0001487918-23-000101 | 10-Q | XBRL Viewer

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 457,247

^[1],[2]

$ 500,576

^[3],[4]

Level 3

Level 3 | Discounted cash flow | Senior secured

435,581

469,753

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discounted cash flow | Subordinated notes

234,746

264,702

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discounted cash flow | Mezzanine debt

48,043

53,688

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Market approach | Senior secured

27,502

26,413

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Market approach | Subordinated

16,110

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Market approach | Subordinated notes

100

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Market approach | Loan Accumulation Facility

118

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Discounted cash flow | Common equity, warrants and other

$ 8,299

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Minimum | Discounted cash flow | Senior secured

$ 77,105

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.1032

0.1021

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Minimum | Discounted cash flow | Common equity, warrants and other

0.1600

0.1250

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Maximum | Discounted cash flow | Senior secured

0.1075

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.2166

0.2071

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Maximum | Discounted cash flow | Common equity, warrants and other

0.5800

0.3400

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Weighted Average | Discounted cash flow | Senior secured

0.1075

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.1318

0.1294

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Discount rates | Weighted Average | Discounted cash flow | Common equity, warrants and other

0.3224

0.2214

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Market approach | Senior secured

0.1075

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Market approach | Subordinated

$ 2,477

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Market approach | Preferred equity

$ 1,226

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

11,462

6,202

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Minimum | Discounted cash flow | Common equity, warrants and other

$ 5,445

$ 91,070

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Minimum | Market approach | Senior secured

12.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Minimum | Market approach | Subordinated

7.00

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

10.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

4.58

7.25

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Maximum | Discounted cash flow | Common equity, warrants and other

4.58

3.72

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Maximum | Market approach | Senior secured

12.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Maximum | Market approach | Subordinated

7.00

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

10.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

7.50

7.25

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Weighted Average | Discounted cash flow | Common equity, warrants and other

16.50

11.75

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Weighted Average | Market approach | Senior secured

12.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | EBITDA multiples | Weighted Average | Market approach | Subordinated

7.00

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

10.50

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

6.84

7.25

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Market approach | Senior secured

9.55

9.63

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Market approach | Preferred equity

$ 20,255

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

344

$ 1,901

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Minimum | Market approach | Senior secured

$ 358

$ 24

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Minimum | Market approach | Subordinated

0.40

0.46

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.23

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.1326

0.15

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Maximum | Market approach | Senior secured

0.40

0.15

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Maximum | Market approach | Subordinated

1.40

0.70

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.23

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.1326

0.87

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Weighted Average | Market approach | Senior secured

0.70

0.87

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Revenue multiples | Weighted Average | Market approach | Subordinated

0.59

0.56

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.23

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.1326

0.87

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.70

0.15

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0300

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0200

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0203

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.6500

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.0685

0.0725

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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

0.1025

0.1160

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Transaction Price | Market approach | Subordinated notes

0.0804

0.0858

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Transaction Price | Market approach | Mezzanine debt

$ 4,840

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Related Party Transactions

$ 2,807

[1]	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.
[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 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]	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.

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 3,643	$ (10,021)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized loss on investments	10,241	868
Income tax (benefit) expense on net realized investment gains	54	(365)
Loss on extinguishment of debt	213	144
Net unrealized depreciation on investments, net of taxes	1,312	22,999
Amortization of Net Loan Fees	(1,238)	(1,334)
Amendment fees collected	166	206
Payment-in-kind interest and dividend income	(1,491)	(650)
Accretion of interest income on Structured Finance Securities	(8,534)	(7,647)
Amortization of debt issuance costs	1,153	1,154
Amortization of intangible asset	306	307
Purchase and origination of portfolio investments	(34,721)	(144,894)
Proceeds from principal payments on portfolio investments	48,207	75,218
Proceeds from sale or redemption of portfolio investments	18,803	31,060
Proceeds from distributions received from portfolio investments	10,610	14,261
Changes in operating assets and liabilities:
Interest receivable	423	(354)
Interest payable	(1,957)	(1,673)
Payable to adviser and affiliates	(112)	(2,431)
Receivable for investment sold	0	11,325
Payable for investments purchased	0	(8,788)
Other assets and liabilities	(75)	(610)
Net cash provided by (used in) operating activities	47,003	(21,225)
Cash flows from financing activities
Distributions paid to stockholders	(13,398)	(11,418)
Borrowings under revolving lines of credit	24,650	58,650
Repayments under revolving lines of credit	(38,250)	(35,750)
Repayments of SBA debentures	(19,000)	(19,000)
Payment of deferred financing costs	0	(1,022)
Repurchases of common stock under Stock Repurchase Program	0	(231)
Net cash used in financing activities	(45,998)	(8,771)
Net increase (decrease) in cash	1,005	(29,996)
Cash at beginning of period	14,937	43,048
Cash at end of period	15,942	13,052
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	15,602	12,742
Reinvestment of distributions to stockholders	$ 0	$ 128

Related Party Transactions

9 Months Ended

Sep. 30, 2023

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 5, 2023. 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 to other companies, 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, 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, 2023 and 2022, 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 (excluding cash) 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 2023 calendar year on January 11, 2023.

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 and unrealized capital depreciation at the end of such year, less all previous amounts paid in respect of the Capital Gains Fee. Since inception through September 30, 2023, 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 September 30, 2023 and December 31, 2022, there were no accrued Capital Gains Fees.

License Agreement: The Company is party to 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 5, 2023. 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 September 30, 2023, affiliates of OFS Advisor held approximately 3,020,992 shares of common stock, which is approximately 22.5% 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 and nine months ended September 30, 2023 and 2022 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Management fee	$	1,796	$	1,986	$	5,573	$	6,062
Incentive fees:
Income Incentive Fee	1,348		1,093		3,866		1,093
Capital Gains Fee(1)	—		—		—		(1,916)
Administration fee	380		435		1,302		1,309
Distributions paid to affiliates	1,027		876		3,021		2,597

(1) For the nine months ended September 30, 2022, the negative Capital Gains Fee represents the reversal of a previously accrued Capital Gains Fee resulting from the reduction in net unrealized appreciation on the investment portfolio.

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

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Fair Value of Financial Instruments

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined with models or other valuation techniques, valuation inputs, and assumptions that market participants would use in pricing the subject 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. If the asset or liability has a specified term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; and (iv) inputs that are derived principally from or corroborated by observable market data.

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 and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Transfers from Level 2 to Level 3	$	—	$	—	$	—	$	3,252
Transfers from Level 3 to Level 2	5,957		6,403		7,491		6,403

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. The Company’s investments are subject to market risk as a result of economic and political developments, including impacts from rising interest rates and elevated inflation rates, the ongoing war between Russia and Ukraine, the current conflict in Israel, 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 following tables present the Company’s investment portfolio measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:


Security	Level 1		Level 2		Level 3		Fair Value as of September 30, 2023
Debt investments	$	—	$	21,666	$	257,578	$	279,244
Equity investments	—		—		94,714		94,714
Structured Finance Securities	—		—		83,289		83,289
	$	—	$	21,666	$	435,581	$	457,247


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

The following tables provides the primary quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of September 30, 2023 and December 31, 2022. The Company may make changes to the valuation techniques, among techniques otherwise commonly used in accordance with its valuation policies, and/or the weighting of techniques used for particular investments based on changes in facts-and-circumstances and depending on the availability of, or changes in, information in order to produce the best estimate of fair value as of the measurement date. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor’s valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s investment assets.

Fair Value as of September 30, 2023

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

Senior secured

234,746

Discounted cash flow

Discount rates

10.32% - 21.66% (13.18%)

Senior secured

2,477

Market approach

EBITDA multiples

7.00x - 7.00x (7.00x)

Senior secured

20,255

Market approach

Revenue multiples

0.40x - 1.40x (0.59x)

Subordinated

100

Market approach

Revenue multiples

0.23x - 0.23x (0.23x)

Structured Finance Securities:

Subordinated notes(1)

48,043

Discounted cash flow

Discount rates

16.00% - 58.00% (32.24%)

Constant default rate

2.00% - 2.00% (2.00%)

Recovery rate

65.00% - 65.00% (65.00%)

Subordinated notes

Market approach

Net asset value liquidation(2)

Subordinated notes

4,840

Market approach

Transaction Price

Mezzanine debt

27,502

Discounted cash flow

Discount margin

6.85% - 10.25% (8.04%)

Constant default rate

2.00% - 3.00% (2.03%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

2,807

Market approach

Transaction Price

Equity investments:

Preferred equity

11,462

Market approach

EBITDA multiples

4.58x - 7.50x (6.84x)

Preferred equity

344

Discounted cash flow

Discount rates

13.26% - 13.26% (13.26%)

Common equity, warrants and other

5,445

Market approach

EBITDA multiples

4.58x - 16.50x (9.55x)

Common equity, warrants and other

77,105

Discounted cash flow

Discount rates

10.75% - 10.75% (10.75%)

Market approach

EBITDA multiples

12.50x - 12.50x (12.50x)

Common equity, warrants and other

358

Market approach

Revenue multiples

0.40x - 0.70x (0.70x)

435,581

(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 Structured Finance Security that has been optionally redeemed.

Fair Value at December 31, 2022

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

Senior secured

264,702

Discounted cash flow

Discount rates

10.21% - 20.71% (12.94%)

Senior secured

16,110

Market approach

Revenue multiples

0.46x - 0.70x (0.56x)

Subordinated

1,226

Market approach

EBITDA multiples

10.50x - 10.50x (10.50x)

Structured Finance Securities:

Subordinated notes(1)

53,688

Discounted cash flow

Discount rates

12.50% - 34.00% (22.14%)

Constant default rate

2.00% - 2.00% (2.00%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

26,413

Discounted cash flow

Discount margin

7.25% - 11.60% (8.58%)

Constant default rate

2.00% - 3.00% (2.03%)

Recovery rate

65.00% - 65.00% (65.00%)

Subordinated notes

118

Market approach

Net asset value liquidation(2)

Loan accumulation facility

8,299

Market approach

Probability weighted NAV analysis

Equity investments:

Preferred equity

6,202

Market approach

EBITDA multiples

7.25x - 7.25x (7.25x)

Preferred equity

1,901

Market approach

Revenue multiples

0.15x - 0.87x (0.87x)

Common equity, warrants and other

91,070

Market approach

EBITDA multiples

3.72x - 11.75x (9.63x)

Common equity, warrants and other

Market approach

Revenue multiples

0.15x - 0.87x (0.15x)

469,753

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

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 EBITDA 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 EBITDA 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 EBITDA and/or EBITDA multiples, and in inverse relation to changes in the discount rate. Due to the wide range of approaches used 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 nine months ended September 30, 2023 and September 30, 2022:


	Nine Months Ended September 30, 2023
	Senior Secured Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2022	$	280,813	$	1,226	$	8,196	$	91,000	$	88,518	$	469,753

Net realized loss on investments	(140)		(9,210)		—		(6,642)		—		(15,992)
Net unrealized appreciation (depreciation) on investments	(3,110)		8,084		2,461		(844)		(3,416)		3,175
Amortization of Net Loan Fees	994		—		—		—		170		1,164
Accretion of interest income on Structured Finance Securities	—		—		—		—		8,534		8,534
Capitalized PIK interest and dividends	687		—		804		—		—		1,491
Amendment fees received	(166)		—		—		—		—		(166)
Purchase and origination of portfolio investments	26,378		—		345		356		7,642		34,721
Proceeds from principal payments on portfolio investments	(37,777)		—		—		—		(8,511)		(46,288)
Sale and redemption of portfolio investments	(2,710)		—		—		—		—		(2,710)
Proceeds from distributions received from portfolio investments	—		—		—		(962)		(9,648)		(10,610)
Transfers out of Level 3	(7,491)		—		—		—		—		(7,491)

Level 3 assets, September 30, 2023	$	257,478	$	100	$	11,806	$	82,908	$	83,289	$	435,581


	Nine Months Ended September 30, 2022
	Senior Secured Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2021	$	261,113	$	17,943	$	3,765	$	83,486	$	75,201	$	441,508
Net realized loss on investments	(122)		—		(51)		(6)		—		(179)
Net unrealized appreciation (depreciation) on investments	(9,416)		(5,488)		3,558		6,050		(12,600)		(17,896)
Amortization of Net Loan Fees	1,058		6		—		—		186		1,250
Accretion of interest income on Structured Finance Securities	—		—		—		—		7,647		7,647
Capitalized PIK interest and dividends	362		58		230		—		—		650
Amendment fees	(206)		—		—		—		—		(206)
Purchase and origination of portfolio investments	85,066		—		—		1,290		43,198		129,554
Proceeds from principal payments on portfolio investments	(51,060)		(8,245)		—		—		(9,500)		(68,805)
Sale and redemption of portfolio investments	(2,845)		—		—		(3,141)		—		(5,986)
Proceeds from distributions received from portfolio investments	—		—		—		—		(14,261)		(14,261)
Transfers out of Level 3	(6,403)		—		—		—		—		(6,403)
Transfers into Level 3	3,252		—		—		—		—		3,252
Level 3 assets, September 30, 2022	$	280,799	$	4,274	$	7,502	$	87,679	$	89,871	$	470,125

The net unrealized depreciation reported in the Company’s consolidated statements of operations for the nine months ended September 30, 2023 and 2022, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows:


	Nine Months Ended September 30,
	2023		2022
Senior secured debt investments	$	(4,125)	$	(8,941)
Subordinated debt investments	(22)		(5,487)
Preferred equity	2,474		3,507
Common equity, warrants and other	(7,590)		7,657
Structured Finance Securities	(3,622)		(12,553)
Net unrealized depreciation on investments held	$	(12,885)	$	(15,817)

Other Financial Assets and Liabilities

The Company provides disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments, such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such financial instruments. The PWB 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 September 30, 2023 and December 31, 2022:


	As of September 30, 2023				As of December 31, 2022
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
PWB Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	91,100		91,100		104,700		104,700
Unsecured Notes Due February 2026	123,129		113,799		122,547		109,037
Unsecured Notes Due October 2028	53,959		47,850		53,806		47,058
SBA-guaranteed debentures	31,870		30,692		50,697		49,470
Total debt	$	300,058	$	283,441	$	331,750	$	310,265

(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 indicate the fair value hierarchy of the significant unobservable inputs utilized by the Company to determine such fair values as of September 30, 2023 and December 31, 2022:


	September 30, 2023
Description	Level 1(1)		Level 2		Level 3(2)		Total
PWB Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		91,100		91,100
Unsecured Notes Due February 2026	—		—		113,799		113,799
Unsecured Notes Due October 2028	47,850		—		—		47,850
SBA-guaranteed debentures	—		—		30,692		30,692
Total debt, at fair value	$	47,850	$	—	$	235,591	$	283,441


	December 31, 2022
Description	Level 1(1)		Level 2		Level 3(2)		Total
PWB Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		104,700		104,700
Unsecured Notes Due February 2026	—		—		109,037		109,037
Unsecured Notes Due October 2028	47,058		—		—		47,058
SBA-guaranteed debentures	—		—		49,470		49,470
Total debt, at fair value	$	47,058	$	—	$	263,207	$	310,265

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

(2) For Level 3 measurements, fair value is estimated by discounting remaining payments at current market rates for similar instruments at the measurement date and considering such factors as 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

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Preferred stock, par value (in usd per share)

$ 432,863

^[1]

$ 474,880

^[2]

$ 0.01

Preferred stock, authorized (in shares)

2,000,000

Preferred stock, issued (in shares)

Preferred stock, outstanding (in shares)

Common stock, par value (in usd per share)

$ 0.01

Common stock, authorized (in shares)

100,000,000

Common stock, issued (in shares)

13,398,078

Common stock, outstanding (in shares)

13,398,078

Debentures

Deferred debt issuance costs

$ 50

$ 223

Unsecured Notes

Deferred debt issuance costs

2,912

3,647

Non-control/Non-affiliate Investments

413,958

446,620

18,905

18,100

Control investment

Investments in and Advances to Affiliates [Abstract]

$ 0

$ 10,160

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

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

9 Months Ended

Sep. 30, 2023

Consolidated Schedule of Investments In and Advances To Affiliates


		Nine Months Ended September 30, 2023
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net change in unrealized appreciation/(depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2022, Fair Value		Gross Additions (3)		Gross Reductions (4)		September 30, 2023, Fair Value (5)
Control Investment
Eblens Holdings, Inc.	Subordinated Loan (6)	$	(4,605)	$	3,501	$	—	$	—	$	—	$	—	$	1,104	$	—	$	(1,104)	$	—
	Subordinated Loan (6)	(4,605)		4,605		—		—		—		—		—		—		—		—
	Common Equity (6)	(1,306)		950		—		—		—		—		—		356		(356)		—
		(10,516)		9,056		—		—		—		—		1,104		356		(1,460)		—

Total Control Investment		(10,516)		9,056		—		—		—		—		1,104		356		(1,460)		—
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	—		1,811		—		735		—		735		6,202		2,546		—		8,748
	Common Equity (6)	—		1,459		—		—		—		—		510		1,459		—		1,969
		—		3,270		—		735		—		735		6,712		4,005		—		10,717

DRS Imaging Services, LLC	Common Equity	—		(1,211)		—		34		—		34		1,569		—		(1,211)		358


Master Cutlery, LLC	Subordinated Loan (6)	—		(22)		—		—		—		—		122		—		(22)		100
	Preferred Equity (6)	—		—		—		—		—		—		—		—		—		—
	Common Equity (6)	—		—		—		—		—		—		—		—		—		—
		—		(22)		—		—		—		—		122		—		(22)		100

Pfanstiehl Holdings, Inc	Common Equity	—		(8,351)		—		547		—		547		85,456		—		(8,351)		77,105


TalentSmart Holdings, LLC	Common Equity (6)	—		(305)		—		—		—		—		953		—		(305)		648


TRS Services, Inc.	Preferred Equity (7)	—		579		—		118		—		118		1,890		647		—		2,537
	Common Equity (6)	—		—		—		—		—		—		—		—		—		—
		—		579		—		118		—		118		1,890		647		—		2,537

Total Affiliate Investments		—		(6,040)		—		1,434		—		1,434		96,701		4,652		(9,889)		91,465
Total Control and Affiliate Investments		$	(10,516)	$	3,016	$	—	$	1,434	$	—	$	1,434	$	97,805	$	5,008	$	(11,349)	$	91,465

(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 nine months ended September 30, 2023, during which an investment was included in the Control Investment or Affiliate Investment categories.

(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, if any, 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.

Related Party Transactions - Expenses and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transactions [Abstract]
Management fee	$ 1,796	$ 1,986	$ 5,573	$ 6,062
Incentive fees:
Incentive fees	1,348	1,093	3,866	1,093
Capital Gains Fee	0	0	0	(1,916)
Administration fee	380	435	1,302	1,309
Distributions paid to affiliates	1,027	$ 876	3,021	$ 2,597
Affiliated entity
Related Party Transaction [Line Items]
Other liabilities	$ 3,797		$ 3,797		$ 3,909

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

Sep. 30, 2023

Dec. 31, 2022

^[1],[2]

13.04%

$ 452,302

^[3]

$ 492,641

^[4]

432,863

^[3]

474,880

^[4]

$ 457,247

^[3],[5]

$ 500,576

^[4],[6]

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

267.90%

^[3]

277.40%

^[4]

$ 332,198

$ 372,403

$ 373,958

$ 412,058

219.10%

228.30%

^[7]

$ 131,474

$ 100,665

102,477

^[7]

$ 83,289

$ 88,518

^[6],[7]

AIDC IntermediateCo 2, LLC

48.80%

49.10%

^[7]

^[2]

$ 2,031

^[2]

1,996

^[2],[5]

$ 2,016

All Star Auto Lights, Inc.

^[2]

1.20%

$ 27,858

^[2],[8],[9]

$ 28,073

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

27,629

^[2],[8],[9]

27,752

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

$ 27,856

^{[2],[5],[8],[9]}

$ 27,820

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

16.30%

^[2],[8],[9]

15.40%

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

Avison Young

$ 4,719

^[13],[14]

$ 4,744

^[7]

4,660

^[13],[14]

4,681

^[7]

$ 2,477

^{[5],[13],[14]}

$ 4,207

^[6],[7]

Baymark Health Services, Inc.

1.40%

^[13],[14]

2.30%

^[7]

$ 8,950

^[2]

$ 8,950

^[10]

8,858

^[2]

8,787

^[10]

$ 8,869

^[2],[5]

$ 8,675

^[6],[10]

Boca Home Care Holdings, Inc.

5.20%

^[2]

4.80%

^[10]

$ 11,044

^[15]

$ 9,548

^[16]

12,562

^[15]

10,748

^[16]

$ 11,869

^[5],[15]

$ 10,252

^[6],[16]

Diamond Sports Group, LLC

6.90%

^[15]

5.70%

^[16]

$ 2,188

^{[2],[13],[17]}

$ 2,187

^[10],[18]

2,183

^{[2],[13],[17]}

2,181

^[10],[18]

$ 178

^{[2],[5],[13],[17]}

$ 488

^{[6],[10],[18]}

0.10%

^{[2],[13],[17]}

0.20%

^[10],[18]

East West Manufacturing

^[10]

$ 1,950

^[10]

1,930

^[6],[10]

$ 1,862

^[10]

1.00%

Eblens Holdings, Inc.

^[16]

$ 9,890

^[16]

10,160

$ 0

$ 1,104

^[6],[16]

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

^[16]

0.60%

13,961

^[8],[19]

$ 13,457

^[11],[20]

17,618

^[8],[19]

17,665

^[11],[20]

$ 9,839

^[5],[8],[19]

$ 9,246

^{[6],[11],[20]}

5.80%

^[8],[19]

5.10%

^[11],[20]

GGC Aerospace Topco L.P.

^[21]

$ 500

$ 0

^[5],[21]

$ 500

^[6]

$ 0

0.00%

^[21]

0.00%

Honor HN Buyer Inc

$ 12,566

$ 8,436

^[10]

12,387

8,228

^[10]

$ 12,566

^[5]

$ 8,176

^[6],[10]

7.40%

4.60%

^[10]

Inergex Holdings, LLC

2.00%

$ 17,212

$ 14,868

17,056

14,596

$ 17,212

^[5]

$ 14,868

^[6]

10.10%

8.20%

Kreg LLC

2.50%

$ 17,032

$ 16,550

^[10]

16,945

16,444

^[10]

$ 15,731

^[5]

$ 15,604

^[6],[10]

9.20%

8.70%

^[10]

Metasource

$ 2,758

^[2]

$ 2,779

^[10]

2,729

^[2]

2,746

^[10]

$ 2,529

^[2],[5]

$ 2,511

^[6],[10]

1.50%

^[2]

1.40%

^[10]

Milrose Consultants, LLC

^[11],[12]

$ 27,648

^[11],[12]

27,621

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

$ 27,148

^[11],[12]

15.00%

One GI LLC

$ 12,821

$ 11,454

12,672

11,240

$ 12,059

^[5]

$ 10,647

^[6]

7.10%

5.90%

RSA Security

$ 6,165

^[2]

$ 7,219

^[10]

6,114

^[2]

7,156

^[10]

$ 4,942

^[2],[5]

$ 5,281

^[6],[10]

2.90%

^[2]

3.00%

^[10]

RumbleOn, Inc.

0.50%

$ 4,464

^[2],[14]

$ 5,187

^[7],[10]

4,543

^[2],[14]

5,203

^[7],[10]

$ 4,141

^[2],[5],[14]

$ 4,659

^[6],[7],[10]

SSJA Bariatric Management LLC

2.40%

^[2],[14]

2.60%

^[7],[10]

$ 13,451

^[2]

$ 13,353

^[10]

13,421

^[2]

13,299

^[10]

$ 13,419

^[2],[5]

$ 13,119

^[6],[10]

7.80%

^[2]

7.30%

^[10]

SS Acquisition, LLC

$ 4,502

^[2]

$ 4,259

^[10]

4,471

^[2]

4,222

^[10]

$ 4,502

^[2],[5]

$ 4,172

^[6],[10]

2.70%

^[2]

2.40%

^[10]

The Escape Game, LLC

$ 23,800

^[8]

$ 16,333

^[11]

23,713

^[8]

16,302

^[11]

$ 24,010

^[5],[8]

$ 16,497

^[6],[11]

Tolemar Acquisition, INC.

14.00%

^[8]

9.10%

^[11]

$ 15,978

$ 15,942

^[10]

15,927

15,873

^[10]

$ 14,938

^[5]

$ 15,942

^[6],[10]

United Biologics Holdings, LLC

8.80%

^[10]

^[11],[22]

$ 17

^{[6],[11],[22]}

$ 35

Brightwood Capital MM CLO 2023-1A, Ltd.

^[11],[22]

0.00%

$ 8,542

7,647

^[5]

$ 7,647

4.40%

Dryden 53 CLO, Ltd.

$ 4,859

^[23],[24]

$ 4,859

^[25],[26]

2,480

^[23],[24]

2,698

^[25],[26]

$ 1,256

^{[5],[23],[24]}

$ 1,852

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

Contract Datascan Holdings, Inc.

0.70%

^[23],[24]

1.00%

^[25],[26]

$ 7,153

^[8],[15]

$ 6,419

^[11],[16]

$ 10,717

^[5],[8],[15]

$ 6,712

^{[6],[11],[16]}

6.30%

^[8],[15]

3.70%

^[11],[16]

Master Cutlery, LLC

$ 9,442

^{[8],[15],[21]}

$ 8,578

^{[11],[16],[22]}

8,163

^{[8],[15],[21]}

8,163

^{[11],[16],[22]}

$ 100

^{[5],[8],[15],[21]}

$ 122

^{[6],[11],[16],[22]}

0.10%

^{[8],[15],[21]}

0.10%

^{[11],[16],[22]}

TRS Services, LLC

$ 642

^{[8],[15],[21]}

$ 572

^[11],[16]

$ 2,537

^{[5],[8],[15],[21]}

$ 1,890

^{[6],[11],[16]}

Non-control/Non-affiliate Investments

1.50%

^{[8],[15],[21]}

1.00%

^[11],[16]

$ 442,860

$ 474,173

413,958

446,620

$ 365,782

^[5]

$ 402,771

^[6]

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

214.20%

223.20%

$ 311,355

$ 342,699

313,293

344,143

$ 282,493

^[5]

$ 314,253

^[6]

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

165.40%

174.20%

^[14]

$ 131,505

^[14]

100,665

^[5],[14]

$ 83,289

^[14]

48.80%

$ 9,442

18,905

$ 18,100

$ 91,465

^[5]

96,701

53.70%

Control investment

9,890

$ 0

10,160

$ 0

$ 1,104

^[6]

Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan

0.60%

11.43%

^[1],[2]

10.39%

^[10],[27]

6.00%

^[1],[2]

6.00%

^[10],[27]

$ 8,840

^[2]

$ 8,910

^[10]

8,793

^[2]

8,854

^[10]

$ 8,532

^[2],[5]

$ 8,821

^[6],[10]

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan

4.80%

^[2]

4.90%

^[10]

^[10],[27]

10.44%

^[10],[27]

6.25%

^[10]

$ 2,000

^[10]

1,959

^[6],[10]

$ 1,943

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan 1

^[10]

1.10%

^[1]

11.75%

^[1]

6.25%

$ 1,985

1,951

^[5]

$ 1,970

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan 2

1.20%

^[1]

11.77%

^[1]

6.25%

$ 46

^[5]

$ 46

Investment, Identifier [Axis]: Advantage Sales & Marketing Inc. (F/K/A Karman Buyer Corp), Senior Secured Loan

0.00%

^[1],[2],[17]

10.04%

^[1],[2],[17]

4.50%

^[2],[17]

$ 2,266

^[2],[17]

2,242

^[2],[5],[17]

$ 2,190

Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1

^[2],[17]

1.30%

10.94%

^[1]

12.00%

^[27]

5.50%

^[1]

7.25%

^[27]

$ 22,920

$ 23,098

22,753

22,863

$ 22,918

^[5]

$ 22,890

^[6]

Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2

13.40%

12.70%

10.94%

^[1]

11.76%

^[27]

5.50%

^[1]

7.25%

^[27]

$ 4,938

$ 4,975

4,876

4,889

$ 4,938

^[5]

$ 4,930

^[6]

Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan

2.90%

2.70%

11.04%

^[1],[2],[17]

10.23%

^{[10],[12],[18],[27]}

5.50%

^[1],[2],[17]

5.50%

^{[10],[12],[18],[27]}

$ 3,739

^[2],[17]

$ 3,768

^{[10],[12],[18]}

3,735

^[2],[17]

3,763

^{[10],[12],[18]}

$ 3,347

^[2],[5],[17]

$ 3,103

^{[6],[10],[12],[18]}

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

2.00%

^[2],[17]

1.70%

^{[10],[12],[18]}

^{[1],[23],[24]}

21.91%

^[23],[24]

$ 11,080

^[23],[24]

10,251

^{[5],[23],[24]}

$ 7,608

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

^[23],[24]

4.50%

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

19.26%

^[25],[26]

$ 11,080

^[25],[26]

9,915

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

$ 7,996

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

^[25],[26]

4.40%

19.97%

^{[1],[23],[24]}

18.54%

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

$ 8,630

^[23],[24]

$ 8,630

^[25],[26]

7,080

^[23],[24]

7,198

^[25],[26]

$ 5,781

^{[5],[23],[24]}

$ 6,141

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

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

3.40%

^[23],[24]

3.40%

^[25],[26]

16.16%

^{[1],[23],[24]}

16.48%

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

$ 10,726

^[23],[24]

$ 10,726

^[25],[26]

8,862

^[23],[24]

8,389

^[25],[26]

$ 7,145

^{[5],[23],[24]}

$ 8,611

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

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

4.20%

^[23],[24]

4.80%

^[25],[26]

^[27]

9.73%

^[27]

5.65%

$ 6,000

5,749

^[6]

$ 5,272

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

2.90%

^[1]

11.07%

^[1]

5.50%

$ 6,000

5,811

^[5]

$ 5,488

Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan

3.20%

14.23%

^[1],[13]

13.23%

^[27]

8.50%

^[1],[13]

8.50%

^[27]

$ 3,000

^[13]

$ 3,000

2,704

^[13]

2,680

$ 385

^[5],[13]

$ 2,246

^[6]

Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan

0.20%

^[13]

1.20%

^[18],[27]

9.63%

^[18],[27]

5.25%

^[18]

$ 2,000

^[18]

1,766

^[6],[18]

$ 1,572

Investment, Identifier [Axis]: Atlantis Holding, LLC , Senior Secured Loan

^[18]

0.90%

^{[10],[18],[27]}

11.83%

^{[10],[18],[27]}

7.25%

^[10],[18]

$ 8,316

^[10],[18]

8,037

^{[6],[10],[18]}

$ 8,102

Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1

^[10],[18]

4.50%

12.15%

^[1],[2]

10.19%

^[27]

6.50%

^[1],[2]

5.75%

^[27]

$ 3,925

^[2]

$ 3,946

3,903

^[2]

3,926

$ 2,060

^[2],[5]

$ 3,475

^[6]

Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2

1.20%

^[2]

1.90%

12.65%

^[1]

11.44%

^[10],[27]

7.00%

^[1]

7.00%

^[10],[27]

$ 794

$ 798

^[10]

757

755

^[10]

$ 417

^[5]

$ 732

^[6],[10]

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc.

0.20%

0.40%

^[10]

^[1]

12.68%

^[1]

7.25%

$ 1,667

1,644

^[5]

$ 1,464

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Senior Secured Loan

0.90%

^[27]

11.98%

^[27]

7.25%

$ 1,667

1,641

^[6]

$ 1,540

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

0.90%

^[27]

10.94%

^[27]

6.86%

$ 8,000

7,899

^[6]

$ 7,308

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

4.10%

^[1]

12.43%

^[1]

6.86%

$ 8,000

7,913

^[5]

$ 7,726

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

4.50%

^[27]

11.17%

^[27]

6.85%

$ 6,000

5,855

^[6]

$ 5,445

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

3.00%

^[1]

12.46%

^[1]

6.85%

$ 6,000

5,902

^[5]

$ 5,650

Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan

3.30%

14.15%

^[1]

13.23%

^[27]

8.50%

^[1]

8.50%

^[27]

$ 4,962

4,912

4,904

$ 4,917

^[5]

$ 4,861

^[6]

Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw)

2.90%

2.70%

14.15%

^[1]

13.23%

^[27],[28]

8.50%

^[1]

8.50%

^[27],[28]

$ 3,988

^[28]

3,946

3,883

^[28]

$ 3,952

^[5]

$ 3,814

^[6],[28]

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

2.30%

2.10%

^[28]

$ 1,290

^[21],[29]

$ 1,290

^[22],[30]

$ 937

^{[5],[21],[29]}

$ 1,098

^{[6],[22],[30]}

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

0.50%

^[21],[29]

0.60%

^[22],[30]

12.00%

2.00%

$ 345

^[5]

$ 344

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan

0.20%

^[10],[27]

11.33%

^[10],[27]

6.50%

^[10]

$ 9,548

^[10]

9,469

^[6],[10]

$ 9,201

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw)

^[10]

5.10%

^[1],[2],[31]

12.14%

^[1],[2],[31]

6.50%

^[2],[31]

$ 11,044

^[2],[31]

10,937

^[2],[5],[31]

$ 10,636

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver)

^[2],[31]

6.20%

6.50%

^[1],[31]

1.00%

^[27],[28]

$ 0

^[31]

$ 0

^[28]

(10)

^[31]

(11)

^[28]

$ (48)

^[5],[31]

$ (47)

^[6],[28]

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

0.00%

^[31]

0.00%

^[28]

^[27],[32]

14.50%

^[32]

$ 8,500

^[32]

8,500

^[6],[32]

$ 8,299

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

^[32]

4.60%

^[1]

11.85%

^[1]

6.46%

$ 915

887

^[5]

$ 887

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

0.50%

^[1]

15.75%

^[1]

10.36%

$ 2,133

1,920

^[5]

$ 1,920

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

1.10%

^{[1],[23],[24]}

14.56%

^[23],[24]

$ 5,494

^[23],[24]

4,840

^{[5],[23],[24]}

$ 4,840

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

^[23],[24]

2.80%

^[21]

$ 703

^[5],[21]

$ 37

Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity (20,628 common shares)

^[21]

0.00%

^[22]

$ 703

^[6],[22]

$ 32

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

^[22]

0.00%

10.00%

$ 6,315

^[6]

$ 6,202

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

3.40%

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

$ 1,969

$ 510

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

8,748

6,202

104

^[21]

104

^[22]

$ 1,969

^[5],[21]

$ 510

^[6],[22]

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

1.20%

^[21]

0.30%

^[22]

10.00%

$ 7,049

^[5]

$ 8,748

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

5.10%

12.18%

^[1]

11.07%

^[27]

6.75%

^[1]

6.75%

^[27]

$ 5,938

5,859

5,849

$ 5,897

^[5]

$ 5,767

^[6]

Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan

3.50%

3.20%

11.03%

^[1],[2],[14]

9.25%

^{[7],[10],[27]}

5.50%

^[1],[2],[14]

5.50%

^{[7],[10],[27]}

$ 1,975

^[2],[14]

$ 1,990

^[7],[10]

1,964

^[2],[14]

1,977

^[7],[10]

$ 1,866

^[2],[5],[14]

$ 1,854

^[6],[7],[10]

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

1.10%

^[2],[14]

1.00%

^[7],[10]

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

$ 358

$ 1,569

1,135

^[15],[29]

1,135

^{[16],[22],[30]}

$ 358

^{[5],[15],[29]}

$ 1,568

^{[6],[16],[22],[30]}

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1)

0.20%

^[15],[29]

0.90%

^{[16],[22],[30]}

^[1]

15.43%

^[1]

10.00%

$ 253

248

^[5]

$ 132

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2)

0.10%

^[1],[21]

10.68%

^[1],[21]

5.25%

^[21]

$ 1,935

^[21]

1,935

^[5],[21]

$ 46

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 1

^[21]

0.00%

^[27]

12.32%

^[27]

8.00%

$ 252

246

^[6]

$ 240

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 2

0.10%

^[27],[33]

7.57%

^[27],[33]

3.25%

^[33]

$ 1,935

^[33]

1,935

^[6],[33]

$ 248

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

^[33]

0.10%

^[27]

22.97%

$ 2,159

1,199

^[6]

$ 823

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

0.50%

^[27]

23.00%

$ 2,700

1,499

^[6]

$ 1,029

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

0.50%

^[1]

14.56%

$ 2,159

1,087

^[5]

$ 558

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

0.30%

^[1]

12.54%

$ 2,700

1,393

^[5]

$ 698

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

0.40%

17.88%

^{[1],[23],[24]}

19.75%

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

$ 2,750

^[23],[24]

$ 2,750

^[25],[26]

2,339

^[23],[24]

2,266

^[25],[26]

$ 1,837

^{[5],[23],[24]}

$ 2,030

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

Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan

1.10%

^[23],[24]

1.10%

^[25],[26]

11.12%

^[1],[2]

10.07%

^[27]

5.75%

^[1],[2]

5.75%

^[27]

$ 1,935

^[2]

$ 1,950

1,920

^[2]

1,933

$ 1,850

^[2],[5]

$ 1,873

^[6]

Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw)

1.10%

^[2]

1.00%

^[27],[28]

2.88%

^[28]

$ 0

^[28]

(3)

^[6],[28]

$ (11)

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

^[28]

0.00%

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

$ 0

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

1,104

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

$ 0

^[22]

^[22]

950

^[6],[22]

$ 0

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

^[22]

0.00%

^[27],[33]

13.00%

^[33]

$ 4,945

^[33]

4,605

^[6],[33]

$ 1,104

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

^[33]

0.60%

^[27],[33]

13.00%

^[33]

$ 4,945

^[33]

4,605

^[6],[33]

$ 0

Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan

^[33]

0.00%

14.02%

^[1]

12.88%

^[27]

8.50%

^[1]

8.50%

^[27]

$ 3,679

3,429

3,360

$ 3,603

^[5]

$ 3,468

^[6]

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

2.10%

1.90%

0.00%

^{[1],[21],[23],[24],[34]}

0.00%

^{[25],[26],[27],[35]}

$ 5,438

^{[21],[23],[24],[34]}

$ 5,449

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

1,300

^{[21],[23],[24],[34]}

1,311

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

$ 97

^{[5],[21],[23],[24],[34]}

$ 118

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

Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan

0.10%

^{[21],[23],[24],[34]}

0.10%

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

^[10],[27]

8.48%

^[10],[27]

3.75%

^[10]

$ 1,768

^[10]

1,765

^[6],[10]

$ 1,652

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

^[10]

0.90%

$ 4,722

^[21],[36]

$ 4,722

^[22],[37]

$ 0

^{[5],[21],[36]}

$ 0

^{[6],[22],[37]}

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1)

0.00%

^[21],[36]

0.00%

^[22],[37]

^[1]

7.50%

$ 6,311

6,312

^[5]

$ 6,311

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2)

3.70%

^{[1],[13],[21]}

10.00%

^[13],[21]

$ 7,650

^[13],[21]

6,584

^{[5],[13],[21]}

$ 3,528

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver)

^[13],[21]

2.10%

$ 0

^[31]

$ 0

^[28]

^[31]

^[28]

$ 0

^[5],[31]

$ 0

^[6],[28]

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 1

0.00%

^[31]

0.00%

^[28]

^[27]

7.50%

$ 6,359

6,359

^[6]

$ 6,359

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 2

3.50%

^{[22],[27],[33]}

10.00%

^[22],[33]

$ 7,098

^[22],[33]

6,584

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

$ 2,887

Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan

^[22],[33]

1.60%

15.15%

^[1],[8],[13]

14.23%

^[11],[27]

2.25%

^[1],[8],[13]

1.25%

^[11],[27]

9.50%

^[1],[8],[13]

9.50%

^[11],[27]

$ 4,339

^[8],[13]

$ 4,277

^[11]

4,231

^[8],[13]

4,210

^[11]

$ 3,443

^[5],[8],[13]

$ 3,987

^[6],[11]

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

2.00%

^[8],[13]

2.20%

^[11]

10.36%

^{[1],[23],[24]}

20.94%

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

$ 9,680

^[23],[24]

$ 9,680

^[25],[26]

6,586

^[23],[24]

6,907

^[25],[26]

$ 5,234

^{[5],[23],[24]}

$ 5,587

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

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

3.10%

^[23],[24]

3.10%

^[25],[26]

$ 450

^[5]

$ 0

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

0.00%

$ 50

^[5]

$ 0

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

0.00%

^[22]

$ 450

^[6],[22]

$ 0

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

^[22]

0.00%

^[22]

$ 50

^[6],[22]

$ 0

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), Senior Secured Loan

^[22]

0.00%

^[1],[2],[17]

10.27%

^[1],[2],[17]

4.75%

^[2],[17]

$ 2,924

^[2],[17]

2,923

^[2],[5],[17]

$ 1,955

Investment, Identifier [Axis]: Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market/ Cardenas Markets), Senior Secured Loan

^[2],[17]

1.10%

^[1],[2]

12.24%

^[1],[2]

6.75%

^[2]

$ 5,940

^[2]

5,643

^[2],[5]

$ 5,957

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan

^[2]

3.50%

11.29%

^[1],[2]

10.48%

^[27]

5.75%

^[1],[2]

5.75%

^[27]

$ 6,483

^[2]

$ 6,532

6,396

^[2]

6,428

$ 6,483

^[2],[5]

$ 6,426

^[6]

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw 1)

3.80%

^[2]

3.60%

^[1],[2]

11.29%

^[1],[2]

5.75%

^[2]

$ 4,099

^[2]

4,035

^[2],[5]

$ 4,099

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw 2)

^[2]

2.40%

^[1],[2],[31]

11.54%

^[1],[2],[31]

6.00%

^[2],[31]

$ 1,889

^[2],[31]

1,871

^[2],[5],[31]

$ 1,889

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw)

^[2],[31]

1.10%

^[27],[28]

10.48%

^[27],[28]

5.75%

^[28]

$ 1,904

^[28]

1,812

^[6],[28]

$ 1,762

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver)

^[28]

1.00%

^[1],[31]

13.25%

4.75%

^[1],[31]

5.75%

^[27],[28]

$ 95

^[31]

$ 0

^[28]

^[31]

(12)

^[28]

$ 95

^[5],[31]

$ (12)

^[6],[28]

Investment, Identifier [Axis]: Idera, Senior Secured Loan

0.10%

^[31]

0.00%

^[28]

12.12%

^[1]

10.50%

^[27]

6.75%

^[1]

6.75%

^[27]

$ 4,000

4,000

$ 4,000

^[5]

$ 3,732

^[6]

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

2.30%

2.10%

^[27],[38]

12.15%

^[1]

12.59%

2.00%

^[1]

2.00%

^[27],[38]

7.00%

^[1]

7.00%

^[27],[38]

$ 14,868

^[38]

14,754

14,669

^[38]

$ 14,868

^[5]

$ 14,868

^[6],[38]

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

8.70%

8.20%

^[38]

^[1]

12.59%

^[1]

2.00%

7.00%

^[1]

7.00%

^[27],[28]

$ 2,344

$ 0

^[28]

2,302

(73)

^[28]

$ 2,344

^[5]

$ 0

^[6],[28]

Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan

1.40%

0.00%

^[28]

9.76%

^[1],[2],[17]

9.01%

^{[10],[18],[27]}

4.25%

^[1],[2],[17]

4.25%

^{[10],[18],[27]}

$ 2,940

^[2],[17]

$ 2,963

^[10],[18]

2,948

^[2],[17]

2,972

^[10],[18]

$ 2,552

^[2],[5],[17]

$ 2,359

^{[6],[10],[18]}

Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan

1.50%

^[2],[17]

1.30%

^[10],[18]

11.13%

^[1],[2]

9.91%

^[10],[27]

5.50%

^[1],[2]

5.50%

^[10],[27]

$ 4,700

^[2]

$ 5,369

^[10]

4,501

^[2]

5,227

^[10]

$ 3,608

^[2],[5]

$ 4,622

^[6],[10]

Investment, Identifier [Axis]: KNS Acquisition Corp. , Senior Secured Loan

2.10%

^[2]

2.60%

^[10]

^[10],[27]

10.42%

^[10],[27]

6.25%

^[10]

$ 6,781

^[10]

6,747

^[6],[10]

$ 6,515

Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan

^[10]

3.60%

^{[10],[18],[27]}

8.28%

^{[10],[18],[27]}

4.50%

^[10],[18]

$ 2,284

^[10],[18]

2,256

^{[6],[10],[18]}

$ 1,898

Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan

^[10],[18]

1.10%

^[27]

10.98%

^[1],[2],[39]

9.79%

2.50%

^[1],[2],[39]

0.50%

^[27]

4.25%

^[1],[2],[39]

6.25%

^[27]

$ 17,032

^[2],[39]

$ 16,550

16,951

^[2],[39]

16,452

$ 15,826

^[2],[5],[39]

$ 15,675

^[6]

Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver)

9.30%

^[2],[39]

8.70%

6.25%

^[1],[31]

6.25%

^[27],[28]

$ 0

^[31]

$ 0

^[28]

(6)

^[31]

(8)

^[28]

$ (95)

^[5],[31]

$ (71)

^[6],[28]

Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan

(0.10%)

^[31]

0.00%

^[28]

^{[10],[18],[27]}

9.14%

^{[10],[18],[27]}

4.75%

^[10],[18]

$ 2,946

^[10],[18]

2,945

^{[6],[10],[18]}

$ 1,909

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

^[10],[18]

1.10%

24.20%

^{[1],[23],[24]}

23.69%

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

$ 10,000

^[23],[24]

$ 10,000

^[25],[26]

5,816

^[23],[24]

6,112

^[25],[26]

$ 5,168

^{[5],[23],[24]}

$ 5,319

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

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

3.00%

^[23],[24]

2.90%

^[25],[26]

20.70%

^{[1],[23],[24]}

19.83%

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

$ 9,500

^[23],[24]

$ 9,500

^[25],[26]

6,139

^[23],[24]

6,459

^[25],[26]

$ 5,820

^{[5],[23],[24]}

$ 5,645

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

Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20)

3.40%

^[23],[24]

3.10%

^[25],[26]

^{[1],[13],[39]}

13.00%

^[13],[39]

$ 9,442

^[13],[39]

4,680

^{[5],[13],[39]}

$ 100

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

^[13],[39]

0.10%

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

$ 0

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

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

100

122

$ 0

^[5]

$ 0

^[6]

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

0.00%

8.00%

$ 3,483

$ 0

^[5]

$ 0

^[6]

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

0.00%

^{[27],[33],[38]}

13.00%

^[33],[38]

$ 8,578

^[33],[38]

4,680

^{[6],[33],[38]}

$ 122

Investment, Identifier [Axis]: Metasource, Senior Secured Loan

^[33],[38]

0.10%

^[27]

10.69%

6.25%

^[1]

6.25%

^[27]

$ 2,758

$ 2,779

2,734

2,754

$ 2,598

^[5]

$ 2,592

^[6]

Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw)

1.50%

1.40%

6.25%

^[1],[31]

6.25%

^[27],[28]

$ 0

^[31]

$ 0

^[28]

(5)

^[31]

(8)

^[28]

$ (69)

^[5],[31]

$ (81)

^[6],[28]

Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Revolver)

0.00%

^[31]

0.00%

^[28]

^[1]

11.68%

Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan

^[1]

0.50%

^[10],[27]

11.33%

^[10],[27]

6.50%

^[10]

$ 27,172

^[10]

27,151

^[6],[10]

$ 26,700

Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver)

^[10]

14.80%

^[27],[28]

11.33%

^[27],[28]

6.50%

^[28]

$ 476

^[28]

470

^[6],[28]

$ 448

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

^[28]

0.20%

^[27]

13.03%

^[27]

8.75%

$ 1,000

945

^[6]

$ 874

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

0.50%

^[1]

14.13%

^[1]

8.75%

$ 1,000

957

^[5]

$ 936

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

0.50%

10.72%

^{[1],[23],[24]}

18.97%

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

$ 7,000

^[23],[24]

$ 7,000

^[25],[26]

4,186

^[23],[24]

4,504

^[25],[26]

$ 2,369

^{[5],[23],[24]}

$ 3,202

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

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan

1.40%

^[23],[24]

1.80%

^[25],[26]

^[10],[27]

11.13%

^[10],[27]

6.75%

^[10]

$ 7,508

^[10]

7,395

^[6],[10]

$ 7,039

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw)

^[10]

3.90%

^{[10],[27],[28]}

11.14%

^{[10],[27],[28]}

6.75%

^[10],[28]

$ 3,946

^[10],[28]

3,866

^{[6],[10],[28]}

$ 3,698

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1)

^[10],[28]

2.00%

^[1],[2]

12.17%

^[1],[2]

6.75%

^[2]

$ 7,451

^[2]

7,368

^[2],[5]

$ 7,008

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2)

^[2]

4.10%

^[1],[2],[31]

12.17%

^[1],[2],[31]

6.75%

^[2],[31]

$ 3,926

^[2],[31]

3,876

^[2],[5],[31]

$ 3,692

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver)

^[2],[31]

2.20%

^[1]

12.17%

6.75%

^[1]

6.75%

^[27],[28]

$ 1,444

$ 0

^[28]

1,428

(21)

^[28]

$ 1,359

^[5]

$ (90)

^[6],[28]

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

0.80%

0.00%

^[28]

^[22],[30]

$ 499

^{[6],[22],[30]}

$ 967

Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units)

^[22],[30]

0.50%

^[15],[21]

$ 499

^{[5],[15],[21]}

$ 620

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

^[15],[21]

0.40%

^[27]

11.54%

^[27]

7.30%

$ 1,000

978

^[6]

$ 910

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

0.50%

^[1]

12.89%

^[1]

7.30%

$ 1,000

981

^[5]

$ 976

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

0.60%

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

$ 77,105

$ 85,456

^{[11],[12],[16],[22]}

217

77,105

^{[5],[8],[9],[15]}

$ 85,456

^{[6],[11],[12],[16],[22]}

Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity (400 Class A shares)

^{[11],[12],[16],[22]}

47.40%

^[8],[9],[15]

$ 217

Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan

^[8],[9],[15]

45.20%

5.50%

^[1],[13]

4.00%

^[27],[33]

$ 16,648

^[13]

$ 16,648

^[33]

14,113

^[13]

14,113

^[33]

$ 6,588

^[5],[13]

$ 6,864

^[6],[33]

Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan

3.90%

^[13]

3.80%

^[33]

^[27]

11.23%

^[27]

6.50%

$ 1,125

1,083

^[6]

$ 1,064

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

0.60%

^[22],[30]

$ 492

^{[6],[22],[30]}

$ 406

Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units)

^[22],[30]

0.20%

^[29]

$ 0

^[5],[29]

$ 1,189

Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 1

^[29]

0.70%

^[18],[27]

9.11%

^[18],[27]

4.75%

^[18]

$ 2,769

^[18]

2,756

^[6],[18]

$ 1,931

Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 2

^[18]

1.10%

^[27]

12.11%

^[27]

7.75%

$ 4,450

4,400

^[6]

$ 3,350

Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan

1.90%

11.54%

^[1],[2]

10.42%

^[10],[27]

6.00%

^[1],[2]

6.00%

^[10],[27]

$ 2,529

^[2]

$ 2,548

^[10]

2,500

^[2]

2,514

^[10]

$ 2,381

^[2],[5]

$ 2,501

^[6],[10]

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

1.40%

^[2]

1.40%

^[10]

9.47%

^{[1],[23],[24]}

17.49%

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

$ 1,300

^[23],[24]

$ 1,300

^[25],[26]

959

^[23],[24]

1,034

^[25],[26]

$ 567

^{[5],[23],[24]}

$ 695

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

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Senior Secured Loan (1)

0.30%

^[23],[24]

0.40%

^[25],[26]

^[1],[17]

10.18%

^[1],[17]

4.75%

^[17]

$ 1,715

^[17]

1,709

^[5],[17]

$ 1,478

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Senior Secured Loan (2)

^[17]

0.90%

^[1]

13.18%

^[1]

7.75%

$ 4,450

4,405

^[5]

$ 3,464

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

2.00%

^[27]

11.03%

^[27]

6.95%

$ 800

778

^[6]

$ 738

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

0.40%

^[1]

12.52%

^[1]

6.95%

$ 800

800

^[5]

$ 771

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

0.50%

^[27]

11.24%

^[27]

7.19%

$ 3,000

2,971

^[6]

$ 2,990

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

1.70%

^[1]

12.52%

^[1]

7.19%

$ 3,000

2,973

^[5]

$ 3,055

Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan

1.80%

^[27]

12.98%

^[1],[39]

13.90%

^[1],[39]

0.50%

8.75%

^[1],[39]

8.25%

^[27]

$ 3,264

^[39]

$ 3,985

3,154

^[39]

3,817

$ 2,995

^[5],[39]

$ 3,617

^[6]

Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw)

1.80%

^[39]

2.00%

^[27],[28]

12.98%

8.25%

^[1]

8.25%

^[27],[28]

$ 1,200

$ 1,202

^[28]

1,189

1,186

^[28]

$ 1,101

^[5]

$ 1,042

^[6],[28]

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

0.60%

^[28]

^[21]

200

^[21]

$ 200

$ 45

^[5],[21]

$ 0

^[6]

Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan

0.00%

^[21]

0.00%

12.27%

^[1],[40]

11.10%

^[27],[41]

6.76%

^[1],[40]

6.85%

^[27],[41]

$ 3,042

^[40]

$ 3,042

^[41]

3,022

^[40]

3,017

^[41]

$ 3,042

^[5],[40]

$ 2,988

^[6],[41]

Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw)

1.80%

^[40]

1.70%

^[41]

13.03%

^[1]

11.84%

^[27],[28]

7.59%

^[1]

7.59%

^[27],[28]

$ 1,460

$ 1,217

^[28]

1,449

1,205

^[28]

$ 1,460

^[5]

$ 1,184

^[6],[28]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1)

0.90%

0.70%

^[28]

^[1]

10.79%

^[1]

5.25%

$ 9,601

9,584

^[5]

$ 9,578

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2)

5.60%

^[1]

10.79%

^[1]

5.25%

$ 1,037

1,035

^[5]

$ 1,035

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3)

0.60%

^[1]

10.79%

^[1]

5.25%

$ 2,613

2,605

^[5]

$ 2,607

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver)

1.50%

^[1],[31]

10.79%

5.25%

^[1],[31]

5.25%

^[27],[28]

$ 200

^[31]

$ 0

^[28]

199

^[31]

(2)

^[28]

$ 199

^[5],[31]

$ (11)

^[6],[28]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 1

0.10%

^[31]

0.00%

^[28]

^[27]

9.98%

^[27]

5.25%

$ 9,675

9,643

^[6]

$ 9,513

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 2

5.30%

^[27]

9.98%

^[27]

5.25%

$ 1,045

1,041

^[6]

$ 1,028

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 3

0.60%

^[27]

9.98%

^[27]

5.25%

$ 2,633

2,617

^[6]

$ 2,589

Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan

1.40%

13.42%

^[1]

12.38%

^[27]

8.00%

^[1]

8.00%

^[27]

$ 9,073

9,072

9,071

$ 9,073

^[5]

$ 9,073

^[6]

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

5.30%

5.00%

^[22],[30]

$ 160

^{[6],[22],[30]}

$ 80

Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units)

^[22],[30]

0.00%

^[21],[29]

^[21],[29]

160

^{[5],[21],[29]}

$ 157

Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan

^[21],[29]

0.10%

8.92%

^[1],[2],[17]

7.89%

^{[10],[18],[27]}

3.50%

^[1],[2],[17]

3.50%

^{[10],[18],[27]}

$ 1,808

^[2],[17]

$ 1,822

^[10],[18]

1,795

^[2],[17]

1,807

^[10],[18]

$ 1,533

^[2],[5],[17]

$ 1,566

^{[6],[10],[18]}

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

0.90%

^[2],[17]

0.90%

^[10],[18]

^[1],[2]

7.50%

^[2]

$ 1,489

^[2]

1,456

^[2],[5]

$ 1,472

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan

^[2]

0.90%

^[10],[27]

12.98%

^[10],[27]

8.25%

^[10]

$ 6,399

^[10]

6,375

^[6],[10]

$ 6,182

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan

^[10]

3.40%

^[1],[2]

13.68%

^[1],[2]

8.25%

^[2]

$ 6,399

^[2]

6,403

^[2],[5]

$ 6,399

Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan

^[2]

3.70%

10.63%

^{[1],[2],[14],[17]}

9.44%

^{[7],[10],[18],[27]}

5.00%

^{[1],[2],[14],[17]}

5.00%

^{[7],[10],[18],[27]}

$ 2,877

^{[2],[14],[17]}

$ 2,900

^{[7],[10],[18]}

2,845

^{[2],[14],[17]}

2,858

^{[7],[10],[18]}

$ 2,475

^{[2],[5],[14],[17]}

$ 2,689

^{[6],[7],[10],[18]}

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

1.50%

^{[2],[14],[17]}

1.50%

^{[7],[10],[18]}

^{[1],[23],[24]}

10.40%

^[23],[24]

$ 7,000

^[23],[24]

5,053

^{[5],[23],[24]}

$ 3,206

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

^[23],[24]

1.90%

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

14.24%

^[25],[26]

$ 7,000

^[25],[26]

5,347

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

$ 3,926

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

^[25],[26]

2.20%

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

$ 0

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

2,537

1,890

572

^[21]

572

$ 0

^[5],[21]

$ 0

^[6]

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

0.00%

^[21]

0.00%

11.00%

$ 70

$ 0

$ 2,537

^[5]

$ 1,890

^[6]

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

1.50%

1.00%

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

$ 648

$ 953

1,595

^{[15],[21],[29]}

1,595

^{[16],[22],[30]}

$ 648

^{[5],[15],[21],[29]}

$ 953

^{[6],[16],[22],[30]}

Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan

0.40%

^{[15],[21],[29]}

0.50%

^{[16],[22],[30]}

12.42%

^[1],[2]

11.38%

^[27]

7.00%

^[1],[2]

7.00%

^[27]

$ 21,000

^[2]

$ 16,333

20,932

^[2]

16,333

$ 21,210

^[2],[5]

$ 16,497

^[6]

Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver)

12.40%

^[2]

9.10%

^[1],[31]

12.42%

7.00%

^[1],[31]

7.00%

^[27],[28]

$ 2,800

^[31]

$ 0

^[28]

2,781

^[31]

(31)

^[28]

$ 2,800

^[5],[31]

$ 0

^[6],[28]

Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan

1.60%

^[31]

0.00%

^[28]

^{[10],[18],[27]}

12.88%

^{[10],[18],[27]}

8.50%

^[10],[18]

$ 3,978

^[10],[18]

3,910

^{[6],[10],[18]}

$ 3,930

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan

^[10],[18]

2.20%

11.75%

^[1],[2]

9.32%

^[27]

6.00%

^[1],[2]

5.75%

^[27]

$ 15,386

^[2]

$ 15,504

15,343

^[2]

15,445

$ 14,495

^[2],[5]

$ 15,504

^[6]

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan (Revolver)

8.50%

^[2]

8.60%

11.75%

^[1],[31]

12.25%

^[27],[28]

6.00%

^[1],[31]

4.75%

^[27],[28]

$ 592

^[31]

$ 438

^[28]

584

^[31]

428

^[28]

$ 443

^[5],[31]

$ 438

^[6],[28]

Investment, Identifier [Axis]: Tony's Fresh Market / Cardenas Markets, Senior Secured Loan

0.30%

^[31]

0.20%

^[28]

^[10],[27]

11.44%

^[10],[27]

6.75%

^[10]

$ 5,985

^[10]

5,647

^[6],[10]

$ 5,532

Investment, Identifier [Axis]: Total Affiliate Investments

^[10]

3.10%

$ 8,578

18,101

^[6]

$ 96,701

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

53.60%

10.59%

^{[1],[23],[24]}

23.02%

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

$ 5,200

^[23],[24]

$ 5,200

^[25],[26]

3,040

^[23],[24]

3,060

^[25],[26]

$ 1,692

^{[5],[23],[24]}

$ 2,216

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

Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan

1.00%

^[23],[24]

1.20%

^[25],[26]

14.13%

^[1]

12.91%

^[27]

8.50%

^[1]

8.50%

^[27]

$ 4,500

4,596

4,611

$ 4,410

^[5]

$ 4,226

^[6]

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

2.60%

2.30%

$ 8

^[6]

$ 24

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (4,701 units)

0.00%

^[8],[21]

$ 9

^[5],[8],[21]

$ 20

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

^[8],[21]

0.00%

$ 9

^[6]

$ 11

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

0.00%

^[27]

11.66%

^[27]

7.70%

$ 3,000

2,931

^[6]

$ 2,876

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

1.60%

^[1]

13.03%

^[1]

7.70%

$ 3,000

2,939

^[5]

$ 2,900

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

1.70%

8.56%

^{[1],[23],[24]}

23.88%

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

$ 1,000

^[23],[24]

$ 1,000

^[25],[26]

650

^[23],[24]

670

^[25],[26]

$ 359

^{[5],[23],[24]}

$ 471

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

Investment, Identifier [Axis]: Wllful, Inc. (F/K/A KNS Acquisition Corp.), Senior Secured Loan

0.20%

^[23],[24]

0.30%

^[25],[26]

^[1],[2],[17]

11.68%

^[1],[2],[17]

6.25%

^[2],[17]

$ 6,650

^[2],[17]

6,622

^[2],[5],[17]

$ 6,337

Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan

^[2],[17]

3.70%

^{[10],[18],[27]}

9.88%

^{[10],[18],[27]}

5.50%

^[10],[18]

$ 3,127

^[10],[18]

3,100

^{[6],[10],[18]}

$ 2,843

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[10],[18]

1.60%

[1]

As of September 30, 2023, the Company held loans with an aggregate fair value of $262,717, or 94% of the total loan portfolio, that bear interest at a variable rate indexed to LIBOR (L) or SOFR, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of September 30, 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.

[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]

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.

[4]

[5]

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.

[6]

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.

[7]

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

[8]

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

[9]

Portfolio company represents greater than 5% of total assets as of September 30, 2023.

[10]

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.

[11]

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

[12]

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

[13]

Investment was on non-accrual status as of September 30, 2023, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[14]

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 September 30, 2023, approximately 80% of the Company's assets were qualifying assets.

[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]

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.

[18]

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.

[19]

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

[20]

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

[21]

Non-income producing.

[22]

Non-income producing.

[23]

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

[24]

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

[25]

[26]

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

[27]

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

[28]

Subject to unfunded commitments. See Note 6.

[29]

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

[30]

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

[31]

Subject to unfunded commitments. See Note 6.

[32]

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

[33]

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

[34]

As of September 30, 2023, the investment has been optionally redeemed and is in the process of liquidating. Remaining residual distributions are anticipated to be recognized as a return of capital.

[35]

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

[36]

Equity participation rights issued by 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.

[38]

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

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.15% to 14.15%

2.00%

Master Cutlery, LLC

Senior Secured Loan

0% to 13.00%

13.00%

[39]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.59% to 14.59%

2.00%

Inergex Holdings, LLC

Senior Secured - Revolver

0% to 2.00%

12.59% to 14.59%

2.00%

Kreg, LLC

Senior Secured Loan

0% to 2.00%

10.29% to 12.29%

2.50%

Master Cutlery, LLC

Subordinated Loan

0% to 13.00%

13.00%

RumbleOn, Inc.

Senior Secured Loan

0% to 0.50%

13.90% to 14.40%

0.50%

[40]

The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has 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 September 30, 2023:


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	12.27%	11.75%	0.52%
SS Acquisition, LLC (Delayed Draw)	13.03%	11.75%	1.28%

[41]


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

Financial Highlights

9 Months Ended

Sep. 30, 2023

Investment Company [Abstract]

Financial Highlights

The following is a schedule of financial highlights for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Per share operating performance:
Net asset value per share at beginning of period	$	12.94		$	14.57		$	13.47		$	15.18
Net investment income(4)	0.40			0.33			1.15			1.01
Net realized gain (loss) on investments, net of taxes(4)	0.01			(0.04)			(0.77)			(0.04)
Net unrealized depreciation on investments, net of taxes(4)	(0.26)			(1.00)			(0.09)			(1.71)
Loss on extinguishment of debt(4)	(0.01)			—			(0.02)			(0.01)
Total income (loss) from operations	0.14			(0.71)			0.27			(0.75)
Distributions declared	(0.34)			(0.29)			(1.00)			(0.86)
Issuance/repurchase of common stock(8)	—			0.01			—			0.01
Net asset value per share at end of period	$	12.74		$	13.58		$	12.74		$	13.58

Per share market value, end of period	$	11.24		$	8.22		$	11.24		$	8.22
Total return based on market value(1)(6)	17.1		%	(14.2)		%	21.7		%	(17.9)		%
Total return based on net asset value(2)(6)	1.4		%	(3.5)		%	3.9		%	(2.6)		%
Shares outstanding at end of period	13,398,078			13,406,971			13,398,078			13,406,971
Weighted average shares outstanding	13,398,078			13,428,410			13,398,078			13,425,466
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(3)	$	172,045		$	188,893		$	176,080		$	197,479
Net asset value at end of period	$	170,668		$	182,074		$	170,668		$	182,074
Net investment income	$	5,390		$	4,372		$	15,463		$	13,625
Ratio of total expenses to average net assets(5)	21.5		%	19.0		%	21.2		%	14.3		%
Ratio of total expenses and loss on extinguishment of debt to average net assets(5)	21.6		%	19.0		%	21.3		%	14.3		%
Ratio of net investment income to average net assets(5)	12.5		%	9.3		%	11.7		%	9.2		%
Ratio of loss on extinguishment of debt to average net assets(6)	0.1		%	—		%	0.1		%	0.1		%
Portfolio turnover(7)	1.8		%	4.2		%	7.1		%	22.7		%

(1)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.

(2)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.

(3)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.

(4)Calculated on the average share method.

(5)Annualized.

(6)Not 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.

(8)Common stock issued through the DRIP and repurchased through the Stock Repurchase Program.

Organization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 20, 2019
Line of Credit \| BNP Facility
Line of Credit Facility [Line Items]
Borrowing capacity (up to)	$ 150,000	$ 150,000

Investments - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) portfolio_company structured_finance_note	Sep. 30, 2023 USD ($) portfolio_company structured_finance_note	Dec. 31, 2022 USD ($) portfolio_company structured_finance_note
Schedule of Investments [Line Items]
Number of non-portfolio investments \| structured_finance_note	23	23	23
Investment, amortized cost, nonaccrual	$ 11,843
Investment, fair value, nonaccrual	6,436
Amortized cost of loans on non-accrual status	39,155	$ 39,155	$ 36,522
Fair value of loans on non-accrual status	$ 16,698	$ 16,698	$ 11,225
Portfolio Net Assets \| Investment Concentration Risk \| Pfanstiehl Holdings, Inc
Schedule of Investments [Line Items]
Concentration risk, percentage		45.20%
Portfolio Fair Value \| Investment Concentration Risk \| Pfanstiehl Holdings, Inc
Schedule of Investments [Line Items]
Concentration risk, percentage		16.90%
Debt investments
Schedule of Investments [Line Items]
Number of portfolio companies \| portfolio_company	43	43	52
Senior Secured Loans
Schedule of Investments [Line Items]
Investment percentage	99.00%	99.00%	99.60%
Subordinated Loans
Schedule of Investments [Line Items]
Investment percentage	1.00%	1.00%	0.40%
Equity investments
Schedule of Investments [Line Items]
Number of portfolio companies \| portfolio_company	15	15	16

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	2023
Document Fiscal Period Focus	Q3
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

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
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, 2022, filed on March 3, 2023. 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	Cash: The Company’s cash 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 balances are exposed to any significant credit risk. Cash balances are held in US Bank N.A. and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash held by SBIC I LP and OFSCC-FS is limited by SBA regulation and the terms and conditions of the BNP Facility, respectively, including but not limited to, payment of interest expense and principal on the outstanding borrowings.

Fair Value of Financial Instruments - Investment Portfolio Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 457,247

^[1],[2]

$ 500,576

^[3],[4]

Debt investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

279,244

312,862

Equity investments

94,714

99,196

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]

83,289

88,518

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

21,666

30,823

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Equity investments

21,666

30,823

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

435,581

469,753

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Equity investments

257,578

282,039

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 | Structured Finance Securities

94,714

99,196

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 83,289

$ 88,518

[1]	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.
[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 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]	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.

Fair value of investment in security owned.

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Capital Transactions

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Capital Transactions

Distributions: The Company intends to make quarterly distributions to stockholders, that represent over time, substantially all of its net investment income. In addition, although the Company may distribute at least annually net realized capital gains, net of taxes if any, out of assets legally available for such distribution, the Company may also retain such capital gains for investment through a deemed distribution. If the Company makes a deemed distribution, stockholders will be treated for U.S. federal income tax purposes as if they had received an actual distribution of the capital gains, net of taxes.

The Company is limited on the use of cash held by OFS SBIC I LP under restrictions imposed by SBA regulations. 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 nine months ended September 30, 2023 and 2022:


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
Nine Months Ended September 30, 2022
March 1, 2022	March 24, 2022	March 31, 2022	$	0.28	$	3,719	3,016	$	39
May 3, 2022	June 23, 2022	June 30, 2022	0.29		3,850		4,348	43
August 2, 2022	September 23, 2022	September 30, 2022	0.29		3,849		5,529	46
			$	0.86	$	11,418	12,893	$	128
Nine Months Ended September 30, 2023
February 28, 2023	March 24, 2023	March 31, 2023	$	0.33	$	4,421	—	$	—	(1)
May 2, 2023	June 23, 2023	June 30, 2023	0.33		4,422		—	—		(1)
August 1, 2023	September 22, 2023	September 29, 2023	0.34		4,555		—	—		(1)
			$	1.00	$	13,398	—	$	—

(1) During the nine months ended September 30, 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:


Nine Months Ended September 30, 2023	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
January 1, 2023 through March 31, 2023	5,096	$	10.43	$	53
April 1, 2023 through June 30, 2023	5,823	10.06		59
July 1, 2023 through September 30, 2023	8,007	11.22		90

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 $10.0 million of its outstanding common stock. The Stock Repurchase Program currently expires on May 22, 2024, or when the approved dollar amount has been used to repurchase shares.

The following table summarizes shares of common stock repurchased under the Stock Repurchase Program during the nine months ended September 30, 2023 and September 30, 2022, respectively:


Period	Total Number of Shares Purchased	Cost of Shares Purchased		Average Price Paid Per Share		Weighted Average Discount to NAV Prior to Repurchases
Nine Months Ended September 30, 2022
January 1, 2022 through March 31, 2022	—	$	—	$	—	n/a
April 1, 2022 through June 30, 2022	—	—		—		n/a
July 1, 2022 through September 30, 2022	28,335	231		8.14		44.2	%

Nine Months Ended September 30, 2023
January 1, 2023 through March 31, 2023	—	$	—	$	—	n/a
April 1, 2023 through June 30, 2023	—	—		—		n/a
July 1, 2023 through September 30, 2023	—	—		—		n/a

The entire disclosure for equity.

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Transfers between levels, change in investments measured at fair value using Level 3 inputs, and unrealized appreciation (depreciation) for assets still held

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 31, 2023, the Board declared a distribution of $0.34 per share for the fourth quarter of 2023, payable on December 29, 2023 to stockholders of record as of December 22, 2023.

Related Party Transactions - Narrative (Details)	9 Months Ended
Related Party Transactions - Narrative (Details)	Sep. 30, 2023 component shares
Affiliates Of OFS Advisor \| OFS Capital Corporation
Related Party Transaction [Line Items]
Share of common stock owned (in shares) \| shares	3,020,992
Investment ownership percentage	22.50%
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%

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Investments

As of September 30, 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
Senior secured debt investments	$	304,865	70.3	%	178.6	%	$	279,144	61.1	%	163.5	%
Subordinated debt investments	4,680		1.1		2.7		100		—		0.1
Preferred equity	11,116		2.6		6.5		11,806		2.6		6.9
Common equity, warrants and other(1)	11,537		2.7		6.8		82,908		18.1		48.6
Total Portfolio Company Investments	332,198		76.7		194.6		373,958		81.8		219.1
Structured Finance Securities	100,665		23.3		59.0		83,289		18.2		48.8
Total investments	$	432,863	100.0	%	253.6	%	$	457,247	100.0	%	267.9	%

(1) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4 — Portfolio Concentration” for additional information.

As of September 30, 2023 and December 31, 2022, the Company’s investment portfolio was domiciled as follows:


	September 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States	$	327,538	$	371,481	$	367,723	$	407,851
Canada	4,660		2,477		4,680		4,207
Cayman Islands(1)	93,017		75,641		102,477		88,518
Jersey(1)	7,648		7,648		—		—




Total investments	$	432,863	$	457,247	$	474,880	$	500,576

As of September 30, 2023, the industry composition of the Company’s investment portfolio was as follows:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services
All Other Business Support Services	$	2,729	0.6	%	1.6	%	$	2,529	0.6	%	1.5	%
Convention and Trade Show Organizers	160		—		0.1		157		—		0.1

Landscaping Services	4,596		1.1		2.7		4,410		1.0		2.6

Security Systems Services (except Locksmiths)	5,859		1.4		3.4		5,897		1.3		3.5
Temporary Help Services	8,793		2.0		5.2		8,532		1.9		5.0

Arts, Entertainment, and Recreation

Other Amusement and Recreation Industries	23,713		5.5		13.9		24,010		5.3		14.1
Construction
Electrical Contractors and Other Wiring Installation Contractors	17,618		4.1		10.3		9,839		2.2		5.8
New Single-Family Housing Construction (except For-Sale Builders)	1,795		0.4		1.1		1,533		0.3		0.9


Education Services

Professional and Management Development Training	3,051		0.7		1.8		2,120		0.5		1.2
Sports and Recreation Instruction	4,471		1.0		2.6		4,502		1.0		2.6





Health Care and Social Assistance

Child Day Care Services	6,403		1.5		3.8		6,399		1.4		3.7



Home Health Care Services	4,231		1.0		2.5		3,443		0.8		2.0
Medical Laboratories	9		—		—		20		—		—
Offices of Physicians and Mental Health Specialists	13,423		3.1		7.9		13,419		2.9		7.9
Other Ambulatory Health Care Services	16,945		3.9		9.9		15,731		3.4		9.2

Outpatient Mental Health and Substance Abuse Centers	8,858		2.0		5.2		8,869		1.9		5.2

Services for the Elderly and Persons with Disabilities	24,949		5.8		14.5		24,435		5.3		14.1
Information


Cable and Other Subscription Programming	3,735		0.9		2.2		3,347		0.7		2.0
Data Processing, Hosting, and Related Services	4,058		0.9		2.4		2,313		0.5		1.4





Software Publishers	17,061		3.9		10.0		10,329		2.3		6.1
Television Broadcasting	2,183		0.5		1.3		178		—		0.1

Management of Companies and Enterprises
Offices of Other Holding Companies	12,672		2.9		7.4		12,059		2.6		7.1
Manufacturing
Bare Printed Circuit Board Manufacturing	1,964		0.5		1.2		1,866		0.4		1.1


Current-Carrying Wiring Device Manufacturing	3,429		0.8		2.0		3,603		0.8		2.1

Other Aircraft Parts and Auxiliary Equipment Manufacturing	500		0.1		0.3		—		—		—


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Fluid Power Pump and Motor Manufacturing	$	1,920	0.4	%	1.1	%	$	1,850	0.4	%	1.1	%
Ice Cream and Frozen Dessert Manufacturing	1,644		0.4		1.0		1,464		0.3		0.9
Motorcycle, Bicycle, and Parts Manufacturing	15,927		3.7		9.3		14,938		3.3		8.8




Other Industrial Machinery Manufacturing	4,543		1.0		2.6		4,141		0.9		2.3


Pharmaceutical Preparation Manufacturing	217		0.1		0.1		77,105		16.9		45.2









Other Services (except Public Administration)


Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance	642		0.1		0.4		2,537		0.6		1.5



Professional, Scientific, and Technical Services

Advertising Agencies	2,242		0.5		1.3		2,190		0.5		1.3

Computer Systems Design Services	1,996		0.5		1.2		2,016		0.4		1.2





Other Computer Related Services	17,056		3.9		10.0		17,212		3.8		10.1




Public Administration
Other Justice, Public Order, and Safety Activities	703		0.2		0.4		37		—		—

Real Estate and Rental and Leasing


Nonresidential Property Managers	4,660		1.1		2.7		2,477		0.5		1.5
Office Machinery and Equipment Rental and Leasing	7,153		1.7		4.2		10,717		2.3		6.3

Retail Trade



Electronic Shopping and Mail-Order Houses	6,622		1.5		3.9		6,337		1.4		3.7


Supermarkets and Other Grocery (except Convenience) Stores	5,643		1.3		3.3		5,957		1.3		3.5

All Other General Merchandise Stores	499		0.1		0.3		620		0.1		0.4
Transportation and Warehousing




Transportation and Warehousing	2,500		0.6		1.5		2,381		0.5		1.4
Wholesale Trade
Business to Business Electronic Markets	2,845		0.7		1.7		2,475		0.5		1.5
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers	10,114		2.3		5.8		8,942		2.0		5.1

Drugs and Druggists' Sundries Merchant Wholesalers	4,501		1.0		2.6		3,608		0.8		2.1


Industrial Machinery and Equipment Merchant Wholesalers	9,072		2.1		5.3		9,073		2.0		5.3


Motor Vehicle Parts (Used) Merchant Wholesalers	27,629		6.4		16.2		27,856		6.1		16.3

Other Miscellaneous Nondurable Goods Merchant Wholesalers	2,704		0.6		1.6		385		0.1		0.2
Sporting and Recreational Goods and Supplies Merchant Wholesalers	8,163		1.9		4.8		100		—		0.1

Total Portfolio Company Investments	$	332,198	76.7	%	194.6	%	$	373,958	81.8	%	219.1	%
Structured Finance Securities	100,665		23.3		59.0		83,289		18.2		48.8
Total investments	$	432,863	100.0	%	253.6	%	$	457,247	100.0	%	267.9	%

At December 31, 2022, 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
Senior secured debt investments	$	335,558	70.7	%	186.0	%	$	311,636	62.3	%	172.7	%
Subordinated debt investments	13,890		2.9		7.7		1,226		0.2		0.7
Preferred equity	9,966		2.1		5.5		8,196		1.6		4.5
Common equity, warrants and other	12,989		2.7		7.2		91,000		18.2		50.4
Total debt and equity investments	$	372,403	78.4	%	206.4	%	$	412,058	82.3	%	228.3	%
Structured Finance Securities	102,477		21.6		56.8		88,518		17.7		49.1
Total	$	474,880	100.0	%	263.2	%	$	500,576	100.0	%	277.4	%

As of December 31, 2022, the industry compositions of the Company’s debt and equity investments were as follows:


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services
All Other Business Support Services	$	2,745	0.6	%	1.5	%	$	2,511	0.5	%	1.4	%
Convention and Trade Show Organizers	160		—		0.1		80		—		—
Hazardous Waste Treatment and Disposal	1,765		0.4		1.0		1,652		0.3		0.9
Landscaping Services	4,611		1.0		2.6		4,226		0.8		2.3

Security Systems Services (except Locksmiths)	5,849		1.2		3.2		5,767		1.2		3.2
Temporary Help Services	8,854		1.9		4.9		8,821		1.8		4.9

Arts, Entertainment, and Recreation

Other Amusement and Recreation Industries	16,303		3.4		9.0		16,497		3.3		9.1
Construction
Electrical Contractors and Other Wiring Installation Contractors	17,666		3.7		9.8		9,247		1.8		5.1
New Single-Family Housing Construction (except For-Sale Builders)	1,807		0.4		1.0		1,566		0.3		0.9


Education Services

Professional and Management Development Training	1,595		0.3		0.9		953		0.2		0.5
Sports and Recreation Instruction	4,222		0.9		2.3		4,172		0.8		2.3





Health Care and Social Assistance

Child Day Care Services	6,375		1.3		3.5		6,182		1.2		3.4



Home Health Care Services	4,210		0.9		2.3		3,987		0.8		2.2
Medical Laboratories	17		—		—		35		—		—
Offices of Physicians and Mental Health Specialists	13,299		2.8		7.4		13,119		2.6		7.3
Other Ambulatory Health Care Services	16,444		3.5		9.1		15,604		3.1		8.6

Outpatient Mental Health and Substance Abuse Centers	8,787		1.9		4.9		8,675		1.7		4.8

Services for the Elderly and Persons with Disabilities	18,977		4.0		10.5		18,427		3.7		10.2
Information


Cable and Other Subscription Programming	3,763		0.8		2.1		3,103		0.6		1.7


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Data Processing, Hosting, and Related Services	$	4,080	0.9	%	2.3	%	$	3,477	0.7	%	1.9	%
Directory and Mailing List Publishers	3,910		0.8		2.2		3,930		0.8		2.2
Internet Publishing and Broadcasting and Web Search Portals	3,100		0.7		1.7		2,843		0.6		1.6



Software Publishers	17,577		3.7		9.7		9,629		1.9		5.3
Television Broadcasting	2,182		0.5		1.2		488		0.1		0.3

Management of Companies and Enterprises
Offices of Other Holding Companies	11,240		2.4		6.2		10,646		2.1		5.9
Manufacturing
Bare Printed Circuit Board Manufacturing	1,977		0.4		1.1		1,854		0.4		1.0


Current-Carrying Wiring Device Manufacturing	3,360		0.7		1.9		3,468		0.7		1.9

Fluid Power Pump and Motor Manufacturing	1,931		0.4		1.1		1,862		0.4		1.0
Ice Cream and Frozen Dessert Manufacturing	1,641		0.3		0.9		1,540		0.3		0.9
Motorcycle, Bicycle, and Parts Manufacturing	15,873		3.3		8.8		15,942		3.2		8.8


Other Aircraft Parts and Auxiliary Equipment Manufacturing	500		0.1		0.3		—		—		—

Other Industrial Machinery Manufacturing	5,203		1.1		2.9		4,660		0.9		2.6



Pharmaceutical Preparation Manufacturing	217		—		0.1		85,456		17.1		47.4









Other Services (except Public Administration)


Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance	572		0.1		0.3		1,890		0.4		1.0
Communication Equipment Repair and Maintenance	1,766		0.4		1.0		1,572		0.3		0.9
Other Automotive Mechanical and Electrical Repair and Maintenance	1,083		0.2		0.6		1,064		0.2		0.6

Professional, Scientific, and Technical Services
Administrative Management and General Management Consulting Services	27,621		5.8		15.3		27,148		5.4		15.0
Advertising Agencies	2,256		0.5		1.3		1,898		0.4		1.1

Computer Systems Design Services	1,959		0.4		1.1		1,943		0.4		1.1




Other Computer Related Services	14,595		3.1		8.1		14,868		3.0		8.2




Public Administration
Other Justice, Public Order, and Safety Activities	703		0.1		0.4		32		—		—

Real Estate and Rental and Leasing


Nonresidential Property Managers	4,680		1.0		2.6		4,207		0.8		2.3
Office Machinery and Equipment Rental and Leasing	6,418		1.4		3.6		6,713		1.3		3.7

Retail Trade


Electronic Shopping and Mail-Order Houses	6,747		1.4		3.7		6,515		1.3		3.6
Electronics and Appliance Stores	8,037		1.7		4.5		8,102		1.6		4.5
Shoe Store	10,160		2.1		5.6		1,104		0.2		0.6

Supermarkets and Other Grocery (except Convenience) Stores	5,647		1.2		3.1		5,532		1.1		3.1


			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
All Other General Merchandise Stores	$	499	0.1	%	0.3	%	$	967	0.2	%	0.5	%
Transportation and Warehousing




Transportation and Warehousing	2,514		0.5		1.4		2,501		0.5		1.4
Wholesale Trade
Business to Business Electronic Markets	2,858		0.6		1.6		2,689		0.5		1.5
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers	11,156		2.3		6.2		9,013		1.8		5.0

Drugs and Druggists' Sundries Merchant Wholesalers	5,227		1.1		2.9		4,622		0.9		2.6

Industrial Machinery and Equipment Merchant Wholesalers	9,071		1.9		5.0		9,073		1.8		5.0


Motor Vehicle Parts (Used) Merchant Wholesalers	27,751		5.8		15.4		27,821		5.6		15.4

Other Miscellaneous Nondurable Goods Merchant Wholesalers	2,680		0.6		1.5		2,246		0.4		1.2
Sporting and Recreational Goods and Supplies Merchant Wholesalers	8,163		1.7		4.4		122		—		0.1

Total debt and equity investments	$	372,403	78.4	%	206.4	%	412,058		82.3	%	228.3	%
Structured Finance Securities	102,477		21.6		56.8		88,518		17.7		49.1
Total investments	$	474,880	100.0	%	263.2	%	500,576		100.0	%	277.4	%

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

The following table presents the Company’s transfers of Level 2 and Level 3 debt investments for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Transfers from Level 2 to Level 3	$	—	$	—	$	—	$	3,252
Transfers from Level 3 to Level 2	5,957		6,403		7,491		6,403

The following tables present changes in investments measured at fair value using Level 3 inputs for the nine months ended September 30, 2023 and September 30, 2022:


	Nine Months Ended September 30, 2023
	Senior Secured Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2022	$	280,813	$	1,226	$	8,196	$	91,000	$	88,518	$	469,753

Net realized loss on investments	(140)		(9,210)		—		(6,642)		—		(15,992)
Net unrealized appreciation (depreciation) on investments	(3,110)		8,084		2,461		(844)		(3,416)		3,175
Amortization of Net Loan Fees	994		—		—		—		170		1,164
Accretion of interest income on Structured Finance Securities	—		—		—		—		8,534		8,534
Capitalized PIK interest and dividends	687		—		804		—		—		1,491
Amendment fees received	(166)		—		—		—		—		(166)
Purchase and origination of portfolio investments	26,378		—		345		356		7,642		34,721
Proceeds from principal payments on portfolio investments	(37,777)		—		—		—		(8,511)		(46,288)
Sale and redemption of portfolio investments	(2,710)		—		—		—		—		(2,710)
Proceeds from distributions received from portfolio investments	—		—		—		(962)		(9,648)		(10,610)
Transfers out of Level 3	(7,491)		—		—		—		—		(7,491)

Level 3 assets, September 30, 2023	$	257,478	$	100	$	11,806	$	82,908	$	83,289	$	435,581


	Nine Months Ended September 30, 2022
	Senior Secured Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2021	$	261,113	$	17,943	$	3,765	$	83,486	$	75,201	$	441,508
Net realized loss on investments	(122)		—		(51)		(6)		—		(179)
Net unrealized appreciation (depreciation) on investments	(9,416)		(5,488)		3,558		6,050		(12,600)		(17,896)
Amortization of Net Loan Fees	1,058		6		—		—		186		1,250
Accretion of interest income on Structured Finance Securities	—		—		—		—		7,647		7,647
Capitalized PIK interest and dividends	362		58		230		—		—		650
Amendment fees	(206)		—		—		—		—		(206)
Purchase and origination of portfolio investments	85,066		—		—		1,290		43,198		129,554
Proceeds from principal payments on portfolio investments	(51,060)		(8,245)		—		—		(9,500)		(68,805)
Sale and redemption of portfolio investments	(2,845)		—		—		(3,141)		—		(5,986)
Proceeds from distributions received from portfolio investments	—		—		—		—		(14,261)		(14,261)
Transfers out of Level 3	(6,403)		—		—		—		—		(6,403)
Transfers into Level 3	3,252		—		—		—		—		3,252
Level 3 assets, September 30, 2022	$	280,799	$	4,274	$	7,502	$	87,679	$	89,871	$	470,125


	Nine Months Ended September 30,
	2023		2022
Senior secured debt investments	$	(4,125)	$	(8,941)
Subordinated debt investments	(22)		(5,487)
Preferred equity	2,474		3,507
Common equity, warrants and other	(7,590)		7,657
Structured Finance Securities	(3,622)		(12,553)
Net unrealized depreciation on investments held	$	(12,885)	$	(15,817)

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 September 30, 2023 and December 31, 2022:


Security	Level 1		Level 2		Level 3		Fair Value as of September 30, 2023
Debt investments	$	—	$	21,666	$	257,578	$	279,244
Equity investments	—		—		94,714		94,714
Structured Finance Securities	—		—		83,289		83,289
	$	—	$	21,666	$	435,581	$	457,247


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

Significant Level 3 inputs

Fair Value as of September 30, 2023

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

Senior secured

234,746

Discounted cash flow

Discount rates

10.32% - 21.66% (13.18%)

Senior secured

2,477

Market approach

EBITDA multiples

7.00x - 7.00x (7.00x)

Senior secured

20,255

Market approach

Revenue multiples

0.40x - 1.40x (0.59x)

Subordinated

100

Market approach

Revenue multiples

0.23x - 0.23x (0.23x)

Structured Finance Securities:

Subordinated notes(1)

48,043

Discounted cash flow

Discount rates

16.00% - 58.00% (32.24%)

Constant default rate

2.00% - 2.00% (2.00%)

Recovery rate

65.00% - 65.00% (65.00%)

Subordinated notes

Market approach

Net asset value liquidation(2)

Subordinated notes

4,840

Market approach

Transaction Price

Mezzanine debt

27,502

Discounted cash flow

Discount margin

6.85% - 10.25% (8.04%)

Constant default rate

2.00% - 3.00% (2.03%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

2,807

Market approach

Transaction Price

Equity investments:

Preferred equity

11,462

Market approach

EBITDA multiples

4.58x - 7.50x (6.84x)

Preferred equity

344

Discounted cash flow

Discount rates

13.26% - 13.26% (13.26%)

Common equity, warrants and other

5,445

Market approach

EBITDA multiples

4.58x - 16.50x (9.55x)

Common equity, warrants and other

77,105

Discounted cash flow

Discount rates

10.75% - 10.75% (10.75%)

Market approach

EBITDA multiples

12.50x - 12.50x (12.50x)

Common equity, warrants and other

358

Market approach

Revenue multiples

0.40x - 0.70x (0.70x)

435,581

(2) Net asset value liquidation represents the fair value, or estimated expected residual value, of the Structured Finance Security that has been optionally redeemed.

Fair Value at December 31, 2022

Valuation technique

Unobservable inputs

Range
(Weighted average)

Debt investments:

Senior secured

264,702

Discounted cash flow

Discount rates

10.21% - 20.71% (12.94%)

Senior secured

16,110

Market approach

Revenue multiples

0.46x - 0.70x (0.56x)

Subordinated

1,226

Market approach

EBITDA multiples

10.50x - 10.50x (10.50x)

Structured Finance Securities:

Subordinated notes(1)

53,688

Discounted cash flow

Discount rates

12.50% - 34.00% (22.14%)

Constant default rate

2.00% - 2.00% (2.00%)

Recovery rate

65.00% - 65.00% (65.00%)

Mezzanine debt

26,413

Discounted cash flow

Discount margin

7.25% - 11.60% (8.58%)

Constant default rate

2.00% - 3.00% (2.03%)

Recovery rate

65.00% - 65.00% (65.00%)

Subordinated notes

118

Market approach

Net asset value liquidation(2)

Loan accumulation facility

8,299

Market approach

Probability weighted NAV analysis

Equity investments:

Preferred equity

6,202

Market approach

EBITDA multiples

7.25x - 7.25x (7.25x)

Preferred equity

1,901

Market approach

Revenue multiples

0.15x - 0.87x (0.87x)

Common equity, warrants and other

91,070

Market approach

EBITDA multiples

3.72x - 11.75x (9.63x)

Common equity, warrants and other

Market approach

Revenue multiples

0.15x - 0.87x (0.15x)

469,753

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

Carrying values and fair values of debt

The following table sets forth carrying values and fair values of the Company’s debt as of September 30, 2023 and December 31, 2022:


	As of September 30, 2023				As of December 31, 2022
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
PWB Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	91,100		91,100		104,700		104,700
Unsecured Notes Due February 2026	123,129		113,799		122,547		109,037
Unsecured Notes Due October 2028	53,959		47,850		53,806		47,058
SBA-guaranteed debentures	31,870		30,692		50,697		49,470
Total debt	$	300,058	$	283,441	$	331,750	$	310,265

(1) Carrying value is calculated as the outstanding principal amount less unamortized deferred debt issuance costs.


	September 30, 2023
Description	Level 1(1)		Level 2		Level 3(2)		Total
PWB Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		91,100		91,100
Unsecured Notes Due February 2026	—		—		113,799		113,799
Unsecured Notes Due October 2028	47,850		—		—		47,850
SBA-guaranteed debentures	—		—		30,692		30,692
Total debt, at fair value	$	47,850	$	—	$	235,591	$	283,441


	December 31, 2022
Description	Level 1(1)		Level 2		Level 3(2)		Total
PWB Credit Facility	$	—	$	—	$	—	$	—
BNP Facility	—		—		104,700		104,700
Unsecured Notes Due February 2026	—		—		109,037		109,037
Unsecured Notes Due October 2028	47,058		—		—		47,058
SBA-guaranteed debentures	—		—		49,470		49,470
Total debt, at fair value	$	47,058	$	—	$	263,207	$	310,265

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

Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

SBA Debentures: The SBA debentures issued by SBIC I LP and other SBA regulations generally restrict assets held by SBIC I LP. On a stand-alone basis, as of September 30, 2023 and December 31, 2022, SBIC I LP held $152,322 and $176,521 in assets, respectively, which accounted for approximately 32% and 34% of the Company’s total consolidated assets, respectively. These assets cannot be pledged under any debt obligation of the Company.

On March 1, 2023 and September 27, 2023, SBIC I LP redeemed SBA debentures of $5,000 and $14,000 respectively, that were contractually due March 1, 2025. As of September 30, 2023, SBIC I LP had outstanding debentures totaling $31,920, which bear a fixed interest rate of 2.87% and mature on March 1, 2025.

For the three and nine months ended September 30, 2023 and 2022, 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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Stated interest expense	$	328		$	369		$	1,006		$	1,184
Amortization of debt issuance costs	43			48			133			140
Total interest and debt financing costs	$	371		$	417		$	1,139		$	1,324
Cash paid for interest expense	$	694		$	737		$	1,419		$	1,739
Effective interest rate	3.27		%	3.28		%	3.24		%	3.21		%
Average outstanding balance	$	45,311		$	50,920		$	46,795		$	55,026

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. On June 24, 2022, OFSCC-FS amended the BNP facility to, among other things: (i) extend the reinvestment period under the BNP Facility for three years from June 20, 2022 to June 20, 2025; (ii) extend the maturity date under the BNP Facility from June 20, 2024 to June 20, 2027; (iii) convert the benchmark interest rate from LIBOR to SOFR; (iv) increase the applicable margin by 0.40% on all classes of loans; and (v) increase the applicable margin floor from 1.925% to 2.65%. OFSCC-FS also pays a non-usage fee depending on the size of the unused portion of the BNP Facility. Fees and legal costs incurred in connection with the BNP Facility are amortized over the life of the facility.

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 September 30, 2023 and December 31, 2022, OFSCC-FS had outstanding debt of $91,100 and $104,700, respectively. As of September 30, 2023, the unused commitment under the BNP Facility was $58,900.

For the three and nine months ended September 30, 2023 and 2022, 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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Stated interest expense(1)	$	2,012		$	1,671		$	6,008		$	3,295
Amortization of debt issuance costs	95			95			285			231
Total interest and debt financing costs	$	2,107		$	1,766		$	6,293		$	3,526
Cash paid for interest expense	$	2,101		$	1,520		$	6,069		$	2,906
Effective interest rate	8.61		%	5.20		%	8.12		%	3.74		%
Average outstanding balance	$	97,883		$	135,680		$	103,327		$	125,574

(1) Stated interest expense includes unused fees.

PWB Credit Facility: On March 7, 2018, the Company entered into the PWB Credit Facility. On April 22, 2022, the Company amended the PWB Credit Facility to: (i) increase the maximum amount available under the PWB Credit Facility from $25,000 to $35,000; and (ii) extend the maturity date of the PWB Credit Facility from February 28, 2023 to February 28, 2024. On December 15, 2022, the Company amended the PWB Credit Facility to: (i) reduce the maximum amount available under the PWB Credit Facility from $35,000 to $25,000; and (ii) eliminate the “No Net Losses” covenant, which restricted net losses (defined as income after adjustments to the investment portfolio for gains and losses, realized and unrealized, also shown as net increase (decrease) in net assets resulting from operations) in more than two quarters during the prior four quarters then ended. Fees and legal costs incurred in connection with the PWB Credit Facility are amortized over the life of the facility.

The maximum availability of the PWB 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 PWB Credit Facility is guaranteed by OFSCC-MB and secured by all of our current and future assets, excluding assets held by SBIC I LP, OFSCC-FS, and the Company’s partnership interests in SBIC I LP and SBIC I GP. 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 September 30, 2023 and December 31, 2022, the Company had $-0- and $-0-, respectively, of outstanding debt under the PWB Credit Facility. As of September 30, 2023, the unused commitment under the PWB Credit Facility was $25,000.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stated interest expense(1)	$	25	$	49	$	136	$	96
Amortization of debt issuance costs	—		1		1		4
Total interest and debt financing costs	$	25	$	50	$	137	$	100
Cash paid for interest expense	$	24	$	49	$	135	$	95
Effective interest rate	n/m(2)		n/m(2)		n/m(2)		n/m(2)
Average outstanding balance	$	587	$	1,391	$	1,669	$	719

(1) Stated interest expense includes unused fees.

(2) 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 September 30, 2023 and December 31, 2022, 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, at its option on or after October 31, 2023.

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 PWB 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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Stated interest expense	$	2,165		$	2,165		$	6,495		$	6,495
Amortization of debt issuance costs	245			259			734			779
Total interest and debt financing costs	$	2,410		$	2,424		$	7,229		$	7,274
Cash paid for interest expense	$	3,649		$	3,649		$	7,979		$	8,002
Effective interest rate	5.35		%	5.39		%	5.35		%	5.39		%
Average outstanding balance	$	180,000		$	180,000		$	180,000		$	180,000

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of September 30, 2023:


	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
PWB Credit Facility	$	—	$	—	$	—	$	—	$	—
Unsecured Notes	180,000		—		125,000		—		55,000
SBA Debentures	31,920		—		31,920		—		—
BNP Facility	91,100		—		—		91,100		—
Total	$	303,020	$	—	$	156,920	$	91,100	$	55,000

For the three and nine months ended September 30, 2023 and 2022, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Average dollar borrowings	$	323,781		$	367,992		$	331,792		$	361,319
Weighted average effective interest rate	6.07		%	5.06		%	5.95		%	4.51		%

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

Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Jan. 31, 2023

Effective accretable yield

$ 452,302,000

^[1]

$ 492,641,000

^[2]

0.00%

Estimated yield

0.00%

Qualifying assets percentage

80.00%

Inergex Holdings, LLC

$ 17,212,000

$ 14,868,000

Inergex Holdings, LLC, Senior Secured Loan

2.00%

Inergex Holdings, LLC, Senior Secured - Revolver

2.00%

2.00%

Kreg LLC

$ 17,032,000

$ 16,550,000

^[3]

2.50%

Mastery Cutlery, LLC

13.00%

RumbleOn, Inc.

$ 4,464,000

^[4],[5]

$ 5,187,000

^[3],[6]

0.50%

Variable-rate Loans

Variable-rate Loans | Portfolio principal amount | Investment Concentration Risk

$ 262,717,000

$ 312,595,000

Concentration risk, percentage

94.00%

87.00%

Minimum | Inergex Holdings, LLC

0.00%

Minimum | Inergex Holdings, LLC, Senior Secured Loan

12.15%

0.00%

Minimum | Inergex Holdings, LLC, Senior Secured - Revolver

12.59%

0.00%

12.59%

Minimum | Kreg LLC

0.00%

Minimum | Mastery Cutlery, LLC

10.29%

0.00%

0.00%

Minimum | RumbleOn, Inc.

0.00%

Maximum | Inergex Holdings, LLC

13.90%

2.00%

Maximum | Inergex Holdings, LLC, Senior Secured Loan

14.15%

2.00%

Maximum | Inergex Holdings, LLC, Senior Secured - Revolver

14.59%

2.00%

14.59%

Maximum | Kreg LLC

2.00%

Maximum | Mastery Cutlery, LLC

12.29%

13.00%

13.00%

Maximum | RumbleOn, Inc.

0.50%

Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan

14.40%

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan

$ 8,840,000

^[4]

$ 8,910,000

^[3]

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan 1

^[3]

2,000,000

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan 2

1,985,000

Investment, Identifier [Axis]: Advantage Sales & Marketing Inc. (F/K/A Karman Buyer Corp), Senior Secured Loan

46,000

Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1

^[4],[7]

2,266,000

Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2

22,920,000

23,098,000

Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan

4,938,000

4,975,000

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

3,739,000

^[4],[7]

3,768,000

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

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

^[10],[11]

11,080,000

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

^[12],[13]

11,080,000

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

8,630,000

^[10],[11]

8,630,000

^[12],[13]

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

10,726,000

^[10],[11]

10,726,000

^[12],[13]

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

6,000,000

Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan

6,000,000

Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan

3,000,000

^[14]

3,000,000

Investment, Identifier [Axis]: Atlantis Holding, LLC , Senior Secured Loan

^[8]

2,000,000

Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1

^[3],[8]

8,316,000

Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2

3,925,000

^[4]

3,946,000

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc.

794,000

798,000

^[3]

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Senior Secured Loan

1,667,000

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

1,667,000

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

8,000,000

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

8,000,000

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

6,000,000

Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan

6,000,000

Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw)

4,962,000

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

$ 3,988,000

^[15]

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

1,290

^[16],[17]

1,290

^[18],[19]

3,446

2.00%

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan

12.00%

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw)

^[3]

$ 9,548,000

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver)

^[4],[20]

$ 11,044,000

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

^[20]

^[15]

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

^[21]

$ 8,500,000

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

915,000

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

2,133,000

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

^[10],[11]

$ 5,494,000

Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity (20,628 common shares)

^[17]

20,628

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

^[19]

20,628

3,061

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

10.00%

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

11,273

^[17]

11,273

^[19]

3,061

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

10.00%

Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan

$ 5,938,000

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

$ 1,975,000

^[4],[5]

$ 1,990,000

^[3],[6]

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1)

1,135

^[16],[22]

1,135

^{[18],[19],[23]}

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2)

$ 253,000

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 1

^[17]

1,935,000

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 2

$ 252,000

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

^[24]

1,935,000

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

2,159,000

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

2,700,000

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

2,159,000

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

2,700,000

Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan

2,750,000

^[10],[11]

2,750,000

^[12],[13]

Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw)

1,935,000

^[4]

1,950,000

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

^[15]

$ 0

^[19]

356

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

^[19]

^[24]

$ 4,945,000

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

^[24],[25]

13.00%

^[24]

$ 4,945,000

Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan

^[24],[25]

13.00%

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

3,679,000

$ 3,679,000

Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan

5,438,000

^{[10],[11],[17],[26]}

5,449,000

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

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1)

^[3]

1,768,000

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2)

6,311,000

^[14],[17]

$ 7,650,000

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver)

^{[14],[17],[28]}

10.00%

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 1

$ 0

^[20]

^[15]

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 2

6,359,000

^[19],[24]

$ 7,098,000

Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan

^{[19],[24],[25]}

10.00%

$ 4,339,000

^[14],[29]

$ 4,277,000

^[30]

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

2.25%

^{[14],[28],[29]}

1.25%

^[25],[30]

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

$ 9,680,000

^[10],[11]

$ 9,680,000

^[12],[13]

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

^[19]

368,852

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), Senior Secured Loan

^[19]

40,984

Investment, Identifier [Axis]: Heritage Grocers Group, LLC (F/K/A Tony's Fresh Market/ Cardenas Markets), Senior Secured Loan

^[4],[7]

$ 2,924,000

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan

^[4]

5,940,000

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw 1)

6,483,000

^[4]

$ 6,532,000

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw 2)

^[4]

4,099,000

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw)

^[4],[20]

1,889,000

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver)

^[15]

1,904,000

Investment, Identifier [Axis]: Idera, Senior Secured Loan

95,000

^[20]

^[15]

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

4,000,000

$ 14,868,000

^[31]

2.00%

^[28]

2.00%

^[25],[31]

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

^[28]

12.59%

$ 2,344,000

$ 0

^[15]

^[28]

2.00%

Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan

^[28]

12.59%

Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan

$ 2,940,000

^[4],[7]

2,963,000

^[3],[8]

Investment, Identifier [Axis]: KNS Acquisition Corp. , Senior Secured Loan

4,700,000

^[4]

5,369,000

^[3]

Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan

^[3]

6,781,000

Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan

^[3],[8]

2,284,000

$ 17,032,000

^[4],[32]

$ 16,550,000

2.50%

^{[4],[28],[32]}

0.50%

^[25]

Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver)

^{[4],[28],[32]}

9.79%

Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan

$ 0

^[20]

$ 0

^[15]

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

^[3],[8]

2,946,000

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

10,000,000

^[10],[11]

10,000,000

^[12],[13]

Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20)

9,500,000

^[10],[11]

$ 9,500,000

^[12],[13]

^[14],[32]

$ 9,442,000

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

^{[14],[28],[32]}

13.00%

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

15,564

3,723

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

8.00%

^[24],[31]

$ 8,578,000

Investment, Identifier [Axis]: Metasource, Senior Secured Loan

^{[24],[25],[31]}

13.00%

Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw)

$ 2,758,000

$ 2,779,000

Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Revolver)

$ 0

^[20]

^[15]

^[28]

0.50%

Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan

^[28]

11.68%

Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver)

^[3]

27,172,000

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

^[15]

476,000

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

1,000,000

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

$ 1,000,000

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan

7,000,000

^[10],[11]

7,000,000

^[12],[13]

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw)

^[3]

7,508,000

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1)

^[3],[15]

3,946,000

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2)

^[4]

7,451,000

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver)

^[4],[20]

3,926,000

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

$ 1,444,000

$ 0

^[15]

Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units)

^[18],[19]

499

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

^[17],[22]

499

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

$ 1,000,000

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

$ 1,000,000

Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity (400 Class A shares)

^{[9],[19],[23],[30]}

400

Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan

^{[22],[29],[33]}

400

Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan

$ 16,648,000

^[14]

$ 16,648,000

^[24]

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

$ 1,125,000

Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units)

^[18],[19]

345,339

Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 1

^[16]

345,339

Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 2

^[8]

$ 2,769,000

Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan

4,450,000

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

$ 2,529,000

^[4]

2,548,000

^[3]

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Senior Secured Loan (1)

1,300,000

^[10],[11]

1,300,000

^[12],[13]

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Senior Secured Loan (2)

^[7]

1,715,000

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

4,450,000

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

800,000

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

800,000

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

3,000,000

Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan

3,000,000

$ 3,264,000

^[32]

3,985,000

^[28],[32]

0.50%

Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw)

^[28],[32]

13.90%

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

$ 1,200,000

1,202,000

^[15]

Warrants

218,000

^[17]

$ 600,000

Investment, Identifier [Axis]: SS Acquisition, LLC

^[17]

Additional Interest per Annum

Reported Interest Rate

12.27%

11.10%

Interest rate

11.75%

10.49%

0.52%

0.61%

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

Additional Interest per Annum

Reported Interest Rate

11.84%

Interest rate

10.49%

1.35%

Investment, Identifier [Axis]: SS Acquisition, LLC Delayed Draw

Additional Interest per Annum

Reported Interest Rate

13.03%

Interest rate

11.75%

1.28%

Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan

Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw)

$ 3,042,000

^[34]

$ 3,042,000

^[35]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1)

1,460,000

1,217,000

^[15]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2)

9,601,000

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3)

1,037,000

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver)

2,613,000

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 1

200,000

^[20]

^[15]

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 2

9,675,000

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 3

1,045,000

Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan

2,633,000

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

$ 9,073,000

Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units)

^[18],[19]

1,603

^[16],[17]

1,603

Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan

^[16],[17]

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

1,808,000

^[4],[7]

$ 1,822,000

^[3],[8]

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan

^[4]

1,489,000

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan

^[3]

6,399,000

Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan

^[4]

6,399,000

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

2,877,000

^[4],[5],[7]

2,900,000

^[3],[6],[8]

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

^[10],[11]

$ 7,000,000

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

^[12],[13]

$ 7,000,000

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

3,000,000

1,937,191

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

11.00%

Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan

1,595,238

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

1,595,238

^{[18],[19],[23]}

Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver)

$ 21,000,000

^[4]

$ 16,333,000

Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan

2,800,000

^[20]

^[15]

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan

^[3],[8]

3,978,000

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan (Revolver)

15,386,000

^[4]

15,504,000

Investment, Identifier [Axis]: Tony's Fresh Market / Cardenas Markets, Senior Secured Loan

592,000

^[20]

438,000

^[15]

Investment, Identifier [Axis]: Total Affiliate Investments

^[3]

5,985,000

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

8,578,000

Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan

5,200,000

^[10],[11]

5,200,000

^[12],[13]

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

$ 4,500,000

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (4,701 units)

4,701

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

^[17],[29]

4,701

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

3,976

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

$ 3,000,000

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

$ 3,000,000

Investment, Identifier [Axis]: Wllful, Inc. (F/K/A KNS Acquisition Corp.), Senior Secured Loan

1,000,000

^[10],[11]

1,000,000

^[12],[13]

Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan

^[4],[7]

$ 6,650,000

^[3],[8]

$ 3,127,000

[1]

[2]

[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]

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]

[6]

[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]

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.

[9]

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

[10]

[11]

[12]

[13]

[14]

Investment was on non-accrual status as of September 30, 2023, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[15]

Subject to unfunded commitments. See Note 6.

[16]

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

[17]

Non-income producing.

[18]

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

[19]

Non-income producing.

[20]

Subject to unfunded commitments. See Note 6.

[21]

[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]

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

[25]

[26]

As of September 30, 2023, the investment has been optionally redeemed and is in the process of liquidating. Remaining residual distributions are anticipated to be recognized as a return of capital.

[27]

[28]

[29]

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

[30]

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

[31]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.15% to 14.15%

2.00%

Master Cutlery, LLC

Senior Secured Loan

0% to 13.00%

13.00%

[32]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.59% to 14.59%

2.00%

Inergex Holdings, LLC

Senior Secured - Revolver

0% to 2.00%

12.59% to 14.59%

2.00%

Kreg, LLC

Senior Secured Loan

0% to 2.00%

10.29% to 12.29%

2.50%

Master Cutlery, LLC

Subordinated Loan

0% to 13.00%

13.00%

RumbleOn, Inc.

Senior Secured Loan

0% to 0.50%

13.90% to 14.40%

0.50%

[33]

Portfolio company represents greater than 5% of total assets as of September 30, 2023.

[34]


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	12.27%	11.75%	0.52%
SS Acquisition, LLC (Delayed Draw)	13.03%	11.75%	1.28%

[35]


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

Capital Transactions - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Equity [Abstract]
Stock Repurchase Program, authorized amount	$ 10.0

Borrowings - SBA Debentures (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 27, 2023	Mar. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Assets			$ 476,982		$ 476,982		$ 520,717
Outstanding			$ 303,020		303,020
Amortization of debt issuance costs					1,153	$ 1,154
Cash paid for interest expense					$ 15,602	$ 12,742
Effective interest rate			6.07%	5.06%	5.95%	4.51%
Average outstanding balance			$ 323,781	$ 367,992	$ 331,792	$ 361,319
Debentures \| SBA Debentures
Debt Instrument [Line Items]
Redemption of debt	$ 14	$ 5,000
Outstanding			$ 31,920		$ 31,920
Interest rate			2.87%		2.87%
Stated interest expense			$ 328	369	$ 1,006	1,184
Amortization of debt issuance costs			43	48	133	140
Total interest and debt financing costs			371	417	1,139	1,324
Cash paid for interest expense			$ 694	$ 737	$ 1,419	$ 1,739
Effective interest rate			3.27%	3.28%	3.24%	3.21%
Average outstanding balance			$ 45,311	$ 50,920	$ 46,795	$ 55,026
SBIC I LP
Debt Instrument [Line Items]
Assets			$ 152,322		$ 152,322		$ 176,521
Percentage of total consolidated assets			32.00%		32.00%		34.00%

Fair Value of Financial Instruments - Level 3 Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance			$ 469,753	$ 441,508
Purchase and origination of portfolio investments			34,721	129,554
Proceeds from principal payments on portfolio investments			(46,288)	(68,805)
Sale and redemption of portfolio investments			(2,710)	(5,986)
Proceeds from distributions received from portfolio investments			(10,610)	(14,261)
Transfers out of Level 3	$ (5,957)	$ (6,403)	(7,491)	(6,403)
Transfers into Level 3	0	0	0	3,252
Level 3 assets, ending balance	435,581	470,125	435,581	470,125
Net unrealized depreciation on investments held			(12,885)	(15,817)
Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(15,992)	(179)
Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			3,175	(17,896)
Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			1,164	1,250
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			8,534	7,647
Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			1,491	650
Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(166)	(206)
Senior Secured Debt Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance			280,813	261,113
Purchase and origination of portfolio investments			26,378	85,066
Proceeds from principal payments on portfolio investments			(37,777)	(51,060)
Sale and redemption of portfolio investments			(2,710)	(2,845)
Proceeds from distributions received from portfolio investments			0	0
Transfers out of Level 3			(7,491)	(6,403)
Transfers into Level 3				3,252
Level 3 assets, ending balance	257,478	280,799	257,478	280,799
Net unrealized depreciation on investments held			(4,125)	(8,941)
Senior Secured Debt Investments \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(140)	(122)
Senior Secured Debt Investments \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(3,110)	(9,416)
Senior Secured Debt Investments \| Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			994	1,058
Senior Secured 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
Senior Secured Debt Investments \| Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			687	362
Senior Secured Debt Investments \| Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(166)	(206)
Subordinated debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance			1,226	17,943
Purchase and origination of portfolio investments			0	0
Proceeds from principal payments on portfolio investments			0	(8,245)
Sale and redemption of portfolio investments			0	0
Proceeds from distributions received from portfolio investments			0	0
Transfers out of Level 3			0	0
Transfers into Level 3				0
Level 3 assets, ending balance	100	4,274	100	4,274
Net unrealized depreciation on investments held			(22)	(5,487)
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			(9,210)	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			8,084	(5,488)
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	6
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	58
Subordinated debt investments \| Amendment fees received
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			8,196	3,765
Purchase and origination of portfolio investments			345	0
Proceeds from principal payments on portfolio investments			0	0
Sale and redemption of portfolio investments			0	0
Proceeds from distributions received from portfolio investments			0	0
Transfers out of Level 3			0	0
Transfers into Level 3				0
Level 3 assets, ending balance	11,806	7,502	11,806	7,502
Net unrealized depreciation on investments held			2,474	3,507
Preferred equity \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			0	(51)
Preferred equity \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			2,461	3,558
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			804	230
Preferred equity \| Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			0	0
Common equity, warrants and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance			91,000	83,486
Purchase and origination of portfolio investments			356	1,290
Proceeds from principal payments on portfolio investments			0	0
Sale and redemption of portfolio investments			0	(3,141)
Proceeds from distributions received from portfolio investments			(962)	0
Transfers out of Level 3			0	0
Transfers into Level 3				0
Level 3 assets, ending balance	82,908	87,679	82,908	87,679
Net unrealized depreciation on investments held			(7,590)	7,657
Common equity, warrants and other \| Realized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(6,642)	(6)
Common equity, warrants and other \| Unrealized gain (loss) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			(844)	6,050
Common equity, warrants and other \| 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, warrants and other \| 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, warrants and other \| 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, warrants and other \| Amendment fees received
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			88,518	75,201
Purchase and origination of portfolio investments			7,642	43,198
Proceeds from principal payments on portfolio investments			(8,511)	(9,500)
Sale and redemption of portfolio investments			0	0
Proceeds from distributions received from portfolio investments			(9,648)	(14,261)
Transfers out of Level 3			0	0
Transfers into Level 3				0
Level 3 assets, ending balance	$ 83,289	$ 89,871	83,289	89,871
Net unrealized depreciation on investments held			(3,622)	(12,553)
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			(3,416)	(12,600)
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			170	186
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			8,534	7,647
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 \| Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings			$ 0	$ 0

Borrowings - Average Dollar Borrowings and Weighted Average Effective Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Average dollar borrowings	$ 323,781	$ 367,992	$ 331,792	$ 361,319
Weighted average effective interest rate	6.07%	5.06%	5.95%	4.51%

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended		9 Months Ended
	Aug. 01, 2023	May 02, 2023	Feb. 28, 2023	Aug. 02, 2022	May 03, 2022	Mar. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Per share operating performance:
Net asset value per share at beginning of period (in usd per share)							$ 12.94	$ 14.57	$ 13.47	$ 15.18
Net investment income (in usd per share)							0.40	0.33	1.15	1.01
Net realized gain (loss) on investments, net of taxes (in usd per share)							0.01	(0.04)	(0.77)	(0.04)
Net unrealized depreciation on investments, net of taxes (in usd per share)							(0.26)	(1.00)	(0.09)	(1.71)
Loss on extinguishment of debt (in usd per share)							(0.01)	0	(0.02)	(0.01)
Total income (loss) from operations (in usd per share)							0.14	(0.71)	0.27	(0.75)
Distributions (in usd per share)	$ (0.34)	$ (0.33)	$ (0.33)	$ (0.29)	$ (0.29)	$ (0.28)	(0.34)	(0.29)	(1.00)	(0.86)
Issuance/repurchase of common stock (in usd per share)							0	0.01	0	0.01
Net asset value per share at end of period (in usd per share)							12.74	13.58	12.74	13.58
Per share market value, end of period (in usd per share)							$ 11.24	$ 8.22	$ 11.24	$ 8.22
Total return based on market value							17.10%	(14.20%)	21.70%	(17.90%)
Total return based on net asset value							1.40%	(3.50%)	3.90%	(2.60%)
Shares outstanding at end of period (in shares)							13,398,078	13,406,971	13,398,078	13,406,971		13,398,078
Basic weighted average shares outstanding (in shares)							13,398,078	13,428,410	13,398,078	13,425,466
Diluted weighted average shares outstanding (in shares)							13,398,078	13,428,410	13,398,078	13,425,466
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value							$ 172,045	$ 188,893	$ 176,080	$ 197,479
Net asset value at end of period							170,668	182,074	170,668	182,074	$ 173,422	$ 180,423	$ 195,712	$ 203,744
Net investment income							$ 5,390	$ 4,372	$ 15,463	$ 13,625
Ratio of total expenses to average net assets							21.50%	19.00%	21.20%	14.30%
Ratio of total expenses and loss on extinguishment of debt to average net assets							21.60%	19.00%	21.30%	14.30%
Ratio of net investment income to average net assets							12.50%	9.30%	11.70%	9.20%
Ratio of loss on extinguishment of debt to average net assets							0.10%	0.00%	0.10%	0.10%
Portfolio turnover							1.80%	4.20%	7.10%	22.70%

Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Assets

Prepaid expenses and other assets

$ 457,247

^[1],[2]

$ 500,576

^[3],[4]

Cash

15,942

14,937

Interest receivable

1,779

2,202

2,014

3,002

Total assets

476,982

520,717

Liabilities

Revolving lines of credit

91,100

104,700

SBA debentures (net of deferred debt issuance costs of $50 and $223, respectively)

31,870

50,697

Unsecured Notes (net of deferred debt issuance costs of $2,912 and $3,647, respectively)

177,088

176,353

Interest payable

1,990

3,947

Accrued professional fees

321

444

Total liabilities

306,314

340,294

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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, respectively

134

Paid-in capital in excess of par

184,841

Total distributable losses

(14,307)

(4,552)

Total net assets

170,668

180,423

Total liabilities and net assets

$ 476,982

$ 520,717

Number of shares outstanding (in shares)

13,398,078

Net asset value per share (in usd per share)

$ 12.74

$ 13.47

Affiliated entity

Liabilities

Other liabilities

$ 3,797

$ 3,909

Nonrelated party

Liabilities

Other liabilities

148

244

Non-control/Non-affiliate Investments

Assets

365,782

^[1]

402,771

^[3]

Assets

91,465

^[1]

96,701

Control investment

Assets

$ 0

$ 1,104

^[3]

[1]	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.
[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 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]	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.

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Investments, unfunded commitments	$ 14,059

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)			13,398,078				13,398,078
Balance	$ 173,422		$ 180,423	$ 195,712		$ 203,744	$ 180,423	$ 203,744
Net increase (decrease) in net assets resulting from operations:
Net investment income	5,390			4,372			15,463	13,625
Net realized gain (loss) on investments, net of taxes	117			(530)			(10,295)	(503)
Net unrealized appreciation (depreciation) on investments, net of taxes	(3,512)			(13,400)			(1,312)	(22,999)
Loss on extinguishment of debt	(194)			0			$ (213)	$ (144)
Distributions to stockholders:
Common stock issued from reinvestment of stockholder distributions (in shares)							0	12,893
Common stock issued from reinvestment of stockholder distributions				46			$ 0	$ 128
Dividends declared	$ (4,555)			$ (3,895)			(13,398)	(11,546)
Common stock repurchased under Stock Repurchase Program (in shares)	0	0	0	(28,335)	0	0
Common stock repurchased under Stock Repurchase Program	$ 0	$ 0	$ 0	$ (231)	$ 0	$ 0		(231)
Net increase (decrease)	$ (2,754)			$ (13,638)			$ (9,755)	$ (21,670)
Balance (in shares)	13,398,078			13,406,971			13,398,078	13,406,971
Balance	$ 170,668	$ 173,422		$ 182,074	$ 195,712		$ 170,668	$ 182,074
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	13,398,078		13,398,078	13,429,777		13,422,413	13,398,078	13,422,413
Balance	$ 134		$ 134	$ 134		$ 134	$ 134	$ 134
Distributions to stockholders:
Common stock issued from reinvestment of stockholder distributions (in shares)				5,529				12,893
Common stock repurchased under Stock Repurchase Program (in shares)				(28,335)				(28,335)
Net increase (decrease) (in shares)	0			(22,806)				(15,442)
Balance (in shares)	13,398,078	13,398,078		13,406,971	13,429,777		13,398,078	13,406,971
Balance	$ 134	$ 134		$ 134	$ 134		$ 134	$ 134
Paid-in capital in excess of par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	184,841		184,841	185,195		185,113	184,841	185,113
Distributions to stockholders:
Common stock issued from reinvestment of stockholder distributions				46				128
Common stock repurchased under Stock Repurchase Program				(231)				(231)
Net increase (decrease)	0			(185)				(103)
Balance	184,841	184,841		185,010	185,195		184,841	185,010
Total distributable earnings (losses)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(11,553)		$ (4,552)	10,383		$ 18,497	(4,552)	18,497
Net increase (decrease) in net assets resulting from operations:
Net investment income	5,390			4,372			15,463	13,625
Net realized gain (loss) on investments, net of taxes	117			(530)			(10,295)	(503)
Net unrealized appreciation (depreciation) on investments, net of taxes	(3,512)			(13,400)			(1,312)	(22,999)
Loss on extinguishment of debt							(213)	(144)
Distributions to stockholders:
Dividends declared	(4,555)			(3,895)			(13,398)	(11,546)
Net increase (decrease)	(2,754)			(13,453)			(9,755)	(21,567)
Balance	$ (14,307)	$ (11,553)		$ (3,070)	$ 10,383		$ (14,307)	$ (3,070)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 1,801	$ (9,558)	$ 3,643	$ (10,021)

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

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Schedule Of Share Repurchases

Capital Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands													3 Months Ended				9 Months Ended
	Sep. 29, 2023	Aug. 01, 2023	Jun. 30, 2023	May 02, 2023	Mar. 31, 2023	Feb. 28, 2023	Sep. 30, 2022	Aug. 02, 2022	Jun. 30, 2022	May 03, 2022	Mar. 31, 2022	Mar. 01, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Amount Per Share (in usd per share)		$ 0.34		$ 0.33		$ 0.33		$ 0.29		$ 0.29		$ 0.28	$ 0.34			$ 0.29	$ 1.00	$ 0.86
Cash Distribution	$ 4,555		$ 4,422		$ 4,421		$ 3,849		$ 3,850		$ 3,719						$ 13,398	$ 11,418
DRIP Shares Issued (in shares)		0		0		0		5,529		4,348		3,016					0	12,893
DRIP Shares Value		$ 0		$ 0		$ 0		$ 46		$ 43		$ 39				$ 46	$ 0	$ 128
Number of Shares Purchased (in shares)													8,007	5,823	5,096
Average Price Paid Per Share (in usd per share)													$ 11.22	$ 10.06	$ 10.43
Total Amount Paid													$ 90	$ 59	$ 53

N-2 - $ / shares	9 Months Ended
N-2 - $ / shares	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Cover [Abstract]
Entity Central Index Key	0001487918
Amendment Flag	false
Securities Act File Number	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	IL
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, 2022 (the “Annual Report on Form 10-K”), filed on March 3, 2023, and in “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “First Quarter 10-Q”), filed on May 5, 2023 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed on August 4, 2023 (the “Second Quarter 10-Q”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K, the First Quarter 10-Q and Second Quarter 10-Q 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 First Quarter 10-Q and the Second Quarter 10-Q. The risks previously disclosed in the Annual Report on Form 10-K, the First Quarter 10-Q and Second Quarter 10-Q 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.
NAV Per Share	$ 12.74	$ 12.94	$ 13.47	$ 13.58	$ 14.57	$ 15.18

Capital Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Distributions Declared

The following table summarizes distributions declared and paid for the nine months ended September 30, 2023 and 2022:


Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution		DRIP Shares Issued	DRIP Shares Value
Nine Months Ended September 30, 2022
March 1, 2022	March 24, 2022	March 31, 2022	$	0.28	$	3,719	3,016	$	39
May 3, 2022	June 23, 2022	June 30, 2022	0.29		3,850		4,348	43
August 2, 2022	September 23, 2022	September 30, 2022	0.29		3,849		5,529	46
			$	0.86	$	11,418	12,893	$	128
Nine Months Ended September 30, 2023
February 28, 2023	March 24, 2023	March 31, 2023	$	0.33	$	4,421	—	$	—	(1)
May 2, 2023	June 23, 2023	June 30, 2023	0.33		4,422		—	—		(1)
August 1, 2023	September 22, 2023	September 29, 2023	0.34		4,555		—	—		(1)
			$	1.00	$	13,398	—	$	—


Nine Months Ended September 30, 2023	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
January 1, 2023 through March 31, 2023	5,096	$	10.43	$	53
April 1, 2023 through June 30, 2023	5,823	10.06		59
July 1, 2023 through September 30, 2023	8,007	11.22		90

The following table summarizes shares of common stock repurchased under the Stock Repurchase Program during the nine months ended September 30, 2023 and September 30, 2022, respectively:


Period	Total Number of Shares Purchased	Cost of Shares Purchased		Average Price Paid Per Share		Weighted Average Discount to NAV Prior to Repurchases
Nine Months Ended September 30, 2022
January 1, 2022 through March 31, 2022	—	$	—	$	—	n/a
April 1, 2022 through June 30, 2022	—	—		—		n/a
July 1, 2022 through September 30, 2022	28,335	231		8.14		44.2	%

Nine Months Ended September 30, 2023
January 1, 2023 through March 31, 2023	—	$	—	$	—	n/a
April 1, 2023 through June 30, 2023	—	—		—		n/a
July 1, 2023 through September 30, 2023	—	—		—		n/a

Consolidated Schedule of Investments In and Advances To Affiliates

9 Months Ended

Sep. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Consolidated Schedule of Investments In and Advances To Affiliates


		Nine Months Ended September 30, 2023
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net change in unrealized appreciation/(depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2022, Fair Value		Gross Additions (3)		Gross Reductions (4)		September 30, 2023, Fair Value (5)
Control Investment
Eblens Holdings, Inc.	Subordinated Loan (6)	$	(4,605)	$	3,501	$	—	$	—	$	—	$	—	$	1,104	$	—	$	(1,104)	$	—
	Subordinated Loan (6)	(4,605)		4,605		—		—		—		—		—		—		—		—
	Common Equity (6)	(1,306)		950		—		—		—		—		—		356		(356)		—
		(10,516)		9,056		—		—		—		—		1,104		356		(1,460)		—

Total Control Investment		(10,516)		9,056		—		—		—		—		1,104		356		(1,460)		—
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	—		1,811		—		735		—		735		6,202		2,546		—		8,748
	Common Equity (6)	—		1,459		—		—		—		—		510		1,459		—		1,969
		—		3,270		—		735		—		735		6,712		4,005		—		10,717

DRS Imaging Services, LLC	Common Equity	—		(1,211)		—		34		—		34		1,569		—		(1,211)		358


Master Cutlery, LLC	Subordinated Loan (6)	—		(22)		—		—		—		—		122		—		(22)		100
	Preferred Equity (6)	—		—		—		—		—		—		—		—		—		—
	Common Equity (6)	—		—		—		—		—		—		—		—		—		—
		—		(22)		—		—		—		—		122		—		(22)		100

Pfanstiehl Holdings, Inc	Common Equity	—		(8,351)		—		547		—		547		85,456		—		(8,351)		77,105


TalentSmart Holdings, LLC	Common Equity (6)	—		(305)		—		—		—		—		953		—		(305)		648


TRS Services, Inc.	Preferred Equity (7)	—		579		—		118		—		118		1,890		647		—		2,537
	Common Equity (6)	—		—		—		—		—		—		—		—		—		—
		—		579		—		118		—		118		1,890		647		—		2,537

Total Affiliate Investments		—		(6,040)		—		1,434		—		1,434		96,701		4,652		(9,889)		91,465
Total Control and Affiliate Investments		$	(10,516)	$	3,016	$	—	$	1,434	$	—	$	1,434	$	97,805	$	5,008	$	(11,349)	$	91,465

(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.

Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt instruments


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Stated interest expense	$	328		$	369		$	1,006		$	1,184
Amortization of debt issuance costs	43			48			133			140
Total interest and debt financing costs	$	371		$	417		$	1,139		$	1,324
Cash paid for interest expense	$	694		$	737		$	1,419		$	1,739
Effective interest rate	3.27		%	3.28		%	3.24		%	3.21		%
Average outstanding balance	$	45,311		$	50,920		$	46,795		$	55,026


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Stated interest expense	$	2,165		$	2,165		$	6,495		$	6,495
Amortization of debt issuance costs	245			259			734			779
Total interest and debt financing costs	$	2,410		$	2,424		$	7,229		$	7,274
Cash paid for interest expense	$	3,649		$	3,649		$	7,979		$	8,002
Effective interest rate	5.35		%	5.39		%	5.35		%	5.39		%
Average outstanding balance	$	180,000		$	180,000		$	180,000		$	180,000

For the three and nine months ended September 30, 2023 and 2022, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Average dollar borrowings	$	323,781		$	367,992		$	331,792		$	361,319
Weighted average effective interest rate	6.07		%	5.06		%	5.95		%	4.51		%

Credit facilities


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Stated interest expense(1)	$	2,012		$	1,671		$	6,008		$	3,295
Amortization of debt issuance costs	95			95			285			231
Total interest and debt financing costs	$	2,107		$	1,766		$	6,293		$	3,526
Cash paid for interest expense	$	2,101		$	1,520		$	6,069		$	2,906
Effective interest rate	8.61		%	5.20		%	8.12		%	3.74		%
Average outstanding balance	$	97,883		$	135,680		$	103,327		$	125,574

(1) Stated interest expense includes unused fees.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stated interest expense(1)	$	25	$	49	$	136	$	96
Amortization of debt issuance costs	—		1		1		4
Total interest and debt financing costs	$	25	$	50	$	137	$	100
Cash paid for interest expense	$	24	$	49	$	135	$	95
Effective interest rate	n/m(2)		n/m(2)		n/m(2)		n/m(2)
Average outstanding balance	$	587	$	1,391	$	1,669	$	719

(1) Stated interest expense includes unused fees.

(2) 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 September 30, 2023:


	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
PWB Credit Facility	$	—	$	—	$	—	$	—	$	—
Unsecured Notes	180,000		—		125,000		—		55,000
SBA Debentures	31,920		—		31,920		—		—
BNP Facility	91,100		—		—		91,100		—
Total	$	303,020	$	—	$	156,920	$	91,100	$	55,000

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

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Investments in and Advances to Affiliates [Line Items]

Borrowings - PWB Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 15, 2022	Apr. 22, 2022	Mar. 07, 2018
Line of Credit Facility [Line Items]
Outstanding debt	$ 91,100		$ 91,100		$ 104,700
Amortization of debt issuance costs			1,153	$ 1,154
Cash paid for interest expense			$ 15,602	12,742
Line of Credit \| PWB Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity						$ 25,000	$ 35,000	$ 25,000
Maximum availability limit percentage	50.00%		50.00%
Outstanding debt	$ 0		$ 0		$ 0
Unused commitment	25,000		25,000
Stated interest expense	25	$ 49	136	96
Amortization of debt issuance costs	0	1	1	4
Total interest and debt financing costs	25	50	137	100
Cash paid for interest expense	24	49	135	95
Average outstanding balance	$ 587	$ 1,391	$ 1,669	$ 719

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2023

Investment Company [Abstract]

Financial highlights

The following is a schedule of financial highlights for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Per share operating performance:
Net asset value per share at beginning of period	$	12.94		$	14.57		$	13.47		$	15.18
Net investment income(4)	0.40			0.33			1.15			1.01
Net realized gain (loss) on investments, net of taxes(4)	0.01			(0.04)			(0.77)			(0.04)
Net unrealized depreciation on investments, net of taxes(4)	(0.26)			(1.00)			(0.09)			(1.71)
Loss on extinguishment of debt(4)	(0.01)			—			(0.02)			(0.01)
Total income (loss) from operations	0.14			(0.71)			0.27			(0.75)
Distributions declared	(0.34)			(0.29)			(1.00)			(0.86)
Issuance/repurchase of common stock(8)	—			0.01			—			0.01
Net asset value per share at end of period	$	12.74		$	13.58		$	12.74		$	13.58

Per share market value, end of period	$	11.24		$	8.22		$	11.24		$	8.22
Total return based on market value(1)(6)	17.1		%	(14.2)		%	21.7		%	(17.9)		%
Total return based on net asset value(2)(6)	1.4		%	(3.5)		%	3.9		%	(2.6)		%
Shares outstanding at end of period	13,398,078			13,406,971			13,398,078			13,406,971
Weighted average shares outstanding	13,398,078			13,428,410			13,398,078			13,425,466
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(3)	$	172,045		$	188,893		$	176,080		$	197,479
Net asset value at end of period	$	170,668		$	182,074		$	170,668		$	182,074
Net investment income	$	5,390		$	4,372		$	15,463		$	13,625
Ratio of total expenses to average net assets(5)	21.5		%	19.0		%	21.2		%	14.3		%
Ratio of total expenses and loss on extinguishment of debt to average net assets(5)	21.6		%	19.0		%	21.3		%	14.3		%
Ratio of net investment income to average net assets(5)	12.5		%	9.3		%	11.7		%	9.2		%
Ratio of loss on extinguishment of debt to average net assets(6)	0.1		%	—		%	0.1		%	0.1		%
Portfolio turnover(7)	1.8		%	4.2		%	7.1		%	22.7		%

(1)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.

(2)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.

(3)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.

(4)Calculated on the average share method.

(5)Annualized.

(6)Not annualized.

(8)Common stock issued through the DRIP and repurchased through the Stock Repurchase Program.

Consolidated Schedule of Investments In and Advances To Affiliates (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

$ (10,241)

$ (868)

$ 14,291

$ 12,550

41,785

32,738

334

279

1,453

1,042

539

222

966

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

14,651

13,368

43,460

34,746

^[1],[2]

500,576

Investment, Identifier [Axis]: 24 Seven Holdco, LLC, Senior Secured Loan

^[3],[4]

457,247

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

^[1],[5]

8,821

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan

^[3],[6]

8,532

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

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan 1

^[1],[5]

1,943

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

Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, Senior Secured Loan 2

^[3]

1,970

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

Investment, Identifier [Axis]: Advantage Sales & Marketing Inc. (F/K/A Karman Buyer Corp), Senior Secured Loan

^[3]

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

Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 1

^[3],[6],[7]

2,190

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

^[1]

22,890

Investment, Identifier [Axis]: All Star Auto Lights, Inc., Senior Secured Loan 2

^[3]

22,918

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

^[1]

4,930

Investment, Identifier [Axis]: Allen Media, LLC, Senior Secured Loan

^[3]

4,938

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

^{[1],[5],[8],[9]}

3,103

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

^[3],[6],[7]

3,347

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

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

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

7,608

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

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

^{[1],[12],[13]}

7,996

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

^{[1],[12],[13]}

6,141

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

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

5,781

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

^{[1],[12],[13]}

8,611

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

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

7,145

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

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

^[1]

5,272

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

Investment, Identifier [Axis]: Astro One Acquisition Corporation, Senior Secured Loan

^[3]

5,488

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

^[1]

2,246

Investment, Identifier [Axis]: Asurion, LLC, Senior Secured Loan

^[3],[14]

385

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

Investment, Identifier [Axis]: Atlantis Holding, LLC , Senior Secured Loan

^[1],[8]

1,572

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

Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 1

^[1],[5],[8]

8,102

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

^[1]

3,475

Investment, Identifier [Axis]: Avison Young, Senior Secured Loan 2

^[3],[6]

2,060

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

^[1],[5]

732

Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc.

^[3]

417

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), Senior Secured Loan

^[3]

1,464

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

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

^[1]

1,540

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

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

^[1]

7,308

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

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

^[3]

7,726

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

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

^[1]

5,445

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

Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan

^[3]

5,650

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

^[1]

4,861

Investment, Identifier [Axis]: BayMark Health Services, Inc., Senior Secured Loan (Delayed Draw)

^[3]

4,917

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

^[1],[15]

3,814

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

^[3]

3,952

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

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

1,098

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

^{[3],[18],[19]}

937

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

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan

^[3]

344

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

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Delayed Draw)

^[1],[5]

9,201

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

Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Senior Secured Loan (Revolver)

^[3],[6],[20]

10,636

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

^[1],[15]

(47)

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

^[3],[20]

(48)

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

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

^[1],[21]

8,299

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

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

^[3]

887

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

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

^[3]

1,920

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

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

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

4,840

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

Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity (20,628 common shares)

^[3],[19]

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

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

^[1],[17]

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

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

^[1]

6,202

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

1,459

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

510

1,459

1,969

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

1,811

735

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

735

6,202

2,546

8,748

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

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

^[1],[17]

510

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

^[3],[19]

1,969

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

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

^[3]

8,748

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

^[1]

5,767

Investment, Identifier [Axis]: Creation Technologies, Senior Secured Loan

^[3]

5,897

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

^[1],[5],[22]

1,854

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

^[3],[6],[23]

1,866

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(1,211)

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

1,569

(1,211)

358

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

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

^{[1],[16],[17],[24]}

1,568

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (1)

^{[3],[18],[25]}

358

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

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan (2)

^[3]

132

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

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 1

^[3],[19]

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

Investment, Identifier [Axis]: Diamond Sports Group, LLC, Senior Secured Loan 2

^[1]

240

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

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

^[1],[26]

248

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

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

^[1]

823

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

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

^[1]

1,029

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

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

^[3]

558

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

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

^[3]

698

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

^{[1],[12],[13]}

2,030

Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan

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

1,837

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

^[1]

1,873

Investment, Identifier [Axis]: East West Manufacturing, Senior Secured Loan (Delayed Draw)

^[3],[6]

1,850

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

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

^[1],[15]

(11)

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(1,306)

950

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

356

(356)

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(4,605)

3,501

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

1,104

(1,104)

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(4,605)

4,605

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

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

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

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

^[1],[17]

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

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

^[1],[26]

1,104

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

Investment, Identifier [Axis]: Electrical Components International, Inc., Senior Secured Loan

^[1],[26]

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

^[1]

3,468

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

^[3]

3,603

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

^{[1],[12],[13],[27]}

118

Investment, Identifier [Axis]: EnergySolutions, LLC, Senior Secured Loan

^{[3],[10],[11],[19],[28]}

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

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

^[1],[5]

1,652

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

^{[1],[17],[29]}

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (1)

^{[3],[19],[30]}

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

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (2)

^[3]

6,311

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

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan (Revolver)

^{[3],[14],[19]}

3,528

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

^[1],[15]

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 1

^[3],[20]

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

Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Senior Secured Loan 2

^[1]

6,359

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

Investment, Identifier [Axis]: Excelin Home Health, LLC, Senior Secured Loan

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

2,887

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

^[1],[31]

3,987

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

^{[3],[14],[32]}

3,443

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

^{[1],[12],[13]}

5,587

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

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

5,234

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],[17]

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

Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), Senior Secured Loan

^[1],[17]

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), Senior Secured Loan

^[3],[6],[7]

1,955

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

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan

^[3],[6]

5,957

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

^[1]

6,426

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw 1)

^[3],[6]

6,483

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

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw 2)

^[3],[6]

4,099

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

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Delayed Draw)

^[3],[6],[20]

1,889

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

Investment, Identifier [Axis]: Honor HN Buyer Inc, Senior Secured Loan (Revolver)

^[1],[15]

1,762

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

^[1],[15]

(12)

Investment, Identifier [Axis]: Idera, Senior Secured Loan

^[3],[20]

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

^[1]

3,732

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

^[3]

4,000

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

^[1],[33]

14,868

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

^[3]

14,868

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

^[1],[15]

Investment, Identifier [Axis]: Ivanti Software, Inc., Senior Secured Loan

^[3]

2,344

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

^[1],[5],[8]

2,359

Investment, Identifier [Axis]: JP Intermediate B, LLC, Senior Secured Loan

^[3],[6],[7]

2,552

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

^[1],[5]

4,622

Investment, Identifier [Axis]: KNS Acquisition Corp. , Senior Secured Loan

^[3],[6]

3,608

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

Investment, Identifier [Axis]: Karman Buyer Corp, Senior Secured Loan

^[1],[5]

6,515

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

Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan

^[1],[5],[8]

1,898

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

^[1]

15,675

Investment, Identifier [Axis]: Kreg LLC, Senior Secured Loan (Revolver)

^[3],[6],[34]

15,826

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

^[1],[15]

(71)

Investment, Identifier [Axis]: LogMeIn, Inc., Senior Secured Loan

^[3],[20]

(95)

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

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

^[1],[5],[8]

1,909

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

^{[1],[12],[13]}

5,319

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

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

5,168

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

^{[1],[12],[13]}

5,645

Investment, Identifier [Axis]: Master Cutlery, LLC (4) (10) (20)

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

5,820

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

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

^{[3],[14],[34]}

100

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]

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]

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(22)

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

122

(22)

100

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

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

^[1]

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

^[3]

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

^[1]

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

^[3]

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

Investment, Identifier [Axis]: Metasource, Senior Secured Loan

^{[1],[26],[33]}

122

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

^[1]

2,592

Investment, Identifier [Axis]: Metasource, Senior Secured Loan (Delayed Draw)

^[3]

2,598

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

^[1],[15]

(81)

Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan

^[3],[20]

(69)

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

Investment, Identifier [Axis]: Milrose Consultants, LLC, Senior Secured Loan (Revolver)

^[1],[5]

26,700

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],[15]

448

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]

874

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

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

^[3]

936

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

^{[1],[12],[13]}

3,202

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan

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

2,369

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

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw)

^[1],[5]

7,039

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

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (1)

^[1],[5],[15]

3,698

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

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Delayed Draw) (2)

^[3],[6]

7,008

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

Investment, Identifier [Axis]: One GI LLC, Senior Secured Loan (Revolver)

^[3],[6],[20]

3,692

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

^[1],[15]

(90)

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

^[3]

1,359

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

Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity (499 units)

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

967

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

^{[3],[19],[25]}

620

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]

910

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

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

^[3]

976

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(8,351)

547

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

547

85,456

(8,351)

77,105

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

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

^{[1],[9],[17],[24],[31]}

85,456

Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), Senior Secured Loan

^{[3],[25],[32],[35]}

77,105

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

^[1],[26]

6,864

Investment, Identifier [Axis]: RC Buyer, Inc., Senior Secured Loan

^[3],[14]

6,588

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

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

^[1]

1,064

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

Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity (345,339 Class A units)

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

406

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

Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 1

^[3],[18]

1,189

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

Investment, Identifier [Axis]: RSA Security, Senior Secured Loan 2

^[1],[8]

1,931

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

Investment, Identifier [Axis]: Reception Purchaser LLC, Senior Secured Loan

^[1]

3,350

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

^[1],[5]

2,501

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

^[3],[6]

2,381

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

^{[1],[12],[13]}

695

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Senior Secured Loan (1)

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

567

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

Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Senior Secured Loan (2)

^[3],[7]

1,478

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

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

^[3]

3,464

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

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

^[1]

738

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

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

^[3]

771

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

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

^[1]

2,990

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

Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan

^[3]

3,055

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

^[1]

3,617

Investment, Identifier [Axis]: RumbleOn, Inc., Senior Secured Loan (Delayed Draw)

^[3],[34]

2,995

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

^[1],[15]

1,042

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

^[3]

1,101

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

^[1]

Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan

^[3],[19]

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

^[1],[36]

2,988

Investment, Identifier [Axis]: SS Acquisition, LLC, Senior Secured Loan (Delayed Draw)

^[3],[37]

3,042

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

^[1],[15]

1,184

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (1)

^[3]

1,460

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

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (2)

^[3]

9,578

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

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (3)

^[3]

1,035

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

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan (Revolver)

^[3]

2,607

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

^[1],[15]

(11)

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 1

^[3],[20]

199

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

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 2

^[1]

9,513

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

Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Senior Secured Loan 3

^[1]

1,028

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

Investment, Identifier [Axis]: STS Operating, Inc., Senior Secured Loan

^[1]

2,589

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

^[1]

9,073

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

^[3]

9,073

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

Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity (1,603 Series B units)

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

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

Investment, Identifier [Axis]: Signal Parent, Inc., Senior Secured Loan

^{[3],[18],[19]}

157

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

^[1],[5],[8]

1,566

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

^[3],[6],[7]

1,533

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

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.), Senior Secured Loan

^[3],[6]

1,472

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

Investment, Identifier [Axis]: Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,), Senior Secured Loan

^[1],[5]

6,182

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

Investment, Identifier [Axis]: Staples, Inc., Senior Secured Loan

^[3],[6]

6,399

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

^{[1],[5],[8],[22]}

2,689

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

^{[3],[6],[7],[23]}

2,475

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],[10],[11]}

3,206

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

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

^{[1],[12],[13]}

3,926

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]

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

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

579

118

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

118

1,890

647

2,537

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

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

^[1]

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

^[3],[19]

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

^[1]

1,890

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

^[3]

2,537

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(305)

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

953

(305)

648

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

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

^{[1],[16],[17],[24]}

953

Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan

^{[3],[18],[19],[25]}

648

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

^[1]

16,497

Investment, Identifier [Axis]: The Escape Game, LLC, Senior Secured Loan (Revolver)

^[3],[6]

21,210

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

^[1],[15]

Investment, Identifier [Axis]: Thryv, Inc., Senior Secured Loan

^[3],[20]

2,800

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

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan

^[1],[5],[8]

3,930

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

^[1]

15,504

Investment, Identifier [Axis]: Tolemar Acquisition, Inc., Senior Secured Loan (Revolver)

^[3],[6]

14,495

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

^[1],[15]

438

Investment, Identifier [Axis]: Tony's Fresh Market / Cardenas Markets, Senior Secured Loan

^[3],[20]

443

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

Investment, Identifier [Axis]: Total Affiliate Investments

^[1],[5]

5,532

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

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

^[1]

96,701

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

^{[1],[12],[13]}

2,216

Investment, Identifier [Axis]: TruGreen Limited Partnership, Senior Secured Loan

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

1,692

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

^[1]

4,226

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

^[3]

4,410

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

Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity (4,701 units)

^[1]

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

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

^{[3],[19],[32]}

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

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

^[1]

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

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

^[1]

2,876

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

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

^[3]

2,900

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

^{[1],[12],[13]}

471

Investment, Identifier [Axis]: Wllful, Inc. (F/K/A KNS Acquisition Corp.), Senior Secured Loan

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

359

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

Investment, Identifier [Axis]: Yahoo / Verizon Media, Senior Secured Loan

^[3],[6],[7]

6,337

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

Investments in and Advances to Affiliates [Line Items]

^[1],[5],[8]

2,843

Eblens Holdings, Inc.

Net change in unrealized appreciation/(depreciation)

(10,516)

9,056

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

^[1],[24]

1,104

356

(1,460)

Contract Datascan Holdings, Inc.

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

3,270

735

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

735

^{[1],[24],[31]}

6,712

4,005

Investments in and Advances to Affiliates [Line Items]

^{[3],[25],[32]}

10,717

Master Cutlery, LLC

Net change in unrealized appreciation/(depreciation)

(22)

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

^{[1],[17],[24],[31]}

122

(22)

Investments in and Advances to Affiliates [Line Items]

^{[3],[19],[25],[32]}

100

TRS Services, LLC

Net change in unrealized appreciation/(depreciation)

579

118

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

118

^{[1],[24],[31]}

1,890

647

Investments in and Advances to Affiliates [Line Items]

^{[3],[19],[25],[32]}

2,537

Affiliate Investments

Net change in unrealized appreciation/(depreciation)

(10,516)

3,016

1,434

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

1,434

97,805

5,008

(11,349)

91,465

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(10,516)

278

9,056

(1,684)

141

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

^[1]

1,104

356

(1,460)

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized appreciation/(depreciation)

(4,917)

650

(6,040)

19,683

323

$ 279

1,434

$ 284

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

1,434

96,701

4,652

(9,889)

^[3]

$ 91,465

[1]

[2]

[3]

[4]

[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]

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.

[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]

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.

[9]

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

[10]

[11]

[12]

[13]

[14]

Investment was on non-accrual status as of September 30, 2023, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

[15]

Subject to unfunded commitments. See Note 6.

[16]

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

[17]

Non-income producing.

[18]

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

[19]

Non-income producing.

[20]

Subject to unfunded commitments. See Note 6.

[21]

[22]

[23]

[24]

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

[25]

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

[26]

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

[27]

[28]

As of September 30, 2023, the investment has been optionally redeemed and is in the process of liquidating. Remaining residual distributions are anticipated to be recognized as a return of capital.

[29]

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

[30]

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

[31]

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

[32]

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

[33]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.15% to 14.15%

2.00%

Master Cutlery, LLC

Senior Secured Loan

0% to 13.00%

13.00%

[34]

Portfolio Company

Investment Type

Range of PIK
Option

Range of Cash
Option

Maximum PIK
Rate Allowed

Inergex Holdings, LLC

Senior Secured Loan

0% to 2.00%

12.59% to 14.59%

2.00%

Inergex Holdings, LLC

Senior Secured - Revolver

0% to 2.00%

12.59% to 14.59%

2.00%

Kreg, LLC

Senior Secured Loan

0% to 2.00%

10.29% to 12.29%

2.50%

Master Cutlery, LLC

Subordinated Loan

0% to 13.00%

13.00%

RumbleOn, Inc.

Senior Secured Loan

0% to 0.50%

13.90% to 14.40%

0.50%

[35]

Portfolio company represents greater than 5% of total assets as of September 30, 2023.

[36]


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

[37]


Portfolio Company	Reported Interest Rate	Interest Rate per Credit Agreement	Additional Interest per Annum
SS Acquisition, LLC	12.27%	11.75%	0.52%
SS Acquisition, LLC (Delayed Draw)	13.03%	11.75%	1.28%

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

Sep. 30, 2023

Dec. 31, 2022

$ 432,863

^[1]

$ 474,880

^[2]

100.00%

253.60%

263.20%

$ 457,247

^[1],[3]

$ 500,576

^[2],[4]

100.00%

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

267.90%

^[1]

277.40%

^[2]

$ 332,198

$ 372,403

76.70%

78.40%

194.60%

206.40%

$ 373,958

$ 412,058

81.80%

82.30%

219.10%

228.30%

$ 100,665

$ 102,477

^[5]

23.30%

21.60%

59.00%

56.80%

$ 83,289

$ 88,518

^[4],[5]

18.20%

17.70%

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

48.80%

49.10%

^[5]

$ 2,729

$ 2,745

0.60%

1.60%

1.50%

$ 2,529

$ 2,511

0.60%

0.50%

Administrative and Support and Waste Management and Remediation Services, All Other Business Support Services, Convention and Trade Show Organizers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.50%

1.40%

$ 160

0.00%

0.10%

$ 157

$ 80

0.00%

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

0.10%

0.00%

$ 1,765

0.40%

1.00%

$ 1,652

0.30%

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

0.90%

$ 4,596

$ 4,611

1.10%

1.00%

2.70%

2.60%

$ 4,410

$ 4,226

1.00%

0.80%

Administrative and Support and Waste Management and Remediation Services, Security Systems Services (except Locksmiths) | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.60%

2.30%

$ 5,859

$ 5,849

1.40%

1.20%

3.40%

3.20%

$ 5,897

$ 5,767

1.30%

1.20%

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

3.50%

3.20%

$ 8,793

$ 8,854

2.00%

1.90%

5.20%

4.90%

$ 8,532

$ 8,821

1.90%

1.80%

Arts, Entertainment and Recreation, Other Amusement and Recreation Industries | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

5.00%

4.90%

$ 23,713

$ 16,303

5.50%

3.40%

13.90%

9.00%

$ 24,010

$ 16,497

5.30%

3.30%

Construction, Electrical Contractors and Other Wiring Installation Contractors | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

14.10%

9.10%

$ 17,618

$ 17,666

4.10%

3.70%

10.30%

9.80%

$ 9,839

$ 9,247

2.20%

1.80%

Construction, New Single-Family Housing Construction (except For-Sale Builders) | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

5.80%

5.10%

$ 1,795

$ 1,807

0.40%

1.10%

1.00%

$ 1,533

$ 1,566

0.30%

Education Services, Professional and Management Development Training | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.90%

$ 3,051

$ 1,595

0.70%

0.30%

1.80%

0.90%

$ 2,120

$ 953

0.50%

0.20%

Education Services, Sports and Recreation Instruction | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.20%

0.50%

$ 4,471

$ 4,222

1.00%

0.90%

2.60%

2.30%

$ 4,502

$ 4,172

1.00%

0.80%

Health Care And Social Assistance, Child Day Care Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.60%

2.30%

$ 6,403

$ 6,375

1.50%

1.30%

3.80%

3.50%

$ 6,399

$ 6,182

1.40%

1.20%

Health Care And Social Assistance, Home Health Care Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

3.70%

3.40%

$ 4,231

$ 4,210

1.00%

0.90%

2.50%

2.30%

$ 3,443

$ 3,987

0.80%

Health Care And Social Assistance, Medical Laboratories | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.00%

2.20%

$ 9

$ 17

0.00%

0.00%

$ 20

$ 35

0.00%

Health Care And Social Assistance, Offices of Physicians and Mental Health Specialists | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.00%

$ 13,423

$ 13,299

3.10%

2.80%

7.90%

7.40%

$ 13,419

$ 13,119

2.90%

2.60%

Health Care And Social Assistance, Other Ambulatory Health Care Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

7.90%

7.30%

$ 16,945

$ 16,444

3.90%

3.50%

9.90%

9.10%

$ 15,731

$ 15,604

3.40%

3.10%

Health Care And Social Assistance, Outpatient Mental Health and Substance Abuse Centers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

9.20%

8.60%

$ 8,858

$ 8,787

2.00%

1.90%

5.20%

4.90%

$ 8,869

$ 8,675

1.90%

1.70%

Health Care And Social Assistance, Services for the Elderly and Persons with Disabilities | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

5.20%

4.80%

$ 24,949

$ 18,977

5.80%

4.00%

14.50%

10.50%

$ 24,435

$ 18,427

5.30%

3.70%

Information, Cable and Other Subscription Programming | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

14.10%

10.20%

$ 3,735

$ 3,763

0.90%

0.80%

2.20%

2.10%

$ 3,347

$ 3,103

0.70%

0.60%

Information, Data Processing, Hosting, and Related Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.00%

1.70%

$ 4,058

$ 4,080

0.90%

2.40%

2.30%

$ 2,313

$ 3,477

0.50%

0.70%

Information, Directory and Mailing List Publishers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.40%

1.90%

$ 3,910

0.80%

2.20%

$ 3,930

0.80%

Information, Internet Publishing and Broadcasting and Web Search Portals | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.20%

$ 3,100

0.70%

1.70%

$ 2,843

0.60%

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

1.60%

$ 17,061

$ 17,577

3.90%

3.70%

10.00%

9.70%

$ 10,329

$ 9,629

2.30%

1.90%

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

6.10%

5.30%

$ 2,183

$ 2,182

0.50%

1.30%

1.20%

$ 178

$ 488

0.00%

0.10%

Management of Companies and Enterprises, Offices of Other Holding Companies | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.10%

0.30%

$ 12,672

$ 11,240

2.90%

2.40%

7.40%

6.20%

$ 12,059

$ 10,646

2.60%

2.10%

Manufacturing, Bare Printed Circuit Board Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

7.10%

5.90%

$ 1,964

$ 1,977

0.50%

0.40%

1.20%

1.10%

$ 1,866

$ 1,854

0.40%

Manufacturing, Current-Carrying Wiring Device Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.10%

1.00%

$ 3,429

$ 3,360

0.80%

0.70%

2.00%

1.90%

$ 3,603

$ 3,468

0.80%

0.70%

Manufacturing, Other Aircraft Parts and Auxiliary Equipment Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.10%

1.90%

$ 500

0.10%

0.30%

$ 0

0.00%

Manufacturing, Fluid Power Pump and Motor Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.00%

$ 1,920

$ 1,931

0.40%

1.10%

$ 1,850

$ 1,862

0.40%

Manufacturing, Ice Cream and Frozen Dessert Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.10%

1.00%

$ 1,644

$ 1,641

0.40%

0.30%

1.00%

0.90%

$ 1,464

$ 1,540

0.30%

Manufacturing, Motorcycle, Bicycle, and Parts Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.90%

$ 15,927

$ 15,873

3.70%

3.30%

9.30%

8.80%

$ 14,938

$ 15,942

3.30%

3.20%

Manufacturing, Other Industrial Machinery Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

8.80%

$ 4,543

$ 5,203

1.00%

1.10%

2.60%

2.90%

$ 4,141

$ 4,660

0.90%

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

2.30%

2.60%

$ 217

0.10%

0.00%

0.10%

$ 77,105

$ 85,456

16.90%

17.10%

Other Services, Except Public Administration, Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

45.20%

47.40%

$ 642

$ 572

0.10%

0.40%

0.30%

$ 2,537

$ 1,890

0.60%

0.40%

Other Services, Except Public Administration, Communication Equipment Repair and Maintenance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.50%

1.00%

$ 1,766

0.40%

1.00%

$ 1,572

0.30%

Other Services, Except Public Administration, Other Automotive Mechanical and Electrical Repair and Maintenance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.90%

$ 1,083

0.20%

0.60%

$ 1,064

0.20%

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

0.60%

$ 27,621

5.80%

15.30%

$ 27,148

5.40%

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

15.00%

$ 2,242

$ 2,256

0.50%

1.30%

$ 2,190

$ 1,898

0.50%

0.40%

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

1.30%

1.10%

$ 1,996

$ 1,959

0.50%

0.40%

1.20%

1.10%

$ 2,016

$ 1,943

0.40%

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

1.20%

1.10%

$ 17,056

$ 14,595

3.90%

3.10%

10.00%

8.10%

$ 17,212

$ 14,868

3.80%

3.00%

Public Administration, Other Justice, Public Order, and Safety Activities | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

10.10%

8.20%

$ 703

0.20%

0.10%

0.40%

$ 37

$ 32

0.00%

Real Estate and Rental and Leasing, Nonresidential Property Managers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.00%

$ 4,660

$ 4,680

1.10%

1.00%

2.70%

2.60%

$ 2,477

$ 4,207

0.50%

0.80%

Real Estate and Rental and Leasing, Office Machinery and Equipment Rental and Leasing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.50%

2.30%

$ 7,153

$ 6,418

1.70%

1.40%

4.20%

3.60%

$ 10,717

$ 6,713

2.30%

1.30%

Retail Trade, Electronics and Appliance Stores | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

6.30%

3.70%

$ 8,037

1.70%

4.50%

$ 8,102

1.60%

Retail Trade, Electronic Shopping and Mail-Order Houses | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

4.50%

$ 6,622

$ 6,747

1.50%

1.40%

3.90%

3.70%

$ 6,337

$ 6,515

1.40%

1.30%

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

3.70%

3.60%

$ 10,160

2.10%

5.60%

$ 1,104

0.20%

Retail Trade, Supermarkets and Other Grocery (except Convenience) Stores | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.60%

$ 5,643

$ 5,647

1.30%

1.20%

3.30%

3.10%

$ 5,957

$ 5,532

1.30%

1.10%

Retail Trade, All Other General Merchandise Stores | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

3.50%

3.10%

$ 499

0.10%

0.30%

$ 620

$ 967

0.10%

0.20%

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

0.40%

0.50%

$ 2,500

$ 2,514

0.60%

0.50%

1.50%

1.40%

$ 2,381

$ 2,501

0.50%

Wholesale Trade, Business to Business Electronic Markets | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.40%

$ 2,845

$ 2,858

0.70%

0.60%

1.70%

1.60%

$ 2,475

$ 2,689

0.50%

Wholesale Trade, Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

1.50%

$ 10,114

$ 11,156

2.30%

5.80%

6.20%

$ 8,942

$ 9,013

2.00%

1.80%

Wholesale Trade, Drugs and Druggists' Sundries Merchant Wholesalers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

5.10%

5.00%

$ 4,501

$ 5,227

1.00%

1.10%

2.60%

2.90%

$ 3,608

$ 4,622

0.80%

0.90%

Wholesale Trade, Industrial Machinery and Equipment Merchant Wholesalers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

2.10%

2.60%

$ 9,072

$ 9,071

2.10%

1.90%

5.30%

5.00%

$ 9,073

2.00%

1.80%

Wholesale Trade, Motor Vehicle Parts (Used) Merchant Wholesalers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

5.30%

5.00%

$ 27,629

$ 27,751

6.40%

5.80%

16.20%

15.40%

$ 27,856

$ 27,821

6.10%

5.60%

Wholesale Trade, Other Miscellaneous Nondurable Goods Merchant Wholesalers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

16.30%

15.40%

$ 2,704

$ 2,680

0.60%

1.60%

1.50%

$ 385

$ 2,246

0.10%

0.40%

Wholesale Trade, Sporting and Recreational Goods and Supplies Merchant Wholesalers | Total Debt and Equity Investments - Non-control/Non-affiliate Investments

0.20%

1.20%

$ 8,163

1.90%

1.70%

4.80%

4.40%

$ 100

$ 122

0.00%

0.10%

[1]	Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
[2]	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]	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.
[5]	Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2022, approximately 80% of the Company's assets were qualifying assets.

Subsequent Events (Details) - $ / shares								3 Months Ended		9 Months Ended
Subsequent Events (Details) - $ / shares	Oct. 31, 2023	Aug. 01, 2023	May 02, 2023	Feb. 28, 2023	Aug. 02, 2022	May 03, 2022	Mar. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Distributions declared per common share (in usd per share)		$ 0.34	$ 0.33	$ 0.33	$ 0.29	$ 0.29	$ 0.28	$ 0.34	$ 0.29	$ 1.00	$ 0.86
Subsequent Event
Subsequent Event [Line Items]
Distributions declared per common share (in usd per share)	$ 0.34

Borrowings - BNP Facility (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Jun. 24, 2022	Jun. 20, 2019	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding debt			$ 91,100		$ 91,100		$ 104,700
Amortization of debt issuance costs					1,153	$ 1,154
Cash paid for interest expense					15,602	12,742
Line of Credit \| BNP Facility
Line of Credit Facility [Line Items]
Borrowing capacity		$ 150,000	150,000		150,000
Term	3 years
Outstanding debt			91,100		91,100		$ 104,700
Unused commitment			58,900		58,900
Stated interest expense			2,012	$ 1,671	6,008	3,295
Amortization of debt issuance costs			95	95	285	231
Total interest and debt financing costs			2,107	1,766	6,293	3,526
Cash paid for interest expense			$ 2,101	$ 1,520	$ 6,069	$ 2,906
Effective interest rate			8.61%	5.20%	8.12%	3.74%
Average outstanding balance			$ 97,883	$ 135,680	$ 103,327	$ 125,574
Line of Credit \| BNP Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Increase in applicable margin	0.40%
Increase in margin floor	2.65%	1.925%

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three and nine months ended September 30, 2023 and 2022 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Management fee	$	1,796	$	1,986	$	5,573	$	6,062
Incentive fees:
Income Incentive Fee	1,348		1,093		3,866		1,093
Capital Gains Fee(1)	—		—		—		(1,916)
Administration fee	380		435		1,302		1,309
Distributions paid to affiliates	1,027		876		3,021		2,597

Borrowings - Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 01, 2021	Mar. 18, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 1,153	$ 1,154
Cash paid for interest expense			$ 15,602	$ 12,742
Effective interest rate	6.07%	5.06%	5.95%	4.51%
Average outstanding balance	$ 323,781	$ 367,992	$ 331,792	$ 361,319
Unsecured Notes
Debt Instrument [Line Items]
Debt covenant, asset coverage	150.00%		150.00%
Stated interest expense	$ 2,165	2,165	$ 6,495	6,495
Amortization of debt issuance costs	245	259	734	779
Total interest and debt financing costs	2,410	2,424	7,229	7,274
Cash paid for interest expense	$ 3,649	$ 3,649	$ 7,979	$ 8,002
Effective interest rate	5.35%	5.39%	5.35%	5.39%
Average outstanding balance	$ 180,000	$ 180,000	$ 180,000	$ 180,000
Unsecured Notes \| Unsecured Notes Due February 2026
Debt Instrument [Line Items]
Aggregate principal						$ 125,000
Interest rate						4.75%
Unsecured Notes \| Unsecured Notes Due October 2028
Debt Instrument [Line Items]
Aggregate principal					$ 55,000
Interest rate					4.95%

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment income
Interest income	$ 14,291	$ 12,550	$ 41,785	$ 32,738
Dividend income	334	279	1,453	1,042
Fee income	26	539	222	966
Total investment income	14,651	13,368	43,460	34,746
Expenses
Interest expense	4,913	4,657	14,798	12,224
Management fee	1,796	1,986	5,573	6,062
Income Incentive Fee	1,348	1,093	3,866	1,093
Capital Gains Fee	0	0	0	(1,916)
Professional fees	397	396	1,262	1,155
Administration fee	380	435	1,302	1,309
Other expenses	427	429	1,196	1,194
Total expenses	9,261	8,996	27,997	21,121
Net investment income	5,390	4,372	15,463	13,625
Net realized and unrealized gain (loss) on investments
Net realized gain (loss)			(10,241)	(868)
Income tax benefit (expense) on net realized gains on investments	117	413	(54)	365
Deferred tax expense on net unrealized appreciation	0	27	0	21
Net loss on investments	(3,395)	(13,930)	(11,607)	(23,502)
Loss on extinguishment of debt	(194)	0	(213)	(144)
Net increase (decrease) in net assets resulting from operations	$ 1,801	$ (9,558)	$ 3,643	$ (10,021)
Net investment income per common share - basic (in usd per share)	$ 0.40	$ 0.33	$ 1.15	$ 1.01
Net investment income per common share - diluted (in usd per share)	0.40	0.33	1.15	1.01
Net increase (decrease) in net assets resulting from operations per common share - basic and diluted (in usd per share)	0.14	(0.71)	0.27	(0.75)
Distributions declared per common share (in usd per share)	$ 0.34	$ 0.29	$ 1.00	$ 0.86
Basic weighted average shares outstanding (in shares)	13,398,078	13,428,410	13,398,078	13,425,466
Diluted weighted average shares outstanding (in shares)	13,398,078	13,428,410	13,398,078	13,425,466
Non-control/Non-affiliate Investments
Investment income
Interest income	$ 14,291	$ 12,550	$ 41,785	$ 32,597
Dividend income	11	0	19	713
Fee income	26	539	222	960
Net realized and unrealized gain (loss) on investments
Net realized gain (loss)	0	(943)	275	(1,146)
Net unrealized appreciation (depreciation) on investments	1,405	(14,077)	(4,328)	(41,019)
Affiliate investments
Investment income
Interest income			0
Dividend income	323	279	1,434	284
Fee income			0
Total investment income			1,434
Net realized and unrealized gain (loss) on investments
Net realized gain (loss)			0
Net unrealized appreciation (depreciation) on investments	(4,917)	650	(6,040)	19,683
Control investment
Investment income
Interest income	0	0	0	141
Dividend income	0	0	0	45
Fee income	0	0	0	6
Total investment income			0
Net realized and unrealized gain (loss) on investments
Net realized gain (loss)	0	0	(10,516)	278
Net unrealized appreciation (depreciation) on investments	$ 0	$ 0	$ 9,056	$ (1,684)

Fair Value of Financial Instruments - Carrying Values and Fair Values of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 283,441	$ 310,265
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	47,850	47,058
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	235,591	263,207
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	300,058	331,750
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	283,441	310,265
PWB Credit Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
PWB Credit Facility \| Line of Credit \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
PWB Credit Facility \| Line of Credit \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
PWB Credit Facility \| Line of Credit \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
PWB Credit Facility \| Line of Credit \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
PWB Credit Facility \| Line of Credit \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility \| Line of Credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	91,100	104,700
BNP Facility \| Line of Credit \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility \| Line of Credit \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility \| Line of Credit \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	91,100	104,700
BNP Facility \| Line of Credit \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	91,100	104,700
BNP Facility \| Line of Credit \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	91,100	104,700
Unsecured Notes Due February 2026 \| Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	113,799	109,037
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	113,799	109,037
Unsecured Notes Due February 2026 \| Unsecured Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	123,129	122,547
Unsecured Notes Due February 2026 \| Unsecured Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	113,799	109,037
Unsecured Notes Due October 2028 \| Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	47,850	47,058
Unsecured Notes Due October 2028 \| Unsecured Notes \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	47,850	47,058
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	53,959	53,806
Unsecured Notes Due October 2028 \| Unsecured Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	47,850	47,058
SBA Debentures \| Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	30,692	49,470
SBA Debentures \| Debentures \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
SBA Debentures \| Debentures \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
SBA Debentures \| Debentures \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	30,692	49,470
SBA Debentures \| Debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	31,870	50,697
SBA Debentures \| Debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 30,692	$ 49,470

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2023, the Company has outstanding commitments to fund investments totaling $14,059 under various undrawn revolvers and other credit facilities. Legal and regulatory proceedings: From time to time, the Company is involved in legal proceedings in the normal course of its business. Although the outcome of such litigation cannot be predicted with any certainty, management is of the opinion, based on the advice of legal counsel, that final disposition of any litigation should not have a material adverse effect on the financial position of the Company as of September 30, 2023. Additionally, the Company is subject to periodic inspection by regulators to assess compliance with applicable BDC regulations and SBIC I LP is subject to periodic inspections by the SBA. Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide for general indemnification. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company believes the risk of any material obligation under these indemnifications to be low.

Investments - By Composition and Domicile (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

$ 432,863

^[1]

$ 474,880

^[2]

100.00%

253.60%

263.20%

$ 457,247

^[1],[3]

$ 500,576

^[2],[4]

100.00%

267.90%

^[1]

277.40%

^[2]

United States

$ 327,538

$ 367,723

371,481

407,851

Canada

4,660

4,680

2,477

4,207

Cayman Islands

93,017

102,477

75,641

88,518

Jersey

7,648

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

7,648

$ 332,198

$ 372,403

76.70%

78.40%

194.60%

206.40%

$ 373,958

$ 412,058

81.80%

82.30%

Senior Secured Debt Investments

219.10%

228.30%

$ 304,865

$ 335,558

70.30%

70.70%

178.60%

186.00%

$ 279,144

$ 311,636

61.10%

62.30%

Subordinated debt investments

163.50%

172.70%

$ 4,680

$ 13,890

1.10%

2.90%

2.70%

7.70%

$ 100

$ 1,226

0.00%

0.20%

0.10%

0.70%

Preferred equity

$ 11,116

$ 9,966

2.60%

2.10%

6.50%

5.50%

$ 11,806

$ 8,196

2.60%

1.60%

Common equity, warrants and other

6.90%

4.50%

$ 11,537

$ 12,989

2.70%

6.80%

7.20%

$ 82,908

$ 91,000

18.10%

18.20%

48.60%

50.40%

$ 100,665

$ 102,477

^[5]

23.30%

21.60%

59.00%

56.80%

$ 83,289

$ 88,518

^[4],[5]

18.20%

17.70%

48.80%

49.10%

^[5]

[1]	Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
[2]	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]	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.
[5]	Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2022, approximately 80% of the Company's assets were qualifying assets.

Capital Transactions - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022
Equity [Abstract]
Total Number of Shares Purchased (in shares)	0	0	0	28,335	0	0
Common stock repurchased under Stock Repurchase Program	$ 0	$ 0	$ 0	$ 231	$ 0	$ 0	$ 231
Average Price Paid Per Share (in usd per share)	$ 0	$ 0	$ 0	$ 8.14	$ 0	$ 0
Weighted Average Discount to NAV Prior to Repurchases				44.20%

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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