0001487918-24-000006 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies - Intangible Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 04, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible asset	$ 408	$ 409	$ 222
Intangible asset, net of accumulated amortization	$ 69	$ 477
License
Finite-Lived Intangible Assets [Line Items]
Intangible asset				$ 2,500

Capital Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	144 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Distributions	$ 166,281
Distributions, per share (in usd per share)	$ 13.99
Stock repurchase program, authorized amount	$ 10,000
OFSCC-FS
Class of Stock [Line Items]
Cash and cash equivalents	3,973	$ 3,706
Cash available for distribution	0	$ 0
SBIC I LP
Class of Stock [Line Items]
Cash and cash equivalents	27,951
Cash available for distribution	$ 12,756

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment income
Interest income:	$ 53,208	$ 45,734	$ 40,859
Payment-in-kind interest and dividend income:	2,597	989	1,668
Dividend income:	659	948	2,024
Fee income:	479	1,073	3,212
Total investment income	56,943	48,744	47,763
Expenses
Interest and financing expense	19,482	17,025	17,515
Base management fees	7,218	7,979	7,669
Income Incentive Fee	5,040	2,276	2,352
Capital Gains Fee	0	(1,916)	1,916
Professional fees	1,681	1,608	1,670
Administration fees	1,680	1,742	1,758
Other expenses	1,682	1,678	1,433
Total expenses	36,783	30,392	34,313
Net investment income	20,160	18,352	13,450
Net realized and unrealized gain (loss) on investments
Net realized (loss) gain	(11,354)	(1,885)	(19,568)
Income tax (expense) benefit on net realized gains on investments	(51)	155	(1,027)
Deferred tax (expense) benefit on net unrealized appreciation (depreciation)	(69)	27	114
Net gain (loss) on investments	(20,412)	(25,794)	48,005
Loss on extinguishment of debt	(213)	(144)	(4,591)
Net increase (decrease) in net assets resulting from operations	$ (465)	$ (7,586)	$ 56,864
Net investment income per common share - basic (in usd per share)	$ 1.50	$ 1.37	$ 1.00
Net investment income per common share - diluted (in usd per share)	1.50	1.37	1.00
Net increase (decrease) in net assets resulting from operations per common share - basic and diluted (in usd per share)	(0.04)	(0.57)	4.24
Distributions declared per common share (in usd per share)	$ 1.34	$ 1.16	$ 0.91
Basic weighted-average common shares outstanding (in shares)	13,398,078	13,417,410	13,413,861
Diluted weighted-average common shares outstanding (in shares)	13,398,078	13,417,410	13,413,861
Non-control/non-affiliate investments
Investment income
Interest income:	$ 53,208	$ 45,636	$ 36,399
Payment-in-kind interest and dividend income:	1,461	480	951
Dividend income:	29	800	888
Fee income:	479	1,067	2,485
Net realized and unrealized gain (loss) on investments
Net realized (loss) gain	(838)	(2,163)	(27,114)
Net unrealized appreciation (depreciation) on investments	(7,033)	(42,110)	38,551
Affiliate investments
Investment income
Interest income:	0	0	3,517
Payment-in-kind interest and dividend income:	1,136	466	312
Dividend income:	630	103	1,000
Fee income:	0	0	653
Total investment income	1,766	568
Net realized and unrealized gain (loss) on investments
Net realized (loss) gain	0	0	7,545
Net unrealized appreciation (depreciation) on investments	(10,961)	23,667	28,153
Control investments
Investment income
Interest income:	0	98	943
Payment-in-kind interest and dividend income:	0	43	405
Dividend income:	0	45	136
Fee income:	0	6	74
Total investment income	0	192
Net realized and unrealized gain (loss) on investments
Net realized (loss) gain	(10,516)	278	0
Net unrealized appreciation (depreciation) on investments	$ 9,056	$ (5,648)	$ 1,783

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Investments

The Company’s investments are carried at fair value and determined in accordance with ASC 820 and a documented valuation policy that is applied in a consistent manner. On September 7, 2022, pursuant to Rule 2a-5 of the 1940 Act (“Rule 2a-5”), the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments, commencing with the quarter ended September 30, 2022, and the Board maintains oversight of OFS Advisor in its capacity as valuation designee, as prescribed in Rule 2a-5.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined with models or other valuation techniques, valuation inputs, and assumptions that market participants would use in pricing an asset or liability. Valuation inputs are organized in a hierarchy that gives the highest priority to prices for identical assets or liabilities quoted in active markets (Level 1) and the lowest priority to fair values based on unobservable inputs (Level 3). The three levels of inputs in the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability, and situations where there is little, if any, market activity for the asset or liability at the measurement date.

The inputs into the determination of fair value are based upon the best information under the circumstances and may require management to exercise significant judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Company generally categorizes its investment portfolio into Level 3, and to a lesser extent Level 2, of the hierarchy.

The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the measurement date. The following table presents the Company’s transfers of Level 2 and Level 3 debt investments for the years ended December 31, 2023 and 2022, respectively:


	Year Ended December 31,
	2023		2022
Transfers from Level 2 to Level 3	$	—	$	3,218
Transfers from Level 3 to Level 2	1,616		—

Certain of the Company’s investments are exchanged in the non-public market among banks, CLOs and other institutional investors for loans to large U.S. corporations. The Company classifies these loan investments as Level 2 when a sufficient number of market quotations or indicative prices from pricing services or broker/dealers (collectively, “Indicative Prices”) are available, and the depth of the market is sufficient, in management's judgment, to transact at those prices in amounts approximating the Company’s investment position at the measurement date. Investments for which sufficient Indicative Prices exist are generally valued consistent with such Indicative Prices.

In addition, each quarter, the Company assesses whether an arm’s length transaction occurred in the same security, including the Company’s new investments during the quarter, the cost of which (“Transaction Prices”), may be considered a reasonable indication of fair value for a period of time, generally up to three months after the transaction date or until the initial payment date, in the case of new issue Structured Finance Securities. Portfolio investments with a fair value of $22,874 and $0, respectively, were valued at their Transaction Prices at December 31, 2023 and December 31, 2022.

Investments that are not valued using Indicative Prices or Transaction Prices are typically valued using two different valuation techniques. The Company typically estimates the fair value of debt investments by a discounted cash flows technique in which a current price is imputed for the investment based upon an assessment of the expected market yield (or discount rate) for similarly structured investments with a similar level of risk. The Company considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the portfolio company and various market indices. A key determinant of portfolio-company risk is the leverage through the investment relative to earnings metrics of the portfolio company.

The fair value of Structured Finance Securities are also estimated primarily by discounted cash flow techniques. In valuing such investments, the Company considers CLO performance metrics, including prepayment rates, default rates, loss-on-default and recovery rates, and other metrics, as well as estimated market yields provided by a recognized industry pricing service as a primary source for discounted cash flow fair value estimates, supplemented by actual trades executed in the market at or around period-end, as well as the Indicative Prices provided by broker-dealers in its estimate of the fair value of such investments. The Company also considers the operating metrics, typically included in the governing documents of CLO vehicles, including collateralization tests, concentration limits, defaults, restructuring activity and prepayment rates on the underlying loans, if applicable.

The fair value of the Company’s equity investments, as well as certain of its impaired debt investments, are generally estimated through analysis of the portfolio company's enterprise value under a market approach. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining enterprise value under the market approach involves a multiple analysis, whereby appropriate multiples are applied to an earnings metric of the portfolio company, typically earnings before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) or revenue. EBITDA and revenue multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any.

The Company may also utilize other portfolio-company earnings metrics to determine enterprise value, such as forecast EBITDA or revenue, or a weighting of multiple factors. At times, the Company may also use a discounted cash flow technique to value its equity securities. Application of these valuation methodologies involves a significant degree of judgment by management.

Due to the inherent uncertainty of determining the fair value of Level 3 investments, the fair value of the investments may differ significantly from the values that would have been used had a ready market or observable inputs existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions, or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company might realize significantly less than the value at which such investment had previously been recorded and incur a realized capital loss. The Company’s investments are subject to market risk as a result of economic and political developments, including impacts from elevated interest and inflation rates, the ongoing war between Russia and Ukraine, the escalated armed conflict in the Middle East, instability in the U.S. and international banking systems, the risk of recession or a shutdown of U.S government services and related market volatility. Market risk is directly impacted by the volatility and liquidity in the markets in which certain investments are traded and can affect the fair value of the Company’s investments. The Company’s investments are also subject to interest rate risk. Changes in interest rates, including any potential interest rate reductions approved by the U.S. Federal Reserve, may impact both our cost of funding and the valuation of our investment portfolio.

The following tables present the Company’s investment portfolio measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively.


Security	Level 1		Level 2		Level 3		Fair Value at December 31, 2023
Debt investments	$	—	$	16,053	$	235,260	$	251,313
Equity investments	—		—		89,929		89,929
Structured Finance Securities	—		—		79,045		79,045
	$	—	$	16,053	$	404,234	$	420,287


Security	Level 1		Level 2		Level 3		Fair Value at December 31, 2022
Debt investments	$	—	$	30,823	$	282,039	$	312,862
Equity investments	—		—		99,196		99,196
Structured Finance Securities	—		—		88,518		88,518
	$	—	$	30,823	$	469,753	$	500,576

The following tables provide the primary quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of December 31, 2023 and 2022. The Company may make changes to the valuation techniques, among techniques otherwise commonly used in accordance with its valuation policies, and/or the weighting of techniques used for particular investments based on changes in facts-and-circumstances and depending on the availability of, or changes in, information in order to produce the best estimate of fair value as of the measurement date. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor’s valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s investment assets.

Fair Value at December 31, 2023

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

First lien

161,211

Discounted cash flow

Discount rates

9.55% - 24.40% (12.61%)

8,136

Market approach

EBITDA multiples

3.14x - 6.00x (3.59x)

6,295

Market approach

Revenue multiples

0.40x - 0.40x (0.40x)

11,189

Market approach

Transaction Price

Second lien

36,495

Discounted cash flow

Discount rates

10.45% - 21.68% (13.29%)

8,084

Market approach

Revenue multiples

0.40x - 1.20x (0.67x)

3,850

Market approach

Transaction Price

Subordinated

—

Market approach

NAV liquidation(2)

Structured Finance Securities:

Subordinated notes(1)

44,965

Discounted cash flow

Discount rates

16.00% - 50.00% (28.64%)

Constant default rate

2.00% - 2.00% (2.00%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt(1)

26,245

Discounted cash flow

Discount margin

7.15% - 10.60% (8.36%)

Constant default rate

2.00% - 3.00% (2.04%)

Recovery rate

65.00% - 65.00% (65.00%)

Subordinated notes

5,018

Market Approach

Transaction Price

Mezzanine debt

2,817

Market Approach

Transaction Price

Equity investments:

Preferred equity

13,163

Market approach

EBITDA multiples

7.50x - 8.00x (7.60x)

Preferred equity

Market approach

Revenue multiples

0.13x - 3.25x (3.25x)

Common equity, warrants and other(3)

70,927

Discounted cash flow

Discount rates

11.50% - 11.50% (11.50%)

Market approach

EBITDA multiples

12.00x - 13.25x (12.63x)

Common equity, warrants and other

5,369

Market approach

EBITDA multiples

5.75x - 16.50x (9.57x)

Common equity, warrants and other

393

Market approach

Revenue multiples

0.40x - 0.70x (0.70x)

404,234

(1) The cash flows utilized in the discounted cash flow calculations assume: (i) liquidation of (a) certain distressed investments and (b) all investments currently in default held by the issuing CLO at their current market prices; and (ii) redeployment of proceeds at the issuing CLO’s assumed reinvestment rate.

(2) NAV liquidation represents the fair value, or estimated expected residual value, of the investment.

(3) Two valuation techniques were weighted to determinate the fair value.

Fair Value at December 31, 2022

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

First lien

211,390

Discounted cash flow

Discount rates

10.21% - 17.52% (12.50%)

13,223

Market approach

Revenue multiples

0.46x - 0.70x (0.58x)

Second lien

53,312

Discounted cash flow

Discount rates

11.82% - 20.71% (14.68%)

2,887

Market approach

Revenue multiples

0.46x - 0.46x (0.46x)

Subordinated

1,226

Market approach

EBITDA multiples

10.50x - 10.50x (10.50x)

Structured Finance Securities:

Subordinated notes(1)

53,688

Discounted cash flow

Discount rates

12.50% - 34.00% (22.14%)

Constant default rate

2.00% - 2.00% (2.00%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

26,413

Discounted cash flow

Discount margin

7.25% - 11.60% (8.58%)

Constant default rate

2.00% - 3.00% (2.03%)

Recovery rate

65.00% - 65.00% (65.00%)

Subordinated notes

118

Market approach

NAV liquidation(2)

Loan accumulation facility

8,299

Market approach

Probability weighted NAV analysis

Equity investments:

Preferred equity

6,202

Market approach

EBITDA multiples

7.25x - 7.25x (7.25x)

Preferred equity

1,901

Market approach

Revenue multiples

0.15x - 0.87x (0.87x)

Common equity, warrants and other

91,070

Market approach

EBITDA multiples

3.72x - 11.75x (9.63x)

Common equity, warrants and other

Market approach

Revenue multiples

0.15x - 0.87x (0.15x)

469,753

(2) NAV liquidation represents the fair value, or estimated expected residual value, of the investment.

Changes in market credit spreads or events impacting the credit quality of the underlying portfolio company (both of which could impact the discount rate), as well as changes in enterprise value and/or EBITDA multiples, among other things, could have a significant impact on fair values, with the fair value of a particular debt investment susceptible to change in inverse relation to the changes in the discount rate. Changes in enterprise value and/or EBITDA multiples, as well as changes in the discount rate, could have a significant impact on fair values, with the fair value of an equity investment susceptible to change in tandem with the changes in enterprise value and/or EBITDA multiples, and in inverse relation to changes in the discount rate. Due to wide range of approaches towards developing input assumptions to these valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful.

The following tables present changes in investments measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022:


	Year Ended December 31, 2023
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity and Warrants		Structured Finance Securities		Total
Level 3 assets, December 31, 2022	$	224,614	$	56,199	$	1,226	$	8,196	$	91,000	$	88,518	$	469,753
Net realized loss on investments	(68)		(185)		(9,210)		—		(844)		(1,257)		(11,564)
Net change in unrealized appreciation (depreciation) on investments	(4,378)		(1,031)		7,984		3,608		(12,861)		(4,117)		(10,795)
Amortization of net loan origination fees	1,095		427		—		—		—		233		1,755
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		10,857		10,857
Capitalized PIK interest and dividends	806		655		—		1,136		—		—		2,597
Amendment fees	(134)		(116)		—		—		—		—		(250)
Purchase and origination of portfolio investments	33,393		—		—		345		356		7,642		41,736
Proceeds from principal payments on portfolio investments	(65,184)		(6,507)		—		—		—		(9,355)		(81,046)
Sale and redemption of portfolio investments	(1,697)		(1,013)		—		—		—		—		(2,710)
Distributions received from portfolio investments	—		—		—		(45)		(962)		(13,476)		(14,483)

Transfers from Level 3 to Level 2	(1,616)		—		—		—		—		—		(1,616)
Level 3 assets, December 31, 2023	$	186,831	$	48,429	$	—	$	13,240	$	76,689	$	79,045	$	404,234


	Year Ended December 31, 2022
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity and Warrants		Structured Finance Securities		Total
Level 3 assets, December 31, 2021	$	215,343	$	45,770	$	17,943	$	3,765	$	83,486	$	75,201	$	441,508
Net realized loss on investments	(336)		—		—		(51)		(325)		—		(712)
Net change in unrealized appreciation (depreciation) on investments	(6,598)		(2,772)		(8,536)		4,016		9,133		(14,209)		(18,966)
Amortization of net loan origination fees	1,112		220		6		—		—		244		1,582
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		10,656		10,656
Capitalized PIK interest and dividends	264		188		58		466		—		—		976
Amendment fees	(185)		(21)		—		—		—		—		(206)
Purchase and origination of portfolio investments	77,348		14,981		—		—		2,240		43,198		137,767
Proceeds from principal payments on portfolio investments	(57,162)		(2,167)		(8,245)		—		—		(14,399)		(81,973)
Sale and redemption of portfolio investments	(8,390)		—		—		—		(3,534)		—		(11,924)
Distributions received from portfolio investments	—		—		—		—		—		(12,173)		(12,173)

Transfers from Level 2 to Level 3	3,218		—		—		—		—		—		3,218
Level 3 assets, December 31, 2022	$	224,614	$	56,199	$	1,226	$	8,196	$	91,000	$	88,518	$	469,753

The net unrealized appreciation (depreciation) reported in the Company’s consolidated statements of operations for the years ended December 31, 2023 and 2022, attributable to the Company’s Level 3 assets still held at those respective year ends was as follows:


	Year Ended December 31,
	2023		2022
Debt investments	$	(5,765)	$	(17,947)
Equity investments	(10,186)		21,692
Structured Finance Securities	(5,553)		(14,162)
Net unrealized depreciation on investments held	$	(21,504)	$	(10,417)

Other Financial Assets and Liabilities

GAAP requires disclosure of the fair value of financial instruments not reported at fair value on a recurring basis for which it is practical to estimate such values. The Company believes that the carrying amounts of its other financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such financial instruments. The senior secured revolving credit facility between the Company and Banc of California (formally known as Pacific Western Bank), as lender (“Banc of California Credit Facility”) and the secured revolving credit facility that provides for borrowings in an aggregate principal amount up to $150,000 issued pursuant to a Revolving Credit and Security Agreement by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equity holder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator (“BNP Facility”) are variable rate instruments and fair value is approximately book value.

The following tables present the fair value measurements of the Company’s debt and the level within the fair value hierarchy of the significant unobservable inputs used to determine such fair values as of December 31, 2023 and 2022:


	December 31, 2023
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		90,500		90,500
OFS Capital Corporation 4.75% Notes due 2026	—		—		116,688		116,688
OFS Capital Corporation 4.95% Notes due 2028	48,565		—		—		48,565
SBA-guaranteed debentures	—		—		30,904		30,904
Total debt	$	48,565	$	—	$	238,092	$	286,657


	December 31, 2022
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		104,700		104,700
OFS Capital Corporation 4.75% Notes due 2026	—		—		109,037		109,037
OFS Capital Corporation 4.95% Notes due 2028	47,058		—		—		47,058
SBA-guaranteed debentures	—		—		49,470		49,470
Total debt	$	47,058	$	—	$	263,207	$	310,265

(1) For Level 1 measurements, fair value is estimated by using the closing price of the security on the Nasdaq Global Select Market.

(2) For Level 3 measurements, fair value is estimated through discounting remaining payments using current market rates for similar instruments at the measurement date through the legal maturity date.

The following are the carrying values and fair values of the Company’s debt as of December 31, 2023 and 2022:


	December 31, 2023				December 31, 2022
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	90,500		90,500		104,700		104,700
OFS Capital Corporation 4.75% Notes due 2026	123,322		116,688		122,547		109,037
OFS Capital Corporation 4.95% Notes due 2028	54,011		48,565		53,806		47,058
SBA-guaranteed debentures	31,900		30,904		50,697		49,470
Total debt	$	299,733	$	286,657	$	331,750	$	310,265

(1) Carrying value is calculated as the outstanding principal amount less unamortized deferred debt issuance costs. See Note 2 for details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2023

Investment Company [Abstract]

Financial highlights

The following is a schedule of financial highlights for each year in the five-year period ended December 31, 2023:


	Year Ended December 31,
	2023			2022			2021			2020			2019
Per share operating performance:
Net asset value per share at beginning of year	$	13.47		$	15.18		$	11.85		$	12.46		$	13.10
Net investment income(1)	1.50			1.37			1.00			0.92			1.43



Net realized loss on investments, net of taxes(1)	(0.85)			(0.13)			(1.54)			(0.75)			(0.29)



Net unrealized appreciation (depreciation) on investments, net of deferred taxes(1)	(0.67)			(1.79)			5.12			0.25			(0.42)
Loss on extinguishment of debt(1)	(0.02)			(0.01)			(0.34)			(0.06)			—
Loss on impairment of goodwill(1)	—			—			—			(0.08)			—
Total from operations	(0.04)			(0.56)			4.24			0.28			0.72

Distributions declared	(1.34)			(1.16)			(0.91)			(0.86)			(1.36)


Issuance/repurchase of common stock(2)	—			0.01			—			(0.03)			—

Net asset value per share at end of year	$	12.09		$	13.47		$	15.18		$	11.85		$	12.46

Per share market value, end of period	$	11.70		$	10.15		$	10.90		$	7.15		$	11.17
Total return based on market value(3)	30.2		%	4.4		%	66.8		%	(24.0)		%	18.3		%
Total return based on net asset value(4)	1.4		%	(0.6)		%	40.2		%	13.6		%	6.7		%
Shares outstanding at end of period	13,398,078			13,398,078			13,422,413			13,409,559			13,376,836
Weighted-average shares outstanding	13,398,078			13,417,410			13,413,861			13,394,005			13,364,244
Ratio/Supplemental Data (in thousands except ratios)
Average net asset value(5)	$	173,265		$	194,068		$	178,628		$	148,175		$	171,889
Net asset value at end of year	$	162,004		$	180,423		$	203,744		$	158,956		$	166,627
Net investment income	$	20,160		$	18,352		$	13,450		$	12,295		$	19,098
Ratio of total expenses, net to average net assets(6)	21.2		%	15.7		%	19.2		%	22.4		%	19.4		%
Ratio of total expenses, net and losses on impairment of goodwill and extinguishment of debt to average net assets(7)	21.4		%	15.7		%	21.8		%	23.7		%	—		%
Ratio of net investment income to average net assets(8)	11.6		%	9.5		%	7.5		%	8.3		%	11.1		%
Ratio of goodwill impairment loss to average net assets	—		%	—		%	—		%	0.7		%	—		%
Ratio of loss on extinguishment of debt to average net assets	0.1		%	0.1		%	2.6		%	0.6		%	—		%
Portfolio turnover(9)	8.8		%	28.0		%	54.9		%	28.1		%	21.2		%

(1)Calculated on the average share method.

(2)The issuance/repurchase of common stock on a per share basis reflects the net asset value change as a result of DRIP issuances or shares repurchased pursuant to the Stock Repurchase Program.

(3)Calculated as ending market value less beginning market value, adjusted for distributions reinvested at prices based on the Company’s dividend reinvestment plan for the respective distributions.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at the Company’s dividend reinvestment plan for the respective distributions.

(5)Based on the average of the net asset value at the beginning of the indicated period and the end of each calendar quarter within the period indicated.

(6)Ratio of total expenses before incentive fee waiver to average net assets was 22.7% for the year ended December 31, 2020.

(7)Ratio of total expenses before incentive fee waiver and losses on impairment of goodwill and extinguishment of debt to average net assets was 24.0% for the year ended December 31, 2020.

(8)Ratio of net investment income before incentive fee waiver to average net assets was 8.0% for the year ended December 31, 2020.

(9)Portfolio turnover rate is calculated using the lesser of year-to-date sales, Structured Finance Security distributions and principal payments or year-to-date purchases over the average of the invested assets at fair value at the beginning of the indicated period and the end of each calendar quarter within the period indicated.

Borrowings - PWB Credit Facility Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Cash paid for interest expense	$ 18,189	$ 15,214	$ 15,037
Revolving Credit Facility \| Banc of California Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	147	128	101
Amortization of debt issuance costs	5	5	19
Total interest and debt financing costs	152	133	120
Cash paid for interest expense	$ 145	$ 131	$ 81
Effective interest rate	8.51%	6.93%	4.01%
Average outstanding balance	$ 1,249	$ 714	$ 1,810

Fair Value of Financial Instruments - Transfers Between Levels (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Transfers from Level 2 to Level 3	$ 0	$ 3,218
Transfers from Level 3 to Level 2	$ 1,616	$ 0

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Commitment	$ 13,846
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	1,290
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	294
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	2,569
Investment, Identifier [Axis]: Honor HN Buyer Inc., First Lien Debt (Delayed Draw)
Other Commitments [Line Items]
Commitment	1,833
Investment, Identifier [Axis]: Honor HN Buyer Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	664
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	1,337
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Other Commitments [Line Items]
Commitment	447
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	319
Investment, Identifier [Axis]: Metasource, LLC, First Lien Debt (Delayed Draw)
Other Commitments [Line Items]
Commitment	1,200
Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	1,444
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	467
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	$ 1,982

Borrowings - Unsecured Notes Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Cash paid for interest expense	$ 18,189	$ 15,214	$ 15,037
Effective interest rate	6.01%	4.75%	5.09%
Average outstanding balance	$ 324,357	$ 358,337	$ 344,241
Unsecured Notes
Debt Instrument [Line Items]
Stated interest expense	8,660	8,663	11,160
Amortization of debt issuance costs	981	1,029	1,403
Total interest and debt financing costs	9,641	9,692	12,563
Cash paid for interest expense	$ 8,660	$ 8,683	$ 10,384
Effective interest rate	5.36%	5.38%	6.03%
Average outstanding balance	$ 180,000	$ 180,000	$ 208,240

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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+ Details

Capital Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands																									12 Months Ended
	Dec. 29, 2023	Oct. 31, 2023	Sep. 29, 2023	Aug. 01, 2023	Jun. 30, 2023	May 02, 2023	Mar. 31, 2023	Feb. 28, 2023	Dec. 30, 2022	Nov. 01, 2022	Sep. 30, 2022	Aug. 02, 2022	Jun. 30, 2022	May 03, 2022	Mar. 31, 2022	Mar. 01, 2022	Dec. 31, 2021	Nov. 02, 2021	Sep. 30, 2021	Aug. 03, 2021	Jun. 30, 2021	May 07, 2021	Mar. 31, 2021	Mar. 02, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Amount Per Share (in usd per share)		$ 0.34		$ 0.34		$ 0.33		$ 0.33		$ 0.30		$ 0.29		$ 0.29		$ 0.28		$ 0.25		$ 0.24		$ 0.22		$ 0.20	$ 1.34	$ 1.16	$ 0.91	$ 0.86	$ 1.36
Cash Distribution	$ 4,556		$ 4,555		$ 4,422		$ 4,421		$ 3,967		$ 3,849		$ 3,850		$ 3,719		$ 3,317		$ 3,181		$ 2,918		$ 2,655		$ 17,954	$ 15,385	$ 12,071
DRIP Shares Issued (in shares)		0		0		0		0		5,026		5,529		4,348		3,016		3,440		3,738		3,273		3,103	0	17,919	13,554
DRIP Shares Value		$ 0		$ 0		$ 0		$ 0		$ 51		$ 46		$ 43		$ 39		$ 38		$ 38		$ 33		$ 27	$ 0	$ 179	$ 136

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
U.S. federal excise taxes	$ 0	$ 100	$ 0

Borrowings - BNP Facility Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Cash paid for interest expense	$ 18,189	$ 15,214	$ 15,037
Revolving Credit Facility \| BNP Facility \| Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	7,911	5,133	1,658
Amortization of debt issuance costs	380	327	338
Total interest and debt financing costs	8,291	5,460	1,996
Cash paid for interest expense	$ 7,966	$ 4,661	$ 1,594
Effective interest rate	8.29%	4.42%	4.20%
Average outstanding balance	$ 100,062	$ 123,632	$ 47,481

Borrowings - BOC Credit Facility Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 15, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 15, 2022	Apr. 22, 2022	Nov. 15, 2021	Feb. 17, 2021	Feb. 16, 2021
Line of Credit Facility [Line Items]
Deferred debt issuance costs		$ 1,062	$ 1,316
Outstanding debt		90,500	104,700
Revolving Credit Facility \| Line of Credit \| Banc of California Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity		$ 25,000		$ 25,000	$ 35,000		$ 25,000	$ 20,000
Maximum availability limit percentage		50.00%
Interest rate floor	5.00%	5.00%				4.00%	5.00%	5.25%
Commitment fee, unused portion in excess of		$ 125
Interest rate		8.75%
Effective interest rate		9.25%
Deferred debt issuance costs		$ 122	1
Outstanding debt		0	0
Availability		$ 25,000	$ 25,000
Commitment fee	0.50%
Line of credit facility, commitment fee	0.50%
Revolving Credit Facility \| Line of Credit \| Banc of California Credit Facility \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		0.25%

Borrowings - SBA Debentures Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Cash paid for interest expense	$ 18,189	$ 15,214	$ 15,037
Effective interest rate	6.01%	4.75%	5.09%
Average outstanding balance	$ 324,357	$ 358,337	$ 344,241
SBA Debentures \| Debentures
Debt Instrument [Line Items]
Stated interest expense	1,236	1,552	2,627
Amortization of debt issuance costs	162	188	209
Total interest and debt financing costs	1,398	1,740	2,836
Cash paid for interest expense	$ 1,418	$ 1,739	$ 2,978
Effective interest rate	3.25%	3.22%	3.27%
Average outstanding balance	$ 43,046	$ 53,991	$ 86,710

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The following table shows the Company’s outstanding commitments to fund investments in portfolio companies as of December 31, 2023:

Portfolio Company

Investment Type

Commitment

Boca Home Care Holdings, Inc.

First Lien Debt (Revolver)

1,290

Clevertech Bidco, LLC

First Lien Debt (Revolver)

294

Envocore Holding, LLC (F/K/A LRI Holding, LLC)

First Lien Debt (Revolver)

2,569

Honor HN Buyer Inc.

First Lien Debt (Revolver)

664

Honor HN Buyer Inc.

First Lien Debt (Delayed Draw)

1,833

Kreg LLC

First Lien Debt (Revolver)

1,337

Medrina LLC

First Lien Debt (Revolver)

319

Medrina LLC

First Lien Debt (Delayed Draw)

447

Metasource, LLC

First Lien Debt (Delayed Draw)

1,200

One GI LLC

First Lien Debt (Revolver)

1,444

SSJA Bariatric Management LLC

First Lien Debt (Revolver)

467

Tolemar Acquisition, Inc.

First Lien Debt (Revolver)

1,982

13,846

Legal and regulatory proceedings: From time to time, the Company is involved in legal proceedings in the normal course of its business. Although the outcome of such litigation cannot be predicted with any certainty, management is of the opinion, based on the advice of legal counsel, that final disposition of any litigation should not have a material adverse effect on the financial position of the Company as of December 31, 2023.

Additionally, the Company is subject to periodic inspection by regulators to assess compliance with applicable BDC regulations.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company believes the risk of any material obligation under these indemnifications to be low.

Investments - By Industry (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Schedule of Investments [Line Items]

Amortized Cost

$ 403,530

^[1]

$ 474,880

Percentage of Total, Amortized Cost

100.00%

Percentage of Total, Net Assets

249.00%

263.20%

Fair Value

$ 420,287

^[1],[2]

$ 500,576

^[3]

Percentage of Total, Fair Value

100.00%

Percentage of Total, Net Assets

259.40%

^[1]

277.40%

Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 306,409

$ 372,403

Percentage of Total, Amortized Cost

75.90%

78.40%

Percentage of Total, Net Assets

189.10%

206.40%

Fair Value

$ 341,242

$ 412,058

Percentage of Total, Fair Value

81.20%

82.30%

Percentage of Total, Net Assets

210.60%

228.30%

Structured Finance Securities

Schedule of Investments [Line Items]

Amortized Cost

$ 97,121

^[4]

$ 102,477

^[5]

Percentage of Total, Amortized Cost

24.10%

21.60%

Percentage of Total, Net Assets

59.90%

56.80%

Fair Value

$ 79,045

^[2],[4]

$ 88,518

^[5],[6]

Percentage of Total, Fair Value

18.80%

17.70%

Percentage of Total, Net Assets

48.80%

^[4]

49.10%

^[5]

Administrative and Support and Waste Management and Remediation Services, All Other Business Support Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 2,729

$ 2,745

Percentage of Total, Amortized Cost

0.70%

0.60%

Percentage of Total, Net Assets

1.70%

1.50%

Fair Value

$ 2,528

$ 2,511

Percentage of Total, Fair Value

0.60%

0.50%

Percentage of Total, Net Assets

1.60%

1.40%

Administrative and Support and Waste Management and Remediation Services, All Other Business Support Services, Convention and Trade Show Organizers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 160

Percentage of Total, Amortized Cost

0.00%

Percentage of Total, Net Assets

0.10%

Fair Value

$ 77

$ 80

Percentage of Total, Fair Value

0.00%

Percentage of Total, Net Assets

0.00%

Administrative and Support and Waste Management and Remediation Services, Hazardous Waste Treatment and Disposal | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,765

Percentage of Total, Amortized Cost

0.40%

Percentage of Total, Net Assets

1.00%

Fair Value

$ 1,652

Percentage of Total, Fair Value

0.30%

Percentage of Total, Net Assets

0.90%

Administrative and Support and Waste Management and Remediation Services, Landscaping Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,592

$ 4,611

Percentage of Total, Amortized Cost

1.10%

1.00%

Percentage of Total, Net Assets

2.80%

2.60%

Fair Value

$ 4,287

$ 4,226

Percentage of Total, Fair Value

1.00%

0.80%

Percentage of Total, Net Assets

2.60%

2.30%

Administrative and Support and Waste Management and Remediation Services, Security Systems Services (except Locksmiths) | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 5,863

$ 5,849

Percentage of Total, Amortized Cost

1.50%

1.20%

Percentage of Total, Net Assets

3.60%

3.20%

Fair Value

$ 5,877

$ 5,767

Percentage of Total, Fair Value

1.40%

1.20%

Percentage of Total, Net Assets

3.60%

3.20%

Administrative and Support and Waste Management and Remediation Services, Temporary Help Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 8,776

$ 8,854

Percentage of Total, Amortized Cost

2.20%

1.90%

Percentage of Total, Net Assets

5.40%

4.90%

Fair Value

$ 8,483

$ 8,821

Percentage of Total, Fair Value

2.00%

1.80%

Percentage of Total, Net Assets

5.20%

4.90%

Arts, Entertainment and Recreation, Other Amusement and Recreation Industries | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 16,303

Percentage of Total, Amortized Cost

3.40%

Percentage of Total, Net Assets

9.00%

Fair Value

$ 16,497

Percentage of Total, Fair Value

3.30%

Percentage of Total, Net Assets

9.10%

Construction, Electrical Contractors and Other Wiring Installation Contractors | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 17,602

$ 17,666

Percentage of Total, Amortized Cost

4.40%

3.70%

Percentage of Total, Net Assets

10.90%

9.80%

Fair Value

$ 10,096

$ 9,247

Percentage of Total, Fair Value

2.40%

1.80%

Percentage of Total, Net Assets

6.20%

5.10%

Construction, New Single-Family Housing Construction (except For-Sale Builders) | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,791

$ 1,807

Percentage of Total, Amortized Cost

0.40%

Percentage of Total, Net Assets

1.10%

1.00%

Fair Value

$ 1,616

$ 1,566

Percentage of Total, Fair Value

0.40%

0.30%

Percentage of Total, Net Assets

1.00%

0.90%

Education Services, Professional and Management Development Training | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,050

$ 1,595

Percentage of Total, Amortized Cost

0.80%

0.30%

Percentage of Total, Net Assets

1.90%

0.90%

Fair Value

$ 2,620

$ 953

Percentage of Total, Fair Value

0.60%

0.20%

Percentage of Total, Net Assets

1.60%

0.50%

Education Services, Sports and Recreation Instruction | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,473

$ 4,222

Percentage of Total, Amortized Cost

1.10%

0.90%

Percentage of Total, Net Assets

2.80%

2.30%

Fair Value

$ 4,502

$ 4,172

Percentage of Total, Fair Value

1.10%

0.80%

Percentage of Total, Net Assets

2.80%

2.30%

Finance And Insurance, Commodity Contracts Dealing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,097

Percentage of Total, Amortized Cost

0.80%

Percentage of Total, Net Assets

1.90%

Fair Value

$ 3,097

Percentage of Total, Fair Value

0.70%

Percentage of Total, Net Assets

1.90%

Health Care And Social Assistance, All Other Outpatient Care Centers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 2,167

Percentage of Total, Amortized Cost

0.50%

Percentage of Total, Net Assets

1.30%

Fair Value

$ 2,167

Percentage of Total, Fair Value

0.50%

Percentage of Total, Net Assets

1.30%

Health Care And Social Assistance, Child Day Care Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 6,375

Percentage of Total, Amortized Cost

1.30%

Percentage of Total, Net Assets

3.50%

Fair Value

$ 6,182

Percentage of Total, Fair Value

1.20%

Percentage of Total, Net Assets

3.40%

Health Care And Social Assistance, Home Health Care Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,839

$ 4,210

Percentage of Total, Amortized Cost

1.20%

0.90%

Percentage of Total, Net Assets

3.00%

2.30%

Fair Value

$ 4,173

$ 3,987

Percentage of Total, Fair Value

1.00%

0.80%

Percentage of Total, Net Assets

2.60%

2.20%

Health Care And Social Assistance, Medical Laboratories | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 9

$ 17

Percentage of Total, Amortized Cost

0.00%

Percentage of Total, Net Assets

0.00%

Fair Value

$ 0

$ 35

Percentage of Total, Fair Value

0.00%

Percentage of Total, Net Assets

0.00%

Health Care And Social Assistance, Offices of Physicians, Mental Health Specialists | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 13,395

$ 13,299

Percentage of Total, Amortized Cost

3.30%

2.80%

Percentage of Total, Net Assets

8.30%

7.40%

Fair Value

$ 12,852

$ 13,119

Percentage of Total, Fair Value

3.10%

2.60%

Percentage of Total, Net Assets

7.90%

7.30%

Health Care And Social Assistance, Other Ambulatory Health Care Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 17,060

$ 16,444

Percentage of Total, Amortized Cost

4.20%

3.50%

Percentage of Total, Net Assets

10.50%

9.10%

Fair Value

$ 15,900

$ 15,604

Percentage of Total, Fair Value

3.80%

3.10%

Percentage of Total, Net Assets

9.80%

8.60%

Health Care And Social Assistance, Outpatient Mental Health and Substance Abuse Centers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 8,863

$ 8,787

Percentage of Total, Amortized Cost

2.20%

1.90%

Percentage of Total, Net Assets

5.50%

4.90%

Fair Value

$ 8,950

$ 8,675

Percentage of Total, Fair Value

2.10%

1.70%

Percentage of Total, Net Assets

5.50%

4.80%

Health Care And Social Assistance, Services for the Elderly and Persons with Disabilities | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 25,680

$ 18,977

Percentage of Total, Amortized Cost

6.40%

4.00%

Percentage of Total, Net Assets

15.90%

10.50%

Fair Value

$ 25,080

$ 18,427

Percentage of Total, Fair Value

6.00%

3.70%

Percentage of Total, Net Assets

15.50%

10.20%

Information, Cable and Other Subscription Programming | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,726

$ 3,763

Percentage of Total, Amortized Cost

0.90%

0.80%

Percentage of Total, Net Assets

2.30%

2.10%

Fair Value

$ 3,325

$ 3,103

Percentage of Total, Fair Value

0.80%

0.60%

Percentage of Total, Net Assets

2.10%

1.70%

Information, Data Processing, Hosting, and Related Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,050

$ 4,080

Percentage of Total, Amortized Cost

1.00%

0.90%

Percentage of Total, Net Assets

2.50%

2.30%

Fair Value

$ 2,337

$ 3,477

Percentage of Total, Fair Value

0.60%

0.70%

Percentage of Total, Net Assets

1.40%

1.90%

Information, Directory and Mailing List Publishers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,910

Percentage of Total, Amortized Cost

0.80%

Percentage of Total, Net Assets

2.20%

Fair Value

$ 3,930

Percentage of Total, Fair Value

0.80%

Percentage of Total, Net Assets

2.20%

Information, Internet Publishing and Broadcasting and Web Search Portals | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,100

Percentage of Total, Amortized Cost

0.70%

Percentage of Total, Net Assets

1.70%

Fair Value

$ 2,843

Percentage of Total, Fair Value

0.60%

Percentage of Total, Net Assets

1.60%

Information, Software Publishers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 17,052

$ 17,577

Percentage of Total, Amortized Cost

4.20%

3.70%

Percentage of Total, Net Assets

10.50%

9.70%

Fair Value

$ 10,832

$ 9,629

Percentage of Total, Fair Value

2.60%

1.90%

Percentage of Total, Net Assets

6.80%

5.30%

Information, Television Broadcasting | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,935

$ 2,182

Percentage of Total, Amortized Cost

0.50%

Percentage of Total, Net Assets

1.20%

Fair Value

$ 92

$ 488

Percentage of Total, Fair Value

0.00%

0.10%

Percentage of Total, Net Assets

0.10%

0.30%

Management of Companies and Enterprises, Offices of Other Holding Companies | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 11,219

$ 11,240

Percentage of Total, Amortized Cost

2.80%

2.40%

Percentage of Total, Net Assets

6.90%

6.20%

Fair Value

$ 10,718

$ 10,646

Percentage of Total, Fair Value

2.60%

2.10%

Percentage of Total, Net Assets

6.60%

5.90%

Manufacturing, Bare Printed Circuit Board Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,959

$ 1,977

Percentage of Total, Amortized Cost

0.50%

0.40%

Percentage of Total, Net Assets

1.20%

1.10%

Fair Value

$ 1,851

$ 1,854

Percentage of Total, Fair Value

0.40%

Percentage of Total, Net Assets

1.10%

1.00%

Manufacturing, Current-Carrying Wiring Device Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,452

$ 3,360

Percentage of Total, Amortized Cost

0.90%

0.70%

Percentage of Total, Net Assets

2.10%

1.90%

Fair Value

$ 3,561

$ 3,468

Percentage of Total, Fair Value

0.80%

0.70%

Percentage of Total, Net Assets

2.20%

1.90%

Manufacturing, Fluid Power Pump and Motor Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,916

$ 1,931

Percentage of Total, Amortized Cost

0.50%

0.40%

Percentage of Total, Net Assets

1.20%

1.10%

Fair Value

$ 1,855

$ 1,862

Percentage of Total, Fair Value

0.40%

Percentage of Total, Net Assets

1.10%

1.00%

Manufacturing, Ice Cream and Frozen Dessert Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,645

$ 1,641

Percentage of Total, Amortized Cost

0.40%

0.30%

Percentage of Total, Net Assets

1.00%

0.90%

Fair Value

$ 1,474

$ 1,540

Percentage of Total, Fair Value

0.40%

0.30%

Percentage of Total, Net Assets

0.90%

Manufacturing, Motorcycle, Bicycle, and Parts Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 15,889

$ 15,873

Percentage of Total, Amortized Cost

3.90%

3.30%

Percentage of Total, Net Assets

9.80%

8.80%

Fair Value

$ 14,756

$ 15,942

Percentage of Total, Fair Value

3.50%

3.20%

Percentage of Total, Net Assets

9.10%

8.80%

Manufacturing, Other Aircraft Parts and Auxiliary Equipment Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 500

Percentage of Total, Amortized Cost

0.10%

Percentage of Total, Net Assets

0.30%

Fair Value

$ 0

Percentage of Total, Fair Value

0.00%

Percentage of Total, Net Assets

0.00%

Manufacturing, Other Industrial Machinery Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 3,824

$ 5,203

Percentage of Total, Amortized Cost

0.90%

1.10%

Percentage of Total, Net Assets

2.40%

2.90%

Fair Value

$ 3,500

$ 4,660

Percentage of Total, Fair Value

0.80%

0.90%

Percentage of Total, Net Assets

2.20%

2.60%

Manufacturing, Pharmaceutical Preparation Manufacturing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 217

Percentage of Total, Amortized Cost

0.10%

0.00%

Percentage of Total, Net Assets

0.10%

Fair Value

$ 70,927

$ 85,456

Percentage of Total, Fair Value

16.90%

17.10%

Percentage of Total, Net Assets

43.90%

47.40%

Other Services, Except Public Administration, Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 670

$ 572

Percentage of Total, Amortized Cost

0.20%

0.10%

Percentage of Total, Net Assets

0.40%

0.30%

Fair Value

$ 3,792

$ 1,890

Percentage of Total, Fair Value

0.90%

0.40%

Percentage of Total, Net Assets

2.30%

1.00%

Other Services, Except Public Administration, Communication Equipment Repair and Maintenance | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,766

Percentage of Total, Amortized Cost

0.40%

Percentage of Total, Net Assets

1.00%

Fair Value

$ 1,572

Percentage of Total, Fair Value

0.30%

Percentage of Total, Net Assets

0.90%

Other Services, Except Public Administration, Other Automotive Mechanical and Electrical Repair and Maintenance | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,083

Percentage of Total, Amortized Cost

0.20%

Percentage of Total, Net Assets

0.60%

Fair Value

$ 1,064

Percentage of Total, Fair Value

0.20%

Percentage of Total, Net Assets

0.60%

Professional, Scientific, and Technical Services, Administrative Management and General Management Consulting Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 27,621

Percentage of Total, Amortized Cost

5.80%

Percentage of Total, Net Assets

15.30%

Fair Value

$ 27,148

Percentage of Total, Fair Value

5.40%

Percentage of Total, Net Assets

15.00%

Professional, Scientific, and Technical Services, Advertising Agencies | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 2,238

$ 2,256

Percentage of Total, Amortized Cost

0.60%

0.50%

Percentage of Total, Net Assets

1.40%

1.30%

Fair Value

$ 2,249

$ 1,898

Percentage of Total, Fair Value

0.50%

0.40%

Percentage of Total, Net Assets

1.40%

1.10%

Professional, Scientific, and Technical Services, Computer Systems Design Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 1,994

$ 1,959

Percentage of Total, Amortized Cost

0.50%

0.40%

Percentage of Total, Net Assets

1.20%

1.10%

Fair Value

$ 2,020

$ 1,943

Percentage of Total, Fair Value

0.50%

0.40%

Percentage of Total, Net Assets

1.20%

1.10%

Professional, Scientific, and Technical Services, Other Computer Related Services | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 17,095

$ 14,595

Percentage of Total, Amortized Cost

4.20%

3.10%

Percentage of Total, Net Assets

10.60%

8.10%

Fair Value

$ 17,212

$ 14,868

Percentage of Total, Fair Value

4.10%

3.00%

Percentage of Total, Net Assets

10.60%

8.20%

Public Administration, Other Justice, Public Order, and Safety Activities | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 703

Percentage of Total, Amortized Cost

0.20%

0.10%

Percentage of Total, Net Assets

0.40%

Fair Value

$ 45

$ 32

Percentage of Total, Fair Value

0.00%

Percentage of Total, Net Assets

0.00%

Real Estate and Rental and Leasing, Nonresidential Property Managers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,660

$ 4,680

Percentage of Total, Amortized Cost

1.20%

1.00%

Percentage of Total, Net Assets

2.90%

2.60%

Fair Value

$ 1,278

$ 4,207

Percentage of Total, Fair Value

0.30%

0.80%

Percentage of Total, Net Assets

0.80%

2.30%

Real Estate and Rental and Leasing, Office Machinery and Equipment Rental and Leasing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 7,412

$ 6,418

Percentage of Total, Amortized Cost

1.80%

1.40%

Percentage of Total, Net Assets

4.60%

3.60%

Fair Value

$ 10,583

$ 6,713

Percentage of Total, Fair Value

2.50%

1.30%

Percentage of Total, Net Assets

6.50%

3.70%

Retail Trade, Electronic Shopping and Mail-Order Houses | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 6,581

$ 6,747

Percentage of Total, Amortized Cost

1.60%

1.40%

Percentage of Total, Net Assets

4.10%

3.70%

Fair Value

$ 6,313

$ 6,515

Percentage of Total, Fair Value

1.50%

1.30%

Percentage of Total, Net Assets

3.90%

3.60%

Retail Trade, Electronics and Appliance Stores | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 8,037

Percentage of Total, Amortized Cost

1.70%

Percentage of Total, Net Assets

4.50%

Fair Value

$ 8,102

Percentage of Total, Fair Value

1.60%

Percentage of Total, Net Assets

4.50%

Retail Trade, Shoe Store | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 10,160

Percentage of Total, Amortized Cost

2.10%

Percentage of Total, Net Assets

5.60%

Fair Value

$ 1,104

Percentage of Total, Fair Value

0.20%

Percentage of Total, Net Assets

0.60%

Retail Trade, Supermarkets and Other Grocery (except Convenience) Stores | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 5,641

$ 5,647

Percentage of Total, Amortized Cost

1.40%

1.20%

Percentage of Total, Net Assets

3.50%

3.10%

Fair Value

$ 5,925

$ 5,532

Percentage of Total, Fair Value

1.40%

1.10%

Percentage of Total, Net Assets

3.70%

3.10%

Retail Trade, All Other General Merchandise Stores | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 499

Percentage of Total, Amortized Cost

0.10%

Percentage of Total, Net Assets

0.30%

Fair Value

$ 551

$ 967

Percentage of Total, Fair Value

0.10%

0.20%

Percentage of Total, Net Assets

0.30%

0.50%

Transportation and Warehousing, Transportation and Warehousing | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 2,495

$ 2,514

Percentage of Total, Amortized Cost

0.70%

0.50%

Percentage of Total, Net Assets

1.50%

1.40%

Fair Value

$ 2,257

$ 2,501

Percentage of Total, Fair Value

0.50%

Percentage of Total, Net Assets

1.60%

1.40%

Wholesale Trade, Business to Business Electronic Markets | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 2,841

$ 2,858

Percentage of Total, Amortized Cost

0.70%

0.60%

Percentage of Total, Net Assets

1.80%

1.60%

Fair Value

$ 2,728

$ 2,689

Percentage of Total, Fair Value

0.60%

0.50%

Percentage of Total, Net Assets

1.70%

1.50%

Wholesale Trade, Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 10,116

$ 11,156

Percentage of Total, Amortized Cost

2.50%

2.30%

Percentage of Total, Net Assets

6.20%

Fair Value

$ 8,429

$ 9,013

Percentage of Total, Fair Value

2.00%

1.80%

Percentage of Total, Net Assets

5.20%

5.00%

Wholesale Trade, Drugs and Druggists' Sundries Merchant Wholesalers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,513

$ 5,227

Percentage of Total, Amortized Cost

1.10%

Percentage of Total, Net Assets

2.80%

2.90%

Fair Value

$ 3,368

$ 4,622

Percentage of Total, Fair Value

0.80%

0.90%

Percentage of Total, Net Assets

2.10%

2.60%

Wholesale Trade, Industrial Machinery and Equipment Merchant Wholesalers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 9,072

$ 9,071

Percentage of Total, Amortized Cost

2.20%

1.90%

Percentage of Total, Net Assets

5.60%

5.00%

Fair Value

$ 9,073

Percentage of Total, Fair Value

2.20%

1.80%

Percentage of Total, Net Assets

5.60%

5.00%

Wholesale Trade, Motor Vehicle Parts (Used) Merchant Wholesalers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 27,591

$ 27,751

Percentage of Total, Amortized Cost

6.80%

5.80%

Percentage of Total, Net Assets

17.00%

15.40%

Fair Value

$ 27,776

$ 27,821

Percentage of Total, Fair Value

6.60%

5.60%

Percentage of Total, Net Assets

17.10%

15.40%

Wholesale Trade, Other Miscellaneous Nondurable Goods Merchant Wholesalers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 2,596

$ 2,680

Percentage of Total, Amortized Cost

0.60%

Percentage of Total, Net Assets

1.60%

1.50%

Fair Value

$ 110

$ 2,246

Percentage of Total, Fair Value

0.00%

0.40%

Percentage of Total, Net Assets

0.10%

1.20%

Wholesale Trade, Sporting and Recreational Goods and Supplies Merchant Wholesalers | Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 8,163

Percentage of Total, Amortized Cost

2.00%

1.70%

Percentage of Total, Net Assets

5.00%

4.40%

Fair Value

$ 0

$ 122

Percentage of Total, Fair Value

0.00%

Percentage of Total, Net Assets

0.00%

0.10%

[1]	Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
[2]	Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.
[3]	Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.
[4]	Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2023, approximately 81% of the Company's assets were qualifying assets.
[5]	Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2022, approximately 80% of the Company's assets were qualifying assets.
[6]	At December 31, 2022, the Company held loans with an aggregate principal amount of $312,595, or 87% of the total loan portfolio, that bore interest at a variable rate indexed to LIBOR (L) or SOFR, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect at December 31, 2022. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ (465)	$ (7,586)	$ 56,864

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: 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 26: 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 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Schedule of Investments [Line Items]

Principal Amount

$ 420,432

^[1]

$ 492,641

Amortized Cost

403,530

^[1]

474,880

Fair Value

$ 420,287

^[1],[2]

$ 500,576

^[3]

Percent of Net Assets

259.40%

^[1]

277.40%

Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 306,409

$ 372,403

Fair Value

$ 341,242

$ 412,058

Percent of Net Assets

210.60%

228.30%

Structured Finance Securities

Schedule of Investments [Line Items]

Principal Amount

$ 125,267

^[4]

$ 131,474

^[5]

Amortized Cost

97,121

^[4]

102,477

^[5]

Fair Value

$ 79,045

^[2],[4]

$ 88,518

^[5],[6]

Percent of Net Assets

48.80%

^[4]

49.10%

^[5]

Non-control/non-affiliate investments

Schedule of Investments [Line Items]

Principal Amount

$ 410,684

$ 474,173

Amortized Cost

384,339

446,620

Fair Value

$ 333,456

^[2]

$ 402,771

^[3]

Percent of Net Assets

205.80%

223.20%

Non-control/non-affiliate investments | Total debt and equity investments

Schedule of Investments [Line Items]

Principal Amount

$ 285,417

$ 342,699

Amortized Cost

287,218

344,143

Fair Value

$ 254,411

^[2]

$ 314,253

^[3]

Percent of Net Assets

157.00%

174.20%

Affiliate investments

Schedule of Investments [Line Items]

Principal Amount

$ 9,749

Amortized Cost

19,191

$ 18,100

Fair Value

$ 86,831

^[2]

96,701

$ 72,584

Percent of Net Assets

53.60%

Control Investment

Schedule of Investments [Line Items]

Principal Amount

9,890

Amortized Cost

$ 0

10,160

Fair Value

$ 1,104

^[3]

12,948

Percent of Net Assets

0.60%

AIDC IntermediateCo 2, LLC

Schedule of Investments [Line Items]

Principal Amount

^[7]

2,026

Amortized Cost

^[7]

1,993

Fair Value

^[2],[7]

$ 2,020

Percent of Net Assets

^[7]

1.20%

All Star Auto Lights, Inc.

Schedule of Investments [Line Items]

Principal Amount

$ 27,786

^[7],[8],[9]

$ 28,073

^{[10],[11],[12]}

Amortized Cost

27,591

^[7],[8],[9]

27,752

^{[10],[11],[12]}

Fair Value

$ 27,776

^{[2],[7],[8],[9]}

$ 27,820

^{[3],[10],[11],[12]}

Percent of Net Assets

17.10%

^[7],[8],[9]

15.40%

^{[10],[11],[12]}

Avison Young

Schedule of Investments [Line Items]

Principal Amount

$ 4,719

^[4],[13]

$ 4,744

^[5]

Amortized Cost

4,660

^[4],[13]

4,681

^[5]

Fair Value

$ 1,278

^[2],[4],[13]

$ 4,207

^[3],[5]

Percent of Net Assets

0.80%

^[4],[13]

2.30%

^[5]

Baymark Health Services, Inc.

Schedule of Investments [Line Items]

Principal Amount

$ 8,950

^[7]

$ 8,950

^[10]

Amortized Cost

8,863

^[7]

8,787

^[10]

Fair Value

$ 8,950

^[2],[7]

$ 8,675

^[3],[10]

Percent of Net Assets

5.60%

^[7]

4.80%

^[10]

Boca Home Care Holdings, Inc.

Schedule of Investments [Line Items]

Principal Amount

$ 10,972

^[14]

$ 9,548

^[15]

Amortized Cost

12,499

^[14]

10,748

^[15]

Fair Value

$ 11,724

^[2],[14]

$ 10,252

^[3],[15]

Percent of Net Assets

7.20%

^[14]

5.70%

^[15]

Clevertech Bidco, LLC

Schedule of Investments [Line Items]

Principal Amount

$ 3,198

Amortized Cost

3,097

Fair Value

^[2]

$ 3,097

Percent of Net Assets

1.90%

Diamond Sports Group, LLC

Schedule of Investments [Line Items]

Principal Amount

^[10],[16]

$ 2,187

Amortized Cost

^[10],[16]

2,181

Fair Value

^{[3],[10],[16]}

$ 488

Percent of Net Assets

^[10],[16]

0.20%

East West Manufacturing

Schedule of Investments [Line Items]

Principal Amount

^[10]

$ 1,950

Amortized Cost

^[10]

1,930

Fair Value

^[3],[10]

$ 1,862

Percent of Net Assets

^[10]

1.00%

Envocore Holding, LLC (F/K/A LRI Holding, LLC)

Schedule of Investments [Line Items]

Principal Amount

$ 14,139

^[9],[17]

$ 13,457

^[12],[18]

Amortized Cost

17,601

^[9],[17]

17,665

^[12],[18]

Fair Value

$ 10,096

^[2],[9],[17]

$ 9,246

^{[3],[12],[18]}

Percent of Net Assets

6.20%

^[9],[17]

5.10%

^[12],[18]

GGC Aerospace Topco L.P.

Schedule of Investments [Line Items]

Amortized Cost

$ 500

^[19]

$ 500

Fair Value

$ 0

^[2],[19]

$ 0

^[3]

Percent of Net Assets

0.00%

^[19]

0.00%

Honor HN Buyer Inc

Schedule of Investments [Line Items]

Principal Amount

$ 13,356

$ 8,436

^[10]

Amortized Cost

13,181

8,228

^[10]

Fair Value

$ 13,356

^[2]

$ 8,176

^[3],[10]

Percent of Net Assets

8.30%

4.60%

^[10]

Inergex Holdings, LLC

Schedule of Investments [Line Items]

Interest Rate, PIK

2.00%

Principal Amount

$ 17,212

^[20]

$ 14,868

Amortized Cost

17,095

^[20]

14,596

Fair Value

$ 17,212

^[2],[20]

$ 14,868

^[3]

Percent of Net Assets

10.60%

^[20]

8.20%

Kreg LLC

Schedule of Investments [Line Items]

Principal Amount

$ 17,139

$ 16,550

^[10]

Amortized Cost

17,060

16,444

^[10]

Fair Value

$ 15,899

^[2]

$ 15,604

^[3],[10]

Percent of Net Assets

9.80%

8.70%

^[10]

Medrina LLC

Schedule of Investments [Line Items]

Principal Amount

$ 2,234

Amortized Cost

2,167

Fair Value

^[2]

$ 2,167

Percent of Net Assets

1.30%

Metasource

Schedule of Investments [Line Items]

Principal Amount

$ 2,755

^[7]

$ 2,779

^[10]

Amortized Cost

2,729

^[7]

2,746

^[10]

Fair Value

$ 2,528

^[2],[7]

$ 2,511

^[3],[10]

Percent of Net Assets

1.60%

^[7]

1.40%

^[10]

Milrose Consultants, LLC

Schedule of Investments [Line Items]

Principal Amount

^{[11],[12],[21]}

$ 27,648

Amortized Cost

^{[11],[12],[21]}

27,621

Fair Value

^{[3],[11],[12],[21]}

$ 27,148

Percent of Net Assets

^{[11],[12],[21]}

15.00%

One GI LLC

Schedule of Investments [Line Items]

Principal Amount

$ 11,348

$ 11,454

Amortized Cost

11,220

11,240

Fair Value

$ 10,718

^[2]

$ 10,647

^[3]

Percent of Net Assets

6.70%

5.90%

RSA Security

Schedule of Investments [Line Items]

Principal Amount

^[7]

$ 6,165

Amortized Cost

^[7]

6,115

Fair Value

^[2],[7]

$ 4,579

Percent of Net Assets

^[7]

2.80%

Redstone Holdco 2 LP (F/K/A RSA Security)

Schedule of Investments [Line Items]

Principal Amount

^[10]

$ 7,219

Amortized Cost

^[10]

7,156

Fair Value

^[3],[10]

$ 5,281

Percent of Net Assets

^[10]

3.00%

RumbleOn, Inc.

Schedule of Investments [Line Items]

Principal Amount

$ 3,720

^[4],[7]

$ 5,187

^[5],[10]

Amortized Cost

3,823

^[4],[7]

5,203

^[5],[10]

Fair Value

$ 3,500

^[2],[4],[7]

$ 4,659

^[3],[5],[10]

Percent of Net Assets

2.10%

^[4],[7]

2.60%

^[5],[10]

SSJA Bariatric Management LLC

Schedule of Investments [Line Items]

Principal Amount

$ 13,417

^[7]

$ 13,353

^[10]

Amortized Cost

13,395

^[7]

13,299

^[10]

Fair Value

$ 12,853

^[2],[7]

$ 13,119

^[3],[10]

Percent of Net Assets

7.90%

^[7]

7.30%

^[10]

SS Acquisition, LLC

Schedule of Investments [Line Items]

Principal Amount

$ 4,502

^[7]

$ 4,259

^[10]

Amortized Cost

4,472

^[7]

4,222

^[10]

Fair Value

$ 4,502

^[2],[7]

$ 4,172

^[3],[10]

Percent of Net Assets

2.80%

^[7]

2.40%

^[10]

The Escape Game, LLC

Schedule of Investments [Line Items]

Principal Amount

^[12]

$ 16,333

Amortized Cost

^[12]

16,302

Fair Value

^[3],[12]

$ 16,497

Percent of Net Assets

^[12]

9.10%

Tolemar Acquisition, INC.

Schedule of Investments [Line Items]

Principal Amount

$ 15,939

$ 15,942

^[10]

Amortized Cost

15,889

15,873

^[10]

Fair Value

$ 14,756

^[2]

$ 15,942

^[3],[10]

Percent of Net Assets

9.10%

8.80%

^[10]

United Biologics Holdings, LLC

Schedule of Investments [Line Items]

Amortized Cost

^[12],[22]

$ 17

Fair Value

^{[3],[12],[22]}

$ 35

Percent of Net Assets

^[12],[22]

0.00%

Brightwood Capital MM CLO 2023-1A, Ltd.

Schedule of Investments [Line Items]

Principal Amount

$ 8,542

Amortized Cost

7,835

Fair Value

$ 7,835

Percent of Net Assets

4.80%

Dryden 53 CLO, Ltd.

Schedule of Investments [Line Items]

Principal Amount

$ 4,859

^[23],[24]

$ 4,859

^[25],[26]

Amortized Cost

2,326

^[23],[24]

2,698

^[25],[26]

Fair Value

$ 1,119

^{[2],[23],[24]}

$ 1,852

^[25],[26]

Percent of Net Assets

0.70%

^[23],[24]

1.00%

^[25],[26]

Contract Datascan Holdings, Inc.

Schedule of Investments [Line Items]

Amortized Cost

$ 7,412

^[9],[14]

$ 6,419

^[12],[15]

Fair Value

$ 10,583

^[2],[9],[14]

$ 6,712

^{[3],[12],[15]}

2,773

Percent of Net Assets

6.60%

^[9],[14]

3.70%

^[12],[15]

Master Cutlery, LLC

Schedule of Investments [Line Items]

Principal Amount

$ 9,749

^{[9],[14],[19]}

$ 8,578

^{[12],[15],[22]}

Amortized Cost

8,163

^{[9],[14],[19]}

8,163

^{[12],[15],[22]}

Fair Value

$ 0

^{[2],[9],[14],[19]}

$ 122

^{[3],[12],[15],[22]}

699

Percent of Net Assets

0.00%

^{[9],[14],[19]}

0.10%

^{[12],[15],[22]}

TRS Services, Inc.

Schedule of Investments [Line Items]

Amortized Cost

$ 669

^[9],[14]

$ 572

^[12],[15]

Fair Value

$ 3,792

^[2],[9],[14]

$ 1,890

^{[3],[12],[15]}

988

Percent of Net Assets

2.30%

^[9],[14]

1.00%

^[12],[15]

Eblens Holdings, Inc.

Schedule of Investments [Line Items]

Principal Amount

^[15]

$ 9,890

Amortized Cost

^[15]

10,160

Fair Value

$ 0

$ 1,104

^[3],[15]

Percent of Net Assets

^[15]

0.60%

Investment, Identifier [Axis]: 24 Seven Holdco, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.45%

^[7],[27]

10.39%

^[5],[6],[10]

Spread Above Index

6.00%

^[7],[27]

6.00%

^[5],[6],[10]

Principal Amount

$ 8,820

^[7]

$ 8,910

^[5],[10]

Amortized Cost

8,776

^[7]

8,854

^[5],[10]

Fair Value

$ 8,483

^[2],[7]

$ 8,821

^[3],[5],[10]

Percent of Net Assets

5.20%

^[7]

4.90%

^[5],[10]

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

10.44%

Spread Above Index

^[6],[10]

6.25%

Principal Amount

^[10]

$ 2,000

Amortized Cost

^[10]

1,959

Fair Value

^[3],[10]

$ 1,943

Percent of Net Assets

^[10]

1.10%

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

^[27]

11.78%

Spread Above Index

^[27]

6.25%

Principal Amount

$ 46

Amortized Cost

Fair Value

^[2]

$ 46

Percent of Net Assets

0.00%

Investment, Identifier [Axis]: AIDC Intermediateco 2, LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

^[27]

11.80%

Spread Above Index

^[27]

6.25%

Principal Amount

$ 1,980

Amortized Cost

1,948

Fair Value

^[2]

$ 1,974

Percent of Net Assets

1.20%

Investment, Identifier [Axis]: Advantage Sales & Marketing Inc. (F/K/A Karman Buyer Corp), First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

10.18%

^{[7],[27],[28]}

8.28%

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

Spread Above Index

4.50%

^{[7],[27],[28]}

4.50%

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

Principal Amount

$ 2,260

^[7],[28]

$ 2,284

^[10],[16]

Amortized Cost

2,238

^[7],[28]

2,256

^[10],[16]

Fair Value

$ 2,249

^[2],[7],[28]

$ 1,898

^{[3],[10],[16]}

Percent of Net Assets

1.40%

^[7],[28]

1.10%

^[10],[16]

Investment, Identifier [Axis]: All Star Auto Lights, Inc., First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

10.97%

^[27]

12.00%

^{[6],[10],[11],[12]}

Spread Above Index

5.50%

^[27]

7.25%

^{[6],[10],[11],[12]}

Principal Amount

$ 22,861

$ 23,098

^{[10],[11],[12]}

Amortized Cost

22,719

22,863

^{[10],[11],[12]}

Fair Value

$ 22,853

^[2]

$ 22,890

^{[3],[10],[11],[12]}

Percent of Net Assets

14.10%

12.70%

^{[10],[11],[12]}

Investment, Identifier [Axis]: All Star Auto Lights, Inc., First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

10.96%

^[27]

11.76%

^{[6],[10],[11],[12]}

Spread Above Index

5.50%

^[27]

7.25%

^{[6],[10],[11],[12]}

Principal Amount

$ 4,925

$ 4,975

^{[10],[11],[12]}

Amortized Cost

4,872

4,889

^{[10],[11],[12]}

Fair Value

$ 4,923

^[2]

$ 4,930

^{[3],[10],[11],[12]}

Percent of Net Assets

3.00%

2.70%

^{[10],[11],[12]}

Investment, Identifier [Axis]: Allen Media, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.00%

^{[7],[27],[28]}

10.23%

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

Spread Above Index

5.50%

^{[7],[27],[28]}

5.50%

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

Principal Amount

$ 3,729

^[7],[28]

$ 3,768

^[10],[16]

Amortized Cost

3,726

^[7],[28]

3,763

^[10],[16]

Fair Value

$ 3,325

^[2],[7],[28]

$ 3,103

^{[3],[10],[16]}

Percent of Net Assets

2.10%

^[7],[28]

1.70%

^[10],[16]

Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

14.89%

^{[23],[24],[27]}

19.26%

^{[6],[25],[26]}

Principal Amount

$ 11,080

^[23],[24]

$ 11,080

^[25],[26]

Amortized Cost

10,191

^[23],[24]

9,915

^[25],[26]

Fair Value

$ 7,031

^{[2],[23],[24]}

$ 7,996

^{[3],[25],[26]}

Percent of Net Assets

4.30%

^[23],[24]

4.40%

^[25],[26]

Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

21.61%

^{[23],[24],[27]}

18.54%

^{[6],[25],[26]}

Principal Amount

$ 8,630

^[23],[24]

$ 8,630

^[25],[26]

Amortized Cost

6,977

^[23],[24]

7,198

^[25],[26]

Fair Value

$ 5,711

^{[2],[23],[24]}

$ 6,141

^{[3],[25],[26]}

Percent of Net Assets

3.50%

^[23],[24]

3.40%

^[25],[26]

Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

17.30%

^{[23],[24],[27]}

16.48%

^{[6],[25],[26]}

Principal Amount

$ 10,726

^[23],[24]

$ 10,726

^[25],[26]

Amortized Cost

8,858

^[23],[24]

8,389

^[25],[26]

Fair Value

$ 6,961

^{[2],[23],[24]}

$ 8,611

^{[3],[25],[26]}

Percent of Net Assets

4.30%

^[23],[24]

4.80%

^[25],[26]

Investment, Identifier [Axis]: Ares L CLO, Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

11.31%

^[27]

9.73%

^[6]

Spread Above Index

5.65%

^[27]

5.65%

^[6]

Principal Amount

$ 6,000

Amortized Cost

5,832

5,749

Fair Value

$ 5,474

^[2]

$ 5,272

^[3]

Percent of Net Assets

3.40%

2.90%

Investment, Identifier [Axis]: Astro One Acquisition Corporation, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

14.11%

^[13],[27]

13.23%

^[6]

Spread Above Index

8.50%

^[13],[27]

8.50%

^[6]

Principal Amount

$ 3,000

^[13]

$ 3,000

Amortized Cost

2,596

^[13]

2,680

Fair Value

$ 110

^[2],[13]

$ 2,246

^[3]

Percent of Net Assets

0.10%

^[13]

1.20%

Investment, Identifier [Axis]: Asurion, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[16]

9.63%

Spread Above Index

^[6],[16]

5.25%

Principal Amount

^[16]

$ 2,000

Amortized Cost

^[16]

1,766

Fair Value

^[3],[16]

$ 1,572

Percent of Net Assets

^[16]

0.90%

Investment, Identifier [Axis]: Atlantis Holding, LLC , First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

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

11.83%

Spread Above Index

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

7.25%

Principal Amount

^[10],[16]

$ 8,316

Amortized Cost

^[10],[16]

8,037

Fair Value

^{[3],[10],[16]}

$ 8,102

Percent of Net Assets

^[10],[16]

4.50%

Investment, Identifier [Axis]: Avison Young, First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

12.11%

^[7],[27]

10.19%

^[5],[6]

Spread Above Index

6.50%

^[7],[27]

5.75%

^[5],[6]

Principal Amount

$ 3,925

^[7]

$ 3,946

^[5]

Amortized Cost

3,903

^[7]

3,926

^[5]

Fair Value

$ 1,063

^[2],[7]

$ 3,475

^[3],[5]

Percent of Net Assets

0.70%

^[7]

1.90%

^[5]

Investment, Identifier [Axis]: Avison Young, First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

12.64%

^[27]

11.44%

^[5],[6],[10]

Spread Above Index

7.00%

^[27]

7.00%

^[5],[6],[10]

Principal Amount

$ 794

$ 798

^[5],[10]

Amortized Cost

757

755

^[5],[10]

Fair Value

$ 215

^[2]

$ 732

^[3],[5],[10]

Percent of Net Assets

0.10%

0.40%

^[5],[10]

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

12.72%

^[27]

11.98%

^[6]

Spread Above Index

7.25%

^[27]

7.25%

^[6]

Principal Amount

$ 1,667

Amortized Cost

1,645

1,641

Fair Value

$ 1,474

^[2]

$ 1,540

^[3]

Percent of Net Assets

0.90%

Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

12.52%

^[27]

10.94%

^[6]

Spread Above Index

6.86%

^[27]

6.86%

^[6]

Principal Amount

$ 8,000

Amortized Cost

7,918

7,899

Fair Value

$ 7,725

^[2]

$ 7,308

^[3]

Percent of Net Assets

4.80%

4.10%

Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

12.51%

^[27]

11.17%

^[6]

Spread Above Index

6.85%

^[27]

6.85%

^[6]

Principal Amount

$ 6,000

Amortized Cost

5,918

5,855

Fair Value

$ 5,511

^[2]

$ 5,445

^[3]

Percent of Net Assets

3.40%

3.00%

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

13.23%

Spread Above Index

^[6],[10]

8.50%

Principal Amount

^[10]

$ 4,962

Amortized Cost

^[10]

4,904

Fair Value

^[3],[10]

$ 4,861

Percent of Net Assets

^[10]

2.70%

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[29]}

13.23%

Spread Above Index

^{[6],[10],[29]}

8.50%

Principal Amount

^[10],[29]

$ 3,988

Amortized Cost

^[10],[29]

3,883

Fair Value

^{[3],[10],[29]}

$ 3,814

Percent of Net Assets

^[10],[29]

2.10%

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

^[27]

14.11%

Spread Above Index

^[27]

8.50%

Principal Amount

$ 4,962

Amortized Cost

4,915

Fair Value

^[2]

$ 4,962

Percent of Net Assets

3.10%

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

^[27]

14.12%

Spread Above Index

^[27]

8.50%

Principal Amount

$ 3,988

Amortized Cost

3,948

Fair Value

^[2]

$ 3,988

Percent of Net Assets

2.50%

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 1,290

^[19],[30]

$ 1,290

^{[15],[22],[31]}

Fair Value

$ 827

^{[2],[19],[30]}

$ 1,098

^{[3],[15],[22],[31]}

Percent of Net Assets

0.50%

^[19],[30]

0.60%

^{[15],[22],[31]}

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

11.96%

Spread Above Index

^[7],[27]

6.50%

Principal Amount

^[7]

$ 10,972

Amortized Cost

^[7]

10,874

Fair Value

^[2],[7]

$ 10,597

Percent of Net Assets

^[7]

6.50%

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[15]}

11.33%

Spread Above Index

^{[6],[10],[15]}

6.50%

Principal Amount

^[10],[15]

$ 9,548

Amortized Cost

^[10],[15]

9,469

Fair Value

^{[3],[10],[15]}

$ 9,201

Percent of Net Assets

^[10],[15]

5.10%

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[15],[29]}

18.00%

Spread Above Index

6.50%

^[27],[32]

1.00%

^{[6],[15],[29]}

Principal Amount

$ 0

^[32]

$ 0

^[15],[29]

Amortized Cost

(10)

^[32]

(11)

^[15],[29]

Fair Value

$ (44)

^[2],[32]

$ (47)

^{[3],[15],[29]}

Percent of Net Assets

0.00%

^[32]

0.00%

^[15],[29]

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity

Schedule of Investments [Line Items]

12.00%

2.00%

$ 345

^[2]

$ 344

Percent of Net Assets

0.20%

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan accumulation facility

Schedule of Investments [Line Items]

Interest Rate

^[6],[33]

14.50%

Principal Amount

^[33]

$ 8,500

Amortized Cost

^[33]

8,500

Fair Value

^[3],[33]

$ 8,299

Percent of Net Assets

^[33]

4.60%

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1A, Ltd., Mezzanine Debt - Class D

Schedule of Investments [Line Items]

Interest Rate

^[27]

11.85%

Spread Above Index

^[27]

6.46%

Principal Amount

$ 915

Amortized Cost

888

Fair Value

^[2]

$ 888

Percent of Net Assets

0.50%

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1A, Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

^[27]

15.75%

Spread Above Index

^[27]

10.36%

Principal Amount

$ 2,133

Amortized Cost

1,929

Fair Value

$ 1,929

Percent of Net Assets

1.20%

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1A, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

^{[23],[24],[27]}

14.56%

Principal Amount

^[23],[24]

$ 5,494

Amortized Cost

^[23],[24]

5,018

Fair Value

^{[2],[23],[24]}

$ 5,018

Percent of Net Assets

^[23],[24]

3.10%

Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

12.25%

Spread Above Index

^[7],[27]

6.75%

Principal Amount

^[7]

$ 3,198

Amortized Cost

^[7]

3,106

Fair Value

^[2],[7]

$ 3,106

Percent of Net Assets

^[7]

1.90%

Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Spread Above Index

^[27],[32]

6.75%

Principal Amount

^[32]

$ 0

Amortized Cost

^[32]

(9)

Fair Value

^[2],[32]

$ (9)

Percent of Net Assets

^[32]

0.00%

Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 703

^[19]

$ 703

^[22]

Fair Value

$ 45

^[2],[19]

$ 32

^[3],[22]

Percent of Net Assets

0.00%

^[19]

0.00%

^[22]

Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. , Preferred Equity

Schedule of Investments [Line Items]

Interest Rate, PIK

10.00%

^[12],[15]

Amortized Cost

$ 7,309

$ 6,315

^[12],[15]

Fair Value

$ 10,312

^[2]

$ 6,202

^{[3],[12],[15]}

Percent of Net Assets

6.40%

3.40%

^[12],[15]

Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 104

^[19]

$ 104

^{[12],[15],[22]}

Fair Value

$ 271

^[2],[19]

$ 510

^{[3],[12],[15],[22]}

Percent of Net Assets

0.20%

^[19]

0.30%

^{[12],[15],[22]}

Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity

Schedule of Investments [Line Items]

Fair Value

$ 10,312

$ 6,202

2,748

Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

12.22%

^[27]

11.07%

^[6]

Spread Above Index

6.75%

^[27]

6.75%

^[6]

Principal Amount

$ 5,938

Amortized Cost

5,863

5,849

Fair Value

$ 5,877

^[2]

$ 5,767

^[3]

Percent of Net Assets

3.60%

3.20%

Investment, Identifier [Axis]: Creation Technologies, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.18%

^[4],[7],[27]

9.25%

^[5],[6],[10]

Spread Above Index

5.50%

^[4],[7],[27]

5.50%

^[5],[6],[10]

Principal Amount

$ 1,970

^[4],[7]

$ 1,990

^[5],[10]

Amortized Cost

1,959

^[4],[7]

1,977

^[5],[10]

Fair Value

$ 1,851

^[2],[4],[7]

$ 1,854

^[3],[5],[10]

Percent of Net Assets

1.10%

^[4],[7]

1.00%

^[5],[10]

Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 1,135

^[14],[30]

$ 1,135

^{[15],[22],[31]}

Fair Value

$ 393

^{[2],[14],[30]}

$ 1,568

^{[3],[15],[22],[31]}

1,289

Percent of Net Assets

0.20%

^[14],[30]

0.90%

^{[15],[22],[31]}

Investment, Identifier [Axis]: Diamond Sports Group, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

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

12.32%

Spread Above Index

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

8.00%

Principal Amount

^[10],[16]

$ 252

Amortized Cost

^[10],[16]

246

Fair Value

^{[3],[10],[16]}

$ 240

Percent of Net Assets

^[10],[16]

0.10%

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

10.71%

^{[7],[13],[27],[28]}

7.57%

^{[6],[10],[16],[34]}

Spread Above Index

5.25%

^{[7],[13],[27],[28]}

3.25%

^{[6],[10],[16],[34]}

Principal Amount

$ 1,935

^{[7],[13],[28]}

$ 1,935

^{[10],[16],[34]}

Amortized Cost

1,935

^{[7],[13],[28]}

1,935

^{[10],[16],[34]}

Fair Value

$ 92

^{[2],[7],[13],[28]}

$ 248

^{[3],[10],[16],[34]}

Percent of Net Assets

0.10%

^{[7],[13],[28]}

0.10%

^{[10],[16],[34]}

Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

7.00%

^{[23],[24],[27]}

22.97%

^{[6],[25],[26]}

Principal Amount

$ 2,159

^[23],[24]

$ 2,159

^[25],[26]

Amortized Cost

1,046

^[23],[24]

1,199

^[25],[26]

Fair Value

$ 497

^{[2],[23],[24]}

$ 823

^[25],[26]

Percent of Net Assets

0.30%

^[23],[24]

0.50%

^[25],[26]

Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income

Schedule of Investments [Line Items]

Interest Rate

8.04%

^{[23],[24],[27]}

23.00%

^{[6],[25],[26]}

Principal Amount

$ 2,700

^[23],[24]

$ 2,700

^[25],[26]

Amortized Cost

1,280

^[23],[24]

1,499

^[25],[26]

Fair Value

$ 622

^{[2],[23],[24]}

$ 1,029

^{[3],[25],[26]}

Percent of Net Assets

0.30%

^[23],[24]

0.50%

^[25],[26]

Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

16.12%

^{[23],[24],[27]}

19.75%

^{[6],[25],[26]}

Principal Amount

$ 2,750

^[23],[24]

$ 2,750

^[25],[26]

Amortized Cost

2,332

^[23],[24]

2,266

^[25],[26]

Fair Value

$ 1,779

^{[2],[23],[24]}

$ 2,030

^{[3],[25],[26]}

Percent of Net Assets

1.10%

^[23],[24]

1.10%

^[25],[26]

Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.13%

^[7],[27]

10.07%

^[6],[10]

Spread Above Index

5.75%

^[7],[27]

5.75%

^[6],[10]

Principal Amount

$ 1,930

^[7]

$ 1,950

^[10]

Amortized Cost

1,916

^[7]

1,933

^[10]

Fair Value

$ 1,855

^[2],[7]

$ 1,873

^[3],[10]

Percent of Net Assets

1.10%

^[7]

1.00%

^[10]

Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Spread Above Index

^{[6],[10],[29]}

2.88%

Principal Amount

^[10],[29]

$ 0

Amortized Cost

^[10],[29]

(3)

Fair Value

^{[3],[10],[29]}

$ (11)

Percent of Net Assets

^[10],[29]

0.00%

Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Principal Amount

^[15],[22]

Amortized Cost

^[15],[22]

950

Fair Value

$ 0

^{[3],[15],[22]}

Percent of Net Assets

^[15],[22]

0.00%

Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Debt 1

Schedule of Investments [Line Items]

Fair Value

$ 1,104

Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Debt 2

Schedule of Investments [Line Items]

Fair Value

$ 0

Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 1

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[6],[15],[34]}

13.00%

Principal Amount

^[15],[34]

$ 4,945

Amortized Cost

^[15],[34]

4,605

Fair Value

^{[3],[15],[34]}

$ 1,104

Percent of Net Assets

^[15],[34]

0.60%

Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 2

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[6],[15],[34]}

13.00%

Principal Amount

^[15],[34]

$ 4,945

Amortized Cost

^[15],[34]

4,605

Fair Value

^{[3],[15],[34]}

$ 0

Percent of Net Assets

^[15],[34]

0.00%

Investment, Identifier [Axis]: Electrical Components International, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

13.96%

^[27]

12.88%

^[6]

Spread Above Index

8.50%

^[27]

8.50%

^[6]

Principal Amount

$ 3,679

Amortized Cost

3,452

3,360

Fair Value

$ 3,561

^[2]

$ 3,468

^[3]

Percent of Net Assets

2.20%

1.90%

Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

^{[6],[25],[26],[35]}

0.00%

Principal Amount

^{[25],[26],[35]}

$ 5,449

Amortized Cost

^{[25],[26],[35]}

1,311

Fair Value

^{[3],[25],[26],[35]}

$ 118

Percent of Net Assets

^{[25],[26],[35]}

0.10%

Investment, Identifier [Axis]: EnergySolutions, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

8.48%

Spread Above Index

^[6],[10]

3.75%

Principal Amount

^[10]

$ 1,768

Amortized Cost

^[10]

1,765

Fair Value

^[3],[10]

$ 1,652

Percent of Net Assets

^[10]

0.90%

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights

Schedule of Investments [Line Items]

Amortized Cost

$ 4,722

^[19],[36]

$ 4,722

^{[12],[18],[22],[37]}

Fair Value

$ 0

^{[2],[19],[36]}

$ 0

^{[3],[12],[18],[22],[37]}

Percent of Net Assets

0.00%

^[19],[36]

0.00%

^{[12],[18],[22],[37]}

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

7.50%

^[27]

7.50%

^{[6],[12],[18]}

Principal Amount

$ 6,295

$ 6,359

^[12],[18]

Amortized Cost

6,295

6,359

^[12],[18]

Fair Value

$ 6,295

^[2]

$ 6,359

^{[3],[12],[18]}

Percent of Net Assets

3.90%

3.50%

^[12],[18]

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Principal Amount

$ 0

^[32]

$ 0

^{[12],[18],[29]}

Amortized Cost

^[32]

^{[12],[18],[29]}

Fair Value

$ 0

^[2],[32]

$ 0

^{[3],[12],[18],[29]}

Percent of Net Assets

0.00%

^[32]

0.00%

^{[12],[18],[29]}

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate, PIK

10.00%

^{[13],[19],[27]}

10.00%

^{[6],[12],[18],[22],[34]}

Principal Amount

$ 7,844

^[13],[19]

$ 7,098

^{[12],[18],[22],[34]}

Amortized Cost

6,584

^[13],[19]

6,584

^{[12],[18],[22],[34]}

Fair Value

$ 3,801

^{[2],[13],[19]}

$ 2,887

^{[3],[12],[18],[22],[34]}

Percent of Net Assets

2.30%

^[13],[19]

1.60%

^{[12],[18],[22],[34]}

Investment, Identifier [Axis]: Excelin Home Health, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

18.00%

^[9],[27]

14.23%

^[6],[12]

Interest Rate, PIK

^[6],[12]

1.25%

Spread Above Index

^[6],[12]

9.50%

Principal Amount

$ 4,932

^[9]

$ 4,277

^[12]

Amortized Cost

4,839

^[9]

4,210

^[12]

Fair Value

$ 4,173

^[2],[9]

$ 3,987

^[3],[12]

Percent of Net Assets

2.60%

^[9]

2.20%

^[12]

Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

7.62%

^{[23],[24],[27]}

20.94%

^{[6],[25],[26]}

Principal Amount

$ 9,680

^[23],[24]

$ 9,680

^[25],[26]

Amortized Cost

6,314

^[23],[24]

6,907

^[25],[26]

Fair Value

$ 4,989

^{[2],[23],[24]}

$ 5,587

^{[3],[25],[26]}

Percent of Net Assets

3.10%

^[23],[24]

3.10%

^[25],[26]

Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class A Units

Schedule of Investments [Line Items]

Amortized Cost

$ 450

^[22]

Fair Value

$ 0

^[2]

$ 0

^[3],[22]

Percent of Net Assets

0.00%

^[22]

Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class B Units

Schedule of Investments [Line Items]

Amortized Cost

$ 50

^[22]

Fair Value

$ 0

^[2]

$ 0

^[3],[22]

Percent of Net Assets

0.00%

^[22]

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^{[7],[27],[28]}

10.28%

Spread Above Index

^{[7],[27],[28]}

4.75%

Principal Amount

^[7],[28]

$ 2,916

Amortized Cost

^[7],[28]

2,915

Fair Value

^[2],[7],[28]

$ 1,943

Percent of Net Assets

^[7],[28]

1.20%

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.)., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

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

9.14%

Spread Above Index

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

4.75%

Principal Amount

^[10],[16]

$ 2,946

Amortized Cost

^[10],[16]

2,945

Fair Value

^{[3],[10],[16]}

$ 1,909

Percent of Net Assets

^[10],[16]

1.10%

Investment, Identifier [Axis]: Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets), First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

12.20%

^[7],[27]

11.44%

^[6],[10]

Spread Above Index

6.75%

^[7],[27]

6.75%

^[6],[10]

Principal Amount

$ 5,925

^[7]

$ 5,985

^[10]

Amortized Cost

5,641

^[7]

5,647

^[10]

Fair Value

$ 5,925

^[2],[7]

$ 5,532

^[3],[10]

Percent of Net Assets

3.70%

^[7]

3.10%

^[10]

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

10.48%

Spread Above Index

^[6],[10]

5.75%

Principal Amount

^[10]

$ 6,532

Amortized Cost

^[10]

6,428

Fair Value

^[3],[10]

$ 6,426

Percent of Net Assets

^[10]

3.60%

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[29]}

10.48%

Spread Above Index

^{[6],[10],[29]}

5.75%

Principal Amount

^[10],[29]

$ 1,904

Amortized Cost

^[10],[29]

1,812

Fair Value

^{[3],[10],[29]}

$ 1,762

Percent of Net Assets

^[10],[29]

1.00%

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw) 2

Schedule of Investments [Line Items]

Interest Rate

^{[7],[27],[32]}

11.50%

Spread Above Index

^{[7],[27],[32]}

6.00%

Principal Amount

^[7],[32]

$ 2,706

Amortized Cost

^[7],[32]

2,682

Fair Value

^[2],[7],[32]

$ 2,706

Percent of Net Assets

^[7],[32]

1.70%

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Interest Rate

^[27],[32]

13.25%

Spread Above Index

4.75%

^[27],[32]

5.75%

^{[6],[10],[29]}

Principal Amount

$ 95

^[32]

$ 0

^[10],[29]

Amortized Cost

^[32]

(12)

^[10],[29]

Fair Value

$ 95

^[2],[32]

$ (12)

^{[3],[10],[29]}

Percent of Net Assets

0.10%

^[32]

0.00%

^[10],[29]

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

11.25%

Spread Above Index

^[7],[27]

5.75%

Principal Amount

^[7]

$ 6,466

Amortized Cost

^[7]

6,385

Fair Value

^[2],[7]

$ 6,466

Percent of Net Assets

^[7]

4.00%

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

11.25%

Spread Above Index

^[7],[27]

5.75%

Principal Amount

^[7]

$ 4,089

Amortized Cost

^[7]

4,029

Fair Value

^[2],[7]

$ 4,089

Percent of Net Assets

^[7]

2.50%

Investment, Identifier [Axis]: Idera, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

12.28%

^[27]

10.50%

^[6]

Spread Above Index

6.75%

^[27]

6.75%

^[6]

Principal Amount

$ 4,000

Amortized Cost

4,000

Fair Value

$ 3,850

^[2]

$ 3,732

^[3]

Percent of Net Assets

2.40%

2.10%

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

12.58%

^[27]

12.15%

^[6],[21]

Interest Rate, PIK

1.00%

^[27]

2.00%

^[6],[21]

Spread Above Index

7.00%

^[27]

7.00%

^[6],[21]

Principal Amount

$ 14,868

^[21]

Amortized Cost

14,783

14,669

^[21]

Fair Value

$ 14,868

^[2]

$ 14,868

^[3],[21]

Percent of Net Assets

9.20%

8.20%

^[21]

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Spread Above Index

7.00%

^[27]

7.00%

^[6],[29]

Principal Amount

$ 2,344

$ 0

^[29]

Amortized Cost

2,312

(73)

^[29]

Fair Value

$ 2,344

^[2]

$ 0

^[3],[29]

Percent of Net Assets

1.40%

0.00%

^[29]

Investment, Identifier [Axis]: Ivanti Software, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

9.91%

^{[7],[27],[28]}

9.01%

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

Spread Above Index

4.25%

^{[7],[27],[28]}

4.25%

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

Principal Amount

$ 2,933

^[7],[28]

$ 2,963

^[10],[16]

Amortized Cost

2,940

^[7],[28]

2,972

^[10],[16]

Fair Value

$ 2,792

^[2],[7],[28]

$ 2,359

^{[3],[10],[16]}

Percent of Net Assets

1.70%

^[7],[28]

1.30%

^[10],[16]

Investment, Identifier [Axis]: JP Intermediate B, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.14%

^[7],[27]

9.91%

^[6],[10]

Spread Above Index

5.50%

^[7],[27]

5.50%

^[6],[10]

Principal Amount

$ 4,697

^[7]

$ 5,369

^[10]

Amortized Cost

4,513

^[7]

5,227

^[10]

Fair Value

$ 3,368

^[2],[7]

$ 4,622

^[3],[10]

Percent of Net Assets

2.10%

^[7]

2.60%

^[10]

Investment, Identifier [Axis]: Kreg LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

9.75%

^{[7],[20],[27]}

10.98%

^[6],[10]

Interest Rate, PIK

2.50%

^{[7],[20],[27]}

0.50%

^[6],[10]

Spread Above Index

4.25%

^{[7],[20],[27]}

6.25%

^[6],[10]

Principal Amount

$ 17,139

^[7],[20]

$ 16,550

^[10]

Amortized Cost

17,066

^[7],[20]

16,452

^[10]

Fair Value

$ 15,989

^[2],[7],[20]

$ 15,675

^[3],[10]

Percent of Net Assets

9.90%

^[7],[20]

8.70%

^[10]

Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Spread Above Index

6.25%

^[27],[32]

6.25%

^{[6],[10],[29]}

Principal Amount

$ 0

^[32]

$ 0

^[10],[29]

Amortized Cost

(6)

^[32]

(8)

^[10],[29]

Fair Value

$ (90)

^[2],[32]

$ (71)

^{[3],[10],[29]}

Percent of Net Assets

(0.10%)

^[32]

0.00%

^[10],[29]

Investment, Identifier [Axis]: MTE Holding Corp., Common Equity

Schedule of Investments [Line Items]

Fair Value

$ 0

4,753

Investment, Identifier [Axis]: MTE Holding Corp., Subordinated Debt

Schedule of Investments [Line Items]

Fair Value

$ 0

8,195

Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

16.45%

^{[23],[24],[27]}

23.69%

^{[6],[25],[26]}

Principal Amount

$ 10,000

^[23],[24]

$ 10,000

^[25],[26]

Amortized Cost

5,558

^[23],[24]

6,112

^[25],[26]

Fair Value

$ 4,744

^{[2],[23],[24]}

$ 5,319

^{[3],[25],[26]}

Percent of Net Assets

2.90%

^[23],[24]

2.90%

^[25],[26]

Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

13.78%

^{[23],[24],[27]}

19.83%

^{[6],[25],[26]}

Principal Amount

$ 9,500

^[23],[24]

$ 9,500

^[25],[26]

Amortized Cost

5,927

^[23],[24]

6,459

^[25],[26]

Fair Value

$ 5,355

^{[2],[23],[24]}

$ 5,645

^{[3],[25],[26]}

Percent of Net Assets

3.30%

^[23],[24]

3.10%

^[25],[26]

Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 0

^{[12],[15],[22]}

Fair Value

$ 0

^[2]

$ 0

^{[3],[12],[15],[22]}

Percent of Net Assets

0.00%

^{[12],[15],[22]}

Investment, Identifier [Axis]: Master Cutlery, LLC, Preferred Equity

Schedule of Investments [Line Items]

Interest Rate, PIK

8.00%

^{[12],[15],[22]}

Amortized Cost

$ 3,483

^{[12],[15],[22]}

Fair Value

$ 0

^[2]

$ 0

^{[3],[12],[15],[22]}

Percent of Net Assets

0.00%

^{[12],[15],[22]}

Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Debt

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[13],[20],[27]}

13.00%

Principal Amount

^[13],[20]

$ 9,749

Amortized Cost

^[13],[20]

4,680

Fair Value

$ 0

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

$ 122

699

Percent of Net Assets

^[13],[20]

0.00%

Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan

Schedule of Investments [Line Items]

Interest Rate, PIK

^{[6],[12],[15],[22]}

13.00%

Principal Amount

^{[12],[15],[22]}

$ 8,578

Amortized Cost

^{[12],[15],[22]}

4,680

Fair Value

^{[3],[12],[15],[22]}

$ 122

Percent of Net Assets

^{[12],[15],[22]}

0.10%

Investment, Identifier [Axis]: Medrina LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

11.74%

Spread Above Index

^[7],[27]

6.25%

Principal Amount

^[7]

$ 2,234

Amortized Cost

^[7]

2,180

Fair Value

^[2],[7]

$ 2,180

Percent of Net Assets

^[7]

1.30%

Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Spread Above Index

^{[7],[27],[32]}

6.25%

Principal Amount

^[7],[32]

$ 0

Amortized Cost

^[7],[32]

(5)

Fair Value

^[2],[7],[32]

$ (5)

Percent of Net Assets

^[7],[32]

0.00%

Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Spread Above Index

^[27],[32]

6.25%

Principal Amount

^[32]

$ 0

Amortized Cost

^[32]

(8)

Fair Value

^[2],[32]

$ (8)

Percent of Net Assets

^[32]

0.00%

Investment, Identifier [Axis]: Metasource, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.72%

^[27]

10.69%

^[6],[10]

Interest Rate, PIK

^[27]

0.50%

Spread Above Index

6.25%

^[27]

6.25%

^[6],[10]

Principal Amount

$ 2,755

$ 2,779

^[10]

Amortized Cost

2,733

2,754

^[10]

Fair Value

$ 2,597

^[2]

$ 2,592

^[3],[10]

Percent of Net Assets

1.60%

1.40%

^[10]

Investment, Identifier [Axis]: Metasource, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Spread Above Index

6.25%

^[27],[32]

6.25%

^{[6],[10],[29]}

Principal Amount

$ 0

^[32]

$ 0

^[10],[29]

Amortized Cost

(4)

^[32]

(8)

^[10],[29]

Fair Value

$ (69)

^[2],[32]

$ (81)

^{[3],[10],[29]}

Percent of Net Assets

0.00%

^[32]

0.00%

^[10],[29]

Investment, Identifier [Axis]: Milrose Consultants, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[11],[12],[21]}

11.33%

Spread Above Index

^{[6],[10],[11],[12],[21]}

6.50%

Principal Amount

^{[10],[11],[12],[21]}

$ 27,172

Amortized Cost

^{[10],[11],[12],[21]}

27,151

Fair Value

^{[3],[10],[11],[12],[21]}

$ 26,700

Percent of Net Assets

^{[10],[11],[12],[21]}

14.80%

Investment, Identifier [Axis]: Milrose Consultants, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[11],[12],[21],[29]}

11.33%

Spread Above Index

^{[6],[11],[12],[21],[29]}

6.50%

Principal Amount

^{[11],[12],[21],[29]}

$ 476

Amortized Cost

^{[11],[12],[21],[29]}

470

Fair Value

^{[3],[11],[12],[21],[29]}

$ 448

Percent of Net Assets

^{[11],[12],[21],[29]}

0.20%

Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R

Schedule of Investments [Line Items]

Interest Rate

14.12%

^[27]

13.03%

^[6]

Spread Above Index

8.75%

^[27]

8.75%

^[6]

Principal Amount

$ 1,000

Amortized Cost

961

945

Fair Value

$ 967

^[2]

$ 874

^[3]

Percent of Net Assets

0.60%

0.50%

Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

4.98%

^{[23],[24],[27]}

18.97%

^{[6],[25],[26]}

Principal Amount

$ 7,000

^[23],[24]

$ 7,000

^[25],[26]

Amortized Cost

3,962

^[23],[24]

4,504

^[25],[26]

Fair Value

$ 2,171

^{[2],[23],[24]}

$ 3,202

^{[6],[25],[26]}

Percent of Net Assets

1.30%

^[23],[24]

1.80%

^[25],[26]

Investment, Identifier [Axis]: One GI LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

11.13%

Spread Above Index

^[6],[10]

6.75%

Principal Amount

^[10]

$ 7,508

Amortized Cost

^[10]

7,395

Fair Value

^[3],[10]

$ 7,039

Percent of Net Assets

^[10]

3.90%

Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[29]}

11.14%

Spread Above Index

^{[6],[10],[29]}

6.75%

Principal Amount

^[10],[29]

$ 3,946

Amortized Cost

^[10],[29]

3,866

Fair Value

^{[3],[10],[29]}

$ 3,698

Percent of Net Assets

^[10],[29]

2.00%

Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Spread Above Index

6.75%

^[27],[32]

6.75%

^[6],[29]

Principal Amount

$ 0

^[32]

$ 0

^[29]

Amortized Cost

(14)

^[32]

(21)

^[29]

Fair Value

$ (71)

^[2],[32]

$ (90)

^[3],[29]

Percent of Net Assets

0.00%

^[32]

0.00%

^[29]

Investment, Identifier [Axis]: One GI LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

12.21%

Spread Above Index

^[7],[27]

6.75%

Principal Amount

^[7]

$ 7,432

Amortized Cost

^[7]

7,358

Fair Value

^[2],[7]

$ 7,066

Percent of Net Assets

^[7]

4.40%

Investment, Identifier [Axis]: One GI LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

12.21%

Spread Above Index

^[7],[27]

6.75%

Principal Amount

^[7]

$ 3,916

Amortized Cost

^[7]

3,876

Fair Value

^[2],[7]

$ 3,723

Percent of Net Assets

^[7]

2.30%

Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 499

^[19]

$ 499

^[22],[31]

Fair Value

$ 551

^[2],[19]

$ 967

^{[3],[22],[31]}

Percent of Net Assets

0.30%

^[19]

0.50%

^[22],[31]

Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

12.98%

^[27]

11.54%

^[6]

Spread Above Index

7.30%

^[27]

7.30%

^[6]

Principal Amount

$ 1,000

Amortized Cost

982

978

Fair Value

$ 982

^[2]

$ 910

^[6]

Percent of Net Assets

0.60%

0.50%

Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc Common Equity

Schedule of Investments [Line Items]

Fair Value

$ 85,456

65,740

Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 217

^[8],[9],[14]

217

^{[11],[12],[15],[22]}

Fair Value

$ 70,927

^{[2],[8],[9],[14]}

$ 85,456

^{[3],[11],[12],[15],[22]}

Percent of Net Assets

43.80%

^[8],[9],[14]

47.40%

^{[11],[12],[15],[22]}

Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

6.50%

^[13],[27]

4.00%

^[6],[34]

Principal Amount

$ 16,648

^[13]

$ 16,648

^[34]

Amortized Cost

14,113

^[13]

14,113

^[34]

Fair Value

$ 6,858

^[2],[13]

$ 6,864

^[3],[34]

Percent of Net Assets

4.20%

^[13]

3.80%

^[34]

Investment, Identifier [Axis]: RC Buyer, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6]

11.23%

Spread Above Index

^[6]

6.50%

Principal Amount

$ 1,125

Amortized Cost

1,083

Fair Value

^[3]

$ 1,064

Percent of Net Assets

0.60%

Investment, Identifier [Axis]: RPLF Holdings, LLC (10), Common Equity

Schedule of Investments [Line Items]

Amortized Cost

^[22],[31]

$ 492

Fair Value

^{[3],[22],[31]}

$ 406

Percent of Net Assets

^[22],[31]

0.20%

Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

^[19],[30]

$ 0

Fair Value

^{[2],[19],[30]}

$ 1,182

Percent of Net Assets

^[19],[30]

0.70%

Investment, Identifier [Axis]: RSA Security, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[27],[28]

10.22%

Spread Above Index

^[27],[28]

4.75%

Principal Amount

^[28]

$ 1,715

Amortized Cost

^[28]

1,708

Fair Value

^[2],[28]

$ 1,307

Percent of Net Assets

^[28]

0.80%

Investment, Identifier [Axis]: RSA Security, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[27]

13.22%

Spread Above Index

^[27]

7.75%

Principal Amount

$ 4,450

Amortized Cost

4,407

Fair Value

^[2]

$ 3,272

Percent of Net Assets

2.00%

Investment, Identifier [Axis]: Reception Purchaser LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.50%

^[7],[27]

10.42%

^[6],[10]

Spread Above Index

6.00%

^[7],[27]

6.00%

^[6],[10]

Principal Amount

$ 2,523

^[7]

$ 2,548

^[10]

Amortized Cost

2,495

^[7]

2,514

^[10]

Fair Value

$ 2,257

^[2],[7]

$ 2,501

^[3],[10]

Percent of Net Assets

1.40%

^[7]

1.40%

^[10]

Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

7.46%

^{[23],[24],[27]}

17.49%

^{[6],[25],[26]}

Principal Amount

$ 1,300

^[23],[24]

$ 1,300

^[25],[26]

Amortized Cost

910

^[23],[24]

1,034

^[25],[26]

Fair Value

$ 544

^{[2],[23],[24]}

$ 695

^{[6],[25],[26]}

Percent of Net Assets

0.30%

^[23],[24]

0.40%

^[25],[26]

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

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

9.11%

Spread Above Index

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

4.75%

Principal Amount

^[10],[16]

$ 2,769

Amortized Cost

^[10],[16]

2,756

Fair Value

^{[3],[10],[16]}

$ 1,931

Percent of Net Assets

^[10],[16]

1.10%

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

12.11%

Spread Above Index

^[6],[10]

7.75%

Principal Amount

^[10]

$ 4,450

Amortized Cost

^[10]

4,400

Fair Value

^[3],[10]

$ 3,350

Percent of Net Assets

^[10]

1.90%

Investment, Identifier [Axis]: Regatta II Funding, Mezzanine Debt - Class DR2

Schedule of Investments [Line Items]

Interest Rate

^[6]

11.03%

Spread Above Index

^[6]

6.95%

Principal Amount

$ 800

Amortized Cost

778

Fair Value

^[6]

$ 738

Percent of Net Assets

0.40%

Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

12.61%

^[27]

11.24%

^[6]

Spread Above Index

7.19%

^[27]

7.19%

^[6]

Principal Amount

$ 3,000

Amortized Cost

2,977

2,971

Fair Value

$ 3,007

^[2]

$ 2,990

^[6]

Percent of Net Assets

1.90%

1.70%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[5],[6],[10]

12.98%

Spread Above Index

^[5],[6],[10]

8.25%

Principal Amount

^[5],[10]

$ 3,985

Amortized Cost

^[5],[10]

3,817

Fair Value

^[3],[5],[10]

$ 3,617

Percent of Net Assets

^[5],[10]

2.00%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Interest Rate

^{[5],[6],[10],[29]}

12.98%

Spread Above Index

^{[5],[6],[10],[29]}

8.25%

Principal Amount

^{[5],[10],[29]}

$ 1,202

Amortized Cost

^{[5],[10],[29]}

1,186

Fair Value

^{[3],[5],[10],[29]}

$ 1,042

Percent of Net Assets

^{[5],[10],[29]}

0.60%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

^[20],[27]

14.36%

Interest Rate, PIK

^[20],[27]

0.50%

Spread Above Index

^[20],[27]

8.75%

Principal Amount

^[20]

$ 2,858

Amortized Cost

^[20]

2,769

Fair Value

^[2],[20]

$ 2,633

Percent of Net Assets

^[20]

1.60%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

14.36%

Interest Rate, PIK

0.50%

Spread Above Index

^[20],[27]

8.75%

Principal Amount

^[20]

$ 862

Amortized Cost

^[20]

854

Fair Value

^[2],[20]

$ 795

Percent of Net Assets

^[20]

0.50%

Investment, Identifier [Axis]: RumbleOn, Inc., Warrants

Schedule of Investments [Line Items]

Amortized Cost

$ 200

^{[5],[10],[22]}

Fair Value

$ 72

^[2]

$ 0

^{[3],[5],[10],[22]}

Percent of Net Assets

0.00%

^{[5],[10],[22]}

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[38]}

11.10%

Spread Above Index

^{[6],[10],[38]}

6.85%

Principal Amount

^[10],[38]

$ 3,042

Amortized Cost

^[10],[38]

3,017

Fair Value

^{[3],[10],[38]}

$ 2,988

Percent of Net Assets

^[10],[38]

1.70%

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[29]}

11.84%

Spread Above Index

^{[6],[10],[29]}

7.59%

Principal Amount

^[10],[29]

$ 1,217

Amortized Cost

^[10],[29]

1,205

Fair Value

^{[3],[10],[29]}

$ 1,184

Percent of Net Assets

^[10],[29]

0.70%

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

^{[7],[27],[39]}

12.41%

Spread Above Index

^{[7],[27],[39]}

6.75%

Principal Amount

^[7],[39]

$ 3,042

Amortized Cost

^[7],[39]

3,023

Fair Value

^[2],[7],[39]

$ 3,042

Percent of Net Assets

^[7],[39]

1.90%

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

13.10%

Spread Above Index

^[7],[27]

7.45%

Principal Amount

^[7]

$ 1,460

Amortized Cost

^[7]

1,449

Fair Value

^[2],[7]

$ 1,460

Percent of Net Assets

^[7]

0.90%

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Interest Rate

^[27],[32]

10.75%

Spread Above Index

5.25%

^{[7],[27],[32]}

5.25%

^{[6],[10],[29]}

Principal Amount

$ 200

^[7],[32]

$ 0

^[10],[29]

Amortized Cost

199

^[7],[32]

(2)

^[10],[29]

Fair Value

$ 173

^[2],[7],[32]

$ (11)

^{[3],[10],[29]}

Percent of Net Assets

0.10%

^[7],[32]

0.00%

^[10],[29]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Interest Rate

10.75%

^[7],[27]

9.98%

^[6],[10]

Spread Above Index

5.25%

^[7],[27]

5.25%

^[6],[10]

Principal Amount

$ 9,575

^[7]

$ 9,675

^[10]

Amortized Cost

9,563

^[7]

9,643

^[10]

Fair Value

$ 9,186

^[2],[7]

$ 9,513

^[3],[10]

Percent of Net Assets

5.70%

^[7]

5.30%

^[10]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Interest Rate

10.75%

^[7],[27]

9.98%

^[6],[10]

Spread Above Index

5.25%

^[7],[27]

5.25%

^[6],[10]

Principal Amount

$ 1,035

^[7]

$ 1,045

^[10]

Amortized Cost

1,033

^[7]

1,041

^[10]

Fair Value

$ 993

^[2],[7]

$ 1,028

^[3],[10]

Percent of Net Assets

0.60%

^[7]

0.60%

^[10]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 3

Schedule of Investments [Line Items]

Interest Rate

10.75%

^[7],[27]

9.98%

^[6],[10]

Spread Above Index

5.25%

^[7],[27]

5.25%

^[6],[10]

Principal Amount

$ 2,607

^[7]

$ 2,633

^[10]

Amortized Cost

2,600

^[7]

2,617

^[10]

Fair Value

$ 2,501

^[2],[7]

$ 2,589

^[3],[10]

Percent of Net Assets

1.50%

^[7]

1.40%

^[10]

Investment, Identifier [Axis]: STS Operating, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

13.46%

^[27]

12.38%

^[6]

Spread Above Index

8.00%

^[27]

8.00%

^[6]

Principal Amount

$ 9,073

Amortized Cost

9,072

9,071

Fair Value

$ 9,073

^[2]

$ 9,073

^[3]

Percent of Net Assets

5.60%

5.00%

Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 160

^[19],[30]

$ 160

^[22],[31]

Fair Value

$ 77

^{[2],[19],[30]}

$ 80

^{[3],[22],[31]}

Percent of Net Assets

0.00%

^[19],[30]

0.00%

^[22],[31]

Investment, Identifier [Axis]: Signal Parent, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

8.96%

^{[7],[27],[28]}

7.89%

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

Spread Above Index

3.50%

^{[7],[27],[28]}

3.50%

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

Principal Amount

$ 1,803

^[7],[28]

$ 1,822

^[10],[16]

Amortized Cost

1,791

^[7],[28]

1,807

^[10],[16]

Fair Value

$ 1,616

^[2],[7],[28]

$ 1,566

^{[3],[10],[16]}

Percent of Net Assets

1.00%

^[7],[28]

0.90%

^[10],[16]

Investment, Identifier [Axis]: Spear Education Holdings, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

13.00%

Spread Above Index

^[7],[27]

7.50%

Principal Amount

^[7]

$ 1,485

Amortized Cost

^[7]

1,455

Fair Value

^[2],[7]

$ 1,484

Percent of Net Assets

^[7]

0.90%

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

12.98%

Spread Above Index

^[6],[10]

8.25%

Principal Amount

^[10]

$ 6,399

Amortized Cost

^[10]

6,375

Fair Value

^[3],[10]

$ 6,182

Percent of Net Assets

^[10]

3.40%

Investment, Identifier [Axis]: Staples, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

10.46%

^{[4],[7],[27],[28]}

9.44%

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

Spread Above Index

5.00%

^{[4],[7],[27],[28]}

5.00%

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

Principal Amount

$ 2,870

^[4],[7],[28]

$ 2,900

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

Amortized Cost

2,841

^[4],[7],[28]

2,858

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

Fair Value

$ 2,728

^{[2],[4],[7],[28]}

$ 2,689

^{[3],[5],[10],[16]}

Percent of Net Assets

1.70%

^[4],[7],[28]

1.50%

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

Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

10.59%

^{[23],[24],[27]}

14.24%

^{[6],[25],[26]}

Principal Amount

$ 7,000

^[23],[24]

$ 7,000

^[25],[26]

Amortized Cost

4,883

^[23],[24]

5,347

^[25],[26]

Fair Value

$ 2,941

^{[2],[23],[24]}

$ 3,926

^{[6],[25],[26]}

Percent of Net Assets

1.80%

^[23],[24]

2.20%

^[25],[26]

Investment, Identifier [Axis]: TRS Services, Inc. Common Equity

Schedule of Investments [Line Items]

Fair Value

$ 0

Investment, Identifier [Axis]: TRS Services, Inc. Preferred Equity

Schedule of Investments [Line Items]

Fair Value

1,890

988

Investment, Identifier [Axis]: TRS Services, Inc., Common Equity

Schedule of Investments [Line Items]

Fair Value

$ 1,285

Investment, Identifier [Axis]: TRS Services, Inc., Preferred Equity

Schedule of Investments [Line Items]

Fair Value

2,507

1,890

Investment, Identifier [Axis]: TRS Services, LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

572

^[19]

572

^[12],[15]

Fair Value

$ 1,285

^[2],[19]

$ 0

^{[3],[12],[15]}

Percent of Net Assets

0.80%

^[19]

0.00%

^[12],[15]

Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity

Schedule of Investments [Line Items]

Interest Rate, PIK

11.00%

^[12],[15]

Amortized Cost

$ 97

$ 0

^[12],[15]

Fair Value

$ 2,507

^[2]

$ 1,890

^{[3],[12],[15]}

Percent of Net Assets

1.50%

1.00%

^[12],[15]

Investment, Identifier [Axis]: TalentSmart Holdings, LLC Common Equity

Schedule of Investments [Line Items]

Fair Value

$ 953

$ 1,095

Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 1,595

^{[14],[19],[30]}

1,595

^{[15],[22],[31]}

Fair Value

$ 1,136

^{[2],[14],[19],[30]}

$ 953

^{[3],[15],[22],[31]}

Percent of Net Assets

0.70%

^{[14],[19],[30]}

0.50%

^{[15],[22],[31]}

Investment, Identifier [Axis]: The Escape Game, LLC, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[12]

11.38%

Spread Above Index

^[6],[12]

7.00%

Principal Amount

^[12]

$ 16,333

Amortized Cost

^[12]

16,333

Fair Value

^[3],[12]

$ 16,497

Percent of Net Assets

^[12]

9.10%

Investment, Identifier [Axis]: The Escape Game, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Spread Above Index

^{[6],[12],[29]}

7.00%

Principal Amount

^[12],[29]

$ 0

Amortized Cost

^[12],[29]

(31)

Fair Value

^{[3],[12],[29]}

$ 0

Percent of Net Assets

^[12],[29]

0.00%

Investment, Identifier [Axis]: Thryv, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

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

12.88%

Spread Above Index

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

8.50%

Principal Amount

^[10],[16]

$ 3,978

Amortized Cost

^[10],[16]

3,910

Fair Value

^{[3],[10],[16]}

$ 3,930

Percent of Net Assets

^[10],[16]

2.20%

Investment, Identifier [Axis]: Tolemar Acquisition, INC., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[7],[27]

11.75%

Spread Above Index

^[7],[27]

6.00%

Principal Amount

^[7]

$ 15,347

Amortized Cost

^[7]

15,304

Fair Value

^[2],[7]

$ 14,334

Percent of Net Assets

^[7]

8.80%

Investment, Identifier [Axis]: Tolemar Acquisition, INC., First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Interest Rate

^[27],[32]

11.75%

Spread Above Index

^[27],[32]

6.00%

Principal Amount

^[32]

$ 592

Amortized Cost

^[32]

585

Fair Value

^[2],[32]

$ 422

Percent of Net Assets

^[32]

0.30%

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

^[6],[10]

9.32%

Spread Above Index

^[6],[10]

5.75%

Principal Amount

^[10]

$ 15,504

Amortized Cost

^[10]

15,445

Fair Value

^[3],[10]

$ 15,504

Percent of Net Assets

^[10]

8.60%

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Interest Rate

^{[6],[10],[29]}

12.25%

Spread Above Index

^{[6],[10],[29]}

4.75%

Principal Amount

^[10],[29]

$ 438

Amortized Cost

^[10],[29]

428

Fair Value

^{[3],[10],[29]}

$ 438

Percent of Net Assets

^[10],[29]

0.20%

Investment, Identifier [Axis]: Total Affiliate Investments

Schedule of Investments [Line Items]

Principal Amount

$ 8,578

Amortized Cost

18,101

Fair Value

^[3]

$ 96,701

Percent of Net Assets

53.60%

Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

3.95%

^{[23],[24],[27]}

23.02%

^{[6],[25],[26]}

Principal Amount

$ 5,200

^[23],[24]

$ 5,200

^[25],[26]

Amortized Cost

2,891

^[23],[24]

3,060

^[25],[26]

Fair Value

$ 1,352

^{[2],[23],[24]}

$ 2,216

^{[6],[25],[26]}

Percent of Net Assets

0.80%

^[23],[24]

1.20%

^[25],[26]

Investment, Identifier [Axis]: TruGreen Limited Partnership, Second Lien Debt

Schedule of Investments [Line Items]

Interest Rate

14.14%

^[27]

12.91%

^[6]

Spread Above Index

8.50%

^[27]

8.50%

^[6]

Principal Amount

$ 4,500

Amortized Cost

4,592

4,611

Fair Value

$ 4,287

^[2]

$ 4,226

^[3]

Percent of Net Assets

2.60%

2.30%

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity

Schedule of Investments [Line Items]

Amortized Cost

$ 9

$ 8

^[12],[22]

Fair Value

$ 0

^[2]

$ 24

^{[3],[12],[22]}

Percent of Net Assets

0.00%

^[12],[22]

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants

Schedule of Investments [Line Items]

Amortized Cost

^[12],[22]

$ 9

Fair Value

^{[3],[12],[22]}

$ 11

Percent of Net Assets

^[12],[22]

0.00%

Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Interest Rate

13.12%

^[27]

11.66%

^[6]

Spread Above Index

7.70%

^[27]

7.70%

^[6]

Principal Amount

$ 3,000

Amortized Cost

2,942

2,931

Fair Value

$ 2,579

^[2]

$ 2,876

^[6]

Percent of Net Assets

1.60%

Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes

Schedule of Investments [Line Items]

Interest Rate

9.99%

^{[23],[24],[27]}

23.88%

^{[6],[25],[26]}

Principal Amount

$ 1,000

^[23],[24]

$ 1,000

^[25],[26]

Amortized Cost

627

^[23],[24]

670

^[25],[26]

Fair Value

$ 270

^{[2],[23],[24]}

$ 471

^{[6],[25],[26]}

Percent of Net Assets

0.20%

^[23],[24]

0.30%

^[25],[26]

Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

11.72%

^[7],[27]

10.42%

^[6],[10]

Spread Above Index

6.25%

^[7],[27]

6.25%

^[6],[10]

Principal Amount

$ 6,606

^[7]

$ 6,781

^[10]

Amortized Cost

6,581

^[7]

6,747

^[10]

Fair Value

$ 6,313

^[2],[7]

$ 6,515

^[3],[10]

Percent of Net Assets

3.90%

^[7]

3.60%

^[10]

Investment, Identifier [Axis]: Yahoo / Verizon Media, First Lien Debt

Schedule of Investments [Line Items]

Interest Rate

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

9.88%

Spread Above Index

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

5.50%

Principal Amount

^[10],[16]

$ 3,127

Amortized Cost

^[10],[16]

3,100

Fair Value

^{[3],[10],[16]}

$ 2,843

Percent of Net Assets

^[10],[16]

1.60%

[1]

Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.

[2]

Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.

[3]

[4]

Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2023, approximately 81% of the Company's assets were qualifying assets.

[5]

Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2022, approximately 80% of the Company's assets were qualifying assets.

[6]

At December 31, 2022, the Company held loans with an aggregate principal amount of $312,595, or 87% of the total loan portfolio, that bore interest at a variable rate indexed to LIBOR (L) or SOFR, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect at December 31, 2022. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

[7]

Investments (or portion thereof) held by OFSCC-FS. These assets are pledged as collateral of the BNP Facility and cannot be pledged under any other debt obligation of the Company.

[8]

Portfolio company at fair value represents greater than 5% of total assets at December 31, 2023.

[9]

Investments (or portion thereof) held by SBIC I LP. These assets were pledged as collateral of the SBA debentures and could not be pledged under any debt obligation of the Company.

[10]

Investments (or portion thereof) held by OFSCC-FS. These assets were pledged as collateral of the BNP Facility and could not be pledged under any other debt obligation of the Company.

[11]

Portfolio company at fair value represents greater than 5% of total assets at December 31, 2022.

[12]

Investments (or portion thereof) held by SBIC I LP. These assets were pledged as collateral of the SBA debentures and could not be pledged under any debt obligation of the Company.

[13]

Investment was on non-accrual status as of December 31, 2023, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[14]

The Company has an observer seat on the portfolio company’s board of directors.

[15]

The Company has an observer seat on the portfolio company’s board of directors.

[16]

Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details.

[17]

The Company holds at least one seat on the portfolio company’s board of directors.

[18]

The Company holds at least one seat on the portfolio company’s board of directors.

[19]

Non-income producing.

[20]

The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2023:

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

First Lien Debt

0% to 1.00%

12.58% to 13.58%

1.00%

Inergex Holdings, LLC

First Lien Debt (Revolver)

0% to 1.00%

12.58% to 13.58%

1.00%

Kreg LLC

First Lien Debt

0% to 2.00%

9.75% to 11.75%

2.00%

Master Cutlery, LLC

Subordinated Debt

0% to 13.00%

13.00%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

14.36% to 14.86%

0.50%

[21]

The interest rate on these investments contains a PIK provision, whereby the issuer had the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2022:

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.15% to 14.15%

2.00%

Master Cutlery, LLC

Senior Secured Loan

0% to 13.00%

13.00%

[22]

Non-income producing.

[23]

Amortized cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO subordinated note investments. CLO subordinated note positions are entitled to recurring distributions, which are generally equal to the residual cash flow of payments received on underlying securities less contractual payments to debt holders and fund expenses.

[24]

The rate disclosed on subordinated note investments is the estimated effective yield, generally established at purchase, and reevaluated upon the receipt of the initial distribution and each subsequent quarter thereafter. The estimated effective yield is based upon projected amounts and timing of future distributions and the projected amounts and timing of terminal principal payments at the time of estimation. The estimated effective yield and investment cost may ultimately not be realized. Projected cash flows, including the amounts and timing of terminal principal payments, which generally are projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments.

[25]

[26]

The rate disclosed on subordinated note investments was the estimated effective yield, generally established at purchase and re-evaluated upon receipt of distributions, and based upon projected amounts and timing of future distributions and the projected amount and timing of terminal principal payments at the time of estimation. The estimated yield and investment cost may ultimately not be realized.

[27]

As of December 31, 2023, the Company held loans with an aggregate fair value of $230,185, or 92% of the total loan portfolio, that bore interest at a variable rate indexed to LIBOR (L), Prime or SOFR, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of December 31, 2023. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

[28]

Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details.

[29]

Subject to unfunded commitments. See Note 6.

[30]

All or portion of investment held by a wholly owned subsidiary subject to income tax.

[31]

All or portion of investment held by a wholly owned subsidiary subject to income tax.

[32]

Subject to unfunded commitments. See Note 6.

[33]

Loan accumulation facilities are financing structures intended to aggregate loans that are expected to form part of the portfolio of a future CLO vehicle. Reported yields represent an estimated yield to be earned on the investment. Income notes associated with loan accumulation facilities generally pay returns equal to the income earned on facility assets, less costs of debt financing and manager costs and expenses. In January 2023, the Company prospectively adjusted the estimated yield on this position to 0.00% due to an adverse change in estimated cash flows in accordance with ASC 325-40. As of December 31, 2022, the fair value of the loan accumulation facility was determined by a probability weighted net asset value (“NAV”) analysis.

[34]

Investment was on non-accrual status as of December 31, 2022, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details

[35]

As of December 31, 2022, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security's anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost.

[36]

Equity participation rights issued by unaffiliated third party fully covered with underlying positions in the portfolio company.

[37]

Equity participation rights issued by unaffiliated third party fully covered with underlying positions in the portfolio company.

[38]

The Company entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of December 31, 2022:


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	11.10%	10.49%	0.61%
SS Acquisition, LLC (Delayed Draw)	11.84%	10.49%	1.35%

[39]


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	12.41%	11.89%	0.51%
SS Acquisition, LLC	13.10%	11.89%	1.21%

Borrowings - SBA Debentures Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 213	$ 144	$ 4,591
SBA debentures outstanding	302,420
Assets	469,818	520,717
SBIC I LP
Debt Instrument [Line Items]
Assets	$ 149,698	$ 176,521
Percentage of total consolidated assets	32.00%	34.00%
Debentures \| SBA Debentures
Debt Instrument [Line Items]
Term	10 years
Redemption of debt	$ 19,000
Loss on extinguishment of debt	213
SBA debentures outstanding	$ 31,920	$ 50,920

Consolidated Schedule of Investments In and Advances To Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

Investments in and Advances to Affiliates [Abstract]

Consolidated schedule of investments in and advances to affiliates


		Year Ended December 31, 2023
Name of Portfolio Company	Investment Type(1)	Net Realized Gain (Loss)		Net unrealized appreciation/ (depreciation) on investments		Interest		Dividends		Fees		Total Income(2)		December 31, 2022, Fair Value(5)		Gross Additions(3)		Gross Reductions(4)		December 31, 2023, Fair Value(5)
Control Investment
Eblens Holdings, Inc.	Subordinated Debt(6)	$	(4,605)	$	3,501	$	—	$	—	$	—	$	—	$	1,104	$	—	$	(1,104)	$	—
	Subordinated Debt(6)	(4,605)		4,605		—		—		—		—		—		—		—		—
	Common Equity(6)	(1,306)		950		—		—		—		—		—		356		(356)		—
		(10,516)		9,056		—		—		—		—		1,104		356		(1,460)		—

Total Control Investment		(10,516)		9,056		—		—		—		—		1,104		356		(1,460)		—
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity(7)	$	—	$	3,116	$	—	$	994	$	—	$	994	$	6,202	$	4,110	$	—	$	10,312
	Common Equity(6)	—		(240)		—		—		—		—		510		—		(239)		271
		—		2,876		—		994		—		994		6,712		4,110		(239)		10,583

DRS Imaging Services, LLC	Common Equity	—		(1,175)		—		35		—		35		1,568		—		(1,175)		393


Master Cutlery, LLC	Subordinated Debt(6)	—		(122)		—		—		—		—		122		—		(122)		—
	Preferred Equity(6)	—		—		—		—		—		—		—		—		—		—
	Common Equity(6)	—		—		—		—		—		—		—		—		—		—
		—		(122)		—		—		—		—		122		—		(122)		—

Pfanstiehl Holdings, Inc.	Common Equity	—		(14,529)		—		546		—		546		85,456		—		(14,529)		70,927

TalentSmart Holdings, LLC	Common Equity(6)	—		184		—		—		—		—		953		183		—		1,136


		Year Ended December 31, 2023
Name of Portfolio Company	Investment Type(1)	Net Realized Gain (Loss)		Net unrealized appreciation/ (depreciation) on investments		Interest		Dividends		Fees		Total Income(2)		December 31, 2022, Fair Value(5)		Gross Additions(3)		Gross Reductions(4)		December 31, 2023, Fair Value(5)

TRS Services, Inc.	Preferred Equity(7)	$	—	$	520	$	—	$	191	$	—	$	191	$	1,890	$	662	$	(45)	$	2,507
	Common Equity(6)	—		1,285		—		—		—		—		—		1,285		—		1,285
		—		1,805		—		191		—		191		1,890		1,947		(45)		3,792

Total Affiliate Investments		—		(10,961)		—		1,766		—		1,766		96,701		6,240		(16,110)		86,831
Total Control and Affiliate Investments		$	(10,516)	$	(1,905)	$	—	$	1,766	$	—	$	1,766	$	97,805	$	6,596	$	(17,570)	$	86,831

(1)Principal balance of debt investments and ownership detail for equity investments are shown in the consolidated schedule of investments. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.

(2)Represents the total amount of interest, fees or dividends included in 2023 income for the portion of the year ended December 31, 2023, that an investment was included in Control or Affiliate Investment categories, respectively.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales, and net decreases in net unrealized appreciation or net increases in net unrealized depreciation.

(5)Fair value was determined using significant unobservable inputs. See Note 5 for further details.

(6)Non-income producing.

(7)Dividends credited to income include (or portion thereof) dividends contractually earned but not declared.


		Year Ended December 31, 2022
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net unrealized appreciation/ (depreciation) on investments		Interest		Dividends		Fees		Total Income (2)		December 31, 2021, Fair Value(5)		Gross Additions(3)		Gross Reductions(4)		December 31, 2022, Fair Value (5)
Control Investment
Eblens Holdings, Inc.	Subordinated Debt	$	—	$	(3,013)	$	—	$	—	$	—	$	—	$	—	$	4,117	$	(3,013)	$	1,104
	Subordinated Debt	—		—		—		—		—		—		—		—		—		—
	Common Equity(6)	—		(950)		—		—		—		—		—		950		(950)		—
		—		(3,963)		—		—		—		—		—		5,067		(3,963)		1,104

MTE Holding Corp.	Subordinated Debt	—		—		141		—		6		147		8,195		35		(8,230)		—
	Common Equity	278		(1,685)		—		45		—		45		4,753		—		(4,753)		—
		278		(1,685)		141		45		6		192		12,948		35		(12,983)		—

Total Control Investment		278		(5,648)		141		45		6		192		12,948		5,102		(16,946)		1,104
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity(7)	$	—	$	2,988	$	—	$	466	$	—	$	466	$	2,748	$	3,454	$	—	$	6,202
	Common Equity(6)	—		485		—		—		—		—		25		485		—		510
		—		3,473		—		466		—		466		2,773		3,939		—		6,712

DRS Imaging Services, LLC	Common Equity(6)	—		280		—		—		—		—		1,289		279		—		1,568


Master Cutlery, LLC	Subordinated Debt(6)	$	—	$	(561)	$	—	$	—	$	—	$	—	$	699	$	—	$	(577)	$	122
	Preferred Equity(6)	—		—		—		—		—		—		—		—		—		—
	Common Equity(6)	—		—		—		—		—		—		—		—		—		—
		—		(561)		—		—		—		—		699		—		(577)		122


		Year Ended December 31, 2022
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net unrealized appreciation/ (depreciation) on investments		Interest		Dividends		Fees		Total Income (2)		December 31, 2021, Fair Value(5)		Gross Additions(3)		Gross Reductions(4)		December 31, 2022, Fair Value (5)

Pfanstiehl Holdings, Inc.	Common Equity	—		19,716		—		—		—		—		65,740		19,716		—		85,456

TalentSmart Holdings, LLC	Common Equity(6)	—		(141)		—		—		—		—		1,095		—		(142)		953

TRS Services, Inc.	Preferred Equity(6)	—		902		—		102		—		102		988		902		—		1,890
	Common Equity(6)	—		—		—		—		—		—		—		—		—		—
		—		902		—		102		—		102		988		902		—		1,890

Total Affiliate Investments		—		23,667		—		568		—		568		72,584		24,837		(720)		96,701
Total Control and Affiliate Investments		$	278	$	18,019	$	141	$	613	$	6	$	760	$	85,532	$	29,939	$	(17,666)	$	97,805

(2)Represents the total amount of interest, fees or dividends included in 2022 income for the portion of the year ended December 31, 2022, that an investment was included in Control or Affiliate Investment categories, respectively.

(3)Gross additions include increases in cost basis resulting from a new portfolio investment, PIK interest, fees and dividends, accretion of OID, and net increases in unrealized net appreciation or decreases in net unrealized depreciation. Gross additions also include transfers of portfolio companies, at fair value, out of the non-affiliate/non-control classification to the control classification during the period.

(5)Fair value was determined using significant unobservable inputs. See Note 5 for further details.

(6)Non-income producing.

(7)Dividends credited to income include (or portion thereof) dividends contractually earned but not declared.

Capital Transactions - DRIP Participation (Details) - USD ($) $ / shares in Units, $ in Thousands													12 Months Ended
	Oct. 31, 2023	Aug. 01, 2023	May 02, 2023	Feb. 28, 2023	Nov. 01, 2022	Aug. 02, 2022	May 03, 2022	Mar. 01, 2022	Nov. 02, 2021	Aug. 03, 2021	May 07, 2021	Mar. 02, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
DRIP Shares Value													$ 281	$ 179	$ 136
DRIP Shares Issued (in shares)	0	0	0	0	5,026	5,529	4,348	3,016	3,440	3,738	3,273	3,103	0	17,919	13,554
Number of Shares Purchased (in shares)													25,690	0	0
Average Value Per Share (in usd per share)													$ 10.94	$ 9.98	$ 10.04

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

Dec. 31, 2023

Jan. 31, 2023

Dec. 31, 2022

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 420,432

^[1]

$ 492,641

Effective accretable yield

0.00%

Estimated yield

0.00%

Qualifying assets percentage

81.00%

80.00%

Variable-rate Loans

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 230,185

$ 312,595

Investment, percentage of total

92.00%

87.00%

Inergex Holdings, LLC

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 17,212

^[2]

$ 14,868

PIK interest rate

2.00%

Mastery Cutlery, LLC

Schedule of Investments [Line Items]

PIK interest rate

13.00%

Maximum | Inergex Holdings, LLC

Schedule of Investments [Line Items]

PIK interest rate

2.00%

Interest rate, cash

14.15%

Maximum | Mastery Cutlery, LLC

Schedule of Investments [Line Items]

PIK interest rate

13.00%

Interest rate, cash

13.00%

Minimum | Inergex Holdings, LLC

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

12.15%

Minimum | Mastery Cutlery, LLC

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

0.00%

Investment, Identifier [Axis]: 24 Seven Holdco, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

8,820

^[3]

$ 8,910

^[4],[5]

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

2,000

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

Investment, Identifier [Axis]: AIDC Intermediateco 2, LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,980

Investment, Identifier [Axis]: Advantage Sales & Marketing Inc. (F/K/A Karman Buyer Corp), First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,260

^[3],[6]

2,284

^[4],[7]

Investment, Identifier [Axis]: All Star Auto Lights, Inc., First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

22,861

23,098

^[4],[8],[9]

Investment, Identifier [Axis]: All Star Auto Lights, Inc., First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

4,925

4,975

^[4],[8],[9]

Investment, Identifier [Axis]: Allen Media, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

3,729

^[3],[6]

3,768

^[4],[7]

Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

11,080

^[10],[11]

11,080

^[12],[13]

Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

8,630

^[10],[11]

8,630

^[12],[13]

Investment, Identifier [Axis]: Apex Credit CLO 2022-1A, Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

10,726

^[10],[11]

10,726

^[12],[13]

Investment, Identifier [Axis]: Ares L CLO, Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

6,000

Investment, Identifier [Axis]: Astro One Acquisition Corporation, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

3,000

^[14]

3,000

Investment, Identifier [Axis]: Asurion, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[7]

2,000

Investment, Identifier [Axis]: Atlantis Holding, LLC , First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[7]

8,316

Investment, Identifier [Axis]: Avison Young, First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

3,925

^[3]

3,946

^[5]

Investment, Identifier [Axis]: Avison Young, First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

794

798

^[4],[5]

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,667

Investment, Identifier [Axis]: Barings CLO 2019-I Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

8,000

Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

6,000

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

4,962

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[15]

$ 3,988

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

4,962

Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 3,988

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

1,290

^[16],[17]

1,290

^{[18],[19],[20]}

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

$ 10,972

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[20]

$ 9,548

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 0

^[21]

^[15],[20]

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

3,446

PIK interest rate

2.00%

Interest rate, cash

12.00%

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2022-1, LTD, Loan accumulation facility

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[22]

$ 8,500

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1A, Ltd., Mezzanine Debt - Class D

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 915

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1A, Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,133

Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1A, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[10],[11]

5,494

Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

3,198

Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[21]

$ 0

Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

20,628

^[17]

20,628

Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. , Preferred Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

3,061

^[9],[20]

PIK interest rate

10.00%

^[9],[20]

Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

11,273

^[17]

11,273

^{[9],[19],[20]}

Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 5,938

Investment, Identifier [Axis]: Creation Technologies, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 1,970

^[3],[23]

$ 1,990

^[4],[5]

Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

1,135

^[16],[24]

1,135

^{[18],[19],[20]}

Investment, Identifier [Axis]: Diamond Sports Group, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[7]

$ 252

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 1,935

^[3],[6],[14]

1,935

^[4],[7],[25]

Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,159

^[10],[11]

2,159

^[12],[13]

Investment, Identifier [Axis]: Dryden 53 CLO, LTD., Subordinated Notes - Income

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,700

^[10],[11]

2,700

^[12],[13]

Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,750

^[10],[11]

2,750

^[12],[13]

Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,930

^[3]

1,950

^[4]

Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[15]

$ 0

Investment, Identifier [Axis]: Eblens Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

^[19],[20]

356

Investment, aggregate fair value

^[19],[20]

Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[20],[25]

$ 4,945

PIK interest rate

^{[20],[25],[26]}

13.00%

Investment, Identifier [Axis]: Eblens Holdings, Inc., Subordinated Loan 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[20],[25]

$ 4,945

PIK interest rate

^{[20],[25],[26]}

13.00%

Investment, Identifier [Axis]: Electrical Components International, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

3,679

$ 3,679

Investment, Identifier [Axis]: Elevation CLO 2017-7, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

^{[12],[13],[27]}

5,449

Investment, Identifier [Axis]: EnergySolutions, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

1,768

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

6,295

6,359

^[9],[28]

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[21]

^{[9],[15],[28]}

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 7,844

^[14],[17]

$ 7,098

^{[9],[19],[25],[28]}

PIK interest rate

10.00%

^{[14],[17],[29]}

10.00%

^{[9],[19],[25],[26],[28]}

Investment, Identifier [Axis]: Excelin Home Health, LLC, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 4,932

^[30]

$ 4,277

^[9]

PIK interest rate

^[9],[26]

1.25%

Investment, Identifier [Axis]: Flatiron CLO 18, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 9,680

^[10],[11]

$ 9,680

^[12],[13]

Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class A Units

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

368,852

Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity Class B Units

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

40,984

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.) First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3],[6]

$ 2,916

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.)., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[7]

$ 2,946

Investment, Identifier [Axis]: Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets), First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

5,925

^[3]

5,985

^[4]

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

6,532

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[15]

1,904

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw) 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3],[21]

2,706

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[21]

^[4],[15]

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

6,466

Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

4,089

Investment, Identifier [Axis]: Idera, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

4,000

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 14,868

^[31]

PIK interest rate

1.00%

^[29]

2.00%

^[26],[31]

Maximum PIK rate allowed

1.00%

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt | Maximum

Schedule of Investments [Line Items]

PIK interest rate

1.00%

Interest rate, cash

13.58%

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt | Minimum

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

12.58%

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 2,344

$ 0

^[15]

Maximum PIK rate allowed

1.00%

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver) | Maximum

Schedule of Investments [Line Items]

PIK interest rate

1.00%

Interest rate, cash

13.58%

Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver) | Minimum

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

12.58%

Investment, Identifier [Axis]: Ivanti Software, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 2,933

^[3],[6]

2,963

^[4],[7]

Investment, Identifier [Axis]: JP Intermediate B, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

4,697

^[3]

5,369

^[4]

Investment, Identifier [Axis]: Kreg LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 17,139

^[2],[3]

$ 16,550

^[4]

PIK interest rate

2.50%

^[2],[3],[29]

0.50%

^[4],[26]

Maximum PIK rate allowed

2.00%

Investment, Identifier [Axis]: Kreg LLC, First Lien Debt | Maximum

Schedule of Investments [Line Items]

PIK interest rate

2.00%

Interest rate, cash

9.75%

Investment, Identifier [Axis]: Kreg LLC, First Lien Debt | Minimum

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

11.75%

Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 0

^[21]

$ 0

^[4],[15]

Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

10,000

^[10],[11]

10,000

^[12],[13]

Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 9,500

^[10],[11]

$ 9,500

^[12],[13]

Investment, Identifier [Axis]: Master Cutlery, LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

15,564

^{[9],[19],[20]}

Investment, Identifier [Axis]: Master Cutlery, LLC, Preferred Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

3,723

^{[9],[19],[20]}

PIK interest rate

8.00%

^{[9],[19],[20]}

Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[2],[14]

$ 9,749

PIK interest rate

^{[2],[14],[29]}

13.00%

Maximum PIK rate allowed

13.00%

Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Debt | Maximum

Schedule of Investments [Line Items]

PIK interest rate

13.00%

Interest rate, cash

13.00%

Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Debt | Minimum

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

0.00%

Investment, Identifier [Axis]: Master Cutlery, LLC, Subordinated Loan

Schedule of Investments [Line Items]

Investment, aggregate fair value

^{[9],[19],[20]}

$ 8,578

PIK interest rate

^{[9],[19],[20],[26]}

13.00%

Investment, Identifier [Axis]: Medrina LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

$ 2,234

Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3],[21]

Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[21]

Investment, Identifier [Axis]: Metasource, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 2,755

$ 2,779

^[4]

PIK interest rate

^[29]

0.50%

Investment, Identifier [Axis]: Metasource, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 0

^[21]

^[4],[15]

Investment, Identifier [Axis]: Milrose Consultants, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^{[4],[8],[9],[31]}

27,172

Investment, Identifier [Axis]: Milrose Consultants, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^{[8],[9],[15],[31]}

476

Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,000

Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

7,000

^[10],[11]

7,000

^[12],[13]

Investment, Identifier [Axis]: One GI LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

7,508

Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[15]

3,946

Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[21]

$ 0

^[15]

Investment, Identifier [Axis]: One GI LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

7,432

Investment, Identifier [Axis]: One GI LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

$ 3,916

Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

499

^[17]

499

^[18],[19]

Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 1,000

Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

400

^{[24],[30],[32]}

400

^{[8],[9],[19],[20]}

Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 16,648

^[14]

$ 16,648

^[25]

Investment, Identifier [Axis]: RC Buyer, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 1,125

Investment, Identifier [Axis]: RPLF Holdings, LLC (10), Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

^[18],[19]

345,339

Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

^[16],[17]

345,339

Investment, Identifier [Axis]: RSA Security, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[6]

$ 1,715

Investment, Identifier [Axis]: RSA Security, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

4,450

Investment, Identifier [Axis]: Reception Purchaser LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,523

^[3]

$ 2,548

^[4]

Investment, Identifier [Axis]: Redding Ridge 4, Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,300

^[10],[11]

1,300

^[12],[13]

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[7]

2,769

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

4,450

Investment, Identifier [Axis]: Regatta II Funding, Mezzanine Debt - Class DR2

Schedule of Investments [Line Items]

Investment, aggregate fair value

800

Investment, Identifier [Axis]: Regatta XXII Funding Ltd, Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 3,000

3,000

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[5]

3,985

Maximum PIK rate allowed

0.50%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt | Maximum

Schedule of Investments [Line Items]

PIK interest rate

0.50%

Interest rate, cash

14.86%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt | Minimum

Schedule of Investments [Line Items]

PIK interest rate

0.00%

Interest rate, cash

14.36%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[5],[15]

1,202

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[2]

$ 2,858

PIK interest rate

^[2],[29]

0.50%

Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[2]

$ 862

PIK interest rate

0.50%

Investment, Identifier [Axis]: RumbleOn, Inc., Warrants

Schedule of Investments [Line Items]

Warrants

$ 218

$ 600

^[4],[5],[19]

Investment, Identifier [Axis]: SS Acquisition, LLC

Schedule of Investments [Line Items]

Effective interest rate

11.10%

Interest rate

10.49%

Additional Interest per Annum

0.61%

Investment, Identifier [Axis]: SS Acquisition, LLC (Delayed Draw)

Schedule of Investments [Line Items]

Effective interest rate

11.84%

Interest rate

10.49%

Additional Interest per Annum

1.35%

Investment, Identifier [Axis]: SS Acquisition, LLC 1

Schedule of Investments [Line Items]

Effective interest rate

12.41%

Interest rate

11.89%

Additional Interest per Annum

0.51%

Investment, Identifier [Axis]: SS Acquisition, LLC 2

Schedule of Investments [Line Items]

Effective interest rate

13.10%

Interest rate

11.89%

Additional Interest per Annum

1.21%

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[33]

$ 3,042

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Delayed Draw)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[15]

1,217

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3],[34]

$ 3,042

Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

1,460

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

200

^[3],[21]

^[4],[15]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 1

Schedule of Investments [Line Items]

Investment, aggregate fair value

9,575

^[3]

9,675

^[4]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 2

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,035

^[3]

1,045

^[4]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 3

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,607

^[3]

2,633

^[4]

Investment, Identifier [Axis]: STS Operating, Inc., Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 9,073

Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

1,603

^[16],[17]

1,603

^[18],[19]

Investment, Identifier [Axis]: Signal Parent, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 1,803

^[3],[6]

$ 1,822

^[4],[7]

Investment, Identifier [Axis]: Spear Education Holdings, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

1,485

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

6,399

Investment, Identifier [Axis]: Staples, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

2,870

^[3],[6],[23]

2,900

^[4],[5],[7]

Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd., Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 7,000

^[10],[11]

$ 7,000

^[12],[13]

Investment, Identifier [Axis]: TRS Services, LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

3,000,000

^[17]

3,000,000

^[9],[20]

Investment, Identifier [Axis]: TRS Services, LLC, Preferred Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

1,937,191

^[9],[20]

PIK interest rate

11.00%

^[9],[20]

Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

1,595,238

^{[16],[17],[24]}

1,595,238

^{[18],[19],[20]}

Investment, Identifier [Axis]: The Escape Game, LLC, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[9]

$ 16,333

Investment, Identifier [Axis]: The Escape Game, LLC, First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[9],[15]

Investment, Identifier [Axis]: Thryv, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[7]

3,978

Investment, Identifier [Axis]: Tolemar Acquisition, INC., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[3]

$ 15,347

Investment, Identifier [Axis]: Tolemar Acquisition, INC., First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[21]

592

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4]

15,504

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[15]

438

Investment, Identifier [Axis]: Total Affiliate Investments

Schedule of Investments [Line Items]

Investment, aggregate fair value

8,578

Investment, Identifier [Axis]: Trinitas CLO VIII, Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

5,200

^[10],[11]

5,200

^[12],[13]

Investment, Identifier [Axis]: TruGreen Limited Partnership, Second Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 4,500

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

4,701

^[9],[19]

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Warrants

Schedule of Investments [Line Items]

Share of common stock owned (in shares)

^[9],[19]

3,976

Investment, Identifier [Axis]: Venture 45 CLO Ltd., Mezzanine Debt - Class E

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 3,000

Investment, Identifier [Axis]: Wellfleet CLO 2018-2, Subordinated Notes

Schedule of Investments [Line Items]

Investment, aggregate fair value

1,000

^[10],[11]

1,000

^[12],[13]

Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

$ 6,606

^[3]

6,781

^[4]

Investment, Identifier [Axis]: Yahoo / Verizon Media, First Lien Debt

Schedule of Investments [Line Items]

Investment, aggregate fair value

^[4],[7]

$ 3,127

[1]

[2]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

First Lien Debt

0% to 1.00%

12.58% to 13.58%

1.00%

Inergex Holdings, LLC

First Lien Debt (Revolver)

0% to 1.00%

12.58% to 13.58%

1.00%

Kreg LLC

First Lien Debt

0% to 2.00%

9.75% to 11.75%

2.00%

Master Cutlery, LLC

Subordinated Debt

0% to 13.00%

13.00%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

14.36% to 14.86%

0.50%

[3]

Investments (or portion thereof) held by OFSCC-FS. These assets are pledged as collateral of the BNP Facility and cannot be pledged under any other debt obligation of the Company.

[4]

Investments (or portion thereof) held by OFSCC-FS. These assets were pledged as collateral of the BNP Facility and could not be pledged under any other debt obligation of the Company.

[5]

Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2022, approximately 80% of the Company's assets were qualifying assets.

[6]

Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details.

[7]

Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details.

[8]

Portfolio company at fair value represents greater than 5% of total assets at December 31, 2022.

[9]

Investments (or portion thereof) held by SBIC I LP. These assets were pledged as collateral of the SBA debentures and could not be pledged under any debt obligation of the Company.

[10]

[11]

[12]

[13]

[14]

Investment was on non-accrual status as of December 31, 2023, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[15]

Subject to unfunded commitments. See Note 6.

[16]

All or portion of investment held by a wholly owned subsidiary subject to income tax.

[17]

Non-income producing.

[18]

All or portion of investment held by a wholly owned subsidiary subject to income tax.

[19]

Non-income producing.

[20]

The Company has an observer seat on the portfolio company’s board of directors.

[21]

Subject to unfunded commitments. See Note 6.

[22]

[23]

[24]

The Company has an observer seat on the portfolio company’s board of directors.

[25]

Investment was on non-accrual status as of December 31, 2022, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details

[26]

[27]

[28]

The Company holds at least one seat on the portfolio company’s board of directors.

[29]

[30]

Investments (or portion thereof) held by SBIC I LP. These assets were pledged as collateral of the SBA debentures and could not be pledged under any debt obligation of the Company.

[31]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.15% to 14.15%

2.00%

Master Cutlery, LLC

Senior Secured Loan

0% to 13.00%

13.00%

[32]

Portfolio company at fair value represents greater than 5% of total assets at December 31, 2023.

[33]


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	11.10%	10.49%	0.61%
SS Acquisition, LLC (Delayed Draw)	11.84%	10.49%	1.35%

[34]


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	12.41%	11.89%	0.51%
SS Acquisition, LLC	13.10%	11.89%	1.21%

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation: The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), including ASC Topic 946, Financial Services-Investment Companies, and the reporting requirements for Form 10-K, the 1940 Act, and Articles 6 and 12 of Regulation S-X. The consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation in accordance with GAAP. Reclassifications: Certain prior period amounts may have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications. Principles of consolidation: The Company consolidates majority-owned investment company subsidiaries. The Company does not own any controlled operating company whose business consists of providing services to the Company, which would also require consolidation. All intercompany balances and transactions are eliminated upon consolidation. Fair value of financial instruments: The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820, Fair Value Measurements (“ASC Topic 820”), which defines fair value, establishes a framework to measure fair value, and requires disclosures regarding fair value measurements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is determined through the use of models and other valuation techniques, valuation inputs, and assumptions market participants would use to value the financial instrument. Highest priority is given to prices for identical financial instruments quoted in active markets (Level 1) and the lowest priority is given to unobservable valuation inputs (Level 3). The availability of observable inputs can vary significantly and is affected by many factors, including the type of product, whether the product is new to the market, whether the product is traded on an active exchange or in the secondary market, and the current market conditions. To the extent that the valuation is based on unobservable inputs, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3 (i.e., those instruments valued using unobservable inputs), which comprise the majority of the Company’s investments. See Note 5 for details. Changes to the Company’s and OFS Advisor's valuation policies are reviewed and approved by management and the Company’s board of directors (the “Board”). As the Company’s investments change, markets change, new products develop, and valuation inputs become more or less observable, the Company will continue to refine its valuation methodologies. See Note 5 for more detailed disclosures of the Company’s fair value measurements of its financial instruments. Investment classification: The Company classifies its investments in accordance with the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of board representation, “Affiliate Investments” are defined as investments in those companies in which the Company owns between 5% and 25% of the voting securities, and “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments. Significant Subsidiaries: The Company evaluates the issuers of its Control Investments for significance in accordance with Rules 3-09 and 4-08(g) of Regulation S-X. No issuers of Control Investments were considered a significant subsidiary under these rules as of or for the years ended December 31, 2023, 2022 and 2021. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income, expenses, gains and losses during the reporting period. Actual results could differ significantly from those estimates. Reportable segments: The Company has a single reportable segment and single operating segment structure. Cash: The Company’s cash balances are maintained with a member bank of the Federal Deposit Insurance Corporation (“FDIC”), and at times, such balances exceed the FDIC insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk. As of December 31, 2023 and 2022, cash includes aggregate amounts totaling $45,349 and 14,937, respectively, held in cash and cash equivalent accounts at US Bank N.A. and Citibank N.A. In addition, the Company’s use of cash held by SBIC I LP was limited by SBA regulation and use of cash held by OFSCC-FS is limited by the terms and conditions of the BNP Facility, including but not limited to, the payment of interest expense and principal on the outstanding borrowings. Revenue recognition: Interest income: Interest income from the Company’s loan and CLO debt investments is recognized on an accrual basis and reported as an interest receivable until collected. Interest income is accrued based on the outstanding principal amount on the consolidated schedule of investments and the contractual terms of the debt investment. Certain of the Company’s investments contain a payment-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash. PIK interest on such investments is generally due at the maturity of the investment. Recognition of cash and PIK interest includes assessments of collectability. The Company discontinues the accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. See Non-Accrual Loans section. Loan origination fees, original issue discount (“OID”), market discount or premium, and loan amendment fees (collectively, “Net Loan Fees”) are recorded as an adjustment to the amortized cost of the investment, and accreted or amortized as an adjustment to interest income over the life of the respective debt investment using a method that approximates the effective interest method. When the Company receives a loan principal payment, the unamortized Net Loan Fees related to the paid principal is accelerated and recognized in interest income. The Company may also acquire or receive equity, warrants or other equity-related securities in connection with the Company’s acquisition of, subsequent amendment or restructuring to, debt investments. The Company determines the cost basis of the equity investment based on its relative fair value to the fair value of debt investments and other securities or consideration received. Any resulting difference between the face amount of the debt and its recorded cost resulting from the assignment of value to the equity investment is treated as OID, and accreted into interest income as described above. Interest income - Structured Finance Securities: Structured Finance Securities include CLO mezzanine debt, CLO subordinated notes and loan accumulation facility positions. Interest income from investments in CLO subordinated securities is recognized on the basis of the estimated effective yield to expected redemption utilizing estimated cash flows in accordance with ASC Subtopic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from its CLO subordinated notes, and the accretable yields are generally established at purchase, and reevaluated upon the receipt of the initial distribution and each subsequent quarter thereafter. Expected cash flows inherent in the Company’s estimates of accretable yields are based on expectations of defaults and loss-on-default severity, as well as other loan-performance assumptions, impacting the loans in the underlying CLO portfolios. These estimated cash flows are subject to a reasonable possibility of near-term change due to economic and credit market conditions, and the effect of these changes could be material. Interest income from investments in loan accumulation facilities is recognized on an accrual basis based on an estimated yield. Income notes associated with loan accumulation facilities generally pay returns equal to the actual income earned on facility assets less costs of senior financing and manager costs. Interest income is generally received upon the earlier of the closing of the CLO securitization or liquidation of the underlying portfolio. The Company periodically evaluates the realizability of such amounts and, if necessary, subsequently adjusts the estimated yield. Dividend income: Dividend income on common equity securities in limited liability companies, partnerships, and other private entities, generally payable in cash, is accrued at the time dividends are declared (in the absence of a formal ex-dividend or record date). Declared dividends payable in cash are reported as dividends receivable until collected. Distributions in excess of current or accumulated net income of the underlying portfolio company are recorded as return of capital and, correspondingly, as a reduction in the cost of the investment. Dividend income on preferred equity investments is accrued based on the contractual terms of the preferred equity investment, subject to assessments of collectability (including fair value coverage). Dividends on preferred equity securities may be payable in cash or in additional preferred securities. Non-cash dividends payable in additional preferred securities (“PIK dividends”) are recorded as an adjustment (i.e., increase) to the cost basis of the investment. The Company discontinues accrual of PIK dividends when there is reasonable doubt that the income will ultimately be collected. Fee income: The Company generates fee revenue in the form of syndication, prepayment, and other contractual fees, that are recognized as the related services are rendered. In the general course of its business, the Company receives certain fees, such as management fees, from portfolio companies which are non-recurring in nature. Prepayment fees are received on certain loans when repaid prior to their scheduled due date, which are recognized as earned when received. Syndication fees are received for capital structuring, loan syndication or advisory services from certain portfolio companies, which are recognized as earned upon closing of the investment. The Company also earns unfunded commitment fees on undrawn revolving lines of credit and delayed draw facility commitments. Investment transactions and net realized and unrealized gains and losses on investments: Investment transactions are reported on a trade-date basis. Unsettled trades as of the statement of assets and liabilities date are included in receivable for investments sold and payable for investments purchased, as applicable. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of the investment on the trade date. Investments are valued at fair value in accordance with ASC 820 as determined in good faith by OFS Advisor, as the valuation designee, under the oversight of the Board. The Company reports changes in the fair value of investments, relative to the amortized cost of investments, as net unrealized appreciation (depreciation) on investments in the consolidated statements of operations. Non-accrual loans: Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Interest payments subsequently received on non-accrual investments may be recognized as income or applied to amortized cost depending upon management’s judgment. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment. See Note 4 for further information on loans on non-accrual status as of December 31, 2023 and December 31, 2022. Income taxes: The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements, and timely distribute at least 90% of its investment company taxable income (“ICTI”) annually to its stockholders. The Company has made, and intends to continue to make, requisite distributions to its stockholders, which generally relieves the Company from U.S. federal income taxes. Depending on the level of ICTI earned in a tax year, the Company may choose to retain ICTI in an amount less than that which would trigger U.S. federal income tax liability under Subchapter M of the Code. However, the Company would be liable for a 4% excise tax on such undistributed income. Such spillover income increases the Company’s RIC distribution requirement in the following year. An excise tax liability is recognized when the Company determines its estimated current year annual ICTI, capital gain net income, and any undistributed ICTI and capital gain net income from the prior year, as defined in the Code, exceeds distributions paid during the calendar year. For the years ended December 31, 2023, 2022 and 2021, the Company accrued U.S. federal excise taxes of $0, $100 and $0, respectively. The Company may utilize OFSCC-MB when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC. For U.S. federal income tax purposes, OFSCC-MB is not consolidated with the RIC and is taxed as a C-Corporation. See Note 8 for further information. The Company evaluates tax positions taken in the course of preparing its tax returns to determine whether they are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold could result in greater and undistributed ICTI, income and excise tax expense, and, if involving multiple years, a re-assessment of the Company’s RIC status. GAAP requires recognition of accrued interest and penalties related to uncertain tax benefits as income tax expense. There were no uncertain income tax positions at December 31, 2023, 2022 and 2021. The current and prior three tax years remain subject to examination by U.S. federal and most state tax authorities. Distributions: Distributions to common stockholders are recognized on the record date. The timing of distributions as well as the amount to be paid out as a distribution is determined by the Board each quarter. Distributions from net investment income and net realized gains are determined in accordance with the Code. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment. Distributions paid in excess of current and accumulated ICTI and not capital gains are considered returns of capital to stockholders. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company may use newly issued shares under the guidelines of the DRIP, or the Company may purchase shares in the open market in connection with its obligations under the plan. Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. Deferred debt issuance costs are presented as a direct reduction of the related debt liability on the consolidated statements of assets and liabilities, except for deferred debt issuance costs associated with the Company’s revolving line of credit arrangements, which are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Unamortized deferred debt issuance costs included in prepaid expenses and other assets on the consolidated statements of assets and liabilities as of December 31, 2023 and 2022, were $1,062 and $1,316, respectively. Deferred debt issuance costs are amortized to interest expense over the term or expected term of the related debt. Intangible asset: On December 4, 2013, in connection with the SBIC Acquisition, the Company recorded an intangible asset of $2,500 attributable to the SBIC license. The Company amortizes the intangible asset on a straight-line basis over its estimated useful life. During the first quarter of 2022, the Company changed its estimate of the useful life to terminate on March 1, 2024, due to early redemptions of SBA debentures. The Company recognized amortization of $408, $409 and $222 for the years ended December 31, 2023, 2022, and 2021, respectively. The Company tests its intangible asset for impairment if events or circumstances suggest that the asset carrying value may not be fully recoverable. The carrying value of the intangible asset, net of accumulated amortization, was $69 and $477 at December 31, 2023 and 2022, respectively, is included in prepaid expenses and other assets in the consolidated statements of assets and liabilities. Interest expense: Contractual interest expense on the Company’s borrowings is recognized on an accrual basis as incurred. See Note 7 for further information. Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company exceeds the federally insured limits. The Company places cash deposits only with high credit quality institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. If borrowers completely fail to perform according to the terms of the contracts, the amount of loss due to credit risk from the Company’s investments is equal to the Company’s recorded investment and the unfunded commitments disclosed in Note 6. New Accounting Pronouncements and Rule Issuances In June 2022, the FASB issued Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements. In December 2023, the FASB issued Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amend Topic 740 to, among other things, require on an annual basis, the disclosure of additional income tax information related to the Company’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is intended to enhance the transparency by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact, if any, ASU 2023-09 will have on its consolidated financial statements.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the years ended December 31, 2023, 2022 and 2021 are presented below:


	December 31,
	2023		2022		2021
Base management fees	$	7,218	$	7,979	$	7,669
Incentive fees:
Income Incentive Fee	5,040		2,276		2,352

Capital Gains Fee(1)	—		(1,916)		1,916
Administration fees	1,680		1,742		1,758
Distributions paid to affiliates	4,049		3,503		2,764

(1) As of December 31, 2021, the Capital Gains Fee of $1,916 was accrued in accordance with GAAP, inclusive of net unrealized appreciation as of the determination date. The Capital Gains Fee payable to the Advisor under the Investment Advisory Agreement does not include net unrealized appreciation, and accordingly no amount was payable or due to the Advisor as of December 31, 2021. During the year ended December 31, 2022, the Company reversed the previously accrued Capital Gains Fees of $1,916 due to a reduction in net unrealized appreciation on the investment portfolio.

Capital Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Distributions declared

The following table summarizes distributions declared and paid for the years ended December 31, 2023, 2022 and 2021:


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
Year ended December 31, 2023
February 28, 2023	March 24, 2023	March 31, 2023	$	0.33	$	4,421	—	$	—	(1)
May 2, 2023	June 23, 2023	June 30, 2023	0.33		4,422		—	—		(1)
August 1, 2023	September 22, 2023	September 29, 2023	0.34		4,555		—	—		(1)
October 31, 2023	December 22, 2023	December 29, 2023	0.34		4,556		—	—		(1)
			$	1.34	$	17,954	—	$	—
Year ended December 31, 2022
March 1, 2022	March 24, 2022	March 31, 2022	$	0.28	$	3,719	3,016	$	39
May 3, 2022	June 23, 2022	June 30, 2022	0.29		3,850		4,348	43
August 2, 2022	September 23, 2022	September 30, 2022	0.29		3,849		5,529	46
November 1, 2022	December 23, 2022	December 30, 2022	0.30		3,967		5,026	51
			$	1.16	$	15,385	17,919	$	179
Year ended December 31, 2021
March 2, 2021	March 24, 2021	March 31, 2021	$	0.20	$	2,655	3,103	$	27
May 7, 2021	June 23, 2021	June 30, 2021	0.22		2,918		3,273	33
August 3, 2021	September 23, 2021	September 30, 2021	0.24		3,181		3,738	38
November 2, 2021	December 24, 2021	December 31, 2021	0.25		3,317		3,440	38
			$	0.91	$	12,071	13,554	$	136

(1) During the year ended December 31, 2023, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock.

The following table represents DRIP participation for the years ended December 31, 2023, 2022 and 2021, respectively:


For the Year Ended	Total DRIP Participation		DRIP Shares Issued	Number of Shares Purchased	Average Value Per Share
December 31, 2023	$	281	—	25,690	$	10.94
December 31, 2022	179		17,919	—	9.98
December 31, 2021	136		13,554	—	10.04

Common stock repurchased

The following table summarizes the shares of common stock the Company repurchased under the Stock Repurchase Program (amount in thousands except shares):


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of the Program	Maximum Dollar Value of Shares That May Yet be Purchased Under the Program		Weighted Average Discount to NAV Prior to Repurchase
May 22, 2018 through December 31, 2018	300	$	10.29	300	$	9,997	21.5	%
January 1, 2019 through December 31, 2019	—	—		—	—		—
January 1, 2020 through December 31, 2020	—	—		—	—		—
January 1, 2021 through December 31, 2021	700	6.70		700	9,992		43.3
January 1, 2022 through December 31, 2022	42,254	8.30		42,254	9,642		41.6
January 1, 2023 through December 31, 2023	—	—		—	—		—
Total	43,254	$	8.29	43,254

Investments - By Composition and Domicile (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Schedule of Investments [Line Items]

Amortized Cost

$ 403,530

^[1]

$ 474,880

Percentage of Total, Amortized Cost

100.00%

Percentage of Total, Net Assets

249.00%

263.20%

Fair Value

$ 420,287

^[1],[2]

$ 500,576

^[3]

Percentage of Total, Fair Value

100.00%

Percentage of Total, Net Assets

259.40%

^[1]

277.40%

United States of America

Schedule of Investments [Line Items]

Amortized Cost

$ 301,749

$ 367,723

Fair Value

339,964

407,851

Canada

Schedule of Investments [Line Items]

Amortized Cost

4,660

4,680

Fair Value

1,278

4,207

Cayman Islands

Schedule of Investments [Line Items]

Amortized Cost

89,286

102,477

Fair Value

71,210

88,518

Jersey

Schedule of Investments [Line Items]

Amortized Cost

7,835

Fair Value

7,835

Total debt and equity investments

Schedule of Investments [Line Items]

Amortized Cost

$ 306,409

$ 372,403

Percentage of Total, Amortized Cost

75.90%

78.40%

Percentage of Total, Net Assets

189.10%

206.40%

Fair Value

$ 341,242

$ 412,058

Percentage of Total, Fair Value

81.20%

82.30%

Percentage of Total, Net Assets

210.60%

228.30%

First lien debt investments

Schedule of Investments [Line Items]

Amortized Cost

$ 220,941

$ 269,206

Percentage of Total, Amortized Cost

54.70%

56.70%

Percentage of Total, Net Assets

136.40%

149.20%

Fair Value

$ 202,792

$ 253,617

Percentage of Total, Fair Value

48.30%

50.70%

Percentage of Total, Net Assets

125.10%

140.60%

First lien debt investments, unitranche

Schedule of Investments [Line Items]

Amortized Cost

$ 141,291

$ 156,354

Fair Value

131,271

146,384

Second lien debt investments

Schedule of Investments [Line Items]

Amortized Cost

$ 57,848

$ 66,352

Percentage of Total, Amortized Cost

14.30%

14.00%

Percentage of Total, Net Assets

35.70%

36.80%

Fair Value

$ 48,521

$ 58,019

Percentage of Total, Fair Value

11.50%

11.60%

Percentage of Total, Net Assets

30.00%

32.10%

Subordinated debt investments

Schedule of Investments [Line Items]

Amortized Cost

$ 4,680

$ 13,890

Percentage of Total, Amortized Cost

1.20%

2.90%

Percentage of Total, Net Assets

2.90%

7.70%

Fair Value

$ 0

$ 1,226

Percentage of Total, Fair Value

0.00%

0.20%

Percentage of Total, Net Assets

0.00%

0.70%

Preferred equity

Schedule of Investments [Line Items]

Amortized Cost

$ 11,403

$ 9,966

Percentage of Total, Amortized Cost

2.80%

2.10%

Percentage of Total, Net Assets

7.00%

5.50%

Fair Value

$ 13,240

$ 8,196

Percentage of Total, Fair Value

3.20%

1.60%

Percentage of Total, Net Assets

8.20%

4.50%

Common equity, warrants and other

Schedule of Investments [Line Items]

Amortized Cost

$ 11,537

$ 12,989

Percentage of Total, Amortized Cost

2.90%

2.70%

Percentage of Total, Net Assets

7.10%

7.20%

Fair Value

$ 76,689

$ 91,000

Percentage of Total, Fair Value

18.20%

Percentage of Total, Net Assets

47.30%

50.40%

Structured Finance Securities

Schedule of Investments [Line Items]

Amortized Cost

$ 97,121

^[4]

$ 102,477

^[5]

Percentage of Total, Amortized Cost

24.10%

21.60%

Percentage of Total, Net Assets

59.90%

56.80%

Fair Value

$ 79,045

^[2],[4]

$ 88,518

^[5],[6]

Percentage of Total, Fair Value

18.80%

17.70%

Percentage of Total, Net Assets

48.80%

^[4]

49.10%

^[5]

[1]	Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
[2]	Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.
[3]	Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.
[4]	Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2023, approximately 81% of the Company's assets were qualifying assets.
[5]	Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2022, approximately 80% of the Company's assets were qualifying assets.
[6]	At December 31, 2022, the Company held loans with an aggregate principal amount of $312,595, or 87% of the total loan portfolio, that bore interest at a variable rate indexed to LIBOR (L) or SOFR, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect at December 31, 2022. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

Federal Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Federal Income Tax

Filing status: The Company has elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain its status as a RIC, the Company is required to distribute annually to its stockholders at least 90% of its ICTI, as defined by the Code. Additionally, to avoid a 4% U.S. federal excise tax on undistributed earnings the Company is required to distribute each calendar year the sum of (i) 98% of its ordinary income for such calendar year, (ii) 98.2% of its net capital gains for the one-year period ending October 31 of that calendar year, and (iii) any income recognized, but not distributed, in preceding years and on which the Company paid no U.S. federal income tax. Maintenance of the Company's RIC status also requires adherence to certain source of income and asset diversification requirements.

OFSCC-MB, an entity taxed as a corporation under Subchapter C of the Code, is consolidated in the Company’s GAAP financial statements but is not included in the determination of ICTI or the RIC compliance requirements of the Company. The income of OFSCC-MB, net of applicable income taxes, is not included in the Company’s ICTI until distributed by OFSCC-MB, which may result in timing and character differences between the Company’s GAAP and tax-basis net investment income and realized gains and losses.

Taxable income and distributions: As of December 31, 2023, the Company met the source of income and asset diversification requirements, and intends to continue to meet these requirements. For the year ended December 31, 2023, the Company had no net accrued excise tax expense related to estimated undistributed income; however, as of December 31, 2023, the Company had an accrued liability for estimated excise taxes of $100. The Company’s ICTI differs from the net increase (decrease) in net assets resulting from operations primarily due to differences in income recognition on the unrealized appreciation/depreciation of investments, income recognition for CLO subordinated note investments, income from Company’s equity investments in pass-through entities, capital gains and losses and the net creation or utilization of capital loss carryforwards.

The distributions paid to stockholders are reported as ordinary income, long-term capital gains and returns of capital. The tax character of distributions paid(1) were as follows:


	Year Ended December 31,
	2023(1)		2022		2021
Ordinary taxable income	$	17,954	$	15,564	$	12,207
Long-term capital gain	—		—		—
Return of capital	—		—		—
Total distributions to common stockholders	$	17,954	$	15,564	$	12,207

(1) The calculation of 2023 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties and, as a result, actual 2023 U.S. federal taxable income will not be finally determined until the Company’s 2023 U.S. federal tax return is filed in 2024 (and, therefore, such estimate is subject to change).

Tax-basis components of distributable earnings (accumulated losses) as of December 31, 2023 and 2022, were as follows:


	December 31,
	2023		2022
Ordinary income (RIC)	$	3,468	$	3,551
Undistributed earnings and profits (OFSCC-MB; C-Corporation)	2,075		2,606
Net operating loss carryforward (OFSCC-MB; C-Corporation)	140		—
Capital loss carryforwards:
RIC – short-term, non-expiring	(5,109)		(3,683)
RIC – long-term, non-expiring	(44,664)		(34,335)

The Company records reclassifications to its capital accounts related to permanent differences between GAAP and tax treatment of excise taxes and other permanent differences. The Company recorded reclassifications to decrease additional paid-in capital against total distributable earnings (accumulated loss) of $0, $101 and $2,142 for the years ended December 31, 2023, 2022 and 2021, respectively. These reclassifications have no effect on total net assets or net asset value per common share.

The estimated tax-basis cost of investments and associated tax-basis gross unrealized appreciation (depreciation) inherent in the fair value of investments as of December 31, 2023 and 2022, were as follows:


	December 31,
	2023		2022
Tax-basis amortized cost of investments	$	399,056	$	473,716
Tax-basis gross unrealized appreciation on investments	83,007		92,230
Tax-basis gross unrealized depreciation on investments	(61,776)		(65,370)
Tax-basis net unrealized appreciation on investments	21,231		26,860
Fair value of investments	$	420,287	$	500,576

Deferred taxes: The Company recognizes deferred taxes on the unrealized appreciation or depreciation of securities held through OFSCC-MB and other basis differences, including available loss carry forwards and suspended interest expense deductions reported by portfolio companies. Deferred tax assets and liabilities are measured using enacted corporate federal tax rates and estimated state tax burdens expected to apply to taxable income in the years in which those unrealized gains and losses are realized. The recoverability of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of the projected taxable income or other taxable events in OFSCC-MB.

The tax-basis unrealized appreciation (depreciation) of investments by tax entity inherent in the fair value of investments as of December 31, 2023 and 2022, were as follows:


	December 31,
	2023		2022



Total net unrealized appreciation on investments held by RIC entities	$	21,453	$	27,494
OFSCC-MB (C-Corp):
Gross unrealized appreciation on investments	1,180		144
Gross unrealized depreciation on investments	(1,402)		(778)
Total net unrealized depreciation on investments on investments held by OFSCC-MB	(222)		(634)
Total tax-basis net unrealized appreciation on investments	$	21,231	$	26,860

Deferred tax assets and liabilities as of December 31, 2023 and 2022, were as follows:


	December 31,
	2023		2022
Total deferred tax assets	$	328	$	205
Valuation allowance on deferred tax assets	—		(124)
Total deferred tax liabilities	(397)		(81)

Deferred tax liabilities and assets with tax basis unrealized gain and losses differs from the amount that would have resulted from applying the federal rate of 21% to unrealized gains and losses because of state income taxes, net of associated federal benefit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Investments - Narrative (Details) $ in Thousands	12 Months Ended
Investments - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($) investment
Schedule of Investments [Line Items]
Number of non-portfolio investments	21	23
Amortized cost of loans on non-accrual status \| $	$ 34,568	$ 36,522
Fair value of loans on non-accrual status \| $	$ 12,140	$ 11,225
Investment concentration risk \| Pfanstiehl Holdings, Inc \| Total Portfolio at Fair Value
Schedule of Investments [Line Items]
Concentration risk, percentage	16.90%	17.10%
Investment concentration risk \| Pfanstiehl Holdings, Inc \| Total Portfolio at Net Assets
Schedule of Investments [Line Items]
Concentration risk, percentage	43.80%	47.40%
Debt investments
Schedule of Investments [Line Items]
Number of portfolio companies	44	52
First lien debt investments
Schedule of Investments [Line Items]
Investment percentage	81.00%	81.00%
Second lien debt investments
Schedule of Investments [Line Items]
Investment percentage	19.00%	19.00%
Equity investments
Schedule of Investments [Line Items]
Number of portfolio companies	15	16

Borrowings - BNP Facility Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Jun. 24, 2022	Jun. 20, 2019	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding debt			$ 90,500	$ 104,700
Assets			469,818	520,717
Deferred debt issuance costs			1,062	1,316
OFSCC-FS
Line of Credit Facility [Line Items]
Assets			$ 158,308	$ 173,692
Percentage of total consolidated assets			34.00%	33.00%
Revolving Credit Facility \| Line of Credit \| BNP Facility
Line of Credit Facility [Line Items]
Borrowing capacity			$ 150,000
Outstanding debt			90,500	$ 104,700
Term	3 years
Availability			$ 59,500	45,300
Commitment fee			0.75%
Effective interest rate			8.04%
Deferred debt issuance costs			$ 941	$ 1,315
Revolving Credit Facility \| Line of Credit \| BNP Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Increase in applicable margin	0.40%
Margin floor rate	2.65%	1.925%

Capital Transactions - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	7 Months Ended	12 Months Ended					67 Months Ended
	Dec. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2023
Equity [Abstract]
Total Number of Shares Purchased (in shares)	300	0	42,254	700	0	0	43,254
Average Price Paid Per Share (in usd per share)	$ 10.29	$ 0	$ 8.30	$ 6.70	$ 0	$ 0	$ 8.29
Maximum Dollar Value of Shares That May Yet be Purchased Under the Program	$ 9,997	$ 0	$ 9,642	$ 9,992	$ 0	$ 0	$ 0
Weighted Average Discount to NAV Prior to Repurchase	21.50%	0.00%	41.60%	43.30%	0.00%	0.00%

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois

Financial Highlights

12 Months Ended

Dec. 31, 2023

Investment Company [Abstract]

Financial Highlights

The following is a schedule of financial highlights for each year in the five-year period ended December 31, 2023:


	Year Ended December 31,
	2023			2022			2021			2020			2019
Per share operating performance:
Net asset value per share at beginning of year	$	13.47		$	15.18		$	11.85		$	12.46		$	13.10
Net investment income(1)	1.50			1.37			1.00			0.92			1.43



Net realized loss on investments, net of taxes(1)	(0.85)			(0.13)			(1.54)			(0.75)			(0.29)



Net unrealized appreciation (depreciation) on investments, net of deferred taxes(1)	(0.67)			(1.79)			5.12			0.25			(0.42)
Loss on extinguishment of debt(1)	(0.02)			(0.01)			(0.34)			(0.06)			—
Loss on impairment of goodwill(1)	—			—			—			(0.08)			—
Total from operations	(0.04)			(0.56)			4.24			0.28			0.72

Distributions declared	(1.34)			(1.16)			(0.91)			(0.86)			(1.36)


Issuance/repurchase of common stock(2)	—			0.01			—			(0.03)			—

Net asset value per share at end of year	$	12.09		$	13.47		$	15.18		$	11.85		$	12.46

Per share market value, end of period	$	11.70		$	10.15		$	10.90		$	7.15		$	11.17
Total return based on market value(3)	30.2		%	4.4		%	66.8		%	(24.0)		%	18.3		%
Total return based on net asset value(4)	1.4		%	(0.6)		%	40.2		%	13.6		%	6.7		%
Shares outstanding at end of period	13,398,078			13,398,078			13,422,413			13,409,559			13,376,836
Weighted-average shares outstanding	13,398,078			13,417,410			13,413,861			13,394,005			13,364,244
Ratio/Supplemental Data (in thousands except ratios)
Average net asset value(5)	$	173,265		$	194,068		$	178,628		$	148,175		$	171,889
Net asset value at end of year	$	162,004		$	180,423		$	203,744		$	158,956		$	166,627
Net investment income	$	20,160		$	18,352		$	13,450		$	12,295		$	19,098
Ratio of total expenses, net to average net assets(6)	21.2		%	15.7		%	19.2		%	22.4		%	19.4		%
Ratio of total expenses, net and losses on impairment of goodwill and extinguishment of debt to average net assets(7)	21.4		%	15.7		%	21.8		%	23.7		%	—		%
Ratio of net investment income to average net assets(8)	11.6		%	9.5		%	7.5		%	8.3		%	11.1		%
Ratio of goodwill impairment loss to average net assets	—		%	—		%	—		%	0.7		%	—		%
Ratio of loss on extinguishment of debt to average net assets	0.1		%	0.1		%	2.6		%	0.6		%	—		%
Portfolio turnover(9)	8.8		%	28.0		%	54.9		%	28.1		%	21.2		%

(1)Calculated on the average share method.

(2)The issuance/repurchase of common stock on a per share basis reflects the net asset value change as a result of DRIP issuances or shares repurchased pursuant to the Stock Repurchase Program.

(3)Calculated as ending market value less beginning market value, adjusted for distributions reinvested at prices based on the Company’s dividend reinvestment plan for the respective distributions.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at the Company’s dividend reinvestment plan for the respective distributions.

(5)Based on the average of the net asset value at the beginning of the indicated period and the end of each calendar quarter within the period indicated.

(6)Ratio of total expenses before incentive fee waiver to average net assets was 22.7% for the year ended December 31, 2020.

(7)Ratio of total expenses before incentive fee waiver and losses on impairment of goodwill and extinguishment of debt to average net assets was 24.0% for the year ended December 31, 2020.

(8)Ratio of net investment income before incentive fee waiver to average net assets was 8.0% for the year ended December 31, 2020.

Federal Income Tax - Distributable Earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Ordinary income (RIC)	$ 3,468	$ 3,551
Short-Term Capital Loss Carryforward
Capital loss carryforwards:
Capital loss carryforwards	(5,109)	(3,683)
Long-Term Capital Loss Carryforward
Capital loss carryforwards:
Capital loss carryforwards	(44,664)	(34,335)
OFSCC-MB
Income Tax Contingency [Line Items]
Undistributed earnings and profits (OFSCC-MB; C-Corporation)	2,075	2,606
Net operating loss carryforward (OFSCC-MB; C-Corporation)	$ 140	$ 0

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), including ASC Topic 946, Financial Services-Investment Companies, and the reporting requirements for Form 10-K, the 1940 Act, and Articles 6 and 12 of Regulation S-X. The consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation in accordance with GAAP.
Reclassifications	Reclassifications: Certain prior period amounts may have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications.
Principles of consolidation	Principles of consolidation: The Company consolidates majority-owned investment company subsidiaries. The Company does not own any controlled operating company whose business consists of providing services to the Company, which would also require consolidation. All intercompany balances and transactions are eliminated upon consolidation.
Fair value of financial instruments	Fair value of financial instruments: The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820, Fair Value Measurements (“ASC Topic 820”), which defines fair value, establishes a framework to measure fair value, and requires disclosures regarding fair value measurements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is determined through the use of models and other valuation techniques, valuation inputs, and assumptions market participants would use to value the financial instrument. Highest priority is given to prices for identical financial instruments quoted in active markets (Level 1) and the lowest priority is given to unobservable valuation inputs (Level 3). The availability of observable inputs can vary significantly and is affected by many factors, including the type of product, whether the product is new to the market, whether the product is traded on an active exchange or in the secondary market, and the current market conditions. To the extent that the valuation is based on unobservable inputs, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3 (i.e., those instruments valued using unobservable inputs), which comprise the majority of the Company’s investments. See Note 5 for details. Changes to the Company’s and OFS Advisor's valuation policies are reviewed and approved by management and the Company’s board of directors (the “Board”). As the Company’s investments change, markets change, new products develop, and valuation inputs become more or less observable, the Company will continue to refine its valuation methodologies.
Investment classification	Investment classification: The Company classifies its investments in accordance with the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of board representation, “Affiliate Investments” are defined as investments in those companies in which the Company owns between 5% and 25% of the voting securities, and “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments.
Significant Subsidiaries	Significant Subsidiaries: The Company evaluates the issuers of its Control Investments for significance in accordance with Rules 3-09 and 4-08(g) of Regulation S-X. No issuers of Control Investments were considered a significant subsidiary under these rules as of or for the years ended December 31, 2023, 2022 and 2021.
Use of estimates	Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income, expenses, gains and losses during the reporting period. Actual results could differ significantly from those estimates.
Reportable segments	Reportable segments: The Company has a single reportable segment and single operating segment structure.
Cash	Cash: The Company’s cash balances are maintained with a member bank of the Federal Deposit Insurance Corporation (“FDIC”), and at times, such balances exceed the FDIC insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk. As of December 31, 2023 and 2022, cash includes aggregate amounts totaling $45,349 and 14,937, respectively, held in cash and cash equivalent accounts at US Bank N.A. and Citibank N.A. In addition, the Company’s use of cash held by SBIC I LP was limited by SBA regulation and use of cash held by OFSCC-FS is limited by the terms and conditions of the BNP Facility, including but not limited to, the payment of interest expense and principal on the outstanding borrowings.
Revenue recognition	Revenue recognition: Interest income: Interest income from the Company’s loan and CLO debt investments is recognized on an accrual basis and reported as an interest receivable until collected. Interest income is accrued based on the outstanding principal amount on the consolidated schedule of investments and the contractual terms of the debt investment. Certain of the Company’s investments contain a payment-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash. PIK interest on such investments is generally due at the maturity of the investment. Recognition of cash and PIK interest includes assessments of collectability. The Company discontinues the accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. See Non-Accrual Loans section. Loan origination fees, original issue discount (“OID”), market discount or premium, and loan amendment fees (collectively, “Net Loan Fees”) are recorded as an adjustment to the amortized cost of the investment, and accreted or amortized as an adjustment to interest income over the life of the respective debt investment using a method that approximates the effective interest method. When the Company receives a loan principal payment, the unamortized Net Loan Fees related to the paid principal is accelerated and recognized in interest income. The Company may also acquire or receive equity, warrants or other equity-related securities in connection with the Company’s acquisition of, subsequent amendment or restructuring to, debt investments. The Company determines the cost basis of the equity investment based on its relative fair value to the fair value of debt investments and other securities or consideration received. Any resulting difference between the face amount of the debt and its recorded cost resulting from the assignment of value to the equity investment is treated as OID, and accreted into interest income as described above. Interest income - Structured Finance Securities: Structured Finance Securities include CLO mezzanine debt, CLO subordinated notes and loan accumulation facility positions. Interest income from investments in CLO subordinated securities is recognized on the basis of the estimated effective yield to expected redemption utilizing estimated cash flows in accordance with ASC Subtopic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from its CLO subordinated notes, and the accretable yields are generally established at purchase, and reevaluated upon the receipt of the initial distribution and each subsequent quarter thereafter. Expected cash flows inherent in the Company’s estimates of accretable yields are based on expectations of defaults and loss-on-default severity, as well as other loan-performance assumptions, impacting the loans in the underlying CLO portfolios. These estimated cash flows are subject to a reasonable possibility of near-term change due to economic and credit market conditions, and the effect of these changes could be material. Interest income from investments in loan accumulation facilities is recognized on an accrual basis based on an estimated yield. Income notes associated with loan accumulation facilities generally pay returns equal to the actual income earned on facility assets less costs of senior financing and manager costs. Interest income is generally received upon the earlier of the closing of the CLO securitization or liquidation of the underlying portfolio. The Company periodically evaluates the realizability of such amounts and, if necessary, subsequently adjusts the estimated yield. Dividend income: Dividend income on common equity securities in limited liability companies, partnerships, and other private entities, generally payable in cash, is accrued at the time dividends are declared (in the absence of a formal ex-dividend or record date). Declared dividends payable in cash are reported as dividends receivable until collected. Distributions in excess of current or accumulated net income of the underlying portfolio company are recorded as return of capital and, correspondingly, as a reduction in the cost of the investment. Dividend income on preferred equity investments is accrued based on the contractual terms of the preferred equity investment, subject to assessments of collectability (including fair value coverage). Dividends on preferred equity securities may be payable in cash or in additional preferred securities. Non-cash dividends payable in additional preferred securities (“PIK dividends”) are recorded as an adjustment (i.e., increase) to the cost basis of the investment. The Company discontinues accrual of PIK dividends when there is reasonable doubt that the income will ultimately be collected. Fee income: The Company generates fee revenue in the form of syndication, prepayment, and other contractual fees, that are recognized as the related services are rendered. In the general course of its business, the Company receives certain fees, such as management fees, from portfolio companies which are non-recurring in nature. Prepayment fees are received on certain loans when repaid prior to their scheduled due date, which are recognized as earned when received. Syndication fees are received for capital structuring, loan syndication or advisory services from certain portfolio companies, which are recognized as earned upon closing of the investment. The Company also earns unfunded commitment fees on undrawn revolving lines of credit and delayed draw facility commitments. Investment transactions and net realized and unrealized gains and losses on investments: Investment transactions are reported on a trade-date basis. Unsettled trades as of the statement of assets and liabilities date are included in receivable for investments sold and payable for investments purchased, as applicable. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of the investment on the trade date. Investments are valued at fair value in accordance with ASC 820 as determined in good faith by OFS Advisor, as the valuation designee, under the oversight of the Board. The Company reports changes in the fair value of investments, relative to the amortized cost of investments, as net unrealized appreciation (depreciation) on investments in the consolidated statements of operations. Non-accrual loans: Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Interest payments subsequently received on non-accrual investments may be recognized as income or applied to amortized cost depending upon management’s judgment. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment.
Income taxes	Income taxes: The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. To qualify as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements, and timely distribute at least 90% of its investment company taxable income (“ICTI”) annually to its stockholders. The Company has made, and intends to continue to make, requisite distributions to its stockholders, which generally relieves the Company from U.S. federal income taxes. Depending on the level of ICTI earned in a tax year, the Company may choose to retain ICTI in an amount less than that which would trigger U.S. federal income tax liability under Subchapter M of the Code. However, the Company would be liable for a 4% excise tax on such undistributed income. Such spillover income increases the Company’s RIC distribution requirement in the following year. An excise tax liability is recognized when the Company determines its estimated current year annual ICTI, capital gain net income, and any undistributed ICTI and capital gain net income from the prior year, as defined in the Code, exceeds distributions paid during the calendar year. For the years ended December 31, 2023, 2022 and 2021, the Company accrued U.S. federal excise taxes of $0, $100 and $0, respectively. The Company may utilize OFSCC-MB when making equity investments in portfolio companies taxed as pass-through entities to meet its source-of-income requirements as a RIC. For U.S. federal income tax purposes, OFSCC-MB is not consolidated with the RIC and is taxed as a C-Corporation. See Note 8 for further information. The Company evaluates tax positions taken in the course of preparing its tax returns to determine whether they are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold could result in greater and undistributed ICTI, income and excise tax expense, and, if involving multiple years, a re-assessment of the Company’s RIC status. GAAP requires recognition of accrued interest and penalties related to uncertain tax benefits as income tax expense. There were no uncertain income tax positions at December 31, 2023, 2022 and 2021. The current and prior three tax years remain subject to examination by U.S. federal and most state tax authorities.
Distributions	Distributions: Distributions to common stockholders are recognized on the record date. The timing of distributions as well as the amount to be paid out as a distribution is determined by the Board each quarter. Distributions from net investment income and net realized gains are determined in accordance with the Code. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment. Distributions paid in excess of current and accumulated ICTI and not capital gains are considered returns of capital to stockholders. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company may use newly issued shares under the guidelines of the DRIP, or the Company may purchase shares in the open market in connection with its obligations under the plan.
Deferred debt issuance costs	Deferred debt issuance costs: Deferred debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. Deferred debt issuance costs are presented as a direct reduction of the related debt liability on the consolidated statements of assets and liabilities, except for deferred debt issuance costs associated with the Company’s revolving line of credit arrangements, which are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Unamortized deferred debt issuance costs included in prepaid expenses and other assets on the consolidated statements of assets and liabilities as of December 31, 2023 and 2022, were $1,062 and $1,316, respectively. Deferred debt issuance costs are amortized to interest expense over the term or expected term of the related debt.
Intangible asset	Intangible asset: On December 4, 2013, in connection with the SBIC Acquisition, the Company recorded an intangible asset of $2,500 attributable to the SBIC license. The Company amortizes the intangible asset on a straight-line basis over its estimated useful life. During the first quarter of 2022, the Company changed its estimate of the useful life to terminate on March 1, 2024, due to early redemptions of SBA debentures. The Company recognized amortization of $408, $409 and $222 for the years ended December 31, 2023, 2022, and 2021, respectively. The Company tests its intangible asset for impairment if events or circumstances suggest that the asset carrying value may not be fully recoverable. The carrying value of the intangible asset, net of accumulated amortization, was $69 and $477 at December 31, 2023 and 2022, respectively, is included in prepaid expenses and other assets in the consolidated statements of assets and liabilities.
Interest expense	Interest expense: Contractual interest expense on the Company’s borrowings is recognized on an accrual basis as incurred. See Note 7 for further information.
Concentration of credit risk	Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company exceeds the federally insured limits. The Company places cash deposits only with high credit quality institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. If borrowers completely fail to perform according to the terms of the contracts, the amount of loss due to credit risk from the Company’s investments is equal to the Company’s recorded investment and the unfunded commitments disclosed in Note 6.
New Accounting Pronouncements and Rule Issuances	New Accounting Pronouncements and Rule Issuances In June 2022, the FASB issued Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements. In December 2023, the FASB issued Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amend Topic 740 to, among other things, require on an annual basis, the disclosure of additional income tax information related to the Company’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is intended to enhance the transparency by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact, if any, ASU 2023-09 will have on its consolidated financial statements.

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	12 Months Ended				67 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023
Investment Company, Net Assets [Roll Forward]
Balance (in shares)	13,398,078	13,422,413	13,409,559	13,376,836
Balance	$ 180,423	$ 203,744	$ 158,956	$ 166,627
Net increase in net assets resulting from operations:
Net investment income	20,160	18,352	13,450
Net realized losses on investments, net of taxes	(11,405)	(1,730)	(20,596)
Net unrealized appreciation (depreciation) on investments, net of deferred taxes	(9,007)	(24,064)	68,601
Loss on extinguishment of debt	$ (213)	(144)	(4,591)
Tax reclassifications of permanent differences		$ 0	$ 0
Distributions to stockholders:
Common stock issued from reinvestment of stockholder distributions (in shares)	0	17,919	13,554
Common stock issued from reinvestment of stockholder distributions	$ 0	$ 179	$ 136
Dividends declared	$ (17,954)	$ (15,564)	$ (12,207)
Repurchase of common stock (in shares)	0	(42,254)	(700)	0	(43,254)
Repurchase of common stock		$ (350)	$ (5)
Net increase (decrease)	$ (18,419)	$ (23,321)	$ 44,788
Balance (in shares)	13,398,078	13,398,078	13,422,413	13,409,559	13,398,078
Balance	$ 162,004	$ 180,423	$ 203,744	$ 158,956	$ 162,004
Common Stock
Investment Company, Net Assets [Roll Forward]
Balance (in shares)	13,398,078	13,422,413	13,409,559
Balance	$ 134	$ 134	$ 134
Distributions to stockholders:
Common stock issued from reinvestment of stockholder distributions (in shares)		17,919	13,554
Repurchase of common stock (in shares)		(42,254)	(700)
Net increase (decrease) (in shares)	0	(24,335)	12,854
Balance (in shares)	13,398,078	13,398,078	13,422,413	13,409,559	13,398,078
Balance	$ 134	$ 134	$ 134	$ 134	$ 134
Paid-in capital in excess of par
Investment Company, Net Assets [Roll Forward]
Balance	184,841	185,113	187,124
Net increase in net assets resulting from operations:
Tax reclassifications of permanent differences		(101)	(2,142)
Distributions to stockholders:
Common stock issued from reinvestment of stockholder distributions		179	136
Repurchase of common stock		(350)	(5)
Net increase (decrease)	0	(272)	(2,011)
Balance	184,841	184,841	185,113	187,124	184,841
Total distributable earnings (accumulated losses)
Investment Company, Net Assets [Roll Forward]
Balance	(4,552)	18,497	(28,302)
Net increase in net assets resulting from operations:
Net investment income	20,160	18,352	13,450
Net realized losses on investments, net of taxes	(11,405)	(1,730)	(20,596)
Net unrealized appreciation (depreciation) on investments, net of deferred taxes	(9,007)	(24,064)	68,601
Loss on extinguishment of debt	(213)	(144)	(4,591)
Tax reclassifications of permanent differences	0	101	2,142
Distributions to stockholders:
Dividends declared	(17,954)	(15,564)	(12,207)
Net increase (decrease)	(18,419)	(23,049)	46,799
Balance	$ (22,971)	$ (4,552)	$ 18,497	$ (28,302)	$ (22,971)

Federal Income Tax - Cost of Investments and Associated Gross Unrealized Appreciation (Depreciation) (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Tax-basis amortized cost of investments

$ 399,056

$ 473,716

Tax-basis gross unrealized appreciation on investments

83,007

92,230

Tax-basis gross unrealized depreciation on investments

(61,776)

(65,370)

Tax-basis net unrealized appreciation on investments

21,231

26,860

Fair value of investments

$ 420,287

^[1],[2]

$ 500,576

^[3]

[1]	Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
[2]	Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.
[3]	Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.

- Definition

Fair value of investment in security owned.

+ References

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 6
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 4))
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

+ Details

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

Dec. 31, 2023

Dec. 31, 2022

Investments, amortized cost

$ 403,530

^[1]

$ 474,880

Preferred stock, par value (in usd per share)

$ 0.01

Preferred stock, authorized (in shares)

2,000,000

Preferred stock, issued (in shares)

Preferred stock, outstanding (in shares)

Common stock, par value (in usd per share)

$ 0.01

Common stock, authorized (in shares)

100,000,000

Common stock, issued (in shares)

13,398,078

Common stock, outstanding (in shares)

13,398,078

Debentures

Deferred debt issuance costs

$ 20

$ 223

Unsecured Notes

Deferred debt issuance costs

2,667

3,647

Non-control/non-affiliate investments

Investments, amortized cost

384,339

446,620

Affiliate investments

Investments, amortized cost

19,191

18,100

Control investments

Investments, amortized cost

$ 0

$ 10,160

[1]	Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.

Summary of Significant Accounting Policies - Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1

Subsequent Events Not Disclosed Elsewhere	12 Months Ended
Subsequent Events Not Disclosed Elsewhere	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events Not Disclosed Elsewhere	Subsequent Events Not Disclosed Elsewhere On February 28, 2024, the Company’s Board declared a distribution of $0.34 per share for the first quarter of 2024, payable on March 28, 2024 to stockholders of record as of March 18, 2024. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31,920 that were contractually due March 1, 2025, and requested the approval of the SBA to surrender its license to operate as a SBIC.

Federal Income Tax - Unrealized Appreciation (Depreciation) by Entity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Tax-basis gross unrealized appreciation on investments	$ 83,007	$ 92,230
Tax-basis gross unrealized depreciation on investments	(61,776)	(65,370)
Tax-basis net unrealized appreciation on investments	21,231	26,860
RIC Entities
Income Tax Contingency [Line Items]
Tax-basis net unrealized appreciation on investments	21,453	27,494
OFSCC-MB
Income Tax Contingency [Line Items]
Tax-basis gross unrealized appreciation on investments	1,180	144
Tax-basis gross unrealized depreciation on investments	(1,402)	(778)
Tax-basis net unrealized appreciation on investments	$ (222)	$ (634)

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization OFS Capital Corporation (and collectively with its subsidiaries, the “Company”), a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). In addition, for income tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of Code under the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to provide stockholders with both current income and capital appreciation through its strategic investment focus primarily on debt investments and, to a lesser extent, equity investments primarily in middle-market companies principally in the United States. In addition, the Company may invest in collateralized loan obligation (“CLO”) mezzanine debt, subordinated (i.e., residual or equity) notes and loan accumulation facility securities (collectively referred to as “Structured Finance Securities”). OFS Capital Management, LLC (“OFS Advisor”), a registered investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), a wholly owned subsidiary of Orchard First Source Asset Management, LLC, a full-service provider of capital and leveraged finance solutions to U.S. corporations (“OFSAM”), manages the day-to-day operations of, and provides investment advisory services to, the Company. OFS Advisor also serves as the investment adviser for Hancock Park Corporate Income, Inc. (“HPCI”), a Maryland corporation and a BDC. HPCI’s investment objective is similar to that of the Company. OFS Advisor also serves as the investment adviser for OFS Credit Company, Inc. (“OCCI”), a non-diversified, externally managed, closed-end management investment company that is registered as an investment company under the 1940 Act and that primarily invests in Structured Finance Securities. Additionally, OFS Advisor serves as the investment adviser to separately-managed accounts and sub-advisor to investment companies managed by an affiliate. The Company may also make investments through OFSCC-FS, LLC (“OFSCC-FS”), a wholly owned and consolidated special-purpose vehicle formed in April 2019 for the purpose of acquiring senior secured loan investments; and through OFSCC-MB, Inc. (“OFSCC-MB”), a wholly owned and consolidated subsidiary taxed under subchapter C of the Code, that generally holds the equity investments of the Company that are taxed as pass-through entities. OFS SBIC I LP (“SBIC I LP”), the Company’s wholly owned and consolidated investment company subsidiary licensed under the U.S. Small Business Administration’s (“SBA”) small business investment company program (“SBIC Program”), was subject to SBA regulatory requirements under the Small Business Investment Act of 1958, as amended (“SBIC Act”) for the period covered by the Consolidated Financial Statements.

Federal Income Tax - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Owned, Federal Income Tax Note [Line Items]
Excise taxes	$ 100
Permanent differences, reclassifications to decrease additional paid-in capital against total distributable earnings (accumulated loss)		$ 0	$ 0
Total distributable earnings (accumulated losses)
Investments, Owned, Federal Income Tax Note [Line Items]
Permanent differences, reclassifications to decrease additional paid-in capital against total distributable earnings (accumulated loss)	$ 0	$ 101	$ 2,142

Capital Transactions

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Capital Transactions

Distributions: The Company intends to make quarterly distributions to stockholders that represent, over time, substantially all of its net investment income. In addition, although the Company may distribute at least annually net realized capital gains, net of taxes if any, out of assets legally available for such distribution, the Company may also retain such capital gains for investment through a deemed distribution. If the Company makes a deemed distribution, stockholders will be treated for U.S. federal income tax purposes as if they had received an actual distribution of the capital gains, net of taxes.

The Company may be limited in its ability to make distributions due to the BDC asset coverage requirements of the 1940 Act. In addition, distributions from OFSCC-FS to the Company are restricted by the terms and conditions of the BNP Facility. At December 31, 2023 and December 31, 2022, OFSCC-FS had cash of $3,973 and $3,706, respectively, of which $0 and $0 were available for distribution to the Company at December 31, 2023 and 2022, respectively.

At December 31, 2023, SBIC I LP was limited on its use of cash under restrictions imposed by SBA regulations. At December 31, 2023, SBIC I LP had cash of $27,951, of which $12,756 was available for distribution to the Company. See Note 12 for additional information concerning the Company’s outstanding SBA debentures.

The following table summarizes distributions declared and paid for the years ended December 31, 2023, 2022 and 2021:


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
Year ended December 31, 2023
February 28, 2023	March 24, 2023	March 31, 2023	$	0.33	$	4,421	—	$	—	(1)
May 2, 2023	June 23, 2023	June 30, 2023	0.33		4,422		—	—		(1)
August 1, 2023	September 22, 2023	September 29, 2023	0.34		4,555		—	—		(1)
October 31, 2023	December 22, 2023	December 29, 2023	0.34		4,556		—	—		(1)
			$	1.34	$	17,954	—	$	—
Year ended December 31, 2022
March 1, 2022	March 24, 2022	March 31, 2022	$	0.28	$	3,719	3,016	$	39
May 3, 2022	June 23, 2022	June 30, 2022	0.29		3,850		4,348	43
August 2, 2022	September 23, 2022	September 30, 2022	0.29		3,849		5,529	46
November 1, 2022	December 23, 2022	December 30, 2022	0.30		3,967		5,026	51
			$	1.16	$	15,385	17,919	$	179
Year ended December 31, 2021
March 2, 2021	March 24, 2021	March 31, 2021	$	0.20	$	2,655	3,103	$	27
May 7, 2021	June 23, 2021	June 30, 2021	0.22		2,918		3,273	33
August 3, 2021	September 23, 2021	September 30, 2021	0.24		3,181		3,738	38
November 2, 2021	December 24, 2021	December 31, 2021	0.25		3,317		3,440	38
			$	0.91	$	12,071	13,554	$	136

The following table represents DRIP participation for the years ended December 31, 2023, 2022 and 2021, respectively:


For the Year Ended	Total DRIP Participation		DRIP Shares Issued	Number of Shares Purchased	Average Value Per Share
December 31, 2023	$	281	—	25,690	$	10.94
December 31, 2022	179		17,919	—	9.98
December 31, 2021	136		13,554	—	10.04

Since the Company’s initial public offering in 2012 and through December 31, 2023, distributions to stockholders total $166,281, or $13.99 per share on a cumulative basis.

Distributions of current year or accumulated prior years ICTI will be characterized as distributions of ordinary income. Distributions in excess of the Company’s current and accumulated ICTI would be treated first as a return of capital to the extent of a stockholder’s tax basis, and any remaining distributions would be treated as a capital gain. The determination of the tax attributes of the Company’s distributions is made annually as of the end of its fiscal year based upon its estimated ICTI and

distributions paid for the full year. Each year, if required, a statement on Form 1099-DIV identifying the source of the distribution is mailed to the Company’s stockholders.

Stock repurchase program: The Company is authorized to acquire up to $10,000 of its outstanding common stock through May 22, 2024 (the “Stock Repurchase Program”). Under the Stock Repurchase Program, the Company may repurchase shares in open-market transactions, including through block purchases, depending on prevailing market conditions and other factors. The Company expects the Stock Repurchase Program to be in place through May 22, 2024, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program may be extended, modified or discontinued at any time for any reason.

The following table summarizes the shares of common stock the Company repurchased under the Stock Repurchase Program (amount in thousands except shares):


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of the Program	Maximum Dollar Value of Shares That May Yet be Purchased Under the Program		Weighted Average Discount to NAV Prior to Repurchase
May 22, 2018 through December 31, 2018	300	$	10.29	300	$	9,997	21.5	%
January 1, 2019 through December 31, 2019	—	—		—	—		—
January 1, 2020 through December 31, 2020	—	—		—	—		—
January 1, 2021 through December 31, 2021	700	6.70		700	9,992		43.3
January 1, 2022 through December 31, 2022	42,254	8.30		42,254	9,642		41.6
January 1, 2023 through December 31, 2023	—	—		—	—		—
Total	43,254	$	8.29	43,254

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

N-2 - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Cover [Abstract]

Entity Central Index Key

0001487918

Amendment Flag

false

Securities Act File Number

814-00813

Document Type

10-K

Entity Registrant Name

OFS Capital Corporation

Entity Address, Address Line One

10 S. Wacker Drive

Entity Address, Address Line Two

Suite 2500

Entity Address, City or Town

Chicago

Entity Address, State or Province

Entity Address, Postal Zip Code

60606

City Area Code

847

Local Phone Number

734-2000

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

false

Fee Table [Abstract]

Shareholder Transaction Expenses [Table Text Block]


Stockholder transaction expenses:
Sales load borne by us (as a percentage of offering price)	—	%	(1)
Offering expenses borne by us (as a percentage of offering price)	—	%	(1)
Dividend reinvestment plan fees (per sales transaction fee)	$15.00		(2)
Total Stockholder transaction expenses (as a percentage of offering price)	—	%	(1)

Annual expenses (as a percentage of net assets attributable to common stock):
Base management fees payable under the Investment Advisory Agreement	5.21	%	(3)
Incentive fees payable under the Investment Advisory Agreement	3.11	%	(4)
Interest payments on borrowed funds	12.03	%	(5)
Other expenses	3.11	%	(6)
Total annual expenses, before base management fee reduction	23.46	%
Base management fee reduction	(0.75)	%	(8)
Total annual expenses, net of base management fee reduction	22.71	%	(7)

(1) The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by the Company and its stockholders. If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the offering price and the estimated offering expenses and total stockholder transaction expenses borne by the Company and its common stockholders as a percentage of the offering price. In the event that shares of our common stock are sold to or through underwriters, the applicable prospectus or prospectus supplement will also disclose the applicable sales load and the “Example” will be updated accordingly.

(2) The expenses of the DRIP 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 except that, 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.

(3) Our base management fee is 1.75% of the average value of our total assets (other than cash and cash equivalents) but including assets purchased with borrowed amounts, and including assets owned by any consolidated entity. This item represents actual base management fees incurred by us during the year ended December 31, 2023 before the effect of the base management fee reduction on certain assets and assumes net assets of $162.0 million and leverage of $302.4 million, which reflects our net assets and leverage as of December 31, 2023. As discussed in footnote (8), below, OFS Advisor agreed to reduce a portion of its base management fee on certain assets; the base management fees of 5.21% presented in the table above does not reflect the (0.75)% effect of the base management fee reduction on certain assets. See “Management and Other Agreements—Investment Advisory Agreement.”

(4) The incentive fee in the table above is based on actual amounts incurred for the Income Incentive Fee for the year ended December 31, 2023, which includes the effects of the base management fee reduction discussed in footnote (3). The Capital Gains Fee will be accrued, but not necessarily become payable, if, on a cumulative basis, the sum of net realized capital gains and losses plus net unrealized appreciation and depreciation is positive. The amount set forth in the table assumed the Capital Gains Fee is 0.0%.

The two parts of the incentive fee follows:

•The Income Incentive Fee, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income (including income that is accrued but not yet received in cash), subject to a 2.0% quarterly (8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, OFS Advisor receives no incentive fee until our pre-incentive fee net investment income equals the hurdle rate of 2.0% but then receives, as a “catch-up,” 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%. The effect of this provision is that, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, OFS Advisor will receive 20.0% of our pre-incentive fee net investment income as if a hurdle rate did not apply. There is no

accumulation of amounts on the hurdle rate from quarter to quarter and accordingly there is no clawback of amounts previously paid if subsequent quarters are below the quarterly hurdle rate and there is no delay of payment if prior quarters are below the quarterly hurdle rate.

•The Capital Gains Fee, payable annually in arrears, equals 20.0% of our realized capital gains on a cumulative basis, if any (or upon the termination of the Investment Advisory Agreement, as of the termination date), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. The incentive fee is determined on a consolidated basis. We accrue the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains and losses plus net unrealized appreciation and depreciation is positive. See “Management and Other Agreements—Investment Advisory Agreement.”

(5) Interest payments on borrowed funds is based on our estimated cost of funds on our outstanding indebtedness as of December 31, 2023. Based on our outstanding indebtedness as of December 31, 2023, our estimated annualized cost of funds, which includes all interest and amortization of debt issuance costs is 6.01%. As of December 31, 2023, our asset coverage ratio was 160% (which excludes the SBA debentures as a result of exemptive relief granted to us by the SEC) as permitted under Section 61(a)(2) of the 1940 Act.

We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. As of December 31, 2023, availability under the Banc of California Credit Facility and BNP Facility was $25.0 million and $59.5 million, respectively, both subject to a borrowing base and other covenants. Our stockholders will bear directly or indirectly the costs of borrowings under any debt instruments we may enter into.

(6) “Other Expenses” referenced in the table above are based on actual amounts incurred for the year ended December 31, 2023. “Other expenses” include our overhead expenses, including services under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by OFS Services. See “Management and Other Agreements—Administration Agreement.” “Other Expenses” also include ongoing professional expenses to our independent accountants, legal counsel and compensation of independent directors.

(7) Our stockholders indirectly bear the expenses of underlying funds or other investment vehicles that would be investment companies under section 3(a) of the 1940 Act but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the 1940 Act (“Acquired Funds”) in which we invest. We do not currently invest in underlying funds or other investment companies and therefore do not expect to incur any acquired fund fees and expenses. The indirect expenses that are associated with our Structured Finance Securities are not included in the fee table presentation, but if such expenses were included in the fee table presentation then our total annual expenses would have been 22.91%.

(8) OFS Advisor agreed to reduce a portion of its base management fee by reducing the portion of such fee from 1.75% to 1.00% on the average total assets (less cash) at the end of the two most recently completed quarters on assets held by the Company through OFSCC-FS, LLC, an indirect wholly owned subsidiary of the Company. The base management fee reduction is renewable on an annual basis and the amount of the base management fee reduction with respect to the OFSCC-FS Assets shall not be subject to recoupment by OFS Advisor.

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. The expense amounts assume an annual base management fee 1.75% for each year. Transaction expenses are not included in the following example.


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return	$171	$437	$624	$888

While the example assumes, as required by the applicable rules of the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. The incentive fee under the Investment Management Agreement, which, assuming a 5.0% annual return, would either not be payable or would have an insignificant impact on the expense amounts shown above, is not included in the above example. The above illustration assumes that we will not realize any capital gains (computed net of all realized capital losses and unrealized capital depreciation) in any of the indicated time periods. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive fee of a material amount, our expenses and returns to our investors would be higher. For example, if we assumed that we received our 5.0% annual return completely in the form of net realized capital gains on our investments, computed net of all cumulative unrealized depreciation on our investments, the

projected dollar amount of total cumulative expenses set forth in the above illustration would be as follows:


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to our incentive fee on capital gains)	$180	$455	$644	$897

While the examples assume reinvestment of all distributions at NAV, participants in our DRIP will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the dividend payment date. The market price per share of our common stock may be at, above or below NAV.

The example should not be considered a representation of future expenses, and actual expenses may be greater or less than those shown.

Sales Load [Percent]

0.00%

Dividend Reinvestment and Cash Purchase Fees

$ 15.00

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

0.00%

Annual Expenses [Table Text Block]


Stockholder transaction expenses:
Sales load borne by us (as a percentage of offering price)	—	%	(1)
Offering expenses borne by us (as a percentage of offering price)	—	%	(1)
Dividend reinvestment plan fees (per sales transaction fee)	$15.00		(2)
Total Stockholder transaction expenses (as a percentage of offering price)	—	%	(1)

Annual expenses (as a percentage of net assets attributable to common stock):
Base management fees payable under the Investment Advisory Agreement	5.21	%	(3)
Incentive fees payable under the Investment Advisory Agreement	3.11	%	(4)
Interest payments on borrowed funds	12.03	%	(5)
Other expenses	3.11	%	(6)
Total annual expenses, before base management fee reduction	23.46	%
Base management fee reduction	(0.75)	%	(8)
Total annual expenses, net of base management fee reduction	22.71	%	(7)

The two parts of the incentive fee follows:


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return	$171	$437	$624	$888

projected dollar amount of total cumulative expenses set forth in the above illustration would be as follows:


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return resulting entirely from net realized capital gains (all of which is subject to our incentive fee on capital gains)	$180	$455	$644	$897

The example should not be considered a representation of future expenses, and actual expenses may be greater or less than those shown.

Management Fees [Percent]

5.21%

Interest Expenses on Borrowings [Percent]

12.03%

Incentive Fees [Percent]

3.11%

Other Annual Expenses [Abstract]

Other Annual Expense 1 [Percent]

3.11%

Total Annual Expenses [Percent]

23.46%

Waivers and Reimbursements of Fees [Percent]

(0.75%)

Net Expense over Assets [Percent]

22.71%

Expense Example [Table Text Block]


	1 Year	3 Years	5 Years	10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return	$171	$437	$624	$888

Expense Example, Year 01

$ 171

Expense Example, Years 1 to 3

437

Expense Example, Years 1 to 5

624

Expense Example, Years 1 to 10

$ 888

Purpose of Fee Table , Note [Text Block]

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report on Form 10-K contains a reference to fees or expenses paid by “us,” “the Company” or “OFS Capital,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in OFS Capital.

Basis of Transaction Fees, Note [Text Block]

Sales load borne by us (as a percentage of offering price)Offering expenses borne by us (as a percentage of offering price)Dividend reinvestment plan fees (per sales transaction fee)Total Stockholder transaction expenses (as a percentage of offering price)

Management Fee not based on Net Assets, Note [Text Block]

Our base management fee is 1.75% of the average value of our total assets (other than cash and cash equivalents) but including assets purchased with borrowed amounts, and including assets owned by any consolidated entity. This item represents actual base management fees incurred by us during the year ended December 31, 2023 before the effect of the base management fee reduction on certain assets and assumes net assets of $162.0 million and leverage of $302.4 million, which reflects our net assets and leverage as of December 31, 2023. As discussed in footnote (8), below, OFS Advisor agreed to reduce a portion of its base management fee on certain assets; the base management fees of 5.21% presented in the table above does not reflect the (0.75)% effect of the base management fee reduction on certain assets. See “Management and Other Agreements—Investment Advisory Agreement.”

Financial Highlights [Abstract]

Senior Securities [Table Text Block]


(dollar amounts in thousands, except per unit data) Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)	Average Market Value Per Unit(4)
4.75% Notes due 2026
December 31, 2023	$	125,000	$	3,460	—	N/A
December 31, 2022	$	125,000	$	3,721	—	N/A
December 31, 2021	$	125,000	$	3,870	—	N/A

4.95% Notes due 2028
December 31, 2023	$	55,000	$	7,864	—	$	21.82
December 31, 2022	$	55,000	$	8,457	—	$	23.27
December 31, 2021	$	55,000	$	8,795	—	$	25.51

6.25% Notes due 2023
December 31, 2020	$	25,000	$	14,754	—	$	24.82

6.375% Notes due 2025
December 31, 2020	$	50,000	$	7,377	—	$	22.66
December 31, 2019	$	50,000	$	7,519	—	$	25.30
December 31, 2018	$	50,000	$	5,645	—	$	24.84

6.50% Notes due 2025
December 31, 2020	$	48,525	$	7,601	—	$	22.80
December 31, 2019	$	48,525	$	7,747	—	$	25.29
December 31, 2018	$	48,525	$	5,817	—	$	24.43

5.95% Notes due 2026
December 31, 2020	$	54,325	$	6,790	—	$	21.89
December 31, 2019	$	54,325	$	6,920	—	$	24.75

BNP Facility
December 31, 2023	$	90,500	$	4,779	—	N/A
December 31, 2022	$	104,700	$	4,442	—	N/A
December 31, 2021	$	100,000	$	4,837	—	N/A
December 31, 2020	$	31,450	$	11,728	—	N/A
December 31, 2019	$	56,450	$	6,659	—	N/A

Banc of California Credit Facility
December 31, 2023	$	—	$	—	—	N/A
December 31, 2022	$	—	$	—	—	N/A
December 31, 2021	$	—	$	—	—	N/A
December 31, 2020	$	600	$	614,760	—	N/A


(dollar amounts in thousands, except per unit data) Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)	Average Market Value Per Unit(4)
December 31, 2019	$	—	$	—	—	N/A
December 31, 2018	$	12,000	$	23,521	—	N/A
December 31, 2017	$	17,600	$	11,540	—	N/A
December 31, 2016	$	9,500	$	15,821	—	N/A
December 31, 2015	$	—	$	—	—	N/A

WM Credit Facility
December 31, 2014	$	72,612	$	2,847	—	N/A

SBA debentures (SBIC I LP)(5)(6)
December 31, 2023	$	31,920	$	—	—	N/A
December 31, 2022	$	50,920	$	—	—	N/A
December 31, 2021	$	69,920	$	—	—	N/A
December 31, 2020	$	105,270	$	—	—	N/A
December 31, 2019	$	149,880	$	—	—	N/A
December 31, 2018	$	149,880	$	—	—	N/A
December 31, 2017	$	149,880	$	—	—	N/A
December 31, 2016	$	149,880	$	—	—	N/A
December 31, 2015	$	149,880	$	—	—	N/A
December 31, 2014	$	127,295	$	—	—	N/A

Total Senior Securities(7)
December 31, 2023	$	302,420	$	1,599	—	N/A
December 31, 2022	$	335,620	$	1,634	—	N/A
December 31, 2021	$	349,920	$	1,728	—	N/A
December 31, 2020	$	315,170	$	1,757	—	N/A
December 31, 2019	$	359,180	$	1,796	—	N/A
December 31, 2018	$	260,405	$	2,554	—	N/A
December 31, 2017	$	167,480	$	11,540	—	N/A
December 31, 2016	$	159,380	$	15,821	—	N/A
December 31, 2015	$	149,880	$	—	—	N/A
December 31, 2014	$	199,907	$	2,847	—	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the class of senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “asset coverage Per Unit.”

(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.

(4) Average market value per unit for our unsecured notes represents the average of the daily closing prices as reported on the Nasdaq Market during the period presented. Not applicable to our 4.75% Notes due 2026, the Banc of California Credit Facility, BNP Facility, WM Credit Facility or SBA debentures because these senior securities are not registered for public trading.

(5) The SBA debentures are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC.

(6) On March 1, 2024, we fully repaid our outstanding SBA debentures totaling $31.9 million and requested the approval of the SBA to surrender our license to operate as a SBIC. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments.”

(7) The Asset Coverage Per Unit does not include the SBA debentures as described in footnote (5) above.

Senior Securities Amount

$ 302,420,000

$ 335,620,000

$ 302,420,000

$ 335,620,000

$ 349,920,000

$ 315,170,000

$ 359,180,000

$ 260,405,000

$ 167,480,000

$ 159,380,000

$ 149,880,000

$ 199,907,000

Senior Securities Coverage per Unit

$ 1,599

$ 1,634

$ 1,599

$ 1,634

$ 1,728

$ 1,757

$ 1,796

$ 2,554

$ 11,540

$ 15,821

$ 0

$ 2,847

Senior Securities Averaging Method, Note [Text Block]

Average market value per unit for our unsecured notes represents the average of the daily closing prices as reported on the Nasdaq Market during the period presented. Not applicable to our 4.75% Notes due 2026, the Banc of California Credit Facility, BNP Facility, WM Credit Facility or SBA debentures because these senior securities are not registered for public trading.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Investment Criteria/Guidelines

Our investment objective is to provide our stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. We focus on investments in senior secured loans, including first lien, second lien, and unitranche loans, as well as subordinated loans and, to a lesser extent, common stock, preferred stock and Structured Finance Securities. In particular, we believe that structured equity with debt investments (i.e., typically senior secured unitranche loans, often with warrant coverage, and, at times, in companies with no financial sponsor) represent a strong relative value opportunity offering the borrower the convenience of dealing with one lender, which may result in a higher blended rate of interest to us than we might expect to receive under a traditional multi-tranche structure. We expect that our investments in the equity securities of portfolio companies, such as warrants, preferred stock, common stock and other equity interests, will principally be made in conjunction with our debt investments in those companies. Generally, we do not expect to make investments in companies or securities that OFS Advisor determines to be distressed investments (such as discounted debt instruments that have either experienced a default or have a significant potential for default), other than follow-on investments in portfolio companies of ours. We intend to continue to generate strong risk-adjusted net returns by assembling a diversified portfolio of investments across a broad range of industries.

We target U.S. middle-market companies through OFS’s access to a network of financial institutions, private equity sponsors, investment banks, consultants and attorneys, and our proprietary database of borrowers developed over OFS’s 25 year history of lending to middle-market companies. A typical targeted borrower will exhibit certain of the following characteristics:

•number of employees between 150 and 2,000;

•revenues between $15 million and $300 million;

•annual EBITDA between $5 million and $50 million;

•private companies owned by private equity firms or owners/operators;

•enterprise value between $10 million and $500 million;

•effective and experienced management teams;

•defensible market share;

•solid historical financial performance, including a steady stream of cash flow;

•high degree of recurring revenue;

•diversity of customers, markets, products and geography; and

•differentiated products or services.

While we believe that the characteristics listed above are important in identifying and investing in prospective portfolio companies, not all of these criteria will be met by each prospective portfolio company.

Risk Factors [Table Text Block]

RISK FACTORS

Investing in our securities involves a number of significant risks. In addition to the other information contained in this Annual Report on Form 10-K, you should consider carefully the following information 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 NAV and the trading price of our securities could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in our securities as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.

Summary Risk Factors

We are subject to risks related to our business and structure.

•Global economic, political and market conditions may adversely affect our business, our ability to access capital, and our results of operations and financial condition, including our revenue growth and profitability.

•Due to economic disruptions, we may not be able to increase our dividends and may reduce or defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

•We are dependent upon the OFSC senior professionals for our future success and upon their access to the investment professionals and partners of OFSC and its affiliates.

•A significant amount of our portfolio investments are recorded at fair value and OFS Advisor, our “valuation designee,” determines the fair value of our investments in good faith pursuant to Rule 2a-5 under the 1940 Act. As a result, there will be uncertainty as to the value of our portfolio investments and the participation of OFS Advisor’s professionals in our valuation process could result in a conflict of interest.

•We may finance our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

•Insufficient cash flows may increase our risk of default of our debt obligations, including under our Unsecured Notes and our BNP Facility.

•We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC.

•In the future, we may choose to pay distributions in our own stock and stockholders may be required to pay tax in excess of the cash they receive.

•Because we expect to distribute substantially all of our net ordinary income and net realized capital gains to our stockholders, we may need additional capital to finance our growth and such capital may not be available on favorable terms or at all.

•Changes in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these laws or regulations, could have a material adverse effect on our, and our portfolio companies’ business, results of operations or financial condition.

•Our Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

We are subject to risks related to OFS Advisor and its Affiliates.

•We have potential conflicts of interest related to obligations that OFS Advisor or its affiliates may have to other clients.

•We have potential conflicts of interest related to the purchases and sales that OFS Advisor makes on our behalf and/or on behalf of Affiliated Accounts.

•The valuation process for certain of our portfolio holdings may create a conflict of interest.

•Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us.

•Our incentive fee structure may create incentives for OFS Advisor that are not fully aligned with the interests of our stockholders.

•OFS Advisor’s liability is limited under the Investment Advisory Agreement, and we have agreed to indemnify OFS Advisor against certain liabilities, which may lead OFS Advisor to act in a riskier manner on our behalf than it would when acting for its own account.

•OFS Advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

We are subject to risks related to our investments.

•Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

•Any of our portfolio companies operating in the Health Care and Social Assistance industry are subject to extensive government regulation and certain other risks particular to that industry.

•Our investments in private and middle-market portfolio companies are generally considered lower credit quality obligations, are risky, and we could lose all or part of our investment.

•Our investments in Structured Finance Securities carry additional risks to the risks associated with investing in private debt.

•Our investments in Structured Finance Securities are more likely to suffer a loss of all or a portion of their value in the event of a default.

•We are a non-diversified management investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer.

•If we make subordinated debt investments, the obligors or the portfolio companies may not generate sufficient cash flow to service their debt obligations to us.

•We and our investments are subject to interest rate risk.

We are subject to risks related to our securities and an investment in our common stock.

•There is a risk that stockholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.

•The market price of our common stock may fluctuate and decrease significantly.

•Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.

•Our common stock may trade below its NAV per share, which limits our ability to raise additional equity capital.

Risks Related to Our Business and Structure

Global economic, political and market conditions may adversely affect our business, our ability to access capital, and our results of operations and financial condition, including our revenue growth and profitability.

The state of current worldwide financial markets, as well as various social, economic and political tensions in the United States and around the world (including war, terrorist attacks and other forms of conflict), 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. For example, global financial markets are currently experiencing supply chain disruptions, significant labor and resource shortages, elevated interest rates and the effects of high inflation. In addition, there is currently geopolitical, economic and financial market instability in the United States, the United Kingdom, the European Union and China.

The ongoing war between Russia and Ukraine and the resulting global responses, including economic sanctions by the United States, the European Union and other countries, and the escalated armed conflict in the Middle East have increased and could continue to increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The extent and duration of the ongoing conflicts in Ukraine and the Middle East and the repercussions of such conflicts are impossible to predict, but could result in significant market disruptions and may further negatively affect global supply chains, energy prices, inflation and global growth.

The elevated inflationary environment may continue and some economists predict that the U.S. economy may enter an economic recession. Any disruptions in the capital markets, as a result of economic, political and market instability (including as a result of a shutdown of U.S. government services, strikes, work stoppages, labor shortages, labor disputes, supply chain disruptions and accidents), may increase the spread between the yields realized on risk-free and higher risk securities and can result in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing of credit risk in the broadly syndicated market. These and any other unfavorable economic conditions could increase our funding costs, limit our access to the capital markets and result in a decision by lenders not to extend credit to us.

The global pandemic caused by the outbreak of the novel strain of coronavirus ("COVID-19") has in the past led, and may continue to lead, to significant economic disruption in the economy of the United States and the economies of other nations. While many of the emergency measures and recommendations imposed by governmental authorities in response to the

pandemic, including restrictions on travel and the closure of non-essential businesses have been eased, the pandemic and the resulting economic dislocations caused substantial disruption, volatility and a reduction in liquidity in the capital markets and the credit markets, including the leveraged loan market specifically, which may continue for an extended period. Any such volatility or additional waves of the COVID-19 outbreak or future pandemics, as well as the generally negative economic impact of such events, may have adverse impacts on our business and our results of operations and financial condition. While certain markets have shown signs of stabilizing, market conditions remain uncertain and a period of deterioration and volatility could re-emerge.

Negative economic trends would also increase the likelihood that major financial institutions or other entities having a significant impact on the financial and credit markets may suffer a bankruptcy or insolvency, as occurred during the recession in the U.S. economy in 2008. In addition, certain industries may feel the impact of such negative economic trends more than others. There is a material possibility that economic activity will be volatile or will slow significantly, and some obligors may be significantly and negatively impacted by these negative economic trends. Although the leveraged finance and CLO markets have made significant recoveries from the adverse impact of the credit crisis, there can be no assurance that the leveraged finance and CLO markets will not be adversely impacted by future economic downturns or market volatility.

The financial results of middle-market companies in which we primarily invest, have experienced deterioration because of market volatility, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults, and further deterioration will further depress the outlook for middle-market companies. Further, adverse economic conditions have decreased, and may in the future decrease, the value of collateral securing some of our loans and the value of our equity investments. Such conditions have required, and may in the future require, us to modify the payment terms of our investments, including changes in PIK interest provisions and/or cash interest rates. The performance of certain of our portfolio companies has been, and in the future may be, negatively impacted by these economic or other conditions, which can result in our receipt of reduced interest income from our portfolio companies and/or realized and unrealized losses related to our investments, and, in turn, may adversely affect distributable income and have a material adverse effect on our results of operations.

Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations.

We may also be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as “systemic risk” and may adversely affect financial intermediaries with which we interact in the conduct of our business.

Overall uncertainty in the economic environment globally and in the United States may adversely affect our business, ability to secure debt financing, results of operations and financial condition, including our revenue growth and profitability. We continuously monitor developments 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.

Due to economic disruptions, we may not be able to increase our dividends and may reduce or defer our dividends and choose to incur U.S. federal excise tax in order to preserve cash and maintain flexibility.

As a BDC, we are not required to make any distributions to stockholders other than in connection with our election to be taxed as a RIC under subchapter M of the Code. In order to maintain our tax treatment as a RIC, we must distribute to stockholders for each taxable year at least 90% of our ICTI. If we qualify for taxation as a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our ICTI and net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) that we timely distribute to stockholders. We will be subject to a 4% U.S. federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year at least the sum of (i) 98.0% of our ordinary income for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which we paid no U.S. federal income tax.

Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of

the current year and is payable to stockholders of record in the current year, the dividend will be treated for all U.S. federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as “spillover dividends,” that we (i) declare on or before the later of the 15th day of the 9th month following the close of our taxable year or in the case of an extension of time for filing our return for the taxable year, the due date for filing such return taking into account such extension and (ii) pay during the following taxable year (but not later than the date of the first dividend payment of the same type of dividend made after such declaration). Such dividends will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for corporate-level U.S. federal income tax. Under these spillover dividend procedures, we may defer distribution of income earned during the current year until December of the following year. For example, we may defer distributions of income earned during 2023 until as late as December 31, 2024. However, if we choose to pay a spillover dividend, we will still incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to disruptions in the economy, including elevated interest rates and high inflation rates, we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may not be able to increase our dividends. In addition, we may reduce our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock. See “Item 1A. Risk Factors—Risks Related to our Business and Structure—In the future, we may choose to pay distributions in our own stock and stockholders may be required to pay tax in excess of the cash they receive.”

We are dependent upon the OFSC senior professionals for our future success and upon their access to the investment professionals and partners of OFSC and its affiliates.

We do not have any internal management capacity or employees. We will depend on the diligence, skill and network of business contacts of the OFSC senior professionals to achieve our investment objective. Our future success will depend, to a significant extent, on the continued service and coordination of the OFSC senior management team, particularly Bilal Rashid, Senior Managing Director and President of OFSC, and Jeffrey A. Cerny, Senior Managing Director of OFSC. Each of these individuals is an employee at will of OFSC. In addition, we rely on the services of Richard Ressler, Chairman of the executive committee of OFSAM Holdings and Chairman of certain of the Advisor Investment Committees, pursuant to a consulting agreement with Orchard Capital Corporation. The departure of Mr. Ressler or any of the senior managers of OFSC, or of a significant number of its other investment professionals, could have a material adverse effect on our ability to achieve our investment objective.

We expect that OFS Advisor will continue to evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of the Investment Advisory Agreement. We can offer no assurance, however, that OFSC senior professionals will continue to provide investment advice to us. If these individuals do not maintain their existing relationships with OFSC and its affiliates and do not develop new relationships with other sources of investment opportunities, we may not be able to grow our investment portfolio or achieve our investment objective. In addition, individuals with whom the OFSC senior professionals have relationships are not obligated to provide us with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us.

OFS Advisor is a wholly owned subsidiary of OFSAM, has no employees and depends upon access to the investment professionals and other resources of OFSC and its affiliates to fulfill its obligations to us under the Investment Advisory Agreement. OFS Advisor also depends upon OFSC to obtain access to deal flow generated by the professionals of OFSC and its affiliates. Under a Staffing Agreement between OFSC, a wholly owned subsidiary of OFSAM, and OFS Advisor, OFSC has agreed to provide OFS Advisor with the resources necessary to fulfill these obligations. The Staffing Agreement provides that OFSC will make available to OFS Advisor experienced investment professionals and access to the senior investment personnel of OFSC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. We are not a party to this Staffing Agreement and cannot assure stockholders that OFSC will fulfill its obligations under the agreement. If OFSC fails to perform, we cannot assure stockholders that OFS Advisor will enforce the Staffing Agreement or that such agreement will not be terminated by either party or that we will continue to have access to the investment professionals of OFSC and its affiliates or their information and deal flow.

The investment committees that oversee our investment activities are provided by OFS Advisor under the Investment Advisory Agreement. The loss of any member of the Advisor Investment Committees or of other OFSC senior professionals could limit our ability to achieve our investment objective and operate as we anticipate. This could have a material adverse effect on our financial condition and results of operation.

Our business model depends to a significant extent upon strong referral relationships with financial institutions, sponsors and investment professionals. Any inability of OFS Advisor to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

We depend upon OFS Advisor to maintain relationships with financial institutions, sponsors and investment professionals, and we will continue to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If OFS Advisor fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the principals of OFS Advisor have relationships are not obligated to provide us with investment opportunities, and, therefore, we can offer no assurance that these relationships will generate investment opportunities for us in the future.

Our financial condition and results of operation will depend on our ability to manage our business effectively.

Our ability to achieve our investment objective and grow will depend on our ability to manage our business. This will depend, in turn, on the ability of the Advisor Investment Committees to identify, invest in and monitor companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon the Advisor Investment Committees’ ability to execute our investment process, their ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. OFS Advisor has substantial responsibilities under the Investment Advisory Agreement. OFS Advisor’s senior professionals and other personnel of OFS Advisor’s affiliates, including OFSC, may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

To the extent PIK interest and PIK dividends constitute a portion of our income, we will be required to include such income in taxable and accounting income prior to receipt of cash representing such income.

Our investments may include contractual PIK interest or PIK dividends, which represents contractual interest or dividends added to a loan balance or equity security and due at the end of such loan’s or equity security’s term. To the extent PIK interest and PIK dividends constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash. Such risks include:

•The higher interest or dividend rates of PIK instruments reflect the payment deferral and increased risk associated with these instruments, and PIK instruments often represent a significantly higher risk than non-PIK instruments.

•Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

•PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. PIK income may also create uncertainty about the source of our cash distributions.

•For accounting purposes, any cash distributions to stockholders representing PIK income are not treated as coming from paid-in capital. As a result, despite the fact that a distribution representing PIK income could be paid out of amounts invested by our stockholders, the 1940 Act does not require that stockholders be given notice of this fact by reporting it as a return of capital.

•PIK interest or dividends have the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to OFS Advisor. Similarly, all things being equal, the deferral associated with PIK interest or dividends also decreases the investment principal-to-value ratio at a compounding rate.

A significant amount of our portfolio investments are recorded at fair value and OFS Advisor, our “valuation designee,” determines the fair value of our investments in good faith pursuant to Rule 2a-5 under the 1940 Act. As a result, there will be uncertainty as to the value of our portfolio investments and the participation of OFS Advisor’s professionals in our valuation process could result in a conflict of interest.

Many of our portfolio investments take the form of securities that are not publicly traded and their fair value may not be readily determinable. In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”), which establishes requirements for good faith determinations of fair value, and addresses both the Board’s and the “valuation designee’s” roles and responsibilities relating to fair valuation. On September 7, 2022, pursuant to Rule 2a-5, our Board designated OFS Advisor, as valuation designee, to perform fair value determinations relating to our investments, for which market quotations are not readily available. In order for the Board to maintain oversight, OFS Advisor implemented the requirements as prescribed in Rule 2a-5. The determination of fair value and, consequently, the amount of unrealized gains and losses in our portfolio, are, to a significant degree, subjective and dependent on a valuation process undertaken by OFS Advisor and overseen by our Board.

Valuation of certain investments will also be based, in part, upon third party valuation models which take into account various unobservable inputs.

A majority of our investments are classified as Level 3 under ASC Topic 820. This means that our portfolio valuations are based on unobservable inputs and assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment and estimation. Even if observable market data is available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We presently retain the services of independent service providers to prepare the valuation of the majority of these securities.

Certain factors that may be considered in determining the fair value of our investments include third-party yield benchmarks and comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and cash flow, the markets in which the portfolio company does business and other relevant factors. The models, information and/or underlying assumptions utilized by OFS Advisor will not always allow OFS Advisor to correctly capture the fair value of an asset. Because such valuations, and particularly valuations of securities that are not publicly traded, like those we hold, are inherently uncertain, they may fluctuate materially over short periods of time and may be based on estimates. OFS Advisor’s determinations of fair value may differ materially from the values that would have been used if an active public market for these securities existed. OFS Advisor’s determinations of the fair value of our investments have a material impact on our net earnings through the recording of unrealized appreciation or depreciation of investments and may cause our NAV on a given date to understate or overstate, possibly materially, the value that we may ultimately realize on one or more of our investments.

The participation of OFS Advisor’s professionals in our valuation process could also result in a conflict of interest since OFS Advisor’s base management fee is based, in part, on the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity).

We may finance our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. We may pledge up to 100% of our assets and may grant a security interest in all of our assets, other than assets held in OFSCC-FS and SBIC I LP, under the terms of any debt instruments we may enter into with lenders. In addition, under the terms of any credit facility or other debt instrument we enter into, we are likely to be required by its terms to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our equity stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make dividend payments on our common stock or preferred stock. Our ability to service our debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, because the base management fee payable to OFS Advisor is payable based on our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity), OFS Advisor has a financial incentive to cause us to incur leverage which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management fee payable to OFS Advisor.

On May 3, 2018, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the application of a reduced 150% asset coverage ratio to us; therefore, provided certain conditions are met, we became subject to the reduced asset coverage ratio as of May 3, 2019. See “Item 1A. Risk Factors—Risks Related to our Business and Structure—Because we received the approval of our Board, we became subject to 150% asset coverage effective May 3, 2019.” As of December 31, 2023, our asset coverage ratio was 160%, excluding the debt held by SBIC I LP.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or

lower than those appearing in the table below.


	Assumed Return on Our Portfolio (Net of Expenses)
Assumed Return on Portfolio	(10)%	(5)%	0%	5%	10%
Corresponding return to common stockholder(1)	(37.4)%	(24.4)%	(11.4)%	1.5%	14.5%

(1) Assumes $420.3 million in investments at fair value, $302.4 million in outstanding debt, $162.0 million in net assets, and an average cost of funds of 6.12% as of December 31, 2023. Our investment portfolio must experience an annual return of 4.41% at least to cover interest payments on the outstanding debt.

This example is for illustrative purposes only, and actual interest rates on and the amount of our borrowings are likely to fluctuate. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Borrowings” for additional information.

Insufficient cash flows may increase our risk of default of our debt obligations, including under our Unsecured Notes and our BNP Facility.

Any default under the agreements governing our indebtedness, including under our Unsecured Notes and our BNP Facility, that is not waived and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on our other debt obligations. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. Our ability to generate sufficient cash flows in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure our stockholders that our business will generate cash flows from operations to meet the payment obligations of our debt obligations under our Unsecured Notes and our BNP Facility.

Because we received the approval of our Board, we became subject to 150% asset coverage effective May 3, 2019.

The 1940 Act generally prohibits a BDC from incurring indebtedness unless, immediately after such borrowing, it has an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of its assets). However, Section 61(a)(2) of the 1940 Act allows a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met.

On May 3, 2018, our Board approved the application of the reduced asset coverage ratio to us made available under Section 61(a)(2) of the 1940 Act. As a result, effective May 3, 2019, we were able to increase our leverage up to an amount that reduces our asset coverage ratio from 200% to 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our assets). Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks of investing in our securities. If the value of our assets increases, then the additional leverage would cause the NAV attributable to our common stock to increase more sharply than it would have had we not increased our leverage. Conversely, if the value of our assets decreases, the additional leverage would cause NAV to decline more sharply than it otherwise would have had we not increased our leverage. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the additional leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not increased our leverage. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique. See “Item 1A. Risk Factors—Risks Related to Our Business and Structure—We may finance our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.”

In addition, the ability of BDCs to increase their leverage will increase the capital available to BDCs and thus competition for the investments that we seek to make. This may negatively impact pricing on the investments that we do make and adversely affect our net investment income and results of operations.

Changes in interest rates will affect our cost of capital and net investment income.

To the extent we borrow money or issue preferred stock to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of elevated interest rates, our cost of funds would increase, which could reduce our net investment income. We may use interest

rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act.

A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase of the amount of incentive fees payable to OFS Advisor.

We may enter into reverse repurchase agreements, which are another form of leverage.

We may enter into reverse repurchase agreements as part of our management of our temporary investment portfolio. Under a reverse repurchase agreement, we will effectively pledge our assets as collateral to secure a short-term loan. Generally, the other party to the agreement makes the loan in an amount equal to a percentage of the fair value of the pledged collateral. At the maturity of the reverse repurchase agreement, we will be required to repay the loan and correspondingly receive back our collateral. While used as collateral, the assets continue to pay principal and interest which are for our benefit.

Our use of reverse repurchase agreements, if any, involves many of the same risks involved in our use of leverage, as the proceeds from reverse repurchase agreements generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that we have sold but remain obligated to purchase. In addition, there is a risk that the market value of the securities retained by us may decline. If a buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experience insolvency, we may be adversely affected. Also, in entering into reverse repurchase agreements, we would bear the risk of loss to the extent that the proceeds of such agreements at settlement are less than the fair value of the underlying securities being pledged. In addition, due to the interest costs associated with reverse repurchase agreements transactions, our NAV would decline, and, in some cases, we may be worse off than if we had not used such instruments.

Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

In November 2020, the SEC adopted Rule 18f-4 regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. Under the rule, BDCs that use derivatives would be subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined in the rule. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings.

Preferred stock, which is another form of leverage, has the same risks to our common stockholders as borrowings because the dividends on any preferred stock we issue must be cumulative. Payment of such dividends and repayment of the liquidation preference of such preferred stock must take preference over any dividends or other payments to our common stockholders, and preferred stockholders are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference.

We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

A number of entities compete with us to make the types of investments that we plan to make. We compete with public and private funds, other BDCs, commercial and investment banks, commercial finance companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to maintain our RIC tax treatment. These characteristics could allow our competitors to consider a wider variety of instruments, establish more relationships and offer better pricing and more flexible structuring than we are able to. The competitive pressures we face may have a material adverse effect on our business, financial condition and results of operations. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective.

With respect to the investments we make, we will not seek to compete based primarily on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure.

However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may also compete for investment opportunities with OFSAM Holdings and its affiliates or accounts managed by OFSAM Holdings’s affiliates. Although OFS Advisor will allocate opportunities in accordance with its policies and procedures, allocations to such other accounts will reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and our stockholders. Moreover, the performance of investments will not be known at the time of allocation.

We may suffer credit losses.

Investment in middle-market companies is highly speculative and involves a high degree of risk of credit loss, and therefore our securities may not be suitable for someone with a low risk tolerance. These risks are likely to increase during volatile economic periods, such as the recent economic volatility in the United States, Europe and China.

We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC.

We have elected to be treated as a RIC under Subchapter M of the Code, but no assurance can be given that we will be able to maintain tax treatment as a RIC. As a RIC, we are not required to pay U.S. federal income taxes at corporate rates on our income and capital gains distributed (or deemed distributed) to our stockholders, provided that we satisfy certain distribution and other requirements. To continue to qualify for tax treatment as a RIC under the Code and to be relieved of federal taxes on income and gains distributed to our stockholders, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC will be satisfied if we distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders on an annual basis. Because we use debt financing, and may, in the future, issue preferred stock, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements or preferred stock that could, under certain circumstances, restrict us from making distributions necessary to qualify for tax treatment as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our qualification for the tax benefits available to RICs and, thus, may be subject to U.S. federal income tax at corporate rates. To maintain our qualification for tax treatment as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments are in private or thinly traded public companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to continue to qualify for tax treatment as a RIC for any reason and become subject to U.S. federal income tax at corporate rates, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to stockholders and the amount of our distributions and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and on the value of our common stock. See “Item 1. Business—Material U.S. Federal Income Tax Considerations—Taxation as a RIC.”

Our subsidiaries and portfolio companies may be unable to make distributions to us that will enable us to meet RIC requirements, which could result in the imposition of an entity-level tax.

In order for us to maintain our tax treatment as a RIC and to minimize corporate-level taxes, we are required to distribute on an annual basis substantially all of our taxable income, which includes income from our subsidiaries and portfolio companies. Distributions from OFSCC-FS to us are restricted by the terms and conditions of the BNP Facility. If our subsidiaries and portfolio companies are unable to make distributions to us, this may result in loss of RIC tax treatment and a consequent imposition of a corporate-level federal income tax on us.

We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.

For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as the accrual of OID and the recognition of PIK interest or dividends. This may arise if we purchase assets at a discount, receive warrants in connection with the making of a loan or in other circumstances, or through contracted PIK interest or dividends (meaning interest or dividends paid in the form of additional principal amount of the loan or equity security instead of in cash), which represents contractual interest or dividends added to the loan balance or equity security and due at the end of the investment term. Such OID, which could be significant relative to our overall investment activities, or increases in loan or equity investment balances as a result of contracted PIK arrangements, will be included in income before we receive any corresponding cash payments. We may also be required to include in income certain other amounts that we will not receive in cash.

Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain the tax benefits available to RICs. In such a case, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations and sourcings to meet these distribution requirements. If we sell built-in-gain assets, we

may be required to recognize taxable income in respect of the built-in-gain on such assets. In such a case, we would have to distribute all of our taxable gain (including the built-in-gain) in respect of such sale to avoid the imposition of entity-level tax on such gain. If we are not able to obtain such cash from other sources, we may fail to maintain the tax benefits available to RICs and thus be subject to U.S. federal income tax at corporate rates.

In the future, we may choose to pay distributions in our own stock and stockholders may be required to pay tax in excess of the cash they receive.

We distribute taxable distributions that are payable in cash or shares of our common stock at the election of each stockholder. In accordance with guidance issued by the Internal Revenue Service, a publicly traded RIC should generally be eligible to treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder is permitted to elect to receive his or her distribution in either cash or stock of the RIC (even where there is a limitation on the percentage of the distribution payable in cash, provided that the limitation is at least 20%), subject to the satisfaction of certain guidelines. If too many stockholders elect to receive their distributions in cash, each such stockholder would receive a pro rata share of the total cash to be distributed and would receive the remainder of their distribution in shares of stock. If this and certain other requirements are met, for U.S. federal income tax purposes, the amount of the distribution paid in stock generally will be a taxable distribution in an amount equal to the amount of cash that could have been received instead of stock. If we decide to make any distributions consistent with this guidance that are payable in part in our stock, stockholders receiving such distribution would be required to include the full amount of the distribution (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly designated as a capital gain dividend) to the extent of our 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 received as a dividend in order to pay this tax, it may be subject to transaction fees (e.g., broker fees or transfer agent fees) and, depending on the market price of our stock at the time of the sale, the sales proceeds may be less than the amount included in income with respect to the dividend. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.

Because we expect to distribute substantially all of our net ordinary income and net realized capital gains to our stockholders, we may need additional capital to finance our growth and such capital may not be available on favorable terms or at all.

We have elected to be taxed for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. If we meet certain requirements, including source of income, asset diversification and distribution requirements, and if we continue to qualify as a BDC, we will continue to qualify for tax treatment as RIC under the Code and will not have to pay U.S. federal income taxes at corporate rates on income we distribute to our stockholders as dividends, allowing us to substantially reduce or eliminate our U.S. federal tax liability at corporate rates. Because we received the approval of our Board, 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% at the time we issue any debt or preferred stock. See “Item 1A. Risk Factors—Risks Related to our Business and Structure—Because we received the approval of our Board, we became subject to 150% asset coverage effective May 3, 2019.” This requirement limits the amount that we may borrow. Because we will continue to need capital to grow our investment portfolio, this limitation may prevent us from incurring debt or preferred stock and require us to raise additional equity at a time when it may be disadvantageous to do so. We cannot assure investors 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 any of our outstanding borrowings. In addition, as a BDC, we are generally not permitted to issue common stock priced below NAV without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease new lending and investment activities, and our NAV could decline.

Our Banc of California Credit Facility contains various covenants and restrictions which, if not complied with, could accelerate our repayment obligations under the Banc of California Credit Facility or limit its use, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.

The Banc of California Credit Facility provides us with a senior secured revolving line of credit of up to $25.0 million, with maximum availability equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base and otherwise specified in the Banc of California Credit Facility. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP, and our partnership interest in SBIC I LP. The Banc of California Credit Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, a minimum tangible NAV, a minimum quarterly net investment income after incentive fees and a maximum ratio of liabilities divided by NAV. The Banc of California Credit Facility also contains customary events of default, including,

without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. The Banc of California Credit Facility permits us to fund additional investments as long as we are within the conditions set out in the Banc of California Credit Facility. Our continued compliance with these covenants depends on many factors, some of which are beyond our control, and there are no assurances that we will continue to comply with these covenants. Our failure to satisfy these covenants could result in foreclosure by our lender, which would accelerate our repayment obligations under the Banc of California Credit Facility and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders. As of December 31, 2023, we had an outstanding balance of $0 under the Banc of California Credit Facility. Availability under the Banc of California Credit Facility as of December 31, 2023 was $25.0 million based on the stated advance rate of 50% under the borrowing base.

Adverse developments in the credit markets may impair our ability to secure debt financing.

During the economic downturn in the United States that began in mid-2007, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. Elevated interest rates and the effects of high inflationary environments may continue, and it is possible the U.S. economy may enter an economic recession. As a result, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all.

If we are unable to consummate credit facilities on commercially reasonable terms, or if the banks and financial institutions with whom we have credit facilities enter into receivership, undergo consolidation or become insolvent, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects third parties or us, and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may be favorable or if adverse conditions in particular sectors of the financial markets could adversely impact our business.

Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.

We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which would adversely impact our results of operations or financial condition.

Changes in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these laws or regulations, could have a material adverse effect on our, and our portfolio companies’ business, results of operations or financial condition.

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels, including those that govern BDCs, RICs, or non-depository commercial lenders. These laws and regulations, including applicable accounting standards, as well as their interpretation, may change from time to time, including as the result of directives from the U.S. President and others in the executive branch, and new laws, regulations, accounting standards and interpretations may also come into effect. For example, the current U.S. presidential administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.

We are also subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses in order to comply, or we might have to restrict our operations. If we do not comply with applicable laws, regulations and decisions, we may lose licenses needed for the conduct of our business and may be subject to civil fines and criminal penalties.

Over the last several years, there has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new or

different regulation. While it cannot be known at this time whether these regulations will be implemented or what form they will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.

Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The Biden Administration has proposed and enacted significant changes to the existing U.S. tax rules, and there are a number of proposals in Congress that could similarly modify the existing U.S. tax rules. For example, the Inflation Reduction Act of 2022 was signed into law in August 2022 and includes tax credits and other incentives intended to combat climate change by advancing decarbonization and promoting increased investment in renewable and low carbon intensity energy. The effect of this change and any further rules or regulations are and could be complex and far-reaching, and the change and any future laws or regulations or changes thereto could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations. We also cannot predict with certainty how any future changes in the tax laws might affect us, our investors or our portfolio investments, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our investors of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our common stock.

Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.

There has been on-going discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs, which has created significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

The effect of global climate change may impact the operations of our portfolio companies.

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more systems backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

Further, the current U.S. presidential administration has focused on climate change policies and has re-joined the Paris Agreement, which includes commitments from countries to reduce their greenhouse gas emissions, among other commitments. The Paris Agreement and other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas emissions may expose our portfolio companies to other types of transition risks, such as: (i) political and policy risks (including changing regulatory incentives, and legal requirements, including with respect to greenhouse gas emissions, that could result in increased costs or changes in business operations); (ii) regulatory and litigation risks (including changing legal requirements that could result in increased permitting, tax and compliance costs, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change); (iii) technology and market risks (including declining market for investments in industries seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions); (iv) business trend risks (including the increased attention to ESG considerations by our investors, including in connection with their determination of whether to invest); and (v) potential harm to our reputation if our stockholders believe that we are not adequately or appropriately responding to climate change and/or climate risk management, including through the way in which we operate our business, the composition of our portfolio, our new investments or the decisions we make to continue to conduct or change our activities in response to climate change considerations.

Loss of tax treatment as a RIC would reduce our NAV and distributable income.

We have qualified for tax treatment as a RIC under Subchapter M of the Code. As a RIC, we do not have to pay federal income taxes on our income (including realized gains) that we distribute to our stockholders, provided that we satisfy certain distribution and other requirements. Accordingly, we are not permitted under accounting rules to establish reserves for taxes on our unrealized capital gains. If we fail to qualify for tax treatment as a RIC in any year, to the extent that we had unrealized gains, we would have to establish reserves for taxes, which would reduce our NAV and the amount potentially available for distribution. In addition, if we, as a RIC, were to decide to make a deemed distribution of net realized capital gains and retain the net realized capital gains, we would have to establish appropriate reserves for taxes that we would have to pay on behalf of stockholders. It is possible that establishing reserves for taxes could have a material adverse effect on the value of our common stock.

Our Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

Our Board has the authority, except as otherwise provided in the 1940 Act, 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. Under Delaware law, we also cannot be dissolved without prior stockholder approval except by judicial action. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and the price value of our common stock. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions.

Efforts to comply with the Sarbanes-Oxley Act involve significant expenditures, and non-compliance with Section 404 of the Sarbanes-Oxley Act, including a failure to maintain effective internal controls over financial reporting in accordance therewith, may adversely affect us and the market price of our securities.

Under current SEC rules, we are required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act and related rules and regulations of the SEC. We are required to review our internal control over financial reporting on an annual basis, and evaluate and disclose changes in our internal control over financial reporting on a quarterly and annual basis.

As a result, we expect to continue to incur additional expenses that may negatively impact our financial performance and our ability to make distributions. This process also results in a diversion of management’s time and attention. In the event that we are unable to maintain compliance with Section 404 of the Sarbanes-Oxley Act and related rules, we and the market price of our securities may be adversely affected.

Risks Related to OFS Advisor and its Affiliates

We have potential conflicts of interest related to obligations that OFS Advisor or its affiliates may have to other clients.

OFS Advisor and its affiliates manage other assets, including those of other BDCs, registered investment companies, separately managed accounts, accounts for which OFS Advisor or its affiliates may serve as a sub-advisor and CLOs, and may manage other entities in the future. These other funds and entities may have similar or overlapping investment strategies. Our executive officers, directors and members of the Advisor Investment Committees serve as officers, directors or principals of entities that operate in the same or a related line of business as we do, or of investment funds or other investment vehicles managed by OFS Advisor or its affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our or our stockholders’ best interests or may require them to devote time to services for other entities, which could interfere with the time available to provide services to us. For example, OFS Advisor currently serves as the investment adviser to HPCI, a non-traded BDC that invests in senior secured loans of middle-market companies in the United States, similar to those we target for investment, including first lien, second lien and unitranche loans as well as subordinated loans and, to a lesser extent, warrants and other equity securities. OFS Advisor also serves as the investment adviser to OCCI, a closed-end management investment company that primarily invests in CLO debt and subordinated securities. Therefore, many investment opportunities will satisfy the investment criteria for both HPCI and us and, in certain instances, investment opportunities may be appropriate for OCCI and us. HPCI operates as a distinct and separate entity and any investment in our common stock will not be an investment in HPCI. In addition, our executive officers serve in substantially similar capacities for HPCI and OCCI and certain of our independent directors serve in a similar capacity for HPCI or OCCI. Similarly, OFS Advisor and/or its affiliates may have other clients with, similar, different or competing investment objectives. In serving in these multiple capacities, our executive officers and directors, OFS Advisor and/or its affiliates, and members of the Advisor Investment Committees may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders.

OFS Advisor and OFSAM Holdings have procedures and policies in place designed to manage the potential conflicts of interest between OFS Advisor’s fiduciary obligations to us and its fiduciary obligations to other clients. For example, such

policies and procedures are designed to ensure that investment opportunities are allocated in a fair and equitable manner among us and other clients of OFS Advisor. An investment opportunity that is suitable for clients of OFS Advisor may not be capable of being shared among some or all of such clients due to the limited scale of the opportunity or other factors, including regulatory restrictions imposed by the 1940 Act.

There can be no assurance that we will be able to participate in all investment opportunities that are suitable to us. OFS Advisor will seek to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with its allocation policy.

We have potential conflicts of interest related to the purchases and sales that OFS Advisor makes on our behalf and/or on behalf of Affiliated Accounts.

Conflicts may arise when we make an investment in conjunction with an investment being made by Affiliated Accounts, or in a transaction where another Affiliated Account has already made an investment. Investment opportunities are, from time to time, appropriate for more than one Affiliated Account in the same, different or overlapping securities of a portfolio company’s capital structure. Conflicts arise in determining the terms of investments, particularly where these Affiliated Accounts may invest in different types of securities in a single portfolio company. Questions arise as to whether payment obligations and covenants should be enforced, modified or waived, or whether debt should be restructured, modified or refinanced.

We may invest in debt and other securities of companies in which other Affiliated Accounts hold those same securities or different securities, including equity securities. In the event that we make such investments, our interests will at times conflict with the interests of such other Affiliated Accounts, particularly in circumstances where the underlying company is facing financial distress. Decisions about what action should be taken, particularly in troubled situations, raises conflicts of interest, including, among other things, whether or not to enforce claims, whether or not to advocate or initiate a restructuring or liquidation inside or outside of bankruptcy, and the terms of any work-out or restructuring. The involvement of multiple Affiliated Accounts at both the equity and debt levels could inhibit strategic information exchanges among fellow creditors, including among us and other Affiliated Accounts. In certain circumstances, we or other Affiliated Accounts may be prohibited from exercising voting or other rights and may be subject to claims by other creditors with respect to the subordination of their interest.

For example, in the event that one Affiliated Account has a controlling or significantly influential position in a portfolio company, that Affiliated Account may have the ability to elect some or all of the board of directors of such a portfolio company, thereby controlling its policies and operations, including the appointment of management, future issuances of securities, payment of dividends, incurrence of debt and entering into extraordinary transactions. In addition, a controlling Affiliated Account is likely to have the ability to determine, or influence, the outcome of operational matters and to cause, or prevent, a change in control of such a portfolio company. Such management and operational decisions may, at times, be in direct conflict with us or other Affiliated Accounts that have invested in the same portfolio company that do not have the same level of control or influence over the portfolio company.

If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, we or other Affiliated Accounts may or may not provide such additional capital, and if provided, each Affiliated Account will supply such additional capital in such amounts, if any, as determined by OFS Advisor and/or OFS Advisor’s affiliates. Investments by more than one Affiliated Account in a portfolio company also raises the risk of using assets of an Affiliated Account of OFS Advisor to support positions taken by other Affiliated Accounts, or that a client may remain passive in a situation in which it is entitled to vote. In addition, there may be differences in timing of entry into, or exit from, a portfolio company for reasons such as differences in strategy, existing portfolio or liquidity needs, different Affiliated Account mandates or fund differences, or different securities being held. These variations in timing may be detrimental to us.

The application of our investment mandate as compared to investment mandates of other Affiliated Accounts and the policies and procedures of OFS Advisor and OFS Advisor's affiliates are expected to vary based on the particular facts and circumstances surrounding each investment by two or more Affiliated Accounts, in particular when those Affiliated Accounts are in different classes of an issuer’s capital structure (as well as across multiple issuers or borrowers within the same overall capital structure) and, as such, there may be a degree of variation and potential inconsistencies in the manner in which potential or actual conflicts are addressed.

Our independent directors may face conflicts of interest related to their obligations to the Affiliated Funds for which they also serve as independent directors.

All of the independent directors of our Board also serve as independent directors of the board of directors of HPCI or OCCI, Affiliated Funds managed by OFS Advisor. In their capacities as directors for an Affiliated Fund board, the independent directors have a duty to make decisions on behalf of that Affiliated Fund that are in the best interests of that Affiliated Fund and its stockholders. Accordingly, our independent directors may face conflicts of interest when making a decision on behalf of one

Affiliated Fund that may not be in the best interest of the other Affiliated Fund(s). For example, the SEC has granted exemptive relief to us, OFS Advisor, HPCI, OCCI, and certain other of our affiliates to co-invest in certain transactions that would otherwise be prohibited by the 1940 Act. In accordance with that relief, the independent directors must make certain findings on behalf of each Affiliated Fund with respect to initial co-investment transactions, including that the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Affiliated Fund and its stockholders and do not involve overreaching in respect of the Affiliated Fund or its stockholders on the part of any of the other participants in the proposed transaction. Under such circumstances, the independent directors may face conflicts of interest when making these determinations on behalf of us, HPCI and OCCI.

Members of the Advisor Investment Committees, OFS Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.

OFSC senior professionals and members of the Advisor Investment Committees may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us and our stockholders.

The valuation process for certain of our portfolio holdings may create a conflict of interest.

Many of our portfolio investments are made in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. On September 7, 2022, pursuant to Rule 2a-5, our Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to our investments. As valuation designee, OFS Advisor determines the fair value of our portfolio investments in good faith, and, as a result, there may be uncertainty as to the value of our portfolio investments. In addition, the members of our Board who are not independent directors have a substantial indirect pecuniary interest in OFS Advisor. The participation of OFS Advisor in our valuation process, and the indirect pecuniary interest in OFS Advisor by those members of our Board, could result in a conflict of interest since OFS Advisor’s base management fee is based, in part, on our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity).

We may have additional conflicts related to other arrangements with OFS Advisor or its affiliates.

We have entered into a license agreement with OFSAM under which OFSAM has granted us a non-exclusive, royalty-free license to use the name “OFS.” See “Item 1. Business—Management and Other Agreements—License Agreement.” In addition, we rent office space from a subsidiary of OFSAM and pay that subsidiary our allocable portion of overhead and other expenses incurred in performing its obligations under the Administration Agreement, such as rent and our allocable portion of the cost of our officers, including our chief executive officer, chief financial officer, chief compliance officer and chief accounting officer. This creates conflicts of interest that our Board must monitor.

The Investment Advisory Agreement with OFS Advisor and the Administration Agreement with OFS Services were not negotiated on an arm’s length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party.

The Investment Advisory Agreement and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to OFS Advisor, may not be as favorable to us as if they had been negotiated with an unaffiliated third party. In addition, we could choose not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with OFS Advisor, OFS Services and their respective affiliates. Any such decision, however, would breach our fiduciary obligations to our stockholders.

Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us.

BDCs generally are prohibited under the 1940 Act from knowingly participating in certain transactions with their affiliates without the prior approval of their independent directors and, in some cases, of the SEC. Those transactions include purchases from, sales to, and so-called “joint” transactions, in which a BDC and one or more of its affiliates engage in certain types of profit-making activities, with such affiliates. Any person that owns, directly or indirectly, five percent or more of a BDC’s outstanding voting securities will be considered an affiliate of the BDC for purposes of the 1940 Act, and a BDC generally is prohibited from engaging in purchases of assets from or sales of assets to or joint transactions with such affiliates, absent the prior approval of the BDC’s independent directors. Additionally, without the approval of the SEC, a BDC is prohibited from engaging in purchases of assets from, or sales of assets to or joint transactions with, the BDC’s officers, directors, and employees, and advisors (and its affiliates).

BDCs may, however, invest alongside certain related parties or their respective other clients, in certain circumstances where doing so is consistent with current law and SEC staff interpretations. For example, a BDC may invest alongside such accounts consistent with guidance promulgated by the SEC staff permitting the BDC and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that the BDC’s advisor, acting on the BDC’s behalf and on behalf of other clients, negotiates no term other than price. Co-investment with such other accounts is not permitted or appropriate under this guidance when there is an opportunity to invest in different securities of the same issuer or where the different investments could be expected to result in a conflict between the BDC’s interests and those of other accounts.

The 1940 Act generally prohibits BDCs from making certain negotiated co-investments with certain affiliates absent an order from the SEC permitting the BDC to do so. On August 4, 2020, we received the Order from the SEC to permit us to co-invest in portfolio companies with Affiliated Funds subject to compliance with the Order. The Order superseded a previous order that we received on October 12, 2016 and provides us with greater flexibility to enter into co-investment transactions with Affiliated Funds. Pursuant to the Order, we are generally permitted to co-invest with Affiliated Funds if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies.

In addition, we may file an application for an amendment to our existing Order to permit us to participate in follow-on investments in our existing portfolio companies with private funds that do not hold any investments in such existing portfolio companies. However, if filed, there is no guarantee that such application will be granted. When we invest alongside clients of OFSAM Holdings and its affiliates or their respective other clients, OFS Advisor will, to the extent consistent with applicable law, regulatory guidance, and/or the Order, allocate investment opportunities in accordance with its allocation policy. Under this allocation policy, if two or more investment vehicles with similar or overlapping investment strategies are in their investment periods, an available opportunity will be allocated based on the provisions governing allocations of such investment opportunities in the relevant organizational, offering or similar documents, if any, for such investment vehicles. In the absence of any such provisions, OFS Advisor will consider the following factors and the weight that should be given with respect to each of these factors:

•investment guidelines and/or restrictions, if any, set forth in the applicable organizational, offering or similar documents for the investment vehicles;

•the status of tax restrictions and tests and other regulatory restrictions and tests;

•risk and return profile of the investment vehicles;

•suitability/priority of a particular investment for the investment vehicles;

•if applicable, the targeted position size of the investment for the investment vehicles;

•level of available cash for investment with respect to the investment vehicles;

•total amount of funds committed to the investment vehicles; and

•the age of the investment vehicles and the remaining term of their respective investment periods, if any.

When not relying on the Order, priority as to opportunities will generally be given to clients that are in their “ramp-up” period, or the period during which the account has yet to reach sufficient scale such that its investment income covers its operating expenses, over the accounts that are outside their ramp-up period but still within their investment or re-investment periods. However, application of one or more of the factors listed above, or other factors determined to be relevant or appropriate, may result in the allocation of an investment opportunity to a fund no longer in its ramp-up period over a fund that is still within its ramp-up period.

In situations where co-investment with other accounts is not permitted or appropriate, OFS Advisor will need to decide which account will proceed with the investment. The decision by OFS Advisor to allocate an opportunity to another entity could cause us to forego an investment opportunity that we otherwise would have made. These restrictions, and similar restrictions that limit our ability to transact business with our officers or directors or their affiliates, may limit the scope of investment opportunities that would otherwise be available to us.

Our base management fee may induce OFS Advisor to cause us to incur leverage.

Our base management fee is payable based upon our total assets, other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity. This fee structure may

encourage OFS Advisor to cause us to borrow money to finance additional investments. Under certain circumstances, the use of borrowed money may increase the likelihood of default, which would disfavor holders of our common stock. Given the subjective nature of the investment decisions made by OFS Advisor on our behalf, our Board may not be able to monitor this potential conflict of interest effectively.

Our incentive fee may induce OFS Advisor to make certain investments, including speculative investments.

The incentive fee payable by us to OFS Advisor may create an incentive for OFS Advisor to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee payable to OFS Advisor is determined may encourage OFS Advisor to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor our stockholders.

OFS Advisor receives an incentive fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fee based on income, there is no hurdle rate applicable to the portion of the incentive fee based on net capital gains. As a result, OFS Advisor may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, will bear our ratable share of any such investment company’s expenses, including management and performance fees. We remain obligated to pay management and incentive fees to OFS Advisor with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our stockholders will bear his or her share of the management and incentive fee of OFS Advisor as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.

Our Board is charged with protecting our interests by monitoring how OFS Advisor addresses these and other conflicts of interest associated with its management services and compensation. While our Board is not expected to review or approve each borrowing or incurrence of leverage, our independent directors will periodically review OFS Advisor’s services and fees. In connection with these reviews, our independent directors will consider whether our fees and expenses (including those related to leverage) remain appropriate.

Our incentive fee structure may create incentives for OFS Advisor that are not fully aligned with the interests of our stockholders.

In the course of our investing activities, we will pay management and incentive fees to OFS Advisor. The base management fee is based on our total assets (other than cash and cash equivalents, but including assets purchased with borrowed amounts and including assets owned by any consolidated entity). As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. Because these fees are based on our total assets, other than cash and cash equivalents but including assets purchased with borrowed amounts and including any assets owned by any consolidated entity, OFS Advisor will benefit when we incur debt or use leverage. Our Board is charged with protecting our interests by monitoring how OFS Advisor addresses these and other conflicts of interest associated with its management services and compensation. While our Board is not expected to review or approve each borrowing or incurrence of leverage, our independent directors will periodically review OFS Advisor’s services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our independent directors will consider whether our fees and expenses (including those related to leverage) remain appropriate. As a result of this arrangement, OFS Advisor or its affiliates may from time to time have interests that differ from those of our stockholders, giving rise to a conflict.

We may pay an incentive fee on income we do not receive in cash.

The part of the incentive fee payable to OFS Advisor that relates to our pre-incentive fee net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may be considered to involve a conflict of interest for OFS Advisor to the extent that it may encourage OFS Advisor to favor debt financings that provide for deferred interest, rather than current cash payments of interest. OFS Advisor may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because OFS Advisor is not obligated to reimburse us for any incentive fees received even if we subsequently incur losses or never receive previously accrued deferred income in cash.

OFS Advisor’s liability is limited under the Investment Advisory Agreement, and we have agreed to indemnify OFS Advisor against certain liabilities, which may lead OFS Advisor to act in a riskier manner on our behalf than it would when acting for its own account.

Under the Investment Advisory Agreement, OFS Advisor will not assume any responsibility to us other than to render the services called for under that agreement, and it will not be responsible for any action of our Board in following or declining to follow OFS Advisor’s advice or recommendations. Under the terms of the Investment Advisory Agreement, OFS Advisor and its affiliates, and its and their respective officers, directors, members, managers, partners, stockholders and employees, will not be liable to us or any subsidiary of ours, or our or their respective officers, directors, members, managers, partners, stockholders or employees, for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of such person’s duties under the Investment Advisory Agreement. In addition, we have agreed to indemnify OFS Advisor and its affiliates, and its and their respective officers, directors, members, managers, partners, stockholders and employees, from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to gross negligence, willful misconduct, bad faith or reckless disregard of such person’s duties under the Investment Advisory Agreement. These protections may lead OFS Advisor to act in a riskier manner when acting on our behalf than it would when acting for its own account.

OFS Advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

OFS Advisor has the right, under the Investment Advisory Agreement, to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If OFS Advisor resigns, we may not be able to find a new investment advisor or hire internal management with similar expertise and the ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations, as well as our ability to pay distributions, are likely to be adversely affected and the 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 OFS Advisor and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

OFS Services can resign from its role as our Administrator under the Administration Agreement, and we may not be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

OFS Services has the right to resign under the Administration Agreement, whether we have found a replacement or not. If OFS Services resigns, we may not be able to find a new administrator or hire internal management with similar expertise and the ability to provide the same or equivalent services on acceptable terms, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations, as well as our ability to pay distributions, are likely to be adversely affected and the value of our shares may decline. In addition, the coordination of our internal management and administrative activities is likely to suffer if we are unable to identify and reach an agreement with a service provider or individuals with the expertise possessed by OFS Services. Even if we are able to retain a comparable service provider or individuals to perform such services, whether internal or external, their integration into our business and lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

Risks Related to BDCs

Regulations governing our operation as a BDC affect our ability to and the way in which we raise additional capital. As a BDC, we will need to raise additional capital, which will expose us to risks, including the typical risks associated with leverage.

We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted as a BDC to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our

indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.

On May 3, 2018, the Board, including a "required majority" (as such item is determined in section 57(o) of the 1940 Act) of the Board, approved the application of a reduced 150% asset coverage ratio to us and, as a result, the reduced asset coverage ratio applicable to us was decreased from 200% to 150% effective May 3, 2019. See "Item 1A. Risk Factors—Risks Related to our Business and Structure—Because we received the approval of our Board, we became subject to 150% asset coverage effective May 3, 2019."

As of December 31, 2023, we had $302.4 million of debt outstanding. Our ability to incur additional debt and remain in compliance with the asset coverage test will be limited. We may seek an additional credit facility to finance investments or for working capital requirements. There can be no assurance that we will be able to obtain such financing on favorable terms or at all.

If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred stockholders would have separate voting rights on certain matters and might have other rights, preferences or privileges more favorable than those of our common stockholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in our stockholders’ best interest. Holders of our common stock will directly or indirectly bear all of the costs associated with offering and servicing any preferred stock that we issue. In addition, any interests of preferred stockholders may not necessarily align with the interests of holders of our common stock and the rights of holders of shares of preferred stock to receive dividends would be senior to those of holders of shares of our common stock. We are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our Board determines that such sale is in the best interests of us and our stockholders, and if our stockholders approve any such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). On July 19, 2023, our stockholders approved a proposal that authorizes us to issue shares of our common stock at a price below our current NAV, subject to certain limitations, for up to 12 months from such approval. If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our stockholders at that time will decrease, and our stockholders might experience dilution.

Our ability to invest in public companies may be limited in certain circumstances.

To maintain our status as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our assets, as defined by the 1940 Act, are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a common equity market capitalization that is less than $250 million at the time of such investment and meets the other specified requirements.

If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to continue to qualify as a BDC or be precluded from investing according to our current business strategy.

As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our assets, as defined by the 1940 Act, are qualifying assets.

We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If a sufficient portion of our assets are not qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition and results of operations.

If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end fund, we would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease our operating flexibility.

Risks Related to Our Investments

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of our portfolio companies are susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets are likely to increase and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. 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, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower’s business or exercise control over a borrower. It is possible that we could become subject to a lender liability claim, including as a result of actions taken if we render significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured debt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors.

Our investments in the debt instruments of leveraged portfolio companies may be risky and, due to the significant volatility of such companies, we could lose all or part of our investment in bankruptcy proceedings or otherwise.

Investments in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold due to the significant volatility of such companies. Negative developments may be accompanied by deterioration of the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Such developments may ultimately result in the leveraged companies in which we invest entering into bankruptcy proceedings, which have a number of inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of creditors. A bankruptcy filing by an issuer may adversely and permanently affect the issuer. If the proceeding is converted to a liquidation, the value of the issuer may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is difficult to estimate the extent of, or even to identify, any contingent claims that might be made. Certain claims that have priority by law (for example, claims for taxes) may be substantial. In addition, our subordinated loans are generally subordinated to senior loans and are generally unsecured, other creditors may rank senior to us in the event of a bankruptcy proceeding.

Our investments in debt instruments may include “covenant-lite” loans. Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance. However, we may invest in “covenant-lite” loans. We use the term “covenant-lite” 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 financial 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.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies may be impacted by the effects of inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due

to the effects of inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

Any of our portfolio companies operating in the Health Care and Social Assistance industry are subject to extensive government regulation and certain other risks particular to that industry.

We invest in companies in the Health Care and Social Assistance industry. Our investments in portfolio companies that operate in this sector are subject to significant risks particular to that industry. The laws and rules governing the business of healthcare companies and interpretations of those laws and rules are subject to frequent change. Broad latitude is given to the agencies administering those regulations. Existing or future laws and rules could force our portfolio companies engaged in healthcare to change how they do business, restrict revenue, increase costs, change reserve levels and change business practices. Healthcare companies often must obtain and maintain regulatory approvals to market many of their products and change prices for certain regulated products. Delays in obtaining or failing to obtain or maintain these approvals could reduce revenue or increase costs. Policy changes on the local, state and federal levels, such as the expansion of the government’s role in the healthcare arena and alternative assessments and tax increases specific to the healthcare industry or healthcare products as part of federal health care reform initiatives, could fundamentally change the dynamics of the healthcare industry. In particular, health insurance reform could have a significant effect on our portfolio companies in this industry, and may force our portfolio companies in this industry to change how they do business. We can give no assurance that our portfolio companies will be able to adapt successfully in response to these changes.

Portfolio companies in the Health Care and Social Assistance industry may also have a limited number of suppliers of necessary components or a limited number of manufacturers for their products, and therefore face a risk of disruption to their manufacturing process if they are unable to find alternative suppliers when needed.

Any of these factors could materially adversely affect the operations of a portfolio company in this industry and, in turn, impair our ability to timely collect principal and interest payments owed to us.

The documents governing the loans to our portfolio companies and the loans underlying our CLO investments may allow for “priming transactions.”

The documents governing the loans to our portfolio companies and the loans underlying our CLO investments may allow for “priming transactions,” where majority lenders or debtors can amend the documents to the detriment of other lenders, in order to move collateral, or in order to facilitate capital outflow to other parties/subsidiaries in a capital structure, any of which may adversely affect our rights and security priority with respect to such loans.

Our investments in private and middle-market portfolio companies are generally considered lower credit quality obligations, are risky, and we could lose all or part of our investment.

Investments in private and middle-market companies involve a number of significant risks. Generally, little public information exists about these companies, and we rely on the ability of OFS Advisor’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make fully informed investment decisions, and we may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. Such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions, market conditions and general economic downturns.

Middle-market companies are more likely to be considered lower grade investments, commonly called “junk bonds,” which are either rated below investment grade by one or more nationally-recognized statistical rating agencies at the time of investment, or may be unrated but determined by OFS Advisor to be of comparable quality. Lower grade securities or comparable unrated securities are considered predominantly speculative regarding the issuer’s ability to pay interest and principal, and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for lower grade debt tend to be very volatile and are less liquid than investment grade securities. For these reasons, an investment in the Company is subject to the following specific risks: (i) increased price sensitivity due to a deteriorating economic environment; (ii) greater risk of loss due to default or declining credit quality; (iii) the inability to make interest and/or principal payments due to adverse company specific events; and (iv) depression of the price and liquidity of lower grade securities if a negative perception of the lower grade debt market develops. This negative perception could last for a significant period of time.

Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio companies and, in turn, on us. Middle-market companies may also be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In

addition, our executive officers, directors and OFS Advisor may, in the ordinary course of business, be named as defendants in litigation arising from our investments in middle-market companies.

Investments in equity securities involve a substantial degree of risk.

We have purchased, and may purchase in the future, common stock and other equity securities, including warrants, in various portfolio companies. Although equity securities historically have generated higher average total returns than debt securities over the long term, equity securities may experience more volatility in those returns than debt securities. The equity securities we acquire may fail to appreciate, decline in value or lose all value, and our ability to recover our investment will depend on the portfolio company’s success. Investments in equity securities involve a number of significant risks, including the risk of further dilution in the event the portfolio company issues additional securities. Investments in preferred securities involve special risks, such as the risk of deferred distributions, illiquidity and limited voting rights.

Our equity ownership in a portfolio company may represent a control investment. Our ability to exit a control investment in a timely manner could result in a realized loss on the investment.

If we obtain a control investment in a portfolio company, our ability to divest ourselves from a debt or equity investment could be restricted due to illiquidity in a private stock, limited trading volume on a public company’s stock, inside information on a company’s performance, insider blackout periods, or other factors that could prohibit us from disposing of the investment as we would if it were not a control investment. Additionally, we may choose not to take certain actions to protect a debt investment in a control investment portfolio company. As a result, we could experience a decrease in the value of our portfolio company holdings and potentially incur a realized loss on the investment.

Our investments in Structured Finance Securities carry additional risks to the risks associated with investing in private debt.

In addition to the general risks associated with debt securities and structured products discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; (iv) the potential of spread compression in the underlying loans of the CLO, which could reduce credit enhancement in the CLOs; and (v) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLO equity securities that we may acquire are subordinated to more senior tranches of CLO debt. CLO equity securities are subject to increased risks of default relative to the holders of superior priority interests in the same securities. In addition, at the time of issuance, CLO equity securities are under-collateralized in that the liabilities of a CLO at inception exceed its total assets. When we invest in a CLO, we may be in a first loss or subordinated position with respect to realized losses on the CLO’s assets. In addition, we may recognize phantom taxable income from our investments in the subordinated tranches of CLOs.

Between the closing date and the effective date of a CLO, the CLO collateral manager will generally expect to purchase additional collateral obligations for the CLO. During this period, the price and availability of these collateral obligations may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of collateral obligations that will satisfy specified concentration limitations and allow the CLO to reach the initial par amount of collateral prior to the effective date. An inability or delay in reaching the target initial par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the CLO debt securities and distributions of the CLO on equity securities and could result in early redemptions which may cause CLO debt and equity investors to receive less than the face value of their investment.

In addition, the portfolios of certain CLOs in which we may invest may contain “covenant-lite” loans. Accordingly, to the extent we are exposed to “covenant-lite” loans, we may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting CLO or any other investment we may make. If any of these occur, it could adversely affect our operating results and cash flows.

Our CLO investments will be exposed to leveraged credit risk. If a CLO does not meet certain minimum collateral value ratios and/or interest coverage ratios, primarily due to senior secured loan defaults, then cash flow that otherwise would have been available to pay us distributions may instead be used to redeem any senior notes or to purchase additional senior secured loans, until the ratios again exceed the minimum required levels or senior notes are repaid in full.

Our investments in Structured Finance Securities are more likely to suffer a loss of all or a portion of their value in the event of a default.

From time to time, we invest in Structured Finance Securities that comprise the equity tranche of CLOs, which are junior in priority of payment and are subject to certain payment restrictions generally set forth in an indenture governing such investments. In addition, Structured Finance Securities generally do not benefit from any creditors’ rights or ability to exercise remedies under the indenture governing such investments. Structured Finance Securities are not guaranteed by another party and are subject to greater risk than the secured notes issued by the CLO. CLOs are typically highly levered, utilizing up to approximately 9-13 times leverage, and therefore Structured Finance Securities are subject to a risk of total loss. There can be no assurance that distributions on the assets held by the CLO will be sufficient to make any distributions or that the yield on the Structured Finance Securities will meet our expectations.

CLOs generally may make payments on Structured Finance Securities only to the extent permitted by the payment priority provisions of an indenture governing the notes issued by the CLO. CLO indentures generally provide that principal payments on Structured Finance Securities may not be made on any payment date unless all amounts owing under secured notes are paid in full.

We will have no influence on the management of underlying investments managed by non-affiliated third-party CLO collateral managers.

We are not responsible for, and have no influence over, the asset management of the portfolios underlying the Structured Finance Securities we hold as those portfolios are managed by non-affiliated third-party CLO collateral managers. Similarly, we are not responsible for, and have no influence over, the day-to-day management, administration or any other aspect of the issuers of the CLOs. As a result, the values of the portfolios underlying our Structured Finance Securities could decrease as a result of decisions made by third-party CLO collateral managers.

We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.

We will, at times, take a security interest in the available assets of our portfolio companies, including the equity interests of their subsidiaries and, in some cases, the equity interests of our portfolio companies held by their stockholders. In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. There is a risk that the collateral securing our loans may: (i) decrease in value over time; (ii) be difficult to sell in a timely manner; (iii) be difficult to appraise; and (iv) fluctuate in value based upon the success or deterioration of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. Additionally, in the case of certain of our investments, we do not have a first lien position on the collateral and may not receive the full value of the collateral upon liquidation. If the underlying collateral value is less than the loan amount, we will suffer a loss.

In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to equitable subordination. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of inter-creditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through “standstill” periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses.

Borrowers of Broadly Syndicated Loans may be permitted to designate unrestricted subsidiaries under the terms of their financing agreements, which would exclude such unrestricted subsidiaries from restrictive covenants under the financing agreement with the borrower. This would allow the borrower to take various actions with respect to the unrestricted subsidiary including, among other things, incur debt, grant security on its assets, sell assets, pay dividends or distribute shares of the unrestricted subsidiary to the borrower’s stockholders. Any of these actions could increase the amount of leverage that the borrower is able to incur and increase the risk involved in our investments in Broadly Syndicated Loans accordingly.

If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value and/or increasing interest rates may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance.

The lack of liquidity in our investments may adversely affect our business.

All of our assets are presently invested in illiquid securities, and a substantial portion of our investments in leveraged companies is subject to legal and other restrictions on resale or is otherwise less liquid than more broadly traded public

securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded these investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, OFS Advisor, OFSAM Holdings or any of its other affiliates have material nonpublic information regarding such portfolio company.

Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by OFS Advisor, as our valuation designee. As part of the valuation process, OFS Advisor may take into account the following types of factors, if relevant, in determining the fair value of our investments:

•a comparison of the portfolio company’s securities to publicly traded securities;

•the enterprise value of a portfolio company;

•the nature and realizable value of any collateral;

•the portfolio company’s ability to make payments and its earnings and discounted cash flow;

•the markets in which the portfolio company does business; and

•changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, OFS Advisor will use the pricing indicated by the external event to corroborate the valuation. We will record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition and results of operations.

We are a non-diversified management investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified management investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our NAV 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. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our asset diversification requirements as a RIC under the Code, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies.

Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry.

Although we believe our portfolio is well-diversified across companies and industries, our portfolio is, and may in the future be, concentrated in a limited number of portfolio companies and industries. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, while we are not targeting investments in any specific industries, our investments may be concentrated in relatively few industries. As a result, a downturn in any particular industry in which we are invested could also significantly impact the aggregate returns we realize.

As of December 31, 2023, our common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, based on its fair value of $70.9 million, $70.7 million of which represents unrealized appreciation, accounted for 17% of our total investment portfolio at fair value, or 44% of total net assets. A deterioration in this portfolio company’s operating performance or other factors underlying the valuation of this investment could have a material impact on our NAV.

Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in seeking to:

•increase or maintain, in whole or in part, our position as a creditor or equity ownership percentage in a portfolio company;

•exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

•preserve or enhance the value of our investment.

We have discretion to make follow-on investments, subject to the availability of capital resources. The failure on our part to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because: (i) we may not want to increase our level of risk; (ii) we prefer other opportunities; or (iii) we are inhibited by compliance with BDC requirements or the desire to maintain our RIC status. Our ability to make follow-on investments may also be limited by OFS Advisor’s allocation policy.

Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or prevent decisions by management of our portfolio companies that could decrease the value of our investments.

We generally do not hold controlling equity positions in our portfolio companies. For portfolio companies in which we do not hold a controlling equity interest, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments.

Defaults by our portfolio companies will harm our operating results.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

We have invested a substantial portion of our capital in senior secured, unitranche, second lien and subordinated loans issued by our portfolio companies. The portfolio companies may be permitted to incur other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders 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 senior creditors, the portfolio company may not have any remaining assets to use to repay its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Additionally, certain loans that we make to portfolio companies may be secured on a second-priority basis by the same collateral securing first-priority debt of such companies. The senior-secured liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first-priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second-priority liens after payment in full of all obligations secured by the first-priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second-priority liens, then we, to the

extent not repaid from the proceeds of the sale of the collateral, would only have an unsecured claim against the portfolio company’s remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with more senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first-priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first-priority liens:

•the ability to cause the commencement of enforcement proceedings against the collateral;

•the ability to control the conduct of such proceedings;

•the approval of amendments to collateral documents;

•releases of liens on the collateral; and

•waivers of past defaults under collateral documents.

We may not have the ability to control or direct such actions, even if our rights are adversely affected.

We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any.

If we make subordinated debt investments, the obligors or the portfolio companies may not generate sufficient cash flow to service their debt obligations to us.

We make subordinated investments that rank below other obligations of the obligor in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations.

The disposition of our investments may result in contingent liabilities.

A significant portion of our investments involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. 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 we may be required to repurchase the securities, in each case resulting in potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.

If we engage in hedging transactions, we may be subject to additional risks.

Engaging in hedging transactions would entail additional risks to our stockholders. We could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if we were to invest in foreign securities, we could use instruments such as forward contracts or currency options and borrow under a credit facility in currencies selected to minimize our foreign currency exposure. In each such case, we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions could also limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price.

While we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if

we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities would likely fluctuate as a result of factors not related to currency fluctuations.

Investments in securities of foreign companies, if any, may involve significant risks in addition to the risks inherent in U.S. investments.

The 1940 Act generally requires that 70% of our investments be in issuers each of whom is organized under the laws of, and has its principal place of business in, any state of the United States, the District of Columbia, Puerto Rico, the Virgin Islands or any other possession of the United States. Our investment strategy does not presently contemplate a significant number of investments in securities of non-U.S. portfolio companies. We expect that these investments would focus on the same debt investments that we make in U.S. middle-market companies and/or Broadly Syndicated Loans and, accordingly, would be complementary to our overall strategy and enhance the diversity of our holdings.

Investing in non-U.S. portfolio companies may expose us to additional risks not typically associated with investing in U.S. companies, including changes in exchange control regulations, political and social instability, expropriation and imposition of foreign taxes. In addition, any investments that we make that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Factors such as 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 may affect currency values. We may employ hedging techniques to minimize these risks, but we cannot assure you that we will, in fact, hedge currency risk, or, that if we do, such strategies will be effective. Further, we may have difficulty enforcing creditor’s rights in non-U.S. jurisdictions.

We may not realize gains from our equity investments.

When we invest in senior secured, unitranche, second lien and subordinated loans, we may acquire warrants or other equity securities of portfolio companies as well. We may also invest in equity securities directly. To the extent we hold equity investments, except as described below, we will attempt to dispose of them and realize gains upon our disposition of them. However, the equity interests we invest in may not appreciate in value and may decline in value. As a result, 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.

We and our investments are subject to interest rate risk.

Since we may incur leverage to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds.

In a rising interest rate environment, any leverage that we incur may bear a higher interest rate than may currently be available to us. There may not, however, be a corresponding increase in our investment income. In the event that our interest expense were to increase relative to income, it might reduce our ability to service the interest obligations on, and to repay the principal of, our indebtedness, and our net investment income could be adversely impacted, as well as our capacity to pay distributions to our stockholders.

The fair value of certain of our investments may be significantly affected by changes in interest rates. Although senior secured loans are generally floating rate instruments, our investments in senior secured loans through CLOs are sensitive to interest rate levels and volatility. Although CLOs are generally structured to mitigate the risk of interest rate mismatch, there may be some difference between the timing of interest rate resets on the assets and liabilities of a CLO. Such a mismatch in timing could have a negative effect on the amount of funds distributed to CLO equity investors. In addition, CLOs may not be able to enter into hedge agreements, even if it may otherwise be in the best interests of the CLO to hedge such interest rate risk. Furthermore, in a significant rising interest rate environment and/or economic downturn, loan defaults may increase, resulting in losses for the CLOs in which we invest and result in credit losses that may adversely affect our cash flow, fair value of our assets and operating results.

In addition, increasing interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest payments or refinance floating rate loans. Further, a general rise in interest rates will increase the financing costs of CLOs.

SOFR Floor Risk. Because CLOs generally issue debt on a floating rate basis, an increase in SOFR will increase the financing costs of CLOs. Many of the senior secured loans held by these CLOs have SOFR floors such that, when SOFR is below the stated SOFR floor, the stated SOFR floor (rather than SOFR itself) is used to determine the interest payable under the

loans. Therefore, if SOFR increases but stays below the average SOFR floor rate of the senior secured loans held by a CLO, there would not be a corresponding increase in the investment income of such CLOs. The combination of increased financing costs without a corresponding increase in investment income in such a scenario would result in smaller distributions to equity holders of a CLO.

Reference Rate Risk. Following their publication on June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the United States. This legislation established a uniform benchmark replacement process for certain financial contracts that matured after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The Federal Reserve Board adopted a final rule in December 2022 implementing the LIBOR Act and specified benchmarks based on SOFR.

Although the transition process away from LIBOR has become increasingly well-defined, the transition process is complex. The adoption of SOFR as a reference rate for CLO transactions is recent, and there is minimal historical data. Although the Federal Reserve Bank of New York started publishing SOFR in 2018 and has started publishing historical indicative SOFR dating back to 2014, such historical data inherently involves assumptions, estimates and approximations. Since the initial publication of SOFR, daily changes in SOFR have, on occasion, been more volatile than daily changes in comparable reference rate or market rates, and SOFR rates may bear little or no relation to historical actual or historical indicative data. In addition, there are significant differences between LIBOR and SOFR, such as LIBOR being an unsecured lending rate while SOFR is a secured lending rate, and SOFR is an overnight rate while LIBOR reflects term rates at different maturities. The use of SOFR or other alternative reference rates could have adverse impacts on our business, financial condition and results of operations, including, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR or which have been transitioned away from LIBOR to a different rate like SOFR and, in any case, could result in a reduction in the value of certain investments held by us.

Benchmark Rate Mismatch. Many underlying corporate borrowers can elect to pay interest based on 1-month term SOFR, 3-month term SOFR and/or other term SOFR or benchmark rates in respect of the loans held by CLOs in which we are invested, in each case plus an applicable spread, whereas CLOs generally pay interest to holders of the CLO’s debt tranches based on 3-month term SOFR plus a spread. The 3-month term SOFR rate may fluctuate in excess of other potential term SOFR or other benchmark rates, which may result in many underlying corporate borrowers electing to pay interest based on a shorter or different, but in any event, lower term SOFR or other benchmark rate. This mismatch in the rate at which CLOs earn interest and the rate at which they pay interest on their debt tranches negatively impacts the cash flows on a CLO’s equity tranche, which may in turn adversely affect our cash flows and results of operations. Unless spreads are adjusted to account for such increases, these negative impacts may worsen as the amount by which the 3-month term rate exceeds such other chosen term SOFR or other benchmark rate.

Also, given the structure of the incentive fee payable to OFS Advisor, a general increase in interest rates will likely have the effect of making it easier for OFS Advisor to meet the quarterly hurdle rate for payment of income incentive fees under the Investment Advisory Agreement without any additional increase in relative performance on the part of OFS Advisor.

Risks Related to Our Securities and an Investment in our Common Stock

There is a risk that stockholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.

We have made distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure stockholders that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions.

When we make distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated taxable (or tax-basis) earnings and profits. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of an investor’s basis in our stock and, assuming that an investor holds our stock as a capital asset, thereafter as a capital gain. A return of capital is a return to stockholders of a portion of their original investment in us rather than income or capital gains.

The market price of our common stock may fluctuate and decrease significantly.

As with any stock, the market price of our common stock will fluctuate with market conditions and other factors. Our common stock is intended for long-term investors and should not be treated as a trading vehicle. Shares of BDCs frequently

trade at a discount from their NAV. The market price and liquidity in the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

•significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which is not necessarily related to the operating performance of these companies;

•exclusion of our common stock from certain market indices, such as the Russell 2000 Financial Services Index, which could reduce the ability of certain investment funds to own our common stock and put short-term selling pressure on our common stock;

•changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

•loss of RIC or BDC status;

•our origination activity, including the pace of, and competition for, new investment opportunities;

•our ability to incur additional leverage pursuant to Section 61(a)(2) of the 1940 Act and the impact of such leverage on our net investment income and results of operations;

•changes, or perceived changes, in earnings or variations in operating results;

•changes, or perceived changes, in the value of our portfolio of investments, including upon the sale or disposition of any such investments;

•changes in accounting guidelines governing the valuation of our investments;

•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•the inability to secure additional debt or equity capital;

•potential future sales of common stock or debt securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities;

•departure of OFS Advisor’s, OFSC’s or any of their affiliates’ key personnel;

•operating performance of companies comparable to us;

•general economic trends and other external factors; and/or

•loss of a major funding source.

Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.

The shares of our common stock beneficially owned by our principal stockholders, including OFSAM Holdings, are generally available for resale, subject to the provisions of Rule 144 promulgated under the Securities Act unless registered for sale under the Securities Act. OFSAM Holdings is entitled to the benefits of a registration rights agreement granting OFSAM Holdings the right to require us to register its shares for resale. Sales of substantial amounts of our common stock, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so.

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. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our Certificate of Incorporation dividing our Board into three classes with the term of one class expiring at each annual meeting of stockholders. 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.

Our common stock may trade below its NAV per share, which limits our ability to raise additional equity capital.

If our common stock is trading below its NAV per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors. Shares of BDCs, including shares of our common stock, have historically traded at discounts to their NAVs. As of December 31, 2023, our NAV per share was $12.09 and the closing price of our common shares on the Nasdaq

Global Select Market was $11.70. If our common stock trades below NAV, the higher the cost of equity capital may result in it being unattractive to raise new equity, which may limit our ability to grow. The risk of trading below NAV is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV.

If we issue preferred stock, debt securities or convertible debt securities, the NAV of our common stock may become more volatile.

We cannot assure the holders of our common stock that the issuance of preferred stock and/or debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock, debt securities or convertible debt would likely cause the NAV of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or debt securities. Any decline in the NAV of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of: (i) failing to maintain the required asset coverage ratios which may be required by the preferred stock, debt securities, convertible debt or units; (ii) a downgrade in the ratings of the preferred stock, debt securities, convertible debt or units; or (iii) our current investment income not being sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. If we do not maintain our required asset coverage ratios, we may not be permitted to declare dividends. In order to counteract such an event, we might need to liquidate investments in order to fund redemption of some or all of the preferred stock, debt securities or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, debt securities, convertible debt or any combination of these securities. Holders of preferred stock, debt securities or convertible debt may have different interests than holders of common stock and may, at times, have disproportionate influence over our affairs.

Holders of any preferred stock that we may issue will have the right to elect members of our Board and have class voting rights on certain matters.

The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred stockholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes.

Our Unsecured Notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future and will rank pari passu with, or equal to, all outstanding and future unsecured, unsubordinated indebtedness issued by us and our general liabilities.

Our Unsecured Notes are not secured by any of our assets or any of the assets of any of our subsidiaries. As a result, the Unsecured Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding (including the Banc of California Credit Facility and the BNP Facility) or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured and to which we subsequently grant a security interest) 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 secured indebtedness or 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 Unsecured Notes.

The Unsecured Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The Unsecured Notes are obligations exclusively of the Company, and not of any of our subsidiaries. None of our subsidiaries are a guarantor of the Unsecured Notes, and the Unsecured Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries will not be directly available to satisfy the claims of our creditors, including holders of the Unsecured Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of our creditors, including holders of the Unsecured Notes) with respect to the assets of such entities.

Even if we are recognized as a creditor of one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such entity and to any indebtedness or other liabilities of any such entity senior to our claims. Consequently, the Unsecured Notes will be structurally subordinated to all indebtedness and other liabilities, including trade payables, of any of our existing or future subsidiaries, including SBIC I LP and OFSCC-FS. Certain of these entities currently serve as guarantors under the Banc of California Credit Facility or the BNP Facility, and in the future our subsidiaries may incur substantial additional indebtedness, all of which is and would be structurally senior to the Unsecured Notes.

The indenture under which the Unsecured Notes were issued contains limited protection for holders of the Unsecured Notes.

The indenture under which the Unsecured Notes were issued offers limited protection to holders of the Unsecured Notes. The terms of the indenture and the Unsecured Notes 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 a material adverse impact on your investment in the Unsecured Notes. In particular, the terms of the indenture and the Unsecured Notes will not place any restrictions on our or our subsidiaries’ ability to:

• issue securities or otherwise incur additional indebtedness or other obligations, including: (i) any indebtedness or other obligations that would be equal in right of payment to the Unsecured Notes; (ii) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Unsecured Notes to the extent of the values of the assets securing such debt; (iii) our indebtedness that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Unsecured Notes; and (iv) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in those entities and therefore rank structurally senior to the Unsecured Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A), as modified by the provisions of Section 61(a), of the 1940 Act as may be applicable to us from time to time, or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in each case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% (now 150%, effective since May 3, 2019) after such borrowings. See “Item 1A. Risk Factors—Risks Related to our Business and Structure—Because we received the approval of our Board, we became subject to 150% asset coverage effective May 3, 2019”;

• 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 Unsecured Notes, including subordinated indebtedness, in each case, other than dividends, purchases, redemptions or payments that would cause our asset coverage to fall below the threshold specified in Section 18(a)(1)(B), as modified by the provisions of Section 61(a), of the 1940 Act as may be applicable to us from time to time, or any successor provisions, giving effect to (i) any exemptive relief granted to us by the SEC and (ii) any no-action relief granted by the SEC to another BDC (or to us if we determine to seek such similar 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 the provisions of Section 61(a), of the 1940 Act as may be applicable to us from time to time in order to maintain the BDC’s status as a RIC under Subchapter M of the Code. These provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock, or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% (now 150%, effective since May 3, 2019) 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. See “Item 1A. Risk Factors—Risks Related to our Business and Structure—Because we received the approval of our Board, we became subject to 150% asset coverage effective May 3, 2019”;

• 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.

In addition, the indenture does not require us to make an offer to purchase the Unsecured Notes in connection with a change of control or any other event.

Furthermore, the terms of the indenture and the Unsecured Notes do not protect holders of the Unsecured Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or

credit ratings, if any, as they do 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.

Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the Unsecured Notes), and take a number of other actions that are not limited by the terms of the Unsecured Notes may have important consequences for holders of the Unsecured Notes, including making it more difficult for us to satisfy our obligations with respect to the Unsecured Notes or negatively affecting the trading value of the Unsecured Notes.

Other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Unsecured Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for, trading levels, and prices of the Unsecured Notes.

We may choose to redeem the Unsecured Notes when prevailing interest rates are relatively low.

We may choose to redeem the Unsecured Notes Due October 2028 (without a prepayment penalty) or the Unsecured Notes Due February 2026 (subject to a prepayment penalty) at any time prior to their respective maturities, especially if prevailing interest rates are lower than the rate borne by the Unsecured Notes. If prevailing rates are lower at the time of redemption, and we redeem the Unsecured Notes, Unsecured Note holders would likely not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Unsecured Notes being redeemed. Our redemption right may also adversely impact Unsecured Note holders’ ability to sell the Unsecured Notes.

General Risk Factors

We may experience fluctuations in our quarterly operating results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt securities we acquire, the default rate on such securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, variations in the timing and recognition of any non-recurring fee or dividend income, distributions from portfolio companies, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

We incur significant costs as a result of being a publicly traded company.

As a publicly traded company, we incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act and other rules implemented by the SEC.

We are subject to risks related to corporate social responsibility.

Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities, which are increasingly considered to contribute to the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investments in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions.

We risk damage to our brand and reputation if we fail to act (or are perceived to not act) responsibly in a number of areas, such as diversity, equity and inclusion, environmental stewardship, corporate governance, support for local communities and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and our relationships with investors, all of which could adversely affect our business and results of operations. At the same time, there are various approaches to responsible investing activities and divergent views on the consideration of ESG topics. These differing views increase the risk that any action or lack thereof with respect to any ESG activities will be perceived negatively. “Anti-ESG” sentiment has gained momentum across the U.S., with several states having enacted or proposed “anti-ESG” policies and legislation or issued related legal opinions. If investors subject to such legislation view any of our ESG activities as being in contradiction of such “anti-ESG” policies, legislation or legal opinions, such investors may not invest in us and it could negatively affect the price of our common stock.

Regulatory initiatives related to ESG, and the scope and timing of these initiatives, could also adversely affect our business. The SEC has proposed rules to require disclosure of certain ESG-related matters, which may be adopted in 2024. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective (if at all). Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our investments conduct business and adversely affect our profitability.

Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.

A cybersecurity incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us or our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies or third-party vendors for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The risk of a security breach or disruption, particularly through cyber-attacks or cyber intrusions, including by computer hackers, nation-state affiliated actors, and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Despite careful security and controls design, our information technology systems and the information technology systems of our portfolio companies and our third-party vendors, may be subject to security breaches and cyber-attacks, the result of which may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation damage to business relationships and damage to our competitiveness, stock price, and long-term stockholder value. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. As our, our portfolio companies’ and our third-party vendors’ reliance on technology has increased, so have the risks posed to our information systems, both internally and those provided by OFS Services and third-party service providers, and the information systems of our portfolio companies. OFS Advisor has implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, cybersecurity has become a top priority for regulators around the world, including the SEC, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. Even the most well-protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases, are designed not be detected and, in fact, may not be detected. Accordingly, we and our service providers may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us and our service providers to entirely mitigate this risk. Cybersecurity risks require continuous and increasing attention and other resources from us to, among other actions, identify and quantify these risks and upgrade and expand our technologies, systems and processes to adequately address such risks. Such attention diverts time and other resources from other activities and there is no assurance that our efforts will be effective. If we fail to comply with relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage. Further, the increased use of mobile and cloud technologies due to the proliferation of remote work resulting from new flexible work arrangements have heightened our and our portfolio companies’ vulnerability to a cybersecurity risk or incident. Reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard systems could disrupt our operations, the operations of a portfolio company or the operations of our or their service providers and result in misappropriation, corruption or loss of personal, confidential or proprietary information or the inability to conduct business operations. Extended periods of remote working, whether by us, our portfolio companies, or our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above.

Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business.

We operate in businesses that are highly dependent on information systems and technology. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Cybersecurity has become a priority for regulators in the U.S. and around the world. Many jurisdictions in which we or our portfolio companies may operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information, and many of these laws and regulations can be inconsistent across jurisdictions and are subject to evolving and, at times, conflicting interpretations. Government officials and regulators, privacy advocates and class action attorneys are increasingly scrutinizing how companies collect, process, use, store, share and transmit personal data. This scrutiny can result in new and shifting interpretations of existing laws, thereby further impacting our business. For example, the General Data Protection Regulation in the European Economic Area and the United Kingdom continues to be interpreted by European and UK courts in novel ways, leading to shifting requirements, country specific differences in application and uncertain enforcement priorities. More recently, new and emerging state laws in the United States on privacy, data and related technologies, such as the California Consumer Privacy Act and the California Privacy Rights Act, as well as industry self-regulatory codes and regulatory requirements, create new privacy

and security compliance obligations and expand the scope of potential liability, either jointly or severally with our customers and suppliers. As a security example, pursuant to the SEC’s Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, we are required to make certain disclosures related to material cybersecurity incidents and the reasonably likely impact of such an incident on Form 8-K and will be required to make certain other cybersecurity disclosures, including in this Annual Report on Form 10-K. Determining whether a cybersecurity incident is notifiable or reportable may not be straightforward and any such mandatory disclosures could be costly and lead to negative publicity, loss of customer confidence in the effectiveness of our security measures, diversion of management’s attention and governmental investigations. Non-compliance with any of the aforementioned laws, rules or regulations or other similar laws, rules and regulations, represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. Breaches in security could potentially jeopardize our, our employees’ or our investors’ or counterparties’ confidential and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our, our employees’, our investors’, our counterparties’ or third parties’ operations, which could result in significant losses, increased costs, disruption of our business, liability to our investors and other counterparties, regulatory intervention or reputational damage. Furthermore, if we fail to comply with the relevant laws and regulations, it could result in regulatory investigations and penalties.

We are subject to risks associated with artificial intelligence and machine learning technology.

Recent technological advances in artificial intelligence and machine learning technology (“Machine Learning Technology”) pose risks to us, OFS Advisor and any third parties that we engage with. We could be exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties use Machine Learning Technology in their business activities. We and OFS Advisor are not in a position to control the use of Machine Learning Technology in third-party products or services. Use of Machine Learning Technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party Machine Learning Technology applications and users. Machine Learning Technology and its applications continue to develop rapidly, and we cannot predict the risks that may arise from such developments.

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent we are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could adversely impact us and our business.

We are subject to risks in using custodians, counterparties, administrators and other agents.

We depend on the services of custodians, counterparties, administrators and other agents to carry out certain transactions and other administrative services, including compliance with regulatory requirements in U.S. and non-U.S. jurisdictions. We are subject to risks of errors and mistakes made by these third parties, which may be attributed to us and subject us or our stockholders to reputational damage, penalties or losses. We depend on third parties to provide primary and backup communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. The terms of the contracts with third-party service providers are often customized and complex, and many of these arrangements occur in markets or relate to products that are not subject to regulatory oversight. Accordingly, we may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers. In addition, we rely on a select number of third-party service providers and replacement of any one of our service providers could be difficult and result in disruption and expense.

Increased geopolitical unrest, terrorist attacks, acts of war, global health emergencies or natural disasters may impact the businesses in which we invest and harm our business, operating results and financial condition.

Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, acts of war, global health emergencies or natural disasters as well as government responses to these types of threats, may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, acts of war, global health emergencies or natural disasters could further affect the domestic and global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks, global health emergencies and natural disasters are generally uninsurable.

Further downgrades of the U.S. credit rating, impending automatic spending cuts or a government shutdown could negatively impact our liquidity, financial condition and earnings.

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have previously lowered, or threatened to lower, the long-term sovereign credit rating on the United States.

The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time and may lead to additional U.S. federal government shutdowns. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

Return at Minus Ten [Percent]

(37.40%)

Return at Minus Five [Percent]

(24.40%)

Return at Zero [Percent]

(11.40%)

Return at Plus Five [Percent]

1.50%

Return at Plus Ten [Percent]

14.50%

Share Price [Table Text Block]

COMMON STOCK AND HOLDERS

Our common stock is traded on the Nasdaq Global Select Market under the symbol “OFS”. The last reported sale price for our common stock on the Nasdaq Global Select Market on February 27, 2024 was $11.59 per share. As of February 27, 2024, there were two holders of record of the common stock, one of which was OFSAM Holdings. A holder of record does not identify stockholders for whom shares are held beneficially in “nominee” or “street name”.

The following table lists the high and low sale price for our common stock, NAV per share, and the cash distributions per share that we have declared on our common stock for each fiscal quarter during the last two most recently completed fiscal years. The stock quotations are inter-dealer quotations and do not include markups, markdowns or commissions.


	NAV Per Share(1)		Price Range				Premium (Discount) of High Sales Price to NAV		Premium (Discount) of Low Sales Price to NAV		Cash Distribution per Share
Period			High		Low
Fiscal 2023
Fourth Quarter	$	12.09	$	12.41	$	9.69	2.6	%	-19.9	%	$	0.34
Third Quarter	$	12.74	$	12.44	$	9.51	-2.4	%	-25.4	%	$	0.34
Second Quarter	$	12.94	$	11.01	$	9.10	-14.9	%	-29.7	%	$	0.33
First Quarter	$	13.42	$	10.92	$	9.60	-18.6	%	-28.5	%	$	0.33
Fiscal 2022
Fourth Quarter	$	13.47	$	11.25	$	8.03	-16.5	%	-40.4	%	$	0.30
Third Quarter	$	13.58	$	11.50	$	7.54	-15.3	%	-44.5	%	$	0.29
Second Quarter	$	14.57	$	13.47	$	9.72	-7.5	%	-33.3	%	$	0.29
First Quarter	$	15.52	$	13.18	$	9.40	-15.1	%	-39.4	%	$	0.28

(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.

* Not determinable at the time of filing.

NAV Per Share

$ 12.09

$ 13.47

$ 12.09

$ 13.47

$ 15.18

$ 11.85

$ 12.46

$ 13.10

Summary Risk Factors [Member]

General Description of Registrant [Abstract]

Risk [Text Block]