[25],[27],[31]}

6.50%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Dec. 22, 2026

Initial Acquisition Date

^{[1],[2],[25],[31]}

Dec. 22, 2020

Par/ Shares

^{[1],[2],[25],[31]}

$ 738,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

734,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 718,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Dec. 22, 2026

Initial Acquisition Date

^{[5],[23],[24],[30]}

Dec. 22, 2020

Par/ Shares

^{[5],[23],[24],[30]}

$ 2,066,000

Cost/Amortized Cost

^{[5],[23],[24],[30]}

2,047,000

Fair Value

^{[5],[7],[23],[24],[30]}

$ 2,026,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Dec. 22, 2026

Initial Acquisition Date

^[1],[2],[25]

Dec. 22, 2020

Par/ Shares

^[1],[2],[25]

$ 2,071,000

Cost/Amortized Cost

^[1],[2],[25]

2,051,000

Fair Value

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

$ 2,017,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.10%

Interest Rate, PIK

^{[5],[23],[24]}

1.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Sep. 30, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Jun. 26, 2020

Par/ Shares

^{[5],[23],[24]}

$ 2,548,000

Cost/Amortized Cost

^{[5],[23],[24]}

2,548,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,548,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Seventh Amendment Acquisition Loan Chemicals, Plastics and Rubber Interest Rate 12.2% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 6/26/20

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.20%

Interest Rate, PIK

^[1],[2],[25]

1.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Sep. 30, 2024

Initial Acquisition Date

^[1],[2],[25]

Jun. 26, 2020

Par/ Shares

^[1],[2],[25]

$ 2,612,000

Cost/Amortized Cost

^[1],[2],[25]

2,612,000

Fair Value

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

$ 2,638,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.00%

Interest Rate, PIK

^[1],[2],[25]

1.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Sep. 30, 2024

Initial Acquisition Date

^[1],[2],[25]

Jul. 29, 2021

Par/ Shares

^[1],[2],[25]

$ 1,009,000

Cost/Amortized Cost

^[1],[2],[25]

1,009,000

Fair Value

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

$ 1,019,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.10%

Interest Rate, PIK

^{[5],[23],[24]}

1.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Sep. 30, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Jul. 29, 2021

Par/ Shares

^{[5],[23],[24]}

$ 984,000

Cost/Amortized Cost

^{[5],[23],[24]}

984,000

Fair Value

^{[5],[7],[23],[24]}

$ 984,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.30%

Interest Rate, PIK

^[1],[2],[25]

1.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Sep. 30, 2024

Initial Acquisition Date

^[1],[2],[25]

Nov. 17, 2021

Par/ Shares

^[1],[2],[25]

$ 6,117,000

Cost/Amortized Cost

^[1],[2],[25]

6,117,000

Fair Value

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

$ 6,178,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans C.P. Converters, Inc. Term Loan Chemicals, Plastics and Rubber Interest Rate 12.3% Cash + 1.0% PIK Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 9/30/24, Initial Acquisition Date 11/17/21

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.30%

Interest Rate, PIK

^{[5],[23],[24]}

1.00%

Reference Rate and Spread

^{[5],[23],[24]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Sep. 30, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Nov. 17, 2021

Par/ Shares

^{[5],[23],[24]}

$ 5,966,000

Cost/Amortized Cost

^{[5],[23],[24]}

5,966,000

Fair Value

^{[5],[7],[23],[24]}

$ 5,966,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.20%

^{[5],[23],[24]}

11.20%

^[1],[2],[25]

Reference Rate and Spread

5.75%

^{[5],[23],[24],[26]}

5.75%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Sep. 27, 2027

^{[5],[23],[24]}

Sep. 27, 2027

^[1],[2],[25]

Initial Acquisition Date

Oct. 08, 2021

^{[5],[23],[24]}

Oct. 08, 2021

^[1],[2],[25]

Par/ Shares

$ 3,792,000

^{[5],[23],[24]}

$ 3,802,000

^[1],[2],[25]

Cost/Amortized Cost

3,770,000

^{[5],[23],[24]}

3,778,000

^[1],[2],[25]

Fair Value

$ 3,576,000

^{[5],[7],[23],[24]}

$ 3,525,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.20%

^{[5],[23],[24]}

11.20%

^[1],[2],[25]

Reference Rate and Spread

5.75%

^{[5],[23],[24],[26]}

5.75%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Nov. 08, 2025

^{[5],[23],[24]}

Nov. 08, 2025

^[1],[2],[25]

Initial Acquisition Date

Jun. 15, 2022

^{[5],[23],[24]}

Jun. 15, 2022

^[1],[2],[25]

Par/ Shares

$ 5,773,000

^{[5],[23],[24]}

$ 5,773,000

^[1],[2],[25]

Cost/Amortized Cost

5,746,000

^{[5],[23],[24]}

5,742,000

^[1],[2],[25]

Fair Value

$ 5,752,000

^{[5],[7],[23],[24]}

$ 5,773,000

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

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

0.80%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Oct. 09, 2024

Initial Acquisition Date

^{[1],[2],[25],[31]}

Oct. 28, 2020

Cost/Amortized Cost

^{[1],[2],[25],[31]}

$ (14,000)

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Centric Brands Inc. Term Loan Machinery (Non-Agrclt/Constr/Electr) Interest Rate 0.8% Cash Floor 1.00% Maturity 10/9/24, Initial Acquisition Date 8/22/22

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

0.80%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Oct. 09, 2024

Initial Acquisition Date

^{[1],[2],[25],[31]}

Aug. 22, 2022

Cost/Amortized Cost

^{[1],[2],[25],[31]}

$ (1,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.80%

Interest Rate, PIK

^{[5],[23],[24]}

2.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Feb. 06, 2031

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 3,807,000

Cost/Amortized Cost

^{[5],[23],[24]}

3,807,000

Fair Value

^{[5],[7],[23],[24]}

$ 3,807,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.80%

Interest Rate, PIK

^{[5],[23],[24]}

2.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Feb. 06, 2031

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 3,136,000

Cost/Amortized Cost

^{[5],[23],[24]}

3,136,000

Fair Value

^{[5],[7],[23],[24]}

$ 3,136,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.80%

Interest Rate, PIK

^{[5],[23],[24]}

2.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Aug. 06, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 3,689,000

Cost/Amortized Cost

^{[5],[23],[24]}

3,689,000

Fair Value

^{[5],[7],[23],[24]}

$ 3,689,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

7.90%

Interest Rate, PIK

^[1],[2],[25]

7.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

2.50%

Maturity

^[1],[2],[25]

Oct. 09, 2025

Initial Acquisition Date

^[1],[2],[25]

Oct. 28, 2020

Par/ Shares

^[1],[2],[25]

$ 10,487,000

Cost/Amortized Cost

^[1],[2],[25]

9,851,000

Fair Value

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

$ 9,976,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.40%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 27, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 447,000

Cost/Amortized Cost

^{[5],[23],[24]}

447,000

Fair Value

^{[5],[7],[23],[24]}

$ 424,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[23]

12.40%

Reference Rate and Spread

^{[5],[23],[26]}

7.00%

Investment, Interest Rate, Floor

^[5],[23]

1.00%

Maturity

^[5],[23]

Apr. 27, 2024

Initial Acquisition Date

^[5],[23]

Mar. 01, 2021

Par/ Shares

^[5],[23]

$ 739,000

Cost/Amortized Cost

^[5],[23]

739,000

Fair Value

^[5],[7],[23]

$ 701,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.50%

Reference Rate and Spread

^{[1],[2],[25],[27]}

7.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Feb. 27, 2024

Initial Acquisition Date

^[1],[2],[25]

Oct. 28, 2020

Par/ Shares

^[1],[2],[25]

$ 448,000

Cost/Amortized Cost

^[1],[2],[25]

448,000

Fair Value

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

$ 445,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

12.50%

Reference Rate and Spread

^[1],[2],[27]

7.00%

Investment, Interest Rate, Floor

^[1],[2]

1.00%

Maturity

^[1],[2]

Feb. 27, 2024

Initial Acquisition Date

^[1],[2]

Mar. 01, 2021

Par/ Shares

^[1],[2]

$ 740,000

Cost/Amortized Cost

^[1],[2]

740,000

Fair Value

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

$ 735,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.40%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 27, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 4,886,000

Cost/Amortized Cost

^{[5],[23],[24]}

4,886,000

Fair Value

^{[5],[7],[23],[24]}

$ 4,637,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.50%

Reference Rate and Spread

^{[1],[2],[25],[27]}

7.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Feb. 27, 2024

Initial Acquisition Date

^[1],[2],[25]

Oct. 28, 2020

Par/ Shares

^[1],[2],[25]

$ 4,899,000

Cost/Amortized Cost

^[1],[2],[25]

4,898,000

Fair Value

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

$ 4,866,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.40%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 27, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 575,000

Cost/Amortized Cost

^{[5],[23],[24]}

575,000

Fair Value

^{[5],[7],[23],[24]}

$ 546,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

12.60%

Reference Rate and Spread

^{[1],[2],[25],[27],[31]}

7.00%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Feb. 27, 2024

Initial Acquisition Date

^{[1],[2],[25],[31]}

Oct. 28, 2020

Par/ Shares

^{[1],[2],[25],[31]}

$ 41,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

41,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 41,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Colonnade Intermediate, LLC Revolver Services: Business Interest Rate 12.6% Cash Reference Rate and Spread SOFR+7.00% Floor 1.00% Maturity 2/27/24, Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

12.60%

Reference Rate and Spread

^{[1],[2],[25],[27],[31]}

7.00%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Feb. 27, 2024

Initial Acquisition Date

^{[1],[2],[25],[31]}

Oct. 28, 2020

Par/ Shares

^{[1],[2],[25],[31]}

$ 576,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

576,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 571,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

14.50%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 27, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 110,000

Cost/Amortized Cost

^{[5],[23],[24]}

110,000

Fair Value

^{[5],[7],[23],[24]}

$ 104,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[23]

12.40%

Reference Rate and Spread

^{[5],[23],[26]}

7.00%

Investment, Interest Rate, Floor

^[5],[23]

1.00%

Maturity

^[5],[23]

Apr. 27, 2024

Initial Acquisition Date

^[5],[23]

Mar. 01, 2021

Par/ Shares

^[5],[23]

$ 696,000

Cost/Amortized Cost

^[5],[23]

696,000

Fair Value

^[5],[7],[23]

$ 660,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.40%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 27, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Mar. 02, 2022

Par/ Shares

^{[5],[23],[24]}

$ 399,000

Cost/Amortized Cost

^{[5],[23],[24]}

399,000

Fair Value

^{[5],[7],[23],[24]}

$ 379,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

12.50%

Reference Rate and Spread

^[1],[2],[27]

7.00%

Investment, Interest Rate, Floor

^[1],[2]

1.00%

Maturity

^[1],[2]

Feb. 27, 2024

Initial Acquisition Date

^[1],[2]

Mar. 01, 2021

Par/ Shares

^[1],[2]

$ 698,000

Cost/Amortized Cost

^[1],[2]

698,000

Fair Value

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

$ 693,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.50%

Reference Rate and Spread

^{[1],[2],[25],[27]}

7.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Feb. 27, 2024

Initial Acquisition Date

^[1],[2],[25]

Mar. 02, 2022

Par/ Shares

^[1],[2],[25]

$ 400,000

Cost/Amortized Cost

^[1],[2],[25]

400,000

Fair Value

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

$ 398,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.90%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Oct. 30, 2026

Initial Acquisition Date

^[1],[2],[25]

Nov. 01, 2021

Par/ Shares

^[1],[2],[25]

$ 625,000

Cost/Amortized Cost

^[1],[2],[25]

619,000

Fair Value

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

$ 615,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Critical Nurse Staffing, LLC Delayed Draw Term Loan Healthcare & Pharmaceuticals Interest Rate 12.0% Cash Reference Rate and Spread SOFR+6.50% Floor 1.00% Maturity 10/30/26, Initial Acquisition Date 11/1/21

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Oct. 30, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Nov. 01, 2021

Par/ Shares

^{[5],[23],[24]}

$ 623,000

Cost/Amortized Cost

^{[5],[23],[24]}

618,000

Fair Value

^{[5],[7],[23],[24]}

$ 615,000

Schedule of Investments [Line Items]

Interest Rate, Cash

0.50%

^{[5],[23],[30]}

0.50%

^[1],[2],[31]

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[30]}

1.00%

^[1],[2],[31]

Maturity

Oct. 30, 2026

^{[5],[23],[30]}

Oct. 30, 2026

^[1],[2],[31]

Initial Acquisition Date

Nov. 01, 2021

^{[5],[23],[30]}

Nov. 01, 2021

^[1],[2],[31]

Cost/Amortized Cost

$ 35,000

^{[5],[23],[30]}

$ (35,000)

^[1],[2],[31]

Fair Value

$ (26,000)

^{[5],[7],[23],[30]}

$ (30,000)

^{[1],[2],[3],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Oct. 30, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Nov. 01, 2021

Par/ Shares

^{[5],[23],[24]}

$ 8,062,000

Cost/Amortized Cost

^{[5],[23],[24]}

7,989,000

Fair Value

^{[5],[7],[23],[24]}

$ 7,959,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Nov. 01, 2026

Initial Acquisition Date

^{[5],[23],[24],[30]}

Nov. 01, 2021

Par/ Shares

^{[5],[23],[24]}

$ 3,980,000

Cost/Amortized Cost

^{[5],[23],[24],[30]}

3,909,000

Fair Value

^{[5],[7],[23],[24],[30]}

$ 3,929,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Oct. 30, 2026

Initial Acquisition Date

^[1],[2],[25]

Nov. 01, 2021

Par/ Shares

^[1],[2],[25]

$ 8,082,000

Cost/Amortized Cost

^[1],[2],[25]

8,002,000

Fair Value

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

$ 7,961,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Nov. 01, 2026

Initial Acquisition Date

^[1],[2],[25]

Nov. 01, 2021

Par/ Shares

^[1],[2],[25]

$ 3,990,000

Cost/Amortized Cost

^[1],[2],[25]

3,912,000

Fair Value

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

$ 3,930,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.20%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.75%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Nov. 23, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 08, 2020

Par/ Shares

^{[5],[23],[24]}

$ 2,696,000

Cost/Amortized Cost

^{[5],[23],[24]}

2,663,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,615,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Datalink, LLC First Lien Term Loan Healthcare & Pharmaceuticals Interest Rate 12.2% Cash Reference Rate and Spread SOFR+6.75% Floor 1.25% Maturity 11/23/26, Initial Acquisition Date 12/8/20

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.20%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.75%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Nov. 23, 2026

Initial Acquisition Date

^[1],[2],[25]

Dec. 08, 2020

Par/ Shares

^[1],[2],[25]

$ 2,715,000

Cost/Amortized Cost

^[1],[2],[25]

2,679,000

Fair Value

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

$ 2,715,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24],[30]}

12.30%

Reference Rate and Spread

^{[5],[23],[24],[26],[30]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24],[30]}

0.75%

Maturity

^{[5],[23],[24],[30]}

Dec. 26, 2028

Initial Acquisition Date

^{[5],[23],[24],[30]}

Dec. 23, 2022

Par/ Shares

^{[5],[23],[24],[30]}

$ 501,000

Cost/Amortized Cost

^{[5],[23],[24],[30]}

492,000

Fair Value

^{[5],[7],[23],[24],[30]}

$ 488,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Dentive, LLC Delayed Draw Term Loan - First Lien Healthcare & Pharmaceuticals Interest Rate 12.4% Cash Reference Rate and Spread SOFR+7.00% Floor 0.75% Maturity 12/26/28, Initial Acquisition Date 12/23/22

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

12.40%

Reference Rate and Spread

^{[1],[2],[25],[27],[31]}

7.00%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

0.75%

Maturity

^{[1],[2],[25],[31]}

Dec. 26, 2028

Initial Acquisition Date

^{[1],[2],[25],[31]}

Dec. 23, 2022

Par/ Shares

^{[1],[2],[25],[31]}

$ 317,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

307,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 304,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.75%

Maturity

^{[5],[23],[24]}

Dec. 26, 2028

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 23, 2022

Par/ Shares

^{[5],[23],[24]}

$ 1,504,000

Cost/Amortized Cost

^{[5],[23],[24]}

1,468,000

Fair Value

^{[5],[7],[23],[24]}

$ 1,477,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.40%

Reference Rate and Spread

^{[1],[2],[25],[27]}

7.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

0.75%

Maturity

^[1],[2],[25]

Dec. 26, 2028

Initial Acquisition Date

^[1],[2],[25]

Dec. 23, 2022

Par/ Shares

^[1],[2],[25]

$ 1,507,000

Cost/Amortized Cost

^[1],[2],[25]

1,470,000

Fair Value

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

$ 1,482,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

12.30%

Reference Rate and Spread

^{[5],[23],[26],[30]}

7.00%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

0.75%

Maturity

^{[5],[23],[30]}

Dec. 23, 2028

Initial Acquisition Date

^{[5],[23],[30]}

Dec. 23, 2022

Par/ Shares

^{[5],[23],[30]}

$ 0

Cost/Amortized Cost

^{[5],[23],[30]}

6,000

Fair Value

^{[5],[7],[23],[30]}

$ (4,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

12.40%

Reference Rate and Spread

^{[1],[2],[27],[31]}

7.00%

Investment, Interest Rate, Floor

^[1],[2],[31]

0.75%

Maturity

^[1],[2],[31]

Dec. 23, 2028

Initial Acquisition Date

^[1],[2],[31]

Dec. 23, 2022

Par/ Shares

^[1],[2],[31]

$ 48,000

Cost/Amortized Cost

^[1],[2],[31]

42,000

Fair Value

^{[1],[2],[3],[31]}

$ 44,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

10.30%

Reference Rate and Spread

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

4.75%

Investment, Interest Rate, Floor

^[2],[25]

0.50%

Maturity

^[2],[25]

Feb. 10, 2029

Initial Acquisition Date

^[2],[25]

Feb. 10, 2022

Par/ Shares

^[2],[25]

$ 1,478,000

Cost/Amortized Cost

^[2],[25]

1,461,000

Fair Value

^[2],[3],[25]

$ 1,165,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

9.80%

Reference Rate and Spread

^{[5],[23],[24],[26]}

4.75%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.50%

Maturity

^{[5],[23],[24]}

Feb. 10, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Feb. 10, 2022

Par/ Shares

^{[5],[23],[24]}

$ 1,474,000

Cost/Amortized Cost

^{[5],[23],[24]}

1,457,000

Fair Value

^{[5],[7],[23],[24]}

$ 1,220,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

11.90%

Reference Rate and Spread

^{[23],[24],[26]}

6.50%

Maturity

^{[5],[23],[24]}

Dec. 14, 2025

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 2,049,000

Cost/Amortized Cost

^{[5],[23],[24]}

1,944,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,046,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

12.00%

Reference Rate and Spread

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

6.50%

Maturity

^[2],[25]

Dec. 14, 2025

Initial Acquisition Date

^[2],[25]

Oct. 28, 2020

Par/ Shares

^[2],[25]

$ 2,049,000

Cost/Amortized Cost

^[2],[25]

1,928,000

Fair Value

^[2],[3],[25]

$ 1,983,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

10.30%

Reference Rate and Spread

^{[23],[24],[26]}

5.00%

Investment, Interest Rate, Floor

^[23],[24]

0.75%

Maturity

^[23],[24]

Oct. 18, 2028

Initial Acquisition Date

^{[5],[23],[24]}

Jun. 09, 2022

Par/ Shares

^{[5],[23],[24]}

$ 1,975,000

Cost/Amortized Cost

^{[5],[23],[24]}

1,888,000

Fair Value

^{[5],[7],[23],[24]}

$ 1,754,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

10.40%

Reference Rate and Spread

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

5.00%

Investment, Interest Rate, Floor

^[2],[25]

0.75%

Maturity

^[2],[25]

Oct. 18, 2028

Initial Acquisition Date

^[2],[25]

Jun. 09, 2022

Par/ Shares

^[2],[25]

$ 1,980,000

Cost/Amortized Cost

^[2],[25]

1,888,000

Fair Value

^[2],[3],[25]

$ 1,737,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

10.40%

Reference Rate and Spread

^{[23],[24],[26]}

5.00%

Investment, Interest Rate, Floor

^[23],[24]

0.75%

Maturity

^{[5],[23],[24]}

Oct. 18, 2028

Initial Acquisition Date

^{[5],[23],[24]}

Mar. 22, 2022

Par/ Shares

^{[5],[23],[24]}

$ 4,900,000

Cost/Amortized Cost

^{[5],[23],[24]}

4,857,000

Fair Value

^{[5],[7],[23],[24]}

$ 4,353,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

10.50%

Reference Rate and Spread

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

5.00%

Investment, Interest Rate, Floor

^[2],[25]

0.75%

Maturity

^[2],[25]

Oct. 18, 2028

Initial Acquisition Date

^[2],[25]

Mar. 22, 2022

Par/ Shares

^[2],[25]

$ 4,913,000

Cost/Amortized Cost

^[2],[25]

4,868,000

Fair Value

^[2],[3],[25]

$ 4,311,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

11.20%

Reference Rate and Spread

^{[5],[23],[26],[30]}

5.75%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

1.00%

Maturity

^{[5],[23],[30]}

Feb. 13, 2026

Initial Acquisition Date

^{[5],[23],[30]}

Feb. 13, 2020

Par/ Shares

^{[5],[23],[30]}

$ 131,000

Cost/Amortized Cost

^{[5],[23],[30]}

123,000

Fair Value

^{[5],[7],[23],[30]}

$ 123,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.20%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.75%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Feb. 13, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Feb. 13, 2020

Par/ Shares

^{[5],[23],[24]}

$ 2,625,000

Cost/Amortized Cost

^{[5],[23],[24]}

2,576,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,573,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[25]

10.40%

Reference Rate and Spread

^[25],[27]

4.75%

Investment, Interest Rate, Floor

^[25]

0.75%

Maturity

^[25]

Feb. 25, 2026

Initial Acquisition Date

^[25]

Mar. 18, 2022

Par/ Shares

^[25]

$ 2,900,000

Cost/Amortized Cost

^[25]

2,890,000

Fair Value

^[3],[25]

$ 2,350,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[24]

10.40%

Reference Rate and Spread

^[24],[26]

4.75%

Investment, Interest Rate, Floor

^[24]

0.75%

Maturity

^[24]

Mar. 10, 2026

Initial Acquisition Date

^[24]

Mar. 18, 2022

Par/ Shares

^[24]

$ 2,900,000

Cost/Amortized Cost

^[24]

2,891,000

Fair Value

^[7],[24]

$ 2,617,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

13.80%

Interest Rate, PIK

^[1],[2]

1.00%

Reference Rate and Spread

^[1],[2],[27]

8.36%

Maturity

^[1],[2]

May 15, 2024

Initial Acquisition Date

^[1],[2]

Oct. 28, 2020

Par/ Shares

^[1],[2]

$ 6,852,000

Cost/Amortized Cost

^[1],[2]

6,124,000

Fair Value

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

$ 4,127,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[23]

13.70%

Interest Rate, PIK

^[5],[23]

1.00%

Reference Rate and Spread

^{[5],[23],[26]}

8.36%

Maturity

^[5],[23]

May 15, 2024

Initial Acquisition Date

^[5],[23]

Oct. 28, 2020

Par/ Shares

^[5],[23]

$ 6,742,000

Cost/Amortized Cost

^[5],[23]

6,013,000

Fair Value

^[5],[7],[23]

$ 3,851,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2]

13.70%

Reference Rate and Spread

^[1],[2],[27]

8.36%

Maturity

^[1],[2]

May 15, 2024

Initial Acquisition Date

^[1],[2]

Oct. 28, 2020

Par/ Shares

^[1],[2]

$ 51,000

Cost/Amortized Cost

^[1],[2]

44,000

Fair Value

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

$ 31,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[23]

13.70%

Reference Rate and Spread

^{[5],[23],[26]}

8.36%

Maturity

^{[5],[23],[24]}

May 15, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^[5],[23]

$ 51,000

Cost/Amortized Cost

^{[5],[23],[24]}

44,000

Fair Value

^[5],[7],[23]

$ 29,000

Schedule of Investments [Line Items]

Interest Rate, Cash

16.00%

^[5],[23]

16.00%

^[1],[2]

Maturity

Apr. 01, 2024

^[5],[23]

Apr. 01, 2024

^[1],[2]

Initial Acquisition Date

Feb. 16, 2021

^[5],[23]

Feb. 16, 2021

^[1],[2]

Par/ Shares

$ 1,808,000

^[5],[23]

$ 1,854,000

^[1],[2]

Cost/Amortized Cost

1,808,000

^[5],[23]

1,854,000

^[1],[2]

Fair Value

$ 1,800,000

^[5],[7],[23]

$ 1,854,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

11.70%

Reference Rate and Spread

^{[5],[23],[26],[30]}

6.25%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

1.00%

Maturity

^{[5],[23],[30]}

Jul. 02, 2027

Initial Acquisition Date

^{[5],[23],[30]}

Jul. 02, 2021

Par/ Shares

^{[5],[23],[30]}

$ 5,858,000

Cost/Amortized Cost

^{[5],[23],[30]}

5,771,000

Fair Value

^{[5],[7],[23],[30]}

$ 5,679,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.70%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.25%

Maturity

^{[5],[23],[24]}

Jul. 02, 2027

Initial Acquisition Date

^{[5],[23],[24]}

Jul. 02, 2021

Par/ Shares

^{[5],[23],[24]}

$ 4,625,000

Cost/Amortized Cost

^{[5],[23],[24]}

4,466,000

Fair Value

^{[5],[7],[23],[24]}

$ 14,299,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

11.80%

Reference Rate and Spread

^{[1],[2],[27],[31]}

6.25%

Investment, Interest Rate, Floor

^[1],[2],[31]

1.00%

Maturity

^[1],[2],[31]

Jul. 02, 2027

Initial Acquisition Date

^[1],[2],[31]

Jul. 02, 2021

Par/ Shares

^[1],[2],[31]

$ 3,858,000

Cost/Amortized Cost

^[1],[2],[31]

3,764,000

Fair Value

^{[1],[2],[3],[31]}

$ 3,578,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.80%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.25%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Jul. 02, 2027

Initial Acquisition Date

^[1],[2],[25]

Jul. 02, 2021

Par/ Shares

^[1],[2],[25]

$ 14,663,000

Cost/Amortized Cost

^[1],[2],[25]

14,491,000

Fair Value

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

$ 14,149,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[28]}

12.80%

Interest Rate, PIK

^{[1],[2],[25],[28]}

2.00%

Reference Rate and Spread

^{[1],[2],[25],[27],[28]}

7.50%

Investment, Interest Rate, Floor

^{[1],[2],[25],[28]}

1.00%

Maturity

^{[1],[2],[25],[28]}

Dec. 21, 2023

Initial Acquisition Date

^{[1],[2],[25],[28]}

Oct. 28, 2020

Par/ Shares

^{[1],[2],[25],[28]}

$ 7,525,000

Cost/Amortized Cost

^{[1],[2],[25],[28]}

7,087,000

Fair Value

^{[1],[2],[3],[25],[28]}

$ 4,252,000

Schedule of Investments [Line Items]

Maturity

^{[5],[23],[24],[29]}

Jun. 21, 2026

Initial Acquisition Date

^{[5],[23],[24],[29]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24],[29]}

$ 3,827,000

Cost/Amortized Cost

^{[5],[23],[24],[29]}

$ 937,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[28]}

12.80%

Interest Rate, PIK

^{[1],[2],[25],[28]}

2.00%

Reference Rate and Spread

^{[1],[2],[25],[27],[28]}

7.50%

Investment, Interest Rate, Floor

^{[1],[2],[25],[28]}

1.00%

Maturity

^{[1],[2],[25],[28]}

Dec. 21, 2023

Initial Acquisition Date

^{[1],[2],[25],[28]}

Oct. 28, 2020

Par/ Shares

^{[1],[2],[25],[28]}

$ 773,000

Cost/Amortized Cost

^{[1],[2],[25],[28]}

728,000

Fair Value

^{[1],[2],[3],[25],[28]}

$ 437,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

6.60%

Interest Rate, PIK

^{[5],[23],[24]}

2.50%

Reference Rate and Spread

^{[5],[23],[24],[26]}

1.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

5.25%

Maturity

^{[5],[23],[24]}

Jun. 21, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 5,525,000

Cost/Amortized Cost

^{[5],[23],[24]}

4,535,000

Fair Value

^{[5],[7],[23],[24]}

$ 5,290,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

9.40%

Reference Rate and Spread

^{[23],[24],[26]}

4.00%

Investment, Interest Rate, Floor

^[23],[24]

0.75%

Maturity

^[23],[24]

Nov. 19, 2026

Initial Acquisition Date

^[23],[24]

Nov. 17, 2022

Par/ Shares

^[23],[24]

$ 1,969,000

Cost/Amortized Cost

^[23],[24]

1,855,000

Fair Value

^{[7],[23],[24]}

$ 1,909,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

9.50%

Reference Rate and Spread

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

4.00%

Investment, Interest Rate, Floor

^[2],[25]

0.75%

Maturity

^[2],[25]

Nov. 19, 2026

Initial Acquisition Date

^[2],[25]

Nov. 17, 2022

Par/ Shares

^[2],[25]

$ 1,974,000

Cost/Amortized Cost

^[2],[25]

1,849,000

Fair Value

^[2],[3],[25]

$ 1,876,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

14.20%

Reference Rate and Spread

^{[1],[2],[25],[27]}

8.75%

Investment, Interest Rate, Floor

^[1],[2],[25]

2.00%

Maturity

^[1],[2],[25]

Sep. 19, 2026

Initial Acquisition Date

^[1],[2],[25]

Sep. 19, 2022

Par/ Shares

^[1],[2],[25]

$ 5,508,000

Cost/Amortized Cost

^[1],[2],[25]

5,395,000

Fair Value

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

$ 5,260,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

14.20%

Reference Rate and Spread

^{[5],[23],[24],[26]}

8.75%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

2.00%

Maturity

^{[5],[23],[24]}

Sep. 19, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Sep. 19, 2022

Par/ Shares

^{[5],[23],[24]}

$ 5,541,000

Cost/Amortized Cost

^{[5],[23],[24]}

5,437,000

Fair Value

^{[5],[7],[23],[24]}

$ 5,215,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

1.00%

Investment, Interest Rate, Floor

^[1],[2],[31]

1.00%

Maturity

^[1],[2],[31]

Jul. 07, 2028

Initial Acquisition Date

^[1],[2],[31]

Jul. 20, 2023

Cost/Amortized Cost

^[1],[2],[31]

$ (20,000)

Fair Value

^{[1],[2],[3],[31]}

$ (17,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

12.00%

Reference Rate and Spread

^{[5],[23],[26],[30]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

1.00%

Maturity

^{[5],[23],[30]}

Jul. 07, 2028

Initial Acquisition Date

^{[5],[23],[30]}

Jul. 20, 2023

Par/ Shares

^{[5],[23],[30]}

$ 260,000

Cost/Amortized Cost

^{[5],[23],[30]}

241,000

Fair Value

^{[5],[7],[23],[30]}

$ 245,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Jul. 07, 2028

Initial Acquisition Date

^{[5],[23],[24]}

Jul. 20, 2023

Par/ Shares

^{[5],[23],[24]}

$ 2,920,000

Cost/Amortized Cost

^{[5],[23],[24]}

2,869,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,880,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

0.50%

Maturity

^[1],[2],[25]

Jul. 07, 2028

Initial Acquisition Date

^[1],[2],[25]

Jul. 20, 2023

Par/ Shares

^[1],[2],[25]

$ 2,928,000

Cost/Amortized Cost

^[1],[2],[25]

2,873,000

Fair Value

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

$ 2,880,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

11.40%

Reference Rate and Spread

^{[23],[24],[26]}

6.00%

Investment, Interest Rate, Floor

^[23],[24]

1.00%

Maturity

^[23],[24]

Jul. 21, 2025

Initial Acquisition Date

^[23],[24]

Oct. 28, 2020

Par/ Shares

^[23],[24]

$ 2,606,000

Cost/Amortized Cost

^[23],[24]

2,510,000

Fair Value

^{[7],[23],[24]}

$ 2,580,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

11.50%

Reference Rate and Spread

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

6.00%

Investment, Interest Rate, Floor

^[2],[25]

1.00%

Maturity

^[2],[25]

Jul. 21, 2025

Initial Acquisition Date

^[2],[25]

Oct. 28, 2020

Par/ Shares

^[2],[25]

$ 2,613,000

Cost/Amortized Cost

^[2],[25]

2,498,000

Fair Value

^[2],[3],[25]

$ 2,531,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

9.80%

Reference Rate and Spread

^{[23],[24],[26]}

4.25%

Investment, Interest Rate, Floor

^[23],[24]

0.75%

Maturity

^[23],[24]

Dec. 01, 2027

Initial Acquisition Date

^[23],[24]

Oct. 12, 2022

Par/ Shares

^[23],[24]

$ 985,000

Cost/Amortized Cost

^[23],[24]

822,000

Fair Value

^{[7],[23],[24]}

$ 925,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

9.90%

Reference Rate and Spread

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

4.25%

Investment, Interest Rate, Floor

^[2],[25]

0.75%

Maturity

^[2],[25]

Dec. 01, 2027

Initial Acquisition Date

^[2],[25]

Oct. 12, 2022

Par/ Shares

^[2],[25]

$ 987,000

Cost/Amortized Cost

^[2],[25]

813,000

Fair Value

^[2],[3],[25]

$ 940,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[10]

11.30%

Interest Rate, PIK

^[5],[10]

7.00%

Reference Rate and Spread

^{[5],[10],[26]}

6.00%

Investment, Interest Rate, Floor

^[5],[10]

1.00%

Maturity

^[5],[10]

Dec. 15, 2026

Initial Acquisition Date

^[5],[10]

Dec. 15, 2021

Par/ Shares

^[5],[10]

$ 2,295,000

Cost/Amortized Cost

^[5],[10]

2,273,000

Fair Value

^[5],[7],[10]

$ 2,295,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[8]

11.40%

Interest Rate, PIK

^[1],[8]

7.00%

Reference Rate and Spread

^[1],[8],[27]

6.00%

Investment, Interest Rate, Floor

^[1],[8]

1.00%

Maturity

^[1],[8]

Dec. 15, 2026

Initial Acquisition Date

^[1],[8]

Dec. 15, 2021

Par/ Shares

^[1],[8]

$ 2,260,000

Cost/Amortized Cost

^[1],[8]

2,236,000

Fair Value

^[1],[3],[8]

$ 2,254,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.50%

^[5],[23]

11.50%

^[1],[2]

Reference Rate and Spread

6.00%

^{[5],[23],[26]}

6.00%

^[1],[2],[27]

Investment, Interest Rate, Floor

1.00%

^[5],[23]

1.00%

^[1],[2]

Maturity

Nov. 23, 2027

^[5],[23]

Nov. 23, 2027

^[1],[2]

Initial Acquisition Date

Nov. 23, 2021

^[5],[23]

Nov. 23, 2021

^[1],[2]

Par/ Shares

$ 872,000

^[5],[23]

$ 872,000

^[1],[2]

Cost/Amortized Cost

859,000

^[5],[23]

859,000

^[1],[2]

Fair Value

$ 858,000

^[5],[7],[23]

$ 842,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.50%

^{[5],[23],[24]}

11.50%

^[1],[2],[25]

Reference Rate and Spread

6.00%

^{[5],[23],[24],[26]}

6.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Nov. 23, 2027

^{[5],[23],[24]}

Nov. 23, 2027

^[1],[2],[25]

Initial Acquisition Date

Nov. 23, 2021

^{[5],[23],[24]}

Nov. 23, 2021

^[1],[2],[25]

Par/ Shares

$ 11,969,000

^{[5],[23],[24]}

$ 11,999,000

^[1],[2],[25]

Cost/Amortized Cost

11,859,000

^{[5],[23],[24]}

11,882,000

^[1],[2],[25]

Fair Value

$ 11,770,000

^{[5],[7],[23],[24]}

$ 11,579,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

12.00%

^[23],[24]

12.00%

^[2],[25]

Reference Rate and Spread

6.50%

^{[23],[24],[26]}

6.50%

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

Investment, Interest Rate, Floor

1.00%

^[23],[24]

1.00%

^[2],[25]

Maturity

Dec. 31, 2026

^[23],[24]

Dec. 31, 2026

^[2],[25]

Initial Acquisition Date

Oct. 28, 2020

^[23],[24]

Oct. 28, 2020

^[2],[25]

Par/ Shares

$ 2,327,000

^[23],[24]

$ 2,381,000

^[2],[25]

Cost/Amortized Cost

2,215,000

^[23],[24]

2,256,000

^[2],[25]

Fair Value

$ 1,454,000

^{[7],[23],[24]}

$ 1,792,000

^[2],[3],[25]

Schedule of Investments [Line Items]

Interest Rate, Cash

13.00%

^{[5],[23],[24]}

13.00%

^[1],[2],[25]

Reference Rate and Spread

7.65%

^{[5],[23],[24],[26]}

7.65%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Oct. 02, 2028

^{[5],[23],[24]}

Oct. 02, 2028

^[1],[2],[25]

Initial Acquisition Date

Oct. 02, 2023

^{[5],[23],[24]}

Oct. 02, 2023

^[1],[2],[25]

Par/ Shares

$ 468,000

^{[5],[23],[24]}

$ 469,000

^[1],[2],[25]

Cost/Amortized Cost

457,000

^{[5],[23],[24]}

457,000

^[1],[2],[25]

Fair Value

$ 472,000

^{[5],[7],[23],[24]}

$ 473,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

13.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

7.65%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Oct. 02, 2029

Initial Acquisition Date

^[1],[2],[25]

Oct. 02, 2023

Par/ Shares

^[1],[2],[25]

$ 892,000

Cost/Amortized Cost

^[1],[2],[25]

892,000

Fair Value

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

$ 853,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

13.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.65%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Oct. 02, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 02, 2023

Par/ Shares

^{[5],[23],[24]}

$ 890,000

Cost/Amortized Cost

^{[5],[23],[24]}

890,000

Fair Value

^{[5],[7],[23],[24]}

$ 853,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

12.70%

Reference Rate and Spread

^{[1],[2],[25],[27]}

7.25%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Apr. 11, 2025

Initial Acquisition Date

^[1],[2],[25]

Oct. 28, 2020

Par/ Shares

^[1],[2],[25]

$ 5,933,000

Cost/Amortized Cost

^[1],[2],[25]

5,933,000

Fair Value

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

$ 5,933,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Luminii LLC First Lien Term Loan B Construction & Building Interest Rate 12.7% Cash Reference Rate and Spread SOFR+7.35% Floor 1.00% Maturity 4/11/25, Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

12.70%

Reference Rate and Spread

^{[5],[23],[24],[26]}

7.35%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 11, 2025

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 5,918,000

Cost/Amortized Cost

^{[5],[23],[24]}

5,918,000

Fair Value

^{[5],[7],[23],[24]}

$ 5,918,000

Schedule of Investments [Line Items]

Interest Rate, Cash

12.70%

^{[5],[23],[24],[30]}

12.70%

^{[1],[2],[25],[31]}

Reference Rate and Spread

7.35%

^{[5],[23],[24],[26],[30]}

7.35%

^{[1],[2],[25],[27],[31]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24],[30]}

1.00%

^{[1],[2],[25],[31]}

Maturity

Apr. 11, 2025

^{[5],[23],[24],[30]}

Apr. 11, 2025

^{[1],[2],[25],[31]}

Initial Acquisition Date

Oct. 28, 2020

^{[5],[23],[24],[30]}

Oct. 28, 2020

^{[1],[2],[25],[31]}

Par/ Shares

$ 343,000

^{[5],[23],[24],[30]}

$ 343,000

^{[1],[2],[25],[31]}

Cost/Amortized Cost

343,000

^{[5],[23],[24],[30]}

343,000

^{[1],[2],[25],[31]}

Fair Value

$ 343,000

^{[5],[7],[23],[24],[30]}

$ 343,000

^{[1],[2],[3],[25],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 01, 2027

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

$ 3,654,000

Cost/Amortized Cost

^{[5],[23],[24]}

3,362,000

Fair Value

^{[5],[7],[23],[24]}

$ 3,526,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

11.00%

Reference Rate and Spread

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

5.50%

Investment, Interest Rate, Floor

^[2],[25]

1.00%

Maturity

^[2],[25]

Apr. 01, 2027

Initial Acquisition Date

^[2],[25]

Oct. 28, 2020

Par/ Shares

^[2],[25]

$ 3,664,000

Cost/Amortized Cost

^[2],[25]

3,347,000

Fair Value

^[2],[3],[25]

$ 3,520,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Dec. 09, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Jan. 01, 2022

Par/ Shares

^{[5],[23],[24]}

$ 2,922,000

Cost/Amortized Cost

^{[5],[23],[24]}

2,924,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,776,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.50%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Dec. 09, 2026

Initial Acquisition Date

^[1],[2],[25]

Jan. 01, 2022

Par/ Shares

^[1],[2],[25]

$ 2,893,000

Cost/Amortized Cost

^[1],[2],[25]

2,895,000

Fair Value

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

$ 2,774,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Dec. 09, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 31, 2020

Par/ Shares

^{[5],[23],[24]}

$ 7,005,000

Cost/Amortized Cost

^{[5],[23],[24]}

6,966,000

Fair Value

^{[5],[7],[23],[24]}

$ 6,655,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.50%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Dec. 09, 2026

Initial Acquisition Date

^[1],[2],[25]

Dec. 31, 2020

Par/ Shares

^[1],[2],[25]

$ 6,935,000

Cost/Amortized Cost

^[1],[2],[25]

6,892,000

Fair Value

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

$ 6,649,000

Schedule of Investments [Line Items]

Interest Rate, Cash

13.70%

^{[5],[23],[24]}

13.70%

^[1],[2],[25]

Reference Rate and Spread

8.25%

^{[5],[23],[24],[26]}

8.25%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Dec. 14, 2027

^{[5],[23],[24]}

Dec. 14, 2027

^[1],[2],[25]

Initial Acquisition Date

Dec. 14, 2022

^{[5],[23],[24]}

Dec. 14, 2022

^[1],[2],[25]

Par/ Shares

$ 9,750,000

^{[5],[23],[24]}

$ 9,750,000

^[1],[2],[25]

Cost/Amortized Cost

9,606,000

^{[5],[23],[24]}

9,596,000

^[1],[2],[25]

Fair Value

$ 9,531,000

^{[5],[7],[23],[24]}

$ 9,506,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

0.50%

^{[5],[23],[30]}

0.50%

^[1],[2],[31]

Investment, Interest Rate, Floor

2.00%

^{[5],[23],[30]}

2.00%

^[1],[2],[31]

Maturity

Oct. 26, 2026

^{[5],[23],[30]}

Oct. 26, 2026

^[1],[2],[31]

Initial Acquisition Date

Oct. 26, 2023

^{[5],[23],[30]}

Oct. 26, 2023

^[1],[2],[31]

Cost/Amortized Cost

$ 10,000

^{[5],[23],[30]}

$ (11,000)

^[1],[2],[31]

Fair Value

$ (9,000)

^{[5],[7],[23],[30]}

$ (10,000)

^{[1],[2],[3],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

13.50%

^{[5],[23],[24]}

13.50%

^[1],[2],[25]

Reference Rate and Spread

8.00%

^{[5],[23],[24],[26]}

8.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

2.00%

^{[5],[23],[24]}

2.00%

^[1],[2],[25]

Maturity

Oct. 26, 2026

^{[5],[23],[24]}

Oct. 26, 2026

^[1],[2],[25]

Initial Acquisition Date

Oct. 26, 2023

^{[5],[23],[24]}

Oct. 26, 2023

^[1],[2],[25]

Par/ Shares

$ 2,263,000

^{[5],[23],[24]}

$ 2,277,000

^[1],[2],[25]

Cost/Amortized Cost

2,136,000

^{[5],[23],[24]}

2,138,000

^[1],[2],[25]

Fair Value

$ 2,167,000

^{[5],[7],[23],[24]}

$ 2,169,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

10.40%

Reference Rate and Spread

^{[23],[24],[26]}

5.00%

Investment, Interest Rate, Floor

^[23],[24]

0.50%

Maturity

^[23],[24]

Apr. 11, 2029

Initial Acquisition Date

^[23],[24]

Nov. 22, 2022

Par/ Shares

^[23],[24]

$ 2,481,000

Cost/Amortized Cost

^[23],[24]

2,261,000

Fair Value

^{[7],[23],[24]}

2,293,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Neptune BidCo US Inc. First Lien Term Loan Media: Broadcasting & Subscription Interest Rate 10.5% Cash Reference Rate and Spread SOFR+5.00% Floor 0.50% Maturity 4/11/29, Initial Acquisition Date 11/22/22

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

10.50%

Reference Rate and Spread

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

5.00%

Investment, Interest Rate, Floor

^[2],[25]

0.50%

Maturity

^[2],[25]

Apr. 11, 2029

Initial Acquisition Date

^[2],[25]

Nov. 22, 2022

Par/ Shares

^[2],[25]

$ 2,488,000

Cost/Amortized Cost

^[2],[25]

2,257,000

Fair Value

^[2],[3],[25]

2,279,000

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

Schedule of Investments [Line Items]

Cost/Amortized Cost

364,981,000

356,358,000

Fair Value

$ 349,844,000

^[7]

$ 340,159,000

^[3]

Schedule of Investments [Line Items]

Interest Rate, Cash

1.00%

^{[5],[23],[24],[30]}

1.00%

^{[1],[2],[25],[31]}

Investment, Interest Rate, Floor

0.75%

^{[5],[23],[24],[30]}

0.75%

^{[1],[2],[25],[31]}

Maturity

Jun. 09, 2029

^{[5],[23],[24],[30]}

Jun. 09, 2029

^{[1],[2],[25],[31]}

Initial Acquisition Date

Jun. 09, 2022

^{[5],[23],[24],[30]}

Jun. 09, 2022

^{[1],[2],[25],[31]}

Cost/Amortized Cost

^{[1],[2],[25],[31]}

$ (2,000)

Fair Value

^{[1],[2],[3],[25],[31]}

$ (3,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.40%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.75%

Maturity

^{[5],[23],[24]}

Jun. 09, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Jun. 09, 2022

Par/ Shares

^{[5],[23],[24]}

$ 4,281,000

Cost/Amortized Cost

^{[5],[23],[24]}

4,262,000

Fair Value

^{[5],[7],[23],[24]}

$ 4,223,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

10.40%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.00%

Maturity

^[1],[2],[25]

Jun. 09, 2029

Initial Acquisition Date

^[1],[2],[25]

Jun. 09, 2022

Par/ Shares

^[1],[2],[25]

$ 3,379,000

Cost/Amortized Cost

^[1],[2],[25]

3,360,000

Fair Value

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

$ 3,367,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

0.30%

Investment, Interest Rate, Floor

^[1],[2],[31]

0.75%

Maturity

^[1],[2],[31]

Jun. 09, 2029

Initial Acquisition Date

^[1],[2],[31]

Jun. 09, 2022

Cost/Amortized Cost

^[1],[2],[31]

$ (9,000)

Fair Value

^{[1],[2],[3],[31]}

$ (4,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

0.30%

Investment, Interest Rate, Floor

^{[5],[23],[30]}

0.75%

Maturity

^{[5],[23],[30]}

Jun. 09, 2029

Initial Acquisition Date

^{[5],[23],[30]}

Jun. 09, 2022

Cost/Amortized Cost

^{[5],[23],[30]}

$ 9,000

Fair Value

^{[5],[7],[23],[30]}

$ (15,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[32]

8.00%

Maturity

^[1],[2],[32]

Apr. 05, 2028

Initial Acquisition Date

^[1],[2],[32]

Jan. 27, 2022

Par/ Shares

^[1],[2],[32]

$ 4,500,000

Cost/Amortized Cost

^[1],[2],[32]

4,500,000

Fair Value

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

$ 3,560,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[5],[23]

8.00%

Maturity

^[5],[23]

Jan. 01, 2025

Initial Acquisition Date

^[5],[23]

Feb. 21, 2024

Par/ Shares

^[5],[23]

$ 500,000

Cost/Amortized Cost

^[5],[23]

500,000

Fair Value

^[5],[7],[23]

$ 500,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[33]}

8.00%

Maturity

^{[5],[23],[33]}

Apr. 05, 2028

Initial Acquisition Date

^{[5],[23],[33]}

Jan. 27, 2022

Par/ Shares

^{[5],[23],[33]}

$ 4,500,000

Cost/Amortized Cost

^{[5],[23],[33]}

4,500,000

Fair Value

^{[5],[7],[23],[33]}

$ 3,369,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.70%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.25%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Apr. 29, 2027

Initial Acquisition Date

^{[5],[23],[24]}

May 07, 2021

Par/ Shares

^{[5],[23],[24]}

$ 7,530,000

Cost/Amortized Cost

^{[5],[23],[24]}

7,452,000

Fair Value

^{[5],[7],[23],[24]}

$ 7,385,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans One Stop Mailing LLC First Lien Term LoanTransportation: Consumer Interest Rate 11.7% Cash Reference Rate and Spread SOFR+6.25% Floor 1.00% Maturity 4/9/27, Initial Acquisition Date 5/7/21

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.70%

Reference Rate and Spread

^{[1],[2],[25],[27]}

6.25%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Apr. 29, 2027

Initial Acquisition Date

^[1],[2],[25]

May 07, 2021

Par/ Shares

^[1],[2],[25]

$ 7,550,000

Cost/Amortized Cost

^[1],[2],[25]

7,465,000

Fair Value

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

$ 7,409,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.00%

Interest Rate, PIK

^{[5],[23],[24]}

0.80%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

2.50%

Maturity

^{[5],[23],[24]}

Feb. 17, 2027

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 23, 2019

Par/ Shares

^{[5],[23],[24]}

$ 2,735,000

Cost/Amortized Cost

^{[5],[23],[24]}

2,733,000

Fair Value

^{[5],[7],[23],[24]}

$ 2,673,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans PVHC Holding Corp Term Loan Containers, Packaging and Glass Interest Rate 11.0% Cash + 0.8% PIK Reference Rate and Spread SOFR+5.55% Floor 2.50% Maturity 2/17/27, Initial Acquisition Date 12/23/19

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.00%

Interest Rate, PIK

^[1],[2],[25]

0.80%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

2.50%

Maturity

^[1],[2],[25]

Feb. 17, 2027

Initial Acquisition Date

^[1],[2],[25]

Dec. 23, 2019

Par/ Shares

^[1],[2],[25]

$ 2,736,000

Cost/Amortized Cost

^[1],[2],[25]

2,734,000

Fair Value

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

$ 2,665,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

1.00%

Maturity

^{[5],[23],[30]}

Oct. 20, 2029

Initial Acquisition Date

^{[5],[23],[30]}

May 10, 2023

Cost/Amortized Cost

^{[5],[23],[30]}

$ (6,000)

Fair Value

^{[5],[7],[23],[30]}

$ (8,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

1.00%

Investment, Interest Rate, Floor

^[1],[2],[31]

1.00%

Maturity

^[1],[2],[31]

Oct. 20, 2029

Initial Acquisition Date

^[1],[2],[31]

May 10, 2023

Cost/Amortized Cost

^[1],[2],[31]

$ (7,000)

Fair Value

^{[1],[2],[3],[31]}

$ (7,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

12.00%

^{[5],[23],[24]}

12.00%

^[1],[2],[25]

Reference Rate and Spread

6.50%

^{[5],[23],[24],[26]}

6.50%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Oct. 20, 2029

^{[5],[23],[24]}

Oct. 20, 2029

^[1],[2],[25]

Initial Acquisition Date

May 10, 2023

^{[5],[23],[24]}

May 10, 2023

^[1],[2],[25]

Par/ Shares

$ 1,304,000

^{[5],[23],[24]}

$ 1,307,000

^[1],[2],[25]

Cost/Amortized Cost

1,280,000

^{[5],[23],[24]}

1,282,000

^[1],[2],[25]

Fair Value

$ 1,289,000

^{[5],[7],[23],[24]}

$ 1,294,000

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

Schedule of Investments [Line Items]

Interest Rate, PIK

5.00%

^[5],[23]

5.00%

^[1],[2]

Maturity

Apr. 04, 2026

^[5],[23]

Apr. 04, 2026

^[1],[2]

Initial Acquisition Date

May 29, 2020

^[5],[23]

May 29, 2020

^[1],[2]

Par/ Shares

$ 1,728,000

^[5],[23]

$ 1,706,000

^[1],[2]

Cost/Amortized Cost

1,587,000

^[5],[23]

1,548,000

^[1],[2]

Fair Value

$ 652,000

^[5],[7],[23]

$ 1,007,000

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

Schedule of Investments [Line Items]

Interest Rate, PIK

7.00%

^{[5],[23],[29]}

7.00%

^[1],[2],[28]

Maturity

Apr. 04, 2026

^{[5],[23],[29]}

Apr. 04, 2026

^[1],[2],[28]

Initial Acquisition Date

May 29, 2020

^{[5],[23],[29]}

May 29, 2020

^[1],[2],[28]

Par/ Shares

$ 1,621,000

^{[5],[23],[29]}

$ 1,593,000

^[1],[2],[28]

Cost/Amortized Cost

$ 1,499,000

^{[5],[23],[29]}

1,456,000

^[1],[2],[28]

Fair Value

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

$ 193,000

Schedule of Investments [Line Items]

Interest Rate, PIK

9.00%

^[5],[23]

9.00%

^[1],[2]

Maturity

Apr. 04, 2026

^[5],[23]

Apr. 04, 2026

^[1],[2]

Initial Acquisition Date

May 29, 2020

^[5],[23]

May 29, 2020

^[1],[2]

Par/ Shares

$ 1,289,000

^[5],[23]

$ 1,261,000

^[1],[2]

Cost/Amortized Cost

1,283,000

^[5],[23]

1,254,000

^[1],[2]

Fair Value

$ 1,206,000

^[5],[7],[23]

$ 1,170,000

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

Schedule of Investments [Line Items]

Interest Rate, PIK

10.00%

^[5],[23]

10.00%

^[1],[2]

Maturity

Apr. 04, 2026

^[5],[23]

Apr. 04, 2026

^[1],[2]

Initial Acquisition Date

Apr. 04, 2022

^[5],[23]

Apr. 04, 2022

^[1],[2]

Par/ Shares

$ 62,000

^[5],[23]

$ 60,000

^[1],[2]

Cost/Amortized Cost

62,000

^[5],[23]

60,000

^[1],[2]

Fair Value

$ 23,000

^[5],[7],[23]

$ 36,000

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

Schedule of Investments [Line Items]

Interest Rate, PIK

10.00%

^[5],[23]

10.00%

^[1],[2]

Maturity

Apr. 04, 2026

^[5],[23]

Apr. 04, 2026

^[1],[2]

Initial Acquisition Date

May 03, 2022

^[5],[23]

May 03, 2022

^[1],[2]

Par/ Shares

$ 433,000

^[5],[23]

$ 422,000

^[1],[2]

Cost/Amortized Cost

431,000

^[5],[23]

420,000

^[1],[2]

Fair Value

$ 411,000

^[5],[7],[23]

$ 398,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.60%

^{[5],[23],[24]}

11.60%

^[1],[2],[25]

Reference Rate and Spread

6.00%

^{[5],[23],[24],[26]}

6.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Jan. 02, 2025

^{[5],[23],[24]}

Jan. 02, 2025

^[1],[2],[25]

Initial Acquisition Date

Dec. 30, 2021

^{[5],[23],[24]}

Dec. 30, 2021

^[1],[2],[25]

Par/ Shares

$ 564,000

^{[5],[23],[24]}

$ 548,000

^[1],[2],[25]

Cost/Amortized Cost

559,000

^{[5],[23],[24]}

543,000

^[1],[2],[25]

Fair Value

$ 531,000

^{[5],[7],[23],[24]}

$ 527,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.60%

^{[5],[23],[24]}

11.60%

^[1],[2],[25]

Reference Rate and Spread

6.00%

^{[5],[23],[24],[26]}

6.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Jan. 02, 2025

^{[5],[23],[24]}

Jan. 02, 2025

^[1],[2],[25]

Initial Acquisition Date

Dec. 30, 2021

^{[5],[23],[24]}

Dec. 30, 2021

^[1],[2],[25]

Par/ Shares

$ 2,081,000

^{[5],[23],[24]}

$ 2,022,000

^[1],[2],[25]

Cost/Amortized Cost

2,076,000

^{[5],[23],[24]}

2,015,000

^[1],[2],[25]

Fair Value

$ 1,954,000

^{[5],[7],[23],[24]}

$ 1,944,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

11.20%

^{[5],[23],[24]}

11.20%

^[1],[2],[25]

Reference Rate and Spread

5.75%

^{[5],[23],[24],[26]}

5.75%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Apr. 22, 2027

^{[5],[23],[24]}

Apr. 22, 2027

^[1],[2],[25]

Initial Acquisition Date

Apr. 21, 2021

^{[5],[23],[24]}

Apr. 21, 2021

^[1],[2],[25]

Par/ Shares

$ 5,597,000

^{[5],[23],[24]}

$ 5,612,000

^[1],[2],[25]

Cost/Amortized Cost

5,578,000

^{[5],[23],[24]}

5,590,000

^[1],[2],[25]

Fair Value

$ 5,592,000

^{[5],[7],[23],[24]}

$ 5,591,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

10.80%

Reference Rate and Spread

^{[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^[23],[24]

0.50%

Maturity

^[23],[24]

Jun. 08, 2029

Initial Acquisition Date

^[23],[24]

Jun. 09, 2022

Par/ Shares

^[23],[24]

$ 7,154,000

Cost/Amortized Cost

^[23],[24]

6,611,000

Fair Value

^{[7],[23],[24]}

$ 6,516,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

10.90%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

0.50%

Maturity

^[1],[2],[25]

Jun. 08, 2029

Initial Acquisition Date

^[1],[2],[25]

Jun. 09, 2022

Par/ Shares

^[1],[2],[25]

$ 7,900,000

Cost/Amortized Cost

^[1],[2],[25]

7,249,000

Fair Value

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

$ 7,018,000

Schedule of Investments [Line Items]

Interest Rate, Cash

10.70%

^[23],[24]

10.70%

^[2],[25]

Reference Rate and Spread

5.25%

^{[23],[24],[26]}

5.25%

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

Investment, Interest Rate, Floor

0.50%

^[23],[24]

0.50%

^[2],[25]

Maturity

Jul. 20, 2029

^[23],[24]

Jul. 20, 2029

^[2],[25]

Initial Acquisition Date

Jun. 15, 2022

^[23],[24]

Jun. 15, 2022

^[2],[25]

Par/ Shares

$ 7,900,000

^[23],[24]

$ 7,920,000

^[2],[25]

Cost/Amortized Cost

7,482,000

^[23],[24]

7,481,000

^[2],[25]

Fair Value

$ 7,329,000

^{[7],[23],[24]}

$ 7,201,000

^[2],[3],[25]

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

6.20%

Interest Rate, PIK

^[23],[24]

9.00%

Reference Rate and Spread

^{[23],[24],[26]}

1.00%

Investment, Interest Rate, Floor

^[23],[24]

1.00%

Maturity

^[23],[24]

Jul. 14, 2025

Initial Acquisition Date

^[23],[24]

Jul. 14, 2023

Par/ Shares

^[23],[24]

$ 4,473,000

Cost/Amortized Cost

^[23],[24]

4,473,000

Fair Value

^{[7],[23],[24]}

$ 4,041,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2]

6.40%

Interest Rate, PIK

^[2]

9.00%

Reference Rate and Spread

^[2],[27]

1.00%

Investment, Interest Rate, Floor

^[2]

1.00%

Maturity

^[2]

Jul. 14, 2025

Initial Acquisition Date

^[2]

Jul. 14, 2023

Par/ Shares

^[2]

$ 4,373,000

Cost/Amortized Cost

^[2]

4,373,000

Fair Value

^[2],[3]

$ 4,209,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

10.20%

Reference Rate and Spread

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

4.25%

Maturity

^[2],[25]

Jul. 09, 2025

Initial Acquisition Date

^[2],[25]

Jan. 26, 2021

Par/ Shares

^[2],[25]

$ 6,966,000

Cost/Amortized Cost

^[2],[25]

6,575,000

Fair Value

^[2],[3],[25]

$ 5,654,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

10.60%

Reference Rate and Spread

^{[23],[24],[26]}

5.00%

Investment, Interest Rate, Floor

^[23],[24]

1.00%

Maturity

^[23],[24]

Jan. 31, 2029

Initial Acquisition Date

^[23],[24]

Jan. 26, 2021

Par/ Shares

^[23],[24]

$ 6,229,000

Cost/Amortized Cost

^[23],[24]

5,919,000

Fair Value

^{[7],[23],[24]}

$ 6,033,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.20%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.75%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Mar. 29, 2025

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 23, 2019

Par/ Shares

^{[5],[23],[24]}

$ 6,114,000

Cost/Amortized Cost

^{[5],[23],[24]}

6,098,000

Fair Value

^{[5],[7],[23],[24]}

$ 6,067,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.30%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.75%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Mar. 29, 2025

Initial Acquisition Date

^[1],[2],[25]

Dec. 23, 2019

Par/ Shares

^[1],[2],[25]

$ 6,131,000

Cost/Amortized Cost

^[1],[2],[25]

6,111,000

Fair Value

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

$ 6,064,000

Schedule of Investments [Line Items]

Interest Rate, Cash

11.50%

^[23],[24]

11.50%

^[2],[25]

Reference Rate and Spread

6.00%

^{[23],[24],[26]}

6.00%

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

Investment, Interest Rate, Floor

0.75%

^[23],[24]

0.75%

^[2],[25]

Maturity

Mar. 24, 2028

^[23],[24]

Mar. 24, 2028

^[2],[25]

Initial Acquisition Date

Apr. 28, 2022

^[23],[24]

Apr. 28, 2022

^[2],[25]

Par/ Shares

$ 4,427,000

^[23],[24]

$ 4,439,000

^[2],[25]

Cost/Amortized Cost

4,351,000

^[23],[24]

4,357,000

^[2],[25]

Fair Value

$ 2,900,000

^{[7],[23],[24]}

$ 3,285,000

^[2],[3],[25]

Schedule of Investments [Line Items]

Maturity

^{[5],[23],[30]}

Mar. 29, 2029

Initial Acquisition Date

^{[5],[23],[30]}

Mar. 29, 2024

Cost/Amortized Cost

^{[5],[23],[30]}

$ 4,000

Fair Value

^{[5],[7],[23],[30]}

$ 4,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

6.00%

Maturity

^{[5],[23],[24]}

Mar. 29, 2029

Initial Acquisition Date

^{[5],[23],[24]}

Mar. 29, 2024

Par/ Shares

^{[5],[23],[24]}

$ 6,364,000

Cost/Amortized Cost

^{[5],[23],[24]}

6,246,000

Fair Value

^{[5],[7],[23],[24]}

$ 6,246,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

0.50%

Maturity

^{[5],[23],[30]}

Dec. 07, 2028

Initial Acquisition Date

^{[5],[23],[30]}

Dec. 07, 2021

Cost/Amortized Cost

^{[5],[23],[30]}

$ (49,000)

Fair Value

^{[5],[7],[23],[30]}

$ (50,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

11.00%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

0.75%

Maturity

^{[5],[23],[24]}

Dec. 07, 2028

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 07, 2021

Par/ Shares

^{[5],[23],[24]}

$ 1,225,000

Cost/Amortized Cost

^{[5],[23],[24]}

1,212,000

Fair Value

^{[5],[7],[23],[24]}

$ 1,212,000

Schedule of Investments [Line Items]

Interest Rate, Cash

9.00%

^[5],[23]

9.00%

^[1],[2]

Maturity

Sep. 20, 2027

^[5],[23]

Sep. 20, 2027

^[1],[2]

Initial Acquisition Date

Sep. 20, 2022

^[5],[23]

Sep. 20, 2022

^[1],[2]

Par/ Shares

$ 3,150,000

^[5],[23]

$ 3,150,000

^[1],[2]

Cost/Amortized Cost

2,786,000

^[5],[23]

2,760,000

^[1],[2]

Fair Value

$ 2,552,000

^[5],[7],[23]

$ 2,528,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

13.50%

Interest Rate, PIK

^{[5],[23],[24]}

1.50%

Reference Rate and Spread

^{[5],[23],[24],[26]}

8.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

May 01, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 01, 2021

Par/ Shares

^{[5],[23],[24]}

$ 6,639,000

Cost/Amortized Cost

^{[5],[23],[24]}

6,619,000

Fair Value

^{[5],[7],[23],[24]}

$ 6,412,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

13.50%

Interest Rate, PIK

^[1],[2],[25]

9.50%

Reference Rate and Spread

^{[1],[2],[25],[27]}

8.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

May 01, 2024

Initial Acquisition Date

^[1],[2],[25]

Oct. 01, 2021

Par/ Shares

^[1],[2],[25]

$ 6,528,000

Cost/Amortized Cost

^[1],[2],[25]

6,445,000

Fair Value

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

$ 6,313,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[2],[25]

10.00%

Reference Rate and Spread

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

4.50%

Investment, Interest Rate, Floor

^[2],[25]

0.75%

Maturity

^[2],[25]

Dec. 22, 2027

Initial Acquisition Date

^[2],[25]

Feb. 02, 2022

Par/ Shares

^[2],[25]

$ 1,670,000

Cost/Amortized Cost

^[2],[25]

1,667,000

Fair Value

^[2],[3],[25]

$ 1,502,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[23],[24]

9.90%

Reference Rate and Spread

^{[23],[24],[26]}

4.50%

Investment, Interest Rate, Floor

^[23],[24]

0.75%

Maturity

^[23],[24]

Dec. 22, 2027

Initial Acquisition Date

^[23],[24]

Feb. 02, 2022

Par/ Shares

^[23],[24]

$ 1,666,000

Cost/Amortized Cost

^[23],[24]

1,663,000

Fair Value

^{[7],[23],[24]}

$ 1,572,000

Schedule of Investments [Line Items]

Interest Rate, Cash

13.10%

^{[5],[23],[24]}

13.10%

^[1],[2],[25]

Reference Rate and Spread

7.75%

^{[5],[23],[24],[26]}

7.75%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Dec. 05, 2028

^{[5],[23],[24]}

Dec. 05, 2028

^[1],[2],[25]

Initial Acquisition Date

Dec. 05, 2023

^{[5],[23],[24]}

Dec. 05, 2023

^[1],[2],[25]

Par/ Shares

$ 2,714,000

^{[5],[23],[24]}

$ 2,759,000

^[1],[2],[25]

Cost/Amortized Cost

2,625,000

^{[5],[23],[24]}

2,663,000

^[1],[2],[25]

Fair Value

$ 2,639,000

^{[5],[7],[23],[24]}

$ 2,662,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24],[30]}

10.80%

Reference Rate and Spread

^{[5],[23],[24],[26],[30]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24],[30]}

1.00%

Maturity

^{[5],[23],[24],[30]}

Oct. 02, 2027

Initial Acquisition Date

^{[5],[23],[24],[30]}

Oct. 01, 2021

Par/ Shares

^{[5],[23],[24],[30]}

$ 7,853,000

Cost/Amortized Cost

^{[5],[23],[24],[30]}

7,842,000

Fair Value

^{[5],[7],[23],[24],[30]}

$ 7,853,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24],[30]}

10.80%

Reference Rate and Spread

^{[5],[23],[24],[26],[30]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24],[30]}

1.00%

Maturity

^{[5],[23],[24],[30]}

Oct. 02, 2027

Initial Acquisition Date

^{[5],[23],[24],[30]}

May 02, 2022

Par/ Shares

^{[5],[23],[24],[30]}

$ 1,713,000

Cost/Amortized Cost

^{[5],[23],[24],[30]}

1,710,000

Fair Value

^{[5],[7],[23],[24],[30]}

$ 1,713,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans TA/WEG Holdings, LLC Delayed Draw Term Loan Banking, Finance, Insurance & Real Estate Interest Rate 10.9% Cash Reference Rate and Spread SOFR+5.50% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 10/1/21

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

10.90%

Reference Rate and Spread

^{[1],[2],[25],[27],[31]}

5.50%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Oct. 02, 2027

Initial Acquisition Date

^{[1],[2],[25],[31]}

Oct. 01, 2021

Par/ Shares

^{[1],[2],[25],[31]}

$ 7,873,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

7,861,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 7,873,000

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+5.75% Floor 1.00% Maturity 10/2/27, Initial Acquisition Date 5/2/22

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[1],[2],[25],[31]}

11.20%

Reference Rate and Spread

^{[1],[2],[25],[27],[31]}

5.75%

Investment, Interest Rate, Floor

^{[1],[2],[25],[31]}

1.00%

Maturity

^{[1],[2],[25],[31]}

Oct. 02, 2027

Initial Acquisition Date

^{[1],[2],[25],[31]}

May 02, 2022

Par/ Shares

^{[1],[2],[25],[31]}

$ 4,219,000

Cost/Amortized Cost

^{[1],[2],[25],[31]}

4,210,000

Fair Value

^{[1],[2],[3],[25],[31]}

$ 4,219,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

0.50%

^{[5],[23],[30]}

0.50%

^[1],[2],[31]

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[30]}

1.00%

^[1],[2],[31]

Maturity

Oct. 02, 2027

^{[5],[23],[30]}

Oct. 02, 2027

^[1],[2],[31]

Initial Acquisition Date

May 02, 2022

^{[5],[23],[30]}

May 02, 2022

^[1],[2],[31]

Cost/Amortized Cost

$ (2,000)

^{[5],[23],[30]}

$ (3,000)

^[1],[2],[31]

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Jun. 29, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 23, 2019

Par/ Shares

^{[5],[23],[24]}

$ 720,000

Cost/Amortized Cost

^{[5],[23],[24]}

720,000

Fair Value

^{[5],[7],[23],[24]}

$ 719,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Jun. 28, 2024

Initial Acquisition Date

^[1],[2],[25]

Dec. 23, 2019

Par/ Shares

^[1],[2],[25]

$ 722,000

Cost/Amortized Cost

^[1],[2],[25]

720,000

Fair Value

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

$ 718,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

11.00%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.50%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Jun. 28, 2024

Initial Acquisition Date

^[1],[2],[25]

Dec. 08, 2020

Par/ Shares

^[1],[2],[25]

$ 5,458,000

Cost/Amortized Cost

^[1],[2],[25]

5,455,000

Fair Value

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

$ 5,444,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.90%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.50%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Jun. 29, 2026

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 08, 2020

Par/ Shares

^{[5],[23],[24]}

$ 5,443,000

Cost/Amortized Cost

^{[5],[23],[24]}

5,441,000

Fair Value

^{[5],[7],[23],[24]}

$ 5,431,000

Investment, Identifier [Axis]: Debt Securities Portfolio Senior Secured Loans Tactical Air Support, Inc. Delayed Draw Term Loan Aerospace and Defense Interest Rate 0.8% Cash Floor 1.00% Maturity 12/22/28, Initial Acquisition Date 12/22/23

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

0.80%

Investment, Interest Rate, Floor

^[1],[2],[31]

1.00%

Maturity

^[1],[2],[31]

Dec. 22, 2028

Initial Acquisition Date

^[1],[2],[31]

Dec. 22, 2023

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

0.80%

Maturity

^{[5],[23],[30]}

Dec. 22, 2028

Initial Acquisition Date

^{[5],[23],[30]}

Dec. 22, 2023

Fair Value

^{[5],[7],[23],[30]}

$ (7,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

14.00%

^{[5],[23],[24]}

14.00%

^[1],[2],[25]

Reference Rate and Spread

8.50%

^{[5],[23],[24],[26]}

8.50%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

1.00%

^{[5],[23],[24]}

1.00%

^[1],[2],[25]

Maturity

Dec. 22, 2028

^{[5],[23],[24]}

Dec. 22, 2028

^[1],[2],[25]

Initial Acquisition Date

Dec. 22, 2023

^{[5],[23],[24]}

Dec. 22, 2023

^[1],[2],[25]

Par/ Shares

$ 1,714,000

^{[5],[23],[24]}

$ 1,714,000

^[1],[2],[25]

Cost/Amortized Cost

1,674,000

^{[5],[23],[24]}

1,672,000

^[1],[2],[25]

Fair Value

$ 1,674,000

^{[5],[7],[23],[24]}

$ 1,671,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[31]

1.00%

Investment, Interest Rate, Floor

^[1],[2],[31]

2.00%

Maturity

^[1],[2],[31]

Jun. 14, 2028

Initial Acquisition Date

^[1],[2],[31]

Jun. 14, 2023

Cost/Amortized Cost

^[1],[2],[31]

$ 34,000

Fair Value

^{[1],[2],[3],[31]}

$ (24,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[30]}

1.00%

Investment, Interest Rate, Floor

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

2.00%

Maturity

^{[5],[23],[30]}

Jun. 14, 2028

Initial Acquisition Date

^{[5],[23],[30]}

Jun. 14, 2023

Cost/Amortized Cost

^{[5],[23],[30]}

$ 32,000

Fair Value

^{[5],[7],[23],[30]}

$ (33,000)

Schedule of Investments [Line Items]

Interest Rate, Cash

13.50%

^[5],[23]

13.50%

^[1],[2],[31]

Reference Rate and Spread

8.00%

^{[5],[23],[26]}

8.00%

^{[1],[2],[27],[31]}

Investment, Interest Rate, Floor

2.00%

^[5],[23]

2.00%

^[1],[2],[31]

Maturity

Jun. 14, 2028

^[5],[23]

Jun. 14, 2028

^[1],[2],[31]

Initial Acquisition Date

Jun. 14, 2023

^[5],[23]

Jun. 14, 2023

^[1],[2],[31]

Par/ Shares

$ 387,000

^[5],[23]

$ 129,000

^[1],[2],[31]

Cost/Amortized Cost

381,000

^[5],[23]

122,000

^[1],[2],[31]

Fair Value

$ 380,000

^[5],[7],[23]

$ 124,000

^{[1],[2],[3],[31]}

Schedule of Investments [Line Items]

Interest Rate, Cash

13.50%

^{[5],[23],[24]}

13.50%

^[1],[2],[25]

Reference Rate and Spread

8.00%

^{[5],[23],[24],[26]}

8.00%

^{[1],[2],[25],[27]}

Investment, Interest Rate, Floor

2.00%

^{[5],[23],[24]}

2.00%

^[1],[2],[25]

Maturity

Jun. 14, 2028

^{[5],[23],[24]}

Jun. 14, 2028

^[1],[2],[25]

Initial Acquisition Date

Jun. 14, 2023

^{[5],[23],[24]}

Jun. 14, 2023

^[1],[2],[25]

Par/ Shares

$ 3,491,000

^{[5],[23],[24]}

$ 3,500,000

^[1],[2],[25]

Cost/Amortized Cost

3,433,000

^{[5],[23],[24]}

3,438,000

^[1],[2],[25]

Fair Value

$ 3,430,000

^{[5],[7],[23],[24]}

$ 3,456,000

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

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[5],[23],[24]}

10.30%

Reference Rate and Spread

^{[5],[23],[24],[26]}

5.00%

Investment, Interest Rate, Floor

^{[5],[23],[24]}

1.00%

Maturity

^{[5],[23],[24]}

Nov. 18, 2024

Initial Acquisition Date

^{[5],[23],[24]}

Dec. 18, 2019

Par/ Shares

^{[5],[23],[24]}

$ 750,000

Cost/Amortized Cost

^{[5],[23],[24]}

748,000

Fair Value

^{[5],[7],[23],[24]}

750,000

Schedule of Investments [Line Items]

Interest Rate, Cash

^[1],[2],[25]

10.40%

Reference Rate and Spread

^{[1],[2],[25],[27]}

5.00%

Investment, Interest Rate, Floor

^[1],[2],[25]

1.00%

Maturity

^[1],[2],[25]

Nov. 18, 2024

Initial Acquisition Date

^[1],[2],[25]

Dec. 18, 2019

Par/ Shares

^[1],[2],[25]

$ 1,125,000

Cost/Amortized Cost

^[1],[2],[25]

1,121,000

Fair Value

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

$ 1,124,000

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[1],[2],[6],[28]}

10.00%

Maturity

^{[1],[2],[6],[28]}

Feb. 15, 2022

Initial Acquisition Date

^{[1],[2],[6],[28]}

Feb. 15, 2019

Par/ Shares

^{[1],[2],[6],[28]}

$ 511,000

Cost/Amortized Cost

^{[1],[2],[6],[28]}

416,000

Fair Value

^{[1],[2],[6],[28]}

43,000

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

Schedule of Investments [Line Items]

Cost/Amortized Cost

$ 31,000

Investment, Identifier [Axis]: Derivatives Portfolio Advantage Capital Holdings LLC Derivatives Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/14/22

Schedule of Investments [Line Items]

Initial Acquisition Date

Apr. 14, 2022

^[5],[35]

Apr. 14, 2022

^[1],[36]

Investment, Identifier [Axis]: Derivatives Portfolio HDNet Holdco LLC (Anthem) Derivatives Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

Sep. 09, 2019

^[5],[35]

Sep. 09, 2019

^[1],[36]

Cost/Amortized Cost

$ 31,000

^[5],[35]

$ 31,000

^[1],[36]

Investment, Identifier [Axis]: Equity Securities Portfolio 4L Ultimate Topco Corporation Common Services: Business Initial Acquisition Date 5/29/20

Schedule of Investments [Line Items]

Initial Acquisition Date

May 29, 2020

^{[5],[23],[37]}

May 29, 2020

^[1],[2],[38]

Par/ Shares

321

^{[5],[23],[37]}

321,000

^[1],[2],[38]

Cost/Amortized Cost

$ 29,000

^{[5],[23],[37]}

$ 29,000

^[1],[2],[38]

Fair Value

$ 29,000

^{[5],[7],[23],[37]}

$ 29,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Equity Healthcare & Pharmaceuticals Initial Acquisition Date 5/18/22

Schedule of Investments [Line Items]

Initial Acquisition Date

May 18, 2022

^{[5],[23],[37],[39]}

May 18, 2022

^{[1],[2],[38],[40]}

Fair Value

$ 509,000

^{[5],[7],[23],[37],[39]}

$ 493,000

^{[1],[2],[3],[38],[40]}

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% Cash Initial Acquisition Date 5/18/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[39]}

May 18, 2022

Par/ Shares

^{[5],[23],[39]}

146,214

Cost/Amortized Cost

^{[5],[23],[39]}

$ 4,000

Fair Value

^{[5],[7],[23],[39]}

$ 201,000

Investment, Identifier [Axis]: Equity Securities Portfolio AAPC Holdings, LLC Preferred Equity Healthcare & Pharmaceuticals Interest Rate 18.0% PIK Initial Acquisition Date 5/18/22

Schedule of Investments [Line Items]

Interest Rate, PIK

18.00%

^{[5],[23],[39]}

18.00%

^[1],[2],[40]

Initial Acquisition Date

^[1],[2],[40]

May 18, 2022

Par/ Shares

^[1],[2],[40]

146,214

Cost/Amortized Cost

^[1],[2],[40]

$ 4,000

Fair Value

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

$ 195,000

Investment, Identifier [Axis]: Equity Securities Portfolio ATP Oil & Gas Corporation Limited Term Royalty Interest Energy Oil & Gas Initial Acquisition Date 12/18/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[41]

Dec. 18, 2019

Fair Value

^{[1],[2],[3],[41]}

$ 57,000

Investment, Identifier [Axis]: Equity Securities Portfolio ATP Oil & Gas Corporation Limited Term Royalty Interest Energy: Oil & Gas Initial Acquisition Date 12/18/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[42]}

Dec. 18, 2019

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

Schedule of Investments [Line Items]

Initial Acquisition Date

Mar. 31, 2020

^{[5],[23],[35],[37],[39]}

Mar. 31, 2020

^{[1],[2],[36],[38],[40]}

Par/ Shares

658

^{[5],[23],[35],[37],[39]}

658

^{[1],[2],[36],[38],[40]}

Fair Value

$ 1,883,000

^{[5],[7],[23],[35],[37],[39]}

$ 2,128,000

^{[1],[2],[3],[36],[38],[40]}

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

Schedule of Investments [Line Items]

Initial Acquisition Date

Apr. 14, 2022

^{[5],[23],[37],[39]}

Apr. 14, 2022

^{[1],[2],[38],[40]}

Par/ Shares

164

^{[5],[23],[37],[39]}

164

^{[1],[2],[38],[40]}

Cost/Amortized Cost

$ 500,000

^{[5],[23],[37],[39]}

$ 502,000

^{[1],[2],[38],[40]}

Fair Value

$ 649,000

^{[5],[7],[23],[37],[39]}

$ 700,000

^{[1],[2],[3],[38],[40]}

Schedule of Investments [Line Items]

Interest Rate, PIK

12.50%

^{[5],[23],[39]}

12.50%

^[1],[2],[40]

Initial Acquisition Date

Apr. 14, 2022

^{[5],[23],[39]}

Apr. 14, 2022

^[1],[2],[40]

Par/ Shares

2,547,193

^{[5],[23],[39]}

2,470,210

^[1],[2],[40]

Cost/Amortized Cost

$ 2,549,000

^{[5],[23],[39]}

$ 2,470,000

^[1],[2],[40]

Fair Value

$ 2,548,000

^{[5],[7],[23],[39]}

$ 2,733,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class A Media Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Sep. 09, 2019

Par/ Shares

^[1],[2],[38]

263

Cost/Amortized Cost

^[1],[2],[38]

$ 46,000

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class A Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Sep. 09, 2019

Par/ Shares

^{[5],[23],[37]}

263

Cost/Amortized Cost

^{[5],[23],[37]}

$ 46,000

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class B Media Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Sep. 09, 2019

Par/ Shares

^[1],[2],[38]

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Class B Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Sep. 09, 2019

Par/ Shares

^{[5],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Common Stock Media Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Sep. 09, 2019

Par/ Shares

^[1],[2],[38]

859

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrant Common Stock Media: Broadcasting & Subscription Initial Acquisition Date 9/9/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Sep. 09, 2019

Par/ Shares

^{[5],[23],[37]}

859

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants1 Media Broadcasting & Subscription Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Nov. 15, 2021

Par/ Shares

^[1],[2],[38]

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants1 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Nov. 15, 2021

Par/ Shares

^{[5],[23],[37]}

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants2 Media Broadcasting & Subscription Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Nov. 15, 2021

Par/ Shares

^[1],[2],[38]

247

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants2 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Nov. 15, 2021

Par/ Shares

^{[5],[23],[37]}

247

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants3 Media Broadcasting & Subscription Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Nov. 15, 2021

Par/ Shares

^[1],[2],[38]

785

Investment, Identifier [Axis]: Equity Securities Portfolio Anthem Sports & Entertainment Inc. Warrants3 Media: Broadcasting & Subscription Initial Acquisition Date 11/15/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Nov. 15, 2021

Par/ Shares

^{[5],[23],[37]}

785

Investment, Identifier [Axis]: Equity Securities Portfolio Aperture Dodge 18 LLC Equity Banking, Finance, Insurance & Real Estate Initial Acquisition Date 4/22/22

Schedule of Investments [Line Items]

Initial Acquisition Date

Apr. 22, 2022

^{[5],[23],[37]}

Apr. 22, 2022

^[1],[2],[38]

Par/ Shares

3,067,908

^{[5],[23],[37]}

3,067,908

^[1],[2],[38]

Cost/Amortized Cost

$ 3,068,000

^{[5],[23],[37]}

$ 3,068,000

^[1],[2],[38]

Fair Value

$ 3,317,000

^{[5],[7],[23],[37]}

$ 3,237,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Holdco, LLC Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

Schedule of Investments [Line Items]

Initial Acquisition Date

Jun. 09, 2021

^{[5],[23],[33],[34],[37]}

Jun. 09, 2021

^{[1],[2],[32],[38],[43]}

Par/ Shares

200,000

^{[5],[23],[33],[34],[37]}

200,000

^{[1],[2],[32],[38],[43]}

Cost/Amortized Cost

$ 467,000

^{[5],[23],[33],[34],[37]}

$ 467,000

^{[1],[2],[32],[38],[43]}

Fair Value

$ 631,000

^{[5],[7],[23],[33],[34],[37]}

$ 553,000

^{[1],[2],[3],[32],[38],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio BMP Slappey Investment II Preferred Stock Telecommunications Initial Acquisition Date 6/9/21

Schedule of Investments [Line Items]

Initial Acquisition Date

Jun. 09, 2021

^{[5],[23],[33],[34],[37]}

Jun. 09, 2021

^{[1],[2],[32],[38],[43]}

Par/ Shares

88,946

^{[5],[23],[33],[34],[37]}

88,946

^{[1],[2],[32],[38],[43]}

Cost/Amortized Cost

$ 208,000

^{[5],[23],[33],[34],[37]}

$ 208,000

^{[1],[2],[32],[38],[43]}

Fair Value

$ 281,000

^{[5],[7],[23],[33],[34],[37]}

$ 246,000

^{[1],[2],[3],[32],[38],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio Carestream Health Holdings, Inc Common Stock Healthcare & Pharmaceuticals Initial Acquisition Date 9/30/22

Schedule of Investments [Line Items]

Initial Acquisition Date

Sep. 30, 2022

^{[5],[23],[37]}

Sep. 30, 2022

^[1],[2],[38]

Par/ Shares

4,099

^{[5],[23],[37]}

4,099

^[1],[2],[38]

Cost/Amortized Cost

$ 53,000

^{[5],[23],[37]}

$ 53,000

^[1],[2],[38]

Fair Value

$ 91,000

^{[5],[7],[23],[37]}

$ 93,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio Centric Brands Inc. Common Machinery (Non-Agrclt/Constr/Electr) Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[1],[2],[25],[38],[43]}

Oct. 28, 2020

Par/ Shares

^{[1],[2],[25],[38],[43]}

36,342

Fair Value

^{[1],[2],[3],[25],[38],[43]}

$ 121,000

Investment, Identifier [Axis]: Equity Securities Portfolio Centric Brands, L.P. Equity Machinery (Non-Agrclt/Constr/Electr) Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

81,770

Cost/Amortized Cost

^{[5],[23],[24]}

$ 746,000

Fair Value

^{[5],[7],[23],[24]}

$ 1,343,000

Investment, Identifier [Axis]: Equity Securities Portfolio DxTx Pain and Spine LLC Common Healthcare & Pharmaceuticals Initial Acquisition Date 6/14/23

Schedule of Investments [Line Items]

Initial Acquisition Date

Jun. 14, 2023

^[5],[23]

Jun. 14, 2023

^[1],[2]

Par/ Shares

158,166

^[5],[23]

158,166

^[1],[2]

Cost/Amortized Cost

$ 258,000

^[5],[23]

$ 258,000

^[1],[2]

Fair Value

$ 259,000

^[5],[7],[23]

258,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio EBSC Holdings LLC Preferred Equity Consumer goods: Durable Initial Acquisition Date 3/29/24

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[5],[23],[33]}

10.00%

Initial Acquisition Date

^[5],[23]

Mar. 29, 2024

Par/ Shares

^[5],[23]

2,000

Cost/Amortized Cost

^[5],[23]

$ 1,974,000

Fair Value

^[5],[7],[23]

1,974,000

Investment, Identifier [Axis]: Equity Securities Portfolio Equities Net Asset Value at Fair Value

Schedule of Investments [Line Items]

Cost/Amortized Cost

34,077,000

31,280,000

Fair Value

$ 23,428,000

^[7]

$ 20,533,000

^[3]

Investment, Identifier [Axis]: Equity Securities Portfolio Everyware Global, Inc. Common Consumer Goods Durable Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Oct. 28, 2020

Par/ Shares

^[1],[2],[38]

1,085,565

Cost/Amortized Cost

^[1],[2],[38]

$ 346,000

Fair Value

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

$ 174,000

Investment, Identifier [Axis]: Equity Securities Portfolio Everyware Global, Inc. Common Consumer goods: Durable Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[37]}

1,085,565

Cost/Amortized Cost

^{[5],[23],[37]}

$ 346,000

Fair Value

^{[5],[7],[23],[37]}

$ 175,000

Investment, Identifier [Axis]: Equity Securities Portfolio FP WRCA Coinvestment Fund VII, Ltd Class A Shares Capital Equipment Initial Acquisition Date 2/2/07

Schedule of Investments [Line Items]

Initial Acquisition Date

Feb. 02, 2007

^{[5],[10],[37]}

Feb. 02, 2007

^[1],[8],[38]

Par/ Shares

100

^{[5],[10],[37]}

100

^[1],[8],[38]

Cost/Amortized Cost

$ 1,500,000

^{[5],[10],[37]}

$ 1,500,000

^[1],[8],[38]

Fair Value

$ 783,000

^{[5],[7],[10],[37]}

$ 903,000

^{[1],[3],[8],[38]}

Investment, Identifier [Axis]: Equity Securities Portfolio Fusion Connect, Inc. Common Telecommunications Initial Acquisition Date 1/14/20

Schedule of Investments [Line Items]

Initial Acquisition Date

Jan. 14, 2020

^{[5],[23],[24],[37]}

Jan. 14, 2020

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

Par/ Shares

^{[5],[23],[24],[37]}

121,871

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

Cost/Amortized Cost

$ 866,000

^{[5],[23],[24],[37]}

$ 866,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity Initial Acquisition Date 6/10/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[33],[37],[39]}

Jun. 10, 2022

Par/ Shares

^{[5],[23],[33],[37],[39]}

1,000

Cost/Amortized Cost

^{[5],[23],[33],[37],[39]}

$ 500,000

Fair Value

^{[5],[7],[23],[33],[37],[39]}

$ 500,000

Investment, Identifier [Axis]: Equity Securities Portfolio GreenPark Infrastructure, LLC Preferred Equity Energy: Electricity One Initial Acquisition Date 6/10/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[30],[33],[37],[39]}

Jun. 10, 2022

Par/ Shares

^{[5],[23],[30],[33],[37],[39]}

500

Cost/Amortized Cost

^{[5],[23],[30],[33],[37],[39]}

$ 171,000

Fair Value

^{[5],[7],[23],[30],[33],[37],[39]}

$ 171,000

Investment, Identifier [Axis]: Equity Securities Portfolio Greenpark Infrastructure, Llc Preferred Equity Energy Electricity Initial Acquisition Date 6/10/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[1],[2],[32],[38],[40]}

Jun. 10, 2022

Par/ Shares

^{[1],[2],[32],[38],[40]}

1,000

Cost/Amortized Cost

^{[1],[2],[32],[38],[40]}

$ 500,000

Fair Value

^{[1],[2],[3],[32],[38],[40]}

$ 500,000

Investment, Identifier [Axis]: Equity Securities Portfolio Greenpark Infrastructure, Llc Preferred Equity Energy Electricity One Initial Acquisition Date 6/10/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[1],[2],[31],[32],[38],[40]}

Jun. 10, 2022

Par/ Shares

^{[1],[2],[31],[32],[38],[40]}

500

Cost/Amortized Cost

^{[1],[2],[31],[32],[38],[40]}

$ 171,000

Fair Value

^{[1],[2],[3],[31],[32],[38],[40]}

$ 171,000

Investment, Identifier [Axis]: Equity Securities Portfolio HDC/HW Holdings, LLC Common Stock High Tech Industries Initial Acquisition Date 10/28/20

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[24]}

Oct. 28, 2020

Par/ Shares

^{[5],[23],[24]}

148,826

Investment, Identifier [Axis]: Equity Securities Portfolio Kleen-Tech Acquisition, LLC Common Stock Services: Business Initial Acquisition Date 6/9/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[33],[34],[37]}

Jun. 09, 2021

Par/ Shares

^{[5],[23],[33],[34],[37]}

250,000

Cost/Amortized Cost

^{[5],[23],[33],[34],[37]}

$ 1,264,000

Fair Value

^{[5],[7],[23],[33],[34],[37]}

$ 1,148,000

Investment, Identifier [Axis]: Equity Securities Portfolio LB NewHoldCo LLC Common Stock Hotel, Gaming & Leisure Initial Acquisition Date 10/2/23

Schedule of Investments [Line Items]

Initial Acquisition Date

Oct. 02, 2023

^{[5],[23],[24]}

Oct. 02, 2023

^[1],[2],[25]

Par/ Shares

96,523

^{[5],[23],[24]}

96,523

^[1],[2],[25]

Cost/Amortized Cost

$ 1,441,000

^{[5],[23],[24]}

$ 1,441,000

^[1],[2],[25]

Fair Value

$ 1,497,000

^{[5],[7],[23],[24]}

$ 1,442,000

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

Investment, Identifier [Axis]: Equity Securities Portfolio Morae Global Holdings Inc Warrant IT Consulting & Other Services Initial Acquisition Date 10/26/23

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2]

Oct. 26, 2023

Par/ Shares

^[1],[2]

Cost/Amortized Cost

^[1],[2]

$ 87,000

Fair Value

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

$ 99,000

Investment, Identifier [Axis]: Equity Securities Portfolio Morae Global Holdings Inc. Warrants IT Consulting & Other Services Initial Acquisition Date 10/26/23

Schedule of Investments [Line Items]

Initial Acquisition Date

^[5],[23]

Oct. 26, 2023

Par/ Shares

^[5],[23]

Cost/Amortized Cost

^[5],[23]

$ 87,000

Fair Value

^[5],[7],[23]

$ 109,000

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 4/5/23

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[32]

Apr. 05, 2023

Par/ Shares

^[1],[2],[32]

4,500,000

Cost/Amortized Cost

^[1],[2],[32]

$ 4,500,000

Fair Value

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

$ 4,182,000

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Initial Acquisition Date 6/9/21

Schedule of Investments [Line Items]

Initial Acquisition Date

Jun. 09, 2021

^{[5],[23],[33],[34],[37]}

Jun. 09, 2021

^{[1],[2],[32],[38],[43]}

Par/ Shares

2,368

^{[5],[23],[33],[34],[37]}

2,368

^{[1],[2],[32],[38],[43]}

Investment, Identifier [Axis]: Equity Securities Portfolio Northeast Metal Works LLC Preferred Stock Metals & Mining Interest Rate 10.0% PIK Initial Acquisition Date 4/5/23

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[5],[23],[33]}

10.00%

Initial Acquisition Date

^{[5],[23],[33]}

Apr. 05, 2023

Par/ Shares

^{[5],[23],[33]}

4,500,000

Cost/Amortized Cost

^{[5],[23],[33]}

$ 4,500,000

Fair Value

^{[5],[7],[23],[33]}

$ 4,182,000

Investment, Identifier [Axis]: Equity Securities Portfolio Ohene Holdings B.V. Warrants High Tech Industries Business Initial Acquisition Date 3/13/19

Schedule of Investments [Line Items]

Initial Acquisition Date

Mar. 13, 2019

^{[5],[10],[37]}

Mar. 13, 2019

^[1],[8],[38]

Par/ Shares

^{[5],[10],[37]}

^[1],[8],[38]

Investment, Identifier [Axis]: Equity Securities Portfolio ProAir HoldCo, LLC Common Stock Capital Equipment Business Initial Acquisition Date 2/11/22

Schedule of Investments [Line Items]

Initial Acquisition Date

Feb. 11, 2022

^{[4],[5],[23],[37]}

Feb. 11, 2022

^{[1],[2],[6],[38]}

Par/ Shares

2,749,997

^{[4],[5],[23],[37]}

2,749,997

^{[1],[2],[6],[38]}

Cost/Amortized Cost

$ 4,261,000

^{[4],[5],[23],[37]}

$ 4,261,000

^{[1],[2],[6],[38]}

Investment, Identifier [Axis]: Equity Securities Portfolio Prosper Marketplace Class B Preferred Units Consumer goods: Durable Business Initial Acquisition Date 9/23/13

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[1],[2],[38],[44]}

Sep. 23, 2013

Par/ Shares

^{[1],[2],[38],[44]}

912,865

Cost/Amortized Cost

^{[1],[2],[38],[44]}

$ 279,000

Fair Value

^{[1],[2],[3],[38],[44]}

$ 324,000

Investment, Identifier [Axis]: Equity Securities Portfolio Prosper Marketplace Class B Preferred Units Consumer goods: Durable Initial Acquisition Date 9/23/13

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37],[45]}

Sep. 23, 2013

Par/ Shares

^{[5],[23],[37],[45]}

912,865

Cost/Amortized Cost

^{[5],[23],[37],[45]}

$ 279,000

Fair Value

^{[5],[7],[23],[37],[45]}

$ 324,000

Investment, Identifier [Axis]: Equity Securities Portfolio Qualtek LLC Equity High Tech Industries Initial Acquisition Date 7/14/23

Schedule of Investments [Line Items]

Initial Acquisition Date

Jul. 14, 2023

^{[5],[23],[24]}

Jul. 14, 2023

^[1],[2],[25]

Par/ Shares

150,262

^{[5],[23],[24]}

150,262

^[1],[2],[25]

Cost/Amortized Cost

$ 1,277,000

^{[5],[23],[24]}

$ 1,277,000

^[1],[2],[25]

Investment, Identifier [Axis]: Equity Securities Portfolio Roscoe Investors, LLC Class A Units Healthcare & Pharmaceuticals Business Initial Acquisition Date 3/26/14

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Mar. 26, 2014

Par/ Shares

^[1],[2],[38]

10,000

Cost/Amortized Cost

^[1],[2],[38]

$ 1,000,000

Fair Value

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

$ 425,000

Investment, Identifier [Axis]: Equity Securities Portfolio Roscoe Investors, LLC Class A Units Healthcare & Pharmaceuticals Initial Acquisition Date 3/26/14

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Mar. 26, 2014

Par/ Shares

^{[5],[23],[37]}

10,000

Cost/Amortized Cost

^{[5],[23],[37]}

$ 1,000,000

Fair Value

^{[5],[7],[23],[37]}

$ 443,000

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrant Banking, Finance, Insurance & Real Estate Initial Acquisition Date 9/20/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[2],[38]

Sep. 20, 2022

Par/ Shares

^[1],[2],[38]

3,966

Cost/Amortized Cost

^[1],[2],[38]

$ 455,000

Fair Value

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

$ 403,000

Investment, Identifier [Axis]: Equity Securities Portfolio South Street Securities Holdings, Inc Warrants Banking, Finance, Insurance & Real Estate Initial Acquisition Date 9/20/22

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37]}

Sep. 20, 2022

Par/ Shares

^{[5],[23],[37]}

3,966

Cost/Amortized Cost

^{[5],[23],[37]}

$ 455,000

Fair Value

^{[5],[7],[23],[37]}

$ 381,000

Investment, Identifier [Axis]: Equity Securities Portfolio Sundance Holdings Group, LLC Common Stock Retail Initial Acquisition Date 10/1/21

Schedule of Investments [Line Items]

Initial Acquisition Date

Oct. 01, 2021

^{[5],[23],[24]}

Oct. 01, 2021

^[1],[2],[25]

Par/ Shares

14,603

^{[5],[23],[24]}

14,603

^[1],[2],[25]

Fair Value

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

$ 69,000

Investment, Identifier [Axis]: Equity Securities Portfolio Tank Partners Equipment Holdings LLC Class A Units Energy: Oil & Gas Business Initial Acquisition Date 2/15/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[1],[2],[6],[38]}

Feb. 15, 2019

Par/ Shares

^{[1],[2],[6],[38]}

49,000

Cost/Amortized Cost

^{[1],[2],[6],[38]}

$ 6,228,000

Investment, Identifier [Axis]: Equity Securities Portfolio Tank Partners Equipment Holdings LLC Class A Units Energy: Oil & Gas Initial Acquisition Date 2/15/19

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[5],[23],[37],[46]}

Feb. 15, 2019

Par/ Shares

^{[5],[23],[37],[46]}

49,000

Cost/Amortized Cost

^{[5],[23],[37],[46]}

$ 6,228,000

Investment, Identifier [Axis]: Equity Securities Portfolio World Business Lenders, LLC Common Stock Banking, Finance, Insurance & Real Estate Initial Acquisition Date 6/9/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^[5],[37]

Jun. 09, 2021

Par/ Shares

^[5],[37]

49,209

Investment, Identifier [Axis]: Equity Securities PortfolioWorld Business Lenders, LLC Common Stock Banking, Finance, Insurance & Real Estate Business Initial Acquisition Date 6/9/21

Schedule of Investments [Line Items]

Initial Acquisition Date

^[1],[38]

Jun. 09, 2021

Par/ Shares

^[1],[38]

49,209

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

Schedule of Investments [Line Items]

Cost/Amortized Cost

$ 543,601,000

$ 540,282,000

Fair Value

471,255,000

^[7],[47]

467,865,000

Investment, Identifier [Axis]: Joint Venture Net Asset Value at Fair Value

Schedule of Investments [Line Items]

Cost/Amortized Cost

65,008,000

71,415,000

Fair Value

$ 53,164,000

^[7]

$ 59,287,000

^[3]

Investment, Identifier [Axis]: Joint Venture Portfolio KCAP Freedom 3 LLC Joint Ventures Percentage Ownership 62.8% Initial Acquisition Date 12/11/18

Schedule of Investments [Line Items]

Initial Acquisition Date

Dec. 11, 2018

^[4],[5]

Dec. 11, 2018

^[1],[6]

Percentage Ownership

62.80%

^[4],[5]

62.80%

^[1],[6]

Cost/Amortized Cost

$ 26,446,000

^[4],[5]

$ 27,415,000

^[1],[6]

Fair Value

$ 13,523,000

^[4],[5],[7]

$ 14,275,000

^[1],[3],[6]

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

Schedule of Investments [Line Items]

Initial Acquisition Date

Aug. 05, 2022

^{[30],[33],[48],[49]}

Aug. 05, 2022

^{[31],[32],[50],[51]}

Percentage Ownership

12.50%

^{[30],[33],[48],[49]}

12.50%

^{[31],[32],[50],[51]}

Cost/Amortized Cost

$ 38,562,000

^{[30],[33],[48],[49]}

$ 44,000,000

^{[31],[32],[50],[51]}

Fair Value

39,641,000

^{[7],[30],[33],[48],[49]}

45,012,000

^{[3],[31],[32],[50],[51]}

Investment, Identifier [Axis]: Non-controlled Affiliates BMP Slappey Holdco, LLC Industry Classification - Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

200,000

^{[16],[17],[18],[52]}

200,000

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

Fair Value

631,000

^{[16],[17],[18],[52]}

553,000

^{[16],[17],[18],[52]}

464,000

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

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

Schedule of Investments [Line Items]

Par/ Shares

^{[16],[17],[18],[52]}

88,946

Fair Value

^{[16],[17],[18],[52]}

281,000

246,000

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

Schedule of Investments [Line Items]

Par/ Shares

^{[16],[17],[18],[52]}

1,000

Fair Value

^{[16],[17],[18],[52]}

500,000

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

Schedule of Investments [Line Items]

Par/ Shares

^{[16],[17],[18],[52],[53]}

500

Fair Value

^{[16],[17],[18],[52],[53]}

171,000

$ 171,000

Investment, Identifier [Axis]: Non-controlled Affiliates Kleen-Tech Acquisition, LLC Industry Classification - Services: Business

Schedule of Investments [Line Items]

Initial Acquisition Date

^{[1],[2],[32],[38],[43]}

Jun. 09, 2021

Par/ Shares

250,000

^{[16],[17],[18],[52]}

$ 250,000

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

Par/ Shares

^{[1],[2],[32],[38],[43]}

250,000

Cost/Amortized Cost

^{[1],[2],[32],[38],[43]}

$ 1,264,000

Fair Value

1,148,000

^{[16],[17],[18],[52]}

998,000

^{[1],[2],[3],[17],[18],[32],[38],[43],[52]}

1,300,000

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

Investment, Identifier [Axis]: Non-controlled Affiliates Navex Topco, Inc. Industry Classification - Electronics

Schedule of Investments [Line Items]

Fair Value

^[13],[14]

7,604,000

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^{[16],[18],[52]}

500

Fair Value

500,000

^{[16],[18],[52]}

13,445,000

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

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining One

Schedule of Investments [Line Items]

Par/ Shares

2,368

^{[16],[17],[18],[52]}

2,368

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

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Three

Schedule of Investments [Line Items]

Par/ Shares

4,500

^{[16],[18],[52]}

4,500

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

Fair Value

^{[16],[18],[52]}

3,369,000

3,560,000

Investment, Identifier [Axis]: Non-controlled Affiliates Northeast Metal Works LLC Industry Classification - Metals & Mining Two

Schedule of Investments [Line Items]

Par/ Shares

4,500,000

^{[16],[17],[18],[52]}

4,500,000

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

Fair Value

^{[16],[17],[18],[52]}

4,182,000

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

Schedule of Investments [Line Items]

Par/ Shares

^{[17],[52],[53]}

38,562

Fair Value

^{[17],[52],[53]}

39,641,000

45,012,000

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business

Schedule of Investments [Line Items]

Fair Value

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

484,000

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Holdings LLC Industry Classification - Services: Business One

Schedule of Investments [Line Items]

Fair Value

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

5,165,000

Investment, Identifier [Axis]: Non-controlled Affiliates Surge Hippodrome Partners LP Industry Classification - Services: Business

Schedule of Investments [Line Items]

Fair Value

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

811,000

Investment, Identifier [Axis]: Non-controlled Affiliates Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare

Schedule of Investments [Line Items]

Fair Value

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

3,390,000

Investment, Identifier [Axis]: Total Affiliated Investments

Schedule of Investments [Line Items]

Fair Value

63,946,000

69,540,000

92,780,000

Investment, Identifier [Axis]: Total Non-controlled affiliates

Schedule of Investments [Line Items]

Fair Value

50,423,000

55,222,000

73,827,000

Investment, Identifier [Axis]: Total Senior Unsecured Bond Net Asset Value at Fair Value

Schedule of Investments [Line Items]

Cost/Amortized Cost

416,000

Fair Value

^[3]

43,000

Investment, Identifier [Axis]: Total controlled affiliates

Schedule of Investments [Line Items]

Fair Value

$ 13,523,000

$ 14,318,000

$ 18,953,000

[1]

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

[2]

[3]

Reflects the fair market value of all investments as of December 31, 2023 as determined by the Company’s Board.

[4]

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.

[5]

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

[6]

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.

[7]

[8]

Non-U.S. company or principal place of business outside the U.S.

[9]

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.

[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]

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.

[21]

[22]

[23]

[24]

As of March 31, 2024, this investment is pledged to secure the Company’s debt obligations.

[25]

As of December 31, 2023, this investment is pledged to secure the Company’s debt obligations.

[26]

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 SOFR 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 March 31, 2024 loan. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month or 1 month S rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at March 31, 2024. As noted in the table above, 79.5% (based on par) of debt securities contain floors which range between 0.50% and 5.25%.

[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 SOFR 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, 2023 loan. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month, or 1 month S rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at December 31, 2023. As noted in the table above, 77.4% (based on par) of debt securities contain floors which range between 0.50% and 2.50%.

[28]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[29]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[30]

[31]

See accompanying notes to unaudited consolidated financial statements.

[32]

[33]

[34]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[35]

Information related to the Company’s derivatives is presented below as of March 31, 2024:

($ 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

4/24/24

-

See accompanying notes to unaudited consolidated financial statements.

[36]

Information related to the Company’s derivatives is presented below as of December 31, 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

4/24/24

-

[37]

Non-income producing.

[38]

Non-income producing.

[39]

This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

[40]

This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.

See accompanying notes to unaudited consolidated financial statements.

[41]

[42]

This investment 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.

[43]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[44]

[45]

[46]

[47]

[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]

Non-voting.

[51]

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.

[52]

[53]

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.

Consolidated Financial Highlights - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Investment Company, Financial Highlights [Roll Forward]

Net asset value, at beginning of period

^[1]

$ 22.76

$ 24.23

Net investment income

^[1],[2]

0.67

0.89

Net realized gains (losses) from investments

^[1],[2]

(0.22)

(0.32)

Net change in unrealized (depreciation) appreciation on investments

^[1],[2]

(0.62)

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

^[1],[2]

0.05

0.06

Realized gains (losses) from extinguishment of debt

^[1],[2]

(0.02)

Net (decrease) increase in net assets resulting from operations

^[1]

0.48

0.01

Net decrease in net assets resulting from distributions

^[1]

(0.69)

(0.68)

Accretive effect of common stock repurchases

^[1],[2]

0.02

Net Asset Value Per Share, Ending Balance

^[1],[3]

$ 22.57

$ 23.56

Total net asset value return

^[1],[4]

2.70%

0.40%

Total market return

^[1],[5]

8.10%

(7.40%)

Ratio/Supplemental Data:

Per share market value at beginning of period

^[1]

$ 18.19

$ 23

Per share market value at end of period

^[1]

$ 18.98

$ 20.61

Shares outstanding at end of period

^[1],[3]

9,332,117

9,556,356

Net assets at end of period

^[1],[3]

$ 210,607

$ 225,106

Portfolio turnover rate

^[1],[6]

7.50%

8.20%

Asset coverage ratio

^[1]

171.00%

162.00%

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

^[1]

11.80%

15.10%

Ratio of total expenses to average net assets (annualized)

^[1]

19.50%

20.90%

Ratio of interest expense to average net assets (annualized)

^[1]

10.80%

11.20%

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

^[1]

8.70%

9.70%

[1]	Totals may not sum due to rounding.
[2]	Based on weighted average number of common shares outstanding-basic for the period.
[3]	Refer to Note 9 "Stockholders' Equity" for additional information on changes in components of Stockholders' Equity
[4]	Total net asset value return (not annualized) equals the change in the net asset value per share over the period plus distributions (including any return of capital), divided by the beginning net asset value per share.
[5]	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.
[6]	Portfolio turnover rate equals the lesser of year-to-date sales and paydowns over the average of the invested assets at fair value.

Consolidated Statements of Changes in Net Assets - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Operations:

Net investment income

^[1]

$ 6,226

$ 8,529

Net realized gain (loss) on investment

^[1]

(2,057)

(3,085)

Net realized gain (loss) from extinguishment of debt

^[1]

(213)

Net change in unrealized appreciation (depreciation) on investments

^[1]

(5,960)

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

^[1]

459

571

Net increase (decrease) in net assets resulting from operations

^[1]

4,486

Stockholder distributions:

Distributions declared

^[1]

(6,444)

(6,495)

Net decrease in net assets resulting from stockholder distributions

^[1]

(6,444)

(6,495)

Capital share transactions:

Stock issued under dividend reinvestment plan

215

^[1]

Stock repurchases

^[1]

(953)

(792)

Net increase (decrease) in net assets resulting from capital share transactions

^[1]

(953)

(577)

Beginning balance

^[1]

213,518

232,123

Ending balance

^[1],[2]

$ 210,607

$ 225,106

Net asset value per common share

^[1],[2]

$ 22.57

$ 23.56

Common stock, outstanding

^[1],[2]

9,332,117

9,556,356

[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 (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
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, 2023, 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 three months ended March 31, 2024, the Company made approximately $37.2 million of investments and had approximately $35.5 million in repayments and sales, resulting in net deployment of approximately $1.7 million for the period. During the quarter ended March 31, 2023, the Company made approximately $13.3 million of investments and had approximately $45.8 million in repayments and sales, resulting in net repayment and sales of approximately $32.5 million for the period. As of March 31, 2024, the Company held loans it has made to 79 investee companies with aggregate principal amounts of approximately $430.4 million. As of December 31, 2023, the Company held loans it has made to 80 investee companies with aggregate principal amounts of approximately $420.9 million.
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 March 31, 2024, seven of our debt investments were on non-accrual status with an aggregate amortized cost of $17.1 million and an aggregate fair value of $2.2 million, which represented 3.2% and 0.5% of the investment portfolio, respectively. As of December 31, 2023, seven of our debt investments were on non-accrual status with an aggregate amortized cost of $17.3 million and an aggregate fair value of $6.1 million, which represented 3.2% and 1.3% of the investment portfolio, respectively. 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 Secured Overnight Financing Rate (“SOFR”) 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 SOFR 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.

Earnings (Losses) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Increase (Decrease) In Net assets Per Share

The following information sets forth the computation of basic and diluted net increase (decrease) in net assets per share for the three months ended March 31, 2024 and 2023:


	For the Three Months Ended March 31,
($ in thousands)	2024		2023
Net increase (decrease) in net assets resulting from operations	$	4,486	$	55
Weighted average number of common and common stock equivalent shares outstanding for basic and diluted shares computation		9,344,994		9,555,125
Net increase (decrease) in net assets per basic common shares and diluted shares:
Net increase (decrease) in net assets from operations	$	0.48	$	0.01

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

Mar. 31, 2024

Mar. 31, 2023

Earnings Per Share [Abstract]

Net increase (decrease) in net assets resulting from operations

^[1]

$ 4,486

$ 55

Weighted average number of common and common stock equivalent shares outstanding for basic shares computation

9,344,994

9,555,125

Weighted average number of common and common stock equivalent shares outstanding for diluted shares computation

9,344,994

9,555,125

Net increase (decrease) in net assets from operations, Basic

^[2]

$ 0.48

$ 0.01

Net increase (decrease) in net assets from operations, Diluted

$ 0.48

$ 0.01

[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.

- Definition

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

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+ Details

- Definition

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

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

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

Mar. 31, 2024

Dec. 31, 2023

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 543,601

$ 540,282

Fair Value

471,255

467,865

CLO Fund Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

8,762

9,103

Fair Value

8,549

$ 8,968

CLO Fund Securities | Subordinated Notes

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

8,762

Fair Value

$ 8,549

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

Summary of Investment Holdings [Line Items]

Percentage Ownership

^[1]

22.20%

Cost/Amortized Cost

$ 702

$ 1,024

Fair Value

$ 702

$ 904

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

Summary of Investment Holdings [Line Items]

Percentage Ownership

^[1]

24.80%

Cost/Amortized Cost

$ 3,846

$ 3,923

Fair Value

$ 3,757

$ 3,923

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

Summary of Investment Holdings [Line Items]

Percentage Ownership

^[1]

6.80%

Cost/Amortized Cost

$ 246

$ 424

Fair Value

$ 246

$ 409

CLO Fund Securities | Subordinated Notes | JMP Credit Advisors CLO IV Ltd.

Summary of Investment Holdings [Line Items]

Percentage Ownership

^[1]

57.20%

Cost/Amortized Cost

$ 715

$ 683

Fair Value

$ 668

$ 683

CLO Fund Securities | Subordinated Notes | JMP Credit Advisors CLO V Ltd.

Summary of Investment Holdings [Line Items]

Percentage Ownership

^[1]

57.20%

Cost/Amortized Cost

$ 3,253

$ 3,049

Fair Value

3,176

3,049

Equity Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

34,077

31,280

Fair Value

$ 23,428

$ 20,533

[1]	Represents percentage of class held at March 31, 2024 and December 31, 2023, respectively.

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Non-recurring fee income received	$ 0.1	$ 0.3

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	March 31, 2024			December 31, 2023
Accordion Partners LLC	Revolver		$	765		$	1,531
AMCP Pet Holdings, Inc.	Revolving Loan			275			350
Anthem Sports & Entertainment Inc.	Revolver			83			83
BetaNXT, Inc.	Revolver			1,449			2,174
Bradshaw International Parent Corp.	Delayed Draw Term Loan			922			922
Centric Brands Inc.	Delayed Draw Term Loan			-			1,069
Centric Brands Inc.	Revolver			-			97
Colonnade Intermediate, LLC	Revolver			-			68
Critical Nurse Staffing, LLC	Revolver			2,000			2,000
Dentive, LLC	Delayed Draw Term Loan - First Lien			245			430
Dentive, LLC	Revolver			234			186
Fortis Payment Systems, LLC	Delayed Draw Term Loan			744			-
GreenPark Infrastructure, LLC	Preferred Equity			1,829			1,829
H.W. Lochner, Inc.	Revolver			2,142			4,142
IDC Infusion Services	Delayed Draw Term Loan			805			1,065
Luminii LLC	Revolver			172			172
Morae Global Corporation	Revolver			208			208
Netwrix Corporation	Revolver			1,148			1,148
Netwrix Corporation	Delayed Draw Term Loan - First Lien			30			941
PhyNet Dermatology LLC	Delayed Draw Term Loan			690			690
Riddell Inc	Delayed Draw Term Loan - First Lien			636
Riskonnect Parent LLC	Delayed Draw Term Loan			5,000			-
Series A-Great Lakes Funding II LLC	Joint Ventures			10,912			5,473
TA/WEG Holdings, LLC	Delayed Draw Term Loan			-			758
TA/WEG Holdings, LLC	Delayed Draw Term Loan			77			784
TA/WEG Holdings, LLC	Revolver			784
Tactical Air Support, Inc.	Delayed Draw Term Loan			286			286
VBC Spine Opco LLC	Revolver			-			258
VBC Spine Opco LLC	Delayed Draw Term Loan			1,902			1,902
Total Unfunded Portfolio Company Commitments			$	33,338		$	28,566

Earnings (Losses) Per Share

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023:


	For the Three Months Ended March 31,
($ in thousands)	2024		2023
Net increase (decrease) in net assets resulting from operations	$	4,486	$	55
Weighted average number of common and common stock equivalent shares outstanding for basic and diluted shares computation		9,344,994		9,555,125
Net increase (decrease) in net assets per basic common shares and diluted shares:
Net increase (decrease) in net assets from operations	$	0.48	$	0.01

Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation (Additional Information) (Details) - USD ($)	Jun. 09, 2021	Oct. 28, 2020	Mar. 31, 2024	Dec. 31, 2023	Jul. 23, 2021
Business Acquisition [Line Items]
Common stock, issued			9,943,385	9,943,385
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
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
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

Stockholders' Equity - Additional Information (Details) - USD ($)

3 Months Ended

Mar. 11, 2024

Mar. 06, 2023

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Termination date of stock repurchase program

Mar. 31, 2025

Mar. 31, 2024

Common stock issued under dividend reinvestment plan

10,433

Shares outstanding at end of period

9,332,117

^[1],[2]

9,556,356

^[1],[2]

9,383,132

Stock repurchases, value

^[1]

$ 953,000

$ 792,000

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

51,015

35,613

Stock repurchases, value

$ 1,000,000

$ 700,000

[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.

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Transfers out of Level III

$ 9,239

^[1]

$ 5,585

^[2]

Transfers into Level III

6,433

^[3]

6,519

^[4]

Debt securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Transfers out of Level III

9,239

^[1]

5,585

^[2]

Transfers into Level III

$ 6,433

^[3]

$ 6,519

^[4]

[1]	Transfers out of Level III represent a transfer of $9.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2024.
[2]	Transfers out of Level III represent a transfer of $5.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2023.
[3]	Transfers into Level III represent a transfer of $6.4 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2024.
[4]	Transfers into Level III represent a transfer of $6.5 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2023.

Consolidated Schedule of Investments - Summary of Derivatives (Parenthetical)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) NumberOfShares $ / shares shares	Dec. 31, 2023 USD ($) NumberOfShares $ / shares shares
Schedule of Investments [Line Items]
Notional amount	$ 571,000	$ 571,000
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
Notional amount		$ 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
Notional amount		$ 563,000
Exercise price \| $ / shares	20	20
Expiration date	Apr. 24, 2024	Apr. 24, 2024

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

On May 8, 2024, the Company declared a cash distribution of $0.69 per share of common stock. The distribution is payable on May 31, 2024 to stockholders of record at the close of business as of May 21, 2024.

The Company has evaluated events and transactions occurring subsequent to March 31, 2024, 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.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2024
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	2024
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		9,306,125
Document Quarterly Report	true
Document Transition Report	false

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 ($)

Mar. 31, 2024

USD ($)

CoverageTest

Mar. 31, 2023

USD ($)

Mar. 31, 2021

USD ($)

Jun. 30, 2022

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Apr. 29, 2022

Apr. 28, 2022

Dec. 31, 2021

USD ($)

Jul. 23, 2021

USD ($)

Dec. 31, 2020

USD ($)

Oct. 28, 2020

USD ($)

Dec. 31, 2019

USD ($)

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

6.90%

7.00%

Weighted average maturity on debt outstanding

3 years 2 months 12 days

3 years 8 months 12 days

Principal amount of borrowings

$ 91,308,000

$ 91,225,000

Long-term debt

288,863,000

322,410,000

Gain (Loss) on Extinguishment of Debt

$ (213,000)

^[1]

$ 900,000

(400,000)

GLPRF LLC | SOFR

Debt Instrument [Line Items]

Effective interest

2.80%

2.85%

CLO Facility | GARS Acquisition

Debt Instrument [Line Items]

Aggregate principal amount

$ 420,000,000

Discount amortized over the remaining term

2,400,000

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

8.13%

7.36%

Aggregate principal amount

$ 92,000,000

92,000,000

$ 92,000,000

$ 80,571,000

$ 49,321,000

$ 79,571,000

Unamortized debt offering costs

692,000

775,000

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

Principal amount of borrowings

92,000,000

Fair value of borrowings, but not carried

92,500,000

Long-term debt

$ 91,308,000

91,225,000

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | Level III

Debt Instrument [Line Items]

Fair value of borrowings

$ 91,200,000

Unsecured Debt

Debt Instrument [Line Items]

Debt instrument, redemption price, percentage

100.00%

2018-2 Secured Notes Class B-R Notes

Debt Instrument [Line Items]

Aggregate principal amount

18,300,000

Stated Maturity

Nov. 20, 2029

^[2]

Nov. 20, 2029

^[3]

Long-term debt

$ 18,103,000

2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Stated Maturity

Nov. 20, 2029

^[2]

Nov. 20, 2029

^[3]

Long-term debt

$ 4,482,000

$ 12,818,000

Debt instrument converted amount

25,000,000

Drew Amount

$ 14,300,000

Debt Instrument redemption, amount

$ 25,000,000

Class A-R Notes

Debt Instrument [Line Items]

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

Debt Instrument [Line Items]

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

Debt Instrument [Line Items]

Percentage of capitalization

125.00%

4.875% Notes due 2026

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

4.88%

Debt instrument, issuance date

Apr. 30, 2021

Debt discount

$ 2,400,000

$ 1,100,000

1,225,000

Debt offering costs

1,200,000

Fair value of outstanding debt

100,500,000

106,200,000

Unamortized debt offering costs

496,000

561,000

Long-term debt

106,404,000

106,214,000

4.875% Notes due 2026 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 108,000,000

108,000,000

Interest rate

4.875%

Stated Maturity

Apr. 30, 2026

Debt instrument, frequency of periodic payment

semi-annually

Debt instrument, date of first required payment

Sep. 16, 2021

4.875% Notes due 2026 | Private Placement

Debt Instrument [Line Items]

Interest rate

4.875%

4.875% Notes due 2026 | Private Placement | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 28,000,000

$ 80,000,000

Interest rate

4.875%

Proceeds from offering of notes

$ 27,400,000

Proceeds from offering of notes

$ 77,700,000

6.125% Notes Due 2022

Debt Instrument [Line Items]

Interest rate

6.125%

6.125% Notes Due 2022 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal amount

76,726,000

$ 77,407,000

HCAP Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 28,750,000

Interest rate

6.125%

Stated Maturity

Sep. 15, 2022

Debt Instrument redemption, amount

$ 28,750,000

2018-2 Secured Notes

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

7.90%

6.80%

Aggregate principal amount

$ 91,651,000

125,683,000

$ 178,163,000

$ 163,863,000

$ 251,863,000

312,000,000

Debt discount

500,000

712,000

Fair value of outstanding debt

125,000,000

Debt Instrument redemption, amount

34,000,000

$ 6,900,000

$ 88,000,000

52,500,000

Fair value of borrowings, but not carried

91,500,000

Long-term debt

91,151,000

$ 124,971,000

Gain (Loss) on Extinguishment of Debt

$ (200,000)

$ 0

Number of coverage tests | CoverageTest

2018-2 Subordinated Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 108,000,000

[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.

Borrowings - Schedule of Interest Expense, Deferred Financing Costs, Average Outstanding Balance, and Average Stated Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 5,725	$ 6,332
Deferred financing costs	$ 273	308
Average stated interest rate	6.90%		7.00%
4.875% Notes due 2026
Debt Instrument [Line Items]
Interest expense	$ 1,316	1,316
Amortization of original issue discount	124	117
Deferred financing costs	66	63
Total interest and financing expenses	1,506	1,496
Average outstanding balance	$ 108,000	$ 108,000
Average stated interest rate	4.88%	4.88%
2018-2 Secured Notes
Debt Instrument [Line Items]
Interest expense	$ 2,201	$ 2,976
Amortization of original issue discount		44
Total interest and financing expenses	2,201	3,020
Average outstanding balance	$ 110,516	$ 175,260
Average stated interest rate	7.90%	6.80%
Revolving Credit Facilities
Debt Instrument [Line Items]
Interest expense	$ 1,935	$ 1,733
Deferred financing costs	83	83
Total interest and financing expenses	2,018	1,816
Average outstanding balance	$ 92,000	$ 79,578
Average stated interest rate	8.13%	7.36%

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

Mar. 31, 2024

USD ($)

Fiscal 2013

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

$ 192,592

^[1]

Asset Coverage per Unit

2,264

^[2]

Fiscal 2014

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

223,885

^[1]

Asset Coverage per Unit

2,140

^[2]

Fiscal 2015

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

208,049

^[1]

Asset Coverage per Unit

2,025

^[2]

Fiscal 2016

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

180,881

^[1]

Asset Coverage per Unit

2,048

^[2]

Fiscal 2017

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

104,407

^[1]

Asset Coverage per Unit

2,713

^[2]

Fiscal 2018

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

103,763

^[1]

Asset Coverage per Unit

2,490

^[2]

Fiscal 2019

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

156,978

^[1],[3]

Asset Coverage per Unit

1,950

^[2],[3]

Fiscal 2020

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

377,910

^[1],[4]

Asset Coverage per Unit

1,560

^[2],[4]

Fiscal 2021

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

352,434

^[1],[5]

Asset Coverage per Unit

1,780

^[2],[5]

Fiscal 2022

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

378,163

^[1],[6]

Asset Coverage per Unit

1,601

^[2],[6]

Fiscal 2023

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

325,683

^[1],[7]

Asset Coverage per Unit

1,646

^[1],[8]

March 31, 2024

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

291,651

^[1],[7]

Asset Coverage per Unit

$ 1,713

^[2],[7]

[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 December 31, 2023, 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 $125,683.
[8]	As of March 31, 2024, 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 $91,651.

Borrowings - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 23, 2021
2018-2 Secured Notes
Debt Instrument [Line Items]
Debt instruments, net of discount	$ 500	$ 712
4.875% Notes due 2026
Debt Instrument [Line Items]
Debt instruments, net of discount	1,100	1,225	$ 2,400
Deferred financing costs, net	496	561
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ 692	$ 775

- Definition

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

+ References

+ Details

Investments - Schedule of Derivative Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts	$ 571,000	$ 571,000
Call Option
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts	8,000	8,000
Put Option
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts	$ 563,000	$ 563,000

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) DebtInvestment InvesteeCompany	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) DebtInvestment InvesteeCompany
Purchase of investments	$ 37,188	$ 13,279
Repayments and sales of investments	35,481	45,793
Net deployment amount of investment	$ 1,700	$ 32,500
Number of investee companies where loans held \| InvesteeCompany	79		80
Aggregate principal amount of loans held	$ 430,400		$ 420,900
Percentage of investment portfolio valuation	100.00%
Number of debt investments on non-accrual status \| DebtInvestment	7		7
Investments at fair value, amortized cost	$ 543,601		$ 540,282
Aggregate amortized cost of debt investments on non-accrual status	17,100		17,300
Investment at fair value	471,255		467,865
Aggregate fair value of debt investments on non-accrual status	$ 2,200		$ 6,100
Percentage of investments in non-accrual status at amortized cost	3.20%		3.20%
Percentage of investments in non-accrual status at fair value	0.50%		1.30%

Borrowings - Summary of 2018-2 Secured Notes (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Amortized Carrying Value

$ 288,863

$ 322,410

2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

4,482

12,818

Outstanding Principal at Par

$ 4,519

$ 12,922

Rating

AAA(sf)

^[1]

AAA(sf)

^[2]

Stated Maturity

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

2018-2 Secured Notes Class A-1T-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 13,884

$ 39,369

Outstanding Principal at Par

$ 13,782

$ 39,411

Rating

AAA(sf)

^[1]

AAA(sf)

^[2]

Stated Maturity

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

2018-2 Secured Notes Class A-2-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 54,682

$ 54,681

Outstanding Principal at Par

$ 55,100

Rating

AA (sf)

^[1]

AA (sf)

^[2]

Stated Maturity

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

2018-2 Secured Notes Class B-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 18,103

Outstanding Principal at Par

$ 18,250

Rating

A (sf)

^[1]

A (sf)

^[2]

Stated Maturity

Nov. 20, 2029

^[3]

Nov. 20, 2029

^[4]

2018-2 Secured Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 91,151

$ 124,971

Outstanding Principal at Par

$ 91,651

$ 125,683

Spread

5.56%

SOFR | 2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Spread

^[5],[6]

1.58%

SOFR | 2018-2 Secured Notes Class A-1T-R Notes

Debt Instrument [Line Items]

Spread

1.58%

^[6]

1.58%

^[7]

SOFR | 2018-2 Secured Notes Class A-2-R Notes

Debt Instrument [Line Items]

Spread

2.45%

^[6]

2.45%

^[7]

SOFR | 2018-2 Secured Notes Class B-R Notes

Debt Instrument [Line Items]

Spread

3.17%

^[6]

3.17%

^[7]

SOFR | 2018-2 Secured Notes

Debt Instrument [Line Items]

Spread

0.26161%

LIBOR | 2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Spread

^[7],[8]

1.58%

[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]	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.
[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.
[4]	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.
[5]	Interest may be indexed to either the CP Rate (as defined in the governing indenture) or Reference Rate.
[6]	Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%, or 5.56% as of March 31, 2024.
[7]	Reference Rate is defined as the sum of the Term SOFR Rate plus 0.26161%.
[8]	Interest may be indexed to either the CP Rate (as defined in the governing indenture) or Reference Rate.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Assets [Abstract]

Total Investments at Fair Value

$ 471,255

$ 467,865

Cash and cash equivalents

20,829

26,912

Restricted cash

18,775

44,652

Interest receivable

5,135

5,162

Receivable for unsettled trades

1,241

573

Distribution paid in advance to the transfer agent

6,366

Other assets

2,442

2,541

Total Assets

527,382

549,239

Liabilities [Abstract]

2018-2 Secured Notes (net of discount of: 2024 - $500; 2023 - $712)

91,151

124,971

4.875% Notes Due 2026 (net of discount of: 2024 - $1,100; 2023 - $1,225; net of deferred financing costs of: 2024 - $496; 2023 - $561)

106,404

106,214

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2024 - $692; 2023 - $775)

91,308

91,225

Payable for unsettled trades

8,744

520

Distribution payable

6,444

Accounts payable, accrued expenses and other liabilities

3,897

4,252

Accrued interest payable

4,893

3,928

Management and incentive fees payable

3,034

4,153

Total Liabilities

316,775

335,721

COMMITMENTS AND CONTINGENCIES (NOTE 8)

NET ASSETS

Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,943,385 issued, and 9,332,117 outstanding at March 31, 2024, and 9,943,385 issued, and 9,383,132 outstanding at December 31, 2023

Capital in excess of par value

716,883

717,835

Total distributable (loss) earnings

(506,369)

(504,411)

Total Net Assets

^[1]

210,607

^[2]

213,518

Total Liabilities and Net Assets

$ 527,382

$ 549,239

Net Asset Value Per Common Share

^[2]

$ 22.57

^[1]

$ 22.76

Affiliated Entity

Assets [Abstract]

Due from affiliates

$ 1,339

$ 1,534

Liabilities [Abstract]

Due to affiliates

900

458

Non-controlled/Non-affiliated Investments

Assets [Abstract]

Total Investments at Fair Value

407,309

398,325

Non-controlled Affiliated Investments

Assets [Abstract]

Total Investments at Fair Value

50,423

55,222

Controlled Affiliated Investments

Assets [Abstract]

Total Investments at Fair Value

$ 13,523

$ 14,318

[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.

Investments - Schedule of Valuation Techniques and Significant Inputs of Level III Investments (Details) - Level III $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 365,653	$ 357,528
Debt securities \| Enterprise Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 40,404	$ 10,371
Debt securities \| Enterprise Value \| Average EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		0.4
Debt securities \| Enterprise Value \| Average EBITDA Multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	0.4
Debt securities \| Enterprise Value \| Average EBITDA Multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	8.8	9.5
Debt securities \| Enterprise Value \| Average EBITDA Multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	5.7	1
Debt securities \| Enterprise Value \| Recovery Rate Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		0.1
Debt securities \| Enterprise Value \| Expected Sale Proceeds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		97.6
Debt securities \| Enterprise Value \| Expected Sale Proceeds \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	6.3
Debt securities \| Enterprise Value \| Expected Sale Proceeds \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	90.3
Debt securities \| Enterprise Value \| Expected Sale Proceeds \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	87.4
Debt securities \| Enterprise Value \| Average Settlement Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		61
Debt securities \| Enterprise Value \| Average Settlement Value \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	47.1
Debt securities \| Enterprise Value \| Average Settlement Value \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	47.1
Debt securities \| Enterprise Value \| Average Settlement Value \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	47.1
Debt securities \| Income Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 279,749	$ 298,111
Debt securities \| Income Approach \| Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	0.5	5.3
Debt securities \| Income Approach \| Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	21.49	40.7
Debt securities \| Income Approach \| Discount Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	11.9	12.4
Debt securities \| Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments		$ 5,270
Debt securities \| Recent Transaction \| Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		13.8
Debt securities \| Recent Transaction \| Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		14.2
Debt securities \| Recent Transaction \| Discount Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		14
Equity Securities \| Enterprise Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 18,574	$ 19,805
Equity Securities \| Enterprise Value \| Average EBITDA Multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	1.5	5
Equity Securities \| Enterprise Value \| Average EBITDA Multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	18.3	18
Equity Securities \| Enterprise Value \| Average EBITDA Multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	6.2	6.9
Equity Securities \| Enterprise Value \| Average EBITDA Multiple / WACC \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	0.4	0.4
Equity Securities \| Enterprise Value \| Average EBITDA Multiple / WACC \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	3.7	3.7
Equity Securities \| Enterprise Value \| Average EBITDA Multiple / WACC \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	1.1	1.1
Equity Securities \| Enterprise Value \| Book Value of Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		1
Equity Securities \| Enterprise Value \| Book Value of Equity \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	1
Equity Securities \| Enterprise Value \| Book Value of Equity \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	8	1.6
Equity Securities \| Enterprise Value \| Book Value of Equity \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	6.3	1.6
Equity Securities \| Income Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 4,182	$ 57
Equity Securities \| Income Approach \| Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	0.15	15
Equity Securities \| Income Approach \| Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	(0.1795)
Equity Securities \| Income Approach \| Discount Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	0.18
Equity Securities \| Recent Transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 672	$ 671
Equity Securities \| Recent Transaction \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs		0.124
Equity Securities \| Recent Transaction \| Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	12.4
Equity Securities \| Recent Transaction \| Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	12.4
Equity Securities \| Recent Transaction \| Discount Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	12.4
CLO Fund Securities \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 8,549	$ 8,968
CLO Fund Securities \| Discounted Cash Flow \| Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	18.1	18.4
CLO Fund Securities \| Discounted Cash Flow \| Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	24.9	25.2
CLO Fund Securities \| Discounted Cash Flow \| Discount Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	20.9	21.1
CLO Fund Securities \| Discounted Cash Flow \| Recovery Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	65	65
CLO Fund Securities \| Discounted Cash Flow \| Recovery Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	75	75
CLO Fund Securities \| Discounted Cash Flow \| Recovery Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	70	70
CLO Fund Securities \| Discounted Cash Flow \| Probability of Default \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	1.8	1.8
CLO Fund Securities \| Discounted Cash Flow \| Probability of Default \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	2.5	2.5
CLO Fund Securities \| Discounted Cash Flow \| Probability of Default \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	2	2
CLO Fund Securities \| Discounted Cash Flow \| Prepayment Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	15	15
CLO Fund Securities \| Discounted Cash Flow \| Prepayment Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	25	25
CLO Fund Securities \| Discounted Cash Flow \| Prepayment Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	20	20
Joint Ventures \| Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of investments	$ 13,523	$ 14,275
Joint Ventures \| Discounted Cash Flow \| Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	19.6	20.5
Joint Ventures \| Discounted Cash Flow \| Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	21.1	22.1
Joint Ventures \| Discounted Cash Flow \| Discount Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	20.3	21.3
Joint Ventures \| Discounted Cash Flow \| Recovery Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	65	65
Joint Ventures \| Discounted Cash Flow \| Recovery Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	75	75
Joint Ventures \| Discounted Cash Flow \| Recovery Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	70	70
Joint Ventures \| Discounted Cash Flow \| Probability of Default \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	2.8	2.8
Joint Ventures \| Discounted Cash Flow \| Probability of Default \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	3.3	3.3
Joint Ventures \| Discounted Cash Flow \| Probability of Default \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	3	3
Joint Ventures \| Discounted Cash Flow \| Prepayment Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	15	15
Joint Ventures \| Discounted Cash Flow \| Prepayment Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	25	25
Joint Ventures \| Discounted Cash Flow \| Prepayment Rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	20	20
Derivatives \| Enterprise Value \| Average EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range of Inputs	2.5	2.5