0000950170-25-038754 | 10-K | XBRL Viewer | Portman Ridge Finance Corp

PORTMAN RIDGE FINANCE CORPORATION

March 13, 2025

/s/ EDWARD GOLDTHORPE

EDWARD GOLDTHORPE

President and Chief Executive Officer

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reporting segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer Chief Financial Officer And Chief Investment [Member]
Segment reporting, CODM, profit (loss) measure, how used, description	CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in net assets resulting from operations (“net income”). Net income is comprised of total investment income (“segment revenues”) and total expenses (“significant segment expenses”), which are considered the key segment measures of profit or loss reviewed by the CODM.

Borrowings - Summary of 2018-2 Secured Notes (Parenthetical) (Details) - 2018-2 Secured Notes	12 Months Ended
	Dec. 31, 2023
Debt Instrument [Line Items]
Spread	5.63%
SOFR
Debt Instrument [Line Items]
Spread	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.

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+ Details

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Non-recurring fee income received	$ 0.1	$ 0.6

Taxable Income

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Taxable Income

7. 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.

Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly at calendar years ended December 31, 2024, 2023 and 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital distributions, non-deductible expenses, investments on non-accrual status, and capital loss carryforwards acquired as the result of the merger, as follows (amounts in thousands, except share and per share amounts):


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Capital in excess of par value	$	2		$	3,314		$	5,768
Total distributable (loss) earnings	$	(2	)	$	(3,314	)	$	(5,768	)

The following reconciles net increase (decrease) in net assets resulting from operations to taxable income for the years ended December 31, 2024 and December 31, 2023 (amounts in thousands, except share and per share amounts):


	Year Ended December 31,
($ in thousands)	2024			2023			2022

Net (decrease) increase in net assets resulting from operations	$	(5,935	)	$	11,381		$	(20,996	)
Tax provision (benefit) on realized and unrealized (gains) losses on investments		(853	)		(414	)		786
Net change in unrealized depreciation (appreciation) from investments		(1,006	)		(3,322	)		17,915
Excess capital losses over capital gains		31,839			27,128			31,185
Book/tax differences on CLO equity investments		(45	)		(1,642	)		72
Book/tax differences related to mergers and partnership investments		2,036			(4,631	)		(586	)
Other book/tax differences		448			859			1,203
Taxable income before deductions for distributions	$	26,484		$	29,359		$	29,579
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	2.86		$	3.09		$	3.07

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 years ended December 31, 2024 and December 31, 2023, the Asset Manager Affiliates did not make any cash distributions to the Company.

Distributions to shareholders that exceed tax-basis distributable income (tax-basis net investment income and realized gains, if any) are reported as distributions of paid-in capital (i.e. return of capital). The tax character of distributions is made on an annual (full calendar year) basis. The determination of the tax attributes of our distributions is made at the end of the year based upon our taxable income for the full year and the distributions paid during the full year. Therefore, a determination of tax attributes made on a quarterly basis may not be representative of the actual tax attributes of distributions for a full year.


($ in thousands)	Year Ended December 31,
Distributions paid from:	2024		2023		2022
Ordinary Income	$	25,582	$	26,147	$	24,661
Return of Capital		—		—		—
Total	$	25,582	$	26,147	$	24,661

As of December 31, 2024 and December 31, 2023, the components of accumulated earnings on tax basis (in thousands) were as follows:


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Undistributed ordinary income	$	4,586		$	7,064		$	4,917
Capital loss carryforward		(487,186	)		(445,684	)		(418,937	)
Other temporary differences		—			—			—
Net unrealized depreciation		(53,330	)		72,584			77,496
Total	$	(535,930	)	$	(366,036	)	$	(336,524	)

At December 31, 2024, the Company had a net capital loss carryforward of $487.2 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 Company's tax year ended December 31, 2024, the taxable subsidiaries’ activity resulted in a provision (benefit) for income taxes of ($0.9) million. The taxable subsidiaries have, in aggregate, $0.5 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. For the Company's tax year ended December 31, 2023, the taxable subsidiaries’ activity resulted in a provision (benefit) for income taxes of ($0.4) million. The taxable subsidiaries have, in aggregate, no deferred tax assets and $1.3 million of deferred tax liabilities.

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 tax.

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+ Details

Taxable Income (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reclassified for Book Purposes Amounts Arising from Permanent Book/Tax Differences

the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital distributions, non-deductible expenses, investments on non-accrual status, and capital loss carryforwards acquired as the result of the merger, as follows (amounts in thousands, except share and per share amounts):


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Capital in excess of par value	$	2		$	3,314		$	5,768
Total distributable (loss) earnings	$	(2	)	$	(3,314	)	$	(5,768	)

Reconciliation of Net Increase (Decrease) in Net Assets Resulting From Operations to Taxable Income


	Year Ended December 31,
($ in thousands)	2024			2023			2022

Net (decrease) increase in net assets resulting from operations	$	(5,935	)	$	11,381		$	(20,996	)
Tax provision (benefit) on realized and unrealized (gains) losses on investments		(853	)		(414	)		786
Net change in unrealized depreciation (appreciation) from investments		(1,006	)		(3,322	)		17,915
Excess capital losses over capital gains		31,839			27,128			31,185
Book/tax differences on CLO equity investments		(45	)		(1,642	)		72
Book/tax differences related to mergers and partnership investments		2,036			(4,631	)		(586	)
Other book/tax differences		448			859			1,203
Taxable income before deductions for distributions	$	26,484		$	29,359		$	29,579
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	2.86		$	3.09		$	3.07

Summary of Distributions to Shareholders


($ in thousands)	Year Ended December 31,
Distributions paid from:	2024		2023		2022
Ordinary Income	$	25,582	$	26,147	$	24,661
Return of Capital		—		—		—
Total	$	25,582	$	26,147	$	24,661

Components of Accumulated Earnings on Tax Basis

As of December 31, 2024 and December 31, 2023, the components of accumulated earnings on tax basis (in thousands) were as follows:


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Undistributed ordinary income	$	4,586		$	7,064		$	4,917
Capital loss carryforward		(487,186	)		(445,684	)		(418,937	)
Other temporary differences		—			—			—
Net unrealized depreciation		(53,330	)		72,584			77,496
Total	$	(535,930	)	$	(366,036	)	$	(336,524	)

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Aug. 23, 2021 $ / shares shares	Jun. 09, 2021 USD ($) $ / shares shares	Oct. 28, 2020 $ / shares shares	Dec. 31, 2018	Nov. 08, 2018 USD ($)	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Aug. 24, 2021 shares	Dec. 18, 2019 $ / shares shares	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						9,960,785	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
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
OHAI Transaction
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value									$ 0.01
Share value in cash									$ 0.42
Common stock, issued \| shares									0.3688
Additional consideration funded by adviser									$ 0.15
OHAI Transaction \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value									$ 0.001
GARS Acquisition
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Date of acquisition agreement			Jun. 24, 2020
Share value in cash			$ 1.19
Common stock, issued \| shares			1.917
Additional consideration funded by adviser			$ 0.31
GARS Acquisition \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value			0.01
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 \| $		$ 18,540
Additional consideration funded by adviser \| $		$ 2,150
Business acquisition, number of shares issued \| shares		15,252,453
HCAP Acquisition \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value		$ 0.01

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

Dec. 31, 2024

Dec. 31, 2023

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 476,432

$ 540,282

Fair Value

405,021

467,865

CLO Fund Securities | Collateral Loan Obligations

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

5,318

9,103

Fair Value

5,193

8,968

CLO Fund Securities | Collateral Loan Obligations | Catamaran CLO 2014-1 Ltd.

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

126

1,024

Fair Value

$ 261

$ 904

Percentage Ownership

^[1]

22.20%

CLO Fund Securities | Collateral Loan Obligations | Catamaran CLO 2018-1 Ltd.

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 3,063

$ 3,923

Fair Value

$ 2,600

$ 3,923

Percentage Ownership

^[1]

24.80%

CLO Fund Securities | Collateral Loan Obligations | Dryden 30 Senior Loan Fund

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 141

$ 424

Fair Value

$ 140

$ 409

Percentage Ownership

^[1]

6.80%

CLO Fund Securities | Collateral Loan Obligations | JMP Credit Advisors CLO IV Ltd.

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 521

$ 683

Fair Value

$ 725

$ 683

Percentage Ownership

^[1]

57.20%

CLO Fund Securities | Collateral Loan Obligations | JMP Credit Advisors CLO V Ltd.

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 1,467

$ 3,049

Fair Value

$ 1,467

$ 3,049

Percentage Ownership

^[1]

57.20%

Equity Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 31,921

$ 31,280

Fair Value

$ 24,762

$ 20,533

[1]	Represents percentage of class held as of December 31, 2024, and December 31, 2023, respectively.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies

The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of December 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	December 31, 2024			December 31, 2023
Accordion Partners LLC(1)	First Lien Debt		$	913		$	—
Accordion Partners LLC (Revolver)	First Lien Debt			1,623			1,531
AMCP Pet Holdings, Inc. (Revolver)	First Lien Debt			—			350
Anthem Sports & Entertainment Inc.(1)	First Lien Debt			307			—
Anthem Sports & Entertainment Inc. (Revolver)	First Lien Debt			83			83
BetaNXT, Inc. (Revolver)	First Lien Debt			1,401			2,174
Bradshaw International Parent Corp. (Revolver)	First Lien Debt			922			922
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	First Lien Debt			500			—
Centric Brands Inc. (Revolver)	First Lien Debt		N/A				1,166
Colonnade Intermediate, LLC (Revolver)	First Lien Debt			—			68
Critical Nurse Staffing, LLC (Revolver)	First Lien Debt			—			2,000
Dentive, LLC(1)	First Lien Debt			427			430
Dentive, LLC (Revolver)	First Lien Debt			117			186
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Equity			87			—
Fortis Payment Systems, LLC(1)	First Lien Debt			387			—
Franchise Group, Inc. (DIP)	First Lien Debt			249		N/A
GreenPark Infrastructure, LLC - Series M-1	Equity			—			1,829
H.W. Lochner, Inc. (Revolver)	First Lien Debt			—			4,142
IDC Infusion Services LLC(1)	First Lien Debt			130			1,065
Luminii LLC (Revolver)	First Lien Debt			172			172
Morae Global Corporation (Revolver)	First Lien Debt			208			208
Netwrix Corporation (Revolver)	First Lien Debt			1,148			1,148
Netwrix Corporation(1)	First Lien Debt		N/A				941
Newbury Franklin Industrials, LLC(1)	First Lien Debt			987		N/A
PhyNet Dermatology LLC(1)	First Lien Debt			690			690
PMA Parent Holdings LLC (Revolver)	First Lien Debt			99		N/A
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)	First Lien Debt			1,125			—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	First Lien Debt			188			—
Riddell, Inc.(1)	First Lien Debt			636			—
Riskonnect Parent LLC(1)	First Lien Debt			5,000			—
Series A-Great Lakes Funding II LLC	Joint Ventures			8,165			5,473
TA/WEG Holdings, LLC(1)	First Lien Debt		N/A				758
TA/WEG Holdings, LLC (Revolver)	First Lien Debt			784			784
Tactical Air Support, Inc.(1)	First Lien Debt		N/A				286
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	First Lien Debt			129			258
VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)	First Lien Debt			761			1,902
Total Unfunded Portfolio Company Commitments			$	27,238		$	28,566

(1)

Delayed draw term loan.

Organization

12 Months Ended

Dec. 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 December 31, 2024, the Company’s remaining wholly-owned asset management subsidiaries (the “Asset Manager Affiliates”) were comprised of Katonah Management Holdings, 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.

OHAI Transaction

On December 18, 2019, we completed our acquisition of OHA Investment Corporation (“OHAI”). In accordance with the terms of the merger agreement, each share of common stock, par value $0.001 per share, of OHAI (the “OHAI Common Stock”) issued and outstanding was converted into the right to receive (i) an amount in cash, without interest, equal to approximately $0.42, and (ii) 0.3688 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 OHAI Common Stock issued and outstanding received, as additional consideration funded by the Adviser, an amount in cash, without interest, equal to approximately $0.15.

GARS Transaction

On October 28, 2020, we completed our acquisition of Garrison Capital Inc., a publicly traded BDC (“GARS”, and such transaction the “GARS Acquisition”). To effect the acquisition, our wholly owned merger subsidiary merged with and into GARS, with GARS surviving the merger as our wholly owned subsidiary. Immediately thereafter and as a single integrated transaction, GARS consummated a second merger, whereby GARS merged with and into us, with the Company surviving the merger.

In accordance with 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 Transaction

On June 9, 2021, we completed our acquisition of Harvest Capital Credit Corporation, a publicly traded BDC (“HCAP”, and such transaction the “HCAP Acquisition”). To effect the acquisition, our wholly owned merger subsidiary (“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 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.

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.

Taxable Income - Summary of Distributions to Shareholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary Income	$ 25,582	$ 26,147	$ 24,661
Return of Capital	0	0	0
Total	$ 25,582	$ 26,147	$ 24,661

Selected Quarterly Data (Tables)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Data [Abstract]

Summary of Selected Quarterly Financial Data


	For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total interest and related portfolio income	$	14,392		$	15,177		$	16,337		$	16,526
Net investment income	$	5,539		$	5,802		$	6,477		$	6,226
Net increase (decrease) in net assets resulting from operations	$	(2,540	)	$	(1,509	)	$	(6,372	)	$	4,486
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	(0.28	)	$	(0.16	)	$	(0.69	)	$	0.48
Net investment income per share – basic and diluted	$	0.60		$	0.63		$	0.70		$	0.67

	For the Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total interest and related portfolio income	$	17,788		$	18,574		$	19,626		$	20,327
Net investment income(1)	$	11,163		$	7,166		$	7,915		$	8,529
Net increase (decrease) in net assets resulting from operations	$	6,995		$	7,445		$	(3,114	)	$	55
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	0.74		$	0.78		$	(0.33	)	$	0.01
Net investment income per share – basic and diluted	$	1.19		$	0.75		$	0.83		$	0.89

(2)

Excluding the impact of the expense reimbursement while also excluding the secondary impact that the reimbursement had on other expenses, such as incentive fees, of approximately $4.4 million in Q4 2023, the net investment income would have been $6.8 million.

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

6. BORROWINGS

The Company’s debt obligations consist of the following:


	As of		As of
($ in thousands)	December 31, 2024		December 31, 2023

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)	$	—	$	124,971
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)		106,983		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775, respectively)		158,157		91,225
	$	265,140	$	322,410

The weighted average stated interest rate and weighted average maturity on all our debt outstanding as of December 31, 2024 were 6.2% and 2.1 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 April 30 and October 30 of each year. 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 $0.7 million and unamortized offering costs of approximately $0.3 million as of December 31, 2024. 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 $0.6 million. The fair value of the Company’s outstanding 4.875% Notes due 2026 disclosed, but not carried, was approximately $103.8 million as of December 31, 2024 and $106.2 million as of December 31, 2023. The fair value of the 4.875% Notes due 2026 is categorized as Level III under the ASC 820 Fair Value Hierarchy.

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 years ended December 31, 2024, 2023 and 2022.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	5,265		$	5,265		$	5,265
Amortization of original issue discount		506			479			454
Deferred financing costs		263			256			247
Total interest and financing expenses	$	6,034		$	6,000		$	5,966
Average outstanding balance	$	108,000		$	108,000		$	108,000
Average stated interest rate		4.88	%		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 (as amended, restated or otherwise modified from time to time, 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 the commitments under the Revolving Credit Facility. 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 pays a non-usage fee during the reinvestment period 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 was $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 replaced three-month SOFR as the benchmark interest rate and reduced the applicable margin to 2.80% per annum from 2.85% per annum.

On July 23, 2024, GLPRF LLC amended the Revolving Credit Facility with JPM as administrative agent. The amended agreement, among other things, (i) provided for a committed increase to the aggregate principal amount of the Revolving Credit Facility in an amount not to exceed $85.0 million, for a total commitment of $200.0 million, which increase became effective on August 20, 2024, (ii) provided for a committed seven-day bridge advance in an aggregate principal amount of $18.3 million, which advance became effective on August 20, 2024, (iii) reduced the applicable margin on the Revolving Credit Facility to 2.50% per annum, (iv) extended the period in which the Company may request advances under the Revolving Credit Facility to August 29, 2026, (v) extended the stated maturity of the Revolving Credit Facility to August 29, 2027, (vi) reduced the requirement to utilize a minimum of commitments under the Revolving Credit Facility to 70%, (vii) reduced the non-usage fee applicable during the reinvestment period to 0.55% per annum on the average daily unborrowed portion of the financing commitments in excess of the minimum utilization amount, (viii) extended the non-call period under the Revolving Credit Facility to April 29, 2025, and (ix) provided for certain fees to be paid to the administrative agent and the lenders in connection therewith.

As of December 31, 2024, GLPRF LLC was in compliance with all of its debt covenants and $159.5 million principal amount of borrowings was outstanding under the Revolving Credit Facility. The fair value of GLPRF LLC approximated its carrying value on the consolidated statements of assets and liabilities and is categorized as Level III under the ASC 820 Fair Value Hierarchy.

The fair value of the Revolving Credit Facility disclosed, but not carried, was approximately $160.3 million and $91.2 million at December 31, 2024 and December 31, 2023, respectively, and is categorized as Level III under the ASC 820 Fair Value Hierarchy

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 years ended December 31, 2024, 2023 and 2022:


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	9,334		$	7,465		$	4,477
Deferred financing costs		405			333			345
Total interest and financing expenses	$	9,739		$	7,798		$	4,822
Average outstanding balance	$	116,548		$	80,136		$	88,821
Average stated interest rate		7.67	%		7.84	%		4.53	%

2018-2 Secured Notes

On 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-1 R-R Notes available under the CLO converted to Class A-1

T-R Notes. On November 18, 2022, the Company drew $14.3 million of the $25.0 million unfunded Class A-1 R-R Notes. The Reinvestment Period ended on November 20, 2022, and the remaining amount of the unfunded Class A-1 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 the year ended December 31, 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.

On August 20, 2024, an optional redemption of the CLO occurred and all rated notes were repaid in full. As of December 31, 2024, no 2018-2 Secured Notes were outstanding. Accordingly, during 2024 the Company redeemed approximately $125.7 million of the par value of 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of approximately $0.7 million.

The fair value of the 2018-2 Notes approximated their carrying value on the consolidated statements of financial condition and are 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.


($ 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)

Represents ratings from each of S&P and DBRS for the Class A-1 R-R Notes and the Class A-1 T-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 5.63% as of 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 years ended December 31, 2024, 2023 and 2022:


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	4,952		$	11,357		$	6,736
Amortization of original issue discount		57			151			177
Total interest and financing expenses	$	5,009		$	11,508		$	6,913
Average outstanding balance	$	96,356		$	153,330		$	187,661
Average stated interest rate		7.99	%		7.35	%		3.51	%

Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table (dollars in thousands, except per unit amounts).


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 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
Fiscal 2024(10)		267,479		1,667		—	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, and 2015, the average market value per $1,000 of par value of the 7.375% Notes Due 2019 was $1,016.04, $1,000.00, and $1,011.96, 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 December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 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(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

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

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

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Consolidated Financial Highlights - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Investment Company, Financial Highlights [Roll Forward]

Beginning balance, par value

^[1]

$ 22.76

$ 24.23

$ 28.88

$ 28.77

$ 33.95

Net investment income

^[1],[2]

2.59

3.66

4.92

3.4

Net realized gains (losses) from investments

^[1],[2]

(3.36)

(2.81)

(3.24)

(0.5)

1.52

Net change in unrealized appreciation (depreciation) on investments

^[1],[2]

0.11

0.35

(1.86)

(0.99)

1.36

Realized gains (losses) from extinguishment of debt

^[1],[2]

(0.07)

(0.04)

(0.21)

0.04

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

^[1],[2]

0.09

0.04

(0.08)

(0.17)

Net increase (decrease) in net assets resulting from operations

^[1]

(0.64)

1.2

(2.18)

3.05

6.32

Net decrease in net assets resulting from distributions

^[1]

(2.76)

(2.75)

(2.56)

(2.42)

(2.4)

Accretive effect of common stock repurchases

^[1],[2]

0.07

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

^[1]

(0.02)

0.08

0.09

(0.52)

(9.1)

Ending balance, par value

^[1]

$ 19.41

$ 22.76

$ 24.23

$ 28.88

$ 28.77

Total net asset value return

^[1],[3],[4]

(1.41%)

8.27%

(6.23%)

11.23%

(8.30%)

Total market return

^[1],[5]

3.87%

(8.82%)

3.84%

43.64%

1.42%

Ratio/Supplemental Data:

Per share market value at beginning of period

^[1]

$ 18.19

$ 23

$ 24.76

$ 19.1

$ 21.2

Per share market value at end of period

^[1]

$ 16.34

$ 18.19

$ 23

$ 24.76

$ 19.1

Shares outstanding at end of period

^[1]

9,198,175

9,383,132

9,581,536

9,699,695

7,516,423

Net assets at end of period

^[1]

$ 178,493

$ 213,518

$ 232,123

$ 280,122

$ 216,264

Portfolio turnover rate

^[1],[6]

17.76%

9.29%

28.26%

63.49%

55.70%

Asset coverage ratio

^[1]

166.73%

164.55%

160.10%

178.00%

156.00%

Ratio of net investment income to average net assets

^[1]

12.18%

15.80%

11.08%

16.72%

9.20%

Ratio of total expenses to average net assets

^[1],[3],[7]

19.45%

18.87%

15.62%

15.16%

14.00%

Ratio of interest expense to average net assets

^[1]

10.53%

11.50%

6.79%

5.43%

5.60%

Ratio of non-interest expenses to average net assets

^[1],[3],[7]

8.92%

7.38%

8.83%

9.73%

8.40%

[1]	Totals may not sum due to rounding.
[2]	Based on weighted average number of common shares outstanding for the period.
[3]	Excluding the impact of the expense reimbursement of approximately $5.3 million during the year ended December 31, 2023, the ratio of total expenses to average net assets and the ratio of non-interest expenses to average net assets would have been 20.9% and 9.4%, respectively. In addition, the total net asset value return would have been 6.1%. excluding the expense reimbursement.
[4]	Total net asset value return equals the change in the ending of period net asset value per share over the beginning of period net asset value per share plus distributions (including any return of capital), divided by the beginning of period net asset value per share.
[5]	Total market return equals the change in the ending of period market price per share over the beginning of period price per share plus distributions (including any return of capital), divided by the beginning of period market price per share.
[6]	Portfolio turnover rate equals the lesser of year-to-date sales and paydowns or year-to-date purchases over the average of the invested assets at fair value.
[7]	Incentive fees earned during the years ended December 31, 2024, December 31, 2023, and December 31, 2022 were approximately $5.0 million, $7.4 million, and $6.1 million, respectively, none of which was waived pursuant to the Externalization Agreement. Incentive fees earned during the year ended December 31, 2020, were approximately $4.9 million, of which $0.6 million was waived pursuant to the Externalization Agreement. Excluding the waiver, for the year ended December 31, 2020, ratio of total expenses to average net assets was 14.3% and the ratio of non-interest expenses to average net assets was 8.7%

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) DebtInvestment InvesteeCompany	Dec. 31, 2023 USD ($) DebtInvestment InvesteeCompany	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Purchase of investments	$ 78,421	$ 48,188	$ 222,202
Repayments and sales of investments	125,695	146,945	$ 160,964
Net repayment and sales amount of investment	$ 47,300	$ 98,800
Number of investee companies where loans held \| InvesteeCompany	71	80
Aggregate principal amount of loans held	$ 366,100	$ 420,900
Percentage of investment portfolio valuation	100.00%
Number of debt investments on non-accrual status \| DebtInvestment	6	7
Aggregate amortized cost of debt investments on non-accrual status	$ 16,300	$ 17,300
Aggregate fair value of debt investments on non-accrual status	$ 6,900	$ 6,100
Percentage of investments in non-accrual status at amortized cost	3.40%	3.20%
Percentage of investments in non-accrual status at fair value	1.70%	1.30%

Consolidated Schedule of Investments - Summary of Derivatives (Parenthetical)	Dec. 31, 2024 USD ($) NumberOfShares $ / shares shares	Dec. 31, 2023 USD ($) NumberOfShares $ / shares shares
Schedule of Investments [Line Items]
Notional amount	$ 1,571,000	$ 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	$ 8,000
Exercise price \| $ / shares	0.01	0.01
Open Option Contract, Identifier [Axis]: Put option, Advantage Capital Holdings LLC
Schedule of Investments [Line Items]
Number of shares \| NumberOfShares	164	164
Notional amount	$ 563,000	$ 563,000
Exercise price \| $ / shares	20	20
Value	$ 220,000
Open Option Contract, Identifier [Axis]: Put option, Epilog Partners LP (Care Connectors Medical Group)
Schedule of Investments [Line Items]
Number of shares \| NumberOfShares	1,166,667
Open Option Contract, Identifier [Axis]: Put option, Princeton Medspa Partners, LLC
Schedule of Investments [Line Items]
Number of shares \| NumberOfShares	1,000,000
Notional amount	$ 1,000,000
Exercise price \| $ / shares	2

Investments - Summary of Fair Value of Investments by Fair Value Hierarchy Levels (Details) - ASC 820 - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 405,021	$ 467,865
Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments		65,325
Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	363,883	357,528
NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	41,138	45,012
First Lien Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	289,957	336,598
First Lien Debt \| Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments		47,303
First Lien Debt \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	289,957	289,295
Second Lien Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	28,996	41,254
Second Lien Debt \| Level II
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments		18,022
Second Lien Debt \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	28,996	23,232
Subordinated Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	1,740	1,225
Subordinated Debt \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	1,740	1,225
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	24,762	20,533
Equity \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	24,762	20,533
Collateral Loan Obligations
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	5,193	8,968
Collateral Loan Obligations \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	5,193	8,968
Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	54,153	59,287
Joint Ventures \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	13,015	14,275
Joint Ventures \| NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	41,138	$ 45,012
Derivatives
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	220
Derivatives \| Level III
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of investments	$ 220

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

Dec. 31, 2024

USD ($)

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

^[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

^[2],[7]

Fiscal 2024

Debt Instrument [Line Items]

Total Amount Outstanding Exclusive of Treasury Securities

267,479

^[1],[8]

Asset Coverage per Unit

$ 1,667

^[2],[8]

[1]	Total amount of each class of senior securities outstanding at the end of the period presented.
[2]	Asset coverage per unit is the ratio of the carrying value of PTMN’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
[3]	As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facilities of $79,571.
[4]	As of December 31, 2020, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $76,726, Revolving Credit Facilities of $49,321 and 2018-2 Secured Notes of $251,863.
[5]	As of December 31, 2021, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $80,571 and 2018-2 Secured Notes of $163,863.
[6]	As of December 31, 2022, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $92,000 and 2018-2 Secured Notes of $178,163.
[7]	As of 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 December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,540)	$ (1,509)	$ (6,372)	$ 4,486	$ 6,995	$ 7,445	$ (3,114)	$ 55	$ (5,935)	$ 11,381	$ (20,996)

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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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/exampleRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Transfers out of Level III

^[1]

$ 19,199

Transfers into Level III

$ 65,325

^[2]

1,643

^[3]

Debt securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Transfers out of Level III

19,200

Transfers into Level III

$ 65,300

$ 1,600

[1]	Transfers out of Level III represent a transfer of $19.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2023
[2]	Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.
[3]	Transfers into Level III represent a transfer of $1.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2023.

- 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

Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instrument [Line Items]

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	As of		As of
($ in thousands)	December 31, 2024		December 31, 2023

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)	$	—	$	124,971
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)		106,983		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775, respectively)		158,157		91,225
	$	265,140	$	322,410

Schedule of Interest Expense, Amortization of Original Issue Discount, Deferred Financing Costs, Average Outstanding Balance, and Average Stated Interest Rate


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	5,265		$	5,265		$	5,265
Amortization of original issue discount		506			479			454
Deferred financing costs		263			256			247
Total interest and financing expenses	$	6,034		$	6,000		$	5,966
Average outstanding balance	$	108,000		$	108,000		$	108,000
Average stated interest rate		4.88	%		4.88	%		4.88	%


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	9,334		$	7,465		$	4,477
Deferred financing costs		405			333			345
Total interest and financing expenses	$	9,739		$	7,798		$	4,822
Average outstanding balance	$	116,548		$	80,136		$	88,821
Average stated interest rate		7.67	%		7.84	%		4.53	%


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	4,952		$	11,357		$	6,736
Amortization of original issue discount		57			151			177
Total interest and financing expenses	$	5,009		$	11,508		$	6,913
Average outstanding balance	$	96,356		$	153,330		$	187,661
Average stated interest rate		7.99	%		7.35	%		3.51	%

Schedule of Information about Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table (dollars in thousands, except per unit amounts).


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 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
Fiscal 2024(10)		267,479		1,667		—	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)

As of December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

2018-2 Secured Notes

Debt Instrument [Line Items]

Summary of 2018-2 Secured Notes


($ 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%, or 5.63% as of December 31, 2023.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section 50
-Paragraph 3
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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+ Details

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

3 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

^[2]

Dec. 31, 2020

^[2]

Quarterly Financial Data [Abstract]

Total interest and related portfolio income

$ 14,392

$ 15,177

$ 16,337

$ 16,526

$ 17,788

$ 18,574

$ 19,626

$ 20,327

Net investment income

5,539

5,802

6,477

6,226

11,163

^[1]

7,166

^[1]

7,915

^[1]

8,529

^[1]

Net (decrease) increase in net assets resulting from operations

$ (2,540)

$ (1,509)

$ (6,372)

$ 4,486

$ 6,995

$ 7,445

$ (3,114)

$ 55

$ (5,935)

$ 11,381

$ (20,996)

Net increase (decrease) in net assets resulting from operations per share - basic

$ (0.28)

$ (0.16)

$ (0.69)

$ 0.48

$ 0.74

$ 0.78

$ (0.33)

$ 0.01

$ (0.64)

^[2]

$ 1.2

^[2]

$ (2.18)

^[2]

$ 3.05

$ 6.32

Net increase (decrease) in net assets resulting from operations per share - diluted

(0.28)

(0.16)

(0.69)

0.48

0.74

0.78

(0.33)

0.01

(0.64)

1.2

(2.18)

Net investment income per share - basic and diluted

$ 0.6

$ 0.63

$ 0.7

$ 0.67

$ 1.19

$ 0.75

$ 0.83

$ 0.89

$ 2.59

^[2],[3]

$ 3.66

^[2],[3]

$ 3

^[2],[3]

$ 4.92

^[3]

$ 3.4

^[3]

[1]	Excluding the impact of the expense reimbursement while also excluding the secondary impact that the reimbursement had on other expenses, such as incentive fees, of approximately $4.4 million in Q4 2023, the net investment income would have been $6.8 million.
[2]	Totals may not sum due to rounding.
[3]	Based on weighted average number of common shares outstanding for the period.

- Definition

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

+ References

+ 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.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Cost/Amortized Cost

$ 476,432

$ 540,282

Common stock, par value

$ 0.01

Common stock, authorized

20,000,000

Common stock, issued

9,960,785

9,943,385

Common stock, outstanding

^[1]

9,198,175

9,383,132

Non-controlled/Non-affiliated Investments

Cost/Amortized Cost

$ 358,153

$ 426,630

Non-controlled Affiliated Investments

Cost/Amortized Cost

68,858

55,611

Controlled Affiliated Investments

Cost/Amortized Cost

49,421

58,041

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

Deferred financing costs, net

1,322

775

2018-2 Secured Notes

Debt instruments, net of original issue discount

712

4.875% Notes Due 2026

Debt instruments, net of original issue discount

700

1,200

Debt instruments, net of deferred financing costs and original issue discount

1,017

1,786

Deferred financing costs, net

$ 300

$ 600

[1]	Totals may not sum due to rounding.

Earnings (Losses) Per Share (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2024, 2023 and 2022:


	For the Year Ended December 31,
($ in thousands, except share and per share amounts)	2024			2023		2022
Net increase (decrease) in net assets resulting from operations – basic and diluted	$	(5,935	)	$	11,381	$	(20,996	)
Weighted average common stock outstanding – basic and diluted		9,272,809			9,509,396		9,634,468
Net increase (decrease) in net assets per share from operations – basic and diluted	$	(0.64	)	$	1.20	$	(2.18	)

Earnings (Losses) Per Share

12 Months Ended

Dec. 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 years ended December 31, 2024, 2023 and 2022:


	For the Year Ended December 31,
($ in thousands, except share and per share amounts)	2024			2023		2022
Net increase (decrease) in net assets resulting from operations – basic and diluted	$	(5,935	)	$	11,381	$	(20,996	)
Weighted average common stock outstanding – basic and diluted		9,272,809			9,509,396		9,634,468
Net increase (decrease) in net assets per share from operations – basic and diluted	$	(0.64	)	$	1.20	$	(2.18	)

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company is an investment company and follows accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies. Certain prior year investment related disclosures have been reclassified to conform to the current period presentation. 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 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 LLC I, KCAP Senior Funding I, LLC, KCAP Senior Funding I Holdings, LLC, Great Lakes Portman Ridge Funding, LLC, Garrison Capital Equity Holdings VIII LLC, Garrison Capital Equity Holdings XI LLC, GIG Rooster Holdings I LLC, OHA Nevada, 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, Garrison Capital Equity Holdings I LLC, Garrison Capital Equity Holdings II, LLC, and HCAP Equity 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 year ended December 31, 2024, the Company made approximately $78.4 million of investments and had approximately $125.7 million in repayments and sales, resulting in net repayments and sales of approximately $47.3 million for the period. During the year ended December 31, 2023, the Company made approximately $48.2 million of investments and had approximately $147.0 million in repayments and sales, resulting in net repayment and sales of approximately $98.8 million for the period. As of December 31, 2024 and December 31, 2023, the Company held loans it has made to 71 and 80 portfolio companies, respectively, with aggregate principal amounts of approximately $366.1 million and $420.9 million, respectively. The details of such loans have been disclosed on the consolidated schedule of investments as well as in Note 4 – Investments. In addition to providing loans to portfolio companies, from time to time the Company assists portfolio companies in securing financing from other sources by introducing such portfolio companies to sponsors or by, among other things, leading a syndicate of lenders to provide the portfolio companies with financing. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024. See Note 11 for more information on the effects of the adoption of ASU 2023-07. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning in the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements. 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 U.S. 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 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 December 31, 2024, six of our debt investments were on non-accrual status with an aggregate amortized cost of $16.3 million and an aggregate fair value of $6.9 million, which represented 3.4% and 1.7% 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. 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. U.S. 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 U.S. 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 upon closing), 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. Segment Reporting In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment, the “Investment Management Segment”. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

12. SUBSEQUENT EVENTS

On January 29, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Logan Ridge Finance Corporation, a Maryland corporation (“LRFC”), Portman Ridge Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“Merger Sub”); and solely for the limited purposes set forth therein, Mount Logan Management LLC, a Delaware limited liability company and the external investment adviser to LRFC (“Mount Logan”); and, solely for the limited purposes set forth therein, the Adviser. The Merger Agreement provides that, subject to the conditions set forth therein, (i) at the effective time of the First Merger (the “Effective Time”), Merger Sub will be merged with and into LRFC (the “First Merger”), with LRFC continuing as the surviving company and as a wholly-owned subsidiary of the Company, and (ii) immediately after the Effective Time, LRFC will merge with and into the Company (the “Second Merger” and, together with the First Merger, the “Mergers”), with the Company continuing as the surviving company. Both the Board of Directors of the Company and LRFC’s board of directors, including all of their respective independent directors who are not “interested persons” of either the Company or LRFC or the Adviser or Mount Logan, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or LRFC, as applicable (each, a “Special Committee”), have approved, among other things, the Merger Agreement and the transactions contemplated thereby. Consummation of the Mergers is subject to certain closing conditions, including requisite approvals of the Company’s and LRFC’s stockholders. Subject to the terms and conditions of the Merger Agreement, at the Effective Time, each share of LRFC’s common stock issued and outstanding immediately prior to the Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries, including Merger Sub) will be converted into the right to receive 1.500 newly-issued shares of common stock of the Company with cash to be paid (without interest) in lieu of fractional shares. In addition, pursuant to a fee waiver letter executed on January 29, 2025, between the Company and the Adviser, the Adviser has agreed to waive up to $1.5 million of the incentive fees otherwise payable to it by Company over the eight consecutive quarters following the closing of the Mergers, subject to the closing of the Mergers.

On March 12, 2025, the Board of Directors of the Company authorized once more a renewed stock repurchase program of up to $10 million (the “2025 Stock Repurchase Program”) for an approximately one-year period, effective March 12, 2025 and terminating on March 31, 2026. The terms and conditions of the 2025 Stock Repurchase Program are substantially similar to the prior Renewed Stock Repurchase Program. The 2025 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.

On March 13, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock and a supplemental cash distribution of $0.07 per share of common stock. The distribution is payable on March 31, 2025 to stockholders of record at the close of business on March 24, 2025. The modification to the dividend policy introduces a stable base distribution, which is anticipated to be sustainable across market cycles, and a quarterly supplemental distribution, which will approximate 50% of net investment income in excess of the quarterly base distribution to account for fluctuations in rates and spreads.

The Company has evaluated events and transactions occurring subsequent to December 31, 2024, through the date of issuance, 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 consolidated financial statements.

Selected Quarterly Financial Data - Summary of Selected Quarterly Financial Data (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Data [Abstract]
Expense reimbursement	$ 4,400	$ 38,388	$ 41,542	$ 40,724
Net investment income	$ 6,800	$ 24,044	$ 34,773	$ 28,890

Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

4. INVESTMENTS

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



($ in thousands)	December 31, 2024							December 31, 2023
Security Type	Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio			Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio
First Lien Debt	$	311,673	$	289,957		71.6	%	$	351,858	$	336,599		71.9	%
Second Lien Debt		34,892		28,996		7.2	%		50,814		41,254		8.8	%
Subordinated Debt		8,059		1,740		0.4	%		7,990		1,224		0.3	%
Collateralized Loan Obligations		5,318		5,193		1.3	%		9,103		8,968		1.9	%
Joint Ventures		66,747		54,153		13.4	%		71,415		59,287		12.7	%
Equity		31,921		24,762		6.1	%		31,280		20,533		4.4	%
Asset Manager Affiliates(1)		17,791		—		—			17,791		—		—
Derivatives		31		220		0.0	%		31		—		—
Total	$	476,432	$	405,021		100.0	%	$	540,282	$	467,865		100.0	%

(1)

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 December 31, 2024 and December 31, 2023, were as follows:


($ in thousands)	December 31, 2024							December 31, 2023
Industry Classification	Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio			Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio
Joint Venture	$	66,747	$	54,153		13.4	%	$	71,415	$	59,287		12.7	%
Services: Business		55,141		51,776		12.8	%		58,997		57,168		12.2	%
High Tech Industries		55,932		50,138		12.4	%		84,676		73,430		15.7	%
Banking, Finance, Insurance & Real Estate		44,191		42,854		10.6	%		51,486		53,918		11.5	%
Healthcare & Pharmaceuticals		43,882		41,872		10.3	%		59,189		57,224		12.2	%
Consumer goods: Durable		28,493		27,028		6.7	%		16,431		13,898		3.0	%
Finance		14,815		14,725		3.6	%		18,884		18,972		4.1	%
Machinery (Non-Agrclt/Constr/Electr)		11,705		13,608		3.4	%		9,836		10,097		2.2	%
Media: Broadcasting & Subscription		19,095		12,972		3.2	%		16,665		14,618		3.1	%
Beverage, Food and Tobacco		12,563		11,612		2.9	%		12,220		11,444		2.4	%
Aerospace and Defense		11,403		11,390		2.8	%		11,130		11,256		2.4	%
Chemicals, Plastics and Rubber		10,135		9,628		2.4	%		9,738		9,836		2.1	%
Construction & Building		7,648		7,596		1.9	%		7,737		7,441		1.6	%
Transportation: Consumer		7,410		7,470		1.8	%		7,465		7,409		1.6	%
Retail		10,246		6,853		1.7	%		9,334		8,732		1.9	%
Healthcare, Education and Childcare		6,114		6,115		1.5	%		6,175		6,163		1.3	%
CLO Fund Securities		5,318		5,193		1.3	%		9,103		8,968		1.9	%
Metals & Mining		9,950		5,103		1.3	%		9,000		7,742		1.7	%
Transportation: Cargo		4,223		3,782		0.9	%		11,606		10,303		2.2	%
Diversified Financial Services		3,058		3,074		0.8	%		—		—		0.0	%
Containers, Packaging and Glass		2,728		2,702		0.7	%		2,734		2,665		0.6	%
Energy: Electricity		2,696		2,702		0.7	%		671		671		0.1	%
Interactive Media & Services		2,539		2,559		0.6	%		2,663		2,662		0.6	%
Services: Consumer		2,699		2,406		0.6	%		—		—		0.0	%
IT Consulting & Other Services		2,157		2,243		0.5	%		2,213		2,259		0.5	%
Hotel, Gaming & Leisure		7,006		2,205		0.5	%		8,358		3,948		0.8	%
Capital Equipment		8,016		1,291		0.3	%		10,684		1,203		0.3	%
Application Software		1,165		1,166		0.2	%		—		—		0.0	%
Telecommunications		1,541		805		0.2	%		5,268		4,389		0.9	%
Alternative Carriers		—		—		0.0	%		971		937		0.2	%
Asset Management Company(1)		17,791		—		0.0	%		17,791		—		0.0	%
Energy: Oil & Gas		25		—		0.0	%		6,721		100		0.0	%
Media: Diversified & Production		—		—		0.0	%		1,121		1,125		0.2	%
Total	$	476,432	$	405,021		100.0	%	$	540,282	$	467,865		100.0	%

(1)

Represents the equity investment in the Asset Manager Affiliates.

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 Company's investments in CLO Fund Securities as of December 31, 2024 and December 31, 2023 were as follows:


($ in thousands)		December 31, 2024							December 31, 2023
CLO Fund Securities	Investment	Amortized Cost		Fair Value		Percentage Ownership(1)			Amortized Cost		Fair Value		Percentage Ownership(1)
Catamaran CLO 2014-1 Ltd.	Collateralized Loan Obligations	$	126	$	261		22.2	%	$	1,024	$	904		22.2	%
Catamaran CLO 2018-1 Ltd.	Collateralized Loan Obligations		3,063		2,600		24.8	%		3,923		3,923		24.8	%
Dryden 30 Senior Loan Fund	Collateralized Loan Obligations		141		140		6.8	%		424		409		6.8	%
JMP Credit Advisors CLO IV Ltd.	Collateralized Loan Obligations		521		725		57.2	%		683		683		57.2	%
JMP Credit Advisors CLO V Ltd.	Collateralized Loan Obligations		1,467		1,467		57.2	%		3,049		3,049		57.2	%
Total		$	5,318	$	5,193				$	9,103	$	8,968

(1)

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

Affiliate Investments:

The following table details investments in affiliates at December 31, 2024:


Company(1)	Type of Investment	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 December 31, 2024			Principal / Shares at December 31, 2024		Interest and Fee Income		Dividend Income
Controlled investments(3)
Asset Management Company(2)	Asset Manager Affiliates	Asset Management Company	$	—	$	—		$	—	$	—	$	—		$	—		$	—			—	$	—	$	—
Tank Partners Equipment Holdings, LLC - Class A Units(5)	Common Stock and Membership Units	Energy: Oil & Gas		—		—			—		—		6,228			(6,228	)		—			—		—		—
Tank Partners Equipment Holdings, LLC	Subordinated Debt	Energy: Oil & Gas		43		—			—		—		373			(416	)		—			—		—		—
ProAir Holdco, LLC(5)	Common Stock and Membership Units	Capital Equipment		—		—			—		—		—			—			—			2,749,997		—		—
ProAir, LLC	Subordinated Debt	Capital Equipment		—		—			—		—		—			—			—			2,020		—		—
KCAP Freedom 3, LLC(2)	Joint Ventures	Joint Venture		14,275		(1,976	)		—		—		716			—			13,015			27,220		—		—
Total Controlled investments			$	14,318	$	(1,976	)	$	—	$	—	$	7,317		$	(6,644	)	$	13,015				$	—	$	—
Non-controlled affiliated investments(4)
Series A-Great Lakes Funding II LLC(2)(6)(7)	Joint Ventures	Joint Venture	$	45,012	$	(2,692	)	$	—	$	—	$	(1,182	)	$	—		$	41,138			41,309	$	—	$	6,576
GreenPark Infrastructure, LLC - Series A(5)	Preferred Stock and Units	Energy: Electricity		500		—			—		—		—			—			500			1,000		—		—
GreenPark Infrastructure, LLC - Series M-1(5)	Common Stock and Membership Units	Energy: Electricity		171		2,025			—		—		6			—			2,202			6,412		—		—
Kleen-Tech Acquisition, LLC(5)	Common Stock	Services: Business		998		—			—		—		422			—			1,420			250,000		—		—
Northeast Metal Works LLC - Preferred(5)	Preferred Stock and Units	Metals & Mining		—		—			—		—		—			—			—			2,368		—		—
Northeast Metal Works LLC - Class O Preferred(5)	Preferred Stock and Units	Metals & Mining		4,182		450			—		—		(3,472	)		—			1,160			4,950,000		485		—
Northeast Metal Works LLC	Second Lien/Senior Secured Debt	Metals & Mining		3,560		—			—		—		(117	)		—			3,443			4,500		366		—
Northeast Metal Works LLC	Second Lien/Senior Secured Debt	Metals & Mining		—		500			—		—		—			—			500			500		36		—
BMP Slappey Holdco, LLC(5)	Preferred Stock and Units	Telecommunications		553		—			—		—		4			—			557			200,000		—		—
BMP Slappey Investment II(5)	Preferred Stock and Units	Telecommunications		246		—			—		—		2			—			248			88,946		—		—
Princeton Medspa Partners, LLC(5)	Preferred Stock and Units	Healthcare & Pharmaceuticals		—		1,064			—		—		(205	)		—			859			1,064		76		—
Princeton Medspa Partners, LLC - Warrant(5)	Common Stock and Membership Units	Healthcare & Pharmaceuticals		—		—			—		—		28			—			28			0		—		—
Princeton Medspa Partners, LLC - Put Option(2)(5)	Derivatives	Healthcare & Pharmaceuticals		—		—			—		—		—			—			—			1,000,000		—		—
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(7)	First Lien/Senior Secured Debt	Healthcare & Pharmaceuticals		—		1,635			4		—		(110	)		—			1,529			1,679		147		—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)(7)	First Lien/Senior Secured Debt	Healthcare & Pharmaceuticals		—		(4	)		—		—		(6	)		—			(10	)		—		1		—
JMP Credit Advisors CLO IV LTD(3)	Collateralized Loan Obligations	CLO Fund Securities		—		(260	)		98		683		204			—			725			18,407		98		—
JMP Credit Advisors CLO V LTD(3)	Collateralized Loan Obligations	CLO Fund Securities		—		(904	)		656		3,049		—			(1,334	)		1,467			17,074		656		—
EBSC Holdings LLC (Riddell, Inc.)(5)	Preferred Stock and Units	Consumer goods: Durable		—		2,131			—		—		244			—			2,375			2,154		154		—
Riddell, Inc.(7)	First Lien/Senior Secured Debt	Consumer goods: Durable		—		6,127			20		—		96			—			6,243			6,244		554		—
Total non-controlled affiliated investments			$	55,222	$	10,072		$	778	$	3,732	$	(4,086	)	$	(1,334	)	$	64,384				$	2,573	$	6,576

Total non-controlled affiliated and controlled investments			$	69,540	$	8,096		$	778	$	3,732	$	3,231		$	(7,978	)	$	77,399				$	2,573	$	6,576

(1)

All investments valued using unobservable inputs (Level III), unless otherwise noted.

(2)

Non-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.

(4)

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.

(5)

Number of shares held.

(6)

The investment is valued at the NAV of the underlying fund.

(7)

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

The following table details investments in affiliates at December 31, 2023:


Company(1)	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
Controlled investments(3)
Asset Manager Affiliates(2)	Asset Management Company	$	—	$	—		$	—	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Tank Partners Equipment Holdings, LLC - Class A Units(5)	Energy: Oil & Gas		—		—			—		—			—			—			—		49,000		—		—
Tank Partners Equipment Holdings, LLC	Energy: Oil & Gas		43		—			—		—			—			—			43		511		—		—
Flight Lease VII(5)	Aerospace and Defense		242		(248	)		—		—			39			(33	)		—		—		—		—
ProAir, LLC(5)	Capital Equipment		—		—			—		—			—			—			—		2,749,997		—		—
ProAir, LLC	Capital Equipment		—		—			—		—			—			—			—		2,020		—		—
KCAP Freedom 3, LLC(2)	Joint Venture		18,668		—			—		—			(4,393	)		—			14,275		27,220		—		2,184
Total controlled investments		$	18,953	$	(248	)	$	—	$	—		$	(4,354	)	$	(33	)	$	14,318			$	—	$	2,184
Non-controlled affiliated investments(4)
Series A-Great Lakes Funding II LLC(2)(6)(7)	Joint Venture	$	40,287	$	2,565		$	—	$	—		$	2,160		$	—		$	45,012	$	44,000	$	—	$	6,764
GreenPark Infrastructure, LLC - Series A(5)	Energy: Electricity		500		—			—		—			—			—			500		1,000		—		—
GreenPark Infrastructure, LLC - Series M-1(5)(7)	Energy: Electricity		171		—			—		—			—			—			171		500		—		—
Kleen-Tech Acquisition, LLC(5)	Services: Business		1,300		—			—		—			(302	)		—			998		250,000		—		—
Northeast Metal Works LLC	Metals & Mining		13,445		(4,428	)		—		(9,000	)		1,107			(1,124	)		—		—		377		—
Northeast Metal Works LLC - Preferred(5)	Metals & Mining		—		—			—		—			—			—			—		2,368		—		—
Northeast Metal Works LLC - Class O Preferred(5)	Metals & Mining		—		—			—		4,500			(318	)		—			4,182		4,500,000		333		—
Northeast Metal Works LLC	Metals & Mining		—		—			—		4,500			(940	)		—			3,560		4,500		270		—
BMP Slappey Holdco, LLC(5)	Telecommunications		464		—			—		—			89			—			553		200,000		—		—
BMP Slappey Investment II(5)	Telecommunications		206		—			—		—			40			—			246		88,946		—		—
Surge Hippodrome Partners LP(5)	Services: Business		811		(813	)		—		—			(386	)		388			—		—		—		—
Surge Hippodrome Holdings LLC(5)	Services: Business		484		(496	)		—		—			(325	)		337			—		—		—		—
Surge Hippodrome Holdings LLC	Services: Business		5,165		(5,460	)		328		—			(33	)		—			—		—		675		—
Navex Topco, Inc.	Electronics		7,604		(7,700	)		310		—			(214	)		—			—		—		804		—
Zest Acquisition Corp.	Healthcare, Education and Childcare		3,390		(3,501	)		9		—			102			—			—		—		42		—
Total non-controlled affiliated investments		$	73,827	$	(19,833	)	$	647	$	—		$	980		$	(399	)	$	55,222			$	2,501	$	6,764

Total non-controlled affiliated and controlled 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, unless otherwise noted.

(2)

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

Number of shares held.

(6)

The investment is valued at the NAV of the underlying fund.

(7)

Investment in Joint Ventures

For the years ended December 31, 2024, 2023 and 2022, the Company recognized $6.6 million, $8.9 million and $8.6 million, respectively, in investment income from its investments in Joint Ventures. As of December 31, 2024 and December 31, 2023, the aggregate fair value of the Company’s investments in Joint Ventures was approximately $54.2 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 as of December 31, 2024 and December 31, 2023 was $13.0 million and $14.3 million, respectively.

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 a third-party financial institution and certain other parties 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 affiliated funds of the Adviser collectively control a 50% voting interest in the Great Lakes II Joint Venture.

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.

The fair value of the Company’s investment in the Great Lakes II Joint Venture at December 31, 2024 and December 31, 2023 was $41.1 million, and $45.0 million, respectively. 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 December 31, 2024, the Company has a $8.2 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 December 31, 2024 and December 31, 2023, respectively:


	As of December 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	—	$	289,957	$	—	$	289,957
Second Lien Debt		—		—		28,996		—		28,996
Subordinated Debt		—		—		1,740		—		1,740
Equity		—		—		24,762		—		24,762
Collateralized Loan Obligations		—		—		5,193		—		5,193
Joint Ventures		—		—		13,015		41,138		54,153
Derivatives		—		—		220		—		220
Total	$	—	$	—	$	363,883	$	41,138	$	405,021


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	47,303	$	289,295	$	—	$	336,598
Second Lien Debt		—		18,022		23,232		—		41,254
Subordinated Debt		—		—		1,225		—		1,225
Equity		—		—		20,533		—		20,533
Collateralized Loan Obligations		—		—		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 December 31, 2024 and December 31, 2023 was $41.1 million and $45.0 million, respectively. Fair value has been determined utilizing the practical expedient pursuant to ASC 820-10.

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

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


	For the Year Ended December 31, 2024
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateral Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Transfers out of Level III(1)		—			—			—			—			—			—			—		—
Transfers into Level III(2)		47,303			18,022			—			—			—			—			—		65,325
Net accretion		2,991			116			—			—			1,511			—			—		4,618
Purchases		70,344			2,361			997			7,173			—			—			—		80,875
Sales/Paydowns/Return of Capital		(101,614	)		(10,526	)		(511	)		78			(2,722	)		(1,976	)		—		(117,271	)
Total realized gain (loss) included in earnings		(11,908	)		(7,868	)		(417	)		(6,611	)		(2,576	)		—			—		(29,380	)
Change in unrealized gain (loss) included in earnings		(6,454	)		3,659			446			3,589			12			716			220		2,188
Balance, December 31, 2024	$	289,957		$	28,996		$	1,740		$	24,762		$	5,193		$	13,015		$	220	$	363,883
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(18,958	)	$	(2,312	)	$	(1,932	)	$	(4,721	)	$	11		$	716		$	220	$	(26,976	)

(1)

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

(2)

Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.


	For the Year Ended December 31, 2023
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateralized Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	359,648		$	50,453		$	43		$	21,905		$	20,453		$	18,668		$	—	$	471,170
Transfers out of Level III(1)		(18,021	)		(1,178	)		—			—			—			—			—		(19,199	)
Transfers into Level III(2)		—			1,643			—			—			—			—			—		1,643
Net accretion		5,034			283			—			—			1,998			—			—		7,315
Purchases		40,727			857			—			649			—			—			—		42,233
Sales/Paydowns/Return of Capital		(95,846	)		(26,708	)		5,568			(1,552	)		(2,097	)		—			—		(120,635	)
Realized gain (loss) included in earnings		(704	)		(1,124	)		—			3,334			(25,446	)		—			—		(23,940	)
Change in unrealized gain (loss) included in earnings		(1,543	)		(994	)		(4,386	)		(3,803	)		14,060			(4,393	)		—		(1,059	)
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,242	)	$	(2,037	)	$	(4,388	)	$	(2,082	)	$	5,461		$	(4,392	)	$	—	$	(13,680	)

(1) Transfers out of Level III represent a transfer of $19.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2023.

(2) Transfers into Level III represent a transfer of $1.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2023.

As of 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 $0.0 million and $65.3 million as of December 31, 2024 and December 31, 2023, respectively.

As of December 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)(1)
First Lien Debt	$	47,177	Enterprise Value	Average EBITDA Multiple	0.1x - 9.0x (4.7x)
				Average Revenue Multiple	0.2x - 1.4x (1.1x)
		214,658	Income Approach	Implied Discount Rate	7.3% - 37.8% (11.6%)
		28,122	Market	Broker/Dealer Quotes	N/A
Second Lien Debt		20,980	Income Approach	Implied Discount Rate	8.2% - 19.5% (15.8%)
		8,016	Market	Broker/Dealer Quotes	N/A
Subordinated Debt		528	Income Approach	Implied Discount Rate	15.4%
		1,212	Enterprise Value	Recovery Percentage	19.4%
Equity		24,519	Enterprise Value	Average EBITDA Multiple	0.1x - 18.0x (6.2x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book value of equity (asset)	1.0x
				Book Value Multiple	0.5x
				Time Horizon	3.3 - 4.9 (3.7)
		243	Income Approach	Implied Discount Rate	17.8%
Collateralized Loan Obligations		5,193	Discounted Cash Flow	Discount Rate	15.9% - 18.2% (9.6%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		13,015	Discounted Cash Flow	Discount Rate	18.1% - 19.7% (18.9%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Derivatives		220	Enterprise Value	Average EBITDA Multiple	14.5x - 14.5x (0.0x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book Value Multiple	0.5x
				Discount Rate	40.0%
Total Level III Investments	$	363,883

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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)(1)
First Lien Debt	$	8,846	Enterprise Value	Average EBITDA Multiple	0.4x - 0.4x (0.1x)
				Expected Sale Proceeds	97.6x
		275,179	Income Approach	Implied Discount Rate	5.3% - 40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8% - 14.2% (14.0%)
Second Lien Debt		300	Enterprise Value	Implied Discount Rate	9.5x - 9.5x (9.5x)
		22,932	Income approach	Implied Discount Rate	13.8% - 14.2% (14.0%)
Subordinated Debt		1,225	Enterprise Value	Average Settlement Value	61.0x - 61.0x (61.0x)
				Recovery Rate Multiple	0.1x - 0.1x (0.1x)
Collateralized Loan Obligations		8,968	Discounted Cash Flow	Discount Rate	18.4% - 25.2% (21.1%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		14,275	Discounted Cash Flow	Discount Rate	20.5% - 22.1% (21.3%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Equity		19,805	Enterprise Value	Average EBITDA Multiple	5.0x - 18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x - 3.7x (1.1x)
				Book Value of Equity	1.0x - 1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0% - 15.0% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.4% - 12.4% (12.4%)
Derivatives		—	Enterprise Value	Average EBITDA Multiple	2.5x - 2.5x (2.5x)
Total Level III Investments	$	357,528

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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 December 31, 2024 and December 31, 2023:


($ in thousands)	December 31, 2024
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)		Unrealized gain(loss)
Call option(1)	$	8	$	220	$	—	$	220
Put option(1)		1,563		—		—		-
Total	$	1,571	$	220	$	—	$	220

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.


($ 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 statements of assets and liabilities.

Investments - Company Portfolio by Security and Investment (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 476,432

$ 540,282

Fair Value

$ 405,021

$ 467,865

Fair Value Percentage of Total Portfolio

100.00%

Joint Venture

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 66,747

$ 71,415

Fair Value

$ 54,153

$ 59,287

Fair Value Percentage of Total Portfolio

13.40%

12.70%

Services: Business

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 55,141

$ 58,997

Fair Value

$ 51,776

$ 57,168

Fair Value Percentage of Total Portfolio

12.80%

12.20%

High Tech Industries

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 55,932

$ 84,676

Fair Value

$ 50,138

$ 73,430

Fair Value Percentage of Total Portfolio

12.40%

15.70%

Banking, Finance, Insurance & Real Estate

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 44,191

$ 51,486

Fair Value

$ 42,854

$ 53,918

Fair Value Percentage of Total Portfolio

10.60%

11.50%

Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 43,882

$ 59,189

Fair Value

$ 41,872

$ 57,224

Fair Value Percentage of Total Portfolio

10.30%

12.20%

Consumer goods: Durable

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 28,493

$ 16,431

Fair Value

$ 27,028

$ 13,898

Fair Value Percentage of Total Portfolio

6.70%

3.00%

Finance

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 14,815

$ 18,884

Fair Value

$ 14,725

$ 18,972

Fair Value Percentage of Total Portfolio

3.60%

4.10%

Machinery (Non-Agrclt/Constr/Electr)

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 11,705

$ 9,836

Fair Value

$ 13,608

$ 10,097

Fair Value Percentage of Total Portfolio

3.40%

2.20%

Media: Broadcasting & Subscription

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 19,095

$ 16,665

Fair Value

$ 12,972

$ 14,618

Fair Value Percentage of Total Portfolio

3.20%

3.10%

Beverage, Food and Tobacco

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 12,563

$ 12,220

Fair Value

$ 11,612

$ 11,444

Fair Value Percentage of Total Portfolio

2.90%

2.40%

Aerospace and Defense

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 11,403

$ 11,130

Fair Value

$ 11,390

$ 11,256

Fair Value Percentage of Total Portfolio

2.80%

2.40%

Chemicals, Plastics and Rubber

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 10,135

$ 9,738

Fair Value

$ 9,628

$ 9,836

Fair Value Percentage of Total Portfolio

2.40%

2.10%

Construction & Building

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 7,648

$ 7,737

Fair Value

$ 7,596

$ 7,441

Fair Value Percentage of Total Portfolio

1.90%

1.60%

Transportation: Consumer

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 7,410

$ 7,465

Fair Value

$ 7,470

$ 7,409

Fair Value Percentage of Total Portfolio

1.80%

1.60%

Retail

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 10,246

$ 9,334

Fair Value

$ 6,853

$ 8,732

Fair Value Percentage of Total Portfolio

1.70%

1.90%

Healthcare, Education and Childcare

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 6,114

$ 6,175

Fair Value

$ 6,115

$ 6,163

Fair Value Percentage of Total Portfolio

1.50%

1.30%

CLO Fund Securities

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 5,318

$ 9,103

Fair Value

$ 5,193

$ 8,968

Fair Value Percentage of Total Portfolio

1.30%

1.90%

Metals & Mining

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 9,950

$ 9,000

Fair Value

$ 5,103

$ 7,742

Fair Value Percentage of Total Portfolio

1.30%

1.70%

Transportation: Cargo

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 4,223

$ 11,606

Fair Value

$ 3,782

$ 10,303

Fair Value Percentage of Total Portfolio

0.90%

2.20%

Diversified Financial Services

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 3,058

Fair Value

$ 3,074

Fair Value Percentage of Total Portfolio

0.80%

0.00%

Containers, Packaging and Glass

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,728

$ 2,734

Fair Value

$ 2,702

$ 2,665

Fair Value Percentage of Total Portfolio

0.70%

0.60%

Energy: Electricity

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,696

$ 671

Fair Value

$ 2,702

$ 671

Fair Value Percentage of Total Portfolio

0.70%

0.10%

Interactive Media & Services

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,539

$ 2,663

Fair Value

$ 2,559

$ 2,662

Fair Value Percentage of Total Portfolio

0.60%

Services: Consumer

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,699

Fair Value

$ 2,406

Fair Value Percentage of Total Portfolio

0.60%

0.00%

IT Consulting & Other Services

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 2,157

$ 2,213

Fair Value

$ 2,243

$ 2,259

Fair Value Percentage of Total Portfolio

0.50%

Hotel, Gaming & Leisure

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 7,006

$ 8,358

Fair Value

$ 2,205

$ 3,948

Fair Value Percentage of Total Portfolio

0.50%

0.80%

Capital Equipment

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 8,016

$ 10,684

Fair Value

$ 1,291

$ 1,203

Fair Value Percentage of Total Portfolio

0.30%

Application Software

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 1,165

Fair Value

$ 1,166

Fair Value Percentage of Total Portfolio

0.20%

0.00%

Telecommunications

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 1,541

$ 5,268

Fair Value

$ 805

$ 4,389

Fair Value Percentage of Total Portfolio

0.20%

0.90%

Alternative Carriers

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 971

Fair Value

$ 937

Fair Value Percentage of Total Portfolio

0.00%

0.20%

Asset Management Company

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

^[1]

$ 17,791

Fair Value Percentage of Total Portfolio

^[1]

0.00%

Energy: Oil & Gas

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 25

$ 6,721

Fair Value

$ 100

Fair Value Percentage of Total Portfolio

0.00%

Media: Diversified & Production

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 1,121

Fair Value

$ 1,125

Fair Value Percentage of Total Portfolio

0.00%

0.20%

First Lien Debt

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 311,673

$ 351,858

Fair Value

$ 289,957

$ 336,599

Fair Value Percentage of Total Portfolio

71.60%

71.90%

Second Lien Debt

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 34,892

$ 50,814

Fair Value

$ 28,996

$ 41,254

Fair Value Percentage of Total Portfolio

7.20%

8.80%

Subordinated Debt

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 8,059

$ 7,990

Fair Value

$ 1,740

$ 1,224

Fair Value Percentage of Total Portfolio

0.40%

0.30%

Collateral Loan Obligations

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 5,318

$ 9,103

Fair Value

$ 5,193

$ 8,968

Fair Value Percentage of Total Portfolio

1.30%

1.90%

Joint Ventures

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 66,747

$ 71,415

Fair Value

$ 54,153

$ 59,287

Fair Value Percentage of Total Portfolio

13.40%

12.70%

Equity

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 31,921

$ 31,280

Fair Value

$ 24,762

$ 20,533

Fair Value Percentage of Total Portfolio

6.10%

4.40%

Asset Manager Affiliates

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

^[2]

$ 17,791

Derivatives

Summary of Investment Holdings [Line Items]

Cost/Amortized Cost

$ 31

Fair Value

$ 220

Fair Value Percentage of Total Portfolio

0.00%

[1]	Represents the equity investment in the Asset Manager Affiliates.
[2]	Represents the equity investment in the Asset Manager Affiliates.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 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

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Percentage of debt securities contains floor rates	89.80%	77.40%
Aggregate cost of investments	$ 476,432	$ 540,282
Aggregate gross unrealized appreciation	50,000	36,300
Aggregate gross unrealized depreciation	103,300	34,700
Net unrealized depreciation	$ 53,300	$ 1,600
Percentage of qualifying assets to total assets	86.60%	86.60%
Percentage of non-qualifying assets to total assets	13.40%	13.40%
Maximum
Schedule of Investments [Line Items]
Floor rate	5.25%	2.50%
Minimum
Schedule of Investments [Line Items]
Floor rate	0.50%	0.50%
Percentage of qualifying assets to total assets	70.00%	70.00%
Garrison Capital Equity Holdings II LLC
Schedule of Investments [Line Items]
Non controlling member interest rate	17.50%	17.50%
ATP Oil & Gas Corporation
Schedule of Investments [Line Items]
Royalty interest	5.00%	5.00%
Investments For Federal Income Tax Purpose
Schedule of Investments [Line Items]
Aggregate cost of investments	$ 458,400	$ 539,800
Controlled Affiliated Investments \| Minimum
Schedule of Investments [Line Items]
Percentage of outstanding voting securities owned	25.00%	25.00%
Non-controlled Affiliated Investments \| Minimum
Schedule of Investments [Line Items]
Percentage of outstanding voting securities owned	5.00%	5.00%

Borrowings - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jun. 23, 2021
2018-2 Secured Notes
Debt Instrument [Line Items]
Debt instruments, net of original issue discount	$ 0	$ 712
4.875% Notes Due 2026
Debt Instrument [Line Items]
Debt instruments, net of original issue discount	700	1,200	$ 2,400
Debt instruments, net of deferred financing costs and original issue discount	1,017	1,786
Deferred financing costs, net	300	600
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	$ 1,322	$ 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

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Consolidated Schedule of Investments - USD ($)

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Schedule of Investments [Line Items]

Par/ Shares

$ 366,100,000

$ 420,900,000

Cost/Amortized Cost

476,432,000

540,282,000

Fair Value

405,021,000

467,865,000

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

Schedule of Investments [Line Items]

Fair Value

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

$ 242,000

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

Schedule of Investments [Line Items]

Par/ Shares

^{[1],[2],[3],[5]}

27,220,000

Fair Value

^{[1],[2],[3],[5]}

14,275,000

18,668,000

Investment, Identifier [Axis]: Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture

Schedule of Investments [Line Items]

Par/ Shares

^[1],[6],[7]

27,220,000

Fair Value

^[1],[6],[7]

13,015,000

14,275,000

Investment, Identifier [Axis]: Controlled investments ProAir Holdco, LLC Type of Investment Common Stock and Membership Units Industry Classification Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^[1],[6],[8]

2,749,997

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

Schedule of Investments [Line Items]

Par/ Shares

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

2,749,997

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

Schedule of Investments [Line Items]

Par/ Shares

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

2,020,000

Investment, Identifier [Axis]: Controlled investments ProAir, LLC Type of Investment Subordinated Debt Classification Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^[1],[6]

$ 2,020,000

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

Schedule of Investments [Line Items]

Par/ Shares

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

49,000,000

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

Schedule of Investments [Line Items]

Par/ Shares

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

511,000

Fair Value

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

43,000

Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC Type of Investment Subordinated Debt Industry Classification Energy: Oil & Gas

Schedule of Investments [Line Items]

Fair Value

^[1],[6]

$ 43,000

Investment, Identifier [Axis]: Investments

Schedule of Investments [Line Items]

Investments rate

226.90%

^{[9],[10],[11],[12],[13],[14]}

219.10%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 476,432,000

^{[9],[10],[11],[12],[13],[14]}

$ 540,282,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 405,021,000

^{[9],[10],[11],[12],[13],[14]}

$ 467,865,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies

Schedule of Investments [Line Items]

Investments rate

36.10%

^{[9],[10],[11],[12],[13],[14]}

25.90%

^{[15],[16],[17],[18],[19],[20],[21]}

Cost/Amortized Cost

$ 68,858,000

^{[9],[10],[11],[12],[13],[14]}

$ 55,611,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 64,384,000

^{[9],[10],[11],[12],[13],[14]}

$ 55,222,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

1.20%

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 1,988,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 2,192,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV LTD CLO Fund Securities Maturity 07/17/29

Schedule of Investments [Line Items]

Maturity

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

Jul. 17, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 18,407,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

521,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 725,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD CLO Fund Securities Maturity 07/17/30

Schedule of Investments [Line Items]

Maturity

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

Jul. 17, 2030

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 17,074,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

1,467,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 1,467,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units

Schedule of Investments [Line Items]

Investments rate

2.00%

^{[9],[10],[11],[12],[13],[14]}

0.50%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 3,460,000

^{[9],[10],[11],[12],[13],[14]}

$ 1,436,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

3,650,000

^{[9],[10],[11],[12],[13],[14]}

$ 1,169,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Energy: Electricity

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[27]}

6,412

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

500

Cost/Amortized Cost

2,196,000

^{[9],[10],[11],[12],[13],[14],[26],[27]}

$ 171,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

2,202,000

^{[9],[10],[11],[12],[13],[14],[26],[27]}

$ 171,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Kleen-Tech Acquisition, LLC Services: Business

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[29]}

250,000

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

250,000

Cost/Amortized Cost

1,264,000

^{[9],[10],[11],[12],[13],[14],[29]}

$ 1,265,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

1,420,000

^{[9],[10],[11],[12],[13],[14],[29]}

$ 998,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Princeton Medspa Partners, LLC – Warrant Services: Consumer

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27]}

0.03

Fair Value

^{[9],[10],[11],[12],[13],[14],[27]}

$ 28,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Derivatives

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

0.00%

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Derivatives Princeton Medspa Partners, LLC Services: Consumer

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25],[27]}

$ 1,000,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

4.30%

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 7,784,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 7,762,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) Services: Consumer Reference Rate and Spread SOFR + 8.50% Floor 2.00% Maturity 05/31/29

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

8.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

May 31, 2029

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (3,000)

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (10,000)

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt PMP OPCO, LLC (Princeton Medspa Partners, LLC) Services: Consumer Interest Rate 12.86% Reference Rate and Spread SOFR + 8.50% Floor 2.00% Maturity 05/31/29

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

12.86%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

8.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

May 31, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 1,679,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

1,638,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 1,529,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt Riddell, Inc. Consumer goods: Durable Interest Rate 10.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/29/29

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

10.48%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Mar. 29, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 6,244,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

6,149,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 6,243,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures

Schedule of Investments [Line Items]

Investments rate

23.00%

^{[9],[10],[11],[12],[13],[14]}

21.10%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 41,309,000

^{[9],[10],[11],[12],[13],[14]}

$ 44,000,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

41,138,000

^{[9],[10],[11],[12],[13],[14]}

45,012,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures Series A-Great Lakes Funding II LLC Joint Venture

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25],[26],[33]}

41,309,000

Cost/Amortized Cost

41,309,000

^{[9],[10],[11],[12],[13],[14],[24],[26],[33]}

44,000,000

^{[15],[16],[17],[18],[19],[20],[34],[35],[36],[37]}

Fair Value

$ 41,138,000

^{[9],[10],[11],[12],[13],[14],[24],[26],[33]}

$ 45,012,000

^{[15],[16],[17],[18],[19],[20],[34],[35],[36],[37]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units

Schedule of Investments [Line Items]

Investments rate

3.20%

^{[9],[10],[11],[12],[13],[14]}

2.60%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 9,317,000

^{[9],[10],[11],[12],[13],[14]}

$ 5,675,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

5,699,000

^{[9],[10],[11],[12],[13],[14]}

$ 5,481,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, LLC Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[38]}

200,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[38]}

$ 467,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[38]}

$ 553,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[29]}

200,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[29]}

467,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[29]}

557,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Investment II Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[29]}

88,946

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[38]}

88,946

Cost/Amortized Cost

208,000

^{[9],[10],[11],[12],[13],[14],[29]}

$ 208,000

^{[15],[16],[17],[18],[19],[20],[38]}

Fair Value

$ 248,000

^{[9],[10],[11],[12],[13],[14],[29]}

$ 246,000

^{[15],[16],[17],[18],[19],[20],[38]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units EBSC Holdings LLC (Riddell, Inc.) Consumer goods: Durable Interest Rate 10.00% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[39]}

10.00%

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[39]}

$ 2,154

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[39]}

2,128,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[39]}

2,375,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Energy: Electricity

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27]}

1,000

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[40]}

1,000

Cost/Amortized Cost

500,000

^{[9],[10],[11],[12],[13],[14],[27]}

$ 500,000

^{[15],[16],[17],[18],[19],[20],[40]}

Fair Value

$ 500,000

^{[9],[10],[11],[12],[13],[14],[27]}

$ 500,000

^{[15],[16],[17],[18],[19],[20],[40]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[41]}

4,500,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[41]}

$ 4,500,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[41]}

$ 4,182,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining Interest Rate 10.00% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[29],[30],[39]}

10.00%

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[29],[39]}

$ 4,950,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[29],[39]}

4,950,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[29],[39]}

1,160,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Preferred Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[38]}

2,368

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC – Preferred Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[29]}

$ 2,368

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Princeton Medspa Partners, LLC Services: Consumer Interest Rate 12.50% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[27],[30],[39]}

12.50%

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27],[39]}

$ 1,064

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[27],[39]}

1,064,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[27],[39]}

$ 859,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt

Schedule of Investments [Line Items]

Investments rate

2.20%

^{[9],[10],[11],[12],[13],[14]}

1.70%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 5,000,000

^{[9],[10],[11],[12],[13],[14]}

$ 4,500,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 3,943,000

^{[9],[10],[11],[12],[13],[14]}

$ 3,560,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 01/01/25

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[9],[10],[11],[12],[13],[14],[30]}

8.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jan. 01, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 500,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

500,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 500,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 04/05/28

Schedule of Investments [Line Items]

Interest Rate, Cash

^{[9],[10],[11],[12],[13],[14],[30]}

8.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Apr. 05, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 4,500,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

4,500,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

3,443,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 4/5/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

8.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Apr. 05, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 4,500,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

4,500,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 3,560,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies

Schedule of Investments [Line Items]

Investments rate

^{[15],[16],[17],[18],[19],[20]}

6.70%

Cost/Amortized Cost

49,421,000

^{[9],[10],[11],[12],[13],[14]}

$ 58,041,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

13,015,000

^{[9],[10],[11],[12],[13],[14]}

$ 14,318,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Asset Manager Affiliates

Schedule of Investments [Line Items]

Investments rate

^{[15],[16],[17],[18],[19],[20]}

0.00%

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 17,791,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Asset Manager Affiliates Asset Management Company

Schedule of Investments [Line Items]

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42]}

$ 17,791,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Common Stock and Membership Units

Schedule of Investments [Line Items]

Investments rate

^{[15],[16],[17],[18],[19],[20]}

0.00%

Cost/Amortized Cost

$ 4,261

^{[9],[10],[11],[12],[13],[14]}

$ 10,488,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Common Stock and Membership Units ProAir HoldCo, LLC Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

2,749,997

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 4,260,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Common Stock and Membership Units Tank Partners Equipment Holdings LLC Energy: Oil & Gas

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43]}

49,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43]}

$ 6,228,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Joint Ventures

Schedule of Investments [Line Items]

Investments rate

7.30%

^{[9],[10],[11],[12],[13],[14]}

6.70%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 25,438,000

^{[9],[10],[11],[12],[13],[14]}

$ 27,415,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 13,015,000

^{[9],[10],[11],[12],[13],[14]}

14,275,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture

Schedule of Investments [Line Items]

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42]}

27,415,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42]}

$ 14,275,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt

Schedule of Investments [Line Items]

Investments rate

0.00%

^{[9],[10],[11],[12],[13],[14]}

0.00%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 1,931,000

^{[9],[10],[11],[12],[13],[14]}

$ 2,347,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 43,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment Interest Rate 17.75% PIK Maturity 1/31/23

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43]}

17.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[43]}

Jan. 31, 2023

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43]}

$ 2,020,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43]}

$ 1,931,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt Tank Partners Equipment Holdings LLC Energy: Oil & Gas Interest Rate 10.00% PIK Maturity 2/15/2022

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43]}

10.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[43]}

Feb. 15, 2022

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43]}

$ 511,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43]}

416,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[43]}

$ 43,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

7.30%

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Asset Manager Affiliates

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

0.00%

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 17,791,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Asset Manager Affiliates Asset Management Company Asset Management Company

Schedule of Investments [Line Items]

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[24]}

$ 17,791,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Common Stock and Membership Units

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

0.00%

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Common Stock and Membership Units ProAir HoldCo, LLC Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 2,749,997

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

4,261,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25]}

27,220,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[24]}

25,438,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[24]}

$ 13,015,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment

Schedule of Investments [Line Items]

Maturity

^{[9],[10],[11],[12],[13],[14],[44]}

Jan. 31, 2023

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[44]}

$ 2,020,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[44]}

$ 1,931,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies

Schedule of Investments [Line Items]

Investments rate

183.50%

^{[9],[10],[11],[12],[13],[14]}

186.60%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 358,153,000

^{[9],[10],[11],[12],[13],[14]}

$ 426,630,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 327,622,000

^{[9],[10],[11],[12],[13],[14]}

$ 398,325,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligation

Schedule of Investments [Line Items]

Investments rate

^{[9],[10],[11],[12],[13],[14]}

1.70%

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations

Schedule of Investments [Line Items]

Investments rate

^{[15],[16],[17],[18],[19],[20]}

4.20%

Cost/Amortized Cost

$ 3,330,000

^{[9],[10],[11],[12],[13],[14]}

$ 9,103,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 3,001,000

^{[9],[10],[11],[12],[13],[14]}

$ 8,968,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2014-1 Ltd. CLO Fund Securities Interest Rate 136.55% Maturity 4/20/2030

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[22],[23],[24],[30]}

136.55%

Maturity

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

Apr. 20, 2030

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[22],[23],[24],[25]}

$ 15,161,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

126,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 261,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2014-1 Ltd., CLO Fund Securities Interest Rate 13.70% Maturity 4/20/2030

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[45],[46]}

13.70%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

Apr. 20, 2030

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[45],[46]}

$ 15,161,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

1,024,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

$ 904,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2018-1 Ltd. CLO Fund Securities Interest Rate 3.86% Maturity 10/27/2031

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[22],[23],[24],[30]}

3.86%

Maturity

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

Oct. 27, 2031

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[22],[23],[24],[25]}

$ 10,000,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

3,063,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 2,600,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2018-1 Ltd., CLO Fund Securities Interest Rate 25.00% Maturity 10/27/2031

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[45],[46]}

25.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

Oct. 27, 2031

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[45],[46]}

$ 10,000,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

3,923,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

$ 3,923,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Dryden 30 Senior Loan Fund CLO Fund Securities Interest Rate 17.98% Maturity 11/1/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[22],[23],[24],[30]}

17.98%

Maturity

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

Nov. 01, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[22],[23],[24],[25]}

$ 3,250,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

141,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[22],[23],[24]}

$ 140,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Dryden 30 Senior Loan Fund, CLO Fund Securities Interest Rate 25.40% Maturity 11/1/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[45],[46]}

25.40%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

Nov. 01, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[45],[46]}

$ 3,250,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

424,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

$ 409,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV LTD, CLO Fund Securities Interest Rate 19.80% Maturity 7/17/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[45],[46]}

19.80%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

Jul. 17, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[45],[46]}

$ 18,407,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

683,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

$ 683,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD, CLO Fund Securities Interest Rate 25.30% Maturity 7/17/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[45],[46]}

25.30%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

Jul. 17, 2030

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[45],[46]}

$ 17,074,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

3,049,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[45],[46]}

$ 3,049,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Fusion Connect, Inc., Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

121,871

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

$ 866,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership LB NewHoldCo LLC, Hotel, Gaming & Leisure

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

96,523

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

$ 1,441,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 1,442,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Morae Global Holdings Inc. - Warrant, IT Consulting & Other Services

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 87,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 99,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Ohene Holdings B.V. - Warrant, High Tech Industries

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[46]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Qualtek LLC, High Tech Industries

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

150,262

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,277,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Roscoe Investors, LLC - Class A, Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

10,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 1,000,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 425,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership South Street Securities Holdings, Inc - Warrant, Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

3,966

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 455,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 403,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Sundance Holdings Group, LLC, Retail

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

14,603

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 69,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units

Schedule of Investments [Line Items]

Investments rate

4.50%

^{[9],[10],[11],[12],[13],[14]}

3.40%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 7,526,000

^{[9],[10],[11],[12],[13],[14]}

$ 7,831,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 8,106,000

^{[9],[10],[11],[12],[13],[14]}

7,365,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AAPC Holdings, LLC Equity, Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Fair Value

^{[15],[16],[17],[18],[19],[20],[40]}

493,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AAPC Holdings, LLC Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27]}

0.07

Fair Value

^{[9],[10],[11],[12],[13],[14],[27]}

$ 444,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units ATP Oil & Gas Corporation Energy: Oil & Gas

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[49]}

0.1

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units ATP Oil & Gas Corporation, Energy: Oil & Gas

Schedule of Investments [Line Items]

Fair Value

^{[15],[16],[17],[18],[19],[20],[37]}

$ 57,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Advantage Capital Holdings LLC - Class A Units Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27]}

822

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[27]}

$ 500,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[27]}

$ 842,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[40],[47]}

822

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[40],[47]}

$ 502,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[40],[47]}

$ 2,828,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Class A Warrant Media: Broadcasting & Subscription

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

510

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 46,000

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

510

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 46,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Class B Warrant Media: Broadcasting & Subscription

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Warrant for CS Media: Broadcasting & Subscription

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

1,644

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

1,644

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc. Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

4,099

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 53,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 130,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc., Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

4,099

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 53,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 93,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Centric Brands Inc., Machinery (Non-Agrclt/Constr/Electr)

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

36,342

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 121,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Centric Brands, L.P. Machinery (Non-Agrclt/Constr/Electr)

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

81,770

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

$ 746,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,649,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27]}

158,166

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[27]}

$ 258,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[27]}

$ 258,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC, Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[40]}

158,166

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[40]}

$ 258,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[40]}

$ 258,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc. Consumer goods: Durable

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[50]}

1,085,565

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[50]}

$ 346,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[50]}

$ 553,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc., Consumer goods: Durable

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[51]}

1,085,565

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[51]}

$ 346,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[51]}

$ 174,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[23],[24],[25]}

100

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[23],[24]}

$ 1,500,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[23],[24]}

$ 967,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A, Capital Equipment

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[46]}

100

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[46]}

$ 1,500,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[46]}

$ 903,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Fusion Connect, Inc. - Warrant Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

811,572

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Fusion Connect, Inc. Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

$ 866,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units HDC/HW Holdings, LLC High Tech Industries

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

148,826

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units LB NewHoldCo LLC Hotel, Gaming & Leisure

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

96,523

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

$ 1,441,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 993,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Holdings Inc. - Warrant IT Consulting & Other Services

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 87,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 117,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Ohene Holdings B.V. - Warrant High Tech Industries

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[23],[24],[25]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Roscoe Investors,LLC - Class A Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

10,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 1,000,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 476,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street securities Holdings,Inc – Warrant Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

3,966

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 455,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 449,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Sundance Holdings Group, LLC Retail

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

14,603

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units VTX Holdings LLC - Series C High Tech Industries

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

441,252

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Workplace Holdings LLC (Pomeroy Technologies, LLC) High Tech Industries

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

950

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 228,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 228,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units World Business Lenders, LLC Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25]}

49,209

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership World Business Lenders, LLC Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42]}

49,209

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives

Schedule of Investments [Line Items]

Investments rate

0.00%

^{[9],[10],[11],[12],[13],[14]}

0.00%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 31,000

^{[9],[10],[11],[12],[13],[14]}

$ 31,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

^{[9],[10],[11],[12],[13],[14]}

220,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25],[27]}

164,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[24],[27]}

220,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[40],[42]}

164

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Epilog Partners LP (Care Connectors Medical Group) Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25],[27]}

1,166,667,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem Sports & Entertainment Inc.), Media: Broadcasting & Subscription

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[52]}

0.2

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[52]}

$ 31,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem) Media: Broadcasting & Subscription

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[24],[25]}

200

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[24]}

$ 31,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt

Schedule of Investments [Line Items]

Investments rate

158.10%

^{[9],[10],[11],[12],[13],[14]}

157.60%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 303,889,000

^{[9],[10],[11],[12],[13],[14]}

$ 351,858,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 282,195,000

^{[9],[10],[11],[12],[13],[14]}

$ 336,599,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 11.80% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 7/22/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.80%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.40%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jul. 22, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 990,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

977,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 976,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 9.59% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 07/22/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.59%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jul. 22, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 980,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

971,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 979,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIS Holdco, LLC Banking, Finance, Insurance & Real Estate Interest Rate 10.64% Reference Rate and Spread SOFR + 5.00% Maturity 8/15/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

10.64%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Aug. 15, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,223,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,068,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,220,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. (Revolver) Beverage, Food and Tobacco Interest Rate 11.80% Reference Rate and Spread SOFR + 7.00% 3.00% PIK Floor 1.00% Maturity 10/06/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.80%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

3.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 06, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 1,012,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

1,006,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 994,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. (Revolver) Beverage, Food and Tobacco Interest Rate 12.43% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 10/6/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

12.43%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

7.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Oct. 06, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34]}

$ 651,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

641,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ 630,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. Beverage, Food and Tobacco Interest Rate 11.74% Reference Rate and Spread SOFR + 7.00%, 3.00% PIK Floor 1.00% Maturity 10/06/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.74%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

3.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 06, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 4,875,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

4,838,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 4,785,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. Beverage, Food and Tobacco Interest Rate 12.50% Reference Rate and Spread SOFR + 6.25%, 0.75% PIK Floor 1.00% Maturity 10/6/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.50%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.75%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 06, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 4,869,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

4,823,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 4,766,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Finance Interest Rate 0.50% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 8/31/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

6.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Aug. 31, 2028

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

$ (27,000)

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ (2,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 11/17/31

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

Nov. 17, 2031

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (8,000)

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (8,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Finance Interest Rate 11.60% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 8/29/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.60%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Aug. 29, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 9,472,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

9,315,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 9,468,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Finance Interest Rate 9.58% Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 11/17/31

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

9.58%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Nov. 17, 2031

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 4,464,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

4,437,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 4,436,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Services: Business Interest Rate 10.59% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.59%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Mar. 26, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 4,367,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

4,177,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

4,329,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Services: Business Interest Rate 11.61% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 3/26/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.61%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Mar. 26, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 4,412,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

4,162,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 4,242,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 13.00% Reference Rate and Spread 13.00%, 5.00% + PIK Maturity 04/14/27

Schedule of Investments [Line Items]

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

14,752,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 13,649,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

13.00%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

13.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Apr. 14, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 14,754,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.00%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Apr. 14, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 14,036,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

14,036,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 13,773,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.22% Reference Rate and Spread SOFR + 9.75%, 5.25% PIK Floor 1.00% Maturity 6/30/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

14.22%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.25%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jun. 30, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,934,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

3,928,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,954,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 16.47% Reference Rate and Spread SOFR + 5.75%, 5.25% PIK Floor 1.00% Maturity 1/1/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

16.47%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.25%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jan. 01, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 3,744,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

3,732,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 3,768,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. High Tech Industries Interest Rate 14.62% Reference Rate and Spread SOFR + 10.00% Floor 1.00% Maturity 6/11/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

14.62%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jun. 11, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 6,034,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,985,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 6,035,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. High Tech Industries Interest Rate 15.65% Reference Rate and Spread SOFR + 10.00% Floor 1.00% Maturity 6/11/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

15.65%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

10.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jun. 11, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 6,274,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

6,187,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 6,305,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver 2022) Media: Broadcasting & Subscription Interest Rate 14.09% Reference Rate and Spread SOFR + 9.50%, 3.00% PIK, Floor 1.00% Maturity 06/30/24

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

14.09%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

3.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

9.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jun. 30, 2024

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 563,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

563,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 353,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver 2022) Media: Broadcasting & Subscription Interest Rate 15.07% Reference Rate and Spread SOFR + 9.50% Floor 1.00% Maturity 6/30/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

15.07%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21]}

9.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Jun. 30, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 547,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

547,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 465,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver) Media: Broadcasting & Subscription Interest Rate 14.09% Reference Rate and Spread SOFR + 9.50%, 3.00% PIK, Floor 1.00% Maturity 06/30/24

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

14.09%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[26],[30]}

3.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

9.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Nov. 15, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 1,222,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

1,212,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 734,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver) Media: Broadcasting & Subscription Interest Rate 15.10% Reference Rate and Spread SOFR + 9.50% Floor 1.00% Maturity 11/15/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

15.10%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

9.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Nov. 15, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34]}

$ 1,084,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

1,068,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ 910,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription Interest Rate 13.99% Reference Rate and Spread SOFR + 9.40%, 13.99% PIK Floor 1.00% Maturity 11/15/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

13.99%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

13.99%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

9.40%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Nov. 15, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 15,070,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

14,966,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 9,668,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription Interest Rate 15.11% Reference Rate and Spread SOFR + 9.50%, 12.11% PIK Floor 1.00% Maturity 11/15/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

15.11%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.11%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

9.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Nov. 15, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 12,880,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

12,718,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 10,965,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 10.99% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 3/9/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

10.99%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Mar. 09, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 5,894,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,887,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,859,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 9.33% Reference Rate and Spread SOFR + 5.00% , Floor 1.00% Maturity 03/09/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.33%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Mar. 09, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 5,832,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,827,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 5,817,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Aventiv Technologies, LLC Alternative Carriers Interest Rate 10.50% Reference Rate and Spread SOFR + 4.89% Floor 1.00% Maturity 11/1/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

10.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21]}

4.89%

Floor

^{[15],[16],[17],[18],[19],[20],[21]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Nov. 01, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 989,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

971,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 937,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BW NHHC Holdco Inc. Healthcare & Pharmaceuticals Interest Rate 12.85% Reference Rate and Spread SOFR + 7.50% Floor 2.00% Maturity 1/15/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[48]}

12.85%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[48]}

7.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[48]}

2.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[48]}

Jan. 15, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[48]}

$ 952,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[48]}

946,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[48]}

$ 969,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 8.86% Reference Rate and Spread SOFR + 4.50% Maturity 07/01/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

8.86%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

4.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Jul. 01, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 1,014,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

1,014,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 963,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 9.60% Reference Rate and Spread SOFR + 4.25% Maturity 7/1/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

9.60%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

4.25%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Jul. 01, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34]}

$ 242,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

242,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ 145,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 10.08% Reference Rate and Spread SOFR + 5.75% Maturity 07/01/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.08%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jul. 01, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 12,480,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

11,958,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 11,997,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 11.10% Reference Rate and Spread SOFR + 5.75% Maturity 7/1/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.10%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jul. 01, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 12,608,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

11,964,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 12,104,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. (Revolver) Consumer goods: Durable Interest Rate 0.50% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Oct. 21, 2026

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

$ (22,000)

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ (25,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. (Revolver) Consumer goods: Durable Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/26

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

5.75%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

Oct. 21, 2026

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (23,000)

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (8,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 10.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.21%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 21, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 491,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

485,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 487,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.21%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 21, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 496,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

488,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 482,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bristol Hospice Healthcare & Pharmaceuticals Interest Rate 11.96% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/22/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.96%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 22, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,809,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,785,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,735,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt C.P. Converters, Inc. Chemicals, Plastics and Rubber Interest Rate 13.16% Reference Rate and Spread SOFR + 8.49%, 1.00% PIK Floor 1.00% Maturity 12/13/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

13.16%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

8.49%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 13, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 10,135,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

10,135,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 9,628,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt C.P. Converters, Inc. Chemicals, Plastics and Rubber Interest Rate 13.25% Reference Rate and Spread SOFR + 6.50%, 1.00% PIK Floor 1.00% Maturity 9/30/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.25%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Sep. 30, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 9,738,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

9,738,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 9,835,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CB MIDCO, LLC Consumer goods: Durable Interest Rate 10.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 09/27/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.21%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Sep. 27, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,762,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

3,745,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,414,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CB MIDCO, LLC Consumer goods: Durable Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 9/27/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.21%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Sep. 27, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 3,802,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

3,778,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 3,525,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver) Healthcare & Pharmaceuticals Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 05/08/30

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

5.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

May 08, 2030

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (6,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CCMG Buyer, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals Interest Rate 9.90% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 05/08/30

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.90%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

May 08, 2030

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,151,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

3,116,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,151,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Cenexel Clinical Research, Inc. Healthcare & Pharmaceuticals Interest Rate 10.47% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 11/08/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.47%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Nov. 08, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 5,773,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,758,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 5,765,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Cenexel Clinical Research, Inc. Healthcare & Pharmaceuticals Interest Rate 11.22% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 11/8/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.22%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Nov. 08, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 5,773,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,742,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,773,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Revolver) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 0.75% Reference Rate and Spread SOFR + 2.50% Floor 1.00% Maturity 10/9/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

0.75%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

2.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Oct. 09, 2024

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ (15,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A1) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 11.03% Reference Rate and Spread SOFR + 6.50%, Floor 1.00% Maturity 02/06/31

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

11.03%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

6.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Feb. 06, 2031

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 3,807,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

3,807,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 3,807,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A2) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 12.53% Reference Rate and Spread SOFR + 8.00%, 12.53% PIK Floor 1.00% Maturity 02/06/31

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

12.53%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

12.53%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

8.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Feb. 06, 2031

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 3,463,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

3,463,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 3,463,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.03% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 08/06/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.03%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Aug. 06, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,689,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

3,689,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,689,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 14.87% Reference Rate and Spread SOFR + 2.50%, 7.00% PIK Maturity 10/9/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

14.87%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

2.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 09, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 10,487,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

9,851,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 9,976,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC (Revolver) Services: Business Floor 1.00% Maturity 04/27/24

Schedule of Investments [Line Items]

Floor

^{[9],[10],[11],[12],[13],[14],[30],[44]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[44]}

Apr. 27, 2024

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[44]}

$ 685,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[44]}

685,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[44]}

$ 494,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

12.60%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

7.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Feb. 27, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 41,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

41,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 41,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

12.60%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

7.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Feb. 27, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 576,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

576,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 571,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC Services: Business Floor 1.00% Maturity 04/27/24

Schedule of Investments [Line Items]

Floor

^{[9],[10],[11],[12],[13],[14],[30],[44]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[44]}

Apr. 27, 2024

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[44]}

$ 7,167,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[44]}

7,167,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[44]}

$ 5,164,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.45%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Feb. 27, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 7,185,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

7,184,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 7,137,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 0.50% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Oct. 30, 2026

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

$ (35,000)

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ (30,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC Healthcare & Pharmaceuticals Interest Rate 12.03% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.03%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 30, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 12,697,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

12,533,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 12,506,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 11.49% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.49%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Nov. 23, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,640,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,617,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,218,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 12.21% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.21%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Nov. 23, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,715,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,679,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,715,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 11.08% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 12/23/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

11.08%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

6.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Dec. 23, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 117,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

112,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 114,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 12.39% Reference Rate and Spread SOFR + 7.00% Floor 0.75% Maturity 12/23/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

12.39%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

7.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Dec. 23, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34]}

$ 48,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

42,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ 44,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare & Pharmaceuticals Interest Rate 11.08% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 12/26/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

11.08%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

6.75%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Dec. 26, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 2,740,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

2,695,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 2,696,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare & Pharmaceuticals Interest Rate 12.35% Reference Rate and Spread SOFR + 7.00% Floor 0.75% Maturity 12/26/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

12.35%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

7.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Dec. 26, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 1,824,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

1,777,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 1,786,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC (Second Out) Construction & Building Interest Rate 9.42% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/28/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

9.42%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

4.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Feb. 28, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 917,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

783,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 779,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Construction & Building Interest Rate 10.25% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 2/10/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

10.25%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

4.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Feb. 10, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 1,478,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

1,461,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,165,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Construction & Building Interest Rate 10.92% Reference Rate and Spread SOFR + 6.25% Floor 0.50% Maturity 01/31/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.92%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jan. 31, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 657,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

649,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 651,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt ELO Touch Solutions, Inc High Tech Industries Interest Rate 11.97% Reference Rate and Spread SOFR + 6.50% Maturity 12/14/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

11.97%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

6.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Dec. 14, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 2,049,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

1,928,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,983,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Beverage, Food and Tobacco Interest Rate 10.44% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

10.44%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

5.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Oct. 18, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 6,893,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

6,756,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 6,048,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Beverage, Food and Tobacco Interest Rate 9.52% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.52%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 18, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 6,823,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

6,719,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 5,833,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fortis Payment Systems, LLC Diversified Financial Services Interest Rate 9.68% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

9.68%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Feb. 13, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 3,092,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

3,058,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 3,074,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. (DIP) Retail Interest Rate 13.55% Reference Rate and Spread SOFR + 9.00% Floor 1.00% Maturity 05/06/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

13.55%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

May 06, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 594,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

582,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 582,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. Retail Interest Rate 10.39% Reference Rate and Spread SOFR + 5.45% Floor 0.75% Maturity 03/10/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.39%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.45%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Mar. 10, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,003,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,998,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 1,783,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. Retail Interest Rate 10.44% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 2/25/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[47],[48]}

10.44%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[42],[47],[48]}

4.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[42],[47],[48]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[47],[48]}

Feb. 25, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[47],[48]}

$ 2,900,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[47],[48]}

2,890,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[47],[48]}

$ 2,350,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. (Revolver) Consumer goods: Durable Interest Rate 13.72% Reference Rate and Spread SOFR + 8.36% Maturity 5/15/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

13.72%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21]}

8.36%

Maturity

^{[15],[16],[17],[18],[19],[20]}

May 15, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 51,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

44,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 31,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

13.72%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

9.36%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jun. 30, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 51,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

45,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 28,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. Consumer goods: Durable Interest Rate 13.96% Reference Rate and Spread SOFR + 9.36%, 1.00% PIK Maturity 6/30/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

13.96%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

9.36%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jun. 30, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 6,284,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

5,588,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 3,479,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. Consumer goods: Durable Interest Rate 14.76% Reference Rate and Spread SOFR + 8.36%, 1.00% PIK Maturity 5/15/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

14.76%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21]}

1.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21]}

8.36%

Maturity

^{[15],[16],[17],[18],[19],[20]}

May 15, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 6,852,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

6,124,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 4,127,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H-CA II, LLC Banking, Finance, Insurance & Real Estate Interest Rate 16.00% Maturity 09/01/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

16.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Sep. 01, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 1,724,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

1,724,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 1,560,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

16.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Apr. 01, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 1,854,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

1,854,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 1,854,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. (Revolver) Services: Business Interest Rate 11.76% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 7/2/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

11.76%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

6.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Jul. 02, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34]}

$ 3,858,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

3,764,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ 3,578,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. Services: Business Interest Rate 10.99% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 07/02/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.99%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jul. 02, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 14,513,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

14,391,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 14,513,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. Services: Business Interest Rate 11.81% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 7/2/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.81%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jul. 02, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 14,663,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

14,491,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 14,149,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC (Revolver) High Tech Industries Interest Rate 14.83% Reference Rate and Spread SOFR + 7.50%, 2.00% PIK Floor 1.00% Maturity 12/21/2023

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

14.83%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

2.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

7.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[43],[47]}

Dec. 21, 2023

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43],[47]}

$ 773,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43],[47]}

728,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[43],[47]}

$ 437,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC (Term Loan A) High Tech Industries Interest Rate 14.83 Reference Rate and Spread SOFR + 7.50%, 2.00% PIK Floor 1.00% Maturity 12/21/2023

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

14.83%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

2.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

7.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[43],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[43],[47]}

Dec. 21, 2023

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43],[47]}

$ 7,525,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43],[47]}

7,087,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[43],[47]}

$ 4,252,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC - Term Loan A High Tech Industries Interest Rate 8.75% Reference Rate and Spread SOFR + 3.50%, 2.50% PIK Floor 5.25% Maturity 06/21/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

8.75%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

2.50%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

3.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

5.25%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jun. 21, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 5,597,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

4,958,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 4,527,000

Schedule of Investments [Line Items]

Maturity

^{[9],[10],[11],[12],[13],[14],[44]}

Jun. 21, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[44]}

$ 3,876,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[44]}

$ 940,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Help Systems Holdings, Inc. High Tech Industries Interest Rate 8.69% Reference Rate and Spread SOFR + 4.00% Floor 0.75% Maturity 11/19/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

8.69%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

4.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Nov. 19, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 1,954,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

1,873,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 1,728,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Help Systems Holdings, Inc. High Tech Industries Interest Rate 9.48% Reference Rate and Spread SOFR + 4.00% Floor 0.75% Maturity 11/19/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

9.48%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

4.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Nov. 19, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 1,974,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

1,849,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,876,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hollander Intermediate LLC Consumer goods: Durable Interest Rate 13.22% Reference Rate and Spread SOFR + 8.75%, 10.58% PIK Floor 2.00% Maturity 09/19/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

13.22%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.58%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

8.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Sep. 19, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 6,330,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,852,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 6,235,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hollander Intermediate LLC Consumer goods: Durable Interest Rate 14.22% Reference Rate and Spread SOFR + 8.75% Floor 2.00% Maturity 9/19/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

14.22%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

8.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

2.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Sep. 19, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 5,508,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,395,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,260,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services Healthcare & Pharmaceuticals Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/7/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

11.98%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Jul. 07, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 2,928,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

2,853,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 2,863,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare & Pharmaceuticals Interest Rate 10.83% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/07/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

10.83%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

6.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Jul. 07, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 3,833,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

3,776,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 3,853,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Intermedia Holdings, INC. High Tech Industries Interest Rate 11.47% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 7/21/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.47%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jul. 21, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,613,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,498,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,531,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 9.12% Reference Rate and Spread SOFR + 4.25% Floor 0.75% Maturity 12/01/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.12%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

4.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 01, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 977,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

848,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 678,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 9.91% Reference Rate and Spread SOFR + 4.25% Floor 0.75% Maturity 12/1/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

9.91%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

4.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 01, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 987,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

813,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 940,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt JO ET Holdings Limited Telecommunications Interest Rate 18.38% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[42],[46]}

18.38%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[42],[46]}

7.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[42],[46]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[42],[46]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[42],[46]}

Dec. 15, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[42],[46]}

$ 2,260,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[42],[46]}

2,236,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[42],[46]}

$ 2,254,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 10.68% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

10.68%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Nov. 23, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 872,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

859,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 868,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

11.53%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Nov. 23, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 872,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

859,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 842,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 10.67% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.67%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Nov. 23, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 11,877,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

11,791,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 11,817,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.53%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Nov. 23, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 11,999,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

11,882,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 11,579,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lifescan Global Corporation Healthcare & Pharmaceuticals Interest Rate 11.12% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/31/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.12%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 31, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,165,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,090,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 758,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lifescan Global Corporation Healthcare & Pharmaceuticals Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/31/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.98%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 31, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,381,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,256,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 1,792,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (First Out) Hotel, Gaming & Leisure Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/2/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.03%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.65%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 02, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 469,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

457,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 473,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Second Out) Hotel, Gaming & Leisure Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/2/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.03%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.65%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 02, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 892,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

892,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 853,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC (Revolver) Construction & Building Interest Rate 11.94% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

11.94%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

7.35%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Apr. 11, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 343,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

343,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 339,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC (Revolver) Construction & Building Interest Rate 12.74% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

12.74%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

7.35%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Apr. 11, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 343,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

343,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 343,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC Construction & Building Interest Rate 11.94% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.94%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.35%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Apr. 11, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 5,873,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,873,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 5,827,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC Construction & Building Interest Rate 12.74% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 4/11/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.74%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Apr. 11, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 5,933,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,933,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,933,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MAG DS Corp. Aerospace and Defense Interest Rate 10.95% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 4/1/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

10.95%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Apr. 01, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 3,664,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

3,347,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 3,520,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MAG DS Corp. Aerospace and Defense Interest Rate 9.93% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 04/01/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.93%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Apr. 01, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,624,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

3,406,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,406,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MSM Acquisitions, Inc Services: Business Interest Rate 10.51% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 12/09/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.51%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 09, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 9,852,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

9,826,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 8,891,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MSM Acquisitions, Inc. Services: Business Interest Rate 11.50% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 12/9/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 09, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 9,828,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

9,787,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 9,423,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Finance Interest Rate 12.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

12.71%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

8.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 14, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 8,574,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

8,470,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 8,392,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Finance Interest Rate 13.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.71%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

8.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 14, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 9,750,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

9,596,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 9,506,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) IT Consulting & Other Services Interest Rate 0.50% Floor 2.00% Maturity 10/26/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

2.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 26, 2026

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

$ (11,000)

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ (10,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) IT Consulting & Other Services Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/26

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

8.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

Oct. 26, 2026

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (7,000)

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (3,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation IT Consulting & Other Services Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

12.77%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

8.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 26, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,163,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,077,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,129,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation IT Consulting & Other Services Interest Rate 13.53% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.53%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

8.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

2.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Oct. 26, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,277,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,138,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,169,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 10.51% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 4/11/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

10.51%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

5.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Apr. 11, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 2,488,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

2,257,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 2,279,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 9.76% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.76%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Apr. 11, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,463,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,277,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,217,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Interest Rate 0.25% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 6/9/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.25%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

5.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Jun. 09, 2029

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

$ (9,000)

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ (4,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 06/09/29

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

5.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

Jun. 09, 2029

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (7,000)

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (10,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 10.39% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 6/9/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

10.39%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

5.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Jun. 09, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 3,379,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

3,358,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 3,364,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 9.26% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 06/09/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.26%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

4.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jun. 09, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 4,248,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

4,233,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 4,212,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Newbury Franklin Industrials, LLC Consumer goods: Durable Interest Rate 11.40% Reference Rate and Spread SOFR + 7.00% Floor 2.00% Maturity 12/11/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

11.40%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

7.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Dec. 11, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 4,013,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

3,899,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 3,898,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 10.72% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 04/29/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.72%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Apr. 29, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 7,470,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

7,410,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 7,470,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 11.72% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 4/29/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.72%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Apr. 29, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 7,550,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

7,465,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 7,409,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC (Revolver) Finance Reference Rate and Spread SOFR +5.25% Floor 0.75% Maturity 01/31/31

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[31]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[31]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[31]}

Jan. 31, 2031

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[31]}

$ (2,000)

Fair Value

^{[9],[10],[11],[12],[13],[14],[31]}

$ (2,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC Finance Interest Rate 9.58% Reference Rate and Spread SOFR +5.25% Floor 0.75% Maturity 01/31/31

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

9.58%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Jan. 31, 2031

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 1,401,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

1,380,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 1,379,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PVHC Holding Corp Containers, Packaging and Glass Interest Rate 11.18% Reference Rate and Spread SOFR + 6.75%, 0.75% PIK Floor 2.50% Maturity 02/17/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.18%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

2.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Feb. 17, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,729,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,728,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,702,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PVHC Holdings Corp Containers, Packaging and Glass Interest Rate 11.75% Reference Rate and Spread SOFR + 5.50%, 0.75% PIK Floor 2.50% Maturity 2/17/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.75%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.75%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

2.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Feb. 17, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,736,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,734,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,665,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PhyNet Dermatology LLC Healthcare & Pharmaceuticals Interest Rate 11.12% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

11.12%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

6.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Oct. 20, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 1,294,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

1,267,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 1,279,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PhyNet Dermatology LLC Healthcare & Pharmaceuticals Interest Rate 11.99% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

11.99%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Oct. 20, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 1,307,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

1,275,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 1,287,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Senior A) High Tech Industries Interest Rate 5.17% PIK Maturity 4/4/2026

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21]}

5.17%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Apr. 04, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 1,766,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

1,608,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 1,043,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Senior B) High Tech Industries Interest Rate 7% PIK Maturity 4/4/2026

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43]}

7.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[43]}

Apr. 04, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43]}

$ 1,593,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43]}

1,456,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[43]}

$ 193,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Super Senior A) High Tech Industries Interest Rate 10.00% PIK Maturity 4/4/2026

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21]}

10.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Apr. 04, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 422,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

420,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 398,000

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

6.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Nov. 30, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 1,367,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

1,367,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 1,367,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Super Senior B) High Tech Industries Interest Rate 9.00% PIK Maturity 4/4/2026

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21]}

9.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Apr. 04, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 1,261,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

1,254,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 1,170,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare & Pharmaceuticals Interest Rate 10.59% Reference Rate and Spread SOFR + 6.00%, 10.59% PIK Floor 1.00% Maturity 03/31/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.59%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.59%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Mar. 31, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,869,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,869,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,524,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare & Pharmaceuticals Interest Rate 11.61% Reference Rate and Spread SOFR + 6% Floor 1.00% Maturity 1/2/2025

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.61%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jan. 02, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,570,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,558,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,471,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Priority Holdings, LLC High Tech Industries Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 4/22/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.21%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Apr. 22, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 5,612,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,590,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,591,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Castle, Inc. Transportation: Cargo Interest Rate 10.90% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 6/8/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

10.90%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jun. 08, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 7,900,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

7,249,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 7,018,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Castle, Inc. Transportation: Cargo Interest Rate 9.76% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.76%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jun. 08, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 3,020,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,817,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,649,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 10.73% Reference Rate and Spread SOFR + 5.25% Floor 0.50% Maturity 7/20/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

10.73%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

5.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Jul. 20, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 7,920,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

7,481,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 7,201,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 9.94% Reference Rate and Spread SOFR + 5.25% Floor 0.50% Maturity 07/20/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.94%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jul. 20, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 5,695,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,436,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 5,126,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Qualtek LLC High Tech Industries Interest Rate 15.39% Reference Rate and Spread SOFR + 1%, 9% PIK Floor 1% Maturity 7/14/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[48]}

15.39%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[48]}

9.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[48]}

1.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[48]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[48]}

Jul. 14, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[48]}

$ 4,373,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[48]}

4,373,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[48]}

$ 4,209,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radiology Partners, Inc Healthcare & Pharmaceuticals Interest Rate 10.18% Reference Rate and Spread SOFR + 4.25% Maturity 7/9/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

10.18%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

4.25%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Jul. 09, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 6,966,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

6,575,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 5,654,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radius Aerospace, Inc Aerospace and Defense Interest Rate 11.25% Reference Rate and Spread SOFR + 5.75% Floor 1% Maturity 3/29/2025

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

11.25%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Mar. 29, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 6,131,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

6,111,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 6,064,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radius Aerospace, Inc. Aerospace and Defense Interest Rate 10.48% Reference Rate and Spread SOFR + 6.00%, 10.48% PIK Floor 1.00% Maturity 03/29/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.48%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.48%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Mar. 29, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 6,066,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

6,056,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 6,026,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Reception Purchaser, LLC Transportion: Cargo Interest Rate 11.50% Reference Rate and Spread SOFR + 6% Floor 0.75% Maturity 3/24/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

11.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

6.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Mar. 24, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 4,439,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

4,357,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 3,285,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Red Range Intermediate Inc. Capital Equipment Interest Rate 12.69% Reference Rate and Spread SOFR + 8.00% Floor 1.00% Maturity 10/01/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

12.69%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

8.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Oct. 01, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 324,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

324,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 324,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Riskonnect Parent LLC Application Software Interest Rate 9.48% Reference Rate and Spread SSOFR + 5.00% Maturity 12/07/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

9.48%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

5.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Dec. 07, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 1,216,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

1,165,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 1,166,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Distribution, LLC (STG Logistics) (Second Out) Transportation: Cargo Interest Rate 12.12% Reference Rate and Spread SOFR + 7.60%, 6.50% PIK Floor 1.50% Maturity 10/03/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

12.12%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.50%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.60%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 03, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 1,777,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

1,020,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 997,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Distribution, LLC (STG Logistics) (Third Out) Transportation: Cargo Interest Rate 11.62% Reference Rate and Spread SOFR + 7.10%, 6.50% PIK Floor 1.50% Maturity 10/03/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.62%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.10%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 03, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 1,332,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

386,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 136,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc Banking, Finance, Insurance & Real Estate Interest Rate 9% Maturity 9/20/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

9.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Sep. 20, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 3,150,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

2,760,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 2,528,000

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

9.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Sep. 20, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 3,150,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

2,865,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 2,685,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sundance Holdings Group, LLC Retail Interest Rate 14.23% Reference Rate and Spread SOFR + 9.50%, 1.50% PIK Maturity 06/30/25

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

14.23%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

1.50%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

9.50%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jun. 30, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 6,667,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

6,666,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 4,488,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sundance Holdings Group, LLC Retail Interest Rate 23.03% Reference Rate and Spread SOFR + 8.00%, 9.50% PIK Floor 1% Maturity 5/1/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

23.03%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47]}

9.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

8.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

May 01, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 6,528,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

6,445,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 6,313,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc Healthcare & Pharmaceuticals Interest Rate 9.19% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/27

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.19%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

4.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 22, 2027

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 1,653,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

1,651,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 1,517,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc Healthcare & Pharmaceuticals Interest Rate 9.98% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

9.98%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

4.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Dec. 22, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 1,670,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

1,667,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,502,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia American Holdings, Inc Interactive Media and Service Interest Rate 13.10% Reference Rate and Spread SOFR + 7.75% Floor 1% Maturity 12/5/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

13.10%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 05, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 2,759,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

2,663,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 2,662,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia Americas Holdings, Inc. Interactive Media & Services Interest Rate 12.11% Reference Rate and Spread SOFR + 7.75% Floor 1.00% Maturity 12/05/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

12.11%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 05, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,610,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,539,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 2,559,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 0.50% Reference Rate and Spread SOFR + 5.75% Floor 1% Maturity 10/2/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34]}

0.50%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34]}

5.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Oct. 02, 2027

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

$ (3,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC (Revolver) Banking, Finance, Insurance & Real Estate Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 10/02/28

Schedule of Investments [Line Items]

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

5.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[31]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[31]}

Oct. 02, 2028

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[31]}

$ (2,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC Banking, Finance, Insurance & Real Estate Interest Rate 10.99% Reference Rate and Spread SOFR + 5.50% Floor 1% Maturity 10/2/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

10.99%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

5.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Oct. 02, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 12,092,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

12,071,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 12,092,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC Banking, Finance, Insurance & Real Estate Interest Rate 9.55% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 10/02/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.55%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Oct. 02, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 5,032,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,053,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 5,032,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TLE Holdings, LLC Healthcare Education & Childcare Interest Rate 10.96% Reference Rate and Spread SOFR + 5.50% Floor 1% Maturity 6/28/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

10.96%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

5.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jun. 28, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 6,180,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

6,175,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 6,162,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TLE Holdings, LLC Healthcare, Education and Childcare Interest Rate 9.96% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/29/26

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

9.96%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

5.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jun. 29, 2026

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 6,115,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

6,114,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 6,115,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc Aerospace and Defense Interest Rate 13.96% Reference Rate and Spread SOFR + 8.50% Floor 1% Maturity 12/22/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

13.96%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

8.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Dec. 22, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 1,714,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

1,672,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 1,671,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc. Aerospace and Defense Interest Rate 13.25% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

13.25%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

8.50%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30],[32]}

1.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26],[32]}

Dec. 22, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[32]}

$ 1,975,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[32]}

1,941,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[32]}

$ 1,958,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 12.69% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

12.69%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

8.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Jun. 14, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 258,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

253,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 255,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 13.52% Reference Rate and Spread SOFR + 8% Floor 2% Maturity 6/14/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[34]}

13.52%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[34]}

8.00%

Floor

^{[15],[16],[17],[18],[19],[20],[34]}

2.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34]}

Jun. 14, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[34]}

$ 129,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34]}

122,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34]}

$ 124,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare & Pharmaceuticals Interest Rate 12.79% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[26],[30]}

12.79%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[26],[30]}

8.00%

Floor

^{[9],[10],[11],[12],[13],[14],[26],[30]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[26]}

Jun. 14, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26]}

$ 4,600,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26]}

4,526,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26]}

$ 4,558,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare & Pharmaceuticals Interest Rate 13.54% Reference Rate and Spread SOFR + 8% Floor 2% Maturity 6/14/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

13.54%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

8.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[34],[47]}

2.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[34],[47]}

Jun. 14, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[34],[47]}

$ 3,500,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[34],[47]}

3,404,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[34],[47]}

$ 3,432,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VTX Intermediate Holdings, Inc. High Tech Industries Interest Rate 11.65% Reference Rate and Spread SOFR + 7.00%, 1.00% PIK Floor 2.00% Maturity 12/12/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

11.65%

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

1.00%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

7.00%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Dec. 12, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 5,122,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

5,075,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 5,074,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wonder Love, Inc. Media: Diversified & Production Interest Rate 10.35% Reference Rate and Spread SOFR + 5% Floor 1% Maturity 11/18/2024

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[47]}

10.35%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[47]}

5.00%

Floor

^{[15],[16],[17],[18],[19],[20],[47]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Nov. 18, 2024

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[47]}

$ 1,125,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

1,121,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 1,124,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units

Schedule of Investments [Line Items]

Investments rate

4.10%

^{[9],[10],[11],[12],[13],[14]}

3.10%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 7,357,000

^{[9],[10],[11],[12],[13],[14]}

$ 5,850,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 7,307,000

^{[9],[10],[11],[12],[13],[14]}

$ 6,518,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units 4L Ultimate Topco Corporation Services: Business

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

321

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 29,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units 4L Ultimate Topco Corporation, Services: Business

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

321

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 29,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 29,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 18.00% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[27],[30],[39]}

18.00%

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27],[39]}

146,214

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[27],[39]}

$ 4,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[27],[39]}

$ 243,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC, Healthcare & Pharmaceuticals Interest Rate 18.00% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[40],[41]}

18.00%

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[40],[41]}

146,214

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[40],[41]}

$ 4,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[40],[41]}

$ 195,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 12.50% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[27],[30],[39]}

12.50%

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[27],[39]}

2,794,692

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[27],[39]}

$ 2,795,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[27],[39]}

$ 2,795,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate Interest Rate 12.50% PIK

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[41],[47]}

12.50%

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[41],[47]}

2,470,210

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[41],[47]}

$ 2,470,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[41],[47]}

$ 2,733,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

3,077,360

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

$ 3,077,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 2,662,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC, Banking, Finance, Insurance & Real Estate

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

3,067,908

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

$ 3,068,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 3,237,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Epilog Partners SPV III, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[26],[27]}

1,173,118

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[26],[27]}

$ 1,173,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[26],[27]}

$ 1,283,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Prosper Marketplace Consumer goods: Durable

Schedule of Investments [Line Items]

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[53]}

912,865

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[53]}

$ 279,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[53]}

$ 324,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Prosper Marketplace, Consumer goods: Durable

Schedule of Investments [Line Items]

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[54]}

912,865

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[54]}

$ 279,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[54]}

$ 324,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt

Schedule of Investments [Line Items]

Investments rate

14.00%

^{[9],[10],[11],[12],[13],[14]}

17.70%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 29,892,000

^{[9],[10],[11],[12],[13],[14]}

$ 46,314,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 25,053,000

^{[9],[10],[11],[12],[13],[14]}

$ 37,694,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.50% PIK Maturity 3/01/28

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

14.50%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Mar. 01, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 6,813,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

6,742,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 6,396,000

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[47]}

14.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Mar. 01, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,909,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,814,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,237,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. Services: Business Interest Rate 10.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/23/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

10.98%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Jul. 23, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 4,000,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

3,981,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,301,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. Services: Business Interest Rate 12.00% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/23/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[47]}

12.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[47]}

6.50%

Floor

^{[15],[16],[17],[18],[19],[20],[47]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Jul. 23, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[47]}

$ 4,000,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

3,979,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 3,605,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 11.36% Reference Rate and Spread SOFR + 7.00% Maturity 02/16/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.36%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.00%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Feb. 16, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 5,400,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,393,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 4,558,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 12.36% Reference Rate and Spread SOFR + 7% Maturity 2/16/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[47],[48]}

12.36%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[47],[48]}

7.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Feb. 16, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 5,400,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

5,391,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 4,941,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Global Tel*Link Corporation Telecommunications Interest Rate 15.53% Reference Rate and Spread SOFR + 10.00% Maturity 11/29/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[47],[48]}

15.53%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[47],[48]}

10.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Nov. 29, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,500,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

1,491,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,336,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 11.47% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 02/04/29

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

11.47%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

6.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.75%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Feb. 04, 2029

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 2,024,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

2,014,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 1,992,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 12.28% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 2/4/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[47]}

12.28%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[47]}

6.75%

Floor

^{[15],[16],[17],[18],[19],[20],[47]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Feb. 04, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[47]}

$ 6,000,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,960,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 5,811,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 12.12% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/01/28

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30],[32]}

12.12%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30],[32]}

7.25%

Floor

^{[9],[10],[11],[12],[13],[14],[30],[32]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14],[32]}

Dec. 01, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[32]}

$ 6,000,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[32]}

5,972,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[32]}

$ 3,458,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 12.91% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/1/2028

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47]}

12.91%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47]}

7.25%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[47]}

Dec. 01, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47]}

$ 6,000,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47]}

5,965,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47]}

$ 4,870,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Phoenix Guarantor, Inc. Healthcare & Pharmaceuticals Interest Rate 13.97% Reference Rate and Spread SOFR + 8.50% Floor 1% Maturity 3/5/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

13.97%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

8.50%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Mar. 05, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 1,200,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

1,149,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 1,131,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 12.34% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 07/20/30

Schedule of Investments [Line Items]

Investment Interest Rate

^{[9],[10],[11],[12],[13],[14],[30]}

12.34%

Reference Rate and Spread

^{[9],[10],[11],[12],[13],[14],[30]}

7.75%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

0.50%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jul. 20, 2030

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 5,000,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

4,929,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 4,488,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 13.13% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 7/20/2030

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[48]}

13.13%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[48]}

7.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[48]}

0.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[48]}

Jul. 20, 2030

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[48]}

$ 5,000,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[48]}

4,918,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[48]}

$ 4,719,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Qualtek LLC High Tech Industries Interest Rate 15.39% Reference Rate and Spread SOFR + 1%, 9.00% PIK Floor 1% Maturity 1/14/2027

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

15.39%

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

9.00%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

1.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Jan. 14, 2027

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 4,146,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

4,146,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 2,913,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt RedstoneHoldco 2 LP High Tech Industries Interest Rate 13.22% Reference Rate and Spread SOFR + 7.75% Floor 0.75% Maturity 4/16/2029

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

13.22%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

7.75%

Floor

^{[15],[16],[17],[18],[19],[20],[21],[47],[48]}

0.75%

Maturity

^{[15],[16],[17],[18],[19],[20],[47],[48]}

Apr. 16, 2029

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[47],[48]}

$ 4,566,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[47],[48]}

4,509,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[47],[48]}

$ 2,831,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Robertshaw US Holding Corp. Capital Equipment Interest Rate 13.45% Reference Rate and Spread SOFR + 8.00% Floor 1% Maturity 2/28/2026

Schedule of Investments [Line Items]

Investment Interest Rate

^{[15],[16],[17],[18],[19],[20],[21]}

13.45%

Reference Rate and Spread

^{[15],[16],[17],[18],[19],[20],[21]}

8.00%

Floor

^{[15],[16],[17],[18],[19],[20],[21]}

1.00%

Maturity

^{[15],[16],[17],[18],[19],[20]}

Feb. 28, 2026

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28]}

$ 3,000,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20]}

2,992,000

Fair Value

^{[15],[16],[17],[18],[19],[20]}

$ 300,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt VTX Intermediate Holdings, Inc. High Tech Industries Interest Rate 12.50% PIK Floor 2.00% Maturity 12/12/30

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

12.50%

Floor

^{[9],[10],[11],[12],[13],[14],[30]}

2.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Dec. 12, 2030

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 878,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

861,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 860,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt

Schedule of Investments [Line Items]

Investments rate

1.00%

^{[9],[10],[11],[12],[13],[14]}

0.60%

^{[15],[16],[17],[18],[19],[20]}

Cost/Amortized Cost

$ 6,128,000

^{[9],[10],[11],[12],[13],[14]}

$ 5,643,000

^{[15],[16],[17],[18],[19],[20]}

Fair Value

$ 1,740,000

^{[9],[10],[11],[12],[13],[14]}

$ 1,181,000

^{[15],[16],[17],[18],[19],[20]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt DeltaDx Limited, LP (Money Transfer Acquisition Inc.)Finance Interest Rate 15.00% PIK Maturity 06/30/28

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[9],[10],[11],[12],[13],[14],[30]}

15.00%

Maturity

^{[9],[10],[11],[12],[13],[14]}

Jun. 30, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25]}

$ 538,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14]}

538,000

Fair Value

^{[9],[10],[11],[12],[13],[14]}

$ 528,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming & Leisure Maturity 05/29/28

Schedule of Investments [Line Items]

Maturity

^{[9],[10],[11],[12],[13],[14],[44]}

May 29, 2028

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[44]}

$ 6,258,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[44]}

5,565,000

Fair Value

^{[9],[10],[11],[12],[13],[14],[44]}

$ 1,212,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming and Leisure Interest Rate 12.50% Maturity 5/29/2028

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43]}

12.50%

Maturity

^{[15],[16],[17],[18],[19],[20],[43]}

May 29, 2028

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43]}

$ 6,198,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43]}

5,568,000

Fair Value

^{[15],[16],[17],[18],[19],[20],[43]}

$ 1,181,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. Energy: Oil & Gas Interest Rate 1.69% Maturity 1/24/2024

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[15],[16],[17],[18],[19],[20],[21],[43]}

1.69%

Maturity

^{[15],[16],[17],[18],[19],[20],[43]}

Jan. 24, 2025

Par/ Shares

^{[15],[16],[17],[18],[19],[20],[28],[43]}

$ 75,000

Cost/Amortized Cost

^{[15],[16],[17],[18],[19],[20],[43]}

75,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. Energy: Oil & Gas Maturity 1/24/2025

Schedule of Investments [Line Items]

Maturity

^{[9],[10],[11],[12],[13],[14],[44]}

Jan. 24, 2025

Par/ Shares

^{[9],[10],[11],[12],[13],[14],[25],[44]}

$ 26,000

Cost/Amortized Cost

^{[9],[10],[11],[12],[13],[14],[44]}

25,000

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Holdco, LLC Industry Classification – Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

200,000

Fair Value

^[3],[4]

553,000

464,000

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Holdco, LLC Type of Investment Preferred Stock and Units Industry Classification Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

200,000

Fair Value

^[6],[8],[55]

557,000

553,000

^[56]

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Investment II Industry Classification – Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

88,946

Fair Value

^[3],[4]

246,000

206,000

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Investment II Type of Investment Preferred Stock and Units Industry Classification Telecommunications

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

88,946

Fair Value

^[6],[8],[55]

248,000

246,000

^[56]

Investment, Identifier [Axis]: Non-controlled affiliated investments EBSC Holdings LLC (Riddell, Inc.) Type of Investment Preferred Stock and Units Industry Classification Consumer goods: Durable

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

2,154

Fair Value

^[6],[8],[55]

2,375,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Industry Classification - Energy: Electricity

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

1,000,000

Fair Value

^[3],[4]

500,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Type of Investment Preferred Stock and Units Industry Classification Energy: Electricity

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

1,000

Fair Value

^[6],[8],[55]

500,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Industry Classification - Energy: Electricity One

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

500,000

Fair Value

^[3],[4]

171,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Type of Investment Common Stock and Membership Units Industry Classification Energy: Electricity

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

6,412

Fair Value

^[6],[8],[55]

2,202,000

171,000

Investment, Identifier [Axis]: Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities

Schedule of Investments [Line Items]

Par/ Shares

^[6],[55]

18,407,000

Fair Value

^[6],[55]

725,000

Investment, Identifier [Axis]: Non-controlled affiliated investments JMP Credit Advisors CLO V LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One

Schedule of Investments [Line Items]

Par/ Shares

^[6],[55]

17,074,000

Fair Value

^[6],[55]

1,467,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Industry Classification - Services: Business

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

250,000,000

Fair Value

^[3],[4]

998,000

1,300,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Type of Investment Common Stock Industry Classification Services: Business

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

250,000

Fair Value

^[6],[8],[55]

1,420

998,000

^[56]

Investment, Identifier [Axis]: Non-controlled affiliated investments Navex Topco, Inc. Industry Classification – Electronics

Schedule of Investments [Line Items]

Fair Value

^[3]

7,604,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Industry Classification - Metals & Mining Three

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

4,500,000

Fair Value

^[3],[4]

4,182,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

4,950,000,000

Fair Value

^[6],[8],[55]

1,160

4,182,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Preferre Type of Investment Preferred Stock and Units Industry Classification Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

2,368

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Preferred Industry Classification - Metals & Mining One

Schedule of Investments [Line Items]

Par/ Shares

^[3],[4]

2,368,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Industry Classification - Metals & Mining

Schedule of Investments [Line Items]

Fair Value

^[3]

13,445,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Industry Classification - Metals & Mining Three

Schedule of Investments [Line Items]

Par/ Shares

^[3]

4,500,000

Fair Value

^[3]

3,560,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining

Schedule of Investments [Line Items]

Par/ Shares

^[6],[55]

4,500,000

Fair Value

^[6],[55]

3,443,000

3,560,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One

Schedule of Investments [Line Items]

Par/ Shares

^[6],[55]

500,000

Fair Value

^[6],[55]

500,000

Investment, Identifier [Axis]: Non-controlled affiliated investments PMP OPCO, LLC ((Princeton Medspa Partners, LLC) Type of Investment First Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[6],[55],[57]}

1,679,000

Fair Value

^{[6],[55],[57]}

1,529,000

Investment, Identifier [Axis]: Non-controlled affiliated investments PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) Type of Investment First Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Fair Value

^{[6],[55],[57]}

(10,000)

Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC - Put Option Type of Investment Derivatives Industry Classification Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^{[6],[7],[8],[55]}

1,000,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

Fair Value

^[6],[8],[55]

28,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC Type of Investment Preferred Stock and Units Industry Classification Healthcare & Pharmaceuticals

Schedule of Investments [Line Items]

Par/ Shares

^[6],[8],[55]

1,064

Fair Value

^[6],[8],[55]

859,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Riddell, Inc. Type of Investment First Lien/Senior Secured Debt Industry Classification Consumer goods: Durable

Schedule of Investments [Line Items]

Par/ Shares

^{[6],[55],[57]}

6,244,000

Fair Value

^{[6],[55],[57]}

6,243,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture

Schedule of Investments [Line Items]

Par/ Shares

^{[3],[4],[5],[56],[57]}

44,000,000

Fair Value

^{[3],[4],[5],[56],[57]}

45,012,000

40,287,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Type of Investment Joint Ventures Industry Classification Joint Venture

Schedule of Investments [Line Items]

Par/ Shares

^{[6],[7],[55],[56],[57]}

41,309,000

Fair Value

^{[6],[7],[55],[56],[57]}

41,138,000

45,012,000

^[8]

Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Holdings LLC Industry Classification - Services: Business

Schedule of Investments [Line Items]

Fair Value

^[3],[4]

484,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Holdings LLC Industry Classification - Services: Business One

Schedule of Investments [Line Items]

Fair Value

^[3]

5,165,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Partners LP Industry Classification - Services: Business

Schedule of Investments [Line Items]

Fair Value

^[3],[4]

811,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare

Schedule of Investments [Line Items]

Fair Value

^[3]

3,390,000

Investment, Identifier [Axis]: Total controlled investments

Schedule of Investments [Line Items]

Fair Value

^[1]

13,015,000

14,318,000

^[3]

18,953,000

^[2],[3]

Investment, Identifier [Axis]: Total non-controlled affiliated and controlled investments

Schedule of Investments [Line Items]

Fair Value

77,399,000

^[6]

69,540,000

^[3],[6]

92,780,000

^[3]

Investment, Identifier [Axis]: Total non-controlled affiliated investments

Schedule of Investments [Line Items]

Fair Value

$ 64,384,000

^[6],[55]

$ 55,222,000

^[3],[6],[55]

$ 73,827,000

^[3]

[1]

[2]

[3]

Fair value of this investment was determined using significant unobservable inputs, unless otherwise noted.

[4]

Number of shares held.

[5]

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[6]

All investments valued using unobservable inputs (Level III), unless otherwise noted.

[7]

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[8]

Number of shares held.

[9]

All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

[10]

All investments valued using unobservable inputs (Level III), unless otherwise noted.

[11]

Percentages are based on net assets as of December 31, 2024.

[12]

Reflects the fair market value of all investments as of December 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”).

[13]

The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities'' under the Securities Act of 1933.

[14]

The aggregate cost of investments for federal income tax purposes is approximately $458.4 million. The aggregate gross unrealized appreciation is approximately $50.0 million, the aggregate gross unrealized depreciation is approximately $103.3 million, and the net unrealized depreciation is approximately $53.3 million.

[15]

All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

[16]

All investments valued using unobservable inputs (Level III), unless otherwise noted.

[17]

Percentages are based on net assets as of December 31, 2023.

[18]

Reflects the fair market value of all investments as of December 31, 2023 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”).

[19]

[20]

The aggregate cost of investments for federal income tax purposes is approximately $539.8 million. The aggregate gross unrealized appreciation is approximately $36.3 million, the aggregate gross unrealized depreciation is approximately $34.7 million, and the net unrealized depreciation is approximately $1.6 million.

[21]

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%.

[22]

CLO Fund Securities 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.

[23]

Non-U.S. company or principal place of business outside the U.S.

[24]

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2024, qualifying assets represent 86.6% of the Company's total assets and non-qualifying assets represent 13.4% of the Company's total assets.

[25]

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

[26]

[27]

This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

[28]

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

[29]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[30]

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, 2024 loan. SOFR loans are typically indexed to 12 month, 6 month, 3 month, 2 month or 1 month SOFR rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at December 31, 2024. As noted in the table above, 89.8% (based on par) of debt securities contain floors which range between 0.50% and 5.25%.

[31]

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

[32]

As of December 31, 2024, this investment is pledged to secure the Company’s debt obligations.

[33]

The investment is held at the NAV of the underlying fund.

[34]

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.

[35]

Non-voting.

[36]

The investment is held at the NAV of the underlying fund.

[37]

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.

[38]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[39]

The equity investment is income producing, based on rate disclosed.

[40]

This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.

[41]

The equity investment is income producing, based on rate disclosed.

[42]

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2023, qualifying assets represent 86.6% of the Company's total assets and non-qualifying assets represent 13.4% of the Company's total assets.

[43]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[44]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[45]

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.

[46]

Non-U.S. company or principal place of business outside the U.S.

[47]

As of December 31, 2023, this investment is pledged to secure the Company’s debt obligations.

[48]

This investment is classified as Level II.

[49]

This investment 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.

[50]

This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

[51]

This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

[52]

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

N/A

-

[53]

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.

[54]

[55]

[56]

The investment is valued at the NAV of the underlying fund.

[57]

The following table details investments in affiliates at December 31, 2023:


Company(1)	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
Controlled investments(3)
Asset Manager Affiliates(2)	Asset Management Company	$	—	$	—		$	—	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Tank Partners Equipment Holdings, LLC - Class A Units(5)	Energy: Oil & Gas		—		—			—		—			—			—			—		49,000		—		—
Tank Partners Equipment Holdings, LLC	Energy: Oil & Gas		43		—			—		—			—			—			43		511		—		—
Flight Lease VII(5)	Aerospace and Defense		242		(248	)		—		—			39			(33	)		—		—		—		—
ProAir, LLC(5)	Capital Equipment		—		—			—		—			—			—			—		2,749,997		—		—
ProAir, LLC	Capital Equipment		—		—			—		—			—			—			—		2,020		—		—
KCAP Freedom 3, LLC(2)	Joint Venture		18,668		—			—		—			(4,393	)		—			14,275		27,220		—		2,184
Total controlled investments		$	18,953	$	(248	)	$	—	$	—		$	(4,354	)	$	(33	)	$	14,318			$	—	$	2,184
Non-controlled affiliated investments(4)
Series A-Great Lakes Funding II LLC(2)(6)(7)	Joint Venture	$	40,287	$	2,565		$	—	$	—		$	2,160		$	—		$	45,012	$	44,000	$	—	$	6,764
GreenPark Infrastructure, LLC - Series A(5)	Energy: Electricity		500		—			—		—			—			—			500		1,000		—		—
GreenPark Infrastructure, LLC - Series M-1(5)(7)	Energy: Electricity		171		—			—		—			—			—			171		500		—		—
Kleen-Tech Acquisition, LLC(5)	Services: Business		1,300		—			—		—			(302	)		—			998		250,000		—		—
Northeast Metal Works LLC	Metals & Mining		13,445		(4,428	)		—		(9,000	)		1,107			(1,124	)		—		—		377		—
Northeast Metal Works LLC - Preferred(5)	Metals & Mining		—		—			—		—			—			—			—		2,368		—		—
Northeast Metal Works LLC - Class O Preferred(5)	Metals & Mining		—		—			—		4,500			(318	)		—			4,182		4,500,000		333		—
Northeast Metal Works LLC	Metals & Mining		—		—			—		4,500			(940	)		—			3,560		4,500		270		—
BMP Slappey Holdco, LLC(5)	Telecommunications		464		—			—		—			89			—			553		200,000		—		—
BMP Slappey Investment II(5)	Telecommunications		206		—			—		—			40			—			246		88,946		—		—
Surge Hippodrome Partners LP(5)	Services: Business		811		(813	)		—		—			(386	)		388			—		—		—		—
Surge Hippodrome Holdings LLC(5)	Services: Business		484		(496	)		—		—			(325	)		337			—		—		—		—
Surge Hippodrome Holdings LLC	Services: Business		5,165		(5,460	)		328		—			(33	)		—			—		—		675		—
Navex Topco, Inc.	Electronics		7,604		(7,700	)		310		—			(214	)		—			—		—		804		—
Zest Acquisition Corp.	Healthcare, Education and Childcare		3,390		(3,501	)		9		—			102			—			—		—		42		—
Total non-controlled affiliated investments		$	73,827	$	(19,833	)	$	647	$	—		$	980		$	(399	)	$	55,222			$	2,501	$	6,764

Total non-controlled affiliated and controlled 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, unless otherwise noted.

(2)

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

Number of shares held.

(6)

The investment is valued at the NAV of the underlying fund.

(7)

Investment in Joint Ventures

KCAP Freedom 3 LLC

The fair value of the Company’s investment in the F3C Joint Venture as of December 31, 2024 and December 31, 2023 was $13.0 million and $14.3 million, respectively.

Series A – Great Lakes Funding II LLC

Fair Value Measurements

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:

The following table summarizes the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of December 31, 2024 and December 31, 2023, respectively:


	As of December 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	—	$	289,957	$	—	$	289,957
Second Lien Debt		—		—		28,996		—		28,996
Subordinated Debt		—		—		1,740		—		1,740
Equity		—		—		24,762		—		24,762
Collateralized Loan Obligations		—		—		5,193		—		5,193
Joint Ventures		—		—		13,015		41,138		54,153
Derivatives		—		—		220		—		220
Total	$	—	$	—	$	363,883	$	41,138	$	405,021


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	47,303	$	289,295	$	—	$	336,598
Second Lien Debt		—		18,022		23,232		—		41,254
Subordinated Debt		—		—		1,225		—		1,225
Equity		—		—		20,533		—		20,533
Collateralized Loan Obligations		—		—		8,968		—		8,968
Joint Ventures		—		—		14,275		45,012		59,287
Derivatives		—		—		—		—		—
Total	$	—	$	65,325	$	357,528	$	45,012	$	467,865


	For the Year Ended December 31, 2024
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateral Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Transfers out of Level III(1)		—			—			—			—			—			—			—		—
Transfers into Level III(2)		47,303			18,022			—			—			—			—			—		65,325
Net accretion		2,991			116			—			—			1,511			—			—		4,618
Purchases		70,344			2,361			997			7,173			—			—			—		80,875
Sales/Paydowns/Return of Capital		(101,614	)		(10,526	)		(511	)		78			(2,722	)		(1,976	)		—		(117,271	)
Total realized gain (loss) included in earnings		(11,908	)		(7,868	)		(417	)		(6,611	)		(2,576	)		—			—		(29,380	)
Change in unrealized gain (loss) included in earnings		(6,454	)		3,659			446			3,589			12			716			220		2,188
Balance, December 31, 2024	$	289,957		$	28,996		$	1,740		$	24,762		$	5,193		$	13,015		$	220	$	363,883
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(18,958	)	$	(2,312	)	$	(1,932	)	$	(4,721	)	$	11		$	716		$	220	$	(26,976	)

(1)

(2)

Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.


	For the Year Ended December 31, 2023
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateralized Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	359,648		$	50,453		$	43		$	21,905		$	20,453		$	18,668		$	—	$	471,170
Transfers out of Level III(1)		(18,021	)		(1,178	)		—			—			—			—			—		(19,199	)
Transfers into Level III(2)		—			1,643			—			—			—			—			—		1,643
Net accretion		5,034			283			—			—			1,998			—			—		7,315
Purchases		40,727			857			—			649			—			—			—		42,233
Sales/Paydowns/Return of Capital		(95,846	)		(26,708	)		5,568			(1,552	)		(2,097	)		—			—		(120,635	)
Realized gain (loss) included in earnings		(704	)		(1,124	)		—			3,334			(25,446	)		—			—		(23,940	)
Change in unrealized gain (loss) included in earnings		(1,543	)		(994	)		(4,386	)		(3,803	)		14,060			(4,393	)		—		(1,059	)
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,242	)	$	(2,037	)	$	(4,388	)	$	(2,082	)	$	5,461		$	(4,392	)	$	—	$	(13,680	)

As of December 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)(1)
First Lien Debt	$	47,177	Enterprise Value	Average EBITDA Multiple	0.1x - 9.0x (4.7x)
				Average Revenue Multiple	0.2x - 1.4x (1.1x)
		214,658	Income Approach	Implied Discount Rate	7.3% - 37.8% (11.6%)
		28,122	Market	Broker/Dealer Quotes	N/A
Second Lien Debt		20,980	Income Approach	Implied Discount Rate	8.2% - 19.5% (15.8%)
		8,016	Market	Broker/Dealer Quotes	N/A
Subordinated Debt		528	Income Approach	Implied Discount Rate	15.4%
		1,212	Enterprise Value	Recovery Percentage	19.4%
Equity		24,519	Enterprise Value	Average EBITDA Multiple	0.1x - 18.0x (6.2x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book value of equity (asset)	1.0x
				Book Value Multiple	0.5x
				Time Horizon	3.3 - 4.9 (3.7)
		243	Income Approach	Implied Discount Rate	17.8%
Collateralized Loan Obligations		5,193	Discounted Cash Flow	Discount Rate	15.9% - 18.2% (9.6%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		13,015	Discounted Cash Flow	Discount Rate	18.1% - 19.7% (18.9%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Derivatives		220	Enterprise Value	Average EBITDA Multiple	14.5x - 14.5x (0.0x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book Value Multiple	0.5x
				Discount Rate	40.0%
Total Level III Investments	$	363,883

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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)(1)
First Lien Debt	$	8,846	Enterprise Value	Average EBITDA Multiple	0.4x - 0.4x (0.1x)
				Expected Sale Proceeds	97.6x
		275,179	Income Approach	Implied Discount Rate	5.3% - 40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8% - 14.2% (14.0%)
Second Lien Debt		300	Enterprise Value	Implied Discount Rate	9.5x - 9.5x (9.5x)
		22,932	Income approach	Implied Discount Rate	13.8% - 14.2% (14.0%)
Subordinated Debt		1,225	Enterprise Value	Average Settlement Value	61.0x - 61.0x (61.0x)
				Recovery Rate Multiple	0.1x - 0.1x (0.1x)
Collateralized Loan Obligations		8,968	Discounted Cash Flow	Discount Rate	18.4% - 25.2% (21.1%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		14,275	Discounted Cash Flow	Discount Rate	20.5% - 22.1% (21.3%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Equity		19,805	Enterprise Value	Average EBITDA Multiple	5.0x - 18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x - 3.7x (1.1x)
				Book Value of Equity	1.0x - 1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0% - 15.0% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.4% - 12.4% (12.4%)
Derivatives		—	Enterprise Value	Average EBITDA Multiple	2.5x - 2.5x (2.5x)
Total Level III Investments	$	357,528

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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 following table details derivative investments at December 31, 2024 and December 31, 2023:


($ in thousands)	December 31, 2024
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)		Unrealized gain(loss)
Call option(1)	$	8	$	220	$	—	$	220
Put option(1)		1,563		—		—		-
Total	$	1,571	$	220	$	—	$	220

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.


($ 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 statements of assets and liabilities.

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 12, 2025. 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.

The Company incurred base management fees of $6.6 million for the year ended December 31, 2024, $7.5 million for the year ended December 31, 2023, and $8.3 million for the year ended December 31, 2022. The Company incurred incentive fees of $5.0 million for the year ended December 31, 2024, $7.4 million for the year ended December 31, 2023, and $6.1 million for the year ended December 31, 2022.

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 12, 2025.

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.

The Company incurred $1.8 million of Administrative services expense for the year ended December 31, 2024, $2.4 million for the year ended ending December 31, 2023, and $3.4 million for the year ended December 31, 2022.

During the year ended December 31, 2023, the Adviser reimbursed the Company approximately $5.3 million for expenses relating to certain administrative transition services provided by the former administrative and other personnel of OHAI, GARS and HCAP to the Company following the Company’s acquisition of each of these BDCs. The Adviser reimbursed the Company approximately $1.1 million, $2.1 million, $1.6 million, and $0.5 million for such expenses paid by the Company during the years ended 2023, 2022, 2021 and 2020, respectively, inclusive of interest. Beginning on October 1, 2023, the Adviser bore and will continue to bear on a go-forward basis the expenses associated with these administrative transition services.

Payment of Expenses under the Advisory and Administration Agreements

Except as specifically provided below, all investment professionals and staff 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

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.

Related Party Trades

There were no transactions subject to Rule 17a-7 under the 1940 Act during the years ended December 31, 2024 or 2023.

6. BORROWINGS

The Company’s debt obligations consist of the following:


	As of		As of
($ in thousands)	December 31, 2024		December 31, 2023

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)	$	—	$	124,971
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)		106,983		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775, respectively)		158,157		91,225
	$	265,140	$	322,410

Notes Offering

Sale of Additional 4.875% Notes due 2026

Exchange of 4.875% Notes due 2026

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.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	5,265		$	5,265		$	5,265
Amortization of original issue discount		506			479			454
Deferred financing costs		263			256			247
Total interest and financing expenses	$	6,034		$	6,000		$	5,966
Average outstanding balance	$	108,000		$	108,000		$	108,000
Average stated interest rate		4.88	%		4.88	%		4.88	%

Revolving Credit Facility


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	9,334		$	7,465		$	4,477
Deferred financing costs		405			333			345
Total interest and financing expenses	$	9,739		$	7,798		$	4,822
Average outstanding balance	$	116,548		$	80,136		$	88,821
Average stated interest rate		7.67	%		7.84	%		4.53	%

2018-2 Secured Notes


($ 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%, or 5.63% as of December 31, 2023.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	4,952		$	11,357		$	6,736
Amortization of original issue discount		57			151			177
Total interest and financing expenses	$	5,009		$	11,508		$	6,913
Average outstanding balance	$	96,356		$	153,330		$	187,661
Average stated interest rate		7.99	%		7.35	%		3.51	%

Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table (dollars in thousands, except per unit amounts).


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 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
Fiscal 2024(10)		267,479		1,667		—	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)

As of December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

7. TAXABLE INCOME


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Capital in excess of par value	$	2		$	3,314		$	5,768
Total distributable (loss) earnings	$	(2	)	$	(3,314	)	$	(5,768	)


	Year Ended December 31,
($ in thousands)	2024			2023			2022

Net (decrease) increase in net assets resulting from operations	$	(5,935	)	$	11,381		$	(20,996	)
Tax provision (benefit) on realized and unrealized (gains) losses on investments		(853	)		(414	)		786
Net change in unrealized depreciation (appreciation) from investments		(1,006	)		(3,322	)		17,915
Excess capital losses over capital gains		31,839			27,128			31,185
Book/tax differences on CLO equity investments		(45	)		(1,642	)		72
Book/tax differences related to mergers and partnership investments		2,036			(4,631	)		(586	)
Other book/tax differences		448			859			1,203
Taxable income before deductions for distributions	$	26,484		$	29,359		$	29,579
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	2.86		$	3.09		$	3.07


($ in thousands)	Year Ended December 31,
Distributions paid from:	2024		2023		2022
Ordinary Income	$	25,582	$	26,147	$	24,661
Return of Capital		—		—		—
Total	$	25,582	$	26,147	$	24,661

As of December 31, 2024 and December 31, 2023, the components of accumulated earnings on tax basis (in thousands) were as follows:


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Undistributed ordinary income	$	4,586		$	7,064		$	4,917
Capital loss carryforward		(487,186	)		(445,684	)		(418,937	)
Other temporary differences		—			—			—
Net unrealized depreciation		(53,330	)		72,584			77,496
Total	$	(535,930	)	$	(366,036	)	$	(336,524	)

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 consolidated statements of assets and liabilities. 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 December 31, 2024 and December 31, 2023, the Company had $27.2 million and $28.6 million unfunded commitments, respectively.


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	December 31, 2024			December 31, 2023
Accordion Partners LLC(1)	First Lien Debt		$	913		$	—
Accordion Partners LLC (Revolver)	First Lien Debt			1,623			1,531
AMCP Pet Holdings, Inc. (Revolver)	First Lien Debt			—			350
Anthem Sports & Entertainment Inc.(1)	First Lien Debt			307			—
Anthem Sports & Entertainment Inc. (Revolver)	First Lien Debt			83			83
BetaNXT, Inc. (Revolver)	First Lien Debt			1,401			2,174
Bradshaw International Parent Corp. (Revolver)	First Lien Debt			922			922
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	First Lien Debt			500			—
Centric Brands Inc. (Revolver)	First Lien Debt		N/A				1,166
Colonnade Intermediate, LLC (Revolver)	First Lien Debt			—			68
Critical Nurse Staffing, LLC (Revolver)	First Lien Debt			—			2,000
Dentive, LLC(1)	First Lien Debt			427			430
Dentive, LLC (Revolver)	First Lien Debt			117			186
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Equity			87			—
Fortis Payment Systems, LLC(1)	First Lien Debt			387			—
Franchise Group, Inc. (DIP)	First Lien Debt			249		N/A
GreenPark Infrastructure, LLC - Series M-1	Equity			—			1,829
H.W. Lochner, Inc. (Revolver)	First Lien Debt			—			4,142
IDC Infusion Services LLC(1)	First Lien Debt			130			1,065
Luminii LLC (Revolver)	First Lien Debt			172			172
Morae Global Corporation (Revolver)	First Lien Debt			208			208
Netwrix Corporation (Revolver)	First Lien Debt			1,148			1,148
Netwrix Corporation(1)	First Lien Debt		N/A				941
Newbury Franklin Industrials, LLC(1)	First Lien Debt			987		N/A
PhyNet Dermatology LLC(1)	First Lien Debt			690			690
PMA Parent Holdings LLC (Revolver)	First Lien Debt			99		N/A
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)	First Lien Debt			1,125			—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	First Lien Debt			188			—
Riddell, Inc.(1)	First Lien Debt			636			—
Riskonnect Parent LLC(1)	First Lien Debt			5,000			—
Series A-Great Lakes Funding II LLC	Joint Ventures			8,165			5,473
TA/WEG Holdings, LLC(1)	First Lien Debt		N/A				758
TA/WEG Holdings, LLC (Revolver)	First Lien Debt			784			784
Tactical Air Support, Inc.(1)	First Lien Debt		N/A				286
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	First Lien Debt			129			258
VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)	First Lien Debt			761			1,902
Total Unfunded Portfolio Company Commitments			$	27,238		$	28,566

(1)

Delayed draw term loan.

9. STOCKHOLDERS’ EQUITY

On March 8, 2021, 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 11, 2021 and terminating on March 31, 2022. 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.

On March 8, 2022, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “2022 Stock Repurchase Program”) for an approximately one-year period, effective March 8, 2022 and terminating on March 31, 2023. The terms and conditions of the 2022 Stock Repurchase Program are substantially similar to the prior Stock Repurchase Program. The timing and actual number of shares repurchased depend on a variety of factors, including legal requirements, price, and economic and market conditions.

On March 6, 2023, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “2023 Stock Repurchase Program”), effective March 6, 2023 and terminating on March 31, 2024. The terms and conditions of the 2023 Stock Repurchase Program are substantially similar to the prior 2022 Stock Repurchase Program. The 2023 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.

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 2023 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 years ended December 31, 2024 and December 31, 2023, the Company issued 17,400, and 26,529 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of December 31, 2024 and December 31, 2023 was 9,198,175 and 9,383,132 respectively.

During the year ended December 31, 2024, the Company repurchased 202,357 shares under the Renewed Stock Repurchase Program and the 2023 Stock Repurchase Program in open market transactions at an aggregate cost of approximately $3.8 million. During the year ended December 31, 2023, the Company repurchased 224,933 shares under the 2023 Stock Repurchase Program and the 2022 Stock Repurchase Program in open market transactions at an aggregate cost of approximately $4.4 million.

10. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (in thousands, except share and per share amounts)


	For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total interest and related portfolio income	$	14,392		$	15,177		$	16,337		$	16,526
Net investment income	$	5,539		$	5,802		$	6,477		$	6,226
Net increase (decrease) in net assets resulting from operations	$	(2,540	)	$	(1,509	)	$	(6,372	)	$	4,486
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	(0.28	)	$	(0.16	)	$	(0.69	)	$	0.48
Net investment income per share – basic and diluted	$	0.60		$	0.63		$	0.70		$	0.67

	For the Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total interest and related portfolio income	$	17,788		$	18,574		$	19,626		$	20,327
Net investment income(1)	$	11,163		$	7,166		$	7,915		$	8,529
Net increase (decrease) in net assets resulting from operations	$	6,995		$	7,445		$	(3,114	)	$	55
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	0.74		$	0.78		$	(0.33	)	$	0.01
Net investment income per share – basic and diluted	$	1.19		$	0.75		$	0.83		$	0.89

(2)

11. SEGMENT REPORTING

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is the Company’s chief executive officer, and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in net assets resulting from operations (“net income”). Net income is comprised of total investment income (“segment revenues”) and total expenses (“significant segment expenses”), which are considered the key segment measures of profit or loss reviewed by the CODM. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders, implementing investment policy decisions and strategic initiatives, managing the Company’s portfolio, allocating assets, and assessing the performance of the portfolio. As the Company’s operations are comprised solely of the Investment Management Segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

12. SUBSEQUENT EVENTS

EXHIBIT INDEX

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit Number		Description

3.1		Form of Certificate of Incorporation of the Company (incorporated by reference to Exhibit A of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).
3.1.1		Certificate of Amendment (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed April 2, 2019).
3.1.2		Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Reverse Stock Split Certificate of Amendment) (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).
3.1.3		Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Decrease Shares Certificate of Amendment) (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).
3.2		Third Amended and Restated Bylaws of Portman Ridge Finance Corporation, dated as of July 20, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on July 21, 2021).
4.1		Specimen certificate of the Company’s common stock, par value $0.01 per share (incorporated by reference to Exhibit D.1 of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).
4.2		Form of Dividend Reinvestment Plan (incorporated by reference to Exhibit E of the Pre-Effective Amendment No. 2 of the Registration Statement on Form N-2 filed on November 20, 2006).
4.3		Form of Base Indenture between the Company and U.S. Bank National Association (incorporated by reference to Exhibit D.3 of the Registration Statement in Form N-2 filed on October 3, 2012).
4.4		Third Supplemental Indenture, dated as of April 30, 2021, relating to the 4.875% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on May 3, 2021).
4.5		Form of 4.875% Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on May 3, 2021).
4.6		Registration Rights Agreement, dated as of June 23, 2021, by and among the Company and the Purchasers (as defined therein) (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on June 24, 2021).
4.7		Description of Portman Ridge Finance Corporation's Registered Securities (incorporated by reference to Exhibit 4.7 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).
10.1		Investment Advisory Agreement, dated April 1, 2019, by and between the Company and Sierra Crest Investment Management LLC (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on April 2, 2019).
10.2		Incentive Fee Letter Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed on April 2, 2019).
10.3		Administration Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed on April 2, 2019).
10.4		Loan and Security Agreement dated as of December 18, 2019 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto, The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on December 23, 2019).


10.5		First Amendment to Loan and Security Agreement dated as of April 29, 2022 among Great Lakes Portman Ridge Funding LLC, the Lenders Party thereto, the Collateral Administrator, Collateral Agent, and Securities Intermediary Party thereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on May 5, 2022).
10.6		Loan and Security Agreement Conformed Through the Second Amendment dated as of July 23, 2024 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto. The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on July 29, 2024).
11.1		Computation of Per Share Earnings (included in the notes to the audited financial statements contained in this report).
14.1		Code of Ethics (incorporated by reference to Exhibit (r) of Pre-Effective Amendment No. 1 to the Company’s Registration Statement on Form N-2, filed on February 4, 2022).
19.1		Insider Trading Policy**
21.1		List of Subsidiaries**
23.1		Consent of Deloitte & Touche LLP**
31.1		Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2		Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1		Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2		Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
97.1		Clawback Policy (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


**	Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

*****

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature	Title	Date

/s/ EDWARD GOLDTHORPE	President and Chief Executive Officer (principal executive officer) and Member of the Board of Directors	March 13, 2025
EDWARD GOLDTHORPE

/s/ BRANDON SATOREN	Chief Financial Officer, Secretary and Treasurer (principal financial and accounting officer)	March 13, 2025
BRANDON SATOREN

/s/ GEORGE GRUNEBAUM	Member of the Board of Directors	March 13, 2025
GEORGE GRUNEBAUM

/s/ ROBERT WARSHAUER	Member of the Board of Directors	March 13, 2025
ROBERT WARSHAUER

/s/ ALEXANDER DUKA	Member of the Board of Directors	March 13, 2025
ALEXANDER DUKA

/s/ PATRICK SCHAFER	Member of the Board of Directors	March 13, 2025
PATRICK SCHAFER

/s/ DEAN C. KEHLER	Member of the Board of Directors	March 13, 2025
DEAN C. KEHLER
/s/ MATTHEW WESTWOOD	Member of the Board of Directors	March 13, 2025
MATTHEW WESTWOOD

/s/ JOSEPH MOREA	Member of the Board of Directors	March 13, 2025
JOSEPH MOREA

/s/ JENNIFER CHOU	Member of the Board of Directors	March 13, 2025
JENNIFER CHOU

Investments (Tables)

12 Months Ended

Dec. 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 December 31, 2024 and December 31, 2023:



($ in thousands)	December 31, 2024							December 31, 2023
Security Type	Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio			Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio
First Lien Debt	$	311,673	$	289,957		71.6	%	$	351,858	$	336,599		71.9	%
Second Lien Debt		34,892		28,996		7.2	%		50,814		41,254		8.8	%
Subordinated Debt		8,059		1,740		0.4	%		7,990		1,224		0.3	%
Collateralized Loan Obligations		5,318		5,193		1.3	%		9,103		8,968		1.9	%
Joint Ventures		66,747		54,153		13.4	%		71,415		59,287		12.7	%
Equity		31,921		24,762		6.1	%		31,280		20,533		4.4	%
Asset Manager Affiliates(1)		17,791		—		—			17,791		—		—
Derivatives		31		220		0.0	%		31		—		—
Total	$	476,432	$	405,021		100.0	%	$	540,282	$	467,865		100.0	%

(1)

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 December 31, 2024 and December 31, 2023, were as follows:


($ in thousands)	December 31, 2024							December 31, 2023
Industry Classification	Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio			Cost/Amortized Cost		Fair Value		Fair Value Percentage of Total Portfolio
Joint Venture	$	66,747	$	54,153		13.4	%	$	71,415	$	59,287		12.7	%
Services: Business		55,141		51,776		12.8	%		58,997		57,168		12.2	%
High Tech Industries		55,932		50,138		12.4	%		84,676		73,430		15.7	%
Banking, Finance, Insurance & Real Estate		44,191		42,854		10.6	%		51,486		53,918		11.5	%
Healthcare & Pharmaceuticals		43,882		41,872		10.3	%		59,189		57,224		12.2	%
Consumer goods: Durable		28,493		27,028		6.7	%		16,431		13,898		3.0	%
Finance		14,815		14,725		3.6	%		18,884		18,972		4.1	%
Machinery (Non-Agrclt/Constr/Electr)		11,705		13,608		3.4	%		9,836		10,097		2.2	%
Media: Broadcasting & Subscription		19,095		12,972		3.2	%		16,665		14,618		3.1	%
Beverage, Food and Tobacco		12,563		11,612		2.9	%		12,220		11,444		2.4	%
Aerospace and Defense		11,403		11,390		2.8	%		11,130		11,256		2.4	%
Chemicals, Plastics and Rubber		10,135		9,628		2.4	%		9,738		9,836		2.1	%
Construction & Building		7,648		7,596		1.9	%		7,737		7,441		1.6	%
Transportation: Consumer		7,410		7,470		1.8	%		7,465		7,409		1.6	%
Retail		10,246		6,853		1.7	%		9,334		8,732		1.9	%
Healthcare, Education and Childcare		6,114		6,115		1.5	%		6,175		6,163		1.3	%
CLO Fund Securities		5,318		5,193		1.3	%		9,103		8,968		1.9	%
Metals & Mining		9,950		5,103		1.3	%		9,000		7,742		1.7	%
Transportation: Cargo		4,223		3,782		0.9	%		11,606		10,303		2.2	%
Diversified Financial Services		3,058		3,074		0.8	%		—		—		0.0	%
Containers, Packaging and Glass		2,728		2,702		0.7	%		2,734		2,665		0.6	%
Energy: Electricity		2,696		2,702		0.7	%		671		671		0.1	%
Interactive Media & Services		2,539		2,559		0.6	%		2,663		2,662		0.6	%
Services: Consumer		2,699		2,406		0.6	%		—		—		0.0	%
IT Consulting & Other Services		2,157		2,243		0.5	%		2,213		2,259		0.5	%
Hotel, Gaming & Leisure		7,006		2,205		0.5	%		8,358		3,948		0.8	%
Capital Equipment		8,016		1,291		0.3	%		10,684		1,203		0.3	%
Application Software		1,165		1,166		0.2	%		—		—		0.0	%
Telecommunications		1,541		805		0.2	%		5,268		4,389		0.9	%
Alternative Carriers		—		—		0.0	%		971		937		0.2	%
Asset Management Company(1)		17,791		—		0.0	%		17,791		—		0.0	%
Energy: Oil & Gas		25		—		0.0	%		6,721		100		0.0	%
Media: Diversified & Production		—		—		0.0	%		1,121		1,125		0.2	%
Total	$	476,432	$	405,021		100.0	%	$	540,282	$	467,865		100.0	%

(1)

Represents the equity investment in the Asset Manager Affiliates.

Summary of Investments in CLO Fund Securities

The Company's investments in CLO Fund Securities as of December 31, 2024 and December 31, 2023 were as follows:


($ in thousands)		December 31, 2024							December 31, 2023
CLO Fund Securities	Investment	Amortized Cost		Fair Value		Percentage Ownership(1)			Amortized Cost		Fair Value		Percentage Ownership(1)
Catamaran CLO 2014-1 Ltd.	Collateralized Loan Obligations	$	126	$	261		22.2	%	$	1,024	$	904		22.2	%
Catamaran CLO 2018-1 Ltd.	Collateralized Loan Obligations		3,063		2,600		24.8	%		3,923		3,923		24.8	%
Dryden 30 Senior Loan Fund	Collateralized Loan Obligations		141		140		6.8	%		424		409		6.8	%
JMP Credit Advisors CLO IV Ltd.	Collateralized Loan Obligations		521		725		57.2	%		683		683		57.2	%
JMP Credit Advisors CLO V Ltd.	Collateralized Loan Obligations		1,467		1,467		57.2	%		3,049		3,049		57.2	%
Total		$	5,318	$	5,193				$	9,103	$	8,968

(1)

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

Summary of Investments in Affiliates

The following table details investments in affiliates at December 31, 2024:


Company(1)	Type of Investment	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 December 31, 2024			Principal / Shares at December 31, 2024		Interest and Fee Income		Dividend Income
Controlled investments(3)
Asset Management Company(2)	Asset Manager Affiliates	Asset Management Company	$	—	$	—		$	—	$	—	$	—		$	—		$	—			—	$	—	$	—
Tank Partners Equipment Holdings, LLC - Class A Units(5)	Common Stock and Membership Units	Energy: Oil & Gas		—		—			—		—		6,228			(6,228	)		—			—		—		—
Tank Partners Equipment Holdings, LLC	Subordinated Debt	Energy: Oil & Gas		43		—			—		—		373			(416	)		—			—		—		—
ProAir Holdco, LLC(5)	Common Stock and Membership Units	Capital Equipment		—		—			—		—		—			—			—			2,749,997		—		—
ProAir, LLC	Subordinated Debt	Capital Equipment		—		—			—		—		—			—			—			2,020		—		—
KCAP Freedom 3, LLC(2)	Joint Ventures	Joint Venture		14,275		(1,976	)		—		—		716			—			13,015			27,220		—		—
Total Controlled investments			$	14,318	$	(1,976	)	$	—	$	—	$	7,317		$	(6,644	)	$	13,015				$	—	$	—
Non-controlled affiliated investments(4)
Series A-Great Lakes Funding II LLC(2)(6)(7)	Joint Ventures	Joint Venture	$	45,012	$	(2,692	)	$	—	$	—	$	(1,182	)	$	—		$	41,138			41,309	$	—	$	6,576
GreenPark Infrastructure, LLC - Series A(5)	Preferred Stock and Units	Energy: Electricity		500		—			—		—		—			—			500			1,000		—		—
GreenPark Infrastructure, LLC - Series M-1(5)	Common Stock and Membership Units	Energy: Electricity		171		2,025			—		—		6			—			2,202			6,412		—		—
Kleen-Tech Acquisition, LLC(5)	Common Stock	Services: Business		998		—			—		—		422			—			1,420			250,000		—		—
Northeast Metal Works LLC - Preferred(5)	Preferred Stock and Units	Metals & Mining		—		—			—		—		—			—			—			2,368		—		—
Northeast Metal Works LLC - Class O Preferred(5)	Preferred Stock and Units	Metals & Mining		4,182		450			—		—		(3,472	)		—			1,160			4,950,000		485		—
Northeast Metal Works LLC	Second Lien/Senior Secured Debt	Metals & Mining		3,560		—			—		—		(117	)		—			3,443			4,500		366		—
Northeast Metal Works LLC	Second Lien/Senior Secured Debt	Metals & Mining		—		500			—		—		—			—			500			500		36		—
BMP Slappey Holdco, LLC(5)	Preferred Stock and Units	Telecommunications		553		—			—		—		4			—			557			200,000		—		—
BMP Slappey Investment II(5)	Preferred Stock and Units	Telecommunications		246		—			—		—		2			—			248			88,946		—		—
Princeton Medspa Partners, LLC(5)	Preferred Stock and Units	Healthcare & Pharmaceuticals		—		1,064			—		—		(205	)		—			859			1,064		76		—
Princeton Medspa Partners, LLC - Warrant(5)	Common Stock and Membership Units	Healthcare & Pharmaceuticals		—		—			—		—		28			—			28			0		—		—
Princeton Medspa Partners, LLC - Put Option(2)(5)	Derivatives	Healthcare & Pharmaceuticals		—		—			—		—		—			—			—			1,000,000		—		—
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(7)	First Lien/Senior Secured Debt	Healthcare & Pharmaceuticals		—		1,635			4		—		(110	)		—			1,529			1,679		147		—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)(7)	First Lien/Senior Secured Debt	Healthcare & Pharmaceuticals		—		(4	)		—		—		(6	)		—			(10	)		—		1		—
JMP Credit Advisors CLO IV LTD(3)	Collateralized Loan Obligations	CLO Fund Securities		—		(260	)		98		683		204			—			725			18,407		98		—
JMP Credit Advisors CLO V LTD(3)	Collateralized Loan Obligations	CLO Fund Securities		—		(904	)		656		3,049		—			(1,334	)		1,467			17,074		656		—
EBSC Holdings LLC (Riddell, Inc.)(5)	Preferred Stock and Units	Consumer goods: Durable		—		2,131			—		—		244			—			2,375			2,154		154		—
Riddell, Inc.(7)	First Lien/Senior Secured Debt	Consumer goods: Durable		—		6,127			20		—		96			—			6,243			6,244		554		—
Total non-controlled affiliated investments			$	55,222	$	10,072		$	778	$	3,732	$	(4,086	)	$	(1,334	)	$	64,384				$	2,573	$	6,576

Total non-controlled affiliated and controlled investments			$	69,540	$	8,096		$	778	$	3,732	$	3,231		$	(7,978	)	$	77,399				$	2,573	$	6,576

(1)

All investments valued using unobservable inputs (Level III), unless otherwise noted.

(2)

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

Number of shares held.

(6)

The investment is valued at the NAV of the underlying fund.

(7)

The following table details investments in affiliates at December 31, 2023:


Company(1)	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
Controlled investments(3)
Asset Manager Affiliates(2)	Asset Management Company	$	—	$	—		$	—	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Tank Partners Equipment Holdings, LLC - Class A Units(5)	Energy: Oil & Gas		—		—			—		—			—			—			—		49,000		—		—
Tank Partners Equipment Holdings, LLC	Energy: Oil & Gas		43		—			—		—			—			—			43		511		—		—
Flight Lease VII(5)	Aerospace and Defense		242		(248	)		—		—			39			(33	)		—		—		—		—
ProAir, LLC(5)	Capital Equipment		—		—			—		—			—			—			—		2,749,997		—		—
ProAir, LLC	Capital Equipment		—		—			—		—			—			—			—		2,020		—		—
KCAP Freedom 3, LLC(2)	Joint Venture		18,668		—			—		—			(4,393	)		—			14,275		27,220		—		2,184
Total controlled investments		$	18,953	$	(248	)	$	—	$	—		$	(4,354	)	$	(33	)	$	14,318			$	—	$	2,184
Non-controlled affiliated investments(4)
Series A-Great Lakes Funding II LLC(2)(6)(7)	Joint Venture	$	40,287	$	2,565		$	—	$	—		$	2,160		$	—		$	45,012	$	44,000	$	—	$	6,764
GreenPark Infrastructure, LLC - Series A(5)	Energy: Electricity		500		—			—		—			—			—			500		1,000		—		—
GreenPark Infrastructure, LLC - Series M-1(5)(7)	Energy: Electricity		171		—			—		—			—			—			171		500		—		—
Kleen-Tech Acquisition, LLC(5)	Services: Business		1,300		—			—		—			(302	)		—			998		250,000		—		—
Northeast Metal Works LLC	Metals & Mining		13,445		(4,428	)		—		(9,000	)		1,107			(1,124	)		—		—		377		—
Northeast Metal Works LLC - Preferred(5)	Metals & Mining		—		—			—		—			—			—			—		2,368		—		—
Northeast Metal Works LLC - Class O Preferred(5)	Metals & Mining		—		—			—		4,500			(318	)		—			4,182		4,500,000		333		—
Northeast Metal Works LLC	Metals & Mining		—		—			—		4,500			(940	)		—			3,560		4,500		270		—
BMP Slappey Holdco, LLC(5)	Telecommunications		464		—			—		—			89			—			553		200,000		—		—
BMP Slappey Investment II(5)	Telecommunications		206		—			—		—			40			—			246		88,946		—		—
Surge Hippodrome Partners LP(5)	Services: Business		811		(813	)		—		—			(386	)		388			—		—		—		—
Surge Hippodrome Holdings LLC(5)	Services: Business		484		(496	)		—		—			(325	)		337			—		—		—		—
Surge Hippodrome Holdings LLC	Services: Business		5,165		(5,460	)		328		—			(33	)		—			—		—		675		—
Navex Topco, Inc.	Electronics		7,604		(7,700	)		310		—			(214	)		—			—		—		804		—
Zest Acquisition Corp.	Healthcare, Education and Childcare		3,390		(3,501	)		9		—			102			—			—		—		42		—
Total non-controlled affiliated investments		$	73,827	$	(19,833	)	$	647	$	—		$	980		$	(399	)	$	55,222			$	2,501	$	6,764

Total non-controlled affiliated and controlled 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, unless otherwise noted.

(2)

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

Number of shares held.

(6)

The investment is valued at the NAV of the underlying fund.

(7)

Investment in Joint Ventures

KCAP Freedom 3 LLC

The fair value of the Company’s investment in the F3C Joint Venture as of December 31, 2024 and December 31, 2023 was $13.0 million and $14.3 million, respectively.

Series A – Great Lakes Funding II LLC

Fair Value Measurements

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:

The following table summarizes the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of December 31, 2024 and December 31, 2023, respectively:


	As of December 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	—	$	289,957	$	—	$	289,957
Second Lien Debt		—		—		28,996		—		28,996
Subordinated Debt		—		—		1,740		—		1,740
Equity		—		—		24,762		—		24,762
Collateralized Loan Obligations		—		—		5,193		—		5,193
Joint Ventures		—		—		13,015		41,138		54,153
Derivatives		—		—		220		—		220
Total	$	—	$	—	$	363,883	$	41,138	$	405,021


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	47,303	$	289,295	$	—	$	336,598
Second Lien Debt		—		18,022		23,232		—		41,254
Subordinated Debt		—		—		1,225		—		1,225
Equity		—		—		20,533		—		20,533
Collateralized Loan Obligations		—		—		8,968		—		8,968
Joint Ventures		—		—		14,275		45,012		59,287
Derivatives		—		—		—		—		—
Total	$	—	$	65,325	$	357,528	$	45,012	$	467,865


	For the Year Ended December 31, 2024
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateral Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Transfers out of Level III(1)		—			—			—			—			—			—			—		—
Transfers into Level III(2)		47,303			18,022			—			—			—			—			—		65,325
Net accretion		2,991			116			—			—			1,511			—			—		4,618
Purchases		70,344			2,361			997			7,173			—			—			—		80,875
Sales/Paydowns/Return of Capital		(101,614	)		(10,526	)		(511	)		78			(2,722	)		(1,976	)		—		(117,271	)
Total realized gain (loss) included in earnings		(11,908	)		(7,868	)		(417	)		(6,611	)		(2,576	)		—			—		(29,380	)
Change in unrealized gain (loss) included in earnings		(6,454	)		3,659			446			3,589			12			716			220		2,188
Balance, December 31, 2024	$	289,957		$	28,996		$	1,740		$	24,762		$	5,193		$	13,015		$	220	$	363,883
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(18,958	)	$	(2,312	)	$	(1,932	)	$	(4,721	)	$	11		$	716		$	220	$	(26,976	)

(1)

(2)

Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.


	For the Year Ended December 31, 2023
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateralized Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	359,648		$	50,453		$	43		$	21,905		$	20,453		$	18,668		$	—	$	471,170
Transfers out of Level III(1)		(18,021	)		(1,178	)		—			—			—			—			—		(19,199	)
Transfers into Level III(2)		—			1,643			—			—			—			—			—		1,643
Net accretion		5,034			283			—			—			1,998			—			—		7,315
Purchases		40,727			857			—			649			—			—			—		42,233
Sales/Paydowns/Return of Capital		(95,846	)		(26,708	)		5,568			(1,552	)		(2,097	)		—			—		(120,635	)
Realized gain (loss) included in earnings		(704	)		(1,124	)		—			3,334			(25,446	)		—			—		(23,940	)
Change in unrealized gain (loss) included in earnings		(1,543	)		(994	)		(4,386	)		(3,803	)		14,060			(4,393	)		—		(1,059	)
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,242	)	$	(2,037	)	$	(4,388	)	$	(2,082	)	$	5,461		$	(4,392	)	$	—	$	(13,680	)

As of December 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)(1)
First Lien Debt	$	47,177	Enterprise Value	Average EBITDA Multiple	0.1x - 9.0x (4.7x)
				Average Revenue Multiple	0.2x - 1.4x (1.1x)
		214,658	Income Approach	Implied Discount Rate	7.3% - 37.8% (11.6%)
		28,122	Market	Broker/Dealer Quotes	N/A
Second Lien Debt		20,980	Income Approach	Implied Discount Rate	8.2% - 19.5% (15.8%)
		8,016	Market	Broker/Dealer Quotes	N/A
Subordinated Debt		528	Income Approach	Implied Discount Rate	15.4%
		1,212	Enterprise Value	Recovery Percentage	19.4%
Equity		24,519	Enterprise Value	Average EBITDA Multiple	0.1x - 18.0x (6.2x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book value of equity (asset)	1.0x
				Book Value Multiple	0.5x
				Time Horizon	3.3 - 4.9 (3.7)
		243	Income Approach	Implied Discount Rate	17.8%
Collateralized Loan Obligations		5,193	Discounted Cash Flow	Discount Rate	15.9% - 18.2% (9.6%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		13,015	Discounted Cash Flow	Discount Rate	18.1% - 19.7% (18.9%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Derivatives		220	Enterprise Value	Average EBITDA Multiple	14.5x - 14.5x (0.0x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book Value Multiple	0.5x
				Discount Rate	40.0%
Total Level III Investments	$	363,883

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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)(1)
First Lien Debt	$	8,846	Enterprise Value	Average EBITDA Multiple	0.4x - 0.4x (0.1x)
				Expected Sale Proceeds	97.6x
		275,179	Income Approach	Implied Discount Rate	5.3% - 40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8% - 14.2% (14.0%)
Second Lien Debt		300	Enterprise Value	Implied Discount Rate	9.5x - 9.5x (9.5x)
		22,932	Income approach	Implied Discount Rate	13.8% - 14.2% (14.0%)
Subordinated Debt		1,225	Enterprise Value	Average Settlement Value	61.0x - 61.0x (61.0x)
				Recovery Rate Multiple	0.1x - 0.1x (0.1x)
Collateralized Loan Obligations		8,968	Discounted Cash Flow	Discount Rate	18.4% - 25.2% (21.1%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		14,275	Discounted Cash Flow	Discount Rate	20.5% - 22.1% (21.3%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Equity		19,805	Enterprise Value	Average EBITDA Multiple	5.0x - 18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x - 3.7x (1.1x)
				Book Value of Equity	1.0x - 1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0% - 15.0% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.4% - 12.4% (12.4%)
Derivatives		—	Enterprise Value	Average EBITDA Multiple	2.5x - 2.5x (2.5x)
Total Level III Investments	$	357,528

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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 following table details derivative investments at December 31, 2024 and December 31, 2023:


($ in thousands)	December 31, 2024
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)		Unrealized gain(loss)
Call option(1)	$	8	$	220	$	—	$	220
Put option(1)		1,563		—		—		-
Total	$	1,571	$	220	$	—	$	220

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.


($ 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 statements of assets and liabilities.

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

Removal of Adviser

Compensation of Adviser

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

Limitations of Liability and Indemnification

Board Approval of the Advisory Agreement

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.

Administration Agreement

Payment of Expenses under the Advisory and Administration Agreements

•

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;

•

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;

•

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

Related Party Trades

There were no transactions subject to Rule 17a-7 under the 1940 Act during the years ended December 31, 2024 or 2023.

6. BORROWINGS

The Company’s debt obligations consist of the following:


	As of		As of
($ in thousands)	December 31, 2024		December 31, 2023

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)	$	—	$	124,971
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)		106,983		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775, respectively)		158,157		91,225
	$	265,140	$	322,410

Notes Offering

Sale of Additional 4.875% Notes due 2026

Exchange of 4.875% Notes due 2026

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.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	5,265		$	5,265		$	5,265
Amortization of original issue discount		506			479			454
Deferred financing costs		263			256			247
Total interest and financing expenses	$	6,034		$	6,000		$	5,966
Average outstanding balance	$	108,000		$	108,000		$	108,000
Average stated interest rate		4.88	%		4.88	%		4.88	%

Revolving Credit Facility


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	9,334		$	7,465		$	4,477
Deferred financing costs		405			333			345
Total interest and financing expenses	$	9,739		$	7,798		$	4,822
Average outstanding balance	$	116,548		$	80,136		$	88,821
Average stated interest rate		7.67	%		7.84	%		4.53	%

2018-2 Secured Notes


($ 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%, or 5.63% as of December 31, 2023.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	4,952		$	11,357		$	6,736
Amortization of original issue discount		57			151			177
Total interest and financing expenses	$	5,009		$	11,508		$	6,913
Average outstanding balance	$	96,356		$	153,330		$	187,661
Average stated interest rate		7.99	%		7.35	%		3.51	%

Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table (dollars in thousands, except per unit amounts).


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 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
Fiscal 2024(10)		267,479		1,667		—	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)

As of December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

7. TAXABLE INCOME


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Capital in excess of par value	$	2		$	3,314		$	5,768
Total distributable (loss) earnings	$	(2	)	$	(3,314	)	$	(5,768	)


	Year Ended December 31,
($ in thousands)	2024			2023			2022

Net (decrease) increase in net assets resulting from operations	$	(5,935	)	$	11,381		$	(20,996	)
Tax provision (benefit) on realized and unrealized (gains) losses on investments		(853	)		(414	)		786
Net change in unrealized depreciation (appreciation) from investments		(1,006	)		(3,322	)		17,915
Excess capital losses over capital gains		31,839			27,128			31,185
Book/tax differences on CLO equity investments		(45	)		(1,642	)		72
Book/tax differences related to mergers and partnership investments		2,036			(4,631	)		(586	)
Other book/tax differences		448			859			1,203
Taxable income before deductions for distributions	$	26,484		$	29,359		$	29,579
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	2.86		$	3.09		$	3.07


($ in thousands)	Year Ended December 31,
Distributions paid from:	2024		2023		2022
Ordinary Income	$	25,582	$	26,147	$	24,661
Return of Capital		—		—		—
Total	$	25,582	$	26,147	$	24,661

As of December 31, 2024 and December 31, 2023, the components of accumulated earnings on tax basis (in thousands) were as follows:


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Undistributed ordinary income	$	4,586		$	7,064		$	4,917
Capital loss carryforward		(487,186	)		(445,684	)		(418,937	)
Other temporary differences		—			—			—
Net unrealized depreciation		(53,330	)		72,584			77,496
Total	$	(535,930	)	$	(366,036	)	$	(336,524	)

8. COMMITMENTS AND CONTINGENCIES


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	December 31, 2024			December 31, 2023
Accordion Partners LLC(1)	First Lien Debt		$	913		$	—
Accordion Partners LLC (Revolver)	First Lien Debt			1,623			1,531
AMCP Pet Holdings, Inc. (Revolver)	First Lien Debt			—			350
Anthem Sports & Entertainment Inc.(1)	First Lien Debt			307			—
Anthem Sports & Entertainment Inc. (Revolver)	First Lien Debt			83			83
BetaNXT, Inc. (Revolver)	First Lien Debt			1,401			2,174
Bradshaw International Parent Corp. (Revolver)	First Lien Debt			922			922
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	First Lien Debt			500			—
Centric Brands Inc. (Revolver)	First Lien Debt		N/A				1,166
Colonnade Intermediate, LLC (Revolver)	First Lien Debt			—			68
Critical Nurse Staffing, LLC (Revolver)	First Lien Debt			—			2,000
Dentive, LLC(1)	First Lien Debt			427			430
Dentive, LLC (Revolver)	First Lien Debt			117			186
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Equity			87			—
Fortis Payment Systems, LLC(1)	First Lien Debt			387			—
Franchise Group, Inc. (DIP)	First Lien Debt			249		N/A
GreenPark Infrastructure, LLC - Series M-1	Equity			—			1,829
H.W. Lochner, Inc. (Revolver)	First Lien Debt			—			4,142
IDC Infusion Services LLC(1)	First Lien Debt			130			1,065
Luminii LLC (Revolver)	First Lien Debt			172			172
Morae Global Corporation (Revolver)	First Lien Debt			208			208
Netwrix Corporation (Revolver)	First Lien Debt			1,148			1,148
Netwrix Corporation(1)	First Lien Debt		N/A				941
Newbury Franklin Industrials, LLC(1)	First Lien Debt			987		N/A
PhyNet Dermatology LLC(1)	First Lien Debt			690			690
PMA Parent Holdings LLC (Revolver)	First Lien Debt			99		N/A
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)	First Lien Debt			1,125			—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	First Lien Debt			188			—
Riddell, Inc.(1)	First Lien Debt			636			—
Riskonnect Parent LLC(1)	First Lien Debt			5,000			—
Series A-Great Lakes Funding II LLC	Joint Ventures			8,165			5,473
TA/WEG Holdings, LLC(1)	First Lien Debt		N/A				758
TA/WEG Holdings, LLC (Revolver)	First Lien Debt			784			784
Tactical Air Support, Inc.(1)	First Lien Debt		N/A				286
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	First Lien Debt			129			258
VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)	First Lien Debt			761			1,902
Total Unfunded Portfolio Company Commitments			$	27,238		$	28,566

(1)

Delayed draw term loan.

9. STOCKHOLDERS’ EQUITY

10. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (in thousands, except share and per share amounts)


	For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total interest and related portfolio income	$	14,392		$	15,177		$	16,337		$	16,526
Net investment income	$	5,539		$	5,802		$	6,477		$	6,226
Net increase (decrease) in net assets resulting from operations	$	(2,540	)	$	(1,509	)	$	(6,372	)	$	4,486
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	(0.28	)	$	(0.16	)	$	(0.69	)	$	0.48
Net investment income per share – basic and diluted	$	0.60		$	0.63		$	0.70		$	0.67

	For the Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total interest and related portfolio income	$	17,788		$	18,574		$	19,626		$	20,327
Net investment income(1)	$	11,163		$	7,166		$	7,915		$	8,529
Net increase (decrease) in net assets resulting from operations	$	6,995		$	7,445		$	(3,114	)	$	55
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	0.74		$	0.78		$	(0.33	)	$	0.01
Net investment income per share – basic and diluted	$	1.19		$	0.75		$	0.83		$	0.89

(2)

11. SEGMENT REPORTING

12. SUBSEQUENT EVENTS

EXHIBIT INDEX

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit Number		Description

3.1		Form of Certificate of Incorporation of the Company (incorporated by reference to Exhibit A of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).
3.1.1		Certificate of Amendment (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed April 2, 2019).
3.1.2		Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Reverse Stock Split Certificate of Amendment) (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).
3.1.3		Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Decrease Shares Certificate of Amendment) (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).
3.2		Third Amended and Restated Bylaws of Portman Ridge Finance Corporation, dated as of July 20, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on July 21, 2021).
4.1		Specimen certificate of the Company’s common stock, par value $0.01 per share (incorporated by reference to Exhibit D.1 of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).
4.2		Form of Dividend Reinvestment Plan (incorporated by reference to Exhibit E of the Pre-Effective Amendment No. 2 of the Registration Statement on Form N-2 filed on November 20, 2006).
4.3		Form of Base Indenture between the Company and U.S. Bank National Association (incorporated by reference to Exhibit D.3 of the Registration Statement in Form N-2 filed on October 3, 2012).
4.4		Third Supplemental Indenture, dated as of April 30, 2021, relating to the 4.875% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on May 3, 2021).
4.5		Form of 4.875% Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on May 3, 2021).
4.6		Registration Rights Agreement, dated as of June 23, 2021, by and among the Company and the Purchasers (as defined therein) (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on June 24, 2021).
4.7		Description of Portman Ridge Finance Corporation's Registered Securities (incorporated by reference to Exhibit 4.7 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).
10.1		Investment Advisory Agreement, dated April 1, 2019, by and between the Company and Sierra Crest Investment Management LLC (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on April 2, 2019).
10.2		Incentive Fee Letter Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed on April 2, 2019).
10.3		Administration Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed on April 2, 2019).
10.4		Loan and Security Agreement dated as of December 18, 2019 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto, The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on December 23, 2019).


10.5		First Amendment to Loan and Security Agreement dated as of April 29, 2022 among Great Lakes Portman Ridge Funding LLC, the Lenders Party thereto, the Collateral Administrator, Collateral Agent, and Securities Intermediary Party thereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on May 5, 2022).
10.6		Loan and Security Agreement Conformed Through the Second Amendment dated as of July 23, 2024 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto. The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on July 29, 2024).
11.1		Computation of Per Share Earnings (included in the notes to the audited financial statements contained in this report).
14.1		Code of Ethics (incorporated by reference to Exhibit (r) of Pre-Effective Amendment No. 1 to the Company’s Registration Statement on Form N-2, filed on February 4, 2022).
19.1		Insider Trading Policy**
21.1		List of Subsidiaries**
23.1		Consent of Deloitte & Touche LLP**
31.1		Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2		Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1		Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2		Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
97.1		Clawback Policy (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


**	Filed herewith.

SIGNATURES

*****


Signature	Title	Date

/s/ EDWARD GOLDTHORPE	President and Chief Executive Officer (principal executive officer) and Member of the Board of Directors	March 13, 2025
EDWARD GOLDTHORPE

/s/ BRANDON SATOREN	Chief Financial Officer, Secretary and Treasurer (principal financial and accounting officer)	March 13, 2025
BRANDON SATOREN

/s/ GEORGE GRUNEBAUM	Member of the Board of Directors	March 13, 2025
GEORGE GRUNEBAUM

/s/ ROBERT WARSHAUER	Member of the Board of Directors	March 13, 2025
ROBERT WARSHAUER

/s/ ALEXANDER DUKA	Member of the Board of Directors	March 13, 2025
ALEXANDER DUKA

/s/ PATRICK SCHAFER	Member of the Board of Directors	March 13, 2025
PATRICK SCHAFER

/s/ DEAN C. KEHLER	Member of the Board of Directors	March 13, 2025
DEAN C. KEHLER
/s/ MATTHEW WESTWOOD	Member of the Board of Directors	March 13, 2025
MATTHEW WESTWOOD

/s/ JOSEPH MOREA	Member of the Board of Directors	March 13, 2025
JOSEPH MOREA

/s/ JENNIFER CHOU	Member of the Board of Directors	March 13, 2025
JENNIFER CHOU

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 December 31, 2024 and December 31, 2023, respectively:


	As of December 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	—	$	289,957	$	—	$	289,957
Second Lien Debt		—		—		28,996		—		28,996
Subordinated Debt		—		—		1,740		—		1,740
Equity		—		—		24,762		—		24,762
Collateralized Loan Obligations		—		—		5,193		—		5,193
Joint Ventures		—		—		13,015		41,138		54,153
Derivatives		—		—		220		—		220
Total	$	—	$	—	$	363,883	$	41,138	$	405,021


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	47,303	$	289,295	$	—	$	336,598
Second Lien Debt		—		18,022		23,232		—		41,254
Subordinated Debt		—		—		1,225		—		1,225
Equity		—		—		20,533		—		20,533
Collateralized Loan Obligations		—		—		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


	For the Year Ended December 31, 2024
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateral Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Transfers out of Level III(1)		—			—			—			—			—			—			—		—
Transfers into Level III(2)		47,303			18,022			—			—			—			—			—		65,325
Net accretion		2,991			116			—			—			1,511			—			—		4,618
Purchases		70,344			2,361			997			7,173			—			—			—		80,875
Sales/Paydowns/Return of Capital		(101,614	)		(10,526	)		(511	)		78			(2,722	)		(1,976	)		—		(117,271	)
Total realized gain (loss) included in earnings		(11,908	)		(7,868	)		(417	)		(6,611	)		(2,576	)		—			—		(29,380	)
Change in unrealized gain (loss) included in earnings		(6,454	)		3,659			446			3,589			12			716			220		2,188
Balance, December 31, 2024	$	289,957		$	28,996		$	1,740		$	24,762		$	5,193		$	13,015		$	220	$	363,883
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(18,958	)	$	(2,312	)	$	(1,932	)	$	(4,721	)	$	11		$	716		$	220	$	(26,976	)

(1)

(2)

Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.


	For the Year Ended December 31, 2023
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateralized Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	359,648		$	50,453		$	43		$	21,905		$	20,453		$	18,668		$	—	$	471,170
Transfers out of Level III(1)		(18,021	)		(1,178	)		—			—			—			—			—		(19,199	)
Transfers into Level III(2)		—			1,643			—			—			—			—			—		1,643
Net accretion		5,034			283			—			—			1,998			—			—		7,315
Purchases		40,727			857			—			649			—			—			—		42,233
Sales/Paydowns/Return of Capital		(95,846	)		(26,708	)		5,568			(1,552	)		(2,097	)		—			—		(120,635	)
Realized gain (loss) included in earnings		(704	)		(1,124	)		—			3,334			(25,446	)		—			—		(23,940	)
Change in unrealized gain (loss) included in earnings		(1,543	)		(994	)		(4,386	)		(3,803	)		14,060			(4,393	)		—		(1,059	)
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,242	)	$	(2,037	)	$	(4,388	)	$	(2,082	)	$	5,461		$	(4,392	)	$	—	$	(13,680	)

Schedule of Valuation Techniques and Significant Inputs of Level III Investments

As of December 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)(1)
First Lien Debt	$	47,177	Enterprise Value	Average EBITDA Multiple	0.1x - 9.0x (4.7x)
				Average Revenue Multiple	0.2x - 1.4x (1.1x)
		214,658	Income Approach	Implied Discount Rate	7.3% - 37.8% (11.6%)
		28,122	Market	Broker/Dealer Quotes	N/A
Second Lien Debt		20,980	Income Approach	Implied Discount Rate	8.2% - 19.5% (15.8%)
		8,016	Market	Broker/Dealer Quotes	N/A
Subordinated Debt		528	Income Approach	Implied Discount Rate	15.4%
		1,212	Enterprise Value	Recovery Percentage	19.4%
Equity		24,519	Enterprise Value	Average EBITDA Multiple	0.1x - 18.0x (6.2x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book value of equity (asset)	1.0x
				Book Value Multiple	0.5x
				Time Horizon	3.3 - 4.9 (3.7)
		243	Income Approach	Implied Discount Rate	17.8%
Collateralized Loan Obligations		5,193	Discounted Cash Flow	Discount Rate	15.9% - 18.2% (9.6%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		13,015	Discounted Cash Flow	Discount Rate	18.1% - 19.7% (18.9%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Derivatives		220	Enterprise Value	Average EBITDA Multiple	14.5x - 14.5x (0.0x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book Value Multiple	0.5x
				Discount Rate	40.0%
Total Level III Investments	$	363,883

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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)(1)
First Lien Debt	$	8,846	Enterprise Value	Average EBITDA Multiple	0.4x - 0.4x (0.1x)
				Expected Sale Proceeds	97.6x
		275,179	Income Approach	Implied Discount Rate	5.3% - 40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8% - 14.2% (14.0%)
Second Lien Debt		300	Enterprise Value	Implied Discount Rate	9.5x - 9.5x (9.5x)
		22,932	Income approach	Implied Discount Rate	13.8% - 14.2% (14.0%)
Subordinated Debt		1,225	Enterprise Value	Average Settlement Value	61.0x - 61.0x (61.0x)
				Recovery Rate Multiple	0.1x - 0.1x (0.1x)
Collateralized Loan Obligations		8,968	Discounted Cash Flow	Discount Rate	18.4% - 25.2% (21.1%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		14,275	Discounted Cash Flow	Discount Rate	20.5% - 22.1% (21.3%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Equity		19,805	Enterprise Value	Average EBITDA Multiple	5.0x - 18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x - 3.7x (1.1x)
				Book Value of Equity	1.0x - 1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0% - 15.0% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.4% - 12.4% (12.4%)
Derivatives		—	Enterprise Value	Average EBITDA Multiple	2.5x - 2.5x (2.5x)
Total Level III Investments	$	357,528

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

Schedule of Derivative Investments

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


($ in thousands)	December 31, 2024
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)		Unrealized gain(loss)
Call option(1)	$	8	$	220	$	—	$	220
Put option(1)		1,563		—		—		-
Total	$	1,571	$	220	$	—	$	220

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.


($ 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 statements of assets and liabilities.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	December 31, 2024			December 31, 2023
Accordion Partners LLC(1)	First Lien Debt		$	913		$	—
Accordion Partners LLC (Revolver)	First Lien Debt			1,623			1,531
AMCP Pet Holdings, Inc. (Revolver)	First Lien Debt			—			350
Anthem Sports & Entertainment Inc.(1)	First Lien Debt			307			—
Anthem Sports & Entertainment Inc. (Revolver)	First Lien Debt			83			83
BetaNXT, Inc. (Revolver)	First Lien Debt			1,401			2,174
Bradshaw International Parent Corp. (Revolver)	First Lien Debt			922			922
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	First Lien Debt			500			—
Centric Brands Inc. (Revolver)	First Lien Debt		N/A				1,166
Colonnade Intermediate, LLC (Revolver)	First Lien Debt			—			68
Critical Nurse Staffing, LLC (Revolver)	First Lien Debt			—			2,000
Dentive, LLC(1)	First Lien Debt			427			430
Dentive, LLC (Revolver)	First Lien Debt			117			186
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Equity			87			—
Fortis Payment Systems, LLC(1)	First Lien Debt			387			—
Franchise Group, Inc. (DIP)	First Lien Debt			249		N/A
GreenPark Infrastructure, LLC - Series M-1	Equity			—			1,829
H.W. Lochner, Inc. (Revolver)	First Lien Debt			—			4,142
IDC Infusion Services LLC(1)	First Lien Debt			130			1,065
Luminii LLC (Revolver)	First Lien Debt			172			172
Morae Global Corporation (Revolver)	First Lien Debt			208			208
Netwrix Corporation (Revolver)	First Lien Debt			1,148			1,148
Netwrix Corporation(1)	First Lien Debt		N/A				941
Newbury Franklin Industrials, LLC(1)	First Lien Debt			987		N/A
PhyNet Dermatology LLC(1)	First Lien Debt			690			690
PMA Parent Holdings LLC (Revolver)	First Lien Debt			99		N/A
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)	First Lien Debt			1,125			—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	First Lien Debt			188			—
Riddell, Inc.(1)	First Lien Debt			636			—
Riskonnect Parent LLC(1)	First Lien Debt			5,000			—
Series A-Great Lakes Funding II LLC	Joint Ventures			8,165			5,473
TA/WEG Holdings, LLC(1)	First Lien Debt		N/A				758
TA/WEG Holdings, LLC (Revolver)	First Lien Debt			784			784
Tactical Air Support, Inc.(1)	First Lien Debt		N/A				286
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	First Lien Debt			129			258
VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)	First Lien Debt			761			1,902
Total Unfunded Portfolio Company Commitments			$	27,238		$	28,566

(1)

Delayed draw term loan.

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

$ 467,865,000

Fair Value, Ending Balance

405,021,000

$ 467,865,000

Principal

366,100,000

420,900,000

Total dividend income

6,576,000

8,948,000

$ 8,591,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

242,000

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

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

(248,000)

Net Change in Unrealized Gain/(Loss)

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

39,000

Realized Gain/(Loss)

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

(33,000)

Fair Value, Ending Balance

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

242,000

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[1],[2],[3],[5]}

14,275,000

18,668,000

Net Change in Unrealized Gain/(Loss)

^{[1],[2],[3],[5]}

(4,393,000)

Fair Value, Ending Balance

^{[1],[2],[3],[5]}

14,275,000

18,668,000

Principal

^{[1],[2],[3],[5]}

27,220,000

Total dividend income

^{[1],[2],[3],[5]}

2,184,000

Investment, Identifier [Axis]: Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[6],[7]

14,275,000

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

^[1],[6],[7]

(1,976,000)

Net Change in Unrealized Gain/(Loss)

^[1],[6],[7]

716,000

Fair Value, Ending Balance

^[1],[6],[7]

13,015,000

14,275,000

Principal

^[1],[6],[7]

27,220,000

Investment, Identifier [Axis]: Controlled investments ProAir Holdco, LLC Type of Investment Common Stock and Membership Units Industry Classification Capital Equipment

Summary of Investment Holdings [Line Items]

Principal

^[1],[6],[8]

2,749,997

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

Summary of Investment Holdings [Line Items]

Principal

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

2,749,997

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

Summary of Investment Holdings [Line Items]

Principal

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

2,020,000

Investment, Identifier [Axis]: Controlled investments ProAir, LLC Type of Investment Subordinated Debt Classification Capital Equipment

Summary of Investment Holdings [Line Items]

Principal

^[1],[6]

2,020,000

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

Summary of Investment Holdings [Line Items]

Principal

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

49,000,000

Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC - Class A Units Type of Investment Common Stock and Membership Units Industry Classification Energy: Oil & Gas

Summary of Investment Holdings [Line Items]

Net Change in Unrealized Gain/(Loss)

^[1],[6],[8]

6,228,000

Realized Gain/(Loss)

^[1],[6],[8]

(6,228,000)

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

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

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

43,000

Fair Value, Ending Balance

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

43,000

Principal

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

511,000

Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC Type of Investment Subordinated Debt Industry Classification Energy: Oil & Gas

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[6]

43,000

Net Change in Unrealized Gain/(Loss)

^[1],[6]

373,000

Realized Gain/(Loss)

^[1],[6]

(416,000)

Fair Value, Ending Balance

^[1],[6]

43,000

Investment, Identifier [Axis]: Investments

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

467,865,000

Fair Value, Ending Balance

405,021,000

^{[15],[16],[17],[18],[19],[20]}

467,865,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

55,222,000

Fair Value, Ending Balance

64,384,000

^{[15],[16],[17],[18],[19],[20]}

55,222,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

2,192,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV LTD CLO Fund Securities Maturity 07/17/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

725,000

Principal

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

18,407,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD CLO Fund Securities Maturity 07/17/30

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

1,467,000

Principal

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

17,074,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

1,169,000

Fair Value, Ending Balance

3,650,000

^{[15],[16],[17],[18],[19],[20]}

1,169,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Energy: Electricity

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

171,000

Fair Value, Ending Balance

2,202,000

^{[15],[16],[17],[18],[19],[20],[24],[25]}

171,000

^{[9],[10],[11],[12],[13],[14]}

Principal

^{[15],[16],[17],[18],[19],[20],[24],[25],[26]}

6,412

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Kleen-Tech Acquisition, LLC Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

998,000

Fair Value, Ending Balance

1,420,000

^{[15],[16],[17],[18],[19],[20],[27]}

998,000

^{[9],[10],[11],[12],[13],[14]}

Principal

^{[15],[16],[17],[18],[19],[20],[26],[27]}

250,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Princeton Medspa Partners, LLC – Warrant Services: Consumer

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25]}

28,000

Principal

^{[15],[16],[17],[18],[19],[20],[25],[26]}

0.03

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Derivatives Princeton Medspa Partners, LLC Services: Consumer

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[23],[25],[26]}

1,000,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

7,762,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[28]}

(10,000)

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

1,529,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

1,679,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

6,243,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

6,244,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

45,012,000

Fair Value, Ending Balance

41,138,000

^{[15],[16],[17],[18],[19],[20]}

45,012,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures Series A-Great Lakes Funding II LLC Joint Venture

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[31],[32],[33]}

45,012,000

Fair Value, Ending Balance

41,138,000

^{[15],[16],[17],[18],[19],[20],[23],[24],[34]}

45,012,000

^{[9],[10],[11],[12],[13],[14],[30],[31],[32],[33]}

Principal

^{[15],[16],[17],[18],[19],[20],[23],[24],[26],[34]}

41,309,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

5,481,000

Fair Value, Ending Balance

5,699,000

^{[15],[16],[17],[18],[19],[20]}

5,481,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, LLC Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[35]}

553,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[35]}

553,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[27]}

557,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[27]}

200,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Investment II Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[35]}

246,000

Fair Value, Ending Balance

248,000

^{[15],[16],[17],[18],[19],[20],[27]}

246,000

^{[9],[10],[11],[12],[13],[14],[35]}

Principal

^{[15],[16],[17],[18],[19],[20],[26],[27]}

88,946

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units EBSC Holdings LLC (Riddell, Inc.) Consumer goods: Durable Interest Rate 10.00% PIK

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[36]}

2,375,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[36]}

2,154

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Energy: Electricity

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[37]}

500,000

Fair Value, Ending Balance

500,000

^{[15],[16],[17],[18],[19],[20],[25]}

500,000

^{[9],[10],[11],[12],[13],[14],[37]}

Principal

^{[15],[16],[17],[18],[19],[20],[25],[26]}

1,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[38]}

4,182,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[38]}

4,182,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining Interest Rate 10.00% PIK

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[27],[36]}

1,160,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[27],[36]}

4,950,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC – Preferred Metals & Mining

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[26],[27]}

2,368

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Princeton Medspa Partners, LLC Services: Consumer Interest Rate 12.50% PIK

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25],[36]}

859,000

Principal

^{[15],[16],[17],[18],[19],[20],[25],[26],[36]}

1,064

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

3,560,000

Fair Value, Ending Balance

3,943,000

^{[15],[16],[17],[18],[19],[20]}

3,560,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 01/01/25

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

500,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

500,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 04/05/28

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

3,443,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

4,500,000

Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 4/5/2028

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

3,560,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

3,560,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

4,500,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

14,318,000

Fair Value, Ending Balance

13,015,000

^{[15],[16],[17],[18],[19],[20]}

14,318,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Joint Ventures

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

14,275,000

Fair Value, Ending Balance

13,015,000

^{[15],[16],[17],[18],[19],[20]}

14,275,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40]}

14,275,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40]}

14,275,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

43,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

43,000

Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment Interest Rate 17.75% PIK Maturity 1/31/23

Summary of Investment Holdings [Line Items]

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41]}

2,020,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[41]}

43,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[41]}

43,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41]}

511,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Common Stock and Membership Units ProAir HoldCo, LLC Capital Equipment

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

2,749,997

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[23]}

13,015,000

Principal

^{[15],[16],[17],[18],[19],[20],[23],[26]}

27,220,000

Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[26],[42]}

2,020,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

398,325,000

Fair Value, Ending Balance

327,622,000

^{[15],[16],[17],[18],[19],[20]}

398,325,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

8,968,000

Fair Value, Ending Balance

3,001,000

^{[15],[16],[17],[18],[19],[20]}

8,968,000

^{[9],[10],[11],[12],[13],[14]}

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

261,000

Principal

^{[15],[16],[17],[18],[19],[20],[21],[22],[23],[26]}

15,161,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

904,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

904,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[43],[44]}

15,161,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

2,600,000

Principal

^{[15],[16],[17],[18],[19],[20],[21],[22],[23],[26]}

10,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

3,923,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

3,923,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[43],[44]}

10,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[21],[22],[23]}

140,000

Principal

^{[15],[16],[17],[18],[19],[20],[21],[22],[23],[26]}

3,250,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

409,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

409,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[43],[44]}

3,250,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

683,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

683,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[43],[44]}

18,407,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

3,049,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[43],[44]}

3,049,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[43],[44]}

17,074,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership LB NewHoldCo LLC, Hotel, Gaming & Leisure

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

1,442,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

1,442,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Morae Global Holdings Inc. - Warrant, IT Consulting & Other Services

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

99,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

99,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Roscoe Investors, LLC - Class A, Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

425,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

425,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

403,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

403,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Sundance Holdings Group, LLC, Retail

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

69,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

69,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

7,365,000

Fair Value, Ending Balance

8,106,000

^{[15],[16],[17],[18],[19],[20]}

7,365,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AAPC Holdings, LLC Equity, Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[37]}

493,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[37]}

493,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AAPC Holdings, LLC Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25]}

444,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units ATP Oil & Gas Corporation, Energy: Oil & Gas

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[33]}

57,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[33]}

57,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25]}

842,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[37],[45]}

2,828,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[37],[45]}

2,828,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc. Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

130,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc., Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

93,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

93,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Centric Brands Inc., Machinery (Non-Agrclt/Constr/Electr)

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

121,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

121,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Centric Brands, L.P. Machinery (Non-Agrclt/Constr/Electr)

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,649,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25]}

258,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC, Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[37]}

258,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[37]}

258,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc. Consumer goods: Durable

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[46]}

553,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc., Consumer goods: Durable

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[47]}

174,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[47]}

174,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A Capital Equipment

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[22],[23]}

967,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A, Capital Equipment

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[44]}

903,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[44]}

903,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units LB NewHoldCo LLC Hotel, Gaming & Leisure

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

993,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Holdings Inc. - Warrant IT Consulting & Other Services

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

117,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Roscoe Investors,LLC - Class A Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

476,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

449,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Workplace Holdings LLC (Pomeroy Technologies, LLC) High Tech Industries

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

228,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

220,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[23],[25]}

220,000

Principal

^{[15],[16],[17],[18],[19],[20],[23],[25],[26]}

164,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate

Summary of Investment Holdings [Line Items]

Principal

^{[9],[10],[11],[12],[13],[14],[37],[39],[40]}

164

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Epilog Partners LP (Care Connectors Medical Group) Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[23],[25],[26]}

1,166,667,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem Sports & Entertainment Inc.), Media: Broadcasting & Subscription

Summary of Investment Holdings [Line Items]

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[48]}

0.2

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem) Media: Broadcasting & Subscription

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[23],[26]}

200

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

336,599,000

Fair Value, Ending Balance

282,195,000

^{[15],[16],[17],[18],[19],[20]}

336,599,000

^{[9],[10],[11],[12],[13],[14]}

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

976,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

976,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

990,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 9.59% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 07/22/27

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

979,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

980,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,220,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,220,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,223,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

994,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

1,012,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. (Revolver) Beverage, Food and Tobacco Interest Rate 12.43% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 10/6/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

630,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

630,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39]}

651,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

4,785,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

4,875,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. Beverage, Food and Tobacco Interest Rate 12.50% Reference Rate and Spread SOFR + 6.25%, 0.75% PIK Floor 1.00% Maturity 10/6/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

4,766,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

4,766,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

4,869,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(2,000)

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(2,000)

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[28]}

(8,000)

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,468,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,468,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

9,472,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Finance Interest Rate 9.58% Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 11/17/31

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

4,436,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

4,464,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

4,329,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

4,367,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Services: Business Interest Rate 11.61% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 3/26/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

4,242,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

4,242,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

4,412,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

13,649,000

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

14,754,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

13,773,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

13,773,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

14,036,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,954,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,934,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 16.47% Reference Rate and Spread SOFR + 5.75%, 5.25% PIK Floor 1.00% Maturity 1/1/2025

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,768,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,768,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

3,744,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

6,035,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

6,034,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. High Tech Industries Interest Rate 15.65% Reference Rate and Spread SOFR + 10.00% Floor 1.00% Maturity 6/11/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,305,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,305,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

6,274,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

353,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

563,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver 2022) Media: Broadcasting & Subscription Interest Rate 15.07% Reference Rate and Spread SOFR + 9.50% Floor 1.00% Maturity 6/30/2024

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

465,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

465,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

547,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver) Media: Broadcasting & Subscription Interest Rate 14.09% Reference Rate and Spread SOFR + 9.50%, 3.00% PIK, Floor 1.00% Maturity 06/30/24

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

734,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

1,222,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver) Media: Broadcasting & Subscription Interest Rate 15.10% Reference Rate and Spread SOFR + 9.50% Floor 1.00% Maturity 11/15/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

910,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

910,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39]}

1,084,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

9,668,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

15,070,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription Interest Rate 15.11% Reference Rate and Spread SOFR + 9.50%, 12.11% PIK Floor 1.00% Maturity 11/15/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

10,965,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

10,965,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

12,880,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,859,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,859,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

5,894,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 9.33% Reference Rate and Spread SOFR + 5.00% , Floor 1.00% Maturity 03/09/28

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

5,817,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

5,832,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

937,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

937,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

989,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[49]}

969,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[49]}

969,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[49]}

952,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

963,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

1,014,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 9.60% Reference Rate and Spread SOFR + 4.25% Maturity 7/1/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

145,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

145,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39]}

242,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

11,997,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

12,480,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 11.10% Reference Rate and Spread SOFR + 5.75% Maturity 7/1/2029

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

12,104,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

12,104,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

12,608,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(25,000)

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(25,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. (Revolver) Consumer goods: Durable Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/26

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[28]}

(8,000)

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

487,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

491,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

482,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

482,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

496,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,735,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,735,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,809,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

9,628,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

10,135,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt C.P. Converters, Inc. Chemicals, Plastics and Rubber Interest Rate 13.25% Reference Rate and Spread SOFR + 6.50%, 1.00% PIK Floor 1.00% Maturity 9/30/2024

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,835,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,835,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

9,738,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,414,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,762,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CB MIDCO, LLC Consumer goods: Durable Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 9/27/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,525,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,525,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

3,802,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CCMG Buyer, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals Interest Rate 9.90% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 05/08/30

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,151,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,151,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

5,765,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

5,773,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Cenexel Clinical Research, Inc. Healthcare & Pharmaceuticals Interest Rate 11.22% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 11/8/2025

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,773,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,773,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

5,773,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

3,807,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

3,807,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

3,463,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

3,463,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,689,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,689,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 14.87% Reference Rate and Spread SOFR + 2.50%, 7.00% PIK Maturity 10/9/2025

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,976,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,976,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

10,487,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[42]}

494,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[42]}

685,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

41,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

41,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

41,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

571,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

571,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

576,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[42]}

5,164,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[42]}

7,167,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

7,137,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

7,137,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

7,185,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(30,000)

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(30,000)

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

12,506,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

12,506,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

12,697,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,218,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,640,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 12.21% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,715,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,715,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,715,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

114,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

117,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 12.39% Reference Rate and Spread SOFR + 7.00% Floor 0.75% Maturity 12/23/2028

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

44,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

44,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39]}

48,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

2,696,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

2,740,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare & Pharmaceuticals Interest Rate 12.35% Reference Rate and Spread SOFR + 7.00% Floor 0.75% Maturity 12/26/2028

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

1,786,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

1,786,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

1,824,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

779,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

917,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,165,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,165,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

1,478,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Construction & Building Interest Rate 10.92% Reference Rate and Spread SOFR + 6.25% Floor 0.50% Maturity 01/31/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

651,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

657,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,983,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,983,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

2,049,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

6,048,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

6,048,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

6,893,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Beverage, Food and Tobacco Interest Rate 9.52% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/28

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

5,833,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

6,823,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

3,074,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

3,092,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

582,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

594,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

1,783,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,003,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. Retail Interest Rate 10.44% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 2/25/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[45],[49]}

2,350,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[45],[49]}

2,350,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[45],[49]}

2,900,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

31,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

31,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

51,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

28,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

51,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

3,479,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

6,284,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. Consumer goods: Durable Interest Rate 14.76% Reference Rate and Spread SOFR + 8.36%, 1.00% PIK Maturity 5/15/2024

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

4,127,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

4,127,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

6,852,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

1,560,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

1,724,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

1,854,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

1,854,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

1,854,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

3,578,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

3,578,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39]}

3,858,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

14,513,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

14,513,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. Services: Business Interest Rate 11.81% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 7/2/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

14,149,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

14,149,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

14,663,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[41],[45]}

437,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[41],[45]}

437,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41],[45]}

773,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[41],[45]}

4,252,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[41],[45]}

4,252,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41],[45]}

7,525,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

4,527,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

5,597,000

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[26],[42]}

3,876,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

1,728,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

1,954,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Help Systems Holdings, Inc. High Tech Industries Interest Rate 9.48% Reference Rate and Spread SOFR + 4.00% Floor 0.75% Maturity 11/19/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,876,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,876,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

1,974,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

6,235,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

6,330,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hollander Intermediate LLC Consumer goods: Durable Interest Rate 14.22% Reference Rate and Spread SOFR + 8.75% Floor 2.00% Maturity 9/19/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,260,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,260,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

5,508,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

2,863,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

2,863,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

2,928,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

3,853,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

3,833,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,531,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,531,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,613,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

678,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

977,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 9.91% Reference Rate and Spread SOFR + 4.25% Floor 0.75% Maturity 12/1/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

940,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

940,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

987,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[40],[44]}

2,254,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[40],[44]}

2,254,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[40],[44]}

2,260,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

868,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

872,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

842,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

842,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

872,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

11,817,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

11,877,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

11,579,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

11,579,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

11,999,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

758,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,165,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lifescan Global Corporation Healthcare & Pharmaceuticals Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/31/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

1,792,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

1,792,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,381,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

473,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

473,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

469,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

853,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

853,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

892,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

339,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

343,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC (Revolver) Construction & Building Interest Rate 12.74% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/2025

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

343,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

343,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

343,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

5,827,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

5,873,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC Construction & Building Interest Rate 12.74% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 4/11/2025

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,933,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,933,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

5,933,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,520,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,520,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

3,664,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MAG DS Corp. Aerospace and Defense Interest Rate 9.93% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 04/01/27

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,406,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,624,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

8,891,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

9,852,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,423,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,423,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

9,828,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

8,392,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

8,574,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Finance Interest Rate 13.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,506,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

9,506,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

9,750,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

(10,000)

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

(10,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) IT Consulting & Other Services Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/26

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[28]}

(3,000)

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,129,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,163,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation IT Consulting & Other Services Interest Rate 13.53% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/2026

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,169,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,169,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,277,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

2,279,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

2,279,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

2,488,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 9.76% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,217,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,463,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(4,000)

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

(4,000)

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 06/09/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[28]}

(10,000)

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

3,364,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

3,364,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

3,379,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 9.26% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 06/09/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

4,212,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

4,248,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

3,898,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

4,013,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

7,470,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

7,470,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 11.72% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 4/29/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

7,409,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

7,409,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

7,550,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[28]}

(2,000)

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

1,379,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

1,401,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,702,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,729,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,665,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,665,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,736,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

1,279,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

1,294,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PhyNet Dermatology LLC Healthcare & Pharmaceuticals Interest Rate 11.99% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/2029

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

1,287,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

1,287,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

1,307,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

1,043,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

1,043,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

1,766,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[41]}

193,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[41]}

193,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41]}

1,593,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

398,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

398,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

422,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

1,367,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

1,367,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

1,170,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

1,170,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

1,261,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,524,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,869,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare & Pharmaceuticals Interest Rate 11.61% Reference Rate and Spread SOFR + 6% Floor 1.00% Maturity 1/2/2025

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,471,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,471,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,570,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,591,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,591,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

5,612,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

7,018,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

7,018,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

7,900,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Castle, Inc. Transportation: Cargo Interest Rate 9.76% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,649,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

3,020,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

7,201,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

7,201,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

7,920,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 9.94% Reference Rate and Spread SOFR + 5.25% Floor 0.50% Maturity 07/20/29

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

5,126,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

5,695,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[49]}

4,209,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[49]}

4,209,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[49]}

4,373,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

5,654,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

5,654,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

6,966,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,064,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,064,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

6,131,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

6,026,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

6,066,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

3,285,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

3,285,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

4,439,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

324,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

324,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

1,166,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

1,216,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

997,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

1,777,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

136,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

1,332,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

2,528,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

2,528,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

3,150,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

2,685,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

3,150,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

4,488,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

6,667,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sundance Holdings Group, LLC Retail Interest Rate 23.03% Reference Rate and Spread SOFR + 8.00%, 9.50% PIK Floor 1% Maturity 5/1/2024

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,313,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,313,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

6,528,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

1,517,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

1,653,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc Healthcare & Pharmaceuticals Interest Rate 9.98% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,502,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,502,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

1,670,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,662,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

2,662,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

2,759,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

2,559,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,610,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

12,092,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

12,092,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

12,092,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC Banking, Finance, Insurance & Real Estate Interest Rate 9.55% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 10/02/28

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

5,032,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

5,032,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,162,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

6,162,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

6,180,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

6,115,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

6,115,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

1,671,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

1,671,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

1,714,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[29]}

1,958,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26],[29]}

1,975,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

255,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

258,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 13.52% Reference Rate and Spread SOFR + 8% Floor 2% Maturity 6/14/2028

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30]}

124,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30]}

124,000

Principal

^{[9],[10],[11],[12],[13],[14],[30]}

129,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24]}

4,558,000

Principal

^{[15],[16],[17],[18],[19],[20],[24],[26]}

4,600,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare & Pharmaceuticals Interest Rate 13.54% Reference Rate and Spread SOFR + 8% Floor 2% Maturity 6/14/2028

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

3,432,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[30],[45]}

3,432,000

Principal

^{[9],[10],[11],[12],[13],[14],[30],[39],[45]}

3,500,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

5,074,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

5,122,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

1,124,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

1,124,000

Principal

^{[9],[10],[11],[12],[13],[14],[45]}

1,125,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

6,518,000

Fair Value, Ending Balance

7,307,000

^{[15],[16],[17],[18],[19],[20]}

6,518,000

^{[9],[10],[11],[12],[13],[14]}

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units 4L Ultimate Topco Corporation, Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

29,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

29,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 18.00% PIK

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25],[36]}

243,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC, Healthcare & Pharmaceuticals Interest Rate 18.00% PIK

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[37],[38]}

195,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[37],[38]}

195,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[25],[36]}

2,795,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[38],[45]}

2,733,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[38],[45]}

2,733,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC Banking, Finance, Insurance & Real Estate

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

2,662,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC, Banking, Finance, Insurance & Real Estate

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

3,237,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

3,237,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[24],[25]}

1,283,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Prosper Marketplace Consumer goods: Durable

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[50]}

324,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Prosper Marketplace, Consumer goods: Durable

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[51]}

324,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[51]}

324,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

37,694,000

Fair Value, Ending Balance

25,053,000

^{[15],[16],[17],[18],[19],[20]}

37,694,000

^{[9],[10],[11],[12],[13],[14]}

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

6,396,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

6,813,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,237,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,237,000

Principal

^{[9],[10],[11],[12],[13],[14],[45]}

5,909,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,301,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

4,000,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. Services: Business Interest Rate 12.00% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/23/2029

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,605,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

3,605,000

Principal

^{[9],[10],[11],[12],[13],[14],[45]}

4,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

4,558,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

5,400,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 12.36% Reference Rate and Spread SOFR + 7% Maturity 2/16/2029

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

4,941,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

4,941,000

Principal

^{[9],[10],[11],[12],[13],[14],[45],[49]}

5,400,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,336,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,336,000

Principal

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,500,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

1,992,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

2,024,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 12.28% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 2/4/2029

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,811,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

5,811,000

Principal

^{[9],[10],[11],[12],[13],[14],[45]}

6,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[29]}

3,458,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[29]}

6,000,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 12.91% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/1/2028

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45]}

4,870,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45]}

4,870,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45]}

6,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,131,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

1,131,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

1,200,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

4,488,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

5,000,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 13.13% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 7/20/2030

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[49]}

4,719,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[49]}

4,719,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[49]}

5,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

2,913,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

2,913,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

4,146,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

2,831,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[45],[49]}

2,831,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[45],[49]}

4,566,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

300,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14]}

300,000

Principal

^{[9],[10],[11],[12],[13],[14],[39]}

3,000,000

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

860,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

878,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14]}

1,181,000

Fair Value, Ending Balance

1,740,000

^{[15],[16],[17],[18],[19],[20]}

1,181,000

^{[9],[10],[11],[12],[13],[14]}

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20]}

528,000

Principal

^{[15],[16],[17],[18],[19],[20],[26]}

538,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming & Leisure Maturity 05/29/28

Summary of Investment Holdings [Line Items]

Fair Value, Ending Balance

^{[15],[16],[17],[18],[19],[20],[42]}

1,212,000

Principal

^{[15],[16],[17],[18],[19],[20],[26],[42]}

6,258,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[9],[10],[11],[12],[13],[14],[41]}

1,181,000

Fair Value, Ending Balance

^{[9],[10],[11],[12],[13],[14],[41]}

1,181,000

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41]}

6,198,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. Energy: Oil & Gas Interest Rate 1.69% Maturity 1/24/2024

Summary of Investment Holdings [Line Items]

Principal

^{[9],[10],[11],[12],[13],[14],[39],[41]}

75,000

Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. Energy: Oil & Gas Maturity 1/24/2025

Summary of Investment Holdings [Line Items]

Principal

^{[15],[16],[17],[18],[19],[20],[26],[42]}

26,000

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Holdco, LLC Industry Classification – Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

553,000

464,000

Net Change in Unrealized Gain/(Loss)

^[3],[4]

89,000

Fair Value, Ending Balance

^[3],[4]

553,000

464,000

Principal

^[3],[4]

200,000

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Holdco, LLC Type of Investment Preferred Stock and Units Industry Classification Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[6],[8],[52],[53]}

553,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

4,000

Fair Value, Ending Balance

^[6],[8],[53]

557,000

553,000

^[52]

Principal

^[6],[8],[53]

200,000

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Investment II Industry Classification – Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

246,000

206,000

Net Change in Unrealized Gain/(Loss)

^[3],[4]

40,000

Fair Value, Ending Balance

^[3],[4]

246,000

206,000

Principal

^[3],[4]

88,946

Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Investment II Type of Investment Preferred Stock and Units Industry Classification Telecommunications

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[6],[8],[52],[53]}

246,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

2,000

Fair Value, Ending Balance

^[6],[8],[53]

248,000

246,000

^[52]

Principal

^[6],[8],[53]

88,946

Investment, Identifier [Axis]: Non-controlled affiliated investments EBSC Holdings LLC (Riddell, Inc.) Type of Investment Preferred Stock and Units Industry Classification Consumer goods: Durable

Summary of Investment Holdings [Line Items]

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

^[6],[8],[53]

2,131,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

244,000

Fair Value, Ending Balance

^[6],[8],[53]

2,375,000

Principal

^[6],[8],[53]

2,154

Interest and Fee Income

^[6],[8],[53]

154,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Industry Classification - Energy: Electricity

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

500,000

Fair Value, Ending Balance

^[3],[4]

500,000

Principal

^[3],[4]

1,000,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Type of Investment Preferred Stock and Units Industry Classification Energy: Electricity

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[6],[8],[53]

500,000

Fair Value, Ending Balance

^[6],[8],[53]

500,000

Principal

^[6],[8],[53]

1,000

Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Industry Classification - Energy: Electricity One

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

171,000

Fair Value, Ending Balance

^[3],[4]

171,000

Principal

^[3],[4]

500,000

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[6],[8],[53]

171,000

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

^[6],[8],[53]

2,025,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

6,000

Fair Value, Ending Balance

^[6],[8],[53]

2,202,000

171,000

Principal

^[6],[8],[53]

6,412

Investment, Identifier [Axis]: Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities

Summary of Investment Holdings [Line Items]

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

^[6],[53]

(260,000)

Net Accretion

^[6],[53]

98,000

Transfers In (Out) of Affiliates

^[6],[53]

683,000

Net Change in Unrealized Gain/(Loss)

^[6],[53]

204,000

Fair Value, Ending Balance

^[6],[53]

725,000

Principal

^[6],[53]

18,407,000

Interest and Fee Income

^[6],[53]

98,000

Investment, Identifier [Axis]: Non-controlled affiliated investments JMP Credit Advisors CLO V LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One

Summary of Investment Holdings [Line Items]

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

^[6],[53]

(904,000)

Net Accretion

^[6],[53]

656,000

Transfers In (Out) of Affiliates

^[6],[53]

3,049,000

Realized Gain/(Loss)

^[6],[53]

(1,334,000)

Fair Value, Ending Balance

^[6],[53]

1,467,000

Principal

^[6],[53]

17,074,000

Interest and Fee Income

^[6],[53]

656,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Industry Classification - Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

998,000

1,300,000

Net Change in Unrealized Gain/(Loss)

^[3],[4]

(302,000)

Fair Value, Ending Balance

^[3],[4]

998,000

1,300,000

Principal

^[3],[4]

250,000,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Type of Investment Common Stock Industry Classification Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[6],[8],[52],[53]}

998,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

422,000

Fair Value, Ending Balance

^[6],[8],[53]

1,420

998,000

^[52]

Principal

^[6],[8],[53]

250,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Navex Topco, Inc. Industry Classification – Electronics

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

7,604,000

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

^[3]

(7,700,000)

Net Accretion

^[3]

310,000

Net Change in Unrealized Gain/(Loss)

^[3]

(214,000)

Fair Value, Ending Balance

^[3]

7,604,000

Interest and Fee Income

^[3]

804,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Industry Classification - Metals & Mining Three

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

4,182,000

Transfers In (Out) of Affiliates

^[3],[4]

4,500,000

Net Change in Unrealized Gain/(Loss)

^[3],[4]

(318,000)

Fair Value, Ending Balance

^[3],[4]

4,182,000

Principal

^[3],[4]

4,500,000

Interest and Fee Income

^[3],[4]

333,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[6],[8],[53]

4,182,000

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

^[6],[8],[53]

450,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

(3,472,000)

Fair Value, Ending Balance

^[6],[8],[53]

1,160

4,182,000

Principal

^[6],[8],[53]

4,950,000,000

Interest and Fee Income

^[6],[8],[53]

485,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Preferre Type of Investment Preferred Stock and Units Industry Classification Metals & Mining

Summary of Investment Holdings [Line Items]

Principal

^[6],[8],[53]

2,368

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Preferred Industry Classification - Metals & Mining One

Summary of Investment Holdings [Line Items]

Principal

^[3],[4]

2,368,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Industry Classification - Metals & Mining

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

13,445,000

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

^[3]

(4,428,000)

Transfers In (Out) of Affiliates

^[3]

(9,000,000)

Net Change in Unrealized Gain/(Loss)

^[3]

1,107,000

Realized Gain/(Loss)

^[3]

(1,124,000)

Fair Value, Ending Balance

^[3]

13,445,000

Interest and Fee Income

^[3]

377,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Industry Classification - Metals & Mining Three

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

3,560,000

Transfers In (Out) of Affiliates

^[3]

4,500,000

Net Change in Unrealized Gain/(Loss)

^[3]

(940,000)

Fair Value, Ending Balance

^[3]

3,560,000

Principal

^[3]

4,500,000

Interest and Fee Income

^[3]

270,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[6],[53]

3,560,000

Net Change in Unrealized Gain/(Loss)

^[6],[53]

(117,000)

Fair Value, Ending Balance

^[6],[53]

3,443,000

3,560,000

Principal

^[6],[53]

4,500,000

Interest and Fee Income

^[6],[53]

366,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One

Summary of Investment Holdings [Line Items]

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

^[6],[53]

500,000

Fair Value, Ending Balance

^[6],[53]

500,000

Principal

^[6],[53]

500,000

Interest and Fee Income

^[6],[53]

36,000

Summary of Investment Holdings [Line Items]

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

^{[6],[53],[54]}

1,635,000

Net Accretion

^{[6],[53],[54]}

4,000

Net Change in Unrealized Gain/(Loss)

^{[6],[53],[54]}

(110,000)

Fair Value, Ending Balance

^{[6],[53],[54]}

1,529,000

Principal

^{[6],[53],[54]}

1,679,000

Interest and Fee Income

^{[6],[53],[54]}

147,000

Summary of Investment Holdings [Line Items]

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

^{[6],[53],[54]}

(4,000)

Net Change in Unrealized Gain/(Loss)

^{[6],[53],[54]}

(6,000)

Fair Value, Ending Balance

^{[6],[53],[54]}

(10,000)

Interest and Fee Income

^{[6],[53],[54]}

1,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC - Put Option Type of Investment Derivatives Industry Classification Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

Principal

^{[6],[7],[8],[53]}

1,000,000

Summary of Investment Holdings [Line Items]

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

28,000

Fair Value, Ending Balance

^[6],[8],[53]

28,000

Principal

^[6],[8],[53]

Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC Type of Investment Preferred Stock and Units Industry Classification Healthcare & Pharmaceuticals

Summary of Investment Holdings [Line Items]

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

^[6],[8],[53]

1,064,000

Net Change in Unrealized Gain/(Loss)

^[6],[8],[53]

(205,000)

Fair Value, Ending Balance

^[6],[8],[53]

859,000

Principal

^[6],[8],[53]

1,064

Interest and Fee Income

^[6],[53]

76,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Riddell, Inc. Type of Investment First Lien/Senior Secured Debt Industry Classification Consumer goods: Durable

Summary of Investment Holdings [Line Items]

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

^{[6],[53],[54]}

6,127,000

Net Accretion

^{[6],[53],[54]}

20,000

Net Change in Unrealized Gain/(Loss)

^{[6],[53],[54]}

96,000

Fair Value, Ending Balance

^{[6],[53],[54]}

6,243,000

Principal

^{[6],[53],[54]}

6,244,000

Interest and Fee Income

^{[6],[53],[54]}

554,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[3],[4],[5],[52],[54]}

45,012,000

40,287,000

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

^{[3],[4],[5],[52],[54]}

2,565,000

Net Change in Unrealized Gain/(Loss)

^{[3],[4],[5],[52],[55]}

2,160,000

Fair Value, Ending Balance

^{[3],[4],[5],[52],[54]}

45,012,000

40,287,000

Principal

^{[3],[4],[5],[52],[54]}

44,000,000

Total dividend income

^{[3],[4],[5],[52],[54]}

6,764,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Type of Investment Joint Ventures Industry Classification Joint Venture

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^{[6],[7],[8],[52],[53],[54]}

45,012,000

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

^{[6],[7],[52],[53],[54]}

(2,692,000)

Net Change in Unrealized Gain/(Loss)

^{[6],[7],[52],[53],[54]}

(1,182,000)

Fair Value, Ending Balance

^{[6],[7],[52],[53],[54]}

41,138,000

45,012,000

^[8]

Principal

^{[6],[7],[52],[53],[54]}

41,309,000

Total dividend income

^{[6],[7],[8],[52],[53],[54]}

6,576,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Holdings LLC Industry Classification - Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

484,000

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

^[3],[4]

(496,000)

Net Change in Unrealized Gain/(Loss)

^[3],[4]

(325,000)

Realized Gain/(Loss)

^[3],[4]

337,000

Fair Value, Ending Balance

^[3],[4]

484,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Holdings LLC Industry Classification - Services: Business One

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

5,165,000

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

^[3]

(5,460,000)

Net Accretion

^[3]

328,000

Net Change in Unrealized Gain/(Loss)

^[3]

(33,000)

Fair Value, Ending Balance

^[3]

5,165,000

Interest and Fee Income

^[3]

675,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Partners LP Industry Classification - Services: Business

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3],[4]

811,000

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

^[3],[4]

(813,000)

Net Change in Unrealized Gain/(Loss)

^[3],[4]

(386,000)

Realized Gain/(Loss)

^[3],[4]

388,000

Fair Value, Ending Balance

^[3],[4]

811,000

Investment, Identifier [Axis]: Non-controlled affiliated investments Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

3,390,000

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

^[3]

(3,501,000)

Net Accretion

^[3]

9,000

Net Change in Unrealized Gain/(Loss)

^[3]

102,000

Fair Value, Ending Balance

^[3]

3,390,000

Interest and Fee Income

^[3]

42,000

Investment, Identifier [Axis]: Total controlled investments

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[1],[3]

14,318,000

18,953,000

^[2]

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

^[1]

(1,976,000)

(248,000)

^[2],[3]

Net Change in Unrealized Gain/(Loss)

^[1]

7,317,000

(4,354,000)

^[2],[3]

Realized Gain/(Loss)

^[1]

(6,644,000)

(33,000)

^[2],[3]

Fair Value, Ending Balance

^[1]

13,015,000

14,318,000

^[3]

18,953,000

^[2],[3]

Total dividend income

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

2,184,000

Investment, Identifier [Axis]: Total non-controlled affiliated and controlled investments

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

69,540,000

^[6]

92,780,000

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

8,096,000

^[6]

(20,081,000)

^[3]

Net Accretion

778,000

^[6]

647,000

^[3]

Transfers In (Out) of Affiliates

^[6]

3,732,000

Net Change in Unrealized Gain/(Loss)

3,231,000

^[6]

(3,374,000)

^[3]

Realized Gain/(Loss)

(7,978,000)

^[6]

(432,000)

^[3]

Fair Value, Ending Balance

77,399,000

^[6]

69,540,000

^[3],[6]

92,780,000

^[3]

Interest and Fee Income

2,573,000

^[6]

2,501,000

^[3]

Total dividend income

6,576,000

^[6]

8,948,000

^[3]

Investment, Identifier [Axis]: Total non-controlled affiliated investments

Summary of Investment Holdings [Line Items]

Fair Value, Beginning Balance

^[3]

55,222,000

^[6],[53]

73,827,000

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

10,072,000

^[6],[53]

(19,833,000)

^[3]

Net Accretion

778,000

^[6],[53]

647,000

^[3]

Transfers In (Out) of Affiliates

^[6],[53]

3,732,000

Net Change in Unrealized Gain/(Loss)

(4,086,000)

^[6],[53]

980,000

^[3]

Realized Gain/(Loss)

(1,334,000)

^[6],[53]

(399,000)

^[3]

Fair Value, Ending Balance

64,384,000

^[6],[53]

55,222,000

^[3],[6],[53]

$ 73,827,000

^[3]

Interest and Fee Income

2,573,000

^[6],[53]

2,501,000

^[3]

Total dividend income

$ 6,576,000

^[6],[53]

$ 6,764,000

^[3]

[1]

[2]

[3]

Fair value of this investment was determined using significant unobservable inputs, unless otherwise noted.

[4]

Number of shares held.

[5]

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[6]

All investments valued using unobservable inputs (Level III), unless otherwise noted.

[7]

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

[8]

Number of shares held.

[9]

All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

[10]

All investments valued using unobservable inputs (Level III), unless otherwise noted.

[11]

Percentages are based on net assets as of December 31, 2023.

[12]

[13]

[14]

[15]

All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

[16]

All investments valued using unobservable inputs (Level III), unless otherwise noted.

[17]

Percentages are based on net assets as of December 31, 2024.

[18]

[19]

[20]

[21]

[22]

Non-U.S. company or principal place of business outside the U.S.

[23]

[24]

[25]

This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

[26]

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

[27]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[28]

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

[29]

As of December 31, 2024, this investment is pledged to secure the Company’s debt obligations.

[30]

[31]

Non-voting.

[32]

The investment is held at the NAV of the underlying fund.

[33]

[34]

The investment is held at the NAV of the underlying fund.

[35]

This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

[36]

The equity investment is income producing, based on rate disclosed.

[37]

This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.

[38]

The equity investment is income producing, based on rate disclosed.

[39]

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

[40]

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2023, qualifying assets represent 86.6% of the Company's total assets and non-qualifying assets represent 13.4% of the Company's total assets.

[41]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[42]

Loan or debt security is on non-accrual status and therefore is considered non-income producing.

[43]

[44]

Non-U.S. company or principal place of business outside the U.S.

[45]

As of December 31, 2023, this investment is pledged to secure the Company’s debt obligations.

[46]

This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

[47]

This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

[48]

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

N/A

-

[49]

This investment is classified as Level II.

[50]

[51]

[52]

The investment is valued at the NAV of the underlying fund.

[53]

[54]

The following table details investments in affiliates at December 31, 2023:


Company(1)	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
Controlled investments(3)
Asset Manager Affiliates(2)	Asset Management Company	$	—	$	—		$	—	$	—		$	—		$	—		$	—	$	—	$	—	$	—
Tank Partners Equipment Holdings, LLC - Class A Units(5)	Energy: Oil & Gas		—		—			—		—			—			—			—		49,000		—		—
Tank Partners Equipment Holdings, LLC	Energy: Oil & Gas		43		—			—		—			—			—			43		511		—		—
Flight Lease VII(5)	Aerospace and Defense		242		(248	)		—		—			39			(33	)		—		—		—		—
ProAir, LLC(5)	Capital Equipment		—		—			—		—			—			—			—		2,749,997		—		—
ProAir, LLC	Capital Equipment		—		—			—		—			—			—			—		2,020		—		—
KCAP Freedom 3, LLC(2)	Joint Venture		18,668		—			—		—			(4,393	)		—			14,275		27,220		—		2,184
Total controlled investments		$	18,953	$	(248	)	$	—	$	—		$	(4,354	)	$	(33	)	$	14,318			$	—	$	2,184
Non-controlled affiliated investments(4)
Series A-Great Lakes Funding II LLC(2)(6)(7)	Joint Venture	$	40,287	$	2,565		$	—	$	—		$	2,160		$	—		$	45,012	$	44,000	$	—	$	6,764
GreenPark Infrastructure, LLC - Series A(5)	Energy: Electricity		500		—			—		—			—			—			500		1,000		—		—
GreenPark Infrastructure, LLC - Series M-1(5)(7)	Energy: Electricity		171		—			—		—			—			—			171		500		—		—
Kleen-Tech Acquisition, LLC(5)	Services: Business		1,300		—			—		—			(302	)		—			998		250,000		—		—
Northeast Metal Works LLC	Metals & Mining		13,445		(4,428	)		—		(9,000	)		1,107			(1,124	)		—		—		377		—
Northeast Metal Works LLC - Preferred(5)	Metals & Mining		—		—			—		—			—			—			—		2,368		—		—
Northeast Metal Works LLC - Class O Preferred(5)	Metals & Mining		—		—			—		4,500			(318	)		—			4,182		4,500,000		333		—
Northeast Metal Works LLC	Metals & Mining		—		—			—		4,500			(940	)		—			3,560		4,500		270		—
BMP Slappey Holdco, LLC(5)	Telecommunications		464		—			—		—			89			—			553		200,000		—		—
BMP Slappey Investment II(5)	Telecommunications		206		—			—		—			40			—			246		88,946		—		—
Surge Hippodrome Partners LP(5)	Services: Business		811		(813	)		—		—			(386	)		388			—		—		—		—
Surge Hippodrome Holdings LLC(5)	Services: Business		484		(496	)		—		—			(325	)		337			—		—		—		—
Surge Hippodrome Holdings LLC	Services: Business		5,165		(5,460	)		328		—			(33	)		—			—		—		675		—
Navex Topco, Inc.	Electronics		7,604		(7,700	)		310		—			(214	)		—			—		—		804		—
Zest Acquisition Corp.	Healthcare, Education and Childcare		3,390		(3,501	)		9		—			102			—			—		—		42		—
Total non-controlled affiliated investments		$	73,827	$	(19,833	)	$	647	$	—		$	980		$	(399	)	$	55,222			$	2,501	$	6,764

Total non-controlled affiliated and controlled 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, unless otherwise noted.

(2)

Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)

(4)

(5)

Number of shares held.

(6)

The investment is valued at the NAV of the underlying fund.

(7)

Investment in Joint Ventures

KCAP Freedom 3 LLC

The fair value of the Company’s investment in the F3C Joint Venture as of December 31, 2024 and December 31, 2023 was $13.0 million and $14.3 million, respectively.

Series A – Great Lakes Funding II LLC

Fair Value Measurements

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:

The following table summarizes the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of December 31, 2024 and December 31, 2023, respectively:


	As of December 31, 2024
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	—	$	289,957	$	—	$	289,957
Second Lien Debt		—		—		28,996		—		28,996
Subordinated Debt		—		—		1,740		—		1,740
Equity		—		—		24,762		—		24,762
Collateralized Loan Obligations		—		—		5,193		—		5,193
Joint Ventures		—		—		13,015		41,138		54,153
Derivatives		—		—		220		—		220
Total	$	—	$	—	$	363,883	$	41,138	$	405,021


	As of December 31, 2023
($ in thousands)	Level I		Level II		Level III		NAV		Total
First Lien Debt	$	—	$	47,303	$	289,295	$	—	$	336,598
Second Lien Debt		—		18,022		23,232		—		41,254
Subordinated Debt		—		—		1,225		—		1,225
Equity		—		—		20,533		—		20,533
Collateralized Loan Obligations		—		—		8,968		—		8,968
Joint Ventures		—		—		14,275		45,012		59,287
Derivatives		—		—		—		—		—
Total	$	—	$	65,325	$	357,528	$	45,012	$	467,865


	For the Year Ended December 31, 2024
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateral Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Transfers out of Level III(1)		—			—			—			—			—			—			—		—
Transfers into Level III(2)		47,303			18,022			—			—			—			—			—		65,325
Net accretion		2,991			116			—			—			1,511			—			—		4,618
Purchases		70,344			2,361			997			7,173			—			—			—		80,875
Sales/Paydowns/Return of Capital		(101,614	)		(10,526	)		(511	)		78			(2,722	)		(1,976	)		—		(117,271	)
Total realized gain (loss) included in earnings		(11,908	)		(7,868	)		(417	)		(6,611	)		(2,576	)		—			—		(29,380	)
Change in unrealized gain (loss) included in earnings		(6,454	)		3,659			446			3,589			12			716			220		2,188
Balance, December 31, 2024	$	289,957		$	28,996		$	1,740		$	24,762		$	5,193		$	13,015		$	220	$	363,883
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(18,958	)	$	(2,312	)	$	(1,932	)	$	(4,721	)	$	11		$	716		$	220	$	(26,976	)

(1)

(2)

Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.


	For the Year Ended December 31, 2023
($ in thousands)	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity			Collateralized Loan Obligations			Joint Ventures			Derivatives		Total
Balance, December 31, 2022	$	359,648		$	50,453		$	43		$	21,905		$	20,453		$	18,668		$	—	$	471,170
Transfers out of Level III(1)		(18,021	)		(1,178	)		—			—			—			—			—		(19,199	)
Transfers into Level III(2)		—			1,643			—			—			—			—			—		1,643
Net accretion		5,034			283			—			—			1,998			—			—		7,315
Purchases		40,727			857			—			649			—			—			—		42,233
Sales/Paydowns/Return of Capital		(95,846	)		(26,708	)		5,568			(1,552	)		(2,097	)		—			—		(120,635	)
Realized gain (loss) included in earnings		(704	)		(1,124	)		—			3,334			(25,446	)		—			—		(23,940	)
Change in unrealized gain (loss) included in earnings		(1,543	)		(994	)		(4,386	)		(3,803	)		14,060			(4,393	)		—		(1,059	)
Balance, December 31, 2023	$	289,295		$	23,232		$	1,225		$	20,533		$	8,968		$	14,275		$	—	$	357,528
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date	$	(6,242	)	$	(2,037	)	$	(4,388	)	$	(2,082	)	$	5,461		$	(4,392	)	$	—	$	(13,680	)

As of December 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)(1)
First Lien Debt	$	47,177	Enterprise Value	Average EBITDA Multiple	0.1x - 9.0x (4.7x)
				Average Revenue Multiple	0.2x - 1.4x (1.1x)
		214,658	Income Approach	Implied Discount Rate	7.3% - 37.8% (11.6%)
		28,122	Market	Broker/Dealer Quotes	N/A
Second Lien Debt		20,980	Income Approach	Implied Discount Rate	8.2% - 19.5% (15.8%)
		8,016	Market	Broker/Dealer Quotes	N/A
Subordinated Debt		528	Income Approach	Implied Discount Rate	15.4%
		1,212	Enterprise Value	Recovery Percentage	19.4%
Equity		24,519	Enterprise Value	Average EBITDA Multiple	0.1x - 18.0x (6.2x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book value of equity (asset)	1.0x
				Book Value Multiple	0.5x
				Time Horizon	3.3 - 4.9 (3.7)
		243	Income Approach	Implied Discount Rate	17.8%
Collateralized Loan Obligations		5,193	Discounted Cash Flow	Discount Rate	15.9% - 18.2% (9.6%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		13,015	Discounted Cash Flow	Discount Rate	18.1% - 19.7% (18.9%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Derivatives		220	Enterprise Value	Average EBITDA Multiple	14.5x - 14.5x (0.0x)
				Average Revenue Multiple	1.4x - 1.4x (0.0x)
				Book Value Multiple	0.5x
				Discount Rate	40.0%
Total Level III Investments	$	363,883

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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)(1)
First Lien Debt	$	8,846	Enterprise Value	Average EBITDA Multiple	0.4x - 0.4x (0.1x)
				Expected Sale Proceeds	97.6x
		275,179	Income Approach	Implied Discount Rate	5.3% - 40.7% (12.4%)
		5,270	Recent Transaction	Implied Discount Rate	13.8% - 14.2% (14.0%)
Second Lien Debt		300	Enterprise Value	Implied Discount Rate	9.5x - 9.5x (9.5x)
		22,932	Income approach	Implied Discount Rate	13.8% - 14.2% (14.0%)
Subordinated Debt		1,225	Enterprise Value	Average Settlement Value	61.0x - 61.0x (61.0x)
				Recovery Rate Multiple	0.1x - 0.1x (0.1x)
Collateralized Loan Obligations		8,968	Discounted Cash Flow	Discount Rate	18.4% - 25.2% (21.1%)
				Probability of Default	1.8% - 2.5% (2.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Joint Ventures		14,275	Discounted Cash Flow	Discount Rate	20.5% - 22.1% (21.3%)
				Probability of Default	2.8% - 3.3% (3.0%)
				Recovery Rate	65.0% - 75.0% (70.0%)
				Prepayment Rate	15.0% - 25.0% (20.0%)
Equity		19,805	Enterprise Value	Average EBITDA Multiple	5.0x - 18.0x (6.9x)
				Average EBITDA Multiple / WACC	0.4x - 3.7x (1.1x)
				Book Value of Equity	1.0x - 1.6x (1.6x)
		57	Income Approach	Implied Discount Rate	15.0% - 15.0% (15.0%)
		671	Recent Transaction	Implied Discount Rate	12.4% - 12.4% (12.4%)
Derivatives		—	Enterprise Value	Average EBITDA Multiple	2.5x - 2.5x (2.5x)
Total Level III Investments	$	357,528

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

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 following table details derivative investments at December 31, 2024 and December 31, 2023:


($ in thousands)	December 31, 2024
Types of contracts	Notional amounts		Derivative assets (liabilities)		Realized gain(loss)		Unrealized gain(loss)
Call option(1)	$	8	$	220	$	—	$	220
Put option(1)		1,563		—		—		-
Total	$	1,571	$	220	$	—	$	220

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.


($ 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 statements of assets and liabilities.

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

Removal of Adviser

Compensation of Adviser

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

Limitations of Liability and Indemnification

Board Approval of the Advisory Agreement

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.

Administration Agreement

Payment of Expenses under the Advisory and Administration Agreements

•

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;

•

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;

•

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

Related Party Trades

There were no transactions subject to Rule 17a-7 under the 1940 Act during the years ended December 31, 2024 or 2023.

6. BORROWINGS

The Company’s debt obligations consist of the following:


	As of		As of
($ in thousands)	December 31, 2024		December 31, 2023

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)	$	—	$	124,971
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)		106,983		106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775, respectively)		158,157		91,225
	$	265,140	$	322,410

Notes Offering

Sale of Additional 4.875% Notes due 2026

Exchange of 4.875% Notes due 2026

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.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	5,265		$	5,265		$	5,265
Amortization of original issue discount		506			479			454
Deferred financing costs		263			256			247
Total interest and financing expenses	$	6,034		$	6,000		$	5,966
Average outstanding balance	$	108,000		$	108,000		$	108,000
Average stated interest rate		4.88	%		4.88	%		4.88	%

Revolving Credit Facility


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	9,334		$	7,465		$	4,477
Deferred financing costs		405			333			345
Total interest and financing expenses	$	9,739		$	7,798		$	4,822
Average outstanding balance	$	116,548		$	80,136		$	88,821
Average stated interest rate		7.67	%		7.84	%		4.53	%

2018-2 Secured Notes


($ 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%, or 5.63% as of December 31, 2023.


	For the Year Ended December 31,
($ in thousands)	2024			2023			2022
Interest expense	$	4,952		$	11,357		$	6,736
Amortization of original issue discount		57			151			177
Total interest and financing expenses	$	5,009		$	11,508		$	6,913
Average outstanding balance	$	96,356		$	153,330		$	187,661
Average stated interest rate		7.99	%		7.35	%		3.51	%

Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table (dollars in thousands, except per unit amounts).


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 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
Fiscal 2024(10)		267,479		1,667		—	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)

As of December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

7. TAXABLE INCOME


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Capital in excess of par value	$	2		$	3,314		$	5,768
Total distributable (loss) earnings	$	(2	)	$	(3,314	)	$	(5,768	)


	Year Ended December 31,
($ in thousands)	2024			2023			2022

Net (decrease) increase in net assets resulting from operations	$	(5,935	)	$	11,381		$	(20,996	)
Tax provision (benefit) on realized and unrealized (gains) losses on investments		(853	)		(414	)		786
Net change in unrealized depreciation (appreciation) from investments		(1,006	)		(3,322	)		17,915
Excess capital losses over capital gains		31,839			27,128			31,185
Book/tax differences on CLO equity investments		(45	)		(1,642	)		72
Book/tax differences related to mergers and partnership investments		2,036			(4,631	)		(586	)
Other book/tax differences		448			859			1,203
Taxable income before deductions for distributions	$	26,484		$	29,359		$	29,579
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period	$	2.86		$	3.09		$	3.07


($ in thousands)	Year Ended December 31,
Distributions paid from:	2024		2023		2022
Ordinary Income	$	25,582	$	26,147	$	24,661
Return of Capital		—		—		—
Total	$	25,582	$	26,147	$	24,661

As of December 31, 2024 and December 31, 2023, the components of accumulated earnings on tax basis (in thousands) were as follows:


	Year Ended December 31,
($ in thousands)	2024			2023			2022
Undistributed ordinary income	$	4,586		$	7,064		$	4,917
Capital loss carryforward		(487,186	)		(445,684	)		(418,937	)
Other temporary differences		—			—			—
Net unrealized depreciation		(53,330	)		72,584			77,496
Total	$	(535,930	)	$	(366,036	)	$	(336,524	)

8. COMMITMENTS AND CONTINGENCIES


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	December 31, 2024			December 31, 2023
Accordion Partners LLC(1)	First Lien Debt		$	913		$	—
Accordion Partners LLC (Revolver)	First Lien Debt			1,623			1,531
AMCP Pet Holdings, Inc. (Revolver)	First Lien Debt			—			350
Anthem Sports & Entertainment Inc.(1)	First Lien Debt			307			—
Anthem Sports & Entertainment Inc. (Revolver)	First Lien Debt			83			83
BetaNXT, Inc. (Revolver)	First Lien Debt			1,401			2,174
Bradshaw International Parent Corp. (Revolver)	First Lien Debt			922			922
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	First Lien Debt			500			—
Centric Brands Inc. (Revolver)	First Lien Debt		N/A				1,166
Colonnade Intermediate, LLC (Revolver)	First Lien Debt			—			68
Critical Nurse Staffing, LLC (Revolver)	First Lien Debt			—			2,000
Dentive, LLC(1)	First Lien Debt			427			430
Dentive, LLC (Revolver)	First Lien Debt			117			186
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Equity			87			—
Fortis Payment Systems, LLC(1)	First Lien Debt			387			—
Franchise Group, Inc. (DIP)	First Lien Debt			249		N/A
GreenPark Infrastructure, LLC - Series M-1	Equity			—			1,829
H.W. Lochner, Inc. (Revolver)	First Lien Debt			—			4,142
IDC Infusion Services LLC(1)	First Lien Debt			130			1,065
Luminii LLC (Revolver)	First Lien Debt			172			172
Morae Global Corporation (Revolver)	First Lien Debt			208			208
Netwrix Corporation (Revolver)	First Lien Debt			1,148			1,148
Netwrix Corporation(1)	First Lien Debt		N/A				941
Newbury Franklin Industrials, LLC(1)	First Lien Debt			987		N/A
PhyNet Dermatology LLC(1)	First Lien Debt			690			690
PMA Parent Holdings LLC (Revolver)	First Lien Debt			99		N/A
PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)	First Lien Debt			1,125			—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	First Lien Debt			188			—
Riddell, Inc.(1)	First Lien Debt			636			—
Riskonnect Parent LLC(1)	First Lien Debt			5,000			—
Series A-Great Lakes Funding II LLC	Joint Ventures			8,165			5,473
TA/WEG Holdings, LLC(1)	First Lien Debt		N/A				758
TA/WEG Holdings, LLC (Revolver)	First Lien Debt			784			784
Tactical Air Support, Inc.(1)	First Lien Debt		N/A				286
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	First Lien Debt			129			258
VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)	First Lien Debt			761			1,902
Total Unfunded Portfolio Company Commitments			$	27,238		$	28,566

(1)

Delayed draw term loan.

9. STOCKHOLDERS’ EQUITY

10. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (in thousands, except share and per share amounts)


	For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total interest and related portfolio income	$	14,392		$	15,177		$	16,337		$	16,526
Net investment income	$	5,539		$	5,802		$	6,477		$	6,226
Net increase (decrease) in net assets resulting from operations	$	(2,540	)	$	(1,509	)	$	(6,372	)	$	4,486
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	(0.28	)	$	(0.16	)	$	(0.69	)	$	0.48
Net investment income per share – basic and diluted	$	0.60		$	0.63		$	0.70		$	0.67

	For the Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total interest and related portfolio income	$	17,788		$	18,574		$	19,626		$	20,327
Net investment income(1)	$	11,163		$	7,166		$	7,915		$	8,529
Net increase (decrease) in net assets resulting from operations	$	6,995		$	7,445		$	(3,114	)	$	55
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	0.74		$	0.78		$	(0.33	)	$	0.01
Net investment income per share – basic and diluted	$	1.19		$	0.75		$	0.83		$	0.89

(2)

11. SEGMENT REPORTING

12. SUBSEQUENT EVENTS

EXHIBIT INDEX

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit Number		Description

3.1		Form of Certificate of Incorporation of the Company (incorporated by reference to Exhibit A of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).
3.1.1		Certificate of Amendment (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed April 2, 2019).
3.1.2		Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Reverse Stock Split Certificate of Amendment) (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).
3.1.3		Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Decrease Shares Certificate of Amendment) (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).
3.2		Third Amended and Restated Bylaws of Portman Ridge Finance Corporation, dated as of July 20, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on July 21, 2021).
4.1		Specimen certificate of the Company’s common stock, par value $0.01 per share (incorporated by reference to Exhibit D.1 of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).
4.2		Form of Dividend Reinvestment Plan (incorporated by reference to Exhibit E of the Pre-Effective Amendment No. 2 of the Registration Statement on Form N-2 filed on November 20, 2006).
4.3		Form of Base Indenture between the Company and U.S. Bank National Association (incorporated by reference to Exhibit D.3 of the Registration Statement in Form N-2 filed on October 3, 2012).
4.4		Third Supplemental Indenture, dated as of April 30, 2021, relating to the 4.875% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on May 3, 2021).
4.5		Form of 4.875% Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on May 3, 2021).
4.6		Registration Rights Agreement, dated as of June 23, 2021, by and among the Company and the Purchasers (as defined therein) (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on June 24, 2021).
4.7		Description of Portman Ridge Finance Corporation's Registered Securities (incorporated by reference to Exhibit 4.7 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).
10.1		Investment Advisory Agreement, dated April 1, 2019, by and between the Company and Sierra Crest Investment Management LLC (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on April 2, 2019).
10.2		Incentive Fee Letter Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed on April 2, 2019).
10.3		Administration Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed on April 2, 2019).
10.4		Loan and Security Agreement dated as of December 18, 2019 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto, The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on December 23, 2019).


10.5		First Amendment to Loan and Security Agreement dated as of April 29, 2022 among Great Lakes Portman Ridge Funding LLC, the Lenders Party thereto, the Collateral Administrator, Collateral Agent, and Securities Intermediary Party thereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on May 5, 2022).
10.6		Loan and Security Agreement Conformed Through the Second Amendment dated as of July 23, 2024 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto. The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on July 29, 2024).
11.1		Computation of Per Share Earnings (included in the notes to the audited financial statements contained in this report).
14.1		Code of Ethics (incorporated by reference to Exhibit (r) of Pre-Effective Amendment No. 1 to the Company’s Registration Statement on Form N-2, filed on February 4, 2022).
19.1		Insider Trading Policy**
21.1		List of Subsidiaries**
23.1		Consent of Deloitte & Touche LLP**
31.1		Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2		Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1		Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2		Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
97.1		Clawback Policy (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


**	Filed herewith.

SIGNATURES

*****


Signature	Title	Date

/s/ EDWARD GOLDTHORPE	President and Chief Executive Officer (principal executive officer) and Member of the Board of Directors	March 13, 2025
EDWARD GOLDTHORPE

/s/ BRANDON SATOREN	Chief Financial Officer, Secretary and Treasurer (principal financial and accounting officer)	March 13, 2025
BRANDON SATOREN

/s/ GEORGE GRUNEBAUM	Member of the Board of Directors	March 13, 2025
GEORGE GRUNEBAUM

/s/ ROBERT WARSHAUER	Member of the Board of Directors	March 13, 2025
ROBERT WARSHAUER

/s/ ALEXANDER DUKA	Member of the Board of Directors	March 13, 2025
ALEXANDER DUKA

/s/ PATRICK SCHAFER	Member of the Board of Directors	March 13, 2025
PATRICK SCHAFER

/s/ DEAN C. KEHLER	Member of the Board of Directors	March 13, 2025
DEAN C. KEHLER
/s/ MATTHEW WESTWOOD	Member of the Board of Directors	March 13, 2025
MATTHEW WESTWOOD

/s/ JOSEPH MOREA	Member of the Board of Directors	March 13, 2025
JOSEPH MOREA

/s/ JENNIFER CHOU	Member of the Board of Directors	March 13, 2025
JENNIFER CHOU

[55]

The investment is valued at the NAV of the underlying fund.

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Mar. 10, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Period End Date	Dec. 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 Voluntary Filers	No
Entity Address, Address Line One	650 Madison Avenue
Entity Address, Address Line Two	3rd 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 Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 181.3
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		9,198,175
Document Transition Report	false
Document Annual Report	true
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the 2025 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days following the end of the registrant’s fiscal year-end are incorporated by reference into Part III of this report.
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	New York
Auditor Opinion [Text Block]	Opinion on the Consolidated Financial Statements and Financial Highlights We have audited the accompanying consolidated statements of assets and liabilities of Portman Ridge Finance Corporation and subsidiaries (the "Company"), including the consolidated schedules of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, cash flows, and changes in net assets for each of the three years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period then ended, and the financial highlights for each of the four years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended December 31, 2020 were audited by other auditors whose report dated March 11, 2021, expressed an unqualified opinion on such financial highlights.

Consolidated Financial Highlights (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2020

Investment Company, Financial Highlights [Line Items]

Ratio of total expenses to average net assets

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

19.45%

18.87%

15.62%

14.00%

Ratio of non-interest expenses to average net assets

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

8.92%

7.38%

8.83%

8.40%

Expense reimbursement

$ 38,388

$ 41,542

$ 40,724

Expense Reimbursement [Member]

Investment Company, Financial Highlights [Line Items]

Ratio of total expenses to average net assets

20.90%

Ratio of non-interest expenses to average net assets

9.40%

Expense reimbursement

$ 5,300

Percentage of net asset value return excluding expense reimbursement

6.10%

Externalization Agreement [Member]

Investment Company, Financial Highlights [Line Items]

Incentive fees earned

5,000

$ 7,400

6,100

$ 4,900

Incentive fees earned waived

$ 0

$ 600

Ratio of total expenses to average net assets

14.30%

Ratio of non-interest expenses to average net assets

8.70%

[1]	Excluding the impact of the expense reimbursement of approximately $5.3 million during the year ended December 31, 2023, the ratio of total expenses to average net assets and the ratio of non-interest expenses to average net assets would have been 20.9% and 9.4%, respectively. In addition, the total net asset value return would have been 6.1%. excluding the expense reimbursement.
[2]	Incentive fees earned during the years ended December 31, 2024, December 31, 2023, and December 31, 2022 were approximately $5.0 million, $7.4 million, and $6.1 million, respectively, none of which was waived pursuant to the Externalization Agreement. Incentive fees earned during the year ended December 31, 2020, were approximately $4.9 million, of which $0.6 million was waived pursuant to the Externalization Agreement. Excluding the waiver, for the year ended December 31, 2020, ratio of total expenses to average net assets was 14.3% and the ratio of non-interest expenses to average net assets was 8.7%
[3]	Totals may not sum due to rounding.

- 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.

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+ Details

Borrowings - Schedule of Interest Expense, Deferred Financing Costs, Average Outstanding Balance, and Average Stated Interest Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest expense	$ 20,782	$ 25,306	$ 17,701
Deferred financing costs	$ 1,231	$ 1,219	1,223
Average stated interest rate	6.20%	7.00%
4.875% Notes due 2026
Debt Instrument [Line Items]
Interest expense	$ 5,265	$ 5,265	5,265
Amortization of original issue discount	506	479	454
Deferred financing costs	263	256	247
Total interest and financing expenses	6,034	6,000	5,966
Average outstanding balance	$ 108,000	$ 108,000	$ 108,000
Average stated interest rate	4.88%	4.88%	4.88%
2018-2 Secured Notes
Debt Instrument [Line Items]
Interest expense	$ 4,952	$ 11,357	$ 6,736
Amortization of original issue discount	57	151	177
Total interest and financing expenses	5,009	11,508	6,913
Average outstanding balance	$ 96,356	$ 153,330	$ 187,661
Average stated interest rate	7.99%	7.35%	3.51%
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense	$ 9,334	$ 7,465	$ 4,477
Deferred financing costs	405	333	345
Total interest and financing expenses	9,739	7,798	4,822
Average outstanding balance	$ 116,548	$ 80,136	$ 88,821
Average stated interest rate	7.67%	7.84%	4.53%

Taxable Income - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Excise tax percentage	4.00%
Net capital loss carryforward	$ 487,200,000
Provision (benefit) for income taxes	(853,000)	$ (414,000)	$ 786,000
Deferred tax assets		0
Deferred tax liabilities	$ 500,000	$ 1,300,000
Maximum
Income Tax Examination [Line Items]
Percentage of cash dividend on total distribution	20.00%

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Assets [Abstract]

Total Investments at Fair Value

$ 405,021

$ 467,865

Cash and cash equivalents

17,532

26,912

Restricted cash

22,421

44,652

Interest receivable

6,088

5,162

Receivable for unsettled trades

573

Other assets

1,205

2,541

Total Assets

453,634

549,239

Liabilities [Abstract]

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)

124,971

4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)

106,983

106,214

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775)

158,157

91,225

Payable for unsettled trades

520

Accounts payable, accrued expenses and other liabilities

3,007

4,252

Accrued interest payable

3,646

3,928

Management and incentive fees payable

2,713

4,153

Total Liabilities

275,141

335,721

COMMITMENTS AND CONTINGENCIES (NOTE 8)

NET ASSETS

Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024, and 9,943,385 issued, and 9,383,132 outstanding at December 31, 2023

Capital in excess of par value

714,331

717,835

Total distributable (loss) earnings

(535,930)

(504,411)

Total Net Assets

^[1]

178,493

213,518

Total Liabilities and Net Assets

$ 453,634

$ 549,239

Net Asset Value Per Common Share

^[1]

$ 19.41

$ 22.76

Affiliated Entity

Assets [Abstract]

Due from affiliates

$ 1,367

$ 1,534

Liabilities [Abstract]

Due to affiliates

635

458

Non-controlled/Non-affiliated Investments

Assets [Abstract]

Total Investments at Fair Value

327,622

398,325

Non-controlled Affiliated Investments

Assets [Abstract]

Total Investments at Fair Value

64,384

55,222

Controlled Affiliated Investments

Assets [Abstract]

Total Investments at Fair Value

$ 13,015

$ 14,318

[1]	Totals may not sum due to rounding.

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

- Definition

The entire disclosure for equity.

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+ Details

N-2 - USD ($)

2 Months Ended

3 Months Ended

12 Months Ended

Mar. 10, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2024

Dec. 31, 2022

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Dec. 31, 2021

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Dec. 31, 2020

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Dec. 31, 2019

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Cover [Abstract]

Entity Central Index Key

0001372807

Amendment Flag

false

Securities Act File Number

814-00735

Document Type

10-K

Entity Registrant Name

Portman Ridge Finance Corporation

Entity Address, Address Line One

650 Madison Avenue

Entity Address, Address Line Two

3rd 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 Well-known Seasoned Issuer

Entity Emerging Growth Company

false

Fee Table [Abstract]

Shareholder Transaction Expenses [Table Text Block]

FEES AND EXPENSES

The information in the following table is being provided to assist you in understanding the costs and expenses that an investor in our common stock will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you,” “us” or “the Company,” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in us.


Stockholder Transaction Expenses
Sales load (as a percentage of offering price)		—	%	(1)
Offering expenses (as a percentage of offering price)		—	%	(2)
Dividend reinvestment plan expenses	$	15.00		(3)
Total Stockholder Transaction Expenses (as a percentage of offering price)		—	%
Annual Expenses (as percentage of net assets attributable to common stock):
Base management fee payable under the Investment Advisory Agreement		3.32	%	(4)
Incentive fee payable under the Investment Advisory Agreement (17.50% of net investment income and realized capital gains)		2.54	%	(5)
Interest payments on borrowed funds		10.53	%	(6)
Other expenses		3.06	%	(7)
Acquired fund fees and expenses		6.79	%	(8)
Total annual expenses		26.24	%

(1)

In the event that the securities are sold to or through underwriters or agents, a corresponding prospectus or prospectus supplement will disclose the applicable sales load and other offering expenses to be borne by us and our stockholders.

(2)

The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.

(3)

If a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a transaction fee of $15.00 plus a $0.10 per share brokerage commission from the proceeds. The expenses of the dividend reinvestment plan are included in “other expenses.” The plan administrator’s fees will be paid by us. There will be no brokerage charges or other charges to stockholders who participate in the plan.

(4)

Our base management fee, payable quarterly in arrears, is 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; 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 management fee reflected in the table is calculated by determining the ratio that the management fee bears to the Company’s net assets attributable to common stock (rather than its gross assets). The base management fees referenced in the table above are based on the management fees incurred for the year ended December 31, 2024.

(5)

Our incentive fee consists of two parts: (1) a portion based on our pre-incentive fee net investment income, or the Income-Based Fee, and (2) a portion based on the capital gains received on our 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, less the aggregate amount of any previously paid capital gains fee, or 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% of capital gains computed net of all realized capital losses and gross unrealized capital depreciation. The incentive fees referenced in the table above are based on the incentive fees incurred for the year ended December 31, 2024

(6)

“Interest payments on borrowed funds” represent our annual interest payment, fees and credit facility expenses based on results of operations for the year ended December 31, 2024, including with respect to our revolving credit facility and outstanding unsecured notes. The costs associated with any outstanding indebtedness are indirectly borne by our common stockholders. The amount of leverage we employ at any particular time will depend on, among other things, the Board’s and our Adviser’s assessment of the market and other factors at the time at any proposed borrowing. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act.

(7)

“Other expenses” include our overhead expenses, including payments by us under the Administration Agreement based on the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us under the Administration Agreement, and expenses relating to the Dividend Reinvestment Plan, for the fiscal year ended December 31, 2024.

(8)

“Acquired fund fees and expenses” are the indirect costs of investing in the Company’s joint ventures. The operating expenses in this fee table will not correlate to the expense ratio in the Company’s Financial Highlights because the financial statements include only the direct operating expenses incurred by the Company. Therefore, amounts may not agree with the Financial Highlights due to the inclusions in this table of Acquired Fund Fees and Expenses and certain other adjustments.

Sales Load [Percent]

0.00%

Dividend Reinvestment and Cash Purchase Fees

$ 15,000

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

0.00%

Other Transaction Expenses [Percent]

0.00%

Annual Expenses [Table Text Block]


Stockholder Transaction Expenses
Sales load (as a percentage of offering price)		—	%	(1)
Offering expenses (as a percentage of offering price)		—	%	(2)
Dividend reinvestment plan expenses	$	15.00		(3)
Total Stockholder Transaction Expenses (as a percentage of offering price)		—	%
Annual Expenses (as percentage of net assets attributable to common stock):
Base management fee payable under the Investment Advisory Agreement		3.32	%	(4)
Incentive fee payable under the Investment Advisory Agreement (17.50% of net investment income and realized capital gains)		2.54	%	(5)
Interest payments on borrowed funds		10.53	%	(6)
Other expenses		3.06	%	(7)
Acquired fund fees and expenses		6.79	%	(8)
Total annual expenses		26.24	%

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Management Fees [Percent]

3.32%

Interest Expenses on Borrowings [Percent]

10.53%

Incentive Fees [Percent]

2.54%

Acquired Fund Fees and Expenses [Percent]

6.79%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

3.06%

Total Annual Expenses [Percent]

26.24%

Annual Rate Of Base Management Fee Payable Quarterly In Arrears

1.50%

Percentage Of Base Management Fee Of Average Gross Assets

1.00%

Percentage of pre-incentive fee net investment income

17.50%

Percentage of hurdle rate

7.00%

Percentage of capital gains fee

17.50%

Expense Example [Table Text Block]

Example

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above.


	1 Years		3 Years		5 Years		10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return(1)	$	237	$	586	$	817	$	1,107
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return entirely from realized gains	$	246	$	602	$	833	$	1,113

(1)

Assumes we will not realize any capital gains computed net of all realized capital losses and gross unrealized capital depreciation in any of the periods indicated.

Expense Example, Year 01

$ 237,000

Expense Example, Years 1 to 3

586,000

Expense Example, Years 1 to 5

817,000

Expense Example, Years 1 to 10

$ 1,107,000

Purpose of Fee Table , Note [Text Block]

Management Fee not based on Net Assets, Note [Text Block]

(4)

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Investment Portfolio

Our investment portfolio generates investment income, which is generally used to pay principal and interest on our borrowings, our operating expenses, and to fund distributions to our stockholders. Our investment portfolio consists primarily of our Debt Securities Portfolio, investments in joint ventures and investments in CLO Fund Securities.

Debt Securities Portfolio. We target privately-held middle market companies that have strong historical cash flows, experienced management teams and identifiable and defendable market positions in industries with positive dynamics. We generally target companies that generate positive cash flows because we look to cash flows as the primary source for servicing debt.

We employ a disciplined approach in the selection and monitoring of our investments. Generally, we target investments that will generate a current return through interest income to provide for stability in our shareholder distributions and place less reliance on realized capital gains from our investments. Our investment philosophy is focused on preserving capital with an appropriate return profile relative to risk. Our investment due diligence and selection generally focuses on an underlying issuer’s net cash flow after capital expenditures to service its debt rather than on multiples of net income, valuations or other broad benchmarks which frequently miss the nuances of an issuer’s business and prospective financial performance. We also generally avoid concentrations in any one industry or issuer. We manage risk by following our internal credit policies and procedures.

When we extend senior and junior secured term loans, we will generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. Nonetheless, there is a possibility that our lien could be subordinated to claims of other creditors. Structurally, mezzanine debt ranks subordinate in priority of payment to senior term loans and is often unsecured. Relative to equity, mezzanine debt ranks senior to common and preferred equity in a borrower’s capital structure. Typically, mezzanine debt has elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with a loan, while providing an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest that is typically in the form of equity purchased at the time the mezzanine loan is originated or warrants to purchase equity at a future date at a fixed cost. Mezzanine debt generally earns a higher return than senior secured debt due to its higher risk profile and usually less restrictive covenants. From time to time we may receive warrants in connection with a mezzanine debt investment. The warrants associated with mezzanine debt are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule on the debt security while retaining an equity interest in the borrower. Mezzanine debt with warrants also may include a “put” feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed formula.

Below are summary attributes for our Debt Securities Portfolio as of and for the year ended December 31, 2024:

•

represented approximately 79.2% of the total investment portfolio at fair value;

•

contained credit instruments issued by corporate borrowers;

•

primarily comprised of senior secured loans and subordinated debt (99.5% and 0.5% of Debt Securities Portfolio, respectively);

•

spread across 28 different industries and 93 different entities;

•

average par balance per investment of approximately $2.5 million;

•

six investments were on non-accrual status; and

•

the weighted average contractual interest rate on our interest earning Debt Securities Portfolio was approximately 11.3%.

Our Debt Securities Portfolio investments generally range between $1 million to $20 million, although particular investments may be larger or smaller. The size of individual investments will vary according to their priority in a company’s capital structure, with larger investments in more secure positions in an effort to maximize capital preservation. The target size of our investments and maturity dates may vary as follows:

•

senior secured term loans from $2 million to $20 million maturing in five to seven years;

•

second lien term loans from $5 million to $15 million maturing in six to eight years;

•

senior unsecured loans from $5 million to $23 million maturing in six to eight years;

•

mezzanine loans from $5 million to $15 million maturing in seven to ten years; and

•

equity investments from $1 million to $5 million.

Investment in Joint Ventures.

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 Company and Freedom 3 Opportunities contributed approximately $37 million and $25 million, respectively, in assets to the F3C Joint Venture, which in turn used the assets to capitalize a new fund, Great Lakes KCAP F3C Senior Funding L.L.C. (formerly known as KCAP F3C Senior Funding, L.L.C.) (the “Fund”) managed by KCAP Management, LLC, one of the Asset Manager Affiliates. In addition, the Fund used cash on hand and borrowings under a credit facility to purchase approximately $184 million of primarily middle-market loans from us and we used the proceeds from such sale to redeem approximately $147 million in debt issued by KCAP Senior Funding I, LLC (“KCAP Senior Funding”). The Fund invests primarily in middle-market loans and the F3C Joint Venture partners may source middle-market loans from time-to-time for the Fund. During the fourth quarter of 2017, the Fund was refinanced through the issuance of senior and subordinated notes. The F3C Joint Venture purchased 100% of the subordinated notes issued by the Fund. In connection with the refinancing, the F3C Joint Venture made a cash distribution to us of approximately $12.6 million. Approximately $11.2 million of this distribution was a reduction in the cost basis of our investment in the F3C Joint Venture. The final determination of the tax attributes of distributions from the F3C Joint Venture is made on an annual (full calendar year) basis at the end of the 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.

While we own a 62.8% interest 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 us and two of whom were selected by Freedom 3 Opportunities, and must be approved by at least one member appointed by us 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 us and one member appointed by Freedom 3 Opportunities.

As of December 31, 2024, our investment in the F3C Joint Venture was approximately $13.0 million at fair value.

Series A - Great Lakes Funding II LLC. In August 2022, we 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 a third-party financial institution and certain other parties with an investment strategy to underwrite and hold senior, secured unitranche loans made to middle-market companies. We treat our investment in the Great Lakes II Joint Venture as a joint venture since affiliated funds of the Adviser collectively control a 50% voting interest in the Great Lakes II Joint Venture.

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. We do not pay any advisory fees in connection with our investment in the Great Lakes II Joint Venture.

The fair value of our investment in the Great Lakes II Joint Venture at December 31, 2024 was approximately $41.1 million at fair value. As of December 31, 2024, we had an aggregate $8.2 million unfunded commitment to the Great Lakes II Joint Venture.

CLO Fund Securities. Our investments in CLO Fund Securities are primarily made up of minority investments in the subordinated securities or preferred stock of CLO Funds managed by other asset managers.

Below are summary attributes for our CLO Fund Securities, as of and for the year-ended December 31, 2024, unless otherwise specified:

•

CLO Fund Securities represented approximately 1.3% of the total investment portfolio at fair value;

•

CLO Fund Securities Portfolio represented investments in subordinated securities or equity securities issued by CLO Funds;

•

all CLO Funds invested primarily in credit instruments issued by corporate borrowers;

Process

We review potential investment opportunities and conduct due diligence that typically includes a review of historical and prospective financial information, participation in a presentation held by the prospective portfolio company’s management and/or the transaction sponsor, a review of the prospective portfolio company’s product or service, an analysis and understanding of the drivers of the particular industry in which the prospective portfolio company operates, and an assessment of the debt service capabilities of the prospective portfolio company under a variety of assumed forecast scenarios.

Due to our ability to source transactions through multiple channels, we expect to continue to maintain a pipeline of opportunities to allow comparative risk return analysis and selectivity. By focusing on the drivers of revenue and cash flow, we develop our own underwriting cases, and multiple stress and event specific case scenarios for each company analyzed.

We focus on lending and investing opportunities in:

•

companies with EBITDA of $10 million to $50 million;

•

companies with financing needs of $25 million to $150 million;

•

companies purchased by well-regarded private equity sponsors;

•

non-sponsored companies with successful business models, management teams and systems; and

•

high-yield bonds and broadly syndicated loans to larger companies on a selective basis.

We source investment opportunities from:

•

private equity sponsors;

•

regional investment banks for non-sponsored companies;

•

financial advisers and other market intermediaries; and

•

other middle market lenders with whom we can participate in loans.

In our experience, good credit judgment is based on a thorough understanding of both the qualitative and quantitative factors that determine a company’s performance. Our analysis begins with an understanding of the fundamentals of the industry in which a company operates, including the current economic environment and the outlook for the industry. We also focus on the company’s relative position within the industry and our historical ability to weather economic cycles. Other key qualitative factors include the experience and depth of the management team and the financial sponsor, if any.

Only after we have a comprehensive understanding of the qualitative factors do we focus on quantitative metrics. We believe that with the context provided by the qualitative analysis, we can gain a better understanding of a company’s financial performance. We analyze a potential portfolio company’s sales growth and margins in the context of our competition as well as our ability to manage our working capital requirements and our ability to generate consistent cash flow. Based upon this historical analysis, we develop a set of projections which represents a reasonable underwriting case of most likely outcomes for the company over the period of our investment. We also look at potential downside cases to determine a company’s ability to service its debt in a stressed credit environment.

Elements of the qualitative analysis we use in evaluating investment opportunities include some combination of the following:

•

industry fundamentals;

•

competitive position and market share;

•

impact of historical down-cycles on the industry and us;

•

quality of financial and technology infrastructure;

•

sourcing risks and opportunities;

•

labor and union strategy;

•

technology risk;

•

diversity of customer base and product lines;

•

quality of financial sponsor (if applicable); and

•

acquisition and integration history.

Elements of the quantitative analysis we use in evaluating investment opportunities include some combination of the following:

•

income statement analysis of growth and margin trends;

•

cash flow analysis of capital expenditures and free cash flow;

•

financial ratio and market share standing among comparable companies;

•

financial projections: underwriting versus stress case;

•

event specific credit modeling;

•

credit profile trend;

•

future capital expenditure needs and asset sale plans;

•

downside protection to limit losses in an event of default;

•

risk adjusted returns and relative value analysis; and

•

enterprise and asset valuations.

The origination, structuring and credit approval processes are fully integrated. Our credit team is directly involved in all due diligence and analysis prior to the formal credit approval process by our Investment Committee.

Investment Committee

The Investment Committee serves to provide investment consistency and adherence to our core investment philosophy and policies.

Upon completion of the due diligence investigation, the underwriting team of investment professionals/analysts will prepare a credit underwriting memorandum that will summarize the contemplated transaction, present the investment highlights, analyze the risk in the transaction and mitigating factors to those risks, analyze the prospective portfolio’s historical financial statements, financial projections, industry and management team, and will then present this memorandum with its recommendations to the Investment Committee for review and approval.

The approval of a majority of the Investment Committee is required for all investments.

Monitoring

Our Board, including a majority of its independent directors, oversees and monitors our investment performance and annually reviews the compensation we pay to the Adviser.

Our Adviser has significant experience monitoring credit portfolios. Along with origination and credit analysis, portfolio management is one of the key elements of our business. Most of our investments will not be liquid and, therefore, we must prepare to act quickly if potential issues arise so that we can work closely with the Adviser and the private equity sponsor, if applicable, of the portfolio company to take any necessary remedial action. In addition, most of the Adviser’s senior management team, has substantial workout and restructuring experience.

In order to assist us in detecting issues with our Debt Securities Portfolio companies as early as possible, we perform a financial analysis at least quarterly on each portfolio company. This analysis typically includes:

•

A summary of the portfolio company’s current total credit exposure as well as our portion of this exposure.

•

A summary and update of the portfolio company’s financial condition and performance, including but not limited to, performance versus plan, deterioration/improvement in market position, or industry fundamentals, management changes or additions, and ongoing business strategy.

•

Reaffirmation of, or proposal to change, the risk rating of the underlying investment.

•

A summary of the portfolio company’s financial covenant results vis a vis financial covenant levels established in the credit agreement.

Watch list credits are followed closely and discussed more frequently than quarterly, as appropriate.

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 our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

The Adviser seeks to invest on our behalf 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 our 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.

BC Partners is a leading buyout firm with a 30-year history investing across Europe and North America in private equity, private credit and real estate strategies. The assets under management for BC Partners are based on actively managed commitments of its managed funds and relevant vehicles formed for the purpose of co-investing alongside such funds. BC Partners operates a private equity investment platform (“BCP PE”) a credit investment platform (“BCP Credit”) and a real estate investment platform ("BC Partners Real Estate") as fully integrated businesses. Our investment activity will take place primarily within the BCP Credit platform. Integration with the broader BC Partners platform allows BCP Credit to leverage a team of investment professionals across its private equity platform including its operations team. The BCP Credit Investment Team (the “Investment Team”) is led by Ted Goldthorpe.

Advisory Agreement

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

•

managing our assets in accordance with our investment objective, policies and restrictions;

•

determining the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

•

identifying, evaluating and negotiating the structure of our investments;

•

monitoring our investments;

•

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

•

assisting the Board with its valuation of our assets;

•

directing investment professionals of the Adviser to provide managerial assistance to our portfolio companies;

•

performing due diligence on prospective portfolio companies;

•

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

•

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

•

providing us 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 us 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 our 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 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 our 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 our 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, we pay 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 our 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 our 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 our 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 our 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 our pre-incentive fee net investment income (the “Income-Based Fee”) and (2) a portion based on the net capital gains received on our 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%. In connection with the Externalization, for the period of one year from the first day of the first quarter following the quarter in which the Closing occurred, the Adviser agreed to permanently forego up to the full amount of the incentive fees earned by the Adviser without recourse against or reimbursement by us, to the extent necessary in order to achieve aggregate net investment income per share of common stock for such one-year period to be at least equal to $0.40 per share, subject to certain adjustments.

Pre-incentive fee net investment income means dividends (including reinvested dividends), interest and fee income accrued by us 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 we 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. See “Item 1A. Risk Factors— Risks Related to Our Business and Structure - We may be obligated to pay the Adviser incentive compensation even if it incurs a net loss due to a decline in the value of our portfolio.” 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-Based 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 we may pay an incentive fee in a calendar quarter in which we incur a loss. For example, if we receive pre-incentive fee net investment income in excess of the quarterly hurdle rate, we will pay the applicable incentive fee even if we have 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 our 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 us paying an incentive fee for the subsequent quarter. Our net investment income used to calculate this component of the incentive fee is also included in the amount of our 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 following is a graphical representation of the calculation of the Income-Based Fee:

Quarterly Income-Based Fee

(expressed as a percentage of the value of net assets)


0%	1.75%	2.12%

← 0% →	← 100% →	← 17.5% →

The second component of the incentive fee, the Capital Gains 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 fee for prior periods. We 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 we 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 us 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 us under the Advisory Agreement. In addition, as part of the Advisory Agreement, we have 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, our then-current Board held an in-person meeting to consider and approve the Advisory Agreement and related matters, and on April 1, 2019, we entered into the Advisory Agreement with the Adviser. Our Board most recently determined to re-approve the Advisory Agreement at a meeting held on March 12, 2025.

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 us by the Adviser; (b) comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives; (c) our 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 us 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 our investment performance and annually reviews the compensation we pay to the Adviser.

Administration Agreement

Under the terms of the Administration Agreement between us and 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. We 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 we will reimburse the Administrator for any services performed for us 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 our use under the Administration Agreement, including our allocable portion of the compensation paid to our chief compliance officer and chief financial officer and their respective staff who provide services to us. 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 us 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. The Board most recently determined to re-approve the Administration Agreement at a meeting held on March 12, 2025.

We 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.

Payment of Our Expenses under Our Advisory and Administration Agreements

Except as specifically provided below, we anticipate that all investment professionals and staffs of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the compensation and routine overhead expenses (including rent, office equipment and utilities), of such personnel allocable to such services, will be provided and paid for by the Adviser. We will bear an allocable portion of the compensation paid by the Adviser (or its affiliates) to our 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). We will also bear 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 our Advisory Agreement; (ii) an allocable portion of overhead and other expenses incurred by the Adviser (or its affiliates) in performing its administrative obligations under our Advisory Agreement; and (iii) all other expenses of our operations and transactions including, without limitation, those relating to:

•

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

•

the cost of effecting any sales and repurchases of our common stock and other securities;

•

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

•

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

•

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

•

costs of hedging;

•

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;

•

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 our Administration Agreement;

•

extraordinary expenses (such as litigation or indemnification); and

•

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

Allocation of Investment Opportunities and Potential Conflicts of Interest

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

Related Party Trades

There were no transactions subject to Rule 17a-7 under the 1940 Act during the years ended December 31, 2024 or December 31, 2023.

DETERMINATION OF NET ASSET VALUE

We determine the net asset value per share of our common stock quarterly. The net asset value per share is equal to the value of our total assets minus liabilities and any preferred stock outstanding divided by the total number of shares of common stock outstanding.

Our net asset value per share was $19.41 and $22.76 as of December 31, 2024 and December 31, 2023, respectively. Since we report our assets at fair value for each reporting period, net asset value also represents the amount of stockholders’ equity per share for the reporting period. Our net asset value is comprised primarily of investment assets less debt and other liabilities:


	December 31, 2024				December 31, 2023
($ in thousands)	Fair Value(1)		Per Share(1)		Fair Value(1)		Per Share(1)
Investments at fair value:
Non-controlled/non-affiliated investments	$	327,622	$	35.62	$	398,325	$	42.45
Non controlled affiliated investments		64,384		7.00		55,222		5.88
Controlled affiliated investments		13,015		1.41		14,318		1.53
Cash and cash equivalents		17,532		1.91		26,912		2.87
Restricted cash(2)		22,421		2.44		44,652		4.76
All other assets		8,660		0.94		9,810		1.05
Total Assets	$	453,634	$	49.32	$	549,239	$	58.54
2018-2 Secured Notes (net of original issue discount)		—		—		124,971		13.32
4.875% Notes Due 2026 (net of deferred financing costs and original issue discount)		106,983		11.63		106,214		11.32
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs)		158,157		17.19		91,225		9.72
Payable for open trades		—		—		520		0.06
Other liabilities		10,001		1.09		12,791		1.36
Total Liabilities	$	275,141	$	29.91	$	335,721	$	35.78
Net Asset Value	$	178,493	$	19.41	$	213,518	$	22.76

(1)

Our consolidated statements of assets and liabilities at fair value and the resulting net asset value are calculated in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). The per share presentation of these amounts (excluding net asset value per share) is an internally derived non-U.S. GAAP performance measure, calculated by dividing the relevant consolidated statements of assets and liabilities amount by the Company's outstanding shares for the respective year-end shown above. We believe that these per share amounts are useful for analyzing our consolidated statements of assets and liabilities both quantitatively and qualitatively.

(2)

Consists of cash from interest and principal payments, subject to withdrawal restrictions, from certain investments of our Debt Securities Portfolio that are pledged to secure the Company’s debt obligations.

Valuation

As a BDC, we invest primarily in illiquid securities, including loans to and equity of private companies and interests in other illiquid securities, such as interests in CLO Fund Securities, joint ventures, derivatives, partnerships and distressed debt securities. These portfolio investments may be subject to restrictions on resale and will generally have no established trading market. As a result, the Adviser determines in good faith the fair value of our portfolio investments pursuant to a valuation policy developed in accordance with the Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820: Fair Value”), and a valuation process approved by our Board and in accordance with the 1940 Act. Our valuation policy is intended to provide a consistent basis for determining the fair value of the portfolio. In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC's board of directors to designate its investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board adopted valuation policies and procedures pursuant to Rule 2a-5 and designated our Adviser to serve as our Board's valuation designee thereunder. Our 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. We use independent valuation firms to provide third party valuation consulting services to us, the Adviser, and the Board of Directors. For additional information concerning valuation, see “Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Valuation of Portfolio Investments”; and Notes 2 and 4 to the financial statements.

Competition

Our primary competitors also provide financing to prospective portfolio companies. These include commercial investment banks, specialty finance companies, hedge funds, structured investment funds, and other BDCs. Our competitors may have a lower cost of funds, and many have access to funding sources that are not available to us. Many of these entities have greater managerial resources than we have, and the 1940 Act imposes certain regulatory restrictions on us as a BDC to which many of our competitors are not subject. For additional information concerning the competitive risks we face, see “Item 1A. Risk Factors — Risks Related to Our Business and Structure — We operate in a highly competitive market for investment opportunities.”

Employees

Since the Externalization, we have not had any employees and do not expect to have any employees.

REGULATION

The following discussion is a general summary of some of the material prohibitions and restrictions governing BDCs generally. It does not purport to be a complete description of all the laws and regulations affecting BDCs.

A BDC is a unique kind of investment company that primarily focuses on investing in or lending to private or relatively small publicly traded companies and making managerial assistance available to them. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their directors and officers and certain other related persons and requires that a majority of the directors be persons other than “interested persons,” as that term is defined in the 1940 Act. We have implemented certain procedures to ensure that we do not engage in any prohibited transactions with any persons affiliated with us.

In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of (i) 67% or more of such company’s shares present at a meeting or represented by proxy if more than 50% of the outstanding shares of such company are present or represented by proxy or (ii) more than 50% of the outstanding shares of such company.

Qualifying Assets

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, or “Qualifying Assets,” unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the company’s total assets. The principal categories of Qualifying Assets relevant to our business are the following:

•

Securities of an “eligible portfolio company” purchased in transactions not involving any public offering. An “eligible portfolio company” is defined in the 1940 Act as any issuer which:

(a)

is organized under the laws of, and has its principal place of business in, the United States;

(b)

is not an investment company (other than a small business investment company wholly-owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

(c)

satisfies any of the following:

(i)

does not have any class of securities listed on a national securities exchange (or, if it has a class of securities listed on a national securities exchange, has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million);

(ii)

is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company;

(iii)

is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million; or

(iv)

does not have outstanding any class of securities with respect to which a broker or dealer may extend margin credit.

•

Securities of any eligible portfolio company that we control;

•

Securities purchased in a private transaction from a U.S. issuer that is not an investment company and is in bankruptcy and subject to reorganization;

•

Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the conversion of warrants or rights relating to such securities; and

•

Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

Significant Managerial Assistance

A BDC must be organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. In addition, BDCs must generally offer to make available to such issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where we purchase such securities in conjunction with one or more other persons acting together, one of the other persons is the group may make available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does so provide, guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company’s officers or other organizational or financial guidance.

Temporary Investments

Pending investment in other types of “Qualifying Assets,” as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that at least 70% of our assets are “Qualifying Assets.” Typically, we invest in U.S. treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements that are treated, under applicable tax rules, as being issued by a single counterparty, we would not meet the diversification tests imposed on us by the Code to qualify for tax treatment as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements treated as issued, under applicable tax rules, by a single counterparty in excess of this limit. We monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

Indebtedness; Coverage Ratio

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, with respect to certain types of senior securities, we must make provisions to prohibit any dividend distribution to our stockholders or the repurchase of certain of our securities, unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. On March 29, 2018, our 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 SBCA. As a result, our asset coverage requirement for senior securities was changed from 200% to 150%, effective as of March 29, 2019. We may also borrow amounts up to 5% of the value of our total assets for temporary purposes. For a discussion of the risks associated with the resulting leverage, see “Item 1A. Risk Factors — Risks Associated With Our Use of Leverage — We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.”

Common Stock

We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, at a price below the current net asset value of the common stock if our Board determines that such sale is in our best interests and that of our stockholders, and our stockholders approve such sale. In any such case, the price at which our common stock is to be issued and sold may not be less than a price which, in the determination of our Board, closely approximates the market value of such common stock (less any distributing commission or discount). We may also make rights offerings to our stockholders at prices per share less than the net asset value per share, subject to applicable requirements of the 1940 Act. See “Item 1A. Risk Factors — Risks Related to Our Business and Structure — Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.”

Code of Ethics

We adopted and maintain a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code’s requirements. A copy of the code of ethics is available on the Corporate Governance

section of the Company’s website at www.portmanridge.com. Our code of ethics is available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. Copies may be obtained by electronic request to publicinfo@sec.gov

Privacy Principles

We are committed to maintaining the privacy of our stockholders and safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, we do not receive any non-public personal information relating to our stockholders, although some non-public personal information of our stockholders may become available to us. We do not disclose any non-public personal information about our stockholders or former stockholders to anyone, except as is necessary to service stockholder accounts, such as to a transfer agent, or as otherwise permitted by law.

We restrict access to non-public personal information about our stockholders to our employees with a legitimate business need for the information. We maintain safeguards designed to protect the non-public personal information of our stockholders.

Proxy Voting Policy and Procedures

Although the securities we hold are not typically voting securities, some of our investments could entitle us to voting rights. If this were to occur the Adviser would vote its portfolio securities in the best interest of our stockholders and the Adviser would review on a case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held by us. Although the Adviser would generally vote against proposals that it believes may have a negative impact on our portfolio securities, the Adviser may vote for such a proposal if it were to believe there exists a compelling long-term reason to do so.

Our voting decisions would be made by the Adviser, subject to authority assigned under our Advisory Agreement. To ensure that the Adviser’s vote would not be the product of a conflict of interest, we would require that (1) anyone involved in the decision making process disclose to our Board any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a vote; and (2) employees involved in the decision making process or vote administration are prohibited from revealing how we intend to vote on a proposal to reduce any attempted influence from interested parties.

Exclusion from CFTC Regulation

Rule 4.5 of the Commodity Futures Trading Commission (“CFTC”) permits investment advisers to BDCs to claim an exclusion from the definition of “commodity pool operator” under the Commodities Exchange Act (the “CEA”) with respect to a fund, provided certain requirements are met. In order to permit our Adviser to claim this exclusion with respect to us, we must limit our transactions in certain futures, options on futures and swaps deemed “commodity interests” under CFTC rules (excluding transactions entered into for “bona fide hedging purposes,” as defined under CFTC regulations) such that either: (i) the aggregate initial margin and premiums required to establish such futures, options on futures and swaps do not exceed 5% of the liquidation value of our portfolio, after taking into account unrealized profits and losses on such positions; or (ii) the aggregate net notional value of such futures, options on futures and swaps does not exceed 100% of the liquidation value of our portfolio, after taking into account unrealized profits and losses on such positions. In addition to meeting one of the foregoing trading limitations, we may not market our self as a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. Accordingly, we are not subject to regulation under the CEA or otherwise regulated by the CFTC. If the Adviser was unable to claim the exclusion with respect to us, the Adviser would become subject to registration and regulation as a commodity pool operator, which would subject the Adviser and us to additional registration and regulatory requirements and increased operating expenses.

Other

We are subject to examination by the SEC for compliance with the 1940 Act.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from indemnifying any director or officer against any liability to our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

We are required to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation. We have a designated Chief Compliance Officer who is responsible for administering these policies and procedures.

TAXATION AS A REGULATED INVESTMENT COMPANY

We have elected to be treated for U.S. federal income tax purposes as a RIC under the Code and intend to operate in a manner to maintain our RIC tax treatment. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute to our stockholders as dividends. To qualify for tax treatment as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, we must distribute to our stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary taxable income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses (the “Annual Distribution Requirement”).

Taxation as a RIC

For any taxable year in which we qualify as a RIC and satisfy the Annual Distribution Requirement, we generally will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain, defined as net long-term capital gains in excess of net short-term capital losses, we distribute to stockholders. We will be subject to U.S. federal income tax at the regular corporate rates on any investment company taxable income or net capital gain not distributed (or deemed not distributed) to our stockholders.

We will be subject to a 4% nondeductible U.S. federal excise tax on our undistributed income unless we distribute in a timely manner for each calendar year an amount at least equal to the sum of (a) 98% of our net ordinary income for that calendar year, (b) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (c) 100% of any ordinary income and net capital gains recognized, but not distributed, in the preceding year and on which we paid no corporate-level U.S. federal income tax (the "Excise Tax Avoidance Requirement"). For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate-level U.S. federal income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). Although we generally endeavor to make sufficient distributions each taxable year to satisfy the Excise Tax Avoidance Requirement, we may incur a U.S. federal excise tax. In that case, we will be liable for the tax only on the amount by which we do not meet the Excise Tax Avoidance Requirement.

To qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

•

have an election in effect to be treated as a business development company under the 1940 Act at all times during each taxable year;

•

derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities or foreign currencies, or other income derived with respect to our business of investing in such stock, securities or currencies, and net income derived from interests in “qualified publicly traded partnerships” (which generally are partnerships that are traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof), if less than 90% of their income is derived from interest, dividends and other permitted RIC income) (the “90% Income Test”); and

•

diversify our holdings so that at the end of each quarter of the taxable year:

•

at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

•

no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in the securities of one or more qualified publicly traded partnerships (the “Diversification Tests”).

If we do not satisfy the requirements of the Diversification Tests as of the end of any quarter, we will not lose our status as a RIC provided that (i) we satisfied the requirements in a prior quarter and (ii) our failure to satisfy the requirements in the current quarter is not due in whole or in part to an acquisition of any security or other property.

We may invest in partnerships, including qualified publicly traded partnerships, which may result in our being subject to state, local or foreign income, franchise or withholding liabilities.

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with payment-in-kind (“PIK”) interest or, in certain cases, with increasing interest rates or issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any original issue discount accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. If we are not able to obtain sufficient cash from other sources to satisfy the Annual Distribution Requirement, we may fail to qualify as a RIC and become subject to corporate-level U.S. federal income taxes on all of our taxable income without the benefit of the dividends-paid deduction.

Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order (i) to satisfy the Annual Distribution Requirement and to otherwise eliminate our liability for U.S. federal income and excise taxes and (ii) to satisfy the Diversification Tests. However, under the 1940 Act, we are not permitted to borrow additional funds or to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless a certain “asset coverage” test is met. See “Regulation — Indebtedness; Coverage Ratio.” Moreover, our ability to dispose of assets to meet the Annual Distribution Requirement, the Excise Tax Avoidance Requirement or the Diversification Tests may be limited by (a) the illiquid nature of our portfolio and/or (b) other requirements relating to our qualification as a RIC. If we dispose of assets in order to meet the Annual Distribution Requirement, the Excise Tax Avoidance Requirement, or the Diversification Tests, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (a) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (b) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such treatment, (c) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (d) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (e) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (f) cause us to recognize income or gain without a corresponding receipt of cash, (g) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (h) adversely alter the characterization of certain complex financial transactions and (i) produce income that will not be qualifying income for purposes of the 90% Income Test. We intend to monitor our transactions and may make certain tax elections to mitigate the effect of these provisions and prevent our disqualification as a RIC.

Gain or loss realized by us from warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such capital gain or loss generally will be long- term or short-term, depending on how long we held a particular warrant.

Some of the income and fees that we may recognize will not be qualifying income for purposes of the 90% Income Test. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy the 90% Income Test, we may hold assets that generate such income and provide services that generate such fees indirectly through one or more entities treated as corporations for U.S. federal income tax purposes. Such corporations will be required to pay corporate-level U.S. federal income taxes on their earnings, which ultimately will reduce our return on such income and fees.

A portfolio company in which we invest may face financial difficulties that require us to work-out, modify or otherwise restructure our investment in the portfolio company. Any such transaction could, depending upon the specific terms of the transaction, result in unusable capital losses and future non-cash income. Any such transaction could also result in us receiving assets that give rise to income that is not qualifying income for purposes of the 90% Income Test, and we may need to hold such assets in a taxable subsidiary and pay federal and state income tax on income related to such assets.

Failure to Qualify as a RIC

If we were unable to qualify for treatment as a RIC, we would be subject to tax on all of our taxable income at regular corporate rates, regardless of whether we make any distributions to our stockholders. Distributions would not be required, and any distributions made out of our current or accumulated earnings and profits would be taxable to our stockholders as ordinary dividend income that, subject to certain limitations, may be eligible for the 20.0% maximum rate if paid to non-corporate stockholders. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction with respect to such dividend. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s tax basis in our stock, and any remaining distributions would be treated as a capital gain provided the stockholder holds our stock as a capital asset. If we fail to qualify as a RIC for a period greater than two taxable years, to qualify as a RIC in a subsequent year we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five years.

DIVIDEND REINVESTMENT PLAN

We have adopted a dividend reinvestment plan that provides for reinvestment of our distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if our Board authorizes, and we declare, a cash distribution, then our stockholders who have not “opted out” of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash.

No action is required on the part of a registered stockholder to have such shareholder’s cash distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying Equiniti Trust Company, LLC, the plan administrator and our transfer agent and registrar, in writing so that such notice is received by the plan administrator no later than the record date for distributions to stockholders. The plan administrator will set up an account for shares acquired through the plan for each stockholder who has not elected to receive distributions in cash and hold such shares in non-certificated form. Upon request by a stockholder participating in the plan, received in writing not less than ten days prior to the record date, the plan administrator will, instead of crediting shares to the participant’s account, issue a certificate registered in the participant’s name for the number of whole shares of our common stock and a check for any fractional share.

Those stockholders whose shares are held by a broker or other financial intermediary may receive distributions in cash by notifying their broker or other financial intermediary of their election.

We intend to use primarily newly issued shares to implement the plan, whether our shares are trading at a premium or at a discount to net asset value. However, we reserve the right to purchase shares in the open market in connection with our implementation of the plan. The number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the dividend payable to such stockholder by the market price per share of our common stock at the close of regular trading on The NASDAQ Global Select Market on the dividend payment date. Market price per share on that date will be the closing price for such shares on The NASDAQ Global Select Market or, if no sale is reported for such day, at the average of their reported bid and asked prices. Shares purchased in open market transactions by the plan administrator of the dividend reinvestment plan will be allocated to a stockholder based upon the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased with respect to the distribution.

There are no brokerage charges or other charges to stockholders who participate in the plan. The plan administrator’s fees under the plan are paid by us. If a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds.

If your distributions are reinvested, you will be required to pay tax on the distributions in the same manner as if the distributions were received in cash. The taxation of distributions will not be affected by the form in which you receive them.

Participants may terminate their accounts under the plan by notifying the plan administrator via its website at www.amstock.com, by filling out the transaction request form located at bottom of their statement and sending it to the plan administrator at the address set forth below or by calling the plan administrator at 1-866-668-8564.

The plan may be terminated by us upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend by us. All correspondence concerning the plan should be directed to, and additional information about the plan may be obtained from, the plan administrator by mail at Equiniti Trust Company, LLC, Attn. EQ Dividend Reinvestment Department, P.O. Box 500, Newark, New Jersey 07101 or by telephone at 1-866-668-8564.

Risk Factors [Table Text Block]

Item 1A. Risk Factors

Investing in our securities involves a high degree of risk. In addition to the other information contained in this annual report on Form 10-K, the following information should be carefully considered before making an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the trading price of our securities could decline, and an investor may lose part or all of an investment.

The following is a summary of the principal risks that you should carefully consider before investing in our securities. Further details regarding each risk included in the below summary list can be found further below.

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The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.

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We operate in a highly competitive market for investment opportunities.

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We may from time to time expand our business through acquisitions, which could disrupt our business and harm our financial condition.

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Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.

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Our portfolio investments for which there is no readily available market, including our investment in our Joint Ventures and our investments in CLO Funds, are recorded at fair value as determined in good faith by our Board. As a result, there is uncertainty as to the value of these investments.

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We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

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We may default under the Revolving Credit Facility, the 4.875% Notes due 2026 or any future indebtedness or be unable to amend, repay or refinance any such facility or financing arrangement on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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Our investments may be risky, and you could lose all or part of your investment.

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The lack of liquidity in our investments may adversely affect our business.

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Shares of closed-end investment companies, including BDCs, frequently trade at a discount to their net asset value, and we cannot assure you that the market price of our common stock will not decline below the net asset value of the stock.

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We may be unable to realize the benefits anticipated by our prior strategic acquisitions, including estimated cost savings, or it may take longer than anticipated to realize such benefits.

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Capital markets may experience periods of disruption and instability and we cannot predict when these conditions will occur. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business, financial condition and results of operations.

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Major public health issues, such as the COVID-19 pandemic, could have an adverse impact on our financial condition and results of operations and other aspects of our business.

Risks Related to Our Business and Structure

The announcement and pendency of the merger with LRFC could adversely affect the Company’s businesses, financial results and operations.

As described further below, on January 29, 2025, the Company entered into a Merger Agreement (as defined below). See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recent Developments.” The announcement and pendency of the Mergers (as defined below) could cause disruptions in, and create uncertainty surrounding, our businesses, including affecting relationships with existing and future borrowers, which could have a significant negative impact on future revenues and results of operations, regardless of whether the Mergers are completed. In addition, the Company has diverted, and will continue to divert, management resources towards the completion of the Mergers, which could have a negative impact on future revenues and results of operations.

The Company is also subject to the restrictions on the conduct of its businesses prior to the completion of the Mergers set forth in the Merger Agreement. Generally, these restrictions will require the Company to conduct its businesses only in the ordinary course and subject to specific limitations, including, among other things, certain restrictions on their ability to make certain investments and acquisitions, sell, transfer or dispose of their assets, amend its organizational documents and enter into or modify certain material contracts. These restrictions could prevent us from pursuing otherwise attractive business opportunities, industry developments and future opportunities and may otherwise have a significant negative impact on our future investment income and results of operations.

Most stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Mergers.

If the Mergers are consummated, the Company’s stockholders will experience a reduction in their percentage ownership interests and effective voting power in respect of the combined company relative to their percentage ownership interests in the Company prior to the Mergers unless they hold a comparable or greater percentage ownership in LRFC. Consequently, the Company’s stockholders should generally expect to exercise less influence over the management and policies of the combined company following the Mergers than they currently exercise over the management and policies of the Company.

In addition, prior to completion of the Mergers, subject to certain restrictions in the Merger Agreement and certain restrictions under the 1940 Act for issuances at prices below the then-current NAV per share of LRFC common stock and the Company’s common stock, LRFC and the Company may issue additional shares of LRFC common stock and the Company’s common stock, respectively, which would further reduce the percentage ownership of the combined company to be held by current LRFC stockholders and the Company’s stockholders.

The termination of the Merger Agreement could negatively impact the Company.

If the Merger Agreement is terminated, there may be various consequences, including:

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the business of the Company may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Mergers, without realizing any of the anticipated benefits of completing the Mergers; and

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LRFC and the Company would not realize the anticipated benefits of the Mergers.

The Merger Agreement limits the ability of the Company to pursue alternatives to the Mergers.

The Merger Agreement includes restrictions on the ability of the Company to solicit proposals for alternative transactions or engage in discussions regarding such proposals, subject to exceptions and termination provisions, which could have the effect of discouraging such proposals from being made or pursued.

The Company will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.

Uncertainty about the effect of the Mergers may have an adverse effect the Company and, consequently, on the combined company following completion of the Mergers. These uncertainties may cause those that deal with the Company to seek to change their existing business relationships. In addition, the Merger Agreement restricts the Company from taking actions that might otherwise be considered to be in its best interest. These restrictions may prevent the Company from pursuing certain business operations that may arise prior to the completion of the Mergers.

If the Mergers do not close, the Company will not benefit from the expenses it has incurred in pursuit of the Mergers.

If the Mergers are not completed, the Company will have incurred substantial expenses for which no ultimate benefit will have been received. The Company has incurred out-of-pocket expenses in connection with the Mergers for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Mergers are not completed. It is anticipated that the Company will bear expenses of approximately $2.1 million ($0.23 per share based on the Company’s Common Stock outstanding as of December 31, 2024) in connection with the Mergers, both if consummated and not consummated.

Litigation filed against LRFC or the Company in connection with the Mergers could result in substantial costs and could delay or prevent the Mergers from being completed.

From time to time, LRFC and the Company may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Mergers. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management time and resources. An adverse judgment in such cases could have a negative impact on the liquidity and financial condition of LRFC, the Company or the combined company following the Mergers or could prevent the Mergers from being completed.

The Mergers are subject to closing conditions, including stockholder approvals, that, if not satisfied or (to the extent legally allowed) waived, will result in the Mergers not being completed, which may result in material adverse consequences to the business and operations of the Company.

The Mergers are subject to closing conditions, including certain approvals of LRFC stockholders and the Company’s stockholders that, if not satisfied, will prevent the Mergers from being completed. In addition to the required approvals of LRFC stockholders and the Company’s stockholders, the Mergers are subject to a number of other conditions beyond the control of LRFC and the Company that may prevent, delay or otherwise materially adversely affect completion of the Mergers. The Company cannot predict whether and when these other conditions will be satisfied.

Ineffective internal controls could impact our business and operating results.

Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls,

or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations. Such failure or difficulties could also cause investors and lenders to lose confidence in our reported financial information, which could negatively impact the trading price of our common stock.

The Adviser and its affiliates, including our officers and some of our directors, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our stockholders.

The Adviser and its affiliates will receive substantial fees from us in return for their services, including certain incentive fees based on the performance of our investments. These fees could influence the advice provided to us. Generally, the more equity we sell in private offerings and the greater the risk assumed by us with respect to our investments, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to the Adviser. These compensation arrangements could affect the Adviser or its affiliates’ judgment with respect to private offerings of equity and investments made by us, which allows the Adviser to earn increased asset management fees.

We may be obligated to pay the Adviser incentive compensation even if it incurs a net loss due to a decline in the value of our portfolio.

Our Advisory Agreement entitles the Adviser to receive incentive compensation on income regardless of any capital losses. In such case, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

Any incentive fee payable by us that relates to our net investment income may be computed and paid on income that may include interest that has been accrued, but not yet received, including original issue discount, which may arise if we receive fees in connection with the origination of a loan or possibly in other circumstances, or contractual PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. To the extent we do not distribute accrued PIK interest, the deferral of PIK interest has the simultaneous effects of increasing the assets under management and increasing the base management fee at a compounding rate, while generating investment income and increasing the incentive fee at a compounding rate. In addition, the deferral of PIK interest would also increase the loan-to-value ratio at a compounding rate if the issuer’s assets do not increase in value, and investments with a deferred interest feature, such as PIK interest, may represent a higher credit risk than loans on which interest must be paid in full in cash on a regular basis.

For example, if a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the incentive fee will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in us paying an incentive fee on income that we never received.

There may be conflicts of interest related to obligations that the Adviser’s senior management and investment team has to other clients.

The members of the senior management and investment team of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as us, or of investment funds managed by the same personnel. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in our best interests or in the best interest of our stockholders. Our investment objective may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. In particular, we rely on the Adviser to manage our day-to-day activities and to implement our investment strategy. The Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities that are unrelated to us. As a result of these activities, the Adviser, its officers and employees and certain of its affiliates will have conflicts of interest in allocating their time between us and other activities in which they are or may become involved, including the management of its affiliated funds. The Adviser and its officers and employees will devote only as much of its or their time to our business as the Adviser and its officers and employees, in their judgment, determine is reasonably required, which may be substantially less than their full time.

We rely, in part, on the Adviser to assist with identifying and executing upon investment opportunities and on our Board to review and approve the terms of our participation in co-investment transactions with the Adviser and its affiliates. The Adviser and its affiliates are not restricted from forming additional investment funds, entering into other investment advisory relationships or engaging in other business activities. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser, its affiliates and their officers and employees will not be devoted exclusively to our business, but will be allocated between us and such other business activities of the Adviser and its affiliates in a manner that the Adviser deems necessary and appropriate.

An affiliate of the Adviser manages BC Partners Lending Corporation and Logan Ridge Finance Corporation, each of which is a BDC that invests primarily in debt and equity of privately-held middle-market companies, similar to our targets for investment. Therefore, there may be certain investment opportunities that satisfy the investment criteria for those BDCs and us. Each of BC Partners Lending Corporation and Logan Ridge Finance Corporation operates as a distinct and separate company and any investment in our common stock will not be an investment in either of those BDCs. In addition, certain of our executive officers serve in substantially similar capacities for BC Partners Lending Corporation and Logan Ridge Finance Corporation and four of our independent directors serve as independent directors of those BDCs.

The time and resources that individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing other entities that make the same types of investments that we target.

Neither the Adviser nor individuals employed by the Adviser are generally prohibited from raising capital for and managing other investment entities that make the same types of investments that we target. As a result, the time and resources that these individuals may devote to us may be diverted. In addition, we may compete with any such investment entity for the same investors and investment opportunities. We have received exemptive relief 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, including BC Partners Lending Corporation, Logan Ridge Finance Corporation, BCP Special Opportunities Fund I LP and BCP Special Opportunities Fund II LP and any future funds that are advised by the Adviser or its affiliated investment advisers. Affiliates of the Adviser, whose primary business includes the origination of investments, engage in investment advisory business with accounts that compete with us.

Our base management and incentive fees may induce the Adviser to make speculative investments or to incur leverage.

The incentive fee payable by us to the Adviser may create an incentive for the Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee payable to the Adviser is determined may encourage the Adviser to use leverage to increase the leveraged return on our investment portfolio. The part of the management and incentive fees payable to the Adviser that relates to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. This fee structure may be considered to involve a conflict of interest for the Adviser to the extent that it may encourage the Adviser to favor debt financings that provide for deferred interest, rather than current cash payments of interest.

In addition, the fact that our base management fee is payable based upon our gross assets, which would include any borrowings for investment purposes, may encourage the Adviser to use leverage to make additional investments. Under certain circumstances, the use of leverage may increase the likelihood of defaulting on our

borrowings, which would disfavor holders of our common stock. Such a practice could result in us investing in more speculative securities than would otherwise be in our best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.

Our future success depends, to a significant extent, on the continued services of the officers and employees of the Adviser or its affiliates. Our Adviser’s capabilities in structuring the investment process, providing competent, attentive and efficient services to us, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in adequate number and of adequate sophistication to match the corresponding flow of transactions. The departure of key personnel or of a significant number of the investment professionals or partners of our Adviser could have a material adverse effect on our ability to achieve our investment objective. Our Adviser may need to hire, train, supervise and manage new investment professionals to participate in our investment selection and monitoring process and may not be able to find investment professionals in a timely manner or at all.

The Adviser may retain additional consultants, advisors and/or operating partners to provide services to us, and such additional personnel will perform similar functions and duties for other organizations which may give rise to conflicts of interest.

BC Partners may work with or alongside one or more consultants, advisors (including senior advisors and executive officers) and/or operating partners who are retained by BC Partners on a consultancy or retainer or other basis, to provide services to us and other entities sponsored by BC Partners including the sourcing of investments and other investment-related and support services. The functions undertaken by such persons with respect to us and any of our investments will not be exclusive and such persons may perform similar functions and duties for other organizations which may give rise to conflicts of interest. Such persons may also be appointed to the board of directors of companies and have other business interests which give rise to conflicts of interest with the interests of us or a portfolio entity of us. Stockholders should note that such persons may retain compensation that will not offset the base management fee payable to the Adviser, including that: (i) such persons are permitted to retain all directors’ fees, monitoring fees and other compensation received by them in respect of acting as a director or officer of, or providing other services to, a portfolio entity and such amounts shall not be credited against the base management fee; and (ii) certain of such persons may be paid a deal fee, a consultancy fee or other compensation where they are involved in a specific project relating to us, which fee will be paid either by us or, if applicable, the relevant portfolio entity.

The Adviser’s influence on conducting our operations gives it the ability to increase its fees, which may reduce the amount of cash flow available for distribution to our stockholders.

The Adviser is paid a base management fee calculated as a percentage of our gross assets and unrelated to net income or any other performance base or measure. The Adviser may advise us to consummate transactions or conduct its operations in a manner that, in the Adviser’s reasonable discretion, is in the best interests of our stockholders. These transactions, however, may increase the amount of fees paid to the Adviser. The Adviser’s ability to influence the base management fee paid to it by us could reduce the amount of cash flow available for distribution to our stockholders.

The Adviser’s liability is limited under the Advisory Agreement, and we are required to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.

Under the Advisory Agreement, the Adviser will not assume any responsibility to us other than to render the services described in the Advisory Agreement, and it is not be responsible for any action of our Board in declining to follow the Adviser’s advice or recommendations. Pursuant to the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser are not be liable to us for their acts under the Advisory Agreement, absent criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of the reckless disregard of their duties and obligations. We have agreed to indemnify, defend and protect the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser with respect to all damages, liabilities, costs and expenses 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 the Adviser for us, and not arising out of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of the reckless disregard of their duties and obligations under the Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

The Adviser is able to resign upon 60 days’ written notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

We are an externally managed BDC pursuant to the Advisory Agreement. Pursuant to the Advisory Agreement, the Adviser has the right to resign upon 60 days’ written notice, whether a replacement has been found or not. If the Adviser resigns, it may be difficult to find a replacement with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If a replacement is not found quickly, our business, results of operations and financial condition as well as our ability to pay distributions are likely to be adversely affected and the value of our shares may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser. Even if a comparable service provider or individuals performing such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

We operate in a highly competitive market for investment opportunities.

A large number of entities compete with us to make the types of investments that we make. We compete with other BDCs, as well as a number of investment funds, investment banks and other sources of financing, including traditional financial services companies, such as commercial banks and finance companies. Many of our competitors are substantially larger and have considerably greater financial, marketing and other resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. This may enable some of our competitors to make commercial loans with interest rates that are lower than the rates we typically offer. We may lose prospective portfolio investments if we do not match our competitors’ pricing, terms and structure. If we do match our competitors’ pricing, terms or structure, we may experience decreased net interest income. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments, establish more relationships and build their market shares. Furthermore, many of our potential competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. As a result of this competition, there can be no assurance that we will be able to identify and take advantage of attractive investment opportunities or that we will be able to fully invest our available capital. If we are not able to compete effectively, our business and financial condition and results of operations will be adversely affected.

If the Adviser is unable to source investments effectively, we may be unable to achieve our investment objectives and provide returns to stockholders.

Our ability to achieve our investment objective depends on the Adviser’s ability to identify, evaluate and invest in suitable companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the Adviser’s marketing capabilities, its management of the investment process, its ability to provide efficient services and its access to financing sources on acceptable terms. Failure to source investments effectively could have a material adverse effect on our business, financial condition and results of operations.

We may have difficulty paying distributions required to maintain our RIC status if we recognize income before or without receiving cash equal to such income.

In accordance with the Code, we include in income certain amounts that we have not yet received in cash, such as non-cash PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. The increases in loan balances as a result of contracted non-cash PIK arrangements are included in income for the period in which such non-cash PIK interest was received, which is often in advance of receiving cash payment, and are separately identified on our statements of cash flows. We also may be required to include in income certain other amounts that we will not receive in cash. Any warrants that we receive in connection with our debt investments generally are valued as part of the negotiation process with the particular portfolio company. As a result, a portion of the aggregate purchase price for the debt investments and warrants is allocated to the warrants that we receive. This generally results in the associated debt investment having “original issue discount” for tax purposes, which we must recognize as ordinary income as it accrues. This increases the amounts we are required to distribute to maintain our qualification for tax treatment as a RIC. Because such original issue discount income might exceed the amount of cash received in a given year with respect to such investment, we might need to obtain cash from other sources to satisfy such distribution requirements. Other features of the debt instruments that we hold may also cause such instruments to generate original issue discount.

Since, in certain cases, we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the annual distribution requirement necessary to maintain RIC tax treatment under the Code. Accordingly, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax. For additional discussion regarding the tax implications of a RIC, see “Business — Taxation as a Regulated Investment Company.”

Any unrealized losses we experience on our loan portfolio may be an indication of future realized losses, which could reduce our resources available to make distributions.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in accordance with our valuation procedures adopted pursuant to Rule 2a-5 under the 1940 Act. Decreases in the market values or fair values of our investments will be recorded as unrealized losses. An unrealized loss in our loan portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our resources available to pay dividends or interest and principal on our securities and could cause you to lose all or part of your investment.

We may experience fluctuations in our quarterly and annual operating results and credit spreads.

We could experience fluctuations in our quarterly and annual operating results due to a number of factors, some of which are beyond our control, including our ability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire (which could stem from the general level of interest rates, credit spreads, or both), the default rate on such securities, prepayment upon the triggering of covenants in our middle market loans as well as our CLO Funds, our level of expenses, variations in and timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

We are exposed to risks associated with changes in interest rates and spreads.

Changes in interest rates may have a substantial negative impact on our investments, the value of our securities and our rate of return on invested capital. A reduction in the interest spreads on new investments could also have an adverse impact on our net interest income. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates, including mezzanine securities and high-yield bonds, and also could increase our interest expense, thereby decreasing our net income. An increase in interest rates due to an increase in credit spreads, regardless of general interest rate fluctuations, could also negatively impact the value of any investments we hold in our portfolio.

In addition, an increase in interest rates available to investors could make an investment in our securities less attractive than alternative investments, a situation which could reduce the value of our securities. Conversely, a decrease in interest rates may have an adverse impact on our returns by requiring us to seek lower yields on our debt investments and by increasing the risk that our portfolio companies will prepay our debt investments, resulting in the need to redeploy capital at potentially lower rates. A decrease in market interest rates may also adversely impact our returns on idle funds, which would reduce our net investment income.

We may from time to time expand our business through acquisitions, which could disrupt our business and harm our financial condition.

We may pursue potential acquisitions of, and investments in, businesses complementary to our business and from time to time engage in discussions regarding such possible acquisitions. Such acquisition and any other acquisitions we may undertake involve a number of risks, including:

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failure of the acquired businesses to achieve the results we expect;

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substantial cash expenditures;

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diversion of capital and management attention from operational matters;

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our inability to retain key personnel of the acquired businesses

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incurrence of debt and contingent liabilities and risks associated with unanticipated events or liabilities; and

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the potential disruption and strain on our existing business and resources that could result from our planned growth and continuing integration of our acquisitions.

If we fail to properly evaluate acquisitions or investments, we may not achieve the anticipated benefits of such acquisitions, we may incur costs in excess of what we anticipate, and management resources and attention may be diverted from other necessary or valuable activities. Any acquisition may not result in short-term or long-term benefits to us. If we are unable to integrate or successfully manage any business that we acquire, we may not realize anticipated cost savings, improved efficiencies or revenue growth, which may result in reduced profitability or operating losses.

We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.

We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles (“Investment Vehicles”). In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company. While we intend to analyze the credit and business of a potential portfolio company in determining whether or not to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle could be structurally subordinated to the other obligations of the portfolio company). In addition, if

we are to invest in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding the Investment Vehicle’s investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle.

Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval.

Our Board has the authority to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business and operating results. Nevertheless, the effects may adversely affect our business and they could negatively impact our ability to pay you dividends and could cause you to lose all or part of your investment in our securities.

Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.

Our business requires a substantial amount of additional capital. We may acquire additional capital from the issuance of senior securities or other indebtedness, the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as “senior securities,” and we may borrow money from banks or other financial institutions, up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities or incur indebtedness only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% immediately after such issuance or incurrence. With respect to certain types of senior securities, we must make provisions to prohibit any dividend distribution to our stockholders or the repurchase of certain of our securities, unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. If the value of our assets declines, we may be unable to satisfy the asset coverage test. Furthermore, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders.

All of the costs of offering and servicing such debt or preferred stock (if issued by us in the future), including interest or preferential dividend payments thereon, will be borne by our common stockholders. The interests of the holders of any debt or preferred stock we may issue will not necessarily be aligned with the interests of our common stockholders. In particular, the rights of holders of our debt or preferred stock to receive interest, dividends or principal repayment will be senior to those of our common stockholders. Also, in the event we issue preferred stock, the holders of such preferred stock will have the ability to elect two members of our Board. In addition, we may grant a lender a security interest in a significant portion or all of our assets, even if the total amount we may borrow from such lender is less than the amount of such lender’s security interest in our assets.

We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock at a price below the then-current net asset value of our common stock if our Board determines that such sale is in the best interests of us and our stockholders, and our stockholders approve, giving us the authority to do so. Although we currently do not have such authorization, we previously sought and received such authorization from our stockholders in the past and may seek such authorization in the future. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). We are also generally prohibited under the 1940 Act from issuing securities convertible into voting securities without obtaining the approval of our existing stockholders. Sales of common stock at prices below net asset value per share dilute the interests of existing stockholders, have the effect of reducing our net asset value per share and may reduce our market price per share. In addition to issuing securities to raise capital as described above; we may securitize a portion of the loans to generate cash for funding new investments. If we are unable to successfully securitize our loan portfolio, our ability to grow our business and fully execute our business strategy and our earnings (if any) may be adversely affected. Moreover, even successful securitization of our loan portfolio might expose us to losses, as the residual loans in which we do not sell interests tend to be those that are riskier and more apt to generate losses.

The application of the risk retention rules under Section 941 of the Dodd-Frank Act to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for us.

On December 24, 2016, the final rules implementing the credit risk retention requirements of Section 941 of the Dodd-Frank Act (the “U.S. Risk Retention Rules”) became effective and generally require one of the “sponsors” of asset-backed securities or a “majority-owned affiliate” thereof to retain not less than 5% of the credit risk of the assets collateralizing the issuer's securities. On February 9, 2018, the U.S. Court of Appeals for the District of Columbia Circuit held that the federal agencies responsible for the U.S. Risk Retention Rules exceeded their statutory authority when designating the collateral manager of an “open-market CLO” (described in the DC Circuit Ruling as a CLO where assets are acquired from “arms-length negotiations and trading on an open market”) as the securitizer of the open-market CLO (such decision, the “DC Circuit Ruling”), and subsequently issued a mandate to the lower court (the “District Court”) requiring the District Court to implement the DC Circuit Ruling. As a result of this decision, CLO managers of “open market CLOs” will no longer be required to comply with the U.S. risk retention rules solely because of their roles as managers of “open market CLOs”, and there may be no “sponsor” of such securitization transactions and no party may be required to acquire and retain an economic interest in the credit risk of the securitized assets of such transactions.

There can be no assurance or representation that any of the transactions, structures or arrangements currently under consideration by or currently used by CLO market participants will comply with the U.S. risk retention rules to the extent such rules are reinstated or otherwise become applicable to open market CLOs. The ultimate impact of the U.S. risk retention rules on the loan securitization market and the leveraged loan market generally remains uncertain, and any negative impact on secondary market liquidity for securities comprising a CLO may be experienced due to the effects of the U.S. risk retention rules on market expectations or uncertainty, the relative appeal of other investments not impacted by the U.S. risk retention rules and other factors.

Our ability to enter into transactions with our affiliates is restricted.

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of the members of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act and we are generally prohibited from buying or selling any securities (other than our securities) from or to such affiliate, absent the prior approval of our independent directors. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent directors and, in some cases, the SEC. We have received exemptive relief 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. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such person, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates.

A failure on our part to maintain our status as a BDC or the application of additional regulatory burdens would significantly reduce our operating flexibility.

If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.

In December 2019, the CFTC amended certain rules to require BDCs that trade “commodity interests” (as defined under CFTC rules) to a de minimis extent file an electronic notice of exclusion to not be deemed a “commodity pool operator” pursuant to CFTC regulations. This exclusion allows BDCs that trade commodity

interests to forgo regulation under the CEA and the CFTC. If our Adviser is unable to claim this exclusion, or fails to do so in the future, with respect to us, the Adviser would become subject to registration and regulation as a commodity pool operator under the CEA. This additional regulation would subject our Adviser and us to additional registration and regulatory requirements, along with increasing operating expenses which could have a material adverse effect on our business, results of operations or financial condition.

Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.

Following periods of volatility in the market price of a company’s securities, securities class-action litigation has often been brought against such company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or stockholder activism, we have in the past and may in the future become the target of securities litigation or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our Boards’ attention and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and stockholder activism.

We will be subject to corporate-level U.S. federal income taxes if we are unable to qualify as a RIC under Subchapter M of the Code.

To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements:

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The annual distribution requirement for a RIC will be satisfied if we distribute to our stockholders on an annual basis at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and are (and may in the future become) subject to certain financial covenants under loan, indenture and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. If we are unable to obtain cash from other sources, we could fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income taxes.

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The source income requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources.

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The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs, and other acceptable securities; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain “qualified publicly traded partnerships.” If we do not satisfy the diversification requirements as of the end of any quarter, we will not lose our status as a RIC provided that (i) we satisfied the requirements in a prior quarter and (ii) our failure to satisfy the requirements in the current quarter is not due in whole or in part to an acquisition of any security or other property.

Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. Moreover, if we fail to maintain RIC tax treatment for any reason and are subject to corporate-level U.S. federal income taxes, the resulting taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and on our stockholders.

Risks Associated with Our Use of Leverage

We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in us. We have issued senior securities, and in the future may borrow from, or issue additional senior securities (such as preferred or convertible securities or debt securities) to, banks and other lenders and investors. Subject to prevailing market conditions, we intend to grow our portfolio of assets by raising additional capital, including through the prudent use of leverage available to us. Lenders and holders of such senior securities would have fixed dollar claims on our assets that are superior to the claims of our common stockholders. Leverage is generally considered a speculative investment technique. Any increase in our income in excess of interest payable on our outstanding indebtedness would cause our net income to increase more than it would have had we not incurred leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make distributions to our stockholders and service our debt obligations. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of leverage. There can be no assurance that our leveraging strategy will be successful.

Our outstanding indebtedness imposes, and additional debt we may incur in the future will likely impose, financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to add new debt facilities or issue additional debt securities or other evidences of indebtedness in lieu of or in addition to existing indebtedness could have a material adverse effect on our business, financial condition or results of operations.

The following table illustrates the effect of leverage on returns from an investment in our common stock as of December 31, 2024, assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.


Assumed Return on Our Portfolio(1) (net of expenses)	-10%	-5%	0%	5%	10%
Corresponding return to common stockholder	-34.7%	-22.0%	-9.3%	3.4%	16.1%

(1)

Assumes $453.6 million in total assets, $178.5 million in net assets, and $267.5 million in par value of outstanding borrowings with a weighted average interest rate of 6.2% as of December 31, 2024.

Our indebtedness could adversely affect our financial health and our ability to respond to changes in our business.

With certain limited exceptions, we are only allowed to borrow amounts or issue senior securities such that our asset coverage, as defined in the 1940 Act, is at least 150% immediately after such borrowing or issuance. The amount of leverage that we employ in the future will depend on our management’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. There is no assurance that a leveraging strategy will be successful. As a result of the level of our leverage:

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our exposure to risk of loss is greater if we incur debt or issue senior securities to finance investments because a decrease in the value of our investments has a greater negative impact on our equity returns and, therefore, the value of our business if we did not use leverage;

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the decrease in our asset coverage ratio resulting from increased leverage and the covenants contained in documents governing our indebtedness (which may impose asset coverage or investment portfolio composition requirements that are more stringent than those imposed by the 1940 Act) limit our flexibility in planning for, or reacting to, changes in our business and industry, as a result of which we could be required to liquidate investments at an inopportune time;

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we are required to dedicate a portion of our cash flow to interest payments, limiting the availability of cash for dividends and other purposes; and

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our ability to obtain additional financing in the future may be impaired.

We cannot be sure that our leverage will not have a material adverse effect on us. In addition, we cannot be sure that additional financing will be available when required or, if available, will be on terms satisfactory to us. Further, even if we are able to obtain additional financing, we may be required to use some or all of the proceeds thereof to repay our outstanding indebtedness.

In the event we default under our revolving credit facility (the “Revolving Credit Facility”), the 4.875% Notes due 2026 or any future indebtedness, or are unable to amend, repay or refinance such indebtedness on commercially reasonable terms, or at all, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at prices that may be disadvantageous to us in order to meet our outstanding payment obligations and/or support working capital requirements under the Revolving Credit Facility, the 4.875% Notes due 2026 or any future indebtedness, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Events of default under the Revolving Credit Facility include, among other things, (i) a payment default; (ii) bankruptcy; (iii) a covenant default; (iv) a change of control; (v) if we are required to register as an “investment company” as defined in the 1940 Act; and (vi) certain declines in our net asset value. Following any such default, the agent for the lenders under the Revolving Credit Facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Events of default under the indenture governing the 4.875% Notes due 2026 include, among other things, (i) a payment default; (ii) a covenant default; (ii) a cross-default provision with respect to any instrument by which we have indebtedness for money borrowed in excess of $50 million in the aggregate; (iii) bankruptcy; and (iv) certain declines in the net asset value of the 4.875% Notes due 2026. If any such event of default has occurred and is continuing, the trustee or the holders of not less than 25% in principal amount of the 4.875% Notes due 2026 may declare the entire principal amount of all such notes to be due and immediately payable.

Our continued compliance with the covenants under the Revolving Credit Facility and the indenture governing the 4.875% Notes due 2026 Notes depends on many factors, some of which are beyond our control, and there can be no assurance that we will continue to comply with such covenants. Our failure to satisfy the respective covenants could result in foreclosure by the lenders under the applicable credit facility or governing instrument or acceleration by the applicable lenders or noteholders, which would accelerate our repayment obligations under the relevant agreement and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders.

Provisions in the Revolving Credit Facility or any other future borrowing facility may limit our discretion in operating our business.

The Revolving Credit Facility is, and any future borrowing facility may be, backed by all or a portion of our loans and securities on which the lenders will or, in the case of a future facility, may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, any security interests as well as negative covenants under the Revolving Credit Facility or any other borrowing facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under the Revolving Credit Facility or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the Revolving Credit Facility or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make stockholder distributions.

In addition, under the Revolving Credit Facility or any future borrowing facility we will be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage, which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under the Revolving Credit Facility or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the Revolving Credit Facility or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC.

We hold investments in a collateralized loan obligation vehicle, which investments are subject to a number of significant risks.

Investments in CLOs involve a number of significant risks, including:

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CLOs typically are comprised of a portfolio of senior secured loans; payments on CLO investments are and will be payable solely from the cash-flows from such senior secured loans;

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CLO investments are exposed to leveraged credit risk;

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CLO Funds are highly leveraged;

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there is the potential for interruption and deferral of cash-flow from CLO investments;

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interest rates paid by corporate borrowers are subject to volatility;

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the inability of a CLO collateral manager to reinvest the proceeds of the prepayment of senior secured loans may adversely affect us;

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our CLO investments are subject to prepayments and calls, increasing re-investment risk;

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we have limited control of the administration and amendment of senior secured loans owned by the CLOs in which we invest;

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we have limited control of the administration and amendment of any CLO in which we invest;

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senior secured loans of CLOs may be sold and replaced resulting in a loss to us;

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our financial results may be affected adversely if one or more of our significant equity or junior debt investments in a CLO vehicle defaults on its payment obligations or fails to perform as we expect; and

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non-investment grade debt involves a greater risk of default and higher price volatility than investment grade debt.

Because we intend to continue to distribute substantially all of our income and net realized capital gains to our stockholders, we will need additional capital to finance our growth.

In order to continue to qualify as a RIC, to avoid payment of excise taxes and to minimize or avoid payment of U.S. federal income taxes, we intend to continue to distribute to our stockholders substantially all of our net ordinary income and realized net capital gains (although we may retain certain net long-term capital gains, pay applicable U.S. federal income taxes with respect thereto and elect to treat the retained amount as deemed distributions to our stockholders). As a BDC, in order to incur new debt, we are generally required to meet a coverage ratio of total assets to total senior securities, which includes all of our borrowings and any preferred stock we may issue in the future, of at least 150%, as measured immediately after issuance of such security. This requirement limits the amount that we may borrow. Because we will continue to need capital to grow our loan and investment portfolio, this limitation may prevent us from incurring debt and require us to issue additional equity at a time when it may be disadvantageous to do so. We cannot assure you that debt and equity financing will be available to us on favorable terms, or at all, and debt financings may be restricted by the terms of such borrowings. Also, as a business development company, we generally are not permitted to issue equity securities priced below net asset value without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease new lending and investment activities.

Risks Associated with Our Information Technology Systems

We rely on various information technology systems to manage our operations. Information technology systems are subject to numerous risks including unanticipated operating problems, system failures, rapid technological change, failure of the systems that operate as anticipated, reliance on third party computer hardware, software and IT service providers, computer viruses, telecommunication failures, data breaches, denial of service attacks, spamming, phishing attacks, computer hackers and other similar disruptions, any of which could materially adversely impact our consolidated financial condition and results of operations. Additional risks include, but are not limited to, the following:

Disruptions in current systems or difficulties in integrating new systems.

We regularly maintain, upgrade, enhance or replace our information technology systems to support our business strategies and provide business continuity. Replacing legacy systems with successor systems, making changes to existing systems or acquiring new systems with new functionality have inherent risks including disruptions, delays, or difficulties that may impair the effectiveness of our information technology systems.

Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.

The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data.

We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins, unauthorized tampering employee impersonation, social engineering or “phishing” attempts. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (i.e., efforts to make network services unavailable to intended users) on websites, servers or other online systems. Cyber security incidents and cyber-attacks have been occurring more frequently and will likely continue to increase. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, misstated or unreliable financial data, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation.

Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above.

Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, our affiliates, or our or their respective third-party service providers will be effective.

Risks Related to Our Investments

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely

impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net increase (decrease) in net assets resulting from operations.

Our investments may be risky, and you could lose all or part of your investment.

We invest primarily in senior secured term loans, mezzanine debt and selected equity investments issued by middle market companies, CLO Funds, Joint Ventures and derivatives. The investments in our Debt Securities Portfolio are all or predominantly below investment grade, may be highly leveraged, and therefore have speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Defaults by portfolio companies may harm our operating results.

Secured Loans. When we extend secured term loans, we generally take a security interest (either as a first lien position or as a second lien position) in the available assets of these portfolio companies, including the equity interests of their subsidiaries, which we expect to assist in mitigating the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital, and, in some circumstances, our lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we be forced to exercise our remedies.

Mezzanine Debt. Our mezzanine debt investments generally are subordinated to senior loans and generally are unsecured. This may result in an above average amount of risk and volatility or loss of principal.

These investments may entail additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt is subject to greater fluctuations in value based on changes in interest rates and such debt could subject us to phantom income. Since we generally do not receive any cash prior to maturity of the debt, the investment is of greater risk.

Equity Investments. We have made and expect to make selected equity investments in middle market companies. In addition, when we invest in senior secured loans or mezzanine debt, we may acquire warrants in the equity of the portfolio company. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Middle Market Companies. Investments in middle market companies also involve a number of significant risks, including:

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limited financial resources and inability to meet their obligations, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing the value of any guarantees we may have obtained in connection with our investment;

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shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

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dependence on management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

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less predictable operating results, being parties to litigation from time to time, engaging in rapidly changing businesses with products subject to a substantial risk of obsolescence and requiring substantial additional capital expenditures to support their operations, finance expansion or maintain their competitive position;

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difficulty accessing the capital markets to meet future capital needs; and

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generally less publicly available information about their businesses, operations and financial condition.

CLO Fund Investments. Investments in CLO Funds also involve a number of significant risks, including:

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CLOs typically are comprised of a portfolio of senior secured loans; payments on CLO investments are and will be payable solely from the cash-flows from such senior secured loans;

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CLO investments are exposed to leveraged credit risk;

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CLO Funds are highly leveraged;

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there is the potential for interruption and deferral of cash-flow from CLO investments;

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interest rates paid by corporate borrowers are subject to volatility;

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the inability of a CLO collateral manager to reinvest the proceeds of the prepayment of senior secured loans may adversely affect us;

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our CLO investments are subject to prepayments and calls, increasing re-investment risk;

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we have limited control of the administration and amendment of any CLO in which we invest;

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senior secured loans of CLOs may be sold and replaced resulting in a loss to us;

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non-investment grade debt involves a greater risk of default and higher price volatility than investment grade debt.

Unitranche Loans. We may invest in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with the secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term and there is heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.

Our portfolio investments for which there is no readily available market, including our investment in our Joint Ventures and our investments in CLO Funds, are recorded at fair value. As a result, there is uncertainty as to the value of these investments.

Our investments consist primarily of securities issued by privately-held companies, the fair value of which is not readily determinable. In addition, we are not permitted to maintain a general reserve for anticipated loan losses. Instead, we are required by the 1940 Act to specifically value each investment and record an unrealized gain or loss for any asset that we believe has increased or decreased in value. These securities are valued at fair value pursuant to a valuation policy approved by our Board.

We have engaged independent valuation firms to provide third party valuation consulting services to our Adviser and our Board. Each quarter, the independent valuation firms perform third party valuations on our material investments in illiquid securities, such that they are reviewed at least once during a trailing 12 month period. These third-party valuation estimates are one of the relevant data points in the determination of fair value. We and our Adviser intend to continue to engage independent valuation firms in the future to provide certain valuation services, including the review of certain portfolio assets, as part of the quarterly and annual year-end valuation process. In addition to such third-party input, the types of factors that may be considered in valuing our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly-traded companies, discounted cash flow and other relevant factors. In addition, our investment in our Joint Venture is carried at fair value, which is determined based on the fair value of the investments held by the Joint Venture. Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain and may be based on estimates, our Adviser's determinations of fair value may differ materially from the values that would be assessed if a ready market for these securities existed. Our net asset value could be adversely affected if our Adviser's determinations regarding the fair value of our illiquid investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers, which subjects us to a risk of significant loss if any of these issuers defaults on its obligations under any of its debt instruments or as a result of a downturn in the particular industry.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers in a limited number of industries. Beyond the asset diversification requirements associated with our qualification as a RIC, we do not have fixed guidelines for diversification, and while we are not targeting any specific industries, relatively few industries may become significantly represented among our investments. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer, changes in fair value over time or a downturn in any particular industry. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

Defaults by our portfolio companies could harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other debt holders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its secured assets. Such events could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt that we hold and the value of any equity securities we own. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, some of the loans in which we may invest may be "covenant-lite" loans. We use the term "covenant-lite" loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

As part of our lending activities, we may in certain opportunistic circumstances originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Any such investment would involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

When we are a debt or minority equity investor in a portfolio company, which generally is the case, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.

Most of our investments are either debt or minority equity investments in our portfolio companies. Therefore, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings. In addition, we generally are not in a position to control any portfolio company by investing in its debt securities.

We may have limited access to information about privately held companies in which we invest.

We invest primarily in privately-held companies. Generally, little public information exists about these companies, and we are required to rely on the ability of our investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment.

Prepayments of our debt investments by our portfolio companies could negatively impact our operating results.

We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. Consequently, our results of operations could be materially adversely affected if one or more of our portfolio companies elects to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our common stock.

Our portfolio companies may incur debt that ranks equal with, or senior to, our investments in such companies.

We invest primarily in debt securities issued by our portfolio companies. In some cases portfolio companies are permitted to have other debt that ranks equal with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders thereof are entitled to receive payment of interest

or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equal with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company.

Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

Certain loans that we make are secured by a second priority security interest in the same collateral pledged by a portfolio company to secure senior debt owed by the portfolio company to other traditional lenders. Often the senior lender has procured covenants from the portfolio company prohibiting the incurrence of additional secured debt, without the senior lender’s consent. Prior to, and as a condition of, permitting the portfolio company to borrow money from us secured by the same collateral pledged to the senior lender, the senior lender will require assurances that it will control the disposition of any collateral in the event of bankruptcy or other default. In many such cases, the senior lender will require us to enter into an “intercreditor agreement” prior to permitting the portfolio company to borrow from us. Typically, the intercreditor agreements we are requested to execute expressly subordinate our debt instruments to those held by the senior lender and further provide that the senior lender shall control: (1) the commencement of foreclosure or other proceedings to liquidate and collect on the collateral; (2) the nature, timing and conduct of foreclosure or other collection proceedings; (3) the amendment of any collateral document; (4) the release of the security interests in respect of any collateral; and (5) the waiver of defaults under any security agreement. Because of the control we may cede to senior lenders under intercreditor agreements we may enter, we may be unable to realize the proceeds of any collateral securing some of our loans.

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

Even though we may have structured certain of our investments as senior loans, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the size of our investment and the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might recharacterize our debt investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken in rendering significant managerial assistance.

Our investments in equity securities involve a substantial degree of risk.

We purchase common stock and other equity securities, including warrants. Although equity securities have historically generated higher average total returns than fixed-income securities over the long term, equity securities have also experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless, and our ability to recover our investment depends on our portfolio company’s success. Investments in equity securities involve a number of significant risks, including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. Investments in preferred securities involve special risks, such as the risk of deferred distributions, credit risk, illiquidity and limited voting rights.

The lack of liquidity in our investments may adversely affect our business.

We may invest in securities issued by private companies. These securities may be subject to legal and other restrictions on resale or otherwise be less liquid than publicly-traded securities. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. Our investments are usually subject to contractual or legal restrictions on resale or are otherwise illiquid because there is usually no established trading market for such investments. The illiquidity of most of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.

Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy contemplates that a portion of our investments may be in securities of foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Although it is anticipated that most of our investments will be denominated in U.S. dollars, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency may change in relation to the U.S. dollar. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments.

The disposition of our investments may result in contingent liabilities.

We currently expect that a significant portion of our investments will involve lending directly to private companies. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us.

We may not receive any return on our investment in the CLO Funds in which we have invested.

As of December 31, 2024, we had $5.2 million at fair value invested in the subordinated securities, preferred shares, or other securities issued by the CLO Funds. Subordinated securities are the most junior class of securities issued by the CLO Funds and are subordinated in priority of payment to every other class of securities issued by these CLO Funds. Therefore, they only receive cash distributions if the CLO Funds have made all cash interest payments to all other debt securities issued by the CLO Fund. The subordinated securities are also unsecured and rank behind all of the secured creditors, known or unknown, of the CLO Fund, including the holders of the senior securities issued by the CLO Fund. Consequently, to the extent that the value of a CLO Fund’s loan investments has been reduced as a result of conditions in the credit markets, or as a result of defaulted loans or individual fund assets, the value of the subordinated securities at their redemption could be reduced.

Risks Related to Our Common Stock

We may not be able to pay distributions to our stockholders, our distributions may not grow over time, and a portion of distributions paid to our stockholders may be a return of capital.

We intend to continue to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We may not be able to achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. In addition, due to the asset coverage test applicable to us as a BDC and covenants that we agreed to in connection with the issuance of the 4.875% Notes Due 2026 we are limited in our ability to make distributions in certain circumstances. In this regard, we agreed in connection with our issuance of 4.875% Notes Due 2026 that for the period of time during which the 4.875% Notes Due 2026 are outstanding, we will not violate (regardless of whether we are subject to) Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act. These provisions generally prohibit us from declaring any cash dividend or distribution upon our common stock, or purchasing any such common stock if our asset coverage, as defined in the 1940 Act, is below 150% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.

All distributions will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future.

When we make quarterly distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated earnings, from recognized capital gains or from capital. To the extent there is a return of capital, investors will be required to reduce their basis in our stock for U.S. federal income tax purposes, which may result in higher tax liability when the shares are sold, even if they have not increased in value or have lost value. Our distributions have over the last several years included a significant return of capital component. For more information about our distributions over the last several years that have included a return of capital component, see Note 7 — “Taxable Income” to our consolidated financial statements included elsewhere in this Annual Report.

Investing in shares of our common stock may involve an above average degree of risk.

The investments we make in accordance with our investment objective may result in a higher amount of risk, volatility or loss of principal than alternative investment options. Our investments in portfolio companies may be highly speculative, and therefore, an investment in our common stock may not be suitable for investors with lower risk tolerance.

We cannot predict the price at which our common stock will trade. Shares of closed-end investment companies frequently trade at a discount to their net asset value and our stock may also be discounted in the market. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our net asset value. The risk of loss associated with this characteristic of closed-end investment companies may be greater for investors expecting to sell shares of common stock soon after the purchase of such shares of common stock. In addition, if our common stock trades below its net asset value, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining the approval of our stockholders and our independent directors.

Our share price may be volatile and may fluctuate substantially.

The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

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price and volume fluctuations in the overall stock market from time to time;

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significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies or to us;

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our inability to deploy or invest our capital;

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fluctuations in interest rates;

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any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

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operating performance of companies comparable to us;

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changes in regulatory policies or tax rules, particularly with respect to RICs or BDCs;

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inability to maintain our qualification as a RIC for U.S. federal income tax purposes;

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changes in earnings or variations in operating results;

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changes in the value of our portfolio;

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general economic conditions and trends; and

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departure of key personnel.

Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

The Delaware General Corporation Law, our certificate of incorporation and our bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. Our Board is divided into three classes of directors serving staggered three-year terms, which could prevent stockholders from removing a majority of directors in any given election. Our Board may, without stockholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price of our common stock.

Risks Related to Our Notes

The 4.875% Notes due 2026 are unsecured and therefore are effectively subordinated to any secured indebtedness we may incur.

The 4.875% Notes due 2026 are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the 4.875% Notes due 2026 are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured in respect of which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 4.875% Notes due 2026.

The 4.875% Notes due 2026 are subordinated structurally to the indebtedness and other liabilities of our subsidiaries.

The 4.875% Notes due 2026 are obligations exclusively of Portman Ridge Finance Corporation and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 4.875% Notes due 2026, and the 4.875% Notes due 2026 are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors, including trade creditors, and holders of our preferred stock, if any, of our subsidiaries will have priority over our claims (and therefore the claims of our creditors, including holders of the 4.875% Notes due 2026) with respect to the assets of such subsidiaries. Even if we were recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the 4.875% Notes due 2026 are subordinated structurally to all indebtedness and other liabilities of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. All of the existing indebtedness of our subsidiaries is structurally senior to the 4.875% Notes due 2026. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the 4.875% Notes due 2026.

There is currently no public market for the 4.875% Notes due 2026. If an active trading market for the 4.875% Notes due 2026 does not develop or is not maintained, holders of the 4.875% Notes due 2026 may not be able to sell them.

There is currently no trading market for the 4.875% Notes due 2026 and we do not currently intend to apply for listing of the 4.875% Notes due 2026 on any securities exchange or for quotation of the 4.875% Notes due 2026 on any automated dealer quotation system. If no active trading market develops, you may not be able to resell your 4.875% Notes due 2026 at their fair market value or at all. If the 4.875% Notes due 2026 are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. Certain of the initial purchasers in the private offerings of the outstanding 4.875% Notes due 2026 have advised us that they intend to make a market in the 4.875% Notes due 2026 as permitted by applicable laws and regulations; however, the initial purchasers are not obligated to make a market in any of the 4.875% Notes due 2026, and they may discontinue their market-making activities at any time without notice. Accordingly, we cannot assure you that an active and liquid trading market will develop or continue for the 4.875% Notes due 2026, that you will be able to sell your 4.875% Notes due 2026 at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the 4.875% Notes due 2026 may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the 4.875% Notes due 2026 for an indefinite period of time.

A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the 4.875% Notes due 2026, if any, could cause the liquidity or market value of the 4.875% Notes due 2026 to decline significantly.

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the 4.875% Notes due 2026. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the 4.875% Notes due 2026. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any initial purchaser of the 4.875% Notes due 2026 undertakes any obligation to maintain our credit ratings or to advise holders of the 4.875% Notes due 2026 of any changes in our credit ratings.

The 4.875% Notes due 2026 are subject to periodic review by independent credit rating agencies. Such ratings are limited in scope and do not address all material risks relating to an investment in the 4.875% Notes due 2026, but rather reflect only the view of each rating agency at the time the rating is issued. An explanation of the significance of such rating may be obtained from such rating agency. There can be no assurance that their respective credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the applicable ratings agency if in its judgment future circumstances relating to the basis of the credit rating, such as adverse changes in our business, financial condition and results of operations, so warrant.

An increase in market interest rates could result in a decrease in the market value of the 4.875% Notes due 2026.

The condition of the financial markets and fluctuations in prevailing interest rates could have an adverse effect on the market prices of the 4.875% Notes due 2026. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. Consequently, if you purchase 4.875% Notes due 2026 bearing interest at fixed rates and market interest rates increase, the market values of those 4.875% Notes due 2026 may decline. We cannot predict the future level of market interest rates.

The indenture governing the 4.875% Notes due 2026 contains limited protection for holders of the 4.875% Notes due 2026.

The indenture governing the 4.875% Notes due 2026 offers limited protection to holders of the 4.875% Notes due 2026. The terms of the indenture and the 4.875% Notes due 2026 do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on your investment in the 4.875% Notes due 2026. In particular, the terms of the indenture and the 4.875% Notes due 2026 do not place any restrictions on our or our subsidiaries’ ability to:

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issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 4.875% Notes due 2026, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 4.875% Notes due 2026 to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 4.875% Notes due 2026 and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 4.875% Notes due 2026 with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(2) of the 1940 Act;

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pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 4.875% Notes due 2026, including preferred stock or subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar SEC no-action or other

relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code;

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sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

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enter into transactions with affiliates;

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create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

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make investments; or

•

create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the terms of the indenture and the 4.875% Notes due 2026 do not protect holders of the 4.875% Notes due 2026 in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they will not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity other than as described above.

Our ability to recapitalize, incur additional debt and take a number of other actions are not limited by the terms of the 4.875% Notes due 2026 and may have important consequences for you as a holder of the 4.875% Notes due 2026, including making it more difficult for us to satisfy our obligations with respect to the 4.875% Notes due 2026 or negatively affecting the trading value of the 4.875% Notes due 2026.

Other debt we issue or incur in the future could contain more protections for its holders than the indenture and the 4.875% Notes due 2026, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the 4.875% Notes due 2026.

The optional redemption provision may materially adversely affect your return on the Exchange Notes.

The 4.875% Notes due 2026 are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the 4.875% Notes due 2026 at times when prevailing interest rates are lower than the interest rate paid on the 4.875% Notes due 2026. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the 4.875% Notes due 2026 being redeemed.

We may not be able to repurchase the 4.875% Notes due 2026 upon a Change of Control Repurchase Event.

We may not be able to repurchase the 4.875% Notes due 2026 upon a Change of Control Repurchase Event (as defined in the indenture governing the 4.875% Notes due 2026) if we do not have sufficient funds. Upon a Change of Control Repurchase Event, holders of the 4.875% Notes due 2026 may require us to repurchase for cash some or all of the 4.875% Notes due 2026 at a repurchase price equal to 100% of the aggregate principal amount of the 4.875% Notes due 2026 being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. Our failure to purchase such tendered 4.875% Notes due 2026 upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the indenture governing the 4.875% Notes due 2026 and may cause a cross-default under the agreements governing certain of our other indebtedness, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If a Change of Control Repurchase Event were to occur, we may not have sufficient funds to repay any such accelerated indebtedness and/or to make the required repurchase of the 4.875% Notes due 2026.

Risks Relating to Acquisitions

If we sell investments acquired as a result of our prior strategic acquisitions, it may result in capital gains and increase the incentive fees payable to the Adviser.

Investments that we acquired as a result of our prior strategic acquisitions, including the GARS Acquisition and the HCAP Acquisition, are booked at a discount under ASC 805-50, Business Combinations–Related Issues. To the extent we sell one of these acquired investments at a price that is higher than its then-amortized cost, such sale would result in realized capital gain that would be factored into the amount of the incentive fee on capital gains, if any, that is paid by us to the Adviser. If we sell a significant portion of the investments acquired as a result of our prior strategic acquisitions, including the GARS Acquisition and the HCAP Acquisition, it may materially increase the incentive fee on capital gains paid to the Adviser. The effect on the incentive fee on capital gains would be greater for acquired investments sold closer to the closing date of the applicable acquisition.

We may be unable to realize the benefits anticipated by our prior strategic acquisitions, including estimated cost savings, or it may take longer than anticipated to realize such benefits.

The realization of certain benefits anticipated as a result of our prior strategic acquisitions, including the GARS Acquisition and the HCAP Acquisition, will depend in part on the integration of such companies’ investment portfolio with ours and the integration of their business. There can be no assurance that the investment portfolio or business of any such companies can be operated profitably or integrated successfully into our operations in a timely fashion or at all. The dedication of management resources to such integration may divert attention from the day-to-day business of the combined company and there can be no assurance that there will not be substantial costs associated with the transition process or there will not be other material adverse effects as a result of these integration efforts. Such effects, including incurring unexpected costs or delays in connection with such integration and failure of such companies' investment portfolio to perform as expected, could have a material adverse effect on our results of operations.

We also expect to achieve certain cost savings from our prior strategic acquisitions, including the GARS Acquisition and the HCAP Acquisition, when the two companies have fully integrated their portfolios. It is possible that the estimates of the potential cost savings could ultimately be incorrect. The cost savings estimates also assume we will be able to combine the operations of us and such companies in a manner that permits those cost savings to be fully realized. If the estimates turn out to be incorrect or if we are not able to successfully combine the investment portfolio or business of any such companies with our operations, the anticipated cost savings may not be fully realized, or realized at all, or may take longer to realize than expected.

General Risk Factors

We, our Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Our cash and our Adviser’s cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions,

transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Adviser’s and our portfolio companies’ business, financial condition, results of operations or prospects.

Although we and our Adviser assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us, our Adviser or our portfolio companies, the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.

Economic recessions or downturns could have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our portfolio companies to repay loans.

Economic recessions or downturns could result in a prolonged period of market illiquidity which could have a material adverse effect on our business, financial condition and results of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results.

In the event of economic recessions and downturns, the financial results of middle-market companies, like those in which we invest, will likely experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Additionally, the end markets for certain of our portfolio companies’ products and services would likely experience negative financial trends. The performances of certain of our portfolio companies have been, and may continue to be, negatively impacted by these economic or other conditions, which may ultimately result in our receipt of a reduced level of interest income from our portfolio companies and/or losses or charge offs related to our investments, and, in turn, may adversely affect distributable income. Further, adverse economic conditions may decrease the value of collateral securing some of our loans and the value of our equity investments. As a result, we may need to modify the payment terms of our investments, including changes in payment-in-kind interest provisions and/or cash interest rates. These factors may result in our receipt of a reduced level of interest income from our portfolio companies and/or losses or charge offs related to our investments, and, in turn, may adversely affect distributable income and have a material adverse effect on our results of operations.

The United States and global capital markets may, from time to time, experience periods of disruption characterized by the freezing of available credit, a lack of liquidity in the debt capital markets, significant losses in the principal value of investments, the re-pricing of credit risk in the broadly syndicated credit market, the failure of major financial institutions or general volatility in the financial markets. For example, over the past few years, general economic conditions deteriorated with material and adverse consequences for the broader financial and credit markets, and the availability of debt and equity capital for the market as a whole, and financial services firms in particular, was reduced significantly. In addition, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate, and we cannot assure you that these market conditions will not continue or worsen in the future.

We may in the future have difficulty accessing debt and equity capital markets, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic and political conditions, including future recessions, political instability, geopolitical turmoil and foreign hostilities, and disease, pandemics and other serious health events, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Events outside of our control, including public health crises, could negatively affect our portfolio companies, our investment adviser and the results of our operations.

Periods of market volatility could continue to occur in response to pandemics or other events outside of our control. We, the Adviser, and the portfolio companies in which we invest in could be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, such as acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, acts of war, terrorism, labor strikes, major plant breakdowns, pipeline or electricity line ruptures, failure of technology, defective design and construction, accidents, demographic changes, government macroeconomic policies, social instability, etc.). Some force majeure events could adversely affect the ability of a party (including us, the Adviser, a portfolio company or a counterparty to us, the Adviser, or a portfolio company) to perform its obligations until it is able to remedy the force majeure event or could lead to the unavailability of essential equipment and technologies. These risks could, among other effects, adversely impact the cash flows available from a portfolio company, cause personal injury or loss of life, damage property, or instigate disruptions of service. Certain events causing catastrophic loss could be either uninsurable, or insurable at such high rates as to adversely impact us, the Adviser, or portfolio companies, as applicable, and insurance proceeds received, if any, could be inadequate to completely or even partially cover any loss of revenues or investments, any increases in operating and maintenance expenses, or any replacements or rehabilitation of property. Force majeure events that are incapable of or are too costly to cure could have permanent adverse effects.

In addition, certain force majeure events (such as events of war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which we invest or our portfolio companies operate specifically. Such force majeure events could result in or coincide with: increased volatility in the global securities, derivatives and currency markets; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; less governmental regulation and supervision of the securities markets and market participants and decreased monitoring of the markets by governments or self-regulatory organizations and reduced enforcement of regulations; limited, or limitations on, the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last

many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more portfolio companies or its assets, could result in a loss to us, including if the investment in such portfolio companies is canceled, unwound or acquired (which could result in inadequate compensation). Any of the foregoing could therefore adversely affect the performance of us and our investments.

Global economic, political and market conditions, including downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.

The current global financial market situation, as well as various social and political tensions in the United States and around the world (including the deterioration in the bilateral relationship between the United States and China, the conflict between Russia and Ukraine, and the conflict between Hamas and Israel), may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the United States and worldwide. The impact of downgrades by rating agencies to the U.S. government’s sovereign credit rating or its perceived creditworthiness as well as potential government shutdowns and uncertainty surrounding transfers of power could adversely affect the United States and global financial markets and economic conditions. In addition, there will likely continue to be considerable uncertainty as to the United Kingdom’s post-transition and post-withdrawal framework following its withdrawal from the European Union (“Brexit”), in particular as to the arrangements which will apply to its relationships with the European Union and with other countries. The new Trade and Cooperation Agreement reached between the European Union and the United Kingdom in late 2020 may lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European and global markets for some time.

Additionally, the U.S. political environment and uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current presidential administration, could lead to disruption, instability and volatility in the global markets. Trade wars and volatility in the U.S. repo market, the U.S. high yield bond markets, the Chinese stock markets and global markets for commodities may affect other financial markets worldwide. We monitor developments in economic, political and market conditions and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

The ongoing Russian invasion of Ukraine and related sanctions have increased global political and economic uncertainty, which may have a material adverse impact on us and our portfolio companies.

The ongoing Russian invasion of Ukraine which began in February 2022 has resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices and increased global political and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations. There is also the risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in Russia or Ukraine, they may experience adverse consequences related to the ongoing conflict.

Our businesses may be adversely affected by litigation and regulatory proceedings.

From time to time, we may be subject to legal actions as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas. In any such claims or actions, demands for substantial monetary damages may be asserted against us and may result in financial liability or an adverse effect on our reputation among investors. In connection with acquisitions of, and investments in, businesses complementary to our business, we have been and may be in the future subject to securities litigation or shareholder activism in connection with such acquisitions or investments. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. We may be unable to accurately estimate our exposure to litigation risk when we record balance sheet reserves for probable loss contingencies. As a result, any reserves we establish to cover any settlements or judgments may not be sufficient to cover our actual financial exposure, which may have a material impact on our results of operations or financial condition. In regulatory enforcement matters, claims for disgorgement, the imposition of penalties and the imposition of other remedial sanctions are possible.

Annual Coverage Return Rate [Percent]

150.00%

Effects of Leverage [Table Text Block]


Assumed Return on Our Portfolio(1) (net of expenses)	-10%	-5%	0%	5%	10%
Corresponding return to common stockholder	-34.7%	-22.0%	-9.3%	3.4%	16.1%

(1)

Assumes $453.6 million in total assets, $178.5 million in net assets, and $267.5 million in par value of outstanding borrowings with a weighted average interest rate of 6.2% as of December 31, 2024.

Return at Minus Ten [Percent]

^[1]

(34.70%)

Return at Minus Five [Percent]

^[1]

(22.00%)

Return at Zero [Percent]

^[1]

(9.30%)

Return at Plus Five [Percent]

^[1]

3.40%

Return at Plus Ten [Percent]

^[1]

16.10%

Share Price [Table Text Block]

PRICE RANGE OF COMMON STOCK

The following table sets forth, for each fiscal quarter during the last two fiscal years and the current fiscal year to date, the net asset value, or NAV, per share of our common stock, the high and low closing sales prices for our common stock and such sales prices as a percentage of NAV per share.


							Premium /			Premium /
							(Discount)			(Discount)
			Closing Sale Prices(2)				of High Sale			of Low Sale
Period	NAV(1)		High		Low		Price to NAV(3)			Price to NAV(3)
First quarter of 2025 (as of March 10, 2025)	*		$	17.45	$	16.10	*			*
Fourth quarter of 2024	$	19.41	$	18.70	$	16.28		(3.66	)%		(16.13	)%
Third quarter of 2024	$	20.36	$	19.86	$	18.15		(2.47	)%		(10.87	)%
Second quarter of 2024	$	21.21	$	20.49	$	18.97		(3.40	)%		(10.57	)%
First quarter of 2024	$	22.57	$	19.50	$	18.20		(13.59	)%		(19.35	)%
Fourth quarter of 2023	$	22.76	$	19.30	$	16.55		(15.20	)%		(27.28	)%
Third quarter of 2023	$	22.65	$	20.81	$	18.88		(8.12	)%		(16.64	)%
Second quarter of 2023	$	22.54	$	21.10	$	18.86		(6.39	)%		(16.33	)%
First quarter of 2023	$	23.56	$	23.39	$	20.28		(0.70	)%		(13.91	)%

(1)

NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)

Closing sales price as provided by the NASDAQ Global Select Market.

(3)

Calculated as of the respective high or low closing sales price divided by the quarter end NAV.

* Not determinable at the time of filing.

On March 10, 2025, the reported closing sales price of our common stock was $16.93 per share.

Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount from net asset value per share or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value per share will decrease. It is not possible to predict whether our common stock will trade at, above, or below net asset value per share. Since our initial public offering in December 2006, our shares of common stock have traded at prices both less than and exceeding our net asset value per share.

Lowest Price or Bid

$ 16.1

$ 16.28

$ 18.15

$ 18.97

$ 18.2

$ 16.55

$ 18.88

$ 18.86

$ 20.28

Highest Price or Bid

17.45

$ 18.7

$ 19.86

$ 20.49

$ 19.5

$ 19.3

$ 20.81

$ 21.1

$ 23.39

Highest Price or Bid, Premium (Discount) to NAV [Percent]

(3.66%)

(2.47%)

(3.40%)

(13.59%)

(15.20%)

(8.12%)

(6.39%)

(0.70%)

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(16.13%)

(10.87%)

(10.57%)

(19.35%)

(27.28%)

(16.64%)

(16.33%)

(13.91%)

Share Price

$ 16.93

$ 16.34

^[2]

$ 18.19

^[2]

$ 16.34

^[2]

$ 23

$ 24.76

$ 19.1

$ 21.2

NAV Per Share

$ 19.41

^[2]

$ 20.36

$ 21.21

$ 22.57

$ 22.76

^[2]

$ 22.65

$ 22.54

$ 23.56

$ 19.41

^[2]

$ 24.23

$ 28.88

$ 28.77

$ 33.95

Announcement and Pendency of Merger With LRFC [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The announcement and pendency of the merger with LRFC could adversely affect the Company’s businesses, financial results and operations.

Reduction in Percentage Ownership and Voting Power [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Most stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Mergers.

Termination of Merger Agreement [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The termination of the Merger Agreement could negatively impact the Company.

If the Merger Agreement is terminated, there may be various consequences, including:

•

LRFC and the Company would not realize the anticipated benefits of the Mergers.

Merger Agreement Limits Ability to Pursue Alternatives to Mergers [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The Merger Agreement limits the ability of the Company to pursue alternatives to the Mergers.

Operational Uncertainties and Contractual Restrictions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The Company will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.

Not Benefit From Expenses Incurred in Pursuit of Mergers [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

If the Mergers do not close, the Company will not benefit from the expenses it has incurred in pursuit of the Mergers.

Litigation [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Litigation filed against LRFC or the Company in connection with the Mergers could result in substantial costs and could delay or prevent the Mergers from being completed.

Closing Conditions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Impact of Internal controls in Business and Operating Results [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Ineffective internal controls could impact our business and operating results.

Risk Investing in Shares [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Investing in shares of our common stock may involve an above average degree of risk.

Distributions Payment Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may not be able to pay distributions to our stockholders, our distributions may not grow over time, and a portion of distributions paid to our stockholders may be a return of capital.

CLO Fund Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may not receive any return on our investment in the CLO Funds in which we have invested.

Contingent Liabilities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The disposition of our investments may result in contingent liabilities.

Investments in Foreign Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.

Lack of Liquidity [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The lack of liquidity in our investments may adversely affect our business.

Investments in Equity Securities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our investments in equity securities involve a substantial degree of risk.

Second Priority Liens on Collateral Securing Loans [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Conflicts of Interest by Compensation Arrangements [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Adviser Incentive Compensation [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may be obligated to pay the Adviser incentive compensation even if it incurs a net loss due to a decline in the value of our portfolio.

Conflicts of Interest Related to Obligations [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

There may be conflicts of interest related to obligations that the Adviser’s senior management and investment team has to other clients.

Additional Competition Due to Individuals Employed by Adviser [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Incentive Fees [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our base management and incentive fees may induce the Adviser to make speculative investments or to incur leverage.

Key Personnel [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.

Conflicts of Interest Due to Additional Consultants [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Increase in Fees and Reduction of Cash Flow Available for Distribution to Stockholders Due to Influence by Adviser in Operations [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The Adviser’s influence on conducting our operations gives it the ability to increase its fees, which may reduce the amount of cash flow available for distribution to our stockholders.

Liability Limit of Adviser Under Advisory Agreement [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Right of Resignation by Adviser [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Competitive Market for Investment Opportunities [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We operate in a highly competitive market for investment opportunities.

Debt Investments [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

Ability to Achieve Investment Objective [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

If the Adviser is unable to source investments effectively, we may be unable to achieve our investment objectives and provide returns to stockholders.

RIC Status [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may have difficulty paying distributions required to maintain our RIC status if we recognize income before or without receiving cash equal to such income.

Indication of Future Realized Losses [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Any unrealized losses we experience on our loan portfolio may be an indication of future realized losses, which could reduce our resources available to make distributions.

Fluctuations in Quarterly and Annual Operating Results and Credit Spreads [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may experience fluctuations in our quarterly and annual operating results and credit spreads.

Risks Associated With Changes in Interest Rates and Spreads [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We are exposed to risks associated with changes in interest rates and spreads.

Expansion in Business Through Acquisitions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may from time to time expand our business through acquisitions, which could disrupt our business and harm our financial condition.

•

failure of the acquired businesses to achieve the results we expect;

•

substantial cash expenditures;

•

diversion of capital and management attention from operational matters;

•

our inability to retain key personnel of the acquired businesses

•

incurrence of debt and contingent liabilities and risks associated with unanticipated events or liabilities; and

•

the potential disruption and strain on our existing business and resources that could result from our planned growth and continuing integration of our acquisitions.

Investment in Joint Ventures, Partnerships or Other Special Purpose Vehicles [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Authority of Board to Change Investment Objectives Operating Policies and Strategies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval.

Regulatory Governance Affects Ability to Raise Additional Capital [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.

Application of Risk Retention Rules [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Ability to Enter Into Transactions With Our Affiliates is Restricted [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our ability to enter into transactions with our affiliates is restricted.

Application of Additional Regulatory Burdens [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

A failure on our part to maintain our status as a BDC or the application of additional regulatory burdens would significantly reduce our operating flexibility.

Securities Litigation or Stockholder Activism [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk To Maintain RIC Tax Treatment [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We will be subject to corporate-level U.S. federal income taxes if we are unable to qualify as a RIC under Subchapter M of the Code.

To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements:

•

The source income requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources.

•

Leverage Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.


Assumed Return on Our Portfolio(1) (net of expenses)	-10%	-5%	0%	5%	10%
Corresponding return to common stockholder	-34.7%	-22.0%	-9.3%	3.4%	16.1%

(1)

Assumes $453.6 million in total assets, $178.5 million in net assets, and $267.5 million in par value of outstanding borrowings with a weighted average interest rate of 6.2% as of December 31, 2024.

indebtedness [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our indebtedness could adversely affect our financial health and our ability to respond to changes in our business.

•

we are required to dedicate a portion of our cash flow to interest payments, limiting the availability of cash for dividends and other purposes; and

•

our ability to obtain additional financing in the future may be impaired.

Revolving Credit Facility Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Provisions in Revolving Credit Facility [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Provisions in the Revolving Credit Facility or any other future borrowing facility may limit our discretion in operating our business.

Investments in Collateralized Loan Obligation [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We hold investments in a collateralized loan obligation vehicle, which investments are subject to a number of significant risks.

Investments in CLOs involve a number of significant risks, including:

•

CLOs typically are comprised of a portfolio of senior secured loans; payments on CLO investments are and will be payable solely from the cash-flows from such senior secured loans;

•

CLO investments are exposed to leveraged credit risk;

•

CLO Funds are highly leveraged;

•

there is the potential for interruption and deferral of cash-flow from CLO investments;

•

interest rates paid by corporate borrowers are subject to volatility;

•

the inability of a CLO collateral manager to reinvest the proceeds of the prepayment of senior secured loans may adversely affect us;

•

our CLO investments are subject to prepayments and calls, increasing re-investment risk;

•

we have limited control of the administration and amendment of senior secured loans owned by the CLOs in which we invest;

•

we have limited control of the administration and amendment of any CLO in which we invest;

•

senior secured loans of CLOs may be sold and replaced resulting in a loss to us;

•

non-investment grade debt involves a greater risk of default and higher price volatility than investment grade debt.

Additional Capital to Finance Growth [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Because we intend to continue to distribute substantially all of our income and net realized capital gains to our stockholders, we will need additional capital to finance our growth.

Information Technology Systems Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risks Associated with Our Information Technology Systems

Disruptions in current systems or difficulties in integrating new systems.

Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.

Disruptions in Current Systems or Difficulties in Integrating New Systems [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Disruptions in current systems or difficulties in integrating new systems.

Internal and External Cyber Threats [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.

Inflation Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Investments Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our investments may be risky, and you could lose all or part of your investment.

Middle Market Companies. Investments in middle market companies also involve a number of significant risks, including:

•

difficulty accessing the capital markets to meet future capital needs; and

•

generally less publicly available information about their businesses, operations and financial condition.

CLO Fund Investments. Investments in CLO Funds also involve a number of significant risks, including:

•

CLOs typically are comprised of a portfolio of senior secured loans; payments on CLO investments are and will be payable solely from the cash-flows from such senior secured loans;

•

CLO investments are exposed to leveraged credit risk;

•

CLO Funds are highly leveraged;

•

there is the potential for interruption and deferral of cash-flow from CLO investments;

•

interest rates paid by corporate borrowers are subject to volatility;

•

the inability of a CLO collateral manager to reinvest the proceeds of the prepayment of senior secured loans may adversely affect us;

•

our CLO investments are subject to prepayments and calls, increasing re-investment risk;

•

we have limited control of the administration and amendment of any CLO in which we invest;

•

senior secured loans of CLOs may be sold and replaced resulting in a loss to us;

•

non-investment grade debt involves a greater risk of default and higher price volatility than investment grade debt.

Fair Value of Investments [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our portfolio investments for which there is no readily available market, including our investment in our Joint Ventures and our investments in CLO Funds, are recorded at fair value. As a result, there is uncertainty as to the value of these investments.

Default on Obligations by Investment Issuers [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Defaults by Portfolio Companies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Defaults by our portfolio companies could harm our operating results.

Debt or Minority Equity Investments in Portfolio Companies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Limited Access to Information about Privately Held Companies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may have limited access to information about privately held companies in which we invest.

Prepayments of Debt Investments by Portfolio Companies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Prepayments of our debt investments by our portfolio companies could negatively impact our operating results.

Debt Equal with or Senior to Investments in Portfolio Companies [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our portfolio companies may incur debt that ranks equal with, or senior to, our investments in such companies.

Risk in Market Price of Common Stock [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk in Share Price Volatility [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our share price may be volatile and may fluctuate substantially.

•

price and volume fluctuations in the overall stock market from time to time;

•

our inability to deploy or invest our capital;

•

fluctuations in interest rates;

•

any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•

operating performance of companies comparable to us;

•

changes in regulatory policies or tax rules, particularly with respect to RICs or BDCs;

•

inability to maintain our qualification as a RIC for U.S. federal income tax purposes;

•

changes in earnings or variations in operating results;

•

changes in the value of our portfolio;

•

general economic conditions and trends; and

•

departure of key personnel.

Risk in Delaware General Corporation Law and Certificate of Incorporation and Bylaws [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

Risk of Selling Investments Acquired as Result of Prior Strategic Acquisitions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

If we sell investments acquired as a result of our prior strategic acquisitions, it may result in capital gains and increase the incentive fees payable to the Adviser.

Risk of Unable to Realize Benefits Anticipated by Prior Strategic Acquisitions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may be unable to realize the benefits anticipated by our prior strategic acquisitions, including estimated cost savings, or it may take longer than anticipated to realize such benefits.

Risk in Maintaining Cash Balances That Exceed Federally Insured Limits [member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk of Economic Recessions or Downturns [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk of Capital Markets Conditions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risk of Major Public Health Issues [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Events outside of our control, including public health crises, could negatively affect our portfolio companies, our investment adviser and the results of our operations.

many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Risk of Terrorist Attacks, Acts of War or Natural Disasters [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Global economic, political and market conditions, including downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.

Risk of Russian Invasion of Ukraine [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The ongoing Russian invasion of Ukraine and related sanctions have increased global political and economic uncertainty, which may have a material adverse impact on us and our portfolio companies.

Risk of Litigation and Regulatory Proceedings [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Our businesses may be adversely affected by litigation and regulatory proceedings.

4.875% Notes Due 2026 [Member] | Risk of Unsecured Notes [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The 4.875% Notes due 2026 are unsecured and therefore are effectively subordinated to any secured indebtedness we may incur.

4.875% Notes Due 2026 [Member] | Risk of Subordinated Notes [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The 4.875% Notes due 2026 are subordinated structurally to the indebtedness and other liabilities of our subsidiaries.

4.875% Notes Due 2026 [Member] | Risk of No Public Market for Notes [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

4.875% Notes Due 2026 [Member] | Risk of Credit Rating [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

4.875% Notes Due 2026 [Member] | Risk of Increase in Market Interest Rates [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

An increase in market interest rates could result in a decrease in the market value of the 4.875% Notes due 2026.

4.875% Notes Due 2026 [Member] | Risk of Limited Protection for Holders [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The indenture governing the 4.875% Notes due 2026 contains limited protection for holders of the 4.875% Notes due 2026.

•

sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

•

enter into transactions with affiliates;

•

create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

•

make investments; or

•

create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

4.875% Notes Due 2026 [Member] | Risk of Optional Redemption Provision [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

The optional redemption provision may materially adversely affect your return on the Exchange Notes.

4.875% Notes Due 2026 [Member] | Risk of Change of Control Repurchase Event [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We may not be able to repurchase the 4.875% Notes due 2026 upon a Change of Control Repurchase Event.

[1]	Assumes $453.6 million in total assets, $178.5 million in net assets, and $267.5 million in par value of outstanding borrowings with a weighted average interest rate of 6.2% as of December 31, 2024.
[2]	Totals may not sum due to rounding.

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Interest income:

Total interest income

$ 46,895

$ 58,403

$ 54,240

Payment-in-kind income:

Total payment-in-kind income

8,186

7,068

5,608

Dividend income:

Total dividend income

6,576

8,948

8,591

Fees and other income:

Total fees and other income

775

1,896

1,175

Total investment income

62,432

76,315

69,614

EXPENSES

Management fees

6,559

7,452

8,349

Performance-based incentive fees

5,012

7,374

6,126

Interest and amortization of debt issuance costs

20,782

25,306

17,701

Professional fees

1,873

1,999

2,768

Administrative services expense

1,771

2,377

3,364

Directors' expense

610

630

632

Other general and administrative expenses

1,781

1,713

1,784

Total expenses

38,388

46,851

40,724

Expense reimbursement

(5,309)

Net expenses

38,388

41,542

40,724

NET INVESTMENT INCOME

24,044

34,773

28,890

Net realized gains (losses) from investment transactions

Net realized gain (loss) from derivatives

(2,095)

Net realized gain (loss) on investments

(31,183)

(26,766)

(31,185)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on derivatives

220

2,412

Net change in unrealized gain (loss) on investments

1,006

3,322

(17,915)

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

853

414

(786)

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

(29,324)

(23,030)

(49,886)

Realized gains (losses) on extinguishment of debt

(655)

(362)

Net increase (decrease) in net assets resulting from operations

$ (5,935)

$ 11,381

$ (20,996)

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Net increase (decrease) in net assets per share from operations - basic

^[1]

$ (0.64)

$ 1.2

$ (2.18)

Net increase (decrease) in net assets per share from operations - diluted

(0.64)

1.2

(2.18)

Net Investment Income Per Common Share:

Basic and Diluted:

^[1],[2]

$ 2.59

$ 3.66

$ 3

Weighted average common stock outstanding - basic

9,272,809

9,509,396

9,634,468

Weighted average common stock outstanding - diluted

9,272,809

9,509,396

9,634,468

Non-controlled/Non-affiliated Investments

Interest income:

Total interest income

$ 45,036

$ 55,675

$ 51,090

Payment-in-kind income:

Total payment-in-kind income

^[3]

7,472

6,662

4,950

Fees and other income:

Total fees and other income

775

1,882

1,135

Net realized gains (losses) from investment transactions

Net realized gain (loss) from investments

(23,205)

(26,334)

(28,893)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

(2,446)

6,696

(8,298)

Non-controlled Affiliated Investments

Interest income:

Total interest income

1,859

2,728

3,150

Payment-in-kind income:

Total payment-in-kind income

714

406

477

Dividend income:

Total dividend income

6,576

6,764

4,450

Fees and other income:

Total fees and other income

Net realized gains (losses) from investment transactions

Net realized gain (loss) from investments

(1,334)

(399)

(197)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

(4,085)

980

(1,428)

Controlled Affiliated Investments

Payment-in-kind income:

Total payment-in-kind income

181

Dividend income:

Total dividend income

2,184

4,141

Net realized gains (losses) from investment transactions

Net realized gain (loss) from investments

(6,644)

(33)

Net change in unrealized appreciation (depreciation) on:

Net change in unrealized appreciation (depreciation) on investments

$ 7,317

$ (4,354)

$ (10,601)

[1]	Totals may not sum due to rounding.
[2]	Based on weighted average number of common shares outstanding for the period.
[3]	During the years ended December 31, 2024, December 31, 2023 and December 31, 2022, the Company received $0.1 million, $0.6 million and $— million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

Investments - Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 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

^[1]

(19,199)

Transfers into Level III

65,325

^[2]

1,643

^[3]

Net accretion

4,618

7,315

Purchases

80,875

42,233

Sales/Paydowns/Return of Capital

(117,271)

(120,635)

Total realized gain (loss) included in earnings

(29,380)

(23,940)

Change in unrealized gain (loss) included in earnings

2,188

(1,059)

Ending balance

363,883

357,528

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

$ (26,976)

$ (13,680)

Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Gross Investment Income, Operating

First Lien Debt

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

$ 289,295

$ 359,648

Transfers out of Level III

^[1]

(18,021)

Transfers into Level III

^[2]

47,303

Net accretion

2,991

5,034

Purchases

70,344

40,727

Sales/Paydowns/Return of Capital

(101,614)

(95,846)

Total realized gain (loss) included in earnings

(11,908)

(704)

Change in unrealized gain (loss) included in earnings

(6,454)

(1,543)

Ending balance

289,957

289,295

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(18,958)

(6,242)

Second Lien Debt

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

23,232

50,453

Transfers out of Level III

^[1]

(1,178)

Transfers into Level III

18,022

^[2]

1,643

^[3]

Net accretion

116

283

Purchases

2,361

857

Sales/Paydowns/Return of Capital

(10,526)

(26,708)

Total realized gain (loss) included in earnings

(7,868)

(1,124)

Change in unrealized gain (loss) included in earnings

3,659

(994)

Ending balance

28,996

23,232

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(2,312)

(2,037)

Subordinated Debt

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

1,225

Purchases

997

Sales/Paydowns/Return of Capital

(511)

5,568

Total realized gain (loss) included in earnings

(417)

Change in unrealized gain (loss) included in earnings

446

(4,386)

Ending balance

1,740

1,225

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(1,932)

(4,388)

Equity

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

20,533

21,905

Purchases

7,173

649

Sales/Paydowns/Return of Capital

(1,552)

Total realized gain (loss) included in earnings

(6,611)

3,334

Change in unrealized gain (loss) included in earnings

3,589

(3,803)

Ending balance

24,762

20,533

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

(4,721)

(2,082)

Collateralized Loan Obligations

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Beginning balance

8,968

20,453

Net accretion

1,511

1,998

Sales/Paydowns/Return of Capital

(2,722)

(2,097)

Total realized gain (loss) included in earnings

(2,576)

(25,446)

Change in unrealized gain (loss) included in earnings

14,060

Ending balance

5,193

8,968

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

5,461

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

(1,976)

Change in unrealized gain (loss) included in earnings

716

(4,393)

Ending balance

13,015

14,275

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

716

$ (4,392)

Derivatives

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Change in unrealized gain (loss) included in earnings

220

Ending balance

220

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

$ 220

[1]	Transfers out of Level III represent a transfer of $19.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2023
[2]	Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.
[3]	Transfers into Level III represent a transfer of $1.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2023.

Earnings (Losses) Per Share - Schedule of Basic and Diluted Net Increase (Decrease) In Net Assets Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

^[1]

Dec. 31, 2020

^[1]

Earnings Per Share [Abstract]

Net Income (Loss)

$ (2,540)

$ (1,509)

$ (6,372)

$ 4,486

$ 6,995

$ 7,445

$ (3,114)

$ 55

$ (5,935)

$ 11,381

$ (20,996)

Weighted average common stock outstanding - basic

9,272,809

9,509,396

9,634,468

Weighted average common stock outstanding - diluted

9,272,809

9,509,396

9,634,468

Net increase (decrease) in net assets per share from operations - basic

$ (0.28)

$ (0.16)

$ (0.69)

$ 0.48

$ 0.74

$ 0.78

$ (0.33)

$ 0.01

$ (0.64)

^[1]

$ 1.2

^[1]

$ (2.18)

^[1]

$ 3.05

$ 6.32

Net increase (decrease) in net assets per share from operations - diluted

$ (0.28)

$ (0.16)

$ (0.69)

$ 0.48

$ 0.74

$ 0.78

$ (0.33)

$ 0.01

$ (0.64)

$ 1.2

$ (2.18)

[1]	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.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stockholders' Equity - Additional Information (Details) - USD ($)

12 Months Ended

Mar. 06, 2023

Mar. 08, 2022

Mar. 11, 2021

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Mar. 11, 2024

Dec. 31, 2021

Mar. 08, 2021

Dec. 31, 2020

Termination date of stock repurchase program

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2022

Common stock issued under dividend reinvestment plan

17,400

26,529

Shares outstanding at end of period

^[1]

9,198,175

9,383,132

9,581,536

9,699,695

7,516,423

Stock repurchases, value

$ 3,832,000

$ 4,355,000

$ 3,831,000

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

2022 Stock Repurchase Program

Stock repurchase program, authorized amount

$ 10,000,000

Period of stock repurchase program

1 year

2023 Stock Repurchase Program

Stock repurchase program, authorized amount

$ 10,000,000

Renewed Stock Repurchase Program

Stock repurchase program, authorized amount

$ 10,000,000

2023 Stock Repurchase Program and Renewed Stock Repurchase Program

Stock repurchases, shares

202,357

Stock repurchases, value

$ 3,800,000

2023 Stock Repurchase Program and 2022 Stock Repurchase Program

Stock repurchases, shares

224,933

Stock repurchases, value

$ 4,400,000

[1]	Totals may not sum due to rounding.

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2024

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data

10. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (in thousands, except share and per share amounts)


	For the Quarter Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total interest and related portfolio income	$	14,392		$	15,177		$	16,337		$	16,526
Net investment income	$	5,539		$	5,802		$	6,477		$	6,226
Net increase (decrease) in net assets resulting from operations	$	(2,540	)	$	(1,509	)	$	(6,372	)	$	4,486
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	(0.28	)	$	(0.16	)	$	(0.69	)	$	0.48
Net investment income per share – basic and diluted	$	0.60		$	0.63		$	0.70		$	0.67

	For the Quarter Ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total interest and related portfolio income	$	17,788		$	18,574		$	19,626		$	20,327
Net investment income(1)	$	11,163		$	7,166		$	7,915		$	8,529
Net increase (decrease) in net assets resulting from operations	$	6,995		$	7,445		$	(3,114	)	$	55
Net increase (decrease) in net assets resulting from operations per share – basic and diluted	$	0.74		$	0.78		$	(0.33	)	$	0.01
Net investment income per share – basic and diluted	$	1.19		$	0.75		$	0.83		$	0.89

(2)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Changes in Net Assets
$ in Thousands

12 Months Ended

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Operations:

Net investment income

$ 24,044

$ 34,773

$ 28,890

Net realized gains (losses) from investment transactions

(31,183)

(26,766)

(31,185)

Realized gains (losses) from extinguishments of debt

(655)

(362)

Net change in unrealized appreciation (depreciation) on investments

1,006

3,322

(17,915)

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

853

414

(786)

Net increase (decrease) in net assets resulting from operations

(5,935)

11,381

(20,996)

Stockholder distributions:

Distributions of ordinary income

(25,582)

(26,147)

(24,661)

Net decrease in net assets resulting from stockholder distributions

(25,582)

(26,147)

(24,661)

Capital share transactions:

Distribution reinvestment plan

324

516

1,111

Stock repurchases

(3,832)

(4,355)

(3,831)

Private placement and other

378

Net increase (decrease) in net assets resulting from capital share transactions

(3,508)

(3,839)

(2,342)

Beginning balance

213,518

^[1]

232,123

^[1]

280,122

^[1]

Ending balance

$ 178,493

^[1]

$ 213,518

^[1]

$ 232,123

^[1]

Net asset value per common share | $ / shares

$ 19.41

^[1]

$ 22.76

^[1]

$ 24.23

^[1]

Common shares outstanding at end of period | shares

9,198,175

^[1]

9,383,132

^[1]

9,581,536

^[1]

[1]	Totals may not sum due to rounding.

Subsequent Events - Additional Information (Details)							12 Months Ended
Subsequent Events - Additional Information (Details)	Mar. 13, 2025 $ / shares	Mar. 12, 2025 USD ($)	Jan. 29, 2025 USD ($)	Mar. 06, 2023	Mar. 08, 2022	Mar. 11, 2021	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Termination date of stock repurchase program				Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Incentive fees							$ 5,012,000	$ 7,374,000	$ 6,126,000
Subsequent Event
Subsequent Event [Line Items]
Percentage of net investment income in excess of quarterly base distribution	50.00%
Incentive fees			$ 1,500,000
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Merger related shares issued per LRFC shares converted in to right to receive			1.5
Subsequent Event \| O 2025 Q1 Dividends
Subsequent Event [Line Items]
Declared date	Mar. 13, 2025
Distribution payable date	Mar. 31, 2025
Date of record	Mar. 24, 2025
Cash Distribution \| Subsequent Event
Subsequent Event [Line Items]
Declared cash distribution of per share of common stock \| $ / shares	$ 0.07
Base Distribution \| Subsequent Event
Subsequent Event [Line Items]
Declared cash distribution of per share of common stock \| $ / shares	$ 0.47
2025 Stock Repurchase Program \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 10,000,000
Period of stock repurchase program		1 year
Termination date of stock repurchase program		Mar. 31, 2026

Related Party Transactions

12 Months Ended

Dec. 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

Removal of Adviser

Compensation of Adviser

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

Limitations of Liability and Indemnification

Board Approval of the Advisory Agreement

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.

Administration Agreement

Payment of Expenses under the Advisory and Administration Agreements

•

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;

•

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;

•

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

Related Party Trades

There were no transactions subject to Rule 17a-7 under the 1940 Act during the years ended December 31, 2024 or 2023.

- 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.

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

11. SEGMENT REPORTING

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Commitments and Contingencies - Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

$ 27,238

$ 28,566

Accordion Partners LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

913

Accordion Partners LLC (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

1,623

1,531

AMCP Pet Holdings, Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

350

Anthem Sports & Entertainment Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

307

Anthem Sports & Entertainment Inc. (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

BetaNXT, Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

1,401

2,174

Bradshaw International Parent Corp. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

922

CCMG Buyer, LLC (Care Connectors Medical Group) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

500

Centric Brands Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

1,166

Colonnade Intermediate, LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

Critical Nurse Staffing, LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

2,000

Dentive, LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

427

430

Dentive, LLC (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

117

186

Epilog Partners SPV III, LLC (Care Connectors Medical Group) | Equity

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

Fortis Payment Systems, LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

387

Franchise Group, Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

249

GreenPark Infrastructure, LLC - Series M-1 | Equity

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

1,829

H.W. Lochner, Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

4,142

IDC Infusion Services | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

130

1,065

Luminii LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

172

Morae Global Corporation | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

208

Netwrix Corporation | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

941

Netwrix Corporation (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

1,148

Newbury Franklin Industrials, LLC | Equity

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

987

PhyNet Dermatology LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

690

PMA Parent Holdings LLC (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

PMP OPCO, LLC (Princeton Medspa Partners, LLC) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

1,125

PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

188

Riddell Inc | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

636

Riskonnect Parent LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

5,000

Series A-Great Lakes Funding II LLC | Joint Ventures

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

8,165

5,473

TA/WEG Holdings, LLC | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

758

TA/WEG Holdings, LLC (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

784

Tactical Air Support, Inc. | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

286

VBC Spine Opco LLC (DxTx Pain and Spine LLC) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

^[1]

761

1,902

VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) | First Lien Debt

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]

Unfunded Portfolio Company Commitments, Par Value

$ 129

$ 258

[1]	Delayed draw term loan.

Borrowings - Additional Information (Details) - USD ($)

3 Months Ended

12 Months Ended

Jul. 23, 2024

Nov. 18, 2022

Apr. 29, 2022

Apr. 28, 2022

Jun. 23, 2021

Apr. 30, 2021

Jul. 18, 2019

Mar. 31, 2021

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

Oct. 28, 2020

Dec. 31, 2019

Dec. 18, 2019

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

6.20%

7.00%

Weighted average maturity on debt outstanding

2 years 1 month 6 days

3 years 8 months 12 days

Principal amount of borrowings

$ 158,157,000

$ 91,225,000

Gain (Loss) on Extinguishment of Debt

$ (655,000)

$ (362,000)

GLPRF LLC Member

Debt Instrument [Line Items]

Effective interest

2.80%

2.85%

Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:SecuredOvernightFinancingRateSofrMember

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

7.67%

7.84%

4.53%

Aggregate principal amount

$ 159,479,000

$ 92,000,000

$ 80,571,000

$ 49,321,000

$ 79,571,000

Unamortized debt offering costs

1,322,000

775,000

Percentage of minimum commitments utilization requirement

70.00%

Percentage of average daily unborrowed portion of financing commitments

0.55%

Initial principal amount

$ 115,000,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 200,000,000

$ 215,000,000

Principal amount of borrowings

159,500,000

Fair value of Revolving Credit Facility, but not carried

$ 160,300,000

$ 91,200,000

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | GLPRF LLC Member

Debt Instrument [Line Items]

Spread

2.50%

Debt instrument amended agreement, description

Committed seven-day bridge advance in aggregate principal amount subject to satisfaction of certain conditions

$ 18,300,000

Maturity date

Aug. 29, 2027

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | GLPRF LLC Member | Non-call Period

Debt Instrument [Line Items]

Maturity date

Apr. 29, 2025

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | Maximum | GLPRF LLC Member

Debt Instrument [Line Items]

Committed increase to aggregate principal amount not to exceed subject to satisfaction of certian conditions

$ 85,000,000

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]

Stated Maturity

^[1]

Nov. 20, 2029

Debt instrument outstanding amount

$ 18,250,000

2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Stated Maturity

^[1]

Nov. 20, 2029

Debt instrument outstanding amount

$ 12,922,000

4.875% Notes due 2026

Debt Instrument [Line Items]

Debt instrument, issuance date

Apr. 30, 2021

Debt discount

$ 2,400,000

$ 700,000

1,200,000

Debt offering costs

1,200,000

Fair value of outstanding debt

103,800,000

106,200,000

Unamortized debt offering costs

300,000

600,000

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

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

2018-2 Secured Notes

Debt Instrument [Line Items]

Weighted average stated interest rate on debt outstanding

7.99%

7.35%

3.51%

Aggregate principal amount

$ 125,683,000

$ 178,163,000

$ 163,863,000

$ 251,863,000

$ 312,000,000

Debt discount

$ 0

712,000

Fair value of outstanding debt

125,000,000

Debt instrument outstanding amount

Debt Instrument redemption, amount

$ 88,000,000

125,700,000

52,500,000

Gain (Loss) on Extinguishment of Debt

$ 900,000

$ 700,000

$ 400,000

2018-2 Secured Notes | CLO Facility | GARS Acquisition

Debt Instrument [Line Items]

Aggregate principal amount

420,000,000

Discount amortized over the remaining term

2,400,000

2018-2 Secured Notes | 2018-2 Secured Notes Class B-R Notes

Debt Instrument [Line Items]

Aggregate principal amount

18,300,000

2018-2 Secured Notes | 2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 50,000,000

Drew Amount

$ 14,300,000

Unfunded Amount

$ 25,000,000

Debt Instrument redemption, amount

$ 25,000,000

2018-2 Subordinated Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 108,000,000

[1]	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.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Unfunded commitment to investee	$ 27,238	$ 28,566

Taxable Income - Components of Accumulated Earnings on Tax Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retained Earnings (Accumulated Deficit) [Abstract]
Undistributed ordinary income	$ 4,586	$ 7,064	$ 4,917
Capital loss carryforward	(487,186)	(445,684)	(418,937)
Net unrealized depreciation	(53,330)	72,584	77,496
Total	$ (535,930)	$ (366,036)	$ (336,524)

Related Party Transactions - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income	17.50%
Percentage of hurdle rate	7.00%
Percentage of capital gains fee	17.50%
Management fees	$ 6,559,000	$ 7,452,000	$ 8,349,000
Incentive fees	5,012,000	7,374,000	6,126,000
Administrative services expense	$ 1,771,000	2,377,000	3,364,000
Adviser
Related Party Transaction [Line Items]
Administrative transition service reimbursed		5,300,000
Administrative services expense		1,100,000	2,100,000	$ 1,600,000	$ 500
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	$ 6,600,000	7,500,000	8,300,000
Incentive fees	$ 5,000,000	7,400,000	6,100,000
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	$ 1,800,000	$ 2,400,000	$ 3,400,000

Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Member	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investment Holdings [Line Items]
Fair Value	$ 405,021	$ 467,865
Unfunded commitment to investee	27,238	28,566
Level II
Investment Holdings [Line Items]
Fair Value	0	65,300
Joint venture
Investment Holdings [Line Items]
Investment income from investments in joint ventures	6,600	8,900	$ 8,600
Freedom 3 and Great Lakes Joint venture
Investment Holdings [Line Items]
Aggregate fair value of investments in joint venture	$ 54,200	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	$ 13,000	14,300
Series A-Great Lakes Funding II LLC
Investment Holdings [Line Items]
Percentage of voting interest	50.00%
Fair Value	$ 41,100	45,000
Unfunded commitment to investee	$ 8,200	$ 5,500

Taxable Income - Reconciliation of Net Increase (Decrease) in Net Assets Resulting From Operations to Taxable Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net (decrease) increase in net assets resulting from operations	$ (2,540)	$ (1,509)	$ (6,372)	$ 4,486	$ 6,995	$ 7,445	$ (3,114)	$ 55	$ (5,935)	$ 11,381	$ (20,996)
Tax (provision) benefit on realized and unrealized (gains) losses on investments									(853)	(414)	786
Net change in unrealized depreciation (appreciation) from investments									(1,006)	(3,322)	17,915
Excess capital losses over capital gains									31,839	27,128	31,185
Book/tax differences on CLO equity investments									(45)	(1,642)	72
Book/tax differences related to mergers and partnership investments									2,036	(4,631)	(586)
Other book/tax differences									448	859	1,203
Taxable income before deductions for distributions									$ 26,484	$ 29,359	$ 29,579
Taxable income before deductions for distributions per weighted average basic and diluted shares for the period									$ 2.86	$ 3.09	$ 3.07

Borrowings - Summary of 2018-2 Secured Notes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2024

Debt Instrument [Line Items]

Amortized Carrying Value

$ 322,410

$ 265,140

2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

12,818

Outstanding Principal at Par

$ 12,922

Rating

^[1]

AAA(sf)

Stated Maturity

^[2]

Nov. 20, 2029

2018-2 Secured Notes Class A-1T-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 39,369

Outstanding Principal at Par

$ 39,411

Rating

^[1]

AAA(sf)

Stated Maturity

^[2]

Nov. 20, 2029

2018-2 Secured Notes Class A-2-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 54,681

Outstanding Principal at Par

$ 55,100

Rating

^[1]

AA (sf)

Stated Maturity

^[2]

Nov. 20, 2029

2018-2 Secured Notes Class B-R Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 18,103

Outstanding Principal at Par

$ 18,250

Rating

^[1]

A (sf)

Stated Maturity

^[2]

Nov. 20, 2029

2018-2 Secured Notes

Debt Instrument [Line Items]

Amortized Carrying Value

$ 124,971

Outstanding Principal at Par

$ 125,683

Spread

5.63%

SOFR | 2018-2 Secured Notes Class A-1R-R Notes

Debt Instrument [Line Items]

Spread

^[3],[4]

1.58%

SOFR | 2018-2 Secured Notes Class A-1T-R Notes

Debt Instrument [Line Items]

Spread

^[4]

1.58%

SOFR | 2018-2 Secured Notes Class A-2-R Notes

Debt Instrument [Line Items]

Spread

^[4]

2.45%

SOFR | 2018-2 Secured Notes Class B-R Notes

Debt Instrument [Line Items]

Spread

^[4]

3.17%

SOFR | 2018-2 Secured Notes

Debt Instrument [Line Items]

Spread

0.26161%

[1]	Represents ratings from each of S&P and DBRS for the Class A-1 R-R Notes and the Class A-1 T-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 5.63% as of December 31, 2023.

Borrowings - Schedule of Information about Senior Securities (Parenthetical) (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2024	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	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		$ 159,479,000	$ 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
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			$ 251,863,000						$ 125,683,000	$ 178,163,000	$ 163,863,000		$ 312,000,000

Investments - Schedule of Derivative Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts	$ 1,571,000		$ 571,000
Derivative assets (liabilities)	220,000
Realized gain(loss)		$ (2,095,000)
Unrealized gain(loss)	220,000	$ 2,412,000
Call Option
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts	8,000		8,000
Derivative assets (liabilities)	220,000
Unrealized gain(loss)	220,000
Put Option
Derivative Instruments, Gain (Loss) [Line Items]
Notional amounts	$ 1,563,000		$ 563,000

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company is an investment company and follows accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946 - Financial Services - Investment Companies. Certain prior year investment related disclosures have been reclassified to conform to the current period presentation. 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 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 LLC I, KCAP Senior Funding I, LLC, KCAP Senior Funding I Holdings, LLC, Great Lakes Portman Ridge Funding, LLC, Garrison Capital Equity Holdings VIII LLC, Garrison Capital Equity Holdings XI LLC, GIG Rooster Holdings I LLC, OHA Nevada, 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, Garrison Capital Equity Holdings I LLC, Garrison Capital Equity Holdings II, LLC, and HCAP Equity 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 year ended December 31, 2024, the Company made approximately $78.4 million of investments and had approximately $125.7 million in repayments and sales, resulting in net repayments and sales of approximately $47.3 million for the period. During the year ended December 31, 2023, the Company made approximately $48.2 million of investments and had approximately $147.0 million in repayments and sales, resulting in net repayment and sales of approximately $98.8 million for the period. As of December 31, 2024 and December 31, 2023, the Company held loans it has made to 71 and 80 portfolio companies, respectively, with aggregate principal amounts of approximately $366.1 million and $420.9 million, respectively. The details of such loans have been disclosed on the consolidated schedule of investments as well as in Note 4 – Investments. In addition to providing loans to portfolio companies, from time to time the Company assists portfolio companies in securing financing from other sources by introducing such portfolio companies to sponsors or by, among other things, leading a syndicate of lenders to provide the portfolio companies with financing.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024. See Note 11 for more information on the effects of the adoption of ASU 2023-07. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning in the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
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 U.S. 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 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 December 31, 2024, six of our debt investments were on non-accrual status with an aggregate amortized cost of $16.3 million and an aggregate fair value of $6.9 million, which represented 3.4% and 1.7% 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. 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. U.S. 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 U.S. 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 upon closing), 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.
Segment Reporting	Segment Reporting In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment, the “Investment Management Segment”. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Taxable Income - Reclassified for Book Purposes Amounts Arising From Permanent Book/Tax Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Capital in excess of par value	$ 714,331	$ 717,835
Total distributable (loss) earnings	(535,930)	(504,411)
Reclassification, Other
Reclassification [Line Items]
Capital in excess of par value	2	3,314	$ 5,768
Total distributable (loss) earnings	$ (2)	$ (3,314)	$ (5,768)

- Definition

Amount of accumulated undistributed earnings (deficit).

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$ (5,935)	$ 11,381	$ (20,996)
Adjustments to reconcile net increase (decrease) in stockholders' equity resulting from operations to net cash (used in) provided by in operations:
Net realized (gains) losses on investment transactions	31,183	26,896	31,185
Net change in unrealized (appreciation) depreciation from investments	(1,006)	(3,322)	17,915
Tax provision (benefit) on realized and unrealized gains (losses) on investments	(853)
Purchases of investments	(78,421)	(48,188)	(222,202)
Proceeds from sales and redemptions of investments	125,695	146,945	160,964
Net accretion of investments	(4,618)	(6,982)	(10,648)
Amortization of debt issuance costs	1,231	1,219	1,223
Net realized (gain) loss on extinguishment of debt	655	362
Net payment-in-kind interest income	(8,186)	(7,068)	(5,608)
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled trades	573	822	18,798
(Increase) decrease in interest receivable	(926)	(1)	686
(Increase) decrease in due from affiliates	167	(604)	(423)
(Increase) decrease in other assets	(678)	183	528
Increase (decrease) in payable for unsettled trades	(520)	(756)	(4,121)
Increase (decrease) in accrued interest payable	(282)	206	1,702
Increase (decrease) in management and incentive fees payable	(1,440)	610	(998)
Increase (decrease) in due to affiliates	177	(442)	(899)
Increase (decrease) in accounts payable and accrued expenses	(182)	(362)	(205)
Net cash (used in) provided by operating activities	56,634	120,899	(33,099)
FINANCING ACTIVITIES:
Debt issuance costs	(951)		(836)
Private placement and other			378
Stock repurchase program	(3,832)	(4,355)	(3,831)
Distributions to stockholders	(25,258)	(25,631)	(23,550)
Issuance of 2018-2 Secured Notes			14,300
Repayment of 2018-2 Secured Notes	(125,683)	(52,480)
Borrowings from Revolving Credit Facilities	77,479	55,500	16,500
Repayment of Revolving Credit Facilities	(10,000)	(55,500)	(5,071)
Net cash (used in) provided by financing activities	(88,245)	(82,466)	(2,110)
CHANGE IN CASH AND RESTRICTED CASH	(31,611)	38,433	(35,209)
CASH AND RESTRICTED CASH, BEGINNING OF YEAR	71,564	33,131	68,340
CASH AND RESTRICTED CASH, END OF YEAR	39,953	71,564	33,131
Amounts per statements of assets and liabilities:
Cash and cash equivalents	17,532	26,912	5,148
Restricted cash	22,421	44,652	27,983
Total Cash and Restricted cash	39,953	71,564	33,131
Supplemental Information and non-cash activities:
Cash paid for interest during the period	19,833	23,881	14,776
Reinvestment of distributions	$ 324	$ 516	$ 1,111

Borrowings - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 265,140	$ 322,410
2018-2 Secured Notes
Debt Instrument [Line Items]
Long-term debt	0	124,971
4.875% Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	106,983	106,214
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 158,157	$ 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.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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