0001487918-24-000043 | 10-Q | XBRL Viewer

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

$ 798

$ 167

Dividends

2,711

785

Total Income

14,233

$ 14,283

^[1]

420,287

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

^[2],[3]

400,414

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: 24 Seven Holdco, LLC24 Seven Holdco, LLC, First Lien Debt, Senior Secured Loan

^[3],[4]

8,474

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1],[5]

8,483

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

1,994

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

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

^[3]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

1,974

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[6]

2,249

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

^[3],[4],[7]

2,261

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

22,853

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

^[3]

22,801

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

4,923

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

^[3]

4,913

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[6]

3,325

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

^[3],[4],[7]

3,260

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3],[8],[9]

6,754

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^{[1],[10],[11]}

7,031

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

5,711

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

^[3],[8],[9]

5,738

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

6,961

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

^[3],[8],[9]

6,673

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: Ares L CLO Ltd., Mezzanine debt - Class E

^[1]

5,474

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

5,603

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[12]

110

Investment, Identifier [Axis]: Avison Young, Common Equity

^{[3],[13],[14]}

205

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^{[3],[13],[15]}

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

1,063

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

^[3]

817

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

215

Investment, Identifier [Axis]: Avison Young, First Lien Debt 3

^[3]

1,267

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: Avison Young, Preferred Equity

^{[3],[13],[14]}

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^{[3],[13],[15]}

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

1,474

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

^[3]

1,502

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

7,725

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

7,860

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

5,511

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

5,561

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

4,962

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

3,988

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

4,962

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

3,988

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[16],[17]}

827

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

^{[3],[13],[15]}

735

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

10,597

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

^[3],[4]

10,583

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

(44)

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

^[3],[19]

(37)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

344

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

^[3]

351

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

888

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

^[3]

925

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

1,929

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

^[3]

2,190

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

5,018

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

^[3],[8],[9]

4,720

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

3,106

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

^[3],[4]

3,138

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

(9)

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

^[3],[19]

(5)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[17]

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

^[3],[13]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

10,312

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(271)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

271

(271)

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(1,393)

263

263

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

10,312

263

(1,393)

9,182

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

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[17]

271

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

^[3],[13]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

9,182

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan

^[1]

5,877

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

5,938

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[20]

1,851

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

^[3],[4],[21]

1,881

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

113

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[16],[22]}

393

113

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

^{[3],[13],[15],[23]}

506

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[5],[6],[12]}

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

^{[3],[4],[7],[13],[14]}

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

497

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

622

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

431

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

540

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

1,779

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

^[3],[8],[9]

1,815

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

1,855

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

^[3],[4]

1,879

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

3,561

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

^[3]

3,576

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[17],[24]}

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

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

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

6,295

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

^[3]

6,279

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

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

^[3],[19]

899

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[12],[17]}

3,801

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

^{[3],[13],[14]}

2,595

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[26]

4,173

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

^[3],[27]

4,270

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

4,989

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt (Revolver)

^[3],[8],[9]

4,932

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt 1

^[3],[19]

(6)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt 2

^[3],[4]

3,456

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3],[4]

629

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1

^[1],[5],[6]

1,943

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2

^[3]

905

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

1,005

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

5,925

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

^[3],[4],[7]

5,947

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[18]

2,706

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

^[3],[4],[19]

2,699

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

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

^[3],[19]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

6,466

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

^[3],[4]

6,450

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

4,089

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

^[3],[4]

4,078

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

3,850

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

4,000

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

14,868

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

2,344

Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan

^[3]

2,344

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

14,868

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[6]

2,792

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

^[3],[4],[7]

2,745

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3],[4]

3,438

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1],[5]

3,368

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3],[4],[28]

16,004

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1],[5],[29]

15,989

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

(90)

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

^[3],[19]

(96)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

4,744

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

^[3],[8],[9]

4,578

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

5,355

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

^[3],[8],[9]

5,033

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

^[3]

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

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[12],[29]}

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

^{[3],[14],[28]}

250

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

250

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

250

250

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

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

2,180

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

^[3],[4]

2,212

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[18]

(5)

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

^[3],[4],[19]

(4)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

(8)

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

^[3],[19]

(3)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

2,597

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

^[3],[4]

2,696

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1],[18]

(69)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

967

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

1,022

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

2,171

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

^[3],[8],[9]

2,144

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

(71)

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

^[3]

1,392

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

7,066

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

^[3],[4]

7,146

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

3,723

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

^[3],[4]

3,766

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[17]

551

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

^{[3],[13],[23]}

631

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

982

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

1,003

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(7,850)

547

547

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

70,927

(7,850)

63,077

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

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[22],[26],[30]}

70,927

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

^{[3],[23],[27],[31]}

63,077

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[12]

6,858

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

^[3],[14]

7,375

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[16],[17]}

1,182

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

^{[3],[13],[15]}

1,428

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

2,257

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

^[3],[4]

2,096

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

544

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

^[3],[8],[9]

518

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[6]

1,307

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

^[3],[7]

1,424

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

3,272

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

^[3]

3,635

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

3,007

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

3,038

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[29]

2,633

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

^[3],[28]

2,396

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[29]

795

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

^[3],[28]

723

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

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

^[3],[13]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

3,042

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

^[3]

3,042

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

1,460

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

^[3]

1,460

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

173

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

^[3],[19]

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

9,186

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

^[3]

6,377

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

993

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

^[3]

689

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

2,501

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

^[3]

1,736

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

9,073

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[16],[17]}

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

^{[3],[13],[15]}

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5],[6]

1,616

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

^[3],[4],[7]

1,709

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

1,484

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

^[3],[4]

1,496

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[5],[6],[20]}

2,728

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

^{[3],[4],[7],[21]}

2,840

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3],[8],[9]

2,620

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^{[1],[10],[11]}

2,941

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

807

(713)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[17]

1,285

(1,285)

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

572

(2,410)

1,891

1,891

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

2,507

(2,507)

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(59)

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

1,136

(59)

1,077

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

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[16],[17],[22]}

1,136

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

^{[3],[13],[15],[23]}

1,077

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

14,334

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

^[3],[4]

14,283

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[18]

422

Investment, Identifier [Axis]: Total Affiliate Investments

^[3],[19]

419

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

86,831

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

1,352

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

^[3],[8],[9]

1,267

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1]

4,287

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

^[3]

4,316

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[17],[26]}

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

^{[3],[13],[27]}

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[1]

2,579

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

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

^[3]

2,670

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[10],[11]}

270

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

^[3],[8],[9]

257

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[5]

6,313

Contract Datascan Holdings, Inc.

^[3],[4],[7]

5,776

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(1,664)

263

263

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[22],[26]}

10,583

263

(1,664)

Investments in and Advances to Affiliates [Line Items]

^{[3],[23],[27]}

9,182

Master Cutlery, LLC

Net change in unrealized appreciation/(depreciation)

250

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^{[1],[17],[22],[26]}

250

Investments in and Advances to Affiliates [Line Items]

^{[3],[13],[23],[27]}

250

TRS Services, LLC

Net change in unrealized appreciation/(depreciation)

1,379

(3,123)

1,891

1,891

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

^[1],[22]

3,792

(3,792)

Investments in and Advances to Affiliates [Line Items]

Affiliate Investments

Net change in unrealized appreciation/(depreciation)

1,379

(12,333)

2,701

2,701

Investments in and Advances to Affiliates, at Fair Value [Roll Forward]

86,831

626

(13,365)

$ 74,092

[1]

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

[2]

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.

[3]

Unless otherwise noted in 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]

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

[5]

Investments (or a 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.

[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]

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.

[9]

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.

[10]

[11]

[12]

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.

[13]

Non-income producing.

[14]

Investment was on non-accrual status as of March 31, 2024, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[15]

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

[16]

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

[17]

Non-income producing.

[18]

Subject to unfunded commitments. See Note 6.

[19]

Subject to unfunded commitments. See Note 6.

[20]

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.

[21]

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 March 31, 2024, approximately 79% of the Company's assets were qualifying assets.

[22]

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

[23]

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

[24]

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

[25]

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

[26]

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.

[27]

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.

[28]

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 March 31, 2024:

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

First Lien Debt

0% to 2.00%

12.58% to 14.58%

2.00%

Inergex Holdings, LLC

First Lien Debt (Revolver)

0% to 2.00%

12.58% to 14.58%

2.00%

Kreg, LLC

First Lien Debt

0% to 2.00%

9.71% to 11.71%

2.00%

Master Cutlery, LLC

Subordinated Loan

0% to 13.00%

13.00%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

13.69% to 14.19%

0.50%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

14.19% to 14.69%

0.50%

[29]

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%

[30]

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

[31]

Portfolio company represents greater than 5% of total assets as of March 31, 2024.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 30, 2024, the Board declared a distribution of $0.34 per share for the second quarter of 2024, payable on June 28, 2024 to stockholders of record as of June 18, 2024.

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 28, 2024	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Per share operating performance:
Net asset value per share at beginning of period (in usd per share)			$ 12.09	$ 13.47
Net investment income (in usd per share)			0.42	0.37
Net realized gain (loss) on investments, net of taxes (in usd per share)			0.06	0
Net unrealized depreciation on investments, net of taxes (in usd per share)			(1.15)	(0.09)
Total income (loss) from operations (in usd per share)			(0.67)	0.28
Distributions (in usd per share)	$ (0.34)	$ (0.33)	(0.34)	(0.33)
Net asset value per share at end of period (in usd per share)			11.08	13.42
Per share market value, end of period (in usd per share)			$ 9.93	$ 10.29
Total return based on market value			(12.30%)	4.60%
Total return based on net asset value			(5.20%)	2.80%
Shares outstanding at end of period (in shares)			13,398,078	13,398,078	13,398,078
Basic weighted average shares outstanding (in shares)			13,398,078	13,398,078
Diluted weighted average shares outstanding (in shares)			13,398,078	13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value			$ 155,202	$ 180,116
Net asset value at end of period			148,400	179,808	$ 162,004	$ 180,423
Net investment income			$ 5,596	$ 4,950
Ratio of total expenses to average net assets			22.30%	20.70%
Ratio of total expenses and loss on extinguishment of debt to average net assets			22.30%	20.70%
Ratio of net investment income to average net assets			14.40%	11.00%
Ratio of loss on extinguishment of debt to average net assets			0.00%	0.00%
Portfolio turnover			1.80%	2.00%

Subsequent Events (Details)	Apr. 30, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Distribution declared (in usd per share)	$ 0.34

Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt instruments

For the three months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows:


	Three Months Ended March 31,
		2024			2023
Stated interest expense		$	151		$	348
Amortization of debt issuance costs		20			46
Total interest and debt financing costs		$	171		$	394
Cash paid for interest expense		$	457		$	725
Effective interest rate		3.25		%	3.21		%
Average outstanding balance		$	21,046		$	49,198

For the three months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows:


	Three Months Ended March 31,
		2024			2023
Stated interest expense		$	2,165		$	2,165
Amortization of debt issuance costs		245			245
Total interest and debt financing costs		$	2,410		$	2,410
Cash paid for interest expense		$	3,648		$	3,649
Effective interest rate		5.35		%	5.35		%
Average outstanding balance		$	180,000		$	180,000

For the three months ended March 31, 2024 and 2023, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:


	Three Months Ended March 31,
		2024			2023
Average dollar borrowings		$	290,963		$	336,897
Weighted average effective interest rate		6.29		%	5.79		%

Credit facilities

For the three months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows:


	Three Months Ended March 31,
		2024			2023
Stated interest expense(1)		$	1,865		$	1,908
Amortization of debt issuance costs		95			95
Total interest and debt financing costs		$	1,960		$	2,003
Cash paid for interest expense		$	1,882		$	1,905
Effective interest rate		8.72		%	7.63		%
Average outstanding balance		$	89,916		$	105,030

(1) Stated interest expense includes unused fees.

For the three months ended March 31, 2024 and 2023, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:


	Three Months Ended March 31,
		2024		2023
Stated interest expense		$	—	$	66
Amortization of debt issuance costs		31		1
Total interest and debt financing costs		$	31	$	67
Cash paid for interest expense		$	—	$	51
Effective interest rate		n/m(1)		n/m(1)
Average outstanding balance		$	—	$	2,669

(1) Not meaningful due to a minimal average outstanding balance relative to the size of the total commitment and unused fees incurred during the periods.

Scheduled maturities

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of March 31, 2024:


	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
Banc of California Credit Facility(1)	$	—	$	—	$	—	$	—	$	—
Unsecured Notes	180,000		—		125,000		55,000		—

BNP Facility	78,500		—		—		78,500		—
Total	$	258,500	$	—	$	125,000	$	133,500	$	—

(1) As of March 31, 2024, the Banc of California Credit Facility had an outstanding balance of $-0- and is scheduled to mature on February 28, 2026.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 69B
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Related Party Transactions - Expenses and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Base management fee	$ 1,523	$ 1,894
Income Incentive Fee	1,399	1,238
Administration fee	394	482
Distributions paid to affiliates	$ 1,028	$ 997

Organization (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Line of Credit \| BNP Facility
Line of Credit Facility [Line Items]
Borrowing capacity (up to)	$ 150,000

Fair Value of Financial Instruments - Significant Level 3 Inputs (Details)
$ in Thousands

Mar. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 400,414

^[1],[2]

$ 420,287

^[3]

Level 3

Level 3 | First Lien Debt Investments | Discounted cash flow

374,397

404,234

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Discounted cash flow | Minimum | Discount rates

$ 150,563

$ 161,211

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Discounted cash flow | Maximum | Discount rates

0.0975

0.0955

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Discounted cash flow | Weighted Average | Discount rates

0.2518

0.2440

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | EBITDA multiples

0.1285

0.1261

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Revenue multiples

$ 18,371

$ 8,136

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Transaction Price

7,178

6,295

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Minimum | EBITDA multiples

$ 4,080

$ 11,189

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Minimum | Revenue multiples

3.00

3.14

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Maximum | EBITDA multiples

0.40

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Maximum | Revenue multiples

9.00

6.00

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Weighted Average | EBITDA multiples

0.40

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | First Lien Debt Investments | Market approach | Weighted Average | Revenue multiples

5.38

3.59

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Discounted cash flow

0.40

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Discounted cash flow | Minimum | Discount rates

$ 31,917

$ 36,495

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Discounted cash flow | Maximum | Discount rates

0.1102

0.1045

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Discounted cash flow | Weighted Average | Discount rates

0.1912

0.2168

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Market approach

0.1348

0.1329

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Market approach | Revenue multiples

$ 205

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Market approach | Transaction Price

$ 6,865

$ 8,084

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Market approach | Minimum | Revenue multiples

$ 3,850

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Market approach | Maximum | Revenue multiples

0.40

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Second lien debt investments | Market approach | Weighted Average | Revenue multiples

0.93

1.20

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated Loans | Market approach

0.73

0.67

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow

$ 250

$ 0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Minimum | Discount rates

$ 48,022

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Minimum | Constant default rate

0.1500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Minimum | Recovery rate

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Maximum | Discount rates

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Maximum | Constant default rate

0.4950

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Maximum | Recovery rate

0.0300

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Weighted Average | Discount rates

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Weighted Average | Constant default rate

0.2617

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Subordinated notes | Discounted cash flow | Weighted Average | Recovery rate

0.0210

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Minimum | Constant default rate

$ 29,871

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Minimum | Recovery rate

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Minimum | Discount margin

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Maximum | Constant default rate

0.0625

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Maximum | Recovery rate

0.0300

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Maximum | Discount margin

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Weighted Average | Constant default rate

0.1000

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Weighted Average | Recovery rate

0.0214

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Mezzanine debt | Discounted cash flow | Weighted Average | Discount margin

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | EBITDA multiples

0.0807

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Revenue multiples

$ 9,534

13,163

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Minimum | EBITDA multiples

$ 77

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Minimum | Revenue multiples

7.00

7.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Maximum | EBITDA multiples

0.13

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Maximum | Revenue multiples

7.75

8.00

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Weighted Average | EBITDA multiples

3.25

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Preferred equity | Market approach | Weighted Average | Revenue multiples

7.74

7.60

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach

3.25

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | EBITDA multiples

$ 5,369

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Revenue multiples

$ 67,035

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Minimum | EBITDA multiples

$ 506

$ 393

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Minimum | Revenue multiples

6.00

5.75

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Maximum | EBITDA multiples

0.40

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Maximum | Revenue multiples

16.00

16.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Weighted Average | EBITDA multiples

0.70

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Market approach | Weighted Average | Revenue multiples

12.94

9.57

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach

0.70

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach | Minimum | Discount rates

$ 70,927

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach | Minimum | EBITDA multiples

0.1150

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach | Maximum | Discount rates

12.00

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach | Maximum | EBITDA multiples

0.1150

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach | Weighted Average | Discount rates

13.25

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Common equity, warrants and other | Valuation Technique, Discounted Cash Flow And Market Approach | Weighted Average | EBITDA multiples

0.1150

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow

12.63

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Minimum | Discount rates

$ 44,965

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Minimum | Constant default rate

0.1600

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Minimum | Recovery rate

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Maximum | Discount rates

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Maximum | Constant default rate

0.5000

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Maximum | Recovery rate

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Weighted Average | Discount rates

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Weighted Average | Constant default rate

0.2864

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Weighted Average | Recovery rate

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Subordinated Notes | Market approach

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow

$ 5,018

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Minimum | Constant default rate

$ 26,245

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Minimum | Recovery rate

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Minimum | Discount margin

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Maximum | Constant default rate

0.0715

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Maximum | Recovery rate

0.0300

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Maximum | Discount margin

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Weighted Average | Constant default rate

0.1060

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Weighted Average | Recovery rate

0.0204

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Weighted Average | Discount margin

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Structured Finance Securities, Mezzanine Debt | Market approach

0.0836

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments in and Advances to Affiliates [Abstract]

$ 2,817

[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 in 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

Consolidated Schedule of Investments In and Advances To Affiliates

3 Months Ended

Mar. 31, 2024

Consolidated Schedule of Investments In and Advances To Affiliates


		Three Months Ended March 31, 2024
Name of Portfolio Company	Investment Type (1)	Net Realized Gain		Net change in unrealized appreciation/(depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2023, Fair Value		Gross Additions (3)		Gross Reductions (4)		March 31, 2024, Fair Value (5)
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	$	—	$	(1,393)	$	—	$	263	$	—	$	263	$	10,312	$	263	$	(1,393)	$	9,182
	Common Equity (6)	—		(271)		—		—		—		—		271		—		(271)		—
		—		(1,664)		—		263		—		263		10,583		263		(1,664)		9,182

DRS Imaging Services, LLC	Common Equity (6)	—		113		—		—		—		—		393		113		—		506


Master Cutlery, LLC	Subordinated Loan (6)	—		250		—		—		—		—		—		250		—		250
	Preferred Equity (6)	—		—		—		—		—		—		—		—		—		—
	Common Equity (6)	—		—		—		—		—		—		—		—		—		—
		—		250		—		—		—		—		—		250		—		250

Pfanstiehl Holdings, Inc	Common Equity	—		(7,850)		—		547		—		547		70,927		—		(7,850)		63,077

TalentSmart Holdings, LLC	Common Equity (6)	—		(59)		—		—		—		—		1,136		—		(59)		1,077


TRS Services, LLC	Preferred Equity	572		(2,410)		—		1,891		—		1,891		2,507		—		(2,507)		—
	Common Equity (6)	807		(713)		—		—		—		—		1,285		—		(1,285)		—
		1,379		(3,123)		—		1,891		—		1,891		3,792		—		(3,792)		—

Total Affiliate Investments		$	1,379	$	(12,333)	$	—	$	2,701	$	—	$	2,701	$	86,831	$	626	$	(13,365)	$	74,092

(1)Principal balance, interest rate and maturity of debt investments, and ownership detail for equity investments are presented 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 income for the three months ended March 31, 2024.

(3)Gross additions include increases in cost basis of investments resulting from a new portfolio investment, PIK interest, fees and dividends, accretion of Net Loan Fees, and net increases in unrealized appreciation or decreases in net unrealized depreciation.

(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 recognized as income include PIK dividends contractually earned but not declared.

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment income
Dividend income:	$ 2,711	$ 785
Total investment income	14,233	14,283
Expenses
Interest expense	4,572	4,874
Base management fee	1,523	1,894
Income Incentive Fee	1,399	1,238
Professional fees	414	436
Administration fee	394	482
Other expenses	335	409
Total expenses	8,637	9,333
Net investment income	5,596	4,950
Net realized and unrealized gain (loss) on investments
Net Realized Gain	798	167
Income tax expense on net realized gains on investments	0	(171)
Deferred tax expense on net unrealized appreciation	(63)	(159)
Net loss on investments	(14,645)	(1,125)
Loss on extinguishment of debt	0	(19)
Net increase (decrease) in net assets resulting from operations	$ (9,049)	$ 3,806
Net investment income per common share - basic (in usd per share)	$ 0.42	$ 0.37
Net investment income per common share - diluted (in usd per share)	0.42	0.37
Net increase (decrease) in net assets resulting from operations per common share - basic and diluted (in usd per share)	(0.67)	0.28
Distributions declared per common share (in usd per share)	$ 0.34	$ 0.33
Basic weighted-average shares outstanding (in shares)	13,398,078	13,398,078
Diluted weighted-average shares outstanding (in shares)	13,398,078	13,398,078
Non-control/Non-affiliate Investments
Investment income
Interest income:	$ 11,393	$ 13,393
Dividend income:	10	2
Fee income:	129	105
Net realized and unrealized gain (loss) on investments
Net Realized Gain	(581)	167
Net unrealized appreciation (depreciation) on investments	(3,047)	(2,196)
Affiliate investments
Investment income
Dividend income:	2,701	783
Net realized and unrealized gain (loss) on investments
Net Realized Gain	1,379	0
Net unrealized appreciation (depreciation) on investments	(12,333)	2,338
Control investment
Net realized and unrealized gain (loss) on investments
Net unrealized appreciation (depreciation) on investments	$ 0	$ (1,104)

Fair Value of Financial Instruments - Level 3 Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	$ 404,234	$ 469,753
Purchase and origination of portfolio investments	7,339	9,944
Proceeds from principal payments on portfolio investments	(9,818)	(1,335)
Sale and redemption of portfolio investments	(2,049)	(2,710)
Conversion from debt investments to equity investments	0
Proceeds from distributions received from portfolio investments	(3,621)	(3,138)
Transfers from Level 3 to Level 2	(11,723)	(3,809)
Transfers into Level 3	1,910	0
Level 3 assets, ending balance	374,397	471,113
Net unrealized appreciation (depreciation) on investments held	$ (12,734)	$ (746)
Net unrealized appreciation (depreciation) on investments held, location not disclosed	Net unrealized depreciation on investments held	Net unrealized depreciation on investments held
Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 1,379	$ 330
Location of amounts included in earnings - not disclosed	Net realized gain on investments	Net realized gain (loss) on investments
Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ (16,231)	$ (1,719)
Location of amounts included in earnings - not disclosed	Net unrealized appreciation (depreciation) on investments	Net unrealized appreciation (depreciation) on investments
Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 292	$ 372
Location of amounts included in earnings - not disclosed	Amortization of Net Loan Fees	Amortization of Net Loan Fees
Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 2,093	$ 3,002
Location of amounts included in earnings - not disclosed	Accretion of interest income on Structured Finance Securities	Accretion of interest income on Structured Finance Securities
Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 604	$ 462
Location of amounts included in earnings - not disclosed	Capitalized PIK interest and dividends	Capitalized PIK interest and dividends
Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ (12)	$ (39)
Location of amounts included in earnings - not disclosed	Amendment fees received	Amendment fees received
First Lien Debt Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	$ 186,831	$ 224,614
Purchase and origination of portfolio investments	7,339	9,772
Proceeds from principal payments on portfolio investments	(745)	(1,335)
Sale and redemption of portfolio investments	0	(1,697)
Conversion from debt investments to equity investments	(2,669)
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2	(11,723)	(3,809)
Transfers into Level 3	1,910
Level 3 assets, ending balance	180,192	226,309
First Lien Debt Investments \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	(68)
First Lien Debt Investments \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(1,047)	(1,574)
First Lien Debt Investments \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	191	200
First Lien Debt Investments \| Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
First Lien Debt Investments \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	117	213
First Lien Debt Investments \| Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(12)	(7)
Second lien debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	48,429	56,199
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	(9,073)	0
Sale and redemption of portfolio investments	0	(1,013)
Conversion from debt investments to equity investments	0
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2	0	0
Transfers into Level 3	0
Level 3 assets, ending balance	38,987	54,834
Second lien debt investments \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	(72)
Second lien debt investments \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(634)	(374)
Second lien debt investments \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	41	113
Second lien debt investments \| Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Second lien debt investments \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	224	13
Second lien debt investments \| Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	(32)
Subordinated debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	0	1,226
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	0	0
Conversion from debt investments to equity investments	0
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2	0	0
Transfers into Level 3	0
Level 3 assets, ending balance	250	129
Subordinated debt investments \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Subordinated debt investments \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	250	(1,097)
Subordinated debt investments \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Subordinated debt investments \| Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Subordinated debt investments \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Subordinated debt investments \| Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	13,240	8,196
Purchase and origination of portfolio investments	0	172
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	(670)	0
Conversion from debt investments to equity investments	1,269
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2	0	0
Transfers into Level 3	0
Level 3 assets, ending balance	9,534	10,221
Preferred equity \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	572	0
Preferred equity \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(5,140)	1,617
Preferred equity \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Preferred equity \| Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Preferred equity \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	263	236
Preferred equity \| Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity and Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	76,689	91,000
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	(1,379)	0
Conversion from debt investments to equity investments	1,400
Proceeds from distributions received from portfolio investments	0	(962)
Transfers from Level 3 to Level 2	0	0
Transfers into Level 3	0
Level 3 assets, ending balance	67,541	92,597
Common Equity and Warrants \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	807	470
Common Equity and Warrants \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(9,976)	2,089
Common Equity and Warrants \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity and Warrants \| Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity and Warrants \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity and Warrants \| Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	79,045	88,518
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	0	0
Conversion from debt investments to equity investments	0
Proceeds from distributions received from portfolio investments	(3,621)	(2,176)
Transfers from Level 3 to Level 2	0	0
Transfers into Level 3	0
Level 3 assets, ending balance	77,893	87,023
Net unrealized appreciation (depreciation) on investments held	315	(2,383)
Structured Finance Securities \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Structured Finance Securities \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	316	(2,380)
Structured Finance Securities \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	60	59
Structured Finance Securities \| Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	2,093	3,002
Structured Finance Securities \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Structured Finance Securities \| Fee income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized appreciation (depreciation) on investments held	(1,054)	(2,068)
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized appreciation (depreciation) on investments held	$ (11,995)	$ 3,705

Borrowings - Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 258,500
Less than 1 year	0
1 to 3 years	125,000
3 to 5 years	133,500
After 5 years	0
Outstanding debt	78,500	$ 90,500
Unsecured Notes
Debt Instrument [Line Items]
Total	180,000
Less than 1 year	0
1 to 3 years	125,000
3 to 5 years	55,000
After 5 years	0
Revolving Credit Facility \| Banc of California Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total	0
Less than 1 year	0
1 to 3 years	0
3 to 5 years	0
After 5 years	0
Outstanding debt	0	0
Revolving Credit Facility \| BNP Facility \| Line of Credit
Debt Instrument [Line Items]
Total	78,500
Less than 1 year	0
1 to 3 years	0
3 to 5 years	78,500
After 5 years	0
Outstanding debt	$ 78,500	$ 90,500

Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

SBA Debentures: On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31,920 that were contractually due March 1, 2025, and, on April 17, 2024, surrendered its license to operate as a SBIC.


	Three Months Ended March 31,
		2024			2023
Stated interest expense		$	151		$	348
Amortization of debt issuance costs		20			46
Total interest and debt financing costs		$	171		$	394
Cash paid for interest expense		$	457		$	725
Effective interest rate		3.25		%	3.21		%
Average outstanding balance		$	21,046		$	49,198

BNP Facility: On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150,000, subject to a borrowing base and other covenants. The reinvestment period of the BNP Facility ends on June 20, 2025 and the facility is scheduled to mature on June 20, 2027.

The BNP Facility is collateralized by all the assets held by OFSCC-FS. OFSCC-FS and the Company have each made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of March 31, 2024 and December 31, 2023, OFSCC-FS had outstanding debt of $78,500 and $90,500, respectively. As of March 31, 2024, the unused commitment under the BNP Facility was $71,500.


	Three Months Ended March 31,
		2024			2023
Stated interest expense(1)		$	1,865		$	1,908
Amortization of debt issuance costs		95			95
Total interest and debt financing costs		$	1,960		$	2,003
Cash paid for interest expense		$	1,882		$	1,905
Effective interest rate		8.72		%	7.63		%
Average outstanding balance		$	89,916		$	105,030

(1) Stated interest expense includes unused fees.

Banc of California Credit Facility: On March 7, 2018, the Company entered into the Banc of California Credit Facility. On December 15, 2023, the Company amended the Banc of California Credit Facility to: (i) extend the maturity date from February 28, 2024 to February 28, 2026; (ii) increase the interest rate floor from 4.00% to 5.00%; and (iii) eliminate the 0.50% unused line fee and replace it with an annual commitment fee of 0.50%. Fees and legal costs incurred in connection with the Banc of California Credit Facility are amortized over the expected life of the facility.

The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base as specified in the BLA. 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 the Company’s partnership interests in SBIC I LP. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of March 31, 2024 and December 31, 2023, the Company had $-0- and $-0-, respectively, of outstanding debt under the Banc of California Credit Facility. As of March 31, 2024, the unused commitment under the Banc of California Credit Facility was $25,000.


	Three Months Ended March 31,
		2024		2023
Stated interest expense		$	—	$	66
Amortization of debt issuance costs		31		1
Total interest and debt financing costs		$	31	$	67
Cash paid for interest expense		$	—	$	51
Effective interest rate		n/m(1)		n/m(1)
Average outstanding balance		$	—	$	2,669

(1) Not meaningful due to a minimal average outstanding balance relative to the size of the total commitment and unused fees incurred during the periods.

Unsecured Notes: As of March 31, 2024 and December 31, 2023, the Company had the following Unsecured Notes outstanding:

Unsecured Notes Due February 2026: On February 10, 2021 and March 18, 2021, the Company issued $125,000 in aggregate principal of unsecured notes. The Unsecured Notes Due February 2026 bear interest at a rate of 4.75% per year payable semi-annually and mature on February 10, 2026. The Company may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time, at its option at par plus a “make-whole” premium, if applicable.

Unsecured Notes Due October 2028: On October 28, 2021 and November 1, 2021, the Company issued $55,000 in aggregate principal of unsecured notes. The Unsecured Notes Due October 2028 bear interest at a rate of 4.95% per year payable semi-annually and mature on October 31, 2028. The Company may redeem the Unsecured Notes Due October 2028 in whole or in part at any time, or from time to time.

The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all current and future unsecured indebtedness of the Company. Because the Unsecured Notes are not secured by any of the Company’s assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Banc of California Credit Facility.

The indenture governing the Unsecured Notes contains certain covenants, including: (i) prohibiting additional borrowings, including through the issuance of additional debt securities, unless the Company's asset coverage, as defined in the 1940 Act, after giving effect to any exemptive relief granted to the Company by the SEC, equals at least 150% after such borrowings; and (ii) prohibiting (a) the declaration of any cash dividend or distribution upon any class of the Company’s capital stock (except to the extent necessary for the Company to maintain its treatment as a RIC under Subchapter M of the Code), or (b) the purchase of any capital stock unless the Company’s asset coverage, as defined in the 1940 Act, is at least 150% at the time of such capital transaction and after deducting the amount of such transaction.


	Three Months Ended March 31,
		2024			2023
Stated interest expense		$	2,165		$	2,165
Amortization of debt issuance costs		245			245
Total interest and debt financing costs		$	2,410		$	2,410
Cash paid for interest expense		$	3,648		$	3,649
Effective interest rate		5.35		%	5.35		%
Average outstanding balance		$	180,000		$	180,000

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of March 31, 2024:


	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
Banc of California Credit Facility(1)	$	—	$	—	$	—	$	—	$	—
Unsecured Notes	180,000		—		125,000		55,000		—

BNP Facility	78,500		—		—		78,500		—
Total	$	258,500	$	—	$	125,000	$	133,500	$	—

(1) As of March 31, 2024, the Banc of California Credit Facility had an outstanding balance of $-0- and is scheduled to mature on February 28, 2026.

For the three months ended March 31, 2024 and 2023, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:


	Three Months Ended March 31,
		2024			2023
Average dollar borrowings		$	290,963		$	336,897
Weighted average effective interest rate		6.29		%	5.79		%

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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

Mar. 31, 2024

Dec. 31, 2023

$ 399,037

^[1]

$ 403,530

100.00%

268.90%

249.00%

$ 400,414

^[1],[2]

$ 420,287

^[3]

100.00%

Total Debt and Equity Investments - Non-control/Non-affiliate Investments

269.80%

^[1]

259.40%

$ 303,384

$ 306,409

76.00%

75.90%

204.40%

189.10%

$ 322,521

$ 341,242

80.50%

81.20%

217.20%

210.60%

$ 95,653

$ 97,121

^[4]

24.00%

24.10%

64.50%

59.90%

$ 77,893

$ 79,045

^[3],[4]

19.50%

18.80%

Administrative and Support and Waste Management and Remediation Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

52.60%

48.80%

^[4]

$ 22,087

$ 22,119

5.50%

14.90%

13.60%

$ 21,425

$ 21,252

5.30%

5.20%

Construction | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

14.40%

13.00%

$ 24,351

$ 19,393

6.00%

4.80%

16.40%

12.00%

$ 15,561

$ 11,712

3.80%

2.80%

Education Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

10.50%

7.20%

$ 7,523

1.90%

5.10%

4.70%

$ 7,075

$ 7,122

1.70%

Finance and Insurance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

4.70%

4.40%

$ 3,096

$ 3,097

0.80%

2.10%

1.90%

$ 3,133

$ 3,097

0.80%

0.70%

Health Care and Social Assistance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.10%

1.90%

$ 72,348

$ 72,013

18.10%

17.80%

48.80%

44.50%

$ 65,133

$ 69,122

16.30%

16.50%

Information | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

43.90%

42.60%

$ 26,076

$ 26,763

6.50%

6.60%

17.60%

16.50%

$ 17,280

$ 16,586

4.30%

4.00%

Management of Companies and Enterprises | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

11.60%

10.40%

$ 12,651

$ 11,219

3.20%

2.80%

8.50%

6.90%

$ 12,304

$ 10,718

3.10%

2.60%

Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

8.30%

6.60%

$ 29,056

$ 29,402

7.50%

7.30%

19.60%

18.10%

$ 89,777

$ 97,924

22.40%

23.20%

Other Services (except Public Administration) | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

60.50%

$ 670

0.20%

0.40%

$ 3,792

0.90%

Professional, Scientific, and Technical Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.30%

$ 21,358

$ 21,327

5.40%

5.30%

14.30%

13.20%

$ 21,513

$ 21,481

5.40%

5.10%

Public Administration | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

14.50%

13.20%

$ 703

0.20%

0.50%

0.40%

$ 45

0.00%

Real Estate and Rental and Leasing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.00%

$ 13,176

$ 12,072

3.30%

3.00%

8.90%

7.50%

$ 11,320

$ 11,861

2.80%

Retail Trade | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

7.60%

7.30%

$ 12,678

$ 12,721

3.10%

8.50%

7.90%

$ 12,354

$ 12,789

3.10%

3.00%

Transportation and Warehousing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

8.30%

7.90%

$ 2,491

$ 2,495

0.60%

0.70%

1.70%

1.50%

$ 2,096

$ 2,257

0.50%

Wholesale Trade | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.40%

1.60%

$ 55,790

$ 64,892

13.90%

15.90%

37.50%

40.00%

$ 43,505

$ 51,484

11.00%

12.20%

29.40%

31.80%

[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 in 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.

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

Mar. 31, 2024

Dec. 31, 2023

^[1],[2]

12.95%

$ 415,418

^[3]

$ 420,432

399,037

^[3]

403,530

$ 400,414

^[3],[4]

$ 420,287

^[5]

Total Debt and Equity Investments - Non-control/Non-affiliate Investments

269.80%

^[3]

259.40%

$ 303,384

$ 306,409

$ 322,521

$ 341,242

217.20%

210.60%

^[6]

$ 125,267

$ 95,653

97,121

^[6]

$ 77,893

$ 79,045

^[5],[6]

Non-control/Non-affiliate Investments

52.60%

48.80%

^[6]

$ 405,356

$ 410,684

380,251

384,339

$ 326,322

^[4]

$ 333,456

^[5]

Non-control/Non-affiliate Investments | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

219.90%

205.80%

$ 280,089

$ 285,417

284,599

287,218

$ 248,430

^[4]

$ 254,411

^[5]

Non-control/Non-affiliate Investments | Structured Finance Securities

167.30%

157.00%

^[7]

$ 125,267

^[7]

95,652

^[4],[7]

$ 77,892

^[7]

52.60%

Affiliate investments

$ 10,062

18,786

$ 19,191

$ 74,092

^[4]

86,831

AIDC IntermediateCo 2, LLC

49.90%

$ 2,021

^[1]

2,026

^[8]

1,991

^[1]

1,993

^[8]

$ 2,040

^[1],[4]

$ 2,020

^[5],[8]

All Star Auto Lights, Inc.

1.30%

^[1]

1.20%

^[8]

$ 27,714

^[1],[9],[10]

$ 27,786

^{[8],[11],[12]}

27,551

^[1],[9],[10]

27,591

^{[8],[11],[12]}

$ 27,713

^{[1],[4],[9],[10]}

$ 27,776

^{[5],[8],[11],[12]}

18.70%

^[1],[9],[10]

17.10%

^{[8],[11],[12]}

Avison Young

$ 2,831

^[1],[13]

$ 4,719

^[6],[14]

5,500

^[1],[13]

4,660

^[6],[14]

$ 2,138

^[1],[4],[13]

$ 1,278

^[5],[6],[14]

Baymark Health Services, Inc.

1.50%

^[1],[13]

0.80%

^[6],[14]

$ 8,950

^[1]

$ 8,950

^[8]

8,867

^[1]

8,863

^[8]

$ 8,950

^[1],[4]

$ 8,950

^[5],[8]

Boca Home Care Holdings, Inc.

6.00%

^[1]

5.60%

^[8]

$ 10,900

^[15]

$ 10,972

^[16]

12,436

^[15]

12,499

^[16]

$ 11,632

^[4],[15]

$ 11,724

^[5],[16]

7.80%

^[15]

7.20%

^[16]

Clevertech Bidco, LLC

$ 3,190

$ 3,198

3,096

3,097

$ 3,133

^[4]

$ 3,097

^[5]

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

2.10%

1.90%

$ 15,220

^[10],[17]

$ 14,139

^[12],[18]

18,485

^[10],[17]

17,601

^[12],[18]

$ 9,773

^{[4],[10],[17]}

$ 10,096

^{[5],[12],[18]}

Flow Service Partners Management LLC

6.50%

^[10],[17]

6.20%

^[12],[18]

$ 4,126

4,079

^[4]

$ 4,079

2.70%

GGC Aerospace Topco L.P.

^[19]

$ 500

$ 0

^[4],[19]

$ 500

^[20]

^[5],[20]

$ 0

GoTo Group (F/K/A LogMeIn, Inc.)

0.00%

^[19]

0.00%

^[20]

^[1]

$ 2,245

^[1]

2,244

^[1],[4]

$ 1,910

^[1]

1.30%

Honor HN Buyer Inc

$ 13,322

$ 13,356

13,159

13,181

$ 13,322

^[4]

$ 13,356

^[5]

8.90%

8.30%

Inergex Holdings, LLC

$ 17,212

^[21]

$ 17,212

^[22]

17,134

^[21]

17,095

^[22]

$ 17,212

^[4],[21]

$ 17,212

^[5],[22]

11.60%

^[21]

10.60%

^[22]

Kreg LLC

$ 17,248

$ 17,139

17,175

17,060

$ 15,908

^[4]

$ 15,899

^[5]

10.70%

9.80%

Medrina LLC

$ 2,228

$ 2,234

2,166

2,167

$ 2,205

^[4]

$ 2,167

^[5]

1.50%

1.30%

Metasource, LLC

^[8]

$ 2,755

^[8]

2,729

^[5],[8]

$ 2,528

^[8]

1.60%

One GI LLC

$ 12,763

$ 11,348

12,651

11,220

$ 12,304

^[4]

$ 10,718

^[5]

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

8.20%

6.70%

$ 6,165

^[1]

$ 6,165

^[8]

6,118

^[1]

6,115

^[8]

$ 5,059

^[1],[4]

$ 4,579

^[5],[8]

3.40%

^[1]

2.80%

^[8]

RumbleOn, Inc.

$ 3,379

^[1],[13]

$ 3,720

^[6],[8]

3,499

^[1],[13]

3,823

^[6],[8]

$ 3,161

^[1],[4],[13]

$ 3,500

^[5],[6],[8]

SSJA Bariatric Management LLC

2.10%

^[1],[13]

2.10%

^[6],[8]

$ 13,483

^{[1],[19],[23]}

$ 13,417

^[8]

13,462

^{[1],[19],[23]}

13,395

^[8]

$ 8,846

^{[1],[4],[19],[23]}

$ 12,853

^[5],[8]

6.00%

^{[1],[19],[23]}

7.90%

^[8]

SS Acquisition, LLC

$ 4,502

^[1],[24]

$ 4,502

^[8],[25]

4,475

^[1],[24]

4,472

^[8],[25]

$ 4,502

^[1],[4],[24]

$ 4,502

^[5],[8],[25]

Tolemar Acquisition, INC.

3.00%

^[1],[24]

2.80%

^[8],[25]

$ 15,900

15,854

^[4]

$ 14,702

Tolemar Acquisition, INC.

9.90%

$ 15,939

15,889

^[5]

$ 14,756

Brightwood Capital MM CLO 2023-1A, Ltd.

9.10%

$ 8,542

8,020

7,835

$ 7,835

^[4]

$ 7,835

^[5]

5.30%

4.80%

Dryden 53 CLO, Ltd.

$ 4,859

^[26],[27]

$ 4,859

^[7],[28]

2,169

^[26],[27]

2,326

^[7],[28]

$ 971

^{[4],[26],[27]}

$ 1,119

^[5],[7],[28]

Contract Datascan Holdings, Inc.

0.70%

^[26],[27]

0.70%

^[7],[28]

$ 7,676

^[10],[15]

$ 7,412

^[12],[16]

$ 9,182

^{[4],[10],[15]}

$ 10,583

^{[5],[12],[16]}

6.20%

^[10],[15]

6.60%

^[12],[16]

Master Cutlery, LLC

$ 10,062

^{[10],[15],[19]}

$ 9,749

^{[12],[16],[20]}

8,163

^{[10],[15],[19]}

8,163

^{[12],[16],[20]}

$ 250

^{[4],[10],[15],[19]}

$ 0

^{[5],[12],[16],[20]}

0.20%

^{[10],[15],[19]}

0.00%

^{[12],[16],[20]}

TRS Services, LLC

^[16]

$ 669

$ 0

$ 3,792

^[5],[16]

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

^[16]

2.30%

^[1],[2]

11.42%

^[1],[2]

6.00%

^[1]

$ 8,798

^[1]

8,755

^[1],[4]

$ 8,474

Investment, Identifier [Axis]: 24 Seven Holdco, LLC24 Seven Holdco, LLC, First Lien Debt, Senior Secured Loan

^[1]

5.70%

^[8],[29]

11.45%

^[8],[29]

6.00%

^[8]

$ 8,820

^[8]

8,776

^[5],[8]

$ 8,483

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

^[8]

5.20%

^[2]

11.72%

^[2]

6.25%

$ 1,975

1,946

^[4]

$ 1,994

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

1.30%

11.71%

^[2]

11.78%

^[29]

6.25%

^[2]

6.25%

^[29]

$ 46

$ 46

^[4]

$ 46

^[5]

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

0.00%

^[29]

11.80%

^[29]

6.25%

$ 1,980

1,948

^[5]

$ 1,974

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

1.20%

10.09%

^[1],[2],[30]

10.18%

^{[8],[29],[31]}

4.50%

^[1],[2],[30]

4.50%

^{[8],[29],[31]}

$ 2,254

^[1],[30]

$ 2,260

^[8],[31]

2,233

^[1],[30]

2,238

^[8],[31]

$ 2,261

^[1],[4],[30]

$ 2,249

^[5],[8],[31]

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

1.50%

^[1],[30]

1.40%

^[8],[31]

11.09%

^[2]

10.97%

^[29]

5.50%

^[2]

5.50%

^[29]

$ 22,801

$ 22,861

22,683

22,719

$ 22,801

^[4]

$ 22,853

^[5]

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

15.40%

14.10%

11.09%

^[2]

10.96%

^[29]

5.50%

^[2]

5.50%

^[29]

$ 4,913

$ 4,925

4,868

4,872

$ 4,913

^[4]

$ 4,923

^[5]

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

3.30%

3.00%

10.96%

^[1],[2],[30]

11.00%

^{[8],[29],[31]}

5.50%

^[1],[2],[30]

5.50%

^{[8],[29],[31]}

$ 3,720

^[1],[30]

$ 3,729

^[8],[31]

3,717

^[1],[30]

3,726

^[8],[31]

$ 3,260

^[1],[4],[30]

$ 3,325

^[5],[8],[31]

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

2.20%

^[1],[30]

2.10%

^[8],[31]

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

13.49%

^[26],[27]

$ 11,080

^[26],[27]

10,027

^{[4],[26],[27]}

$ 6,754

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

^[26],[27]

4.60%

^{[7],[28],[29]}

14.89%

^[7],[28]

$ 11,080

^[7],[28]

10,191

^[5],[7],[28]

$ 7,031

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

^[7],[28]

4.30%

21.61%

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

21.61%

^{[7],[28],[29]}

$ 8,630

^[26],[27]

$ 8,630

^[7],[28]

6,840

^[26],[27]

6,977

^[7],[28]

$ 5,738

^{[4],[26],[27]}

$ 5,711

^[5],[7],[28]

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

3.90%

^[26],[27]

3.50%

^[7],[28]

16.85%

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

17.30%

^{[7],[28],[29]}

$ 10,726

^[26],[27]

$ 10,726

^[7],[28]

8,828

^[26],[27]

8,858

^[7],[28]

$ 6,673

^{[4],[26],[27]}

$ 6,961

^[5],[7],[28]

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

4.50%

^[26],[27]

4.30%

^[7],[28]

^[29]

11.31%

^[29]

5.65%

$ 6,000

5,832

^[5]

$ 5,474

Investment, Identifier [Axis]: Ares L CLO Ltd., Mezzanine debt - Class E

3.40%

^[2]

11.23%

^[2]

5.65%

$ 6,000

5,852

^[4]

$ 5,603

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

3.80%

14.07%

^{[2],[19],[23]}

14.11%

^[14],[29]

8.50%

^{[2],[19],[23]}

8.50%

^[14],[29]

$ 3,000

^[19],[23]

$ 3,000

^[14]

2,596

^[19],[23]

2,596

^[14]

$ 205

^{[4],[19],[23]}

$ 110

^[5],[14]

Investment, Identifier [Axis]: Avison Young, Common Equity

0.10%

^[19],[23]

0.10%

^[14]

^[19],[32]

$ 1,400

^{[4],[19],[32]}

$ 0

^[19],[32]

0.00%

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

^[19],[32]

1,185

13.08%

^[2]

12.11%

^[8],[29]

7.50%

^[2]

6.50%

^[8],[29]

$ 840

$ 3,925

^[8]

840

3,903

^[8]

$ 817

^[4]

$ 1,063

^[5],[8]

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

0.60%

0.70%

^[8]

7.08%

^[2]

12.64%

^[29]

^[2]

6.50%

8.00%

^[2]

7.00%

^[29]

$ 1,489

$ 794

1,489

757

$ 1,267

^[4]

$ 215

^[5]

Investment, Identifier [Axis]: Avison Young, First Lien Debt 3

0.90%

0.10%

^{[2],[19],[23]}

7.08%

^{[2],[19],[23]}

6.50%

^{[2],[19],[23]}

8.00%

^[19],[23]

$ 502

^[19],[23]

502

^{[4],[19],[23]}

$ 54

Investment, Identifier [Axis]: Avison Young, Preferred Equity

^[19],[23]

0.00%

^[19],[32]

12.50%

^[19],[32]

$ 1,269

^{[4],[19],[32]}

$ 0

^[19],[32]

0.00%

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

^[19],[32]

1,715,000

12.69%

^[2]

12.72%

^[29]

7.25%

^[2]

7.25%

^[29]

$ 1,667

1,646

1,645

$ 1,502

^[4]

$ 1,474

^[5]

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

1.10%

0.90%

^[29]

12.52%

^[29]

6.86%

$ 8,000

7,918

^[5]

$ 7,725

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

4.80%

^[2]

12.44%

^[2]

6.86%

$ 8,000

7,923

^[4]

$ 7,860

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

5.30%

^[29]

12.51%

^[29]

6.85%

$ 6,000

5,918

^[5]

$ 5,511

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

3.40%

^[2]

12.43%

^[2]

6.85%

$ 6,000

5,933

^[4]

$ 5,561

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

3.70%

^[2]

14.07%

^[2]

8.50%

$ 4,962

4,917

^[4]

$ 4,962

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

3.30%

^[2]

14.07%

^[2]

8.50%

$ 3,988

3,950

^[4]

$ 3,988

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

2.70%

^[29]

14.11%

^[29]

8.50%

$ 4,962

4,915

^[5]

$ 4,962

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

3.10%

^[29]

14.12%

^[29]

8.50%

$ 3,988

3,948

^[5]

$ 3,988

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

2.50%

$ 1,290

^[19],[32]

$ 1,290

^[20],[33]

$ 735

^{[4],[19],[32]}

$ 827

^{[5],[20],[33]}

0.50%

^[19],[32]

0.50%

^[20],[33]

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

1,290

^[19],[32]

1,290

^[20],[33]

11.93%

^[1],[2]

11.96%

^[8],[29]

6.50%

^[1],[2]

6.50%

^[8],[29]

$ 10,900

^[1]

$ 10,972

^[8]

10,810

^[1]

10,874

^[8]

$ 10,583

^[1],[4]

$ 10,597

^[5],[8]

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

7.10%

^[1]

6.50%

^[8]

6.50%

^[2],[34]

6.50%

^[29],[35]

$ 0

^[34]

$ 0

^[35]

(9)

^[34]

(10)

^[35]

$ (37)

^[4],[34]

$ (44)

^[5],[35]

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

0.00%

^[34]

0.00%

^[35]

2.00%

$ 345

$ 351

^[4]

$ 344

^[5]

0.20%

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

3,446

11.85%

^[2]

11.85%

^[29]

6.46%

^[2]

6.46%

^[29]

$ 915

890

888

$ 925

^[4]

$ 888

^[5]

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

0.60%

0.50%

15.75%

^[2]

15.75%

^[29]

10.36%

^[2]

10.36%

^[29]

$ 2,133

1,937

1,929

$ 2,190

^[4]

$ 1,929

^[5]

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

1.50%

1.20%

14.56%

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

14.56%

^{[7],[28],[29]}

$ 5,494

^[26],[27]

$ 5,494

^[7],[28]

5,193

^[26],[27]

5,018

^[7],[28]

$ 4,720

^{[4],[26],[27]}

$ 5,018

^[5],[7],[28]

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

3.20%

^[26],[27]

3.10%

^[7],[28]

^[29]

12.21%

^[1]

12.25%

^[8]

^[29]

6.75%

^[1]

6.75%

^[8]

$ 3,190

^[1]

$ 3,198

^[8]

3,104

^[1]

3,106

^[8]

$ 3,138

^[1],[4]

$ 3,106

^[5],[8]

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

2.10%

^[1]

1.90%

^[8]

6.75%

^[34]

6.75%

^[29],[35]

$ 0

^[34]

$ 0

^[35]

(8)

^[34]

(9)

^[35]

$ (5)

^[4],[34]

$ (9)

^[5],[35]

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

0.00%

^[34]

0.00%

^[35]

$ 703

^[19]

$ 703

^[20]

$ 45

^[4],[19]

$ 45

^[5],[20]

0.00%

^[19]

0.00%

^[20]

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

20,628

^[19]

20,628

^[20]

10.00%

$ 7,309

^[5]

$ 10,312

6.40%

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

3,061

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

$ 0

$ 271

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

9,182

10,312

104

^[19]

104

^[20]

$ 0

^[4],[19]

$ 271

^[5],[20]

0.00%

^[19]

0.20%

^[20]

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

11,273

^[19]

11,273

^[20]

10.00%

$ 7,572

^[4]

$ 9,182

6.20%

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

3,061

^[29]

12.22%

^[29]

6.75%

$ 5,938

5,863

^[5]

$ 5,877

Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan

3.60%

^[2]

12.19%

^[2]

6.75%

$ 5,938

5,867

^[4]

$ 5,938

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

4.00%

11.09%

^[1],[2],[13]

11.18%

^[6],[8],[29]

5.50%

^[1],[2],[13]

5.50%

^[6],[8],[29]

$ 1,965

^[1],[13]

$ 1,970

^[6],[8]

1,955

^[1],[13]

1,959

^[6],[8]

$ 1,881

^[1],[4],[13]

$ 1,851

^[5],[6],[8]

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

1.30%

^[1],[13]

1.10%

^[6],[8]

$ 1,135

^{[15],[19],[32]}

$ 1,135

^[16],[33]

$ 506

^{[4],[15],[19],[32]}

$ 393

^{[5],[16],[33]}

0.30%

^{[15],[19],[32]}

0.20%

^[16],[33]

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

1,135

^{[15],[19],[32]}

1,135

^[16],[33]

10.68%

^{[1],[2],[19],[23],[30]}

10.71%

^{[8],[14],[29],[31]}

5.25%

^{[1],[2],[19],[23],[30]}

5.25%

^{[8],[14],[29],[31]}

$ 1,935

^{[1],[19],[23],[30]}

$ 1,935

^{[8],[14],[31]}

1,935

^{[1],[19],[23],[30]}

1,935

^{[8],[14],[31]}

$ 56

^{[1],[4],[19],[23],[30]}

$ 92

^{[5],[8],[14],[31]}

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

0.00%

^{[1],[19],[23],[30]}

0.10%

^{[8],[14],[31]}

^[29]

7.00%

$ 2,159

1,046

^[5]

$ 497

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

0.30%

^[29]

8.04%

$ 2,700

1,280

^[5]

$ 622

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

0.30%

^[2]

5.26%

$ 2,159

975

^[4]

$ 431

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

0.30%

^[2]

6.34%

$ 2,700

1,194

^[4]

$ 540

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

0.40%

14.41%

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

16.12%

^{[7],[28],[29]}

$ 2,750

^[26],[27]

$ 2,750

^[7],[28]

2,363

^[26],[27]

2,332

^[7],[28]

$ 1,815

^{[4],[26],[27]}

$ 1,779

^[5],[7],[28]

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

1.20%

^[26],[27]

1.10%

^[7],[28]

11.06%

^[1],[2]

11.13%

^[8],[29]

5.75%

^[1],[2]

5.75%

^[8],[29]

$ 1,925

^[1]

$ 1,930

^[8]

1,912

^[1]

1,916

^[8]

$ 1,879

^[1],[4]

$ 1,855

^[5],[8]

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

1.30%

^[1]

1.10%

^[8]

13.93%

^[2]

13.96%

^[29]

8.50%

^[2]

8.50%

^[29]

$ 3,679

3,474

3,452

$ 3,576

^[4]

$ 3,561

^[5]

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

2.40%

2.20%

$ 4,722

^[19],[36]

$ 4,722

^[20],[37]

$ 0

^{[4],[19],[36]}

$ 0

^{[5],[20],[37]}

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

0.00%

^[19],[36]

0.00%

^[20],[37]

7.50%

^[2]

7.50%

^[29]

$ 6,279

$ 6,295

6,279

6,295

$ 6,279

^[4]

$ 6,295

^[5]

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

4.20%

3.90%

^[2],[34]

7.50%

$ 899

^[34]

$ 0

^[35]

899

^[34]

^[35]

$ 899

^[4],[34]

$ 0

^[5],[35]

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

0.60%

^[34]

0.00%

^[35]

10.00%

^{[2],[19],[23]}

10.00%

^{[14],[20],[29]}

$ 8,042

^[19],[23]

$ 7,844

^[14],[20]

6,585

^[19],[23]

6,584

^[14],[20]

$ 2,595

^{[4],[19],[23]}

$ 3,801

^{[5],[14],[20]}

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

1.70%

^[19],[23]

2.30%

^[14],[20]

18.00%

^[2],[10]

18.00%

^[12],[29]

$ 5,157

^[10]

$ 4,932

^[12]

5,074

^[10]

4,839

^[12]

$ 4,270

^[4],[10]

$ 4,173

^[5],[12]

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

2.90%

^[10]

2.60%

^[12]

8.38%

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

7.62%

^{[7],[28],[29]}

$ 9,680

^[26],[27]

$ 9,680

^[7],[28]

6,090

^[26],[27]

6,314

^[7],[28]

$ 4,932

^{[4],[26],[27]}

$ 4,989

^[5],[7],[28]

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt (Revolver)

3.30%

^[26],[27]

3.10%

^[7],[28]

^[2],[34]

6.50%

^[34]

$ 0

^[34]

(6)

^[4],[34]

$ (6)

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt 1

^[34]

0.00%

^[1],[2]

11.99%

^[1],[2]

6.50%

^[1]

$ 3,491

^[1]

3,456

^[1],[4]

$ 3,456

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt 2

^[1]

2.30%

^[1],[2]

11.97%

^[1],[2]

6.50%

^[1]

$ 635

^[1]

629

^[1],[4]

$ 629

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

^[1]

0.40%

$ 450

^[4]

$ 0

0.00%

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

368,852

$ 50

^[4]

$ 0

0.00%

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

40,984

$ 450

^[5]

$ 0

0.00%

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

368,852

$ 50

^[5]

$ 0

0.00%

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

40,984

^{[8],[29],[31]}

10.28%

^{[8],[29],[31]}

4.75%

^[8],[31]

$ 2,916

^[8],[31]

2,915

^[5],[8],[31]

$ 1,943

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1

^[8],[31]

1.20%

^[2]

10.17%

^[2]

4.75%

$ 943

942

^[4]

$ 905

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2

0.60%

^[2]

10.17%

^[2]

4.75%

$ 1,302

1,302

^[4]

$ 1,005

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

0.70%

12.16%

^[1],[2],[30]

12.20%

^[8],[29]

6.75%

^[1],[2],[30]

6.75%

^[8],[29]

$ 5,910

^[1],[30]

$ 5,925

^[8]

5,640

^[1],[30]

5,641

^[8]

$ 5,947

^[1],[4],[30]

$ 5,925

^[5],[8]

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

4.00%

^[1],[30]

3.70%

^[8]

11.46%

^[1],[2],[34]

11.50%

^{[8],[29],[35]}

6.00%

^[1],[2],[34]

6.00%

^{[8],[29],[35]}

$ 2,699

^[1],[34]

$ 2,706

^[8],[35]

2,676

^[1],[34]

2,682

^[8],[35]

$ 2,699

^[1],[4],[34]

$ 2,706

^[5],[8],[35]

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

1.80%

^[1],[34]

1.70%

^[8],[35]

13.25%

^[2],[34]

13.25%

^[29],[35]

4.75%

^[2],[34]

4.75%

^[29],[35]

$ 95

^[34]

$ 95

^[35]

^[34]

^[35]

$ 95

^[4],[34]

$ 95

^[5],[35]

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

0.10%

^[34]

0.10%

^[35]

11.21%

^[1],[2]

11.25%

^[8],[29]

5.75%

^[1],[2]

5.75%

^[8],[29]

$ 6,450

^[1]

$ 6,466

^[8]

6,374

^[1]

6,385

^[8]

$ 6,450

^[1],[4]

$ 6,466

^[5],[8]

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

4.30%

^[1]

4.00%

^[8]

11.21%

^[1],[2]

11.25%

^[8],[29]

5.75%

^[1],[2]

5.75%

^[8],[29]

$ 4,079

^[1]

$ 4,089

^[8]

4,023

^[1]

4,029

^[8]

$ 4,078

^[1],[4]

$ 4,089

^[5],[8]

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

2.70%

^[1]

2.50%

^[8]

^[29]

12.28%

^[29]

6.75%

$ 4,000

4,000

^[5]

$ 3,850

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

2.40%

^[2]

12.21%

^[2]

6.75%

$ 4,000

4,000

^[4]

$ 4,000

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

2.80%

^[29]

12.58%

^[29]

1.00%

^[29]

7.00%

$ 14,868

14,783

^[5]

$ 14,868

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

9.20%

^[29]

12.58%

2.00%

^[2]

1.00%

^[29]

7.00%

^[2]

7.00%

^[29]

$ 2,344

2,323

2,312

$ 2,344

^[4]

$ 2,344

^[5]

Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan

1.60%

1.40%

^[2]

2.00%

^[2]

7.00%

$ 14,868

14,811

^[4]

$ 14,868

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

10.00%

9.84%

^[1],[2],[30]

9.91%

^{[8],[29],[31]}

4.25%

^[1],[2],[30]

4.25%

^{[8],[29],[31]}

$ 2,925

^[1],[30]

$ 2,933

^[8],[31]

2,932

^[1],[30]

2,940

^[8],[31]

$ 2,745

^[1],[4],[30]

$ 2,792

^[5],[8],[31]

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

1.80%

^[1],[30]

1.70%

^[8],[31]

^[1],[2]

11.07%

^[1],[2]

5.50%

^[1]

$ 4,697

^[1]

4,525

^[1],[4]

$ 3,438

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

^[1]

2.40%

^[8],[29]

11.14%

^[8],[29]

5.50%

^[8]

$ 4,697

^[8]

4,513

^[5],[8]

$ 3,368

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

^[8]

2.10%

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

2.50%

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

4.25%

^[1],[21]

$ 17,248

^[1],[21]

17,180

^[1],[4],[21]

$ 16,004

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

^[1],[21]

10.80%

^{[8],[22],[29]}

9.75%

^{[8],[22],[29]}

2.50%

^{[8],[22],[29]}

4.25%

^[8],[22]

$ 17,139

^[8],[22]

17,066

^[5],[8],[22]

$ 15,989

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

^[8],[22]

9.90%

6.25%

^[2],[34]

6.25%

^[29],[35]

$ 0

^[34]

$ 0

^[35]

(5)

^[34]

(6)

^[35]

$ (96)

^[4],[34]

$ (90)

^[5],[35]

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

(0.10%)

^[34]

(0.10%)

^[35]

16.59%

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

16.45%

^[29]

$ 10,000

^[26],[27]

$ 10,000

5,360

^[26],[27]

5,558

$ 4,578

^{[4],[26],[27]}

$ 4,744

^[5]

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

3.10%

^[26],[27]

2.90%

12.93%

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

13.78%

^{[7],[28],[29]}

$ 9,500

^[26],[27]

$ 9,500

^[7],[28]

5,672

^[26],[27]

5,927

^[7],[28]

$ 5,033

^{[4],[26],[27]}

$ 5,355

^[5],[7],[28]

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

3.40%

^[26],[27]

3.30%

^[7],[28]

$ 0

$ 0

^[5]

0.00%

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

15,564

8.00%

$ 3,483

$ 0

^[4]

$ 0

^[5]

0.00%

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

3,723

13.00%

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

13.00%

^{[14],[22],[29]}

$ 10,062

^[21],[23]

$ 9,749

^[14],[22]

4,680

^[21],[23]

4,680

^[14],[22]

$ 250

^{[4],[21],[23]}

$ 0

^{[5],[14],[22]}

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

0.20%

^[21],[23]

0.00%

^[14],[22]

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

$ 250

$ 0

11.41%

^[1],[2]

11.74%

^[8],[29]

6.25%

^[1],[2]

6.25%

^[8],[29]

$ 2,228

^[1]

$ 2,234

^[8]

2,177

^[1]

2,180

^[8]

$ 2,212

^[1],[4]

$ 2,180

^[5],[8]

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

1.50%

^[1]

1.30%

^[8]

6.25%

^[1],[2],[34]

6.25%

^{[8],[29],[35]}

$ 0

^[1],[34]

$ 0

^[8],[35]

(4)

^[1],[34]

(5)

^[8],[35]

$ (4)

^[1],[4],[34]

$ (5)

^[5],[8],[35]

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

0.00%

^[1],[34]

0.00%

^[8],[35]

6.25%

^[2],[34]

6.25%

^[29],[35]

$ 0

^[34]

$ 0

^[35]

(7)

^[34]

(8)

^[35]

$ (3)

^[4],[34]

$ (8)

^[5],[35]

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

0.00%

^[34]

0.00%

^[35]

^[29]

11.72%

0.50%

^[1],[2]

0.50%

^[29]

6.25%

^[1],[2]

6.25%

^[29]

$ 2,751

^[1]

$ 2,755

2,718

^[1]

2,733

$ 2,696

^[1],[4]

$ 2,597

^[5]

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

1.80%

^[1]

1.60%

^[29],[35]

6.25%

^[35]

$ 0

^[35]

(4)

^[5],[35]

$ (69)

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

^[35]

0.00%

^[29]

14.12%

^[29]

8.75%

$ 1,000

961

^[5]

$ 967

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

0.60%

^[2]

14.07%

^[2]

8.75%

$ 1,000

965

^[4]

$ 1,022

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

0.70%

3.81%

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

4.98%

^{[7],[28],[29]}

$ 7,000

^[26],[27]

$ 7,000

^[7],[28]

3,782

^[26],[27]

3,962

^[7],[28]

$ 2,144

^{[4],[26],[27]}

$ 2,171

^[5],[7],[28]

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

1.40%

^[26],[27]

1.30%

^[7],[28]

^[2]

12.18%

6.75%

^[2]

6.75%

^[29],[35]

$ 1,444

$ 0

^[35]

1,432

(14)

^[35]

$ 1,392

^[4]

$ (71)

^[5],[35]

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

0.90%

0.00%

^[35]

12.18%

^[1],[2]

12.21%

^[8],[29]

6.75%

^[1],[2]

6.75%

^[8],[29]

$ 7,413

^[1]

$ 7,432

^[8]

7,348

^[1]

7,358

^[8]

$ 7,146

^[1],[4]

$ 7,066

^[5],[8]

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

4.80%

^[1]

4.40%

^[8]

12.18%

^[1],[2]

12.21%

^[8],[29]

6.75%

^[1],[2]

6.75%

^[8],[29]

$ 3,906

^[1]

$ 3,916

^[8]

3,871

^[1]

3,876

^[8]

$ 3,766

^[1],[4]

$ 3,723

^[5],[8]

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

2.50%

^[1]

2.30%

^[8]

$ 499

^[15],[19]

$ 499

^[20]

$ 631

^{[4],[15],[19]}

$ 551

^[5],[20]

0.40%

^[15],[19]

0.30%

^[20]

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

499

^[15],[19]

499

^[20]

^[29]

12.98%

^[29]

7.30%

$ 1,000

982

^[5]

$ 982

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

0.60%

^[2]

12.88%

^[2]

7.30%

$ 1,000

983

^[4]

$ 1,003

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

0.70%

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

$ 63,077

$ 70,927

217

^{[9],[10],[15]}

217

^{[11],[12],[16]}

$ 63,077

^{[4],[9],[10],[15]}

$ 70,927

^{[5],[11],[12],[16]}

42.50%

^{[9],[10],[15]}

43.80%

^{[11],[12],[16]}

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

400

^{[9],[10],[15]}

400

^{[11],[12],[16]}

6.50%

^[2],[23]

6.50%

^[14],[29]

$ 16,648

^[23]

$ 16,648

^[14]

14,113

^[23]

14,113

^[14]

$ 7,375

^[4],[23]

$ 6,858

^[5],[14]

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

5.10%

^[23]

4.20%

^[14]

^[19],[32]

$ 0

^[19],[32]

$ 0

^[20],[33]

$ 1,428

^{[4],[19],[32]}

$ 1,182

^{[5],[20],[33]}

1.00%

^[19],[32]

0.70%

^[20],[33]

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

345,339

^[19],[32]

345,339

^[20],[33]

11.45%

^[1],[2]

11.50%

^[8],[29]

6.00%

^[1],[2]

6.00%

^[8],[29]

$ 2,516

^[1]

$ 2,523

^[8]

2,491

^[1]

2,495

^[8]

$ 2,096

^[1],[4]

$ 2,257

^[5],[8]

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

1.40%

^[1]

1.40%

^[8]

4.64%

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

7.46%

^{[7],[28],[29]}

$ 1,300

^[26],[27]

$ 1,300

^[7],[28]

864

^[26],[27]

910

^[7],[28]

$ 518

^{[4],[26],[27]}

$ 544

^[5],[7],[28]

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

0.30%

^[26],[27]

0.30%

^[7],[28]

10.19%

^[2],[30]

10.22%

^[29],[31]

4.75%

^[2],[30]

4.75%

^[29],[31]

$ 1,715

^[30]

$ 1,715

^[31]

1,709

^[30]

1,708

^[31]

$ 1,424

^[4],[30]

$ 1,307

^[5],[31]

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

1.00%

^[30]

0.80%

^[31]

13.19%

^[2]

13.22%

^[29]

7.75%

^[2]

7.75%

^[29]

$ 4,450

4,409

4,407

$ 3,635

^[4]

$ 3,272

^[5]

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

2.40%

2.00%

^[29]

12.61%

^[29]

7.19%

$ 3,000

2,977

^[5]

$ 3,007

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

1.90%

^[2]

12.51%

^[2]

7.19%

$ 3,000

2,978

^[4]

$ 3,038

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

2.00%

0.50%

^[2],[21]

0.50%

^[22],[29]

8.25%

^[2],[21]

8.75%

^[22],[29]

$ 2,596

^[21]

$ 2,858

^[22]

2,524

^[21]

2,769

^[22]

$ 2,396

^[4],[21]

$ 2,633

^[5],[22]

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

1.60%

^[21]

1.60%

^[22]

0.50%

^[2],[21]

0.50%

^[22],[29]

8.75%

^[2],[21]

8.75%

^[22],[29]

$ 783

^[21]

$ 862

^[22]

775

^[21]

854

^[22]

$ 723

^[4],[21]

$ 795

^[5],[22]

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

0.50%

^[21]

0.50%

^[22]

^[19]

200

^[19]

$ 200

$ 42

^[4],[19]

$ 72

^[5]

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

0.00%

^[19]

0.00%

Warrants

$ 218

^[19]

$ 218

12.33%

^[2]

12.41%

^[29]

6.74%

^[2]

6.75%

^[29]

$ 3,042

3,025

3,023

$ 3,042

^[4]

$ 3,042

^[5]

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

2.00%

1.90%

13.03%

^[2]

13.10%

^[29]

7.59%

^[2]

7.45%

^[29]

$ 1,460

1,450

1,449

$ 1,460

^[4]

$ 1,460

^[5]

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

1.00%

0.90%

10.71%

^[2],[34]

10.75%

^[29],[35]

5.25%

^[2],[34]

5.25%

^[29],[35]

$ 267

^[34]

$ 200

^[35]

266

^[34]

199

^[35]

$ 44

^[4],[34]

$ 173

^[5],[35]

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

0.00%

^[34]

0.10%

^[35]

10.71%

^[2]

10.75%

^[29]

5.25%

^[2]

5.25%

^[29]

$ 9,574

$ 9,575

9,563

$ 6,377

^[4]

$ 9,186

^[5]

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

4.30%

5.70%

10.71%

^[2]

10.75%

^[29]

5.25%

^[2]

5.25%

^[29]

$ 1,035

1,033

$ 689

^[4]

$ 993

^[5]

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

0.50%

0.60%

10.71%

^[2]

10.75%

^[29]

5.25%

^[2]

5.25%

^[29]

$ 2,607

2,600

$ 1,736

^[4]

$ 2,501

^[5]

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

1.20%

1.50%

^[29]

13.46%

^[29]

8.00%

$ 9,073

9,072

^[5]

$ 9,073

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

5.60%

^[19],[32]

160

^[19],[32]

$ 160

^[20],[33]

$ 1

^{[4],[19],[32]}

$ 77

^{[5],[20],[33]}

0.00%

^[19],[32]

0.00%

^[20],[33]

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

1,603

^[19],[32]

1,603

^[20],[33]

8.93%

^[1],[2],[30]

8.96%

^{[8],[29],[31]}

3.50%

^[1],[2],[30]

3.50%

^{[8],[29],[31]}

$ 1,799

^[1],[30]

$ 1,803

^[8],[31]

1,787

^[1],[30]

1,791

^[8],[31]

$ 1,709

^[1],[4],[30]

$ 1,616

^[5],[8],[31]

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

1.20%

^[1],[30]

1.00%

^[8],[31]

^[8],[29]

13.00%

7.50%

^[1],[2]

7.50%

^[8],[29]

$ 1,481

^[1]

$ 1,485

^[8]

1,453

^[1]

1,455

^[8]

$ 1,496

^[1],[4]

$ 1,484

^[5],[8]

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

1.00%

^[1]

0.90%

^[8]

10.44%

^{[1],[2],[13],[30]}

10.46%

^{[6],[8],[29],[31]}

5.00%

^{[1],[2],[13],[30]}

5.00%

^{[6],[8],[29],[31]}

$ 2,862

^{[1],[13],[30]}

$ 2,870

^[6],[8],[31]

2,837

^{[1],[13],[30]}

2,841

^[6],[8],[31]

$ 2,840

^{[1],[4],[13],[30]}

$ 2,728

^{[5],[6],[8],[31]}

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

1.90%

^{[1],[13],[30]}

1.70%

^[6],[8],[31]

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

10.01%

^[26],[27]

$ 7,000

^[26],[27]

4,701

^{[4],[26],[27]}

$ 2,620

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

^[26],[27]

1.80%

^{[7],[28],[29]}

10.59%

^[7],[28]

$ 7,000

^[7],[28]

4,883

^[5],[7],[28]

$ 2,941

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

^[7],[28]

1.80%

^[20]

$ 572

$ 0

$ 1,285

^[5],[20]

^[20]

0.80%

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

^[20]

3,000,000

^[12],[16]

11.00%

$ 97

$ 2,507

^[5]

1.50%

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

^[12],[16]

1,937,191

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

1,077

$ 1,136

1,595

^{[15],[19],[32]}

1,595

^{[16],[20],[33]}

$ 1,077

^{[4],[15],[19],[32]}

$ 1,136

^{[5],[16],[20],[33]}

0.70%

^{[15],[19],[32]}

0.70%

^{[16],[20],[33]}

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

1,595,238

^{[15],[19],[32]}

1,595,238

^{[16],[20],[33]}

11.43%

^[1],[2]

11.75%

^[8],[29]

6.00%

^[1],[2]

6.00%

^[8],[29]

$ 15,308

^[1]

$ 15,347

^[8]

15,269

^[1]

15,304

^[8]

$ 14,283

^[1],[4]

$ 14,334

^[5],[8]

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

9.60%

^[1]

8.80%

^[8]

11.43%

^[2],[34]

11.75%

^[29],[35]

6.00%

^[2],[34]

6.00%

^[29],[35]

$ 592

^[34]

$ 592

^[35]

585

^[34]

585

^[35]

$ 419

^[4],[34]

$ 422

^[5],[35]

Investment, Identifier [Axis]: Total Affiliate Investments

0.30%

^[34]

0.30%

^[35]

$ 9,749

19,191

^[5]

$ 86,831

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

53.60%

7.33%

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

3.95%

^{[7],[28],[29]}

$ 5,200

^[26],[27]

$ 5,200

^[7],[28]

2,748

^[26],[27]

2,891

^[7],[28]

$ 1,267

^{[4],[26],[27]}

$ 1,352

^[5],[7],[28]

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

0.90%

^[26],[27]

0.80%

^[7],[28]

14.07%

^[2]

14.14%

^[29]

8.50%

^[2]

8.50%

^[29]

$ 4,500

4,587

4,592

$ 4,316

^[4]

$ 4,287

^[5]

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

2.90%

2.60%

$ 9

^[10],[19]

$ 9

^[12],[20]

$ 0

^{[4],[10],[19]}

$ 0

^{[5],[12],[20]}

0.00%

^[10],[19]

0.00%

^[12],[20]

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

4,701

^[10],[19]

4,701

^[12],[20]

^[29]

13.12%

^[29]

7.70%

$ 3,000

2,942

^[5]

$ 2,579

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

1.60%

^[2]

13.02%

^[2]

7.70%

$ 3,000

2,945

^[4]

$ 2,670

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

1.80%

7.33%

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

9.99%

^{[7],[28],[29]}

$ 1,000

^[26],[27]

$ 1,000

^[7],[28]

608

^[26],[27]

627

^[7],[28]

$ 257

^{[4],[26],[27]}

$ 270

^[5],[7],[28]

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

0.20%

^[26],[27]

0.20%

^[7],[28]

11.69%

^[1],[2],[30]

11.72%

^[8],[29]

6.25%

^[1],[2],[30]

6.25%

^[8],[29]

$ 6,563

^[1],[30]

$ 6,606

^[8]

6,539

^[1],[30]

6,581

^[8]

$ 5,776

^[1],[4],[30]

$ 6,313

^[5],[8]

Securities Act File Number

3.90%

^[1],[30]

3.90%

^[8]

[1]

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

[2]

As of March 31, 2024, the Company held loans with an aggregate fair value of $223,780, or 91% of the total loan portfolio, that bore interest at a variable rate indexed to SOFR or Prime, 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 March 31, 2024. 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.

[3]

[4]

[5]

[6]

[7]

[8]

Investments (or a 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.

[9]

Portfolio company represents greater than 5% of total assets as of March 31, 2024.

[10]

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.

[11]

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

[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]

[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]

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

[16]

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

[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]

Non-income producing.

[21]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

First Lien Debt

0% to 2.00%

12.58% to 14.58%

2.00%

Inergex Holdings, LLC

First Lien Debt (Revolver)

0% to 2.00%

12.58% to 14.58%

2.00%

Kreg, LLC

First Lien Debt

0% to 2.00%

9.71% to 11.71%

2.00%

Master Cutlery, LLC

Subordinated Loan

0% to 13.00%

13.00%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

13.69% to 14.19%

0.50%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

14.19% to 14.69%

0.50%

[22]

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%

[23]

Investment was on non-accrual status as of March 31, 2024, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[24]

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 March 31, 2024:


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	12.33%	11.83%	0.50%
SS Acquisition, LLC	13.03%	11.83%	1.20%

[25]


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%

[26]

[27]

[28]

[29]

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.

[30]

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.

[31]

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.

[32]

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

[33]

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

[34]

Subject to unfunded commitments. See Note 6.

[35]

Subject to unfunded commitments. See Note 6.

[36]

Equity participation rights issued by an 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.

Borrowings - BNP Facility Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 391	$ 387
Cash paid for interest expense	5,987	6,330
Revolving Credit Facility \| BNP Facility \| Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	1,865	1,908
Amortization of debt issuance costs	95	95
Total interest and debt financing costs	1,960	2,003
Cash paid for interest expense	$ 1,882	$ 1,905
Effective interest rate	8.72%	7.63%
Average outstanding balance	$ 89,916	$ 105,030

N-2 - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Cover [Abstract]

Entity Central Index Key

0001487918

Amendment Flag

false

814-00813

Document Type

10-Q

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 Emerging Growth Company

false

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

Risk Factors

Investing in our common stock may be speculative and involves a high degree of risk. In addition to the other information contained in this Quarterly Report on Form 10-Q, including our financial statements, and the related notes, schedules and exhibits, you should carefully consider the risk factors described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report on Form 10-K”), filed on March 5, 2024, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K. The risks previously disclosed in the Annual Report on Form 10-K should be read together with the other information disclosed elsewhere in this Quarterly Report on Form 10-Q and our other reports filed with the SEC.

Share Price [Table Text Block]

The Company’s common stock is traded on the Nasdaq Global Select Market under the symbol “OFS”. The following table lists the high and low sale price for the Company’s common stock, NAV per share, and the cash distributions per share that were declared on its common stock for each fiscal quarter during the last two most recently completed fiscal years and each full fiscal quarter of the current fiscal year. The last reported sale price for our common stock on the Nasdaq Global Select Market on March 31, 2024 was $9.93 per share.


	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 2024
First Quarter	$	11.08	$	12.07	$	9.53	8.9	%	-14.0	%	$	0.34
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.

NAV Per Share

$ 11.08

$ 12.09

$ 11.08

$ 12.09

$ 13.42

$ 13.47

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Borrowings

SBA Debentures

SBIC I LP had an SBIC license that allowed it to obtain leverage by issuing SBA-guaranteed debentures. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million and, on April 17, 2024, surrendered its

license to operate as a SBIC. As of March 31, 2024 and December 31, 2023, SBIC I LP had outstanding debentures of $0.0 million and $31.9 million, respectively.

Banc of California Credit Facility

We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility, which is available for general corporate purposes including investment funding. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which excludes subordinated loan investments (as defined in the BLA) and as otherwise specified in the BLA. 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 the our partnership interests in SBIC I LP.

The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants, such as information reporting requirements, a minimum tangible net asset value, a minimum quarterly net investment income after incentive fees, a debt/worth ratio and a net loss restriction. The BLA 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. As of March 31, 2024, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.

As of March 31, 2024, we had $-0- outstanding and an unused commitment of $25.0 million under the Banc of California Credit Facility, subject to a borrowing base and other covenants. As of March 31, 2024, the effective interest rate on the Banc of California Credit Facility was 9.25%.

On December 15, 2023, we amended the Banc of California Credit Facility to: (i) extend the maturity date from February 28, 2024 to February 28, 2026; (ii) increase the interest rate floor from 4.00% to 5.00%; and (iii) eliminate the 0.50% unused line fee and replace it with an annual commitment fee of 0.50%.

Unsecured Notes

As of March 31, 2024 and December 31, 2023, we had $180.0 million in Unsecured Notes. The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all of our current and future unsecured indebtedness. Because the Unsecured Notes are not secured by any of our assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Banc of California Credit Facility and BNP Facility.

In order to, among other things, reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may, from time to time, purchase the Unsecured Notes for cash in open market purchases and/or privately negotiated transactions. We will evaluate any such transactions in light of then-existing market conditions, taking into account our current liquidity, prospects for future access to capital, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material. During the three months ended March 31, 2024, no outstanding Unsecured Notes were repurchased.

BNP Facility

On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150.0 million, of which $78.5 million was drawn as of March 31, 2024. Borrowings under the BNP Facility bear interest based on SOFR for the relevant interest period, plus an applicable spread (subject to an effective floor of 2.65%). The reinvestment period of the BNP Facility ends on June 20, 2025 and the facility is scheduled to mature on June 20, 2027. Borrowings under the BNP Facility are secured by substantially all of the assets held by OFSCC-FS. As of March 31, 2024, we were in compliance in all material respects with the applicable covenants under the BNP Facility.

As of March 31, 2024, the effective interest rate on the BNP Facility was 8.80% and the unused commitment under the facility was $71.5 million.

On a stand-alone basis, as of March 31, 2024 and December 31, 2023, OFSCC-FS held approximately $157.3 million and $158.3 million in total assets, respectively, which accounted for approximately 38% and 34% of our total consolidated assets, respectively.

BNP Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

BNP Facility

$ 78.5

Banc of California Credit Facility [Member]

As of March 31, 2024, the effective interest rate on the BNP Facility was 8.80% and the unused commitment under the facility was $71.5 million.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Banc of California Credit Facility

0.0

Long Term Debt, Dividends and Covenants [Text Block]

SBA Debentures [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

SBA Debentures

0.0

$ 31.9

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

license to operate as a SBIC. As of March 31, 2024 and December 31, 2023, SBIC I LP had outstanding debentures of $0.0 million and $31.9 million, respectively.

Unsecured Notes [Member]

Unsecured Notes

$ 180.0

Security 1 Common [Member]

General Description of Registrant [Abstract]

Lowest Price or Bid

$ 9.53

9.69

$ 9.51

$ 9.10

9.60

8.03

$ 7.54

$ 9.72

$ 9.40

Highest Price or Bid

$ 12.07

$ 12.41

$ 12.44

$ 11.01

$ 10.92

$ 11.25

$ 11.50

$ 13.47

$ 13.18

Highest Price or Bid, Premium (Discount) to NAV [Percent]

8.90%

2.60%

(2.40%)

(14.90%)

(18.60%)

(16.50%)

(15.30%)

(7.50%)

(15.10%)

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(14.00%)

(19.90%)

(25.40%)

(29.70%)

(28.50%)

(40.40%)

(44.50%)

(33.30%)

(39.40%)

NAV Per Share

$ 11.08

$ 12.09

$ 11.08

$ 12.09

$ 12.74

$ 12.94

$ 13.42

$ 13.47

$ 13.58

$ 14.57

$ 15.52

Capital Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Distributions Declared

The following table summarizes distributions declared and paid for the three months ended March 31, 2024 and 2023:


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution
Three Months Ended March 31, 2024
February 28, 2024	March 18, 2024	March 28, 2024	$	0.34	$	4,555	(1)


			$	0.34	$	4,555
Three Months Ended March 31, 2023
February 28, 2023	March 24, 2023	March 31, 2023	$	0.33	$	4,421	(1)


			$	0.33	$	4,421

(1) During the three months ended March 31, 2024 and 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. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows:


	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
Three Months Ended March 31, 2024
January 1, 2024 through March 31, 2024	8,530	$	10.04	$	86

Three Months Ended March 31, 2023
January 1, 2023 through March 31, 2023	5,096	$	10.43	$	53

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ (9,049)	$ 3,806

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company has elected to be regulated as a BDC under the 1940 Act. In addition, for income tax purposes, the Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. The Company’s investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company. In addition, OFS Advisor serves as the investment adviser to HPCI, a non-traded BDC with an investment strategy and objective similar to that of the Company. OFS Advisor also serves as the investment adviser to 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 make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB. OFSCC-FS, an indirect wholly owned and consolidated subsidiary of the Company, is a special-purpose vehicle formed in April 2019 for the purpose of acquiring senior secured loan investments. OFSCC-FS has debt financing through its BNP Facility, which provides OFSCC-FS with borrowing capacity of up to $150,000, subject to a borrowing base and other covenants. SBIC I LP is an investment company subsidiary previously licensed under the SBA’s small business investment company program that was subject to SBA regulations and policies. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures and, on April 17, 2024, surrendered its license to operate as a SBIC. OFSCC-MB is a wholly owned and consolidated subsidiary taxed under subchapter C of the Code that generally holds the Company’s equity investments in portfolio companies that are taxed as pass-through entities.

Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024			2023
Per share operating performance:
Net asset value per share at beginning of period		$	12.09		$	13.47
Net investment income(1)		0.42			0.37
Net realized gain on investments, net of taxes(1)		0.06			—
Net unrealized depreciation on investments, net of taxes(1)		(1.15)			(0.09)

Total income (loss) from operations		(0.67)			0.28
Distributions declared		(0.34)			(0.33)

Net asset value per share at end of period		$	11.08		$	13.42

Per share market value, end of period		$	9.93		$	10.29
Total return based on market value(2)(3)		(12.3)		%	4.6		%
Total return based on net asset value(3)(4)		(5.2)		%	2.8		%
Shares outstanding at end of period		13,398,078			13,398,078
Weighted average shares outstanding		13,398,078			13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(5)		$	155,202		$	180,116
Net asset value at end of period		$	148,400		$	179,808
Net investment income		$	5,596		$	4,950
Ratio of total expenses to average net assets(6)		22.3		%	20.7		%
Ratio of total expenses and loss on extinguishment of debt to average net assets(6)		22.3		%	20.7		%
Ratio of net investment income to average net assets(6)		14.4		%	11.0		%
Ratio of loss on extinguishment of debt to average net assets(3)		0.0%			0.0%
Portfolio turnover(7)		1.8		%	2.0		%

(1)Calculated on the average share method.

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

(3)Not annualized.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions.

(5)Based on the average of the net asset value at the beginning and end of the indicated period and, if applicable, the preceding calendar quarters.

(6)Annualized.

(7)Portfolio turnover rate is calculated using the lesser of period-to-date sales, portfolio investment distributions and principal payments or period-to-date purchases over the average of the invested assets at fair value.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies. The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of, and for, the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 5, 2024. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.
Reclassifications	Reclassifications: Certain prior period amounts 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.
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 revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.
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 sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6.
Cash and cash equivalents	Cash and cash equivalents: The Company’s cash and cash equivalent balances are maintained with a member bank of the FDIC, and at times, such balances exceed the FDIC insurance limit. The Company does not believe its cash and cash equivalent balances are exposed to any significant credit risk. Cash and cash equivalent balances are held in US Bank Trust Company, National Association and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash and cash equivalents held by SBIC I LP was limited by SBA regulation and use of cash and cash equivalents 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.

Capital Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Mar. 28, 2024	Feb. 28, 2024	Mar. 31, 2023	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Amount Per Share (in usd per share)		$ 0.34		$ 0.33	$ 0.34	$ 0.33
Cash Distribution	$ 4,555		$ 4,421		$ 4,555	$ 4,421
Number of Shares Purchased (in shares)					8,530	5,096
Average Price Paid Per Share (in usd per share)					$ 10.04	$ 10.43
Total Amount Paid					$ 86	$ 53

Investments

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Investments

As of March 31, 2024, the Company had loans to 43 portfolio companies, of which approximately 84% were first lien debt investments and 16% were second lien debt investments, at fair value. The Company also had equity investments in 15 portfolio companies and 21 investments in Structured Finance Securities. As of March 31, 2024, the Company’s investments consisted of the following:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	224,462	56.2	%	151.3	%	$	206,153	51.3	%	138.9	%
Second lien debt investments	49,039		12.3		32.9		39,043		9.8		26.2
Subordinated debt investments	4,680		1.2		3.2		250		0.1		0.2
Preferred equity	12,838		3.2		8.7		9,534		2.4		6.4
Common equity, warrants and other(2)	12,365		3.1		8.3		67,541		16.9		45.5
Total Portfolio Company Investments	303,384		76.0		204.4		322,521		80.5		217.2
Structured Finance Securities	95,653		24.0		64.5		77,893		19.5		52.6
Total investments	$	399,037	100.0	%	268.9	%	$	400,414	100.0	%	269.8	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $144,947 and $135,793, respectively.

(2) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4—Portfolio Concentration” for additional information.

Geographic composition is determined by the location of the corporate headquarters of the portfolio company. All international investments are denominated in US dollars. As of March 31, 2024 and December 31, 2023, the Company’s investment portfolio was domiciled as follows:


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States	$	297,884	$	320,383	$	301,749	$	339,964
Canada(1)	5,500		2,138		4,660		1,278
Cayman Islands(1)(2)	87,631		70,057		89,286		71,210
Jersey(1)(2)	8,022		7,836		7,835		7,835




Total investments	$	399,037	$	400,414	$	403,530	$	420,287

(1) Represents non-qualifying assets under Section 55(a) of the 1940 Act.

(2) Investments domiciled in the Cayman Islands and Jersey represent certain Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States.

As of March 31, 2024, the industry composition of the Company’s investment portfolio was as follows:


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,087	5.5	%	14.9	%	$	21,425	5.3	%	14.4	%











Construction	24,351		6.0		16.4		15,561		3.8		10.5




Education Services	7,523		1.9		5.1		7,075		1.7		4.7



Finance and Insurance	3,096		0.8		2.1		3,133		0.8		2.1





Health Care and Social Assistance	72,348		18.1		48.8		65,133		16.3		43.9













Information	26,076		6.5		17.6		17,280		4.3		11.6












Management of Companies and Enterprises	12,651		3.2		8.5		12,304		3.1		8.3

Manufacturing	29,056		7.5		19.6		89,777		22.4		60.5


































Professional, Scientific, and Technical Services	21,358		5.4		14.3		21,513		5.4		14.5














Public Administration	703		0.2		0.5		45		—		—


Real Estate and Rental and Leasing	13,176		3.3		8.9		11,320		2.8		7.6





Retail Trade	12,678		3.1		8.5		12,354		3.1		8.3









Transportation and Warehousing	2,491		0.6		1.7		2,096		0.5		1.4





Wholesale Trade	55,790		13.9		37.5		43,505		11.0		29.4














Total Portfolio Company Investments	$	303,384	76.0	%	204.4	%	$	322,521	80.5	%	217.2	%
Structured Finance Securities	95,653		24.0		64.5		77,893		19.5		52.6
Total investments	$	399,037	100.0	%	268.9	%	$	400,414	100.0	%	269.8	%

As of December 31, 2023, the Company had loans to 44 portfolio companies, of which 81% were first lien debt investments and 19% were second lien debt investments, at fair value. The Company also held equity investments in 15 portfolio companies and 21 investments in Structured Finance Securities. At December 31, 2023, the Company’s investments consisted of the following:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	220,941	54.7	%	136.4	%	$	202,792	48.3	%	125.1	%
Second lien debt investments	57,848		14.3		35.7		48,521		11.5		30.0
Subordinated debt investments	4,680		1.2		2.9		—		—		—
Preferred equity	11,403		2.8		7.0		13,240		3.2		8.2
Common equity, warrants and other	11,537		2.9		7.1		76,689		18.2		47.3
Total debt and equity investments	$	306,409	75.9	%	189.1	%	$	341,242	81.2	%	210.6	%
Structured Finance Securities	97,121		24.1		59.9		79,045		18.8		48.8
Total	$	403,530	100.0	%	249.0	%	$	420,287	100.0	%	259.4	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $141,291 and $131,271, respectively.

As of December 31, 2023, the industry compositions of the Company’s debt and equity investments were as follows:


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,119	5.5	%	13.6	%	$	21,252	5.2	%	13.0	%











Construction	19,393		4.8		12.0		11,712		2.8		7.2




Education Services	7,523		1.9		4.7		7,122		1.7		4.4



Finance and Insurance	3,097		0.8		1.9		3,097		0.7		1.9





Health Care and Social Assistance	72,013		17.8		44.5		69,122		16.5		42.6













Information	26,763		6.6		16.5		16,586		4.0		10.4












Management of Companies and Enterprises	11,219		2.8		6.9		10,718		2.6		6.6

Manufacturing	29,402		7.3		18.1		97,924		23.2		60.5


























Other Services (except Public Administration)	670		0.2		0.4		3,792		0.9		2.3






Professional, Scientific, and Technical Services	21,327		5.3		13.2		21,481		5.1		13.2













Public Administration	703		0.2		0.4		45		—		—


Real Estate and Rental and Leasing	12,072		3.0		7.5		11,861		2.8		7.3





Retail Trade	12,721		3.1		7.9		12,789		3.0		7.9









Transportation and Warehousing	2,495		0.7		1.5		2,257		0.5		1.6





Wholesale Trade	64,892		15.9		40.0		51,484		12.2		31.8













Total debt and equity investments	$	306,409	75.9	%	189.1	%	$	341,242	81.2	%	210.6	%
Structured Finance Securities	97,121		24.1		59.9		79,045		18.8		48.8
Total investments	$	403,530	100.0	%	249.0	%	$	420,287	100.0	%	259.4	%

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. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as income or applied to amortized cost. 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. For the three months ended March 31, 2024, loans to one portfolio company with an aggregate amortized cost and fair value of $13,462 and $8,846, respectively, were placed on non-accrual status. The aggregate amortized cost and fair value of loans on non-accrual status as of March 31, 2024 was $43,872 and $19,381, respectively, and as of December 31, 2023 was $34,568 and $12,140, respectively.

Portfolio Concentration: As of March 31, 2024, the Company’s common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 15.8% and 42.5% of its total portfolio at fair value and its total net assets, respectively.

As of March 31, 2024, the Company’s first lien debt investments in All Star Auto Lights, Inc., a nationwide wholesaler of motor vehicle parts, accounted for approximately 6.9% and 18.7% of its total portfolio at fair value and net assets, respectively.

As of March 31, 2024, approximately 4.8% and 12.9% of the Company’s total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.

Borrowings - SBA Debentures Narrative (Details) $ in Thousands	Mar. 01, 2024 USD ($)
SBA Debentures \| Debentures
Debt Instrument [Line Items]
Redemption of debt	$ 31,920

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

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Capital Transactions - Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Stock Repurchase Program, authorized amount		$ 10.0
Subsequent Event
Subsequent Event [Line Items]
Stock Repurchase Program, period	2 years

Fair Value of Financial Instruments - Transfers Between Levels (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Transfers from Level 2 to Level 3	$ 1,910	$ 0
Transfers from Level 3 to Level 2	$ 11,723	$ 3,809

Borrowings - BNP Facility Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 20, 2019
Line of Credit Facility [Line Items]
Outstanding debt	$ 78,500	$ 90,500
BNP Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	150,000
BNP Facility \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused commitment	71,500
Borrowing capacity			$ 150,000
Outstanding debt	$ 78,500	$ 90,500

Fair Value of Financial Instruments

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

+ References + Details

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Financial highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024			2023
Per share operating performance:
Net asset value per share at beginning of period		$	12.09		$	13.47
Net investment income(1)		0.42			0.37
Net realized gain on investments, net of taxes(1)		0.06			—
Net unrealized depreciation on investments, net of taxes(1)		(1.15)			(0.09)

Total income (loss) from operations		(0.67)			0.28
Distributions declared		(0.34)			(0.33)

Net asset value per share at end of period		$	11.08		$	13.42

Per share market value, end of period		$	9.93		$	10.29
Total return based on market value(2)(3)		(12.3)		%	4.6		%
Total return based on net asset value(3)(4)		(5.2)		%	2.8		%
Shares outstanding at end of period		13,398,078			13,398,078
Weighted average shares outstanding		13,398,078			13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(5)		$	155,202		$	180,116
Net asset value at end of period		$	148,400		$	179,808
Net investment income		$	5,596		$	4,950
Ratio of total expenses to average net assets(6)		22.3		%	20.7		%
Ratio of total expenses and loss on extinguishment of debt to average net assets(6)		22.3		%	20.7		%
Ratio of net investment income to average net assets(6)		14.4		%	11.0		%
Ratio of loss on extinguishment of debt to average net assets(3)		0.0%			0.0%
Portfolio turnover(7)		1.8		%	2.0		%

(1)Calculated on the average share method.

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

(3)Not annualized.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions.

(5)Based on the average of the net asset value at the beginning and end of the indicated period and, if applicable, the preceding calendar quarters.

(6)Annualized.

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three months ended March 31, 2024 and 2023 are presented below:


	Three Months Ended March 31,
		2024		2023
Base management fee		$	1,523	$	1,894
Income Incentive Fee		1,399		1,238

Administration fee		394		482
Distributions paid to affiliates		1,028		997

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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. 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, 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 three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024		2023
Transfers from Level 2 to Level 3		$	1,910	$	—
Transfers from Level 3 to Level 2		11,723		3,809

Transfers between levels during the reporting periods were due to availability of reliable Indicative Prices in those periods.

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 March 31, 2024 and December 31, 2023:


Security	Level 1		Level 2		Level 3		Fair Value as of March 31, 2024
Debt investments	$	—	$	26,017	$	219,429	$	245,446
Equity investments	—		—		77,075		77,075
Structured Finance Securities	—		—		77,893		77,893
	$	—	$	26,017	$	374,397	$	400,414


Security	Level 1		Level 2		Level 3		Fair Value as of 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

The following tables provides the primary quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of March 31, 2024 and December 31, 2023. 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 as of March 31, 2024

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

First lien

150,563

Discounted cash flow

Discount rates

9.75% - 25.18% (12.85%)

18,371

Market approach

EBITDA multiples

3.00x - 9.00x (5.38x)

7,178

Market approach

Revenue multiples

0.40x - 0.40x (0.40x)

4,080

Market approach

Transaction Price

Second lien

31,917

Discounted cash flow

Discount rates

11.02% - 19.12% (13.48%)

6,865

Market approach

Revenue multiples

0.40x - 0.93x (0.73x)

205

Market approach

Net asset value liquidation(2)

Subordinated

250

Market approach

Net asset value liquidation(2)

Structured Finance Securities:

Subordinated notes(1)

48,022

Discounted cash flow

Discount rates

15.00% - 49.50% (26.17%)

Constant default rate

2.00% - 3.00% (2.10%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

29,871

Discounted cash flow

Discount margin

6.25% - 10.00% (8.07%)

Constant default rate

2.00% - 3.00% (2.14%)

Recovery rate

65.00% - 65.00% (65.00%)

Equity investments:

Preferred equity

9,534

Market approach

EBITDA multiples

7.00x - 7.75x (7.74x)

Common equity, warrants and other

67,035

Market approach

EBITDA multiples

6.00x - 16.00x (12.94x)

Common equity, warrants and other

506

Market approach

Revenue multiples

0.40x - 0.70x (0.70x)

374,397

(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) Net asset value liquidation represents the fair value, or estimated expected residual value, of the investment.

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

(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.

Averages in the preceding two tables were weighted by the fair value of the related instruments.

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 the wide range of approaches in 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 three months ended March 31, 2024 and March 31, 2023:


			Three Months Ended March 31, 2024
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2023	$	186,831	$	48,429	$	—	$	13,240	$	76,689	$	79,045	$	404,234

Net realized gain on investments	—		—		—		572		807		—		1,379
Net unrealized appreciation (depreciation) on investments	(1,047)		(634)		250		(5,140)		(9,976)		316		(16,231)
Amortization of Net Loan Fees	191		41		—		—		—		60		292
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		2,093		2,093
Capitalized PIK interest and dividends	117		224		—		263		—		—		604
Amendment fees received	(12)		—		—		—		—		—		(12)
Purchase and origination of portfolio investments	7,339		—		—		—		—		—		7,339
Proceeds from principal payments on portfolio investments	(745)		(9,073)		—		—		—		—		(9,818)
Sale and redemption of portfolio investments	—		—		—		(670)		(1,379)		—		(2,049)
Conversion from debt investments to equity investments	(2,669)		—		—		1,269		1,400		—		—
Proceeds from distributions received from portfolio investments	—		—		—		—		—		(3,621)		(3,621)
Transfers from Level 3 to Level 2	(11,723)		—		—		—		—		—		(11,723)
Transfers from Level 2 to Level 3	1,910		—		—		—		—		—		1,910
Level 3 assets, March 31, 2024	$	180,192	$	38,987	$	250	$	9,534	$	67,541	$	77,893	$	374,397


			Three Months Ended March 31, 2023
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		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 gain (loss) on investments	(68)		(72)		—		—		470		—		330
Net unrealized appreciation (depreciation) on investments	(1,574)		(374)		(1,097)		1,617		2,089		(2,380)		(1,719)
Amortization of Net Loan Fees	200		113		—		—		—		59		372
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		3,002		3,002
Capitalized PIK interest and dividends	213		13		—		236		—		—		462
Amendment fees received	(7)		(32)		—		—		—		—		(39)
Purchase and origination of portfolio investments	9,772		—		—		172		—		—		9,944
Proceeds from principal payments on portfolio investments	(1,335)		—		—		—		—		—		(1,335)
Sale and redemption of portfolio investments	(1,697)		(1,013)		—		—		—		—		(2,710)
Proceeds from distributions received from portfolio investments	—		—		—		—		(962)		(2,176)		(3,138)
Transfers from Level 3 to Level 2	(3,809)		—		—		—		—		—		(3,809)

Level 3 assets, March 31, 2023	$	226,309	$	54,834	$	129	$	10,221	$	92,597	$	87,023	$	471,113

The net unrealized appreciation (depreciation) reported in the Company’s consolidated statements of operations for the three months ended March 31, 2024 and 2023, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows:


	Three Months Ended March 31,
	2024		2023
Debt investments	$	(1,054)	$	(2,068)
Equity investments	(11,995)		3,705
Structured Finance Securities	315		(2,383)
Net unrealized depreciation on investments held	$	(12,734)	$	(746)

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, cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such financial instruments. The Banc of California Credit Facility and BNP Facility are variable rate instruments and fair value is estimated to approximate carrying value.

The following table sets forth carrying values and fair values of the Company’s debt as of March 31, 2024 and December 31, 2023:


	As of March 31, 2024				As of December 31, 2023
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	78,500		78,500		90,500		90,500
Unsecured Notes Due February 2026	123,516		116,998		123,322		116,688
Unsecured Notes Due October 2028	54,061		49,324		54,011		48,565
SBA-guaranteed debentures	—		—		31,900		30,904
Total debt	$	256,077	$	244,822	$	299,733	$	286,657

(1) Carrying value is calculated as the outstanding principal amount less unamortized deferred debt issuance costs.

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 utilized by the Company to determine such fair values as of March 31, 2024 and December 31, 2023:


	March 31, 2024
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		78,500		78,500
Unsecured Notes Due February 2026	—		—		116,998		116,998
Unsecured Notes Due October 2028	49,324		—		—		49,324

Total debt, at fair value	$	49,324	$	—	$	195,498	$	244,822


	December 31, 2023
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		90,500		90,500
Unsecured Notes Due February 2026	—		—		116,688		116,688
Unsecured Notes Due October 2028	48,565		—		—		48,565
SBA-guaranteed debentures	—		—		30,904		30,904
Total debt, at fair value	$	48,565	$	—	$	238,092	$	286,657

(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 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

Fair Value of Financial Instruments - Carrying Values and Fair Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 244,822	$ 286,657
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	49,324	48,565
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	195,498	238,092
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	256,077	299,733
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	244,822	286,657
Banc of California Credit Facility \| Line of Credit \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility \| Line of Credit \| Revolving Credit Facility \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility \| Line of Credit \| Revolving Credit Facility \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility \| Line of Credit \| Revolving Credit Facility \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility \| Line of Credit \| Revolving Credit Facility \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility \| Line of Credit \| Revolving Credit Facility \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility \| Line of Credit \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	78,500	90,500
BNP Facility \| Line of Credit \| Revolving Credit Facility \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility \| Line of Credit \| Revolving Credit Facility \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility \| Line of Credit \| Revolving Credit Facility \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	78,500	90,500
BNP Facility \| Line of Credit \| Revolving Credit Facility \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	78,500	90,500
BNP Facility \| Line of Credit \| Revolving Credit Facility \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	78,500	90,500
Unsecured Notes Due February 2026 \| Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	116,998	116,688
Unsecured Notes Due February 2026 \| Unsecured Notes \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due February 2026 \| Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due February 2026 \| Unsecured Notes \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	116,998	116,688
Unsecured Notes Due February 2026 \| Unsecured Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	123,516	123,322
Unsecured Notes Due February 2026 \| Unsecured Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	116,998	116,688
Unsecured Notes Due October 2028 \| Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	49,324	48,565
Unsecured Notes Due October 2028 \| Unsecured Notes \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	49,324	48,565
Unsecured Notes Due October 2028 \| Unsecured Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due October 2028 \| Unsecured Notes \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due October 2028 \| Unsecured Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	54,061	54,011
Unsecured Notes Due October 2028 \| Unsecured Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	49,324	48,565
SBA Debentures \| Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt		30,904
SBA Debentures \| Debentures \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt		0
SBA Debentures \| Debentures \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt		0
SBA Debentures \| Debentures \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt		30,904
SBA Debentures \| Debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	31,900
SBA Debentures \| Debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 0	$ 30,904

Related Party Transactions - Narrative (Details)	3 Months Ended
Related Party Transactions - Narrative (Details)	Mar. 31, 2024 component shares
Affiliates Of OFS Advisor \| OFS Capital Corporation
Related Party Transaction [Line Items]
Share of common stock owned (in shares) \| shares	3,022,183
Investment ownership percentage	22.60%
Investment Advisory Agreement \| Affiliated entity
Related Party Transaction [Line Items]
Number of components	2
Base management fee percentage	1.75%
Incentive fee \| Affiliated entity
Related Party Transaction [Line Items]
Number of components	2
Base management fee, quarterly \| Affiliated entity
Related Party Transaction [Line Items]
Base management fee percentage	0.25%
Base management fee, annualized \| Affiliated entity
Related Party Transaction [Line Items]
Base management fee percentage	1.00%
Incentive fee, pre-incentive fee net income \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%
Incentive fee, quarterly hurdle rate \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	2.00%
Incentive fee, annualized hurdle rate \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	8.00%
Incentive fee, pre-incentive fee net investment income below catch-up threshold \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	100.00%
Incentive fee, quarterly catch-up threshold \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	2.50%
Incentive fee, pre-incentive fee net investment income exceeds catch-up threshold \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%
Incentive fee, realized capital gains \| Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%

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

Mar. 31, 2024

Dec. 31, 2023

Qualifying assets percentage

$ 415,418

^[1]

$ 420,432

79.00%

81.00%

Variable-rate Loans

Investment, percentage of total

$ 230,185

91.00%

92.00%

Variable-rate Loans

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

$ 223,780

Investment, Identifier [Axis]: 24 Seven Holdco, LLC24 Seven Holdco, LLC, First Lien Debt, Senior Secured Loan

^[2]

8,798

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

^[3]

$ 8,820

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

1,975

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

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

1,980

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

2,254

^[2],[4]

2,260

^[3],[5]

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

22,801

22,861

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

4,913

4,925

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

3,720

^[2],[4]

3,729

^[3],[5]

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

^[6],[7]

11,080

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

^[8],[9]

11,080

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

8,630

^[6],[7]

8,630

^[8],[9]

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

10,726

^[6],[7]

10,726

^[8],[9]

Investment, Identifier [Axis]: Ares L CLO Ltd., Mezzanine debt - Class E

6,000

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

6,000

Investment, Identifier [Axis]: Avison Young, Common Equity

$ 3,000

^[10],[11]

3,000

^[12]

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

^[10],[13]

1,185

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

$ 840

3,925

^[3]

^[14]

6.50%

Investment, Identifier [Axis]: Avison Young, First Lien Debt 3

$ 1,489

794

^{[10],[11],[14]}

6.50%

Investment, Identifier [Axis]: Avison Young, Preferred Equity

^[10],[11]

$ 502

^[10],[13]

1,715,000

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

^[10],[13]

12.50%

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

$ 1,667

1,667

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

8,000

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

8,000

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

6,000

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

6,000

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

4,962

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

$ 3,988

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

4,962

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

$ 3,988

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

1,290

^[10],[13]

1,290

^[15],[16]

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

$ 10,900

^[2]

$ 10,972

^[3]

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

$ 0

^[17]

$ 0

^[18]

3,446

2.00%

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

12.00%

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

$ 915

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

2,133

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

5,494

^[6],[7]

5,494

^[8],[9]

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

3,190

^[2]

3,198

^[3]

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

$ 0

^[17]

$ 0

^[18]

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

20,628

^[10]

20,628

^[16]

3,061

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

10.00%

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

11,273

^[10]

11,273

^[16]

3,061

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

10.00%

Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Senior Secured Loan

$ 5,938

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

$ 5,938

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

$ 1,965

^[2],[19]

$ 1,970

^[3],[20]

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

1,135

^{[10],[13],[21]}

1,135

^[15],[22]

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

$ 1,935

^{[2],[4],[10],[11]}

$ 1,935

^[3],[5],[12]

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

2,159

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

2,700

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

2,159

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

2,700

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

2,750

^[6],[7]

2,750

^[8],[9]

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

1,925

^[2]

1,930

^[3]

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

3,679

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

6,279

6,295

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

$ 899

^[17]

$ 0

^[18]

10.00%

^{[10],[11],[14]}

10.00%

^{[12],[16],[23]}

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

$ 8,042

^[10],[11]

$ 7,844

^[12],[16]

18.00%

^[14],[24]

18.00%

^[23],[25]

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

$ 5,157

^[24]

$ 4,932

^[25]

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt (Revolver)

9,680

^[6],[7]

$ 9,680

^[8],[9]

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt 1

^[17]

Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt 2

^[2]

3,491

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

^[2]

$ 635

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

368,852

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

40,984

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

368,852

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

40,984

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1

^[3],[5]

$ 2,916

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2

$ 943

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

1,302

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

5,910

^[2],[4]

5,925

^[3]

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

2,699

^[2],[17]

2,706

^[3],[18]

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

^[17]

^[18]

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

6,450

^[2]

6,466

^[3]

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

4,079

^[2]

4,089

^[3]

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

$ 4,000

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

$ 4,000

^[23]

1.00%

$ 14,868

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

2.00%

1.00%

0.00%

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

12.58%

2.00%

1.00%

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

14.58%

13.58%

2.00%

^[14]

1.00%

^[23]

^[14]

12.58%

$ 2,344

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

2.00%

1.00%

0.00%

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

12.58%

2.00%

1.00%

Investment, Identifier [Axis]: Inergex Holdings, LLC, Senior Secured Loan

14.58%

13.58%

^[14]

2.00%

^[14]

12.58%

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

$ 14,868

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

2,925

^[2],[4]

$ 2,933

^[3],[5]

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

^[2]

$ 4,697

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

^[3]

$ 4,697

^{[2],[14],[26]}

2.50%

^{[2],[14],[26]}

9.71%

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

^[2],[26]

$ 17,248

^{[3],[23],[27]}

2.50%

^[3],[27]

$ 17,139

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

2.00%

0.00%

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

9.71%

9.75%

2.00%

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

11.71%

11.75%

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

$ 0

^[17]

$ 0

^[18]

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

10,000

^[6],[7]

10,000

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

$ 9,500

^[6],[7]

$ 9,500

^[8],[9]

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

15,564

3,723

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

8.00%

13.00%

^{[11],[14],[26]}

13.00%

^{[12],[23],[27]}

$ 10,062

^[11],[26]

$ 9,749

^[12],[27]

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

13.00%

0.00%

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

0.00%

13.00%

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

13.00%

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

$ 2,228

^[2]

$ 2,234

^[3]

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

^[2],[17]

^[3],[18]

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

$ 0

^[17]

$ 0

^[18]

0.50%

^[2],[14]

0.50%

^[23]

^[2],[14]

11.69%

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

$ 2,751

^[2]

$ 2,755

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

^[18]

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

1,000

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

1,000

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

7,000

^[6],[7]

7,000

^[8],[9]

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

1,444

^[18]

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

7,413

^[2]

7,432

^[3]

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

$ 3,906

^[2]

$ 3,916

^[3]

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

499

^[10],[21]

499

^[16]

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

$ 1,000

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

$ 1,000

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

400

^{[21],[24],[28]}

400

^{[22],[25],[29]}

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

$ 16,648

^[11]

$ 16,648

^[12]

345,339

^[10],[13]

345,339

^[15],[16]

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

^[10],[13]

$ 0

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

2,516

^[2]

$ 2,523

^[3]

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

1,300

^[6],[7]

1,300

^[8],[9]

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

1,715

^[4]

1,715

^[5]

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

4,450

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

$ 3,000

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

$ 3,000

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

0.50%

0.00%

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

14.36%

0.50%

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

14.86%

0.50%

^[14],[26]

0.50%

^[23],[27]

13.69%

^[14],[26]

14.36%

^[23],[27]

$ 2,596

^[26]

$ 2,858

^[27]

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

0.50%

0.00%

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

13.69%

0.50%

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

14.19%

0.50%

^[14],[26]

0.50%

^[23],[27]

14.19%

^[14],[26]

14.36%

^[23],[27]

$ 783

^[26]

$ 862

^[27]

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

0.50%

0.00%

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

14.19%

0.50%

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

14.69%

Warrants

$ 218

^[10]

$ 218

Investment, Identifier [Axis]: SS Acquisition, LLC 1

^[10]

Additional Interest per Annum

Reported Interest Rate

12.33%

12.41%

Interest rate

11.83%

11.89%

0.50%

0.51%

Investment, Identifier [Axis]: SS Acquisition, LLC 2

Additional Interest per Annum

Reported Interest Rate

13.03%

13.10%

Interest rate

11.83%

11.89%

1.20%

1.21%

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

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

$ 3,042

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

1,460

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

267

^[17]

200

^[18]

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

9,574

9,575

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

1,035

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

$ 2,607

2,607

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

$ 9,073

1,603

^[10],[13]

1,603

^[15],[16]

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

^[10],[13]

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

1,799

^[2],[4]

$ 1,803

^[3],[5]

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

1,481

^[2]

1,485

^[3]

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

2,862

^[2],[4],[19]

2,870

^[3],[5],[20]

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

^[6],[7]

$ 7,000

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

^[8],[9]

$ 7,000

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

^[16]

3,000,000

^[22],[25]

1,937,191

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

^[22],[25]

11.00%

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

1,595,238

^{[10],[13],[21]}

1,595,238

^{[15],[16],[22]}

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

$ 15,308

^[2]

$ 15,347

^[3]

Investment, Identifier [Axis]: Total Affiliate Investments

592

^[17]

592

^[18]

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

9,749

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

5,200

^[6],[7]

5,200

^[8],[9]

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

$ 4,500

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

4,701

^[10],[24]

4,701

^[16],[25]

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

$ 3,000

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

$ 3,000

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

1,000

^[6],[7]

1,000

^[8],[9]

Related Party Transactions

$ 6,563

^[2],[4]

$ 6,606

^[3]

[1]

[2]

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

[3]

Investments (or a 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]

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.

[5]

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.

[6]

[7]

[8]

[9]

[10]

Non-income producing.

[11]

Investment was on non-accrual status as of March 31, 2024, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[12]

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.

[13]

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

[14]

[15]

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

[16]

Non-income producing.

[17]

Subject to unfunded commitments. See Note 6.

[18]

Subject to unfunded commitments. See Note 6.

[19]

[20]

[21]

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

[22]

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

[23]

[24]

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.

[25]

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.

[26]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

First Lien Debt

0% to 2.00%

12.58% to 14.58%

2.00%

Inergex Holdings, LLC

First Lien Debt (Revolver)

0% to 2.00%

12.58% to 14.58%

2.00%

Kreg, LLC

First Lien Debt

0% to 2.00%

9.71% to 11.71%

2.00%

Master Cutlery, LLC

Subordinated Loan

0% to 13.00%

13.00%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

13.69% to 14.19%

0.50%

RumbleOn, Inc.

First Lien Debt

0% to 0.50%

14.19% to 14.69%

0.50%

[27]

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%

[28]

Portfolio company represents greater than 5% of total assets as of March 31, 2024.

[29]

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

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Investment Advisory and Management Agreement: OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company pursuant to the Investment Advisory Agreement. The continuation of the Investment Advisory Agreement was most recently approved by the Board on April 3, 2024. Under the terms of the Investment Advisory Agreement, which are in accordance with the 1940 Act and subject to the overall supervision of the Board, OFS Advisor is responsible for sourcing potential investments, conducting research and diligence on potential investments and equity sponsors, analyzing investment opportunities, structuring investments, and monitoring investments and portfolio companies on an ongoing basis.

OFS Advisor’s services under the Investment Advisory Agreement are not exclusive to the Company and OFS Advisor is free to furnish similar services to other entities, including other funds affiliated with OFS Advisor, so long as its services to the Company are not impaired. OFS Advisor also serves as the investment adviser or sub-adviser to various clients, including HPCI and OCCI.

OFS Advisor receives fees for providing services to the Company, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.75% and based on the average value of the Company’s total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and assets owned by any consolidated entity) at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the quarter.

For the years ended December 31, 2024 and 2023, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. OFS Advisor’s base management fee reduction is renewable on an annual basis, and OFS Advisor is not entitled to recoup the amount of the base management fee reduced with respect to the OFSCC-FS Assets. OFS Advisor most recently renewed the agreement to reduce its base management fee for the 2024 calendar year on January 8, 2024.

The incentive fee has two parts. The first part of the incentive fee (“Income Incentive Fee”) is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination and sourcing, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend and zero coupon securities), accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income is expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter and adjusted for any share issuances or repurchases during such quarter.

The incentive fee with respect to pre-incentive fee net income is 20.0% of the amount, if any, by which the pre-incentive fee net investment income for the immediately preceding calendar quarter exceeds a 2.0% hurdle rate (which is 8.0% annualized) 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 the net investment income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100.0% of the 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 the pre-incentive fee net investment income.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly minimum hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses. The Company’s net investment income used to calculate this part of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the base management fee. These calculations are appropriately prorated for any period of less than three months.

The second part of the incentive fee (the “Capital Gains Fee”) is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the Company’s aggregate realized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the end of each calendar year, computed net of all realized capital losses, losses on extinguishment of debt, income taxes from realized capital gains and unrealized capital depreciation through the end of such year, less all previous amounts paid in respect of the Capital Gains Fee. Since inception through March 31, 2024, the Company has not made a Capital Gains Fee payment.

The Company accrues the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) is positive. An accrued Capital Gains Fee relating to net unrealized appreciation is deferred, and not due to OFS Advisor, until the close of the year in which such gains are realized. If, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) decreases during a period, the Company will reverse any excess Capital Gains Fee previously accrued such that the amount of Capital Gains Fee accrued is no more than 20% of the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation). As of March 31, 2024 and December 31, 2023, there were no accrued Capital Gains Fees.

License Agreement: The Company entered into a license agreement with OFSAM under which OFSAM has granted the Company a non-exclusive, royalty-free license to use the name “OFS.”

Administration Agreement: OFS Services furnishes the Company with office facilities and equipment, necessary software licenses and subscriptions, and clerical, bookkeeping and record keeping services at such facilities pursuant to the Administration Agreement. The continuation of the Administration Agreement was most recently approved by the Board on April 3, 2024. Under the Administration Agreement, OFS Services performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and all other reports and materials required to be filed with the SEC or any other regulatory authority. In addition, OFS Services assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, OFS Services also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. Payment under the Administration Agreement is equal to an amount based upon the Company’s allocable portion of OFS Services’s overhead in performing its obligations under the Administration Agreement, including, but not limited to, rent, information technology services and the Company’s allocable portion of the cost of its officers, including its chief executive officer, chief financial officer, chief compliance officer, chief accounting officer and their respective staffs. To the extent that OFS Services outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to OFS Services.

Equity Ownership: As of March 31, 2024, affiliates of OFS Advisor held approximately 3,022,183 shares of common stock, which is approximately 22.6% of the Company’s outstanding shares of common stock.

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three months ended March 31, 2024 and 2023 are presented below:


	Three Months Ended March 31,
		2024		2023
Base management fee		$	1,523	$	1,894
Income Incentive Fee		1,399		1,238

Administration fee		394		482
Distributions paid to affiliates		1,028		997

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

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

Transfers between levels, change in investments measured at fair value using Level 3 inputs, and unrealized appreciation (depreciation) for assets still held

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ (9,049)	$ 3,806
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Net realized gain on investments	(798)	(167)
Income tax expense on net realized investment gains	0	171
Loss on extinguishment of debt	0	19
Net unrealized depreciation on investments, net of taxes	15,443	1,121
Amortization of Net Loan Fees	(298)	(409)
Amendment fees collected	12	39
Payment-in-kind interest and dividend income	(604)	(462)
Accretion of interest income on Structured Finance Securities	(2,093)	(3,002)
Amortization of debt issuance costs	391	387
Amortization of intangible asset	69	102
Purchase and origination of portfolio investments	(7,339)	(9,944)
Proceeds from principal payments on portfolio investments	9,854	1,791
Proceeds from sale or redemption of portfolio investments	2,049	8,919
Proceeds from distributions received from portfolio investments	3,621	3,138
Changes in operating assets and liabilities:
Interest receivable	(315)	1
Interest payable	(1,807)	(1,843)
Payable to adviser and affiliates	(176)	116
Other assets and liabilities	258	174
Net cash provided by operating activities	9,218	3,957
Cash flows from financing activities
Distributions paid to stockholders	(4,555)	(4,421)
Borrowings under revolving lines of credit	3,000	12,300
Repayments under revolving lines of credit	(15,000)	(11,000)
Repayments of SBA debentures	(31,920)	(5,000)
Net cash used in financing activities	(48,475)	(8,121)
Net decrease in cash and cash equivalents	(39,257)	(4,164)
Beginning of period	45,349	14,937
End of period	6,092	10,773
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$ 5,987	$ 6,330

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

The following table presents the Company’s transfers of Level 2 and Level 3 debt investments for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024		2023
Transfers from Level 2 to Level 3		$	1,910	$	—
Transfers from Level 3 to Level 2		11,723		3,809

The following tables present changes in investments measured at fair value using Level 3 inputs for the three months ended March 31, 2024 and March 31, 2023:


			Three Months Ended March 31, 2024
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2023	$	186,831	$	48,429	$	—	$	13,240	$	76,689	$	79,045	$	404,234

Net realized gain on investments	—		—		—		572		807		—		1,379
Net unrealized appreciation (depreciation) on investments	(1,047)		(634)		250		(5,140)		(9,976)		316		(16,231)
Amortization of Net Loan Fees	191		41		—		—		—		60		292
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		2,093		2,093
Capitalized PIK interest and dividends	117		224		—		263		—		—		604
Amendment fees received	(12)		—		—		—		—		—		(12)
Purchase and origination of portfolio investments	7,339		—		—		—		—		—		7,339
Proceeds from principal payments on portfolio investments	(745)		(9,073)		—		—		—		—		(9,818)
Sale and redemption of portfolio investments	—		—		—		(670)		(1,379)		—		(2,049)
Conversion from debt investments to equity investments	(2,669)		—		—		1,269		1,400		—		—
Proceeds from distributions received from portfolio investments	—		—		—		—		—		(3,621)		(3,621)
Transfers from Level 3 to Level 2	(11,723)		—		—		—		—		—		(11,723)
Transfers from Level 2 to Level 3	1,910		—		—		—		—		—		1,910
Level 3 assets, March 31, 2024	$	180,192	$	38,987	$	250	$	9,534	$	67,541	$	77,893	$	374,397


			Three Months Ended March 31, 2023
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		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 gain (loss) on investments	(68)		(72)		—		—		470		—		330
Net unrealized appreciation (depreciation) on investments	(1,574)		(374)		(1,097)		1,617		2,089		(2,380)		(1,719)
Amortization of Net Loan Fees	200		113		—		—		—		59		372
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		3,002		3,002
Capitalized PIK interest and dividends	213		13		—		236		—		—		462
Amendment fees received	(7)		(32)		—		—		—		—		(39)
Purchase and origination of portfolio investments	9,772		—		—		172		—		—		9,944
Proceeds from principal payments on portfolio investments	(1,335)		—		—		—		—		—		(1,335)
Sale and redemption of portfolio investments	(1,697)		(1,013)		—		—		—		—		(2,710)
Proceeds from distributions received from portfolio investments	—		—		—		—		(962)		(2,176)		(3,138)
Transfers from Level 3 to Level 2	(3,809)		—		—		—		—		—		(3,809)

Level 3 assets, March 31, 2023	$	226,309	$	54,834	$	129	$	10,221	$	92,597	$	87,023	$	471,113


	Three Months Ended March 31,
	2024		2023
Debt investments	$	(1,054)	$	(2,068)
Equity investments	(11,995)		3,705
Structured Finance Securities	315		(2,383)
Net unrealized depreciation on investments held	$	(12,734)	$	(746)

Investment portfolio measured at fair value on a recurring basis

The following tables present the Company’s investment portfolio measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:


Security	Level 1		Level 2		Level 3		Fair Value as of March 31, 2024
Debt investments	$	—	$	26,017	$	219,429	$	245,446
Equity investments	—		—		77,075		77,075
Structured Finance Securities	—		—		77,893		77,893
	$	—	$	26,017	$	374,397	$	400,414


Security	Level 1		Level 2		Level 3		Fair Value as of 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

Significant Level 3 inputs

Fair Value as of March 31, 2024

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

First lien

150,563

Discounted cash flow

Discount rates

9.75% - 25.18% (12.85%)

18,371

Market approach

EBITDA multiples

3.00x - 9.00x (5.38x)

7,178

Market approach

Revenue multiples

0.40x - 0.40x (0.40x)

4,080

Market approach

Transaction Price

Second lien

31,917

Discounted cash flow

Discount rates

11.02% - 19.12% (13.48%)

6,865

Market approach

Revenue multiples

0.40x - 0.93x (0.73x)

205

Market approach

Net asset value liquidation(2)

Subordinated

250

Market approach

Net asset value liquidation(2)

Structured Finance Securities:

Subordinated notes(1)

48,022

Discounted cash flow

Discount rates

15.00% - 49.50% (26.17%)

Constant default rate

2.00% - 3.00% (2.10%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

29,871

Discounted cash flow

Discount margin

6.25% - 10.00% (8.07%)

Constant default rate

2.00% - 3.00% (2.14%)

Recovery rate

65.00% - 65.00% (65.00%)

Equity investments:

Preferred equity

9,534

Market approach

EBITDA multiples

7.00x - 7.75x (7.74x)

Common equity, warrants and other

67,035

Market approach

EBITDA multiples

6.00x - 16.00x (12.94x)

Common equity, warrants and other

506

Market approach

Revenue multiples

0.40x - 0.70x (0.70x)

374,397

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

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

(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.

Carrying values and fair values of debt

The following table sets forth carrying values and fair values of the Company’s debt as of March 31, 2024 and December 31, 2023:


	As of March 31, 2024				As of December 31, 2023
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	78,500		78,500		90,500		90,500
Unsecured Notes Due February 2026	123,516		116,998		123,322		116,688
Unsecured Notes Due October 2028	54,061		49,324		54,011		48,565
SBA-guaranteed debentures	—		—		31,900		30,904
Total debt	$	256,077	$	244,822	$	299,733	$	286,657

(1) Carrying value is calculated as the outstanding principal amount less unamortized deferred debt issuance costs.


	March 31, 2024
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		78,500		78,500
Unsecured Notes Due February 2026	—		—		116,998		116,998
Unsecured Notes Due October 2028	49,324		—		—		49,324

Total debt, at fair value	$	49,324	$	—	$	195,498	$	244,822


	December 31, 2023
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		90,500		90,500
Unsecured Notes Due February 2026	—		—		116,688		116,688
Unsecured Notes Due October 2028	48,565		—		—		48,565
SBA-guaranteed debentures	—		—		30,904		30,904
Total debt, at fair value	$	48,565	$	—	$	238,092	$	286,657

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

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments to fund investments

The following table shows the Company’s outstanding commitments to fund investments in portfolio companies as of March 31, 2024:

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)

1,670

Flow Service Partners Management, LLC

First Lien Debt (Revolver)

636

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

SSJA Bariatric Management LLC

First Lien Debt (Revolver)

400

Tolemar Acquisition, Inc.

First Lien Debt (Revolver)

1,982

10,872

Investments - By Composition and Domicile (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

$ 399,037

^[1]

$ 403,530

100.00%

268.90%

249.00%

$ 400,414

^[1],[2]

$ 420,287

^[3]

100.00%

269.80%

^[1]

259.40%

United States

$ 297,884

$ 301,749

320,383

339,964

Canada

5,500

4,660

2,138

1,278

Cayman Islands

87,631

89,286

70,057

71,210

Jersey

8,022

7,835

Total Debt and Equity Investments - Non-control/Non-affiliate Investments

7,836

7,835

$ 303,384

$ 306,409

76.00%

75.90%

204.40%

189.10%

$ 322,521

$ 341,242

80.50%

81.20%

First Lien Debt Investments

217.20%

210.60%

$ 224,462

$ 220,941

56.20%

54.70%

151.30%

136.40%

$ 206,153

$ 202,792

51.30%

48.30%

Second lien debt investments

138.90%

125.10%

$ 49,039

$ 57,848

12.30%

14.30%

32.90%

35.70%

$ 39,043

$ 48,521

9.80%

11.50%

Subordinated debt investments

26.20%

30.00%

$ 4,680

1.20%

3.20%

2.90%

$ 250

$ 0

0.10%

0.00%

0.20%

0.00%

Preferred equity

$ 12,838

$ 11,403

3.20%

2.80%

8.70%

7.00%

$ 9,534

$ 13,240

2.40%

3.20%

Common equity, warrants and other

6.40%

8.20%

$ 12,365

$ 11,537

3.10%

2.90%

8.30%

7.10%

$ 67,541

$ 76,689

16.90%

18.20%

45.50%

47.30%

$ 95,653

$ 97,121

^[4]

24.00%

24.10%

64.50%

59.90%

$ 77,893

$ 79,045

^[3],[4]

19.50%

18.80%

First Lien Debt Investments, Unitranche

52.60%

48.80%

^[4]

$ 144,947

$ 141,291

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 135,793

$ 131,271

[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 in 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.

Fair Value of Financial Instruments - Investment Portfolio Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 400,414

^[1],[2]

$ 420,287

^[3]

Debt investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

245,446

251,313

Equity investments

77,075

89,929

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

77,893

79,045

Level 1

Level 1 | Debt investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Equity investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Structured Finance Securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2

Level 2 | Debt investments

26,017

16,053

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Equity investments

26,017

16,053

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Structured Finance Securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3

Level 3 | Debt investments

374,397

404,234

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Equity investments

219,429

235,260

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Structured Finance Securities

77,075

89,929

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 77,893

$ 79,045

[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 in 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

Fair value of investment in security owned.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: 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 A)(Footnote 1)(b)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 29: 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 4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

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

Investments in and Advances to Affiliates [Abstract]

Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	13,398,078
Balance	$ 162,004	$ 180,423
Net increase (decrease) in net assets resulting from operations:
Net investment income	5,596	4,950
Net realized (loss) gain on investments, net of taxes	798	(4)
Loss on extinguishment of debt	0	(19)
Net unrealized depreciation on investments, net of taxes	(15,443)	(1,121)
Dividends declared	(4,555)	(4,421)
Net decrease	$ (13,604)	$ (615)
Balance (in shares)	13,398,078	13,398,078
Balance	$ 148,400	$ 179,808
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	13,398,078	13,398,078
Balance	$ 134	$ 134
Net increase (decrease) in net assets resulting from operations:
Balance (in shares)	13,398,078	13,398,078
Balance	$ 134	$ 134
Paid-in capital in excess of par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	184,841	184,841
Net increase (decrease) in net assets resulting from operations:
Balance	184,841	184,841
Total distributable earnings (losses)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(22,971)	(4,552)
Net increase (decrease) in net assets resulting from operations:
Net investment income	5,596	4,950
Net realized (loss) gain on investments, net of taxes	798	(4)
Loss on extinguishment of debt		(19)
Net unrealized depreciation on investments, net of taxes	(15,443)	(1,121)
Dividends declared	(4,555)	(4,421)
Net decrease	(13,604)	(615)
Balance	$ (36,575)	$ (5,167)

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

3 Months Ended

Mar. 31, 2024

Consolidated schedule of investments in and advances to affiliates


		Three Months Ended March 31, 2024
Name of Portfolio Company	Investment Type (1)	Net Realized Gain		Net change in unrealized appreciation/(depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2023, Fair Value		Gross Additions (3)		Gross Reductions (4)		March 31, 2024, Fair Value (5)
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	$	—	$	(1,393)	$	—	$	263	$	—	$	263	$	10,312	$	263	$	(1,393)	$	9,182
	Common Equity (6)	—		(271)		—		—		—		—		271		—		(271)		—
		—		(1,664)		—		263		—		263		10,583		263		(1,664)		9,182

DRS Imaging Services, LLC	Common Equity (6)	—		113		—		—		—		—		393		113		—		506


Master Cutlery, LLC	Subordinated Loan (6)	—		250		—		—		—		—		—		250		—		250
	Preferred Equity (6)	—		—		—		—		—		—		—		—		—		—
	Common Equity (6)	—		—		—		—		—		—		—		—		—		—
		—		250		—		—		—		—		—		250		—		250

Pfanstiehl Holdings, Inc	Common Equity	—		(7,850)		—		547		—		547		70,927		—		(7,850)		63,077

TalentSmart Holdings, LLC	Common Equity (6)	—		(59)		—		—		—		—		1,136		—		(59)		1,077


TRS Services, LLC	Preferred Equity	572		(2,410)		—		1,891		—		1,891		2,507		—		(2,507)		—
	Common Equity (6)	807		(713)		—		—		—		—		1,285		—		(1,285)		—
		1,379		(3,123)		—		1,891		—		1,891		3,792		—		(3,792)		—

Total Affiliate Investments		$	1,379	$	(12,333)	$	—	$	2,701	$	—	$	2,701	$	86,831	$	626	$	(13,365)	$	74,092

(2)Represents the total amount of interest, fees or dividends included in income for the three months ended March 31, 2024.

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

(6)Non-income producing.

(7)Dividends recognized as income include PIK dividends contractually earned but not declared.

Capital Transactions

3 Months Ended

Mar. 31, 2024

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.

The following table summarizes distributions declared and paid for the three months ended March 31, 2024 and 2023:


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution
Three Months Ended March 31, 2024
February 28, 2024	March 18, 2024	March 28, 2024	$	0.34	$	4,555	(1)


			$	0.34	$	4,555
Three Months Ended March 31, 2023
February 28, 2023	March 24, 2023	March 31, 2023	$	0.33	$	4,421	(1)


			$	0.33	$	4,421


	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
Three Months Ended March 31, 2024
January 1, 2024 through March 31, 2024	8,530	$	10.04	$	86

Three Months Ended March 31, 2023
January 1, 2023 through March 31, 2023	5,096	$	10.43	$	53

Distributions in excess of the Company’s current and accumulated ICTI would be treated first as a return of capital to the extent of the stockholder’s adjusted 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 for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company’s stockholders.

Stock Repurchase Program:

The Company maintains a Stock Repurchase Program under which the Company may acquire up to $10,000 of its outstanding common stock. On April 30, 2024, the Board extended the Stock Repurchase Program for an additional two-year period ending May 22, 2026, 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.

During the three months ended March 31, 2024 and March 31, 2023, no shares of common stock were repurchased under the Stock Repurchase Program.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Commitment	$ 10,872
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	1,670
Investment, Identifier [Axis]: Flow Service Partners Management, LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	636
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]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	400
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	$ 1,982

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies. The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of, and for, the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 5, 2024. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year. Significant Accounting Policies: The following information supplements the description of significant accounting policies contained in Note 2 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Reclassifications: Certain prior period amounts 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. 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 revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. 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 sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6. Cash and cash equivalents: The Company’s cash and cash equivalent balances are maintained with a member bank of the FDIC, and at times, such balances exceed the FDIC insurance limit. The Company does not believe its cash and cash equivalent balances are exposed to any significant credit risk. Cash and cash equivalent balances are held in US Bank Trust Company, National Association and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash and cash equivalents held by SBIC I LP was limited by SBA regulation and use of cash and cash equivalents 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.

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Schedule of Investments

As of March 31, 2024, the Company’s investments consisted of the following:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	224,462	56.2	%	151.3	%	$	206,153	51.3	%	138.9	%
Second lien debt investments	49,039		12.3		32.9		39,043		9.8		26.2
Subordinated debt investments	4,680		1.2		3.2		250		0.1		0.2
Preferred equity	12,838		3.2		8.7		9,534		2.4		6.4
Common equity, warrants and other(2)	12,365		3.1		8.3		67,541		16.9		45.5
Total Portfolio Company Investments	303,384		76.0		204.4		322,521		80.5		217.2
Structured Finance Securities	95,653		24.0		64.5		77,893		19.5		52.6
Total investments	$	399,037	100.0	%	268.9	%	$	400,414	100.0	%	269.8	%

(2) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4—Portfolio Concentration” for additional information.

As of March 31, 2024 and December 31, 2023, the Company’s investment portfolio was domiciled as follows:


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States	$	297,884	$	320,383	$	301,749	$	339,964
Canada(1)	5,500		2,138		4,660		1,278
Cayman Islands(1)(2)	87,631		70,057		89,286		71,210
Jersey(1)(2)	8,022		7,836		7,835		7,835




Total investments	$	399,037	$	400,414	$	403,530	$	420,287

(1) Represents non-qualifying assets under Section 55(a) of the 1940 Act.

As of March 31, 2024, the industry composition of the Company’s investment portfolio was as follows:


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,087	5.5	%	14.9	%	$	21,425	5.3	%	14.4	%











Construction	24,351		6.0		16.4		15,561		3.8		10.5




Education Services	7,523		1.9		5.1		7,075		1.7		4.7



Finance and Insurance	3,096		0.8		2.1		3,133		0.8		2.1





Health Care and Social Assistance	72,348		18.1		48.8		65,133		16.3		43.9













Information	26,076		6.5		17.6		17,280		4.3		11.6












Management of Companies and Enterprises	12,651		3.2		8.5		12,304		3.1		8.3

Manufacturing	29,056		7.5		19.6		89,777		22.4		60.5


































Professional, Scientific, and Technical Services	21,358		5.4		14.3		21,513		5.4		14.5














Public Administration	703		0.2		0.5		45		—		—


Real Estate and Rental and Leasing	13,176		3.3		8.9		11,320		2.8		7.6





Retail Trade	12,678		3.1		8.5		12,354		3.1		8.3









Transportation and Warehousing	2,491		0.6		1.7		2,096		0.5		1.4





Wholesale Trade	55,790		13.9		37.5		43,505		11.0		29.4














Total Portfolio Company Investments	$	303,384	76.0	%	204.4	%	$	322,521	80.5	%	217.2	%
Structured Finance Securities	95,653		24.0		64.5		77,893		19.5		52.6
Total investments	$	399,037	100.0	%	268.9	%	$	400,414	100.0	%	269.8	%


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	220,941	54.7	%	136.4	%	$	202,792	48.3	%	125.1	%
Second lien debt investments	57,848		14.3		35.7		48,521		11.5		30.0
Subordinated debt investments	4,680		1.2		2.9		—		—		—
Preferred equity	11,403		2.8		7.0		13,240		3.2		8.2
Common equity, warrants and other	11,537		2.9		7.1		76,689		18.2		47.3
Total debt and equity investments	$	306,409	75.9	%	189.1	%	$	341,242	81.2	%	210.6	%
Structured Finance Securities	97,121		24.1		59.9		79,045		18.8		48.8
Total	$	403,530	100.0	%	249.0	%	$	420,287	100.0	%	259.4	%

As of December 31, 2023, the industry compositions of the Company’s debt and equity investments were as follows:


			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,119	5.5	%	13.6	%	$	21,252	5.2	%	13.0	%











Construction	19,393		4.8		12.0		11,712		2.8		7.2




Education Services	7,523		1.9		4.7		7,122		1.7		4.4



Finance and Insurance	3,097		0.8		1.9		3,097		0.7		1.9





Health Care and Social Assistance	72,013		17.8		44.5		69,122		16.5		42.6













Information	26,763		6.6		16.5		16,586		4.0		10.4












Management of Companies and Enterprises	11,219		2.8		6.9		10,718		2.6		6.6

Manufacturing	29,402		7.3		18.1		97,924		23.2		60.5


























Other Services (except Public Administration)	670		0.2		0.4		3,792		0.9		2.3






Professional, Scientific, and Technical Services	21,327		5.3		13.2		21,481		5.1		13.2













Public Administration	703		0.2		0.4		45		—		—


Real Estate and Rental and Leasing	12,072		3.0		7.5		11,861		2.8		7.3





Retail Trade	12,721		3.1		7.9		12,789		3.0		7.9









Transportation and Warehousing	2,495		0.7		1.5		2,257		0.5		1.6





Wholesale Trade	64,892		15.9		40.0		51,484		12.2		31.8













Total debt and equity investments	$	306,409	75.9	%	189.1	%	$	341,242	81.2	%	210.6	%
Structured Finance Securities	97,121		24.1		59.9		79,045		18.8		48.8
Total investments	$	403,530	100.0	%	249.0	%	$	420,287	100.0	%	259.4	%

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Securities Act File Number	814-00813
Entity Registrant Name	OFS CAPITAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1339639
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	IL
Entity Address, Postal Zip Code	60606
City Area Code	847
Local Phone Number	734-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,398,078
Entity Central Index Key	0001487918
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Common Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	OFS
Security Exchange Name	NASDAQ
4.95% Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	4.95% Notes due 2028
Trading Symbol	OFSSH
Security Exchange Name	NASDAQ

Borrowings - BOC Credit Facility Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 391	$ 387
Cash paid for interest expense	5,987	6,330
Revolving Credit Facility \| Banc of California Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	0	66
Amortization of debt issuance costs	31	1
Total interest and debt financing costs	31	67
Cash paid for interest expense	0	51
Average outstanding balance	$ 0	$ 2,669

Borrowings - Unsecured Notes Narrative (Details) - Unsecured Notes - USD ($) $ in Thousands	Mar. 31, 2024	Nov. 01, 2021	Mar. 18, 2021
Debt Instrument [Line Items]
Debt covenant, asset coverage	150.00%
Unsecured Notes Due February 2026
Debt Instrument [Line Items]
Aggregate principal			$ 125,000
Interest rate			4.75%
Unsecured Notes Due October 2028
Debt Instrument [Line Items]
Aggregate principal		$ 55,000
Interest rate		4.95%

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.

Borrowings - Average Dollar Borrowings and Weighted Average Effective Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Average dollar borrowings	$ 290,963	$ 336,897
Weighted average effective interest rate	6.29%	5.79%

Borrowings - BOC Credit Facility Narrative (Details) - USD ($) $ in Thousands	Dec. 15, 2023	Mar. 07, 2018	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Outstanding debt			$ 78,500	$ 90,500
Revolving Credit Facility \| Banc of California Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Interest rate floor	5.00%	4.00%
Commitment fee		0.50%
Line of credit facility, commitment fee	0.50%
Maximum availability limit percentage			50.00%
Outstanding debt			$ 0	$ 0
Unused commitment			$ 25,000

Borrowings - SBA Debentures Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 391	$ 387
Cash paid for interest expense	$ 5,987	$ 6,330
Effective interest rate	6.29%	5.79%
Average outstanding balance	$ 290,963	$ 336,897
SBA Debentures \| Debentures
Debt Instrument [Line Items]
Stated interest expense	151	348
Amortization of debt issuance costs	20	46
Total interest and debt financing costs	171	394
Cash paid for interest expense	$ 457	$ 725
Effective interest rate	3.25%	3.21%
Average outstanding balance	$ 21,046	$ 49,198

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.

Investments - Narrative (Details) $ in Thousands	3 Months Ended
Investments - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($) investment
Schedule of Investments [Line Items]
Number of non-portfolio investments \| investment	21	21
Investment, amortized cost, nonaccrual	$ 13,462
Investment, fair value, nonaccrual	8,846
Amortized cost of loans on non-accrual status	43,872	$ 34,568
Fair value of loans on non-accrual status	$ 19,381	$ 12,140
Portfolio Fair Value \| Investment Concentration Risk \| Pfanstiehl Holdings, Inc
Schedule of Investments [Line Items]
Concentration risk, percentage	15.80%
Portfolio Fair Value \| Adviser Concentration Risk \| Single Adviser
Schedule of Investments [Line Items]
Concentration risk, percentage	4.80%
Portfolio Net Assets \| Investment Concentration Risk \| Pfanstiehl Holdings, Inc
Schedule of Investments [Line Items]
Concentration risk, percentage	42.50%
Portfolio Net Assets \| Adviser Concentration Risk \| Single Adviser
Schedule of Investments [Line Items]
Concentration risk, percentage	12.90%
Debt investments
Schedule of Investments [Line Items]
Number of portfolio companies \| investment	43	44
First Lien Debt Investments
Schedule of Investments [Line Items]
Investment percentage	84.00%	81.00%
First Lien Debt Investments \| Portfolio Fair Value \| Investment Concentration Risk \| All Star Auto Lights, Inc.
Schedule of Investments [Line Items]
Concentration risk, percentage	6.90%
First Lien Debt Investments \| Portfolio Net Assets \| Investment Concentration Risk \| All Star Auto Lights, Inc.
Schedule of Investments [Line Items]
Concentration risk, percentage	18.70%
Second lien debt investments
Schedule of Investments [Line Items]
Investment percentage	16.00%	19.00%
Equity investments
Schedule of Investments [Line Items]
Number of portfolio companies \| investment	15	15

Borrowings - Unsecured Notes Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 391	$ 387
Cash paid for interest expense	$ 5,987	$ 6,330
Effective interest rate	6.29%	5.79%
Average outstanding balance	$ 290,963	$ 336,897
Unsecured Notes
Debt Instrument [Line Items]
Stated interest expense	2,165	2,165
Amortization of debt issuance costs	245	245
Total interest and debt financing costs	2,410	2,410
Cash paid for interest expense	$ 3,648	$ 3,649
Effective interest rate	5.35%	5.35%
Average outstanding balance	$ 180,000	$ 180,000

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.

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

Mar. 31, 2024

Dec. 31, 2023

Assets

Cash and cash equivalents

$ 400,414

^[1],[2]

$ 420,287

^[3]

6,092

45,349

Interest receivable

2,532

2,217

Prepaid expenses and other assets

1,431

1,965

Total assets

410,469

469,818

Liabilities

Revolving lines of credit

78,500

90,500

SBA debentures (net of deferred debt issuance costs of $0 and $20, respectively)

31,900

Unsecured Notes (net of deferred debt issuance costs of $2,423 and $2,667, respectively)

177,577

177,333

Interest payable

1,905

3,712

Accrued professional fees

438

500

Total liabilities

262,069

307,814

Commitments and contingencies (Note 6)

Net assets

Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 and 13,398,078 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

134

Paid-in capital in excess of par

184,841

Total accumulated losses

(36,575)

(22,971)

Total net assets

148,400

162,004

Total liabilities and net assets

$ 410,469

$ 469,818

Number of shares outstanding (in shares)

13,398,078

Net asset value per share (in usd per share)

$ 11.08

$ 12.09

Affiliated entity

Liabilities

Payable to adviser and affiliates and Other liabilities

$ 3,380

$ 3,556

Nonrelated party

Liabilities

Payable to adviser and affiliates and Other liabilities

269

313

Non-control/Non-affiliate Investments

Assets

326,322

^[2]

333,456

^[3]

Affiliate investments

Assets