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CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - Composition of Portfolio at Cost by Control Designation, Investment Type and Industry - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investment cost $ 2,552,527 $ 2,538,142
Investment, Identifier [Axis]: Advertising Printing & Publishing    
Investment cost 48,276 [1] 47,515 [2]
Investment, Identifier [Axis]: Advertising Printing & Publishing FingerPaint Marketing    
Investment cost 25,839 [1] 25,352 [2]
Investment, Identifier [Axis]: Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt Revolver P+525 Maturity Date 12/30/26    
Investment cost 1,001 [1],[3],[4] 1,409 [2],[5],[6],[7],[8]
Investment, Identifier [Axis]: Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt Revolver SOFR+685, 1.00% Floor Maturity Date 12/30/26    
Investment cost [1],[4],[9],[10] 935  
Investment, Identifier [Axis]: Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 12/30/26    
Investment cost [2],[8],[11]   23,020
Investment, Identifier [Axis]: Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt SOFR+685, 1.00% Floor Maturity Date 12/30/26    
Investment cost 23,683 [1],[4],[10] 703 [2],[8],[11]
Investment, Identifier [Axis]: Advertising Printing & Publishing FingerPaint Marketing KL Charlie Co-Invest, L.P. Common Equity - Common Stock    
Investment cost 220 [1],[4],[12] 220 [2],[8],[13]
Investment, Identifier [Axis]: Advertising Printing & Publishing Hero Digital    
Investment cost 22,437 [1] 22,163 [2]
Investment, Identifier [Axis]: Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt Revolver L+610, 1.00% Floor Maturity Date 11/18/26    
Investment cost [1],[4],[9],[10],[14],[15] 2,490  
Investment, Identifier [Axis]: Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt Revolver SOFR+610, 1.00% Floor Maturity Date 11/18/26    
Investment cost [2],[5],[7],[8],[11],[16]   2,487
Investment, Identifier [Axis]: Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 11/18/28    
Investment cost 19,734 [1],[4],[9],[10],[15] 19,463 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Advertising Printing & Publishing Hero Digital HRO Holdings I LP Common Equity - Common Stock    
Investment cost 213 [1],[4],[12] 213 [2],[8],[13]
Investment, Identifier [Axis]: Automotive    
Investment cost 50,896 [1] 84,123 [2]
Investment, Identifier [Axis]: Automotive Club Car Wash    
Investment cost 26,925 [1] 27,833 [2]
Investment, Identifier [Axis]: Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt Revolver SOFR+615, 1.00% Floor Maturity Date 06/16/27    
Investment cost [1],[4],[9],[10] 1,608  
Investment, Identifier [Axis]: Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt Revolver SOFR+665, 1.00% Floor Maturity Date 06/16/27    
Investment cost [2],[5],[8],[11]   1,607
Investment, Identifier [Axis]: Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt SOFR+615, 1.00% Floor Maturity Date 06/16/27    
Investment cost [1],[4],[9],[10],[15] 25,317  
Investment, Identifier [Axis]: Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt SOFR+665, 1.00% Floor Maturity Date 06/16/27    
Investment cost [2],[5],[7],[8],[11]   26,226
Investment, Identifier [Axis]: Automotive Crowne Automotive    
Investment cost [2]   1,284
Investment, Identifier [Axis]: Automotive Crowne Automotive Vari-Form Group, LLC First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) Maturity Date 02/02/23    
Investment cost [2],[8],[17],[18]   893
Investment, Identifier [Axis]: Automotive Crowne Automotive Vari-Form Inc. First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) Maturity Date 02/02/23    
Investment cost [2],[8],[17],[18]   391
Investment, Identifier [Axis]: Automotive K&N Parent, Inc. K&N Holdco, LLC Common Equity - Common Stock    
Investment cost 23,621 [1],[12] 23,621 [2],[13]
Investment, Identifier [Axis]: Automotive Truck-Lite Co., LLC    
Investment cost [2]   31,385
Investment, Identifier [Axis]: Automotive Truck-Lite Co., LLC First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 12/14/26    
Investment cost [2],[8],[19]   31,035
Investment, Identifier [Axis]: Automotive Truck-Lite Co., LLC TL Lighting Holdings, LLC Common Equity    
Investment cost 350 [1],[4],[12] 350 [2],[8],[13]
Investment, Identifier [Axis]: Aviation and Consumer Transport    
Investment cost 226,767 [1] 225,875 [2]
Investment, Identifier [Axis]: Aviation and Consumer Transport Merx Aviation Finance, LLC    
Investment cost 216,576 [1] 220,575 [2],[20]
Investment, Identifier [Axis]: Aviation and Consumer Transport Merx Aviation Finance, LLC Common Equity - Membership Interests    
Investment cost 146,500 [1],[21],[22] 146,500 [2],[20],[23]
Investment, Identifier [Axis]: Aviation and Consumer Transport Merx Aviation Finance, LLC First Lien Secured Debt - Revolver 10.00% Maturity Date 10/31/25    
Investment cost 70,076 [1],[9],[14],[21] 74,075 [2],[5],[16],[20]
Investment, Identifier [Axis]: Aviation and Consumer Transport Primeflight    
Investment cost [1] 10,191  
Investment, Identifier [Axis]: Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 05/01/29    
Investment cost [1],[4],[10],[24] 5,289  
Investment, Identifier [Axis]: Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 05/01/29 Par 5000    
Investment cost [1],[4],[10] 4,902  
Investment, Identifier [Axis]: Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt SOFR+685, 1.00% Floor Maturity Date 05/01/29    
Investment cost [2],[8],[11],[25]   5,300
Investment, Identifier [Axis]: Beverage, Food & Tobacco    
Investment cost 112,935 [1] 112,095 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Berner Foods    
Investment cost 31,897 [1] 31,301 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Revolver P+450 Maturity Date 07/30/26    
Investment cost [2],[6],[8]   791
Investment, Identifier [Axis]: Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Revolver P+450, 1.00% Floor Maturity Date 07/30/26    
Investment cost [1],[3],[4] 1,419  
Investment, Identifier [Axis]: Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Revolver SOFR+465, 1.00% Floor Maturity Date 07/30/26    
Investment cost [1],[4],[9],[10],[15] 560  
Investment, Identifier [Axis]: Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor Maturity Date 07/30/26    
Investment cost [2],[5],[7],[8],[11]   550
Investment, Identifier [Axis]: Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt SOFR+565, 1.00% Floor Maturity Date 07/30/27    
Investment cost 29,918 [1],[4],[10] 29,960 [2],[8],[11]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Bolthouse Farms Wm. Bolthouse Farms, Inc. Common Equity - Equity Interests    
Investment cost 1,147 [1],[12] 1,147 [2],[13]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Hive    
Investment cost 14,886 [1] 14,799 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Hive FCP-Hive Holdings, LLC Common Equity - Common Stock    
Investment cost 3 [1],[4],[12] 3 [2],[8],[13]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Hive FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity    
Investment cost 448 [1],[4],[12] 448 [2],[8],[13]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Hive Hive Intermediate, LLC First Lien Secured Debt - Revolver SOFR+610 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 09/22/27    
Investment cost 608 [1],[4],[9],[15],[26] 603 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Hive Hive Intermediate, LLC First Lien Secured Debt SOFR+610 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 09/22/27    
Investment cost 13,827 [1],[4],[26] 13,745 [2],[8],[19]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Nutpods    
Investment cost 3,769 [1] 3,775 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Nutpods Green Grass Foods, Inc. First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor Maturity Date 12/26/29    
Investment cost (24) [1],[4],[9],[15],[27] (25) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Nutpods Green Grass Foods, Inc. First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 12/26/29    
Investment cost [2],[8],[11]   3,675
Investment, Identifier [Axis]: Beverage, Food & Tobacco Nutpods Green Grass Foods, Inc. First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 12/26/29    
Investment cost [1],[4],[10] 3,668  
Investment, Identifier [Axis]: Beverage, Food & Tobacco Nutpods Nutpods Holdings, Inc. Common Equity - Common Stock    
Investment cost 125 [1],[4],[12],[22] 125 [2],[8],[13],[23]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Orgain, Inc. Butterfly Fighter Co-Invest, L.P. Common Equity - Membership Interests    
Investment cost 90 [1] 90 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Patriot Pickle    
Investment cost 235 [1] 235 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/22/29    
Investment cost (5) [1],[4],[9],[15],[27] 240 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/24/29    
Investment cost [1],[4],[10] 245  
Investment, Identifier [Axis]: Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt- Revolver SOFR+600, 1.00% Floor Maturity Date 12/22/29    
Investment cost (5) [1],[4],[9],[15],[27] (5) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Rise Baking Ultimate Baked Goods Midco LLC First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 08/13/27    
Investment cost (47) [1],[4],[9],[14],[15],[27] (50) [2],[5],[7],[8],[16],[28]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Rise Baking Ultimate Baked Goods Midco LLC First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 08/13/27    
Investment cost 5,580 [1],[4],[26] 5,584 [2],[8],[19]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Rise Baking Ultimate Baked Goods Midco LLC First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 08/13/27    
Investment cost 25,748 [1],[4],[26] 25,787 [2],[8],[19]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Turkey Hill    
Investment cost 29,630 [1] 29,427 [2]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Turkey Hill IC Holdings LLC Common Equity - Series A Units    
Investment cost 169 [1],[4],[10] 169 [2],[8],[13]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt - Revolver SOFR+600 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 05/31/24    
Investment cost 1,431 [1],[4],[10] 2,101 [2],[5],[7],[8],[11],[16],[25]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt SOFR+600 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 05/31/25    
Investment cost 25,916 [1],[4],[10] 25,778 [2],[8],[25]
Investment, Identifier [Axis]: Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt SOFR+600 Cash plus 6.00% PIK, 1.00% Floor Maturity Date 05/31/24    
Investment cost 2,114 [1],[4],[9],[10],[14],[15] 1,379 [2],[8],[25]
Investment, Identifier [Axis]: Beverage, Food & Tobacco, Rise Baking    
Investment cost 31,281 [1] 31,321 [2]
Investment, Identifier [Axis]: Business Services    
Investment cost 250,953 [1] 289,508 [2]
Investment, Identifier [Axis]: Business Services AML Rightsource    
Investment cost [2]   30,646
Investment, Identifier [Axis]: Business Services AML Rightsource Gabriel Partners, LLC    
Investment cost [1] 30,643  
Investment, Identifier [Axis]: Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Revolver SOFR+615, 1.00% Floor Maturity Date 09/21/26    
Investment cost [2],[5],[7],[8],[11],[19]   258
Investment, Identifier [Axis]: Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 09/21/26    
Investment cost [1],[4],[9],[10],[15] 303  
Investment, Identifier [Axis]: Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt SOFR+615, 1.00% Floor Maturity Date 09/21/26    
Investment cost [2],[8],[11]   30,388
Investment, Identifier [Axis]: Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 09/21/26    
Investment cost [1],[4],[10] 30,340  
Investment, Identifier [Axis]: Business Services Accelerate Learning    
Investment cost [2]   3,618
Investment, Identifier [Axis]: Business Services Accelerate Learning Eagle Purchaser, Inc.    
Investment cost [1] 4,138  
Investment, Identifier [Axis]: Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 03/22/29    
Investment cost [1],[4],[9],[10],[15],[24] 384  
Investment, Identifier [Axis]: Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt Revolver SOFR+675, 1.00% Floor Maturity Date 03/22/39    
Investment cost [2],[5],[7],[8],[11]   246
Investment, Identifier [Axis]: Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 03/22/30    
Investment cost 3,754 [1],[4],[9],[10],[15] 3,372 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services Access Information Access CIG, LLC Second Lien Secured Debt SOFR+775, 0.00% Floor Maturity Date 02/27/26    
Investment cost [2],[11]   15,859
Investment, Identifier [Axis]: Business Services AlpineX    
Investment cost [2]   22,104
Investment, Identifier [Axis]: Business Services AlpineX Alpinex Opco, LLC    
Investment cost [1] 22,069  
Investment, Identifier [Axis]: Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Revolver SOFR+626, 1.00% Floor Maturity Date 12/27/27    
Investment cost 570 [1],[4],[9],[10],[15] 568 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt SOFR+626, 1.00% Floor Maturity Date 12/27/27    
Investment cost 20,884 [1],[4],[10] 20,922 [2],[8],[11]
Investment, Identifier [Axis]: Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt SOFR+725, 1.00% Floor Maturity Date 12/27/27    
Investment cost [2],[8],[11]   614
Investment, Identifier [Axis]: Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt SOFR+752, 1.00% Floor Maturity Date 12/27/27    
Investment cost [1],[4],[10] 615  
Investment, Identifier [Axis]: Business Services Ambrosia Buyer Corp. Ambrosia Buyer Corp.    
Investment cost [1] 15,201  
Investment, Identifier [Axis]: Business Services Ambrosia Buyer Corp. Ambrosia Buyer Corp. Common Equity - Common Stock    
Investment cost [1],[12],[22] 11,961  
Investment, Identifier [Axis]: Business Services Ambrosia Buyer Corp. Ambrosia Buyer Corp. Unsecured Debt 11% PIK Maturity Date 12/15/31    
Investment cost [1],[29] 2,664  
Investment, Identifier [Axis]: Business Services Ambrosia Buyer Corp. Ambrosia Buyer Corp. Warrants - Warrants    
Investment cost [1] 576  
Investment, Identifier [Axis]: Business Services Ambrosia Buyer Corp. Second Lien Secured Debt 8.00% Maturity Date 08/28/25    
Investment cost [2],[17]   15,201
Investment, Identifier [Axis]: Business Services Avenu    
Investment cost [2]   1,126
Investment, Identifier [Axis]: Business Services Avenu ACP Avenu Buyer, LLC    
Investment cost [1] 3,352  
Investment, Identifier [Axis]: Business Services Avenu ACP Avenu Buyer, LLC First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor Maturity Date 10/02/29    
Investment cost (19) [1],[4],[9],[15],[27] (20) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Business Services Avenu ACP Avenu Buyer, LLC First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 10/02/29    
Investment cost 3,371 [1],[4],[9],[10],[15] 1,146 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services Continuum Continuum Global Solutions, LLC Preferred Equity - Preferred Equity    
Investment cost [1],[4],[12] 78  
Investment, Identifier [Axis]: Business Services Continuum Global Solutions, LLC Preferred Equity - Preferred Equity    
Investment cost [2],[8],[13]   78
Investment, Identifier [Axis]: Business Services Escalent    
Investment cost [2]   9,182
Investment, Identifier [Axis]: Business Services Escalent M&M OPCO, LLC First Lien Secured Debt - Revolver SOFR+810, 1.00% Floor Maturity Date 04/07/29    
Investment cost [1],[4],[9],[15],[27] (12)  
Investment, Identifier [Axis]: Business Services Escalent M&M OPCO, LLC First Lien Secured Debt Revolver SOFR+810, 1.00% Floor Maturity Date 04/07/29    
Investment cost [2],[5],[7],[8],[28]   (13)
Investment, Identifier [Axis]: Business Services Escalent M&M OPCO, LLC First Lien Secured Debt SOFR+810, 1.00% Floor Maturity Date 04/07/29    
Investment cost 9,181 [1],[4],[10] 9,195 [2],[8],[11]
Investment, Identifier [Axis]: Business Services Escalent M&M OPCO,LLC    
Investment cost [1] 9,169  
Investment, Identifier [Axis]: Business Services G&A G&A Partners Holding Company II, LLC    
Investment cost [1] 3,105  
Investment, Identifier [Axis]: Business Services G&A G&A Partners Holding Company II, LLC First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor Maturity Date 03/01/30    
Investment cost [1],[4],[9],[15],[27] (7)  
Investment, Identifier [Axis]: Business Services G&A G&A Partners Holding Company II, LLC First Lien Secured Debt SOFR+550, 0.75% Floor Maturity Date 03/01/31    
Investment cost [1],[4],[9],[10],[15] 3,112  
Investment, Identifier [Axis]: Business Services Go1 Apiom, Inc. First Lien Secured Debt SOFR+745, 2.00% Floor Maturity Date 05/02/28    
Investment cost 2,483 [1],[4],[26],[30] 2,482 [2],[8],[19],[31]
Investment, Identifier [Axis]: Business Services HMA    
Investment cost 4,005 [1] 4,008 [2]
Investment, Identifier [Axis]: Business Services HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 03/30/29    
Investment cost [1],[4],[9],[14],[15],[27] (7)  
Investment, Identifier [Axis]: Business Services HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt Revolver SOFR+635, 1.00% Floor Maturity Date 03/30/29    
Investment cost [2],[5],[7],[8],[16],[28]   (8)
Investment, Identifier [Axis]: Business Services HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 03/30/29    
Investment cost 4,012 [1],[4],[9],[10],[15] 4,016 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services IRP    
Investment cost 17,313 [1] 16,677 [2]
Investment, Identifier [Axis]: Business Services IRP Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 03/08/28    
Investment cost 1,397 [1],[4],[9],[10],[15] 828 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services IRP Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt SOFR+690, 1.00% Floor Maturity Date 03/08/28    
Investment cost 15,746 [1],[4],[10] 15,679 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services IRP SMC IR Holdings, LLC Common Equity - Common Stock    
Investment cost 170 [1],[4] 170 [2],[8]
Investment, Identifier [Axis]: Business Services Jacent    
Investment cost 24,315 [1] 24,302 [2]
Investment, Identifier [Axis]: Business Services Jacent JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units    
Investment cost 11 [1],[4],[12] 11 [2],[8],[13]
Investment, Identifier [Axis]: Business Services Jacent Jacent Strategic Merchandising Common Equity - Common Stock    
Investment cost 500 [1],[4],[12] 500 [2],[8],[13]
Investment, Identifier [Axis]: Business Services Jacent Jacent Strategic Merchandising First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 04/23/24    
Investment cost [1],[4],[9],[15],[26] 1,563  
Investment, Identifier [Axis]: Business Services Jacent Jacent Strategic Merchandising First Lien Secured Debt Revolver SOFR+660, 1.00% Floor Maturity Date 04/23/24    
Investment cost [2],[5],[7],[8],[19]   1,560
Investment, Identifier [Axis]: Business Services Jacent Jacent Strategic Merchandising First Lien Secured Debt SOFR+585 Cash plus 0.75% PIK, 1.00% Floor Maturity Date 04/23/24    
Investment cost 22,241 [1],[4],[9],[26] 22,231 [2],[8],[11],[19]
Investment, Identifier [Axis]: Business Services Jones & Frank    
Investment cost 12,856 [1] 12,876 [2]
Investment, Identifier [Axis]: Business Services Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Revolver SOFR+560 1.00% Floor Maturity Date 07/31/26    
Investment cost [2],[5],[7],[8],[28],[32]   (11)
Investment, Identifier [Axis]: Business Services Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 07/31/26    
Investment cost [1],[4],[9],[15],[27] (10)  
Investment, Identifier [Axis]: Business Services Jones & Frank JF Acquisition, LLC First Lien Secured Debt SOFR+560 1.00% Floor Maturity Date 07/31/26    
Investment cost [2],[8],[11]   12,887
Investment, Identifier [Axis]: Business Services Jones & Frank JF Acquisition, LLC First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 07/31/26    
Investment cost [1],[4],[10] 12,866  
Investment, Identifier [Axis]: Business Services Naviga    
Investment cost 13,611 [1] 13,594 [2]
Investment, Identifier [Axis]: Business Services Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Revolver 7.10% Maturity Date 04/27/24    
Investment cost [1],[4],[9],[10],[29] 500  
Investment, Identifier [Axis]: Business Services Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt 7.10% Maturity Date 04/27/24    
Investment cost [1],[4],[10],[29] 13,111  
Investment, Identifier [Axis]: Business Services Naviga Naviga Inc. (fka Newscycle Solutions, Inc.) First Lien Secured Debt Revolver SOFR+710 1.00% Floor Maturity Date 02/27/24    
Investment cost [2],[5],[8],[11]   450
Investment, Identifier [Axis]: Business Services Naviga Naviga Inc. (fka Newscycle Solutions, Inc.) First Lien Secured Debt SOFR+710 1.00% Floor Maturity Date 02/27/24    
Investment cost [2],[8],[11]   13,144
Investment, Identifier [Axis]: Business Services PSE    
Investment cost 9,324 [1] 8,881 [2]
Investment, Identifier [Axis]: Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt - Revolver P+450 Maturity Date 08/10/27    
Investment cost [1],[3],[4] 301  
Investment, Identifier [Axis]: Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt - Revolver SOFR+460, 1.00% Floor Maturity Date 08/10/27    
Investment cost [1],[4],[9],[10],[15] 591  
Investment, Identifier [Axis]: Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt Revolver SOFR+560 1.00% Floor Maturity Date 08/10/27    
Investment cost [2],[5],[7],[8],[11]   434
Investment, Identifier [Axis]: Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt SOFR+560 1.00% Floor Maturity Date 08/10/27    
Investment cost [2],[8],[11]   8,203
Investment, Identifier [Axis]: Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 08/10/27    
Investment cost [1],[4],[10] 8,188  
Investment, Identifier [Axis]: Business Services PSE Graffiti Parent, LP Common Equity - Common Stock    
Investment cost 244 [1],[4],[12] 244 [2],[8],[13]
Investment, Identifier [Axis]: Business Services PSI Services, LLC    
Investment cost 5,687 [1] 36,025 [2]
Investment, Identifier [Axis]: Business Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor Maturity Date 10/20/25    
Investment cost [1],[4],[9],[10],[15] 445  
Investment, Identifier [Axis]: Business Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt Revolver SOFR+560 1.00% Floor Maturity Date 08/10/27    
Investment cost [2],[5],[7],[8],[11]   2,962
Investment, Identifier [Axis]: Business Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt SOFR+590 1.00% Floor Maturity Date 10/19/26    
Investment cost [2],[8],[11]   33,063
Investment, Identifier [Axis]: Business Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt SOFR+590, 1.00% Floor Maturity Date 10/20/25    
Investment cost [1],[4],[10] 5,242  
Investment, Identifier [Axis]: Business Services SEER    
Investment cost 3,741 [1] 3,363 [2]
Investment, Identifier [Axis]: Business Services SEER GS SEER Group Borrower LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/30/29    
Investment cost [1],[4],[9],[15],[27] (9)  
Investment, Identifier [Axis]: Business Services SEER GS SEER Group Borrower LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 4/30/29    
Investment cost [2],[5],[7],[8],[28]   (10)
Investment, Identifier [Axis]: Business Services SEER GS SEER Group Borrower LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 04/29/30    
Investment cost [1],[4],[9],[10],[15] 3,708  
Investment, Identifier [Axis]: Business Services SEER GS SEER Group Borrower LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 4/29/30    
Investment cost [2],[5],[7],[8],[11]   3,331
Investment, Identifier [Axis]: Business Services SEER GS SEER Group Holdings, LLC Common Equity - Common Stock    
Investment cost 42 [1],[4],[12],[22] 42 [2],[8],[13],[23]
Investment, Identifier [Axis]: Business Services SafetyCo    
Investment cost 7,603 [1] 7,606 [2]
Investment, Identifier [Axis]: Business Services SafetyCo HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 11/17/29    
Investment cost 365 [1],[4],[9],[10],[15] 363 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Business Services SafetyCo HEF Safety Ultimate Holdings, LLC First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 11/17/29    
Investment cost [2],[5],[7],[8],[11]   7,243
Investment, Identifier [Axis]: Business Services SafetyCo HEF Safety Ultimate Holdings, LLC First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 11/19/29    
Investment cost [1],[4],[9],[10],[15] 7,238  
Investment, Identifier [Axis]: Business Services Smith System    
Investment cost 8,637 [1] 8,650 [2]
Investment, Identifier [Axis]: Business Services Smith System Smith Topco, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 11/06/29    
Investment cost (24) [1],[4],[9],[15],[27] (25) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Business Services Smith System Smith Topco, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 11/06/29    
Investment cost 8,661 [1],[4],[10] 8,675 [2],[8],[11]
Investment, Identifier [Axis]: Business Services Soliant Soliant Health, Inc. Common Equity - Membership Interests    
Investment cost 300 [1],[4] 300 [2],[8]
Investment, Identifier [Axis]: Business Services Trench Plate    
Investment cost 18,585 [1] 18,332 [2]
Investment, Identifier [Axis]: Business Services Trench Plate Trench Plate Rental Co. First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 12/03/26    
Investment cost 865 [1],[4],[9],[10],[14],[15] 573 [2],[5],[7],[8],[11],[16]
Investment, Identifier [Axis]: Business Services Trench Plate Trench Plate Rental Co. First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 12/03/26    
Investment cost 17,670 [1],[4],[10] 17,709 [2],[8],[11]
Investment, Identifier [Axis]: Business Services Trench Plate Trench Safety Solutions Holdings, LLC Common Equity - Common Stock    
Investment cost 50 [1],[4],[12] 50 [2],[8],[13]
Investment, Identifier [Axis]: Business Services US Legal Support    
Investment cost 25,145 [1] 25,012 [2]
Investment, Identifier [Axis]: Business Services US Legal Support US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units    
Investment cost 632 [1],[4],[12] 632 [2],[8],[13]
Investment, Identifier [Axis]: Business Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt - Revolver P+475 Maturity Date 12/02/24    
Investment cost [1],[3],[4] 80  
Investment, Identifier [Axis]: Business Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt - Revolver SOFR+490, 1.00% Floor Maturity Date 12/02/24    
Investment cost [1],[4],[9],[10],[14],[15],[26] 1,035  
Investment, Identifier [Axis]: Business Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor Maturity Date 12/02/24    
Investment cost [2],[5],[7],[8],[11],[16],[19]   952
Investment, Identifier [Axis]: Business Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt SOFR+590, 1.00% Floor Maturity Date 12/02/24    
Investment cost 23,398 [1],[4],[10] 23,428 [2],[8],[19]
Investment, Identifier [Axis]: Business Services Wilson Language Training    
Investment cost 9,593 [1] 9,586 [2]
Investment, Identifier [Axis]: Business Services Wilson Language Training Owl Acquisition, LLC First Lien Secured Debt SOFR+535, 1.00% Floor Maturity Date 02/04/28    
Investment cost [1],[4],[26] 9,493  
Investment, Identifier [Axis]: Business Services Wilson Language Training Owl Acquisition, LLC First Lien Secured Debt SOFR+540, 1.00% Floor Maturity Date 02/04/28    
Investment cost [2],[8],[11]   9,486
Investment, Identifier [Axis]: Business Services Wilson Language Training Owl Parent Holdings, LLC Common Equity - Common Stock    
Investment cost 100 [1],[4],[12] 100 [2],[8],[13]
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber    
Investment cost 92,435 [1] 92,423 [2]
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I    
Investment cost [2],[33]   69,005
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I FC2 LLC Secured Debt - Promissory Note 6.50% Maturity Date 10/14/27    
Investment cost [2],[33]   12,500
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I)    
Investment cost [1] 69,005  
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I) Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest    
Investment cost 56,505 [1],[12],[22],[34],[35] 56,505 [2],[13],[23],[33],[36]
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I) FC2 LLC Secured Debt - Promissory Note 6.50% Maturity Date 10/14/27    
Investment cost [1],[35] 12,500  
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Westfall Technik, Inc.    
Investment cost 23,430 [1] 23,418 [2]
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Westfall Technik, Inc. First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 09/13/24    
Investment cost [1],[4],[9],[10] 2,041  
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Westfall Technik, Inc. First Lien Secured Debt - Revolver SOFR+760, 1.00% Floor Maturity Date 09/13/24    
Investment cost [2],[5],[8],[19]   2,037
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Westfall Technik, Inc. First Lien Secured Debt SOFR+690, 1.00% Floor Maturity Date 09/13/24    
Investment cost [1],[4],[10] 21,389  
Investment, Identifier [Axis]: Chemicals, Plastics & Rubber Westfall Technik, Inc. First Lien Secured Debt SOFR+760, 1.00% Floor Maturity Date 09/13/24    
Investment cost [2],[8],[19]   21,381
Investment, Identifier [Axis]: Common Equity/Interests    
Investment cost 339,330 326,914
Investment, Identifier [Axis]: Construction & Building    
Investment cost 68,939 [1] 50,131 [2]
Investment, Identifier [Axis]: Construction & Building Allstar Holding    
Investment cost 25,080 [1] 5,175 [2]
Investment, Identifier [Axis]: Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 04/26/29    
Investment cost [1],[4],[9],[10],[15] 421  
Investment, Identifier [Axis]: Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 04/26/29    
Investment cost [2],[5],[7],[8],[28]   (14)
Investment, Identifier [Axis]: Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 04/26/29    
Investment cost [2],[8],[11]   5,189
Investment, Identifier [Axis]: Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 04/26/29    
Investment cost [1],[4],[10] 22,770  
Investment, Identifier [Axis]: Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt SOFR+635, Cash plus 1.00% PIK, 1.00% Floor Maturity Date 04/26/29    
Investment cost [1],[4],[10] 1,899  
Investment, Identifier [Axis]: Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 04/26/29    
Investment cost [1],[4],[9],[15],[27] (10)  
Investment, Identifier [Axis]: Construction & Building Englert    
Investment cost 30,856 [1] 31,647 [2]
Investment, Identifier [Axis]: Construction & Building Englert Gutter Buyer, Inc. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 03/06/24    
Investment cost [2],[5],[7],[8],[11],[16]   2,622
Investment, Identifier [Axis]: Construction & Building Englert Gutter Buyer, Inc. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 03/06/25    
Investment cost [1],[4],[9],[10],[14],[15] 1,591  
Investment, Identifier [Axis]: Construction & Building Englert Gutter Buyer, Inc. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 03/06/25    
Investment cost 28,765 [1],[4],[10] 28,525 [2],[8],[11]
Investment, Identifier [Axis]: Construction & Building Englert Gutter Holdings, LP Common Equity - Common Stock    
Investment cost 500 [1],[4],[12] 500 [2],[8],[13]
Investment, Identifier [Axis]: Construction & Building Pave America    
Investment cost 12,112 [1] 12,122 [2]
Investment, Identifier [Axis]: Construction & Building Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 02/07/28    
Investment cost (23) [1],[4],[9],[15],[27] (24) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Construction & Building Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt SOFR+690, 1.00% Floor Maturity Date 02/07/28    
Investment cost 12,135 [1],[4],[10] 10,744 [2],[8],[11]
Investment, Identifier [Axis]: Construction & Building Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt SOFR+700, 1.00% Floor Maturity Date 02/07/28    
Investment cost [2],[8],[25]   1,402
Investment, Identifier [Axis]: Construction & Building RF Fager    
Investment cost [1] 891  
Investment, Identifier [Axis]: Construction & Building RF Fager R.F. Fager Company, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 03/04/30    
Investment cost [1],[4],[9],[15],[27] (6)  
Investment, Identifier [Axis]: Construction & Building RF Fager R.F. Fager Company, LLC First Lien Secured Debt SOFR+525, 1.00% Floor Maturity Date 03/04/30    
Investment cost [1],[4],[9],[10],[15] 897  
Investment, Identifier [Axis]: Construction & Building Yak Access Yak Access LLC First Lien Secured Debt - Revolver SOFR+486, 1.00% Floor Maturity Date 09/10/27    
Investment cost [2],[5],[7],[8],[19]   1,187
Investment, Identifier [Axis]: Consumer Goods - Durable    
Investment cost 29,761 [1] 29,662 [2]
Investment, Identifier [Axis]: Consumer Goods - Durable A&V A&V Holdings Midco, LLC First Lien Secured Debt - Revolver SOFR+461, 1.00% Floor Maturity Date 03/10/25    
Investment cost [2],[5],[7],[19]   327
Investment, Identifier [Axis]: Consumer Goods - Durable A&V A&V Holdings Midco, LLC First Lien Secured Debt – Revolver P+350 Maturity Date 03/10/25    
Investment cost [1],[3],[9],[15] 63  
Investment, Identifier [Axis]: Consumer Goods - Durable KLO Holdings, LLC    
Investment cost [2]   4,848
Investment, Identifier [Axis]: Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd.    
Investment cost [1] 4,873  
Investment, Identifier [Axis]: Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. Common Equity - Common Stock    
Investment cost 1,000 [1],[12],[22],[30],[35],[37] 1,000 [2],[13],[23],[31],[33],[38]
Investment, Identifier [Axis]: Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. First Lien Secured Debt SOFR+500 PIK, 1.00% Floor Maturity Date 09/30/25    
Investment cost 1,281 [1],[26],[30],[35] 1,248 [2],[19],[31],[33]
Investment, Identifier [Axis]: Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. First Lien Secured Debt SOFR+500, 1.00% Floor Maturity Date 09/30/25    
Investment cost 2,592 [1],[26],[30],[35] 2,600 [2],[19],[31],[33]
Investment, Identifier [Axis]: Consumer Goods - Durable NSi Industries    
Investment cost 24,466 [1] 24,487 [2]
Investment, Identifier [Axis]: Consumer Goods - Durable NSi Industries Wildcat BuyerCo, Inc. First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 02/26/27    
Investment cost (7) [1],[9],[14],[15],[27] (7) [2],[5],[7],[16],[28]
Investment, Identifier [Axis]: Consumer Goods - Durable NSi Industries Wildcat BuyerCo, Inc. First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 02/26/27    
Investment cost 24,366 [1],[9],[10],[15] 24,387 [2],[5],[7],[11]
Investment, Identifier [Axis]: Consumer Goods - Durable NSi Industries Wildcat Parent LP Common Equity - Common Stock    
Investment cost 107 [1] 107 [2]
Investment, Identifier [Axis]: Consumer Goods - Durable Sorenson Holdings, LLC    
Investment cost [1] 359  
Investment, Identifier [Axis]: Consumer Goods - Durable Sorenson Holdings, LLC Sorenson Holdings, LLC Common Equity - Membership Interests    
Investment cost [1],[12],[22] 108  
Investment, Identifier [Axis]: Consumer Goods - Durable Sorenson Holdings, LLC Sorenson Holdings, LLC First Lien Secured Debt 10% PIK Maturity Date 04/01/30    
Investment cost [1] 54  
Investment, Identifier [Axis]: Consumer Goods - Durable Sorenson Holdings, LLC Sorenson Holdings, LLC First Lien Secured Debt 8% PIK Maturity Date 04/01/30    
Investment cost [1] 197  
Investment, Identifier [Axis]: Consumer Goods - Non-durable 3D Protein Protein For Pets Opco, LLC    
Investment cost [1] 6,643  
Investment, Identifier [Axis]: Consumer Goods - Non-durable 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt - Revolver SOFR+450, 1.00% Floor Maturity Date 05/31/24    
Investment cost [2],[5],[7],[8]   (5)
Investment, Identifier [Axis]: Consumer Goods - Non-durable 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 09/22/30    
Investment cost [1],[4],[9],[15],[27] (14)  
Investment, Identifier [Axis]: Consumer Goods - Non-durable 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt SOFR+525, 1.00% Floor Maturity Date 09/22/30    
Investment cost [1],[4],[26] 6,657  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Dan Dee    
Investment cost 20,148 [1] 21,625 [2]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/01/25    
Investment cost (6) [1],[4],[9],[15],[27] (8) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 02/01/25    
Investment cost 19,662 [1],[4],[26] 3,100 [2],[8],[19]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt SOFR+725, 1.00% Floor Maturity Date 02/01/25    
Investment cost [2],[8],[25]   18,041
Investment, Identifier [Axis]: Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. Preferred Equity - Preferred Equity    
Investment cost 492 [1],[4],[12] 492 [2],[8],[13]
Investment, Identifier [Axis]: Consumer Goods - Non-durable LashCo    
Investment cost 44,442 [1] 43,405 [2]
Investment, Identifier [Axis]: Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 09/18/25    
Investment cost [2],[5],[7],[8],[11],[25]   1,192
Investment, Identifier [Axis]: Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/26    
Investment cost [1],[4],[10] 42,851  
Investment, Identifier [Axis]: Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 03/18/26    
Investment cost [2],[8],[11]   42,213
Investment, Identifier [Axis]: Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt- Revolver SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/26    
Investment cost [1],[4],[9],[10],[15] 1,591  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone    
Investment cost 6,901 [1] 6,913 [2]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 11/12/27    
Investment cost [2],[5],[7],[8],[28],[31]   (18)
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt - Revolver SON+585, 1.00% Floor Maturity Date 11/12/27    
Investment cost [2],[5],[7],[8],[28],[31]   (6)
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 11/12/27    
Investment cost [1],[4],[10],[30] 6,830  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 11/12/27    
Investment cost [2],[8],[11],[31]   6,843
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured-Revolver Debt SOFR+585, 1.00% Floor Maturity Date 11/12/27    
Investment cost [1],[4],[9],[15],[27],[30] (17)  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured-Revolver Debt SON+585, 1.00% Floor Maturity Date 11/12/27    
Investment cost [1],[4],[9],[15],[27],[30] (6)  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Paladone Paladone Group Holdings Limited Common Equity - Common Stock    
Investment cost 94 [1],[4],[12],[30] 94 [2],[8],[13],[31]
Investment, Identifier [Axis]: Consumer Goods - Non-durable RoC Skincare    
Investment cost [1] 12,511  
Investment, Identifier [Axis]: Consumer Goods - Non-durable RoC Skincare RoC Holdco LLC First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 02/21/31    
Investment cost [1],[4],[10] 12,554  
Investment, Identifier [Axis]: Consumer Goods - Non-durable RoC Skincare RoC Holdco LLC First Lien Secured-Revolver Debt SOFR+600, 1.00% Floor Maturity Date 02/21/30    
Investment cost [1],[4],[9],[15],[27] (43)  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Sequential Brands Group, Inc.    
Investment cost 3,345 [1] 3,320 [2]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Sequential Brands Group, Inc. Gainline Galaxy Holdings LLC Common Equity - Common Stock    
Investment cost 2,041 [1],[12],[30],[34] 2,041 [2],[13],[31],[36]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Sequential Brands Group, Inc. Galaxy Universal LLC First Lien Secured Debt SOFR+500, 1.00% Floor Maturity Date 11/12/26    
Investment cost [2],[11],[31]   1,224
Investment, Identifier [Axis]: Consumer Goods - Non-durable Sequential Brands Group, Inc. Galaxy Universal LLC First Lien Secured Debt SOFR+525, 1.00% Floor Maturity Date 11/12/26    
Investment cost [1],[10],[30] 1,225  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Sequential Brands Group, Inc. Swisstech IP CO, LLC First Lien Secured Debt 6.00% PIK Maturity Date 11/09/24    
Investment cost 79 [1],[30] 55 [2],[31]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Suave    
Investment cost 9,654 [1] 9,670 [2]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Suave Silk Holdings I Corp. Common Equity - Common Stock    
Investment cost 100 [1],[4],[12],[22] 100 [2],[8],[13],[23]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Suave Silk Holdings III Corp. First Lien Secured Debt SOFR+775, 1.00%Floor Maturity Date 05/01/29    
Investment cost 9,554 [1],[4],[12] 9,570 [2],[8],[13]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Village Pet Care    
Investment cost 2,555 [1] 2,149 [2]
Investment, Identifier [Axis]: Consumer Goods - Non-durable Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Revolver P+550 Maturity Date 09/22/29    
Investment cost [1],[3],[4],[9],[15] 382  
Investment, Identifier [Axis]: Consumer Goods - Non-durable Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Revolver SOFR+650, 1.00%Floor Maturity Date 09/22/29    
Investment cost [2],[5],[7],[8]   (19)
Investment, Identifier [Axis]: Consumer Goods - Non-durable Village Pet Care Village Pet Care, LLC First Lien Secured Debt SOFR+650, 1.00%Floor Maturity Date 09/22/29    
Investment cost 2,173 [1],[4],[9],[15],[26] 2,168 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Consumer Goods – Non-durable    
Investment cost 106,199 [1] 87,077 [2]
Investment, Identifier [Axis]: Consumer Services    
Investment cost [2]   187,852
Investment, Identifier [Axis]: Consumer Services Activ    
Investment cost 31,544 [1] 31,606 [2]
Investment, Identifier [Axis]: Consumer Services Activ Activ Software Holdings, LLC First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 05/04/27    
Investment cost (25) [1],[4],[9],[15],[27] (27) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Consumer Services Activ Activ Software Holdings, LLC First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 05/04/27    
Investment cost [1],[4],[24],[39] 31,569  
Investment, Identifier [Axis]: Consumer Services Activ Activ Software Holdings, LLC First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 05/04/27    
Investment cost [2],[8],[25]   31,633
Investment, Identifier [Axis]: Consumer Services Atlas Technical Consultants    
Investment cost 7,565 [1] 3,888 [2]
Investment, Identifier [Axis]: Consumer Services Atlas Technical Consultants GI Apple Midco LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/19/29    
Investment cost (14) [1],[4],[9],[14],[15] 295 [2],[5],[7],[8],[16],[19]
Investment, Identifier [Axis]: Consumer Services Atlas Technical Consultants GI Apple Midco LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 04/19/30    
Investment cost 7,579 [1],[4],[9],[10],[15] 3,593 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Consumer Services Bird    
Investment cost 22,443 [1],[35] 15,032 [2]
Investment, Identifier [Axis]: Consumer Services Bird Bird Rides, Inc. First Lien Secured Debt 15.00% (6.00% Cash plus 9.00% PIK) Floor Maturity Date 03/18/24    
Investment cost [2],[5],[8]   1,333
Investment, Identifier [Axis]: Consumer Services Bird Bird Rides, Inc. First Lien Secured Debt 15.00% Floor Maturity Date 09/12/25    
Investment cost [2],[8]   667
Investment, Identifier [Axis]: Consumer Services Bird Bird Rides, Inc. First Lien Secured Debt SOFR+760, 1.00% Floor Maturity Date 07/12/25    
Investment cost [2],[8],[19]   13,032
Investment, Identifier [Axis]: Consumer Services Bird Bird Scooter Acquisition Corp. Common Equity - Common Stock    
Investment cost [1],[4],[12],[22],[35] 366  
Investment, Identifier [Axis]: Consumer Services Bird Blue Jay Transit Inc. First Lien Secured Debt SOFR+300, 1.00% Floor Maturity Date 03/22/28    
Investment cost [1],[4],[9],[26],[35] 22,077  
Investment, Identifier [Axis]: Consumer Services Clarus Commerce    
Investment cost 21,218 [1] 21,250 [2]
Investment, Identifier [Axis]: Consumer Services Clarus Commerce Marlin DTC-LS MIDCO2, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 07/01/25    
Investment cost 21,218 [1],[10] 21,250 [2],[11]
Investment, Identifier [Axis]: Consumer Services Excelligence    
Investment cost [1] 8,846  
Investment, Identifier [Axis]: Consumer Services Excelligence Excelligence Learning Corporation First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 01/18/30    
Investment cost [1],[4],[9],[10],[15] 388  
Investment, Identifier [Axis]: Consumer Services Excelligence Excelligence Learning Corporation First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 01/18/30    
Investment cost [1],[4],[10] 8,458  
Investment, Identifier [Axis]: Consumer Services Go Car Wash    
Investment cost 10,720 [1] 10,723 [2]
Investment, Identifier [Axis]: Consumer Services Go Car Wash Go Car Wash Management Corp. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 12/31/26    
Investment cost (1) [1],[4],[9],[15],[27] (1) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Consumer Services Go Car Wash Go Car Wash Management Corp. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 12/31/26    
Investment cost 10,721 [1],[4],[9],[15],[26] 10,724 [2],[5],[7],[19]
Investment, Identifier [Axis]: Consumer Services Lending Point    
Investment cost 38,062 [1] 44,333 [2]
Investment, Identifier [Axis]: Consumer Services Lending Point Lending Point LLC First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor Maturity Date 12/30/26    
Investment cost 1,864 [1],[4],[9],[10],[15] 8,285 [2],[5],[8],[11]
Investment, Identifier [Axis]: Consumer Services Lending Point Lending Point LLC First Lien Secured Debt SOFR+1065, 1.00% Floor Maturity Date 12/30/26    
Investment cost [2],[8],[11]   31,908
Investment, Identifier [Axis]: Consumer Services Lending Point Lending Point LLC First Lien Secured Debt SOFR+590, 1.00% Floor Maturity Date 12/30/26    
Investment cost 4,143 [1],[4],[10] 4,140 [2],[8],[11]
Investment, Identifier [Axis]: Consumer Services Lending Point Lending Point LLC First Lien Secured Debt SOFR+665 Cash plus 5.00% PIK, 1.00% Floor Maturity Date 12/30/26    
Investment cost [1],[4],[26] 32,055  
Investment, Identifier [Axis]: Consumer Services Renovo    
Investment cost 17,019 [1] 17,045 [2]
Investment, Identifier [Axis]: Consumer Services Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Revolver SOFR+665, 1.00% Floor Maturity Date 11/23/27    
Investment cost 1,930 [1],[4],[9],[10] 1,929 [2],[5],[8],[11]
Investment, Identifier [Axis]: Consumer Services Renovo HomeRenew Buyer, Inc. First Lien Secured Debt SOFR+665, 1.00% Floor Maturity Date 11/23/27    
Investment cost 15,089 [1],[4],[10] 15,116 [2],[8],[11]
Investment, Identifier [Axis]: Consumer Services The Club Company    
Investment cost [1] 16,560  
Investment, Identifier [Axis]: Consumer Services The Club Company Eldrickco Limited    
Investment cost [2]   16,110
Investment, Identifier [Axis]: Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+578,0.50% Floor Maturity Date 11/26/25    
Investment cost [1],[4],[9],[30],[40] 415  
Investment, Identifier [Axis]: Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+603, 0.50% Floor Maturity Date 11/26/25    
Investment cost [2],[5],[8],[31],[41]   415
Investment, Identifier [Axis]: Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt SON+578,0.50% Floor Maturity Date 11/26/25    
Investment cost [1],[4],[9],[15],[30],[40] 16,145  
Investment, Identifier [Axis]: Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt SON+603, 0.50% Floor Maturity Date 11/26/25    
Investment cost [2],[5],[7],[8],[31],[41]   15,695
Investment, Identifier [Axis]: Consumer Services The Weather Company    
Investment cost [1] 30,200  
Investment, Identifier [Axis]: Consumer Services The Weather Company Zephyr Buyer,L.P.First Lien Secured Debt - Revolver SOFR+675,1.00% Floor Maturity Date 01/31/30    
Investment cost [1],[4],[9],[15],[27] (96)  
Investment, Identifier [Axis]: Consumer Services The Weather Company Zephyr Buyer,L.P.First Lien Secured Debt SOFR+675,1.00% Floor Maturity Date 01/31/30    
Investment cost [1],[4],[10] 30,296  
Investment, Identifier [Axis]: Consumer Services US Auto Auto Pool 2023 Trust (Del. Stat.Trust) (4) Structured Products and Other – Membership Interests Maturity Date 02/28/29    
Investment cost [2],[8],[33],[42]   27,865
Investment, Identifier [Axis]: Consumer Services US Auto Auto Pool 2023 Trust (Del. Stat.Trust) Structured Products and Other – Membership Interests Maturity Date 02/28/29    
Investment cost [1],[4],[35],[43] 26,131  
Investment, Identifier [Axis]: Controlled Investments    
Investment cost 393,475 395,221
Investment, Identifier [Axis]: Controlled Investments, Aviation and Consumer Transport    
Investment cost 216,576 220,575
Investment, Identifier [Axis]: Controlled Investments, Aviation and Consumer Transport, Common Equity/Interests    
Investment cost 146,500 146,500
Investment, Identifier [Axis]: Controlled Investments, Aviation and Consumer Transport, First Lien - Secured Debt    
Investment cost 70,076 74,075
Investment, Identifier [Axis]: Controlled Investments, Common Equity/Interests    
Investment cost 207,155 207,156
Investment, Identifier [Axis]: Controlled Investments, Energy - Oil & Gas    
Investment cost 44,864  
Investment, Identifier [Axis]: Controlled Investments, Energy - Oil & Gas, Common Equity/Interests    
Investment cost 44,864 44,865
Investment, Identifier [Axis]: Controlled Investments, First Lien - Secured Debt    
Investment cost 180,319 182,065
Investment, Identifier [Axis]: Controlled Investments, High Tech Industries    
Investment cost 116,244 113,990
Investment, Identifier [Axis]: Controlled Investments, High Tech Industries, First Lien - Secured Debt    
Investment cost 110,243 107,990
Investment, Identifier [Axis]: Controlled Investments, High Tech Industries, Preferred Equity    
Investment cost 6,001 6,000
Investment, Identifier [Axis]: Controlled Investments, Preferred Equity    
Investment cost 6,001 6,000
Investment, Identifier [Axis]: Controlled Investments, Transportation – Cargo, Distribution    
Investment cost 15,791 15,791
Investment, Identifier [Axis]: Controlled Investments, Transportation – Cargo, Distribution, Common Equity/Interests    
Investment cost 15,791 15,791
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate    
Investment cost [2]   60,603
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Celink    
Investment cost 12,790 [1] 14,395 [2]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 11/30/28    
Investment cost (13) [1],[4],[9],[15],[27] (12) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 11/30/28    
Investment cost 8,273 [1],[4],[26] 9,311 [2],[8],[19]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 06/11/24    
Investment cost [2],[5],[7],[8],[28]   (5)
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Peer Advisors, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 06/11/24    
Investment cost [2],[8],[19]   5,101
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Peer Advisors, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 11/30/28    
Investment cost [1],[4],[26] 4,530  
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC    
Investment cost 6,419 [1] 6,426 [2]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC Greylock Holdings LLC Common Equity - Common Stock    
Investment cost 100 [1],[4],[12] 100 [2],[8],[13],[23]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC RHI Acquisition LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 03/16/29    
Investment cost (16) [1],[4],[9],[15],[27] (17) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC RHI Acquisition LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 03/16/29    
Investment cost [1],[4],[9],[15],[24] 6,335  
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Golden Bear Golden Bear 2016-R, LLC Structured Products and Other - Membership Interests Maturity Date 09/20/42    
Investment cost 16,517 [1],[30],[35],[44] 17,128 [2],[31],[33],[45]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Purchasing Power, LLC Purchasing Power Funding I, LLC First Lien Secured Debt – Revolver SOFR+710, 0.00% Floor Maturity Date 02/24/25    
Investment cost 3,463 [1],[4],[9],[15],[26] 9,112 [2],[5],[6],[8]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate RHI Acquisition LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 03/16/29    
Investment cost [2],[5],[7],[8],[25]   6,343
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive    
Investment cost 13,516 [1] 13,542 [2]
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt - Revolver SOFR+586, 0.75% Floor Maturity Date 06/29/27    
Investment cost [1],[4],[9],[15],[27] (3)  
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt - Revolver SOFR+586--, 0.75% Floor Maturity Date 06/29/27    
Investment cost [2],[5],[7],[8],[28]   (4)
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt SOFR+586, 0.75% Floor Maturity Date 06/29/28    
Investment cost [1],[4],[9],[15],[26] 13,519  
Investment, Identifier [Axis]: Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt SOFR+586--, 0.75% Floor Maturity Date 06/29/28    
Investment cost [2],[5],[7],[8],[19]   13,546
Investment, Identifier [Axis]: Energy - Electricity    
Investment cost 30,491 [1] 30,511 [2]
Investment, Identifier [Axis]: Energy - Electricity Renew Financial LLC (f/k/a Renewable Funding, LLC)    
Investment cost 17,633 [1] 17,653 [2]
Investment, Identifier [Axis]: Energy - Electricity Renew Financial LLC (f/k/a Renewable Funding, LLC) AIC SPV Holdings II, LLC Preferred Equity - Preferred Equity    
Investment cost 534 [1],[12],[30],[46] 534 [2],[31],[47]
Investment, Identifier [Axis]: Energy - Electricity Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew Financial LLC (f/k/a Renewable Funding, LLC) Common Equity - Common Stock    
Investment cost 16,813 [1],[12],[22],[30] 16,813 [2],[13],[31]
Investment, Identifier [Axis]: Energy - Electricity Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew JV LLC Common Equity - Membership Interests    
Investment cost 286 [1],[12],[30] 306 [2],[13],[31]
Investment, Identifier [Axis]: Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK)    
Investment cost 12,858 [1] 12,858 [2]
Investment, Identifier [Axis]: Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Common Equity - Ordinary Shares    
Investment cost 4 [1],[12],[30],[37] 4 [2],[13],[31],[38]
Investment, Identifier [Axis]: Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited First Lien Secured Debt 4.00% Maturity Date 03/08/23    
Investment cost 7,231 [1],[29],[30],[48] 7,231 [2],[17],[18],[31]
Investment, Identifier [Axis]: Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Preferred Equity - Preferred Stock    
Investment cost 5,623 [1],[12],[30],[37] 5,623 [2],[13],[31],[38]
Investment, Identifier [Axis]: Energy - Oil & Gas    
Investment cost 56,666 [1] 56,667 [2]
Investment, Identifier [Axis]: Energy - Oil & Gas Pelican Pelican Energy, LLC Common Equity - Membership Interests    
Investment cost 11,802 [1],[12],[22],[30],[34],[35] 11,802 [2],[13],[23],[31],[33],[36]
Investment, Identifier [Axis]: Energy - Oil & Gas Spotted Hawk    
Investment cost 44,865 [1] 44,865 [2]
Investment, Identifier [Axis]: Energy - Oil & Gas Spotted Hawk SHD Oil & Gas, LLC Common Equity - Series A Units    
Investment cost 1,411 [1],[12],[22],[34] 1,411 [2],[13],[20],[23],[36]
Investment, Identifier [Axis]: Energy - Oil & Gas Spotted Hawk SHD Oil & Gas, LLC Common Equity - Series C Units    
Investment cost 43,453 [1],[12],[21],[22],[34] 43,454 [2],[13],[20],[23],[36]
Investment, Identifier [Axis]: First Lien - Secured Debt    
Investment cost 2,125,753 2,093,887
Investment, Identifier [Axis]: Goldman Sachs Financial Square Government Fund    
Investment cost 113 [1],[49] 112 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals    
Investment cost 408,496 [1] 413,863 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals 83bar 83Bar, Inc. First Lien Secured Debt SOFR+586, 1.50% Floor Maturity Date 07/02/26    
Investment cost 2,989 [1],[4],[26] 3,101 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Akoya Akoya Biosciences, Inc. First Lien Secured Debt SOFR+691, 2.50% Floor Maturity Date 11/01/27    
Investment cost 22,496 [1],[4],[26] 22,493 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcami    
Investment cost 8,454 [1] 7,840 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcami Alcami Corporation First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 12/21/28    
Investment cost (30) [1],[4],[9],[15],[27] (32) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcami Alcami Corporation First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 12/21/28    
Investment cost 8,484 [1],[4],[10] 7,872 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcresta Therapeutics Inc.    
Investment cost [1] 2,274  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Holdings, LP Common Equity - Common Stock    
Investment cost [1],[4],[12],[22] 1  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Holdings, LP Preferred Equity - Preferred Equity    
Investment cost [1],[4],[12],[22] 116  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 03/31/29    
Investment cost [1],[4],[9],[15],[27] (9)  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 03/31/30    
Investment cost [1],[4],[9],[10],[15] 2,166  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals CNSI    
Investment cost [2]   21,884
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt SOFR+650, 0.50% Floor Maturity Date 12/15/28    
Investment cost [2],[8],[11]   17,287
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt SOFR+650, 0.50% Floor Maturity Date 12/17/28    
Investment cost 3,921 [1],[4],[10] 3,920 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt SOFR+650, 0.50% Floor Maturity Date 12/17/29    
Investment cost [1],[4],[10] 17,242  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt – Revolver SOFR+650, 0.50% Floor Maturity Date 12/17/27    
Investment cost [2],[5],[7],[8],[19]   677
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt – Revolver SOFR+650, 0.50% Floor Maturity Date 12/17/29    
Investment cost [1],[4],[9],[10],[15] 329  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Carbon6 Carbon6 Technologies, Inc. Preferred Equity - Preferred Equity    
Investment cost 250 [1],[4],[12] 250 [2],[8],[13]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cato Research    
Investment cost 13,648 [1] 13,793 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cato Research LS Clinical Services Holdings, Inc. First Lien Secured Debt - Revolver SOFR+651 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 06/16/27    
Investment cost [2],[5],[7],[8],[11]   719
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cato Research LS Clinical Services Holdings, Inc. First Lien Secured Debt - Revolver SOFR+751, 1.00% Floor Maturity Date 06/16/27    
Investment cost [1],[4],[9],[10],[15] 164  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cato Research LS Clinical Services Holdings, Inc. First Lien Secured Debt SOFR+651 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 12/16/27    
Investment cost [2],[8],[11]   13,074
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cato Research LS Clinical Services Holdings, Inc. First Lien Secured Debt SOFR+751, 1.00% Floor Maturity Date 12/16/27    
Investment cost [1],[4],[10] 13,484  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Celerion    
Investment cost 7,738 [1] 7,747 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Celerion Celerion Buyer, Inc. First Lien Secured Debt - Revolver SOFR+650, 0.75% Floor Maturity Date 11/03/28    
Investment cost (15) [1],[4],[9],[15],[27] (16) [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Celerion Celerion Buyer, Inc. First Lien Secured Debt SOFR+650, 0.75% Floor Maturity Date 11/05/29    
Investment cost 7,753 [1],[4],[9],[10],[15] 7,763 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cerus    
Investment cost 21,153 [1] 19,699 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cerus Cerus Corporation First Lien Secured Debt - Revolver SOFR+385, 1.00% Floor Maturity Date 03/01/28    
Investment cost 1,711 [1],[4],[9],[15],[26],[30] 1,761 [2],[5],[7],[8],[19],[31]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cerus Cerus Corporation First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 03/01/28    
Investment cost 2,976 [1],[4],[9],[26],[30] 1,474 [2],[5],[8],[19],[31]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Cerus Cerus Corporation First Lien Secured Debt SOFR+660, 1.80% Floor Maturity Date 03/01/28    
Investment cost 16,466 [1],[4],[26],[30] 16,464 [2],[8],[19],[31]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Compass Health    
Investment cost 7,661 [1] 7,679 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Compass Health Roscoe Medical, Inc First Lien Secured Debt - Revolver SOFR+636, 1.00% Floor Maturity Date 09/30/24    
Investment cost 480 [1],[4],[9],[15],[26] 480 [2],[5],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Compass Health Roscoe Medical, Inc First Lien Secured Debt SOFR+636, 1.00% Floor Maturity Date 09/30/24    
Investment cost 7,181 [1],[4],[26] 7,199 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals EmpiRx    
Investment cost 8,757 [1] 8,773 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals EmpiRx EmpiRx Health LLC First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor Maturity Date 08/05/27    
Investment cost (10) [1],[4],[9],[14],[15],[27] (11) [2],[5],[7],[8],[16],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals EmpiRx EmpiRx Health LLC First Lien Secured Debt SOFR+510, 1.00% Floor Maturity Date 08/05/27    
Investment cost 8,767 [1],[4],[10] 8,784 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals ExactCare    
Investment cost 17,505 [1] 17,490 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals ExactCare ExactCare Parent, Inc. First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 11/03/29    
Investment cost (50) [1],[4],[9],[15],[27] (53) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals ExactCare ExactCare Parent, Inc. First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 11/03/29    
Investment cost 17,555 [1],[4],[10] 17,543 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Gateway Services    
Investment cost 9,544 [1] 9,563 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt - Revolver SOFR+665, 0.75% Floor Maturity Date 09/22/26    
Investment cost (2) [1],[4],[9],[15] (2) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt SOFR+615, 0.75% Floor Maturity Date 09/22/26    
Investment cost [1],[4],[10] 9,546  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt SOFR+665, 0.75% Floor Maturity Date 09/22/26    
Investment cost [2],[8],[11]   9,565
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Gossamer GB001, Inc. First Lien Secured Debt SOFR+711, 2.00% Floor Maturity Date 01/01/25    
Investment cost 1,907 [1],[4],[9],[26],[30] 2,477 [2],[5],[8],[19],[31]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute    
Investment cost 19,181 [1] 19,207 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. Common Equity - Common Stock    
Investment cost 31 [1],[4],[12] 31 [2],[8],[13]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt - Revolver P+475 Maturity Date 09/02/25    
Investment cost 135 [1],[3],[4] 135 [2],[5],[6],[8]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt - Revolver SOFR+485, 1.00% Floor Maturity Date 09/02/25    
Investment cost [1],[4],[9],[10] 675  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 09/02/25    
Investment cost [2],[5],[8],[25]   675
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 08/31/26    
Investment cost 15,926 [1],[4],[10] 15,950 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 08/31/26    
Investment cost 2,398 [1],[4],[10] 2,400 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Health & Safety Institute HSI Halo Holdings, LLC Common Equity - Common Stock    
Investment cost 16 [1],[4],[12] 16 [2],[8],[13]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals KureSmart    
Investment cost 21,255 [1] 21,294 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals KureSmart Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock    
Investment cost 133 [1],[4],[12] 133 [2],[8],[13]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals KureSmart Kure Pain Holdings, Inc. First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 08/27/24    
Investment cost (8) [1],[4],[9],[15] (10) [2],[5],[7],[8]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals KureSmart Kure Pain Holdings, Inc. First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 08/27/25    
Investment cost 21,130 [1],[4],[26] 21,171 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals LucidHealth Premier Imaging, LLC First Lien Secured Debt SOFR+611, 1.00% Floor Maturity Date 01/02/25    
Investment cost 7,952 [1],[4],[10] 7,972 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Mannkind Corporation    
Investment cost 9,876 [1] 11,599 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Mannkind Corporation Common Equity - Common Stock    
Investment cost 76 [1],[4],[12],[30],[50] 76 [2],[8],[13],[31],[51]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Mannkind Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 08/01/25    
Investment cost 9,800 [1],[4],[26],[52] 11,523 [2],[8],[19],[53]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Maxor National Pharmacy Services, LLC    
Investment cost 12,948 [1] 12,966 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Maxor National Pharmacy Services, LLC First Lien Secured Debt - Revolver SOFR+700, 1.00% Floor Maturity Date 03/01/29    
Investment cost (38) [1],[4],[9],[15],[27] (40) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Maxor National Pharmacy Services, LLC First Lien Secured Debt SOFR+700, 1.00% Floor Maturity Date 03/01/29    
Investment cost 12,936 [1],[4],[24] 12,956 [2],[8],[25]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Maxor National Pharmacy Services, LLC Maxor Topco, L.P. Preferred Equity - Preferred Equity    
Investment cost 50 [1],[4],[12] 50 [2],[8],[13],[23]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Medical Guardian    
Investment cost 31,258 [1] 31,018 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Medical Guardian, LLC First Lien Secured Debt - RevolverSOFR+635, 1.00% Floor Maturity Date 10/26/26    
Investment cost 808 [1],[4],[9],[15],[26] 519 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Medical Guardian, LLC First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 10/26/26    
Investment cost 30,450 [1],[4],[9],[15],[26] 30,499 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Midwest Vision    
Investment cost 21,980 [1] 21,963 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt - Revolver SOFR+665, 1.00% Floor Maturity Date 01/12/27    
Investment cost 605 [1],[4],[9],[10] 605 [2],[5],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt SOFR+665, 1.00% Floor Maturity Date 01/12/27    
Investment cost 21,375 [1],[4],[10] 21,358 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Orchard Orchard Therapeutics PLC First Lien Secured Debt SOFR+605, 1.00% Floor Maturity Date 05/28/26    
Investment cost [2],[8],[19],[31]   7,580
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals PHS    
Investment cost 25,066 [1] 24,944 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals PHS PHS Buyer, Inc. First Lien Secured Debt - Revolver SOFR+610 Cash plus 1.50% PIK, 1.00% Floor Maturity Date 01/31/27    
Investment cost 1,310 [1],[4],[9],[15],[26] 1,301 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals PHS PHS Buyer, Inc. First Lien Secured Debt SOFR+610 Cash plus 1.50% PIK, 1.00% Floor Maturity Date 01/31/27    
Investment cost 23,756 [1],[4],[26] 23,643 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Partner Therapeutics, Inc Partner Therapeutics, Inc Preferred Equity - Preferred Equity    
Investment cost 333 [1],[4],[12] 333 [2],[8],[13]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Partner Therapeutics, Inc Partner Therapeutics, Inc Warrants - Warrants    
Investment cost 389 [1],[4],[12] 389 [2],[8],[13]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Partner Therapeutics, Inc.    
Investment cost 722 [1] 722 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals RHA Health Services    
Investment cost 5,267 [1] 5,269 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 08/02/25    
Investment cost [2],[5],[7],[8],[16],[28]   (5)
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 08/02/25    
Investment cost 3,699 [1],[4],[10] 3,707 [2],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt SOFR+665, 1.00% Floor Maturity Date 08/02/25    
Investment cost 1,568 [1],[4],[9],[10],[15] 1,567 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc. First Lien Secured Debt SOFR+576, 1.50% Floor Maturity Date 09/01/26    
Investment cost 18,000 [1],[4],[26] 17,998 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TELA Bio, Inc. TELA Bio, Inc. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 05/01/27    
Investment cost 13,287 [1],[3],[4],[9] 13,283 [2],[5],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Team Select    
Investment cost 1,864 [1] 1,867 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 05/04/29    
Investment cost (5) [1],[4],[9],[15] (5) [2],[5],[7],[8]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 05/04/29    
Investment cost 1,869 [1],[4],[9],[15],[26] 1,872 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TersSera    
Investment cost 13,431 [1] 13,448 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/04/29    
Investment cost (29) [1],[4],[9],[15],[27] (30) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt P+575 Maturity Date 04/04/29    
Investment cost [1],[3],[4] 34  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 04/04/29    
Investment cost [1],[4],[26] 13,426  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 04/04/29    
Investment cost [2],[8],[19]   13,478
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TissueTech    
Investment cost 17,930 [1] 12,702 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TissueTech TissueTech, Inc. First Lien Secured Debt - Revolver SOFR+411, 1.00% Floor Maturity Date 04/01/27    
Investment cost 497 [1],[4],[9],[15],[26] 497 [2],[5],[7],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals TissueTech TissueTech, Inc. First Lien Secured Debt SOFR+586, 1.00% Floor Maturity Date 04/01/27    
Investment cost 17,433 [1],[4],[26] 12,205 [2],[5],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Treace    
Investment cost [2]   14,918
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Treace Treace Medical Concepts, Inc.    
Investment cost [1] 14,926  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Treace Treace Medical Concepts, Inc. First Lien Secured Debt - Revolver SOFR+410, 1.00% Floor Maturity Date 04/01/27    
Investment cost 394 [1],[4],[9],[15],[26],[30] 390 [2],[5],[7],[8],[19],[31],[54]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Treace Treace Medical Concepts, Inc. First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 04/01/27    
Investment cost 14,532 [1],[4],[9],[26],[30],[55] 14,528 [2],[5],[8],[19],[31],[54]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals US Fertility    
Investment cost 6,170 [1] 2,924 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals US Fertility US Fertility Enterprises, LLC First Lien Secured Debt - Revolver SOFR+651, 1.00% Floor Maturity Date 12/21/27    
Investment cost 15 [1],[4],[9],[10],[15] 28 [2],[5],[7],[8],[11]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals US Fertility US Fertility Enterprises, LLC First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/21/27    
Investment cost [1],[4],[10] 3,264  
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals US Fertility US Fertility Enterprises, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 12/21/27    
Investment cost 2,891 [1],[4],[24] 2,896 [2],[8],[11],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Unchained Labs    
Investment cost 4,066 [1] 4,070 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor Maturity Date 08/09/27    
Investment cost (8) [1],[4],[9],[15],[27] (9) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt SOFR+555, 1.00% Floor Maturity Date 08/09/27    
Investment cost 4,074 [1],[4],[26] 4,079 [2],[8],[19]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals ViewRay ViewRay Inc. First Lien Secured Debt 3.50% Maturity Date 11/01/27    
Investment cost [2],[8],[17],[31]   7,852
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals WellDyneRx, LLC    
Investment cost 17,449 [1] 17,478 [2]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor Maturity Date 03/09/26    
Investment cost (19) [1],[4],[9],[15],[27] (21) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: Healthcare & Pharmaceuticals WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt SOFR+685, 0.75% Floor Maturity Date 03/09/27    
Investment cost 17,468 [1],[4],[10] 17,499 [2],[8],[11]
Investment, Identifier [Axis]: High Tech Industries    
Investment cost 442,910 [1] 434,887 [2]
Investment, Identifier [Axis]: High Tech Industries Acronis AG ACRONIS AG First Lien Secured Debt SOFR+595 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 04/01/27    
Investment cost [1],[4],[26],[30] 26,856  
Investment, Identifier [Axis]: High Tech Industries Acronis AG ACRONIS AG First Lien Secured Debt SOFR+595, 1.00% Floor Maturity Date 04/01/27    
Investment cost [2],[8],[19],[31]   20,945
Investment, Identifier [Axis]: High Tech Industries American Megatrends    
Investment cost 20,370 [1] 20,922 [2]
Investment, Identifier [Axis]: High Tech Industries American Megatrends AMI US Holdings Inc. First Lien Secured Debt - Revolver SOFR+535, 0.00% Floor Maturity Date 04/01/24    
Investment cost [2],[5],[7],[8]   (3)
Investment, Identifier [Axis]: High Tech Industries American Megatrends AMI US Holdings Inc. First Lien Secured Debt SOFR+535, 1.00% Floor Maturity Date 04/01/25    
Investment cost 20,370 [1],[4],[26] 20,925 [2],[8],[19]
Investment, Identifier [Axis]: High Tech Industries BarTender    
Investment cost 6,063 [1] 5,868 [2]
Investment, Identifier [Axis]: High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt - Revolver SOFR+675, 0.75% Floor Maturity Date 01/04/28    
Investment cost [1],[4],[9],[10],[15],[24] 266  
Investment, Identifier [Axis]: High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt - Revolver SOFR+675, 10.75% Floor Maturity Date 01/04/28    
Investment cost [2],[5],[7],[8],[56]   64
Investment, Identifier [Axis]: High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt SOFR+675, 0.75% Floor Maturity Date 01/04/28    
Investment cost [1],[4],[10] 5,797  
Investment, Identifier [Axis]: High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt SOFR+675, 10.75% Floor Maturity Date 01/04/28    
Investment cost [2],[8],[25]   5,804
Investment, Identifier [Axis]: High Tech Industries Calero Holdings, Inc.    
Investment cost 21,760 [1] 22,004 [2]
Investment, Identifier [Axis]: High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/16/25    
Investment cost 98 [1],[9],[15],[26] 308 [2],[5],[7],[19]
Investment, Identifier [Axis]: High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 12/16/25    
Investment cost 21,662 [1],[26] 21,696 [2],[19]
Investment, Identifier [Axis]: High Tech Industries ChyronHego Corporation    
Investment cost 116,244 [1] 113,990 [2]
Investment, Identifier [Axis]: High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt - Revolver P+600 Maturity Date 06/30/26    
Investment cost [2],[5],[6],[7],[20]   1,300
Investment, Identifier [Axis]: High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt SOFR+350, 1.75% Floor Maturity Date 06/30/26    
Investment cost 106,443 [1],[10],[21] 106,690 [2],[11],[20]
Investment, Identifier [Axis]: High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt- Revolver SOFR+600, 1.75% Floor Maturity Date 06/30/26    
Investment cost [1],[9],[10],[15] 3,800  
Investment, Identifier [Axis]: High Tech Industries ChyronHego Corporation ChyronHego Corporation Preferred Equity - Preferred Equity    
Investment cost 6,001 [1],[12],[21],[22] 6,000 [2],[13],[20],[23]
Investment, Identifier [Axis]: High Tech Industries Dairy.com    
Investment cost 17,406 [1] 17,434 [2]
Investment, Identifier [Axis]: High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 06/24/27    
Investment cost 1,243 [1],[4],[9],[10] 1,242 [2],[5],[8],[11]
Investment, Identifier [Axis]: High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 06/24/27    
Investment cost 14,832 [1],[4],[10] 14,859 [2],[8],[11]
Investment, Identifier [Axis]: High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 06/24/27    
Investment cost 1,331 [1],[4],[10] 1,333 [2],[8],[11]
Investment, Identifier [Axis]: High Tech Industries Digital.ai    
Investment cost 22,670 [1] 22,579 [2]
Investment, Identifier [Axis]: High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 08/10/28    
Investment cost [1],[4],[9],[15],[27] (43)  
Investment, Identifier [Axis]: High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/10/27    
Investment cost [2],[5],[7],[8],[11]   990
Investment, Identifier [Axis]: High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 08/10/28    
Investment cost [1],[4],[10] 22,713  
Investment, Identifier [Axis]: High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 02/10/27    
Investment cost [2],[8],[11]   21,589
Investment, Identifier [Axis]: High Tech Industries GoHealth Norvax, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 06/30/25    
Investment cost [1],[4],[9],[15] (8)  
Investment, Identifier [Axis]: High Tech Industries GoHealth Norvax, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 09/13/24    
Investment cost [2],[5],[7],[8]   (11)
Investment, Identifier [Axis]: High Tech Industries Gtreasury G Treasury SS LLC    
Investment cost 207 [1] 203 [2]
Investment, Identifier [Axis]: High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 06/29/29    
Investment cost [1],[4],[9],[15],[27] (4)  
Investment, Identifier [Axis]: High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 06/29/29    
Investment cost [2],[5],[7],[8],[28]   (5)
Investment, Identifier [Axis]: High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 06/29/29    
Investment cost [1],[4],[9],[10],[15] 211  
Investment, Identifier [Axis]: High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 06/29/29    
Investment cost [2],[5],[7],[8],[11]   208
Investment, Identifier [Axis]: High Tech Industries International Cruise & Excursion Gallery, Inc. International Cruise & Excursion Gallery, Inc. First Lien Secured Debt SOFR+535, 1.00% Floor Maturity Date 06/06/25    
Investment cost 14,069 [1],[10] 14,105 [2],[11]
Investment, Identifier [Axis]: High Tech Industries Litify    
Investment cost 18,753 [1] 18,718 [2]
Investment, Identifier [Axis]: High Tech Industries Litify Litify Holdings Inc. Common Equity - Common Stock    
Investment cost 107 [1],[4],[12] 107 [2],[8],[13],[23]
Investment, Identifier [Axis]: High Tech Industries Litify Litify LLC First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/02/29    
Investment cost (20) [1],[4],[9],[15],[27] (21) [2],[5],[7],[8],[28]
Investment, Identifier [Axis]: High Tech Industries Litify Litify LLC First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 02/02/29    
Investment cost 11,367 [1],[4],[26] 11,354 [2],[8],[11]
Investment, Identifier [Axis]: High Tech Industries Litify Litify LLC First Lien Secured Debt SOFR+760, 1.00% Floor Maturity Date 02/02/29    
Investment cost 7,299 [1],[4],[26] 7,278 [2],[8],[11]
Investment, Identifier [Axis]: High Tech Industries MYCOM    
Investment cost [2]   22,004
Investment, Identifier [Axis]: High Tech Industries MYCOM Magnate Holding Corp. First Lien Secured Debt - Revolver SOFR+640, 0.50% Floor Maturity Date 02/14/24    
Investment cost [2],[5],[8],[11],[31]   3,146
Investment, Identifier [Axis]: High Tech Industries MYCOM Magnate Holding Corp. First Lien Secured Debt SOFR+615, 0.50% Floor Maturity Date 12/16/24    
Investment cost 18,827 [1],[4],[10],[30] 18,858 [2],[8],[11],[31]
Investment, Identifier [Axis]: High Tech Industries Modern Campus    
Investment cost 25,999 [1] 26,031 [2]
Investment, Identifier [Axis]: High Tech Industries Modern Campus Destiny Solutions U.S., Inc. First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 06/08/26    
Investment cost 24,999 [1],[26],[57] 25,031 [2],[19],[58]
Investment, Identifier [Axis]: High Tech Industries Modern Campus RMCF IV CIV XXXV, L.P. Common Equity - Common Stock    
Investment cost 1,000 [1],[12] 1,000 [2],[13]
Investment, Identifier [Axis]: High Tech Industries New Era Technology, Inc.    
Investment cost [2]   31,531
Investment, Identifier [Axis]: High Tech Industries New Era Technology, Inc. New Era Technology, Inc.    
Investment cost [1] 31,488  
Investment, Identifier [Axis]: High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 10/30/26    
Investment cost [1],[4],[9],[15],[27] (17)  
Investment, Identifier [Axis]: High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 10/31/26    
Investment cost [2],[5],[7],[8],[28]   (19)
Investment, Identifier [Axis]: High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 10/31/26    
Investment cost 31,505 [1],[4],[10] 31,550 [2],[8],[11]
Investment, Identifier [Axis]: High Tech Industries Omada    
Investment cost [2]   1,427
Investment, Identifier [Axis]: High Tech Industries Omada Omada Health, Inc.    
Investment cost [1] 1,429  
Investment, Identifier [Axis]: High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt - Revolver SOFR+410, 2.50% Floor Maturity Date 06/01/28    
Investment cost [2],[5],[7],[8],[19]   4
Investment, Identifier [Axis]: High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt SOFR+710, 2.50% Floor Maturity Date 06/01/28    
Investment cost 1,425 [1],[4],[9],[26] 1,423 [2],[5],[8],[19]
Investment, Identifier [Axis]: High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt – Revolver SOFR+410, 2.50% Floor Maturity Date 06/01/28    
Investment cost [1],[4],[9],[15],[26] 4  
Investment, Identifier [Axis]: High Tech Industries Pro Vigil Pro-Vigil Holding Company, LLC First Lien Secured Debt SOFR+860, 1.00% Floor Maturity Date 01/11/25    
Investment cost [2],[8],[11]   22,699
Investment, Identifier [Axis]: High Tech Industries Pro Vigil Pro-Vigil Holding Company, LLC First Lien Secured Debt SOFR+860, 1.00% Floor Maturity Date 01/11/26    
Investment cost [1],[4],[9],[10],[15] 23,448  
Investment, Identifier [Axis]: High Tech Industries Schlesinger Group    
Investment cost [2]   11,112
Investment, Identifier [Axis]: High Tech Industries Schlesinger Group Schlesinger Global, LLC First Lien Secured Debt SOFR+275 Cash plus 5.60% PIK, 1.00% Floor Maturity Date 07/12/25    
Investment cost [1],[4],[10],[26] 11,393  
Investment, Identifier [Axis]: High Tech Industries Schlesinger Group Schlesinger Global, LLC First Lien Secured Debt SOFR+615 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 07/12/25    
Investment cost [2],[8],[11]   10,175
Investment, Identifier [Axis]: High Tech Industries Schlesinger Group Schlesinger Global, LLC First Lien Secured Debt SOFR+790, 1.00% Floor Maturity Date 07/12/25    
Investment cost [2],[8],[11]   937
Investment, Identifier [Axis]: High Tech Industries Simeio    
Investment cost [2]   9,215
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc.    
Investment cost [1] 9,525  
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver P+475 Maturity Date 02/02/26    
Investment cost [1],[3],[4] 288  
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver SOFR+585 Cash plus 0.50% PIK, 1.00% Floor Maturity Date 02/02/26    
Investment cost [1],[4],[9],[10],[15],[26] 1,149  
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 02/02/26    
Investment cost [2],[5],[7],[8],[19]   1,146
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 02/02/26    
Investment cost [2],[8],[19]   8,069
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. Sirsi Corporation Sirsi Corporation    
Investment cost [1] 4,657  
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. Sirsi Corporation Sirsi Corporation First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 03/15/25    
Investment cost [1],[4],[9],[15],[59] (1)  
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc. Sirsi Corporation Sirsi Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 03/15/25    
Investment cost [1],[4],[10] 4,658  
Investment, Identifier [Axis]: High Tech Industries Simeio Simeio Group Holdings, Inc.First Lien Secured Debt SOFR+585 Cash plus 0.50% PIK, 1.00% Floor Maturity Date 02/02/26    
Investment cost [1],[4],[26] 8,088  
Investment, Identifier [Axis]: High Tech Industries Sirsi Corporation    
Investment cost [2]   4,654
Investment, Identifier [Axis]: High Tech Industries Sirsi Corporation Sirsi Corporation First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 03/15/25    
Investment cost [2],[5],[7],[8],[28]   (1)
Investment, Identifier [Axis]: High Tech Industries Sirsi Corporation Sirsi Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 03/15/25    
Investment cost [2],[8],[19]   4,655
Investment, Identifier [Axis]: High Tech Industries Springbrook    
Investment cost [2]   17,789
Investment, Identifier [Axis]: High Tech Industries Springbrook Springbrook Holding Company, LLC    
Investment cost [1] 19,071  
Investment, Identifier [Axis]: High Tech Industries Springbrook Springbrook Holding Company, LLC First Lien Secured Debt - Revolver SOFR+561, 1.00% Floor Maturity Date 12/23/26    
Investment cost (10) [1],[9],[15],[27] (11) [2],[5],[7],[28]
Investment, Identifier [Axis]: High Tech Industries Springbrook Springbrook Holding Company, LLC First Lien Secured Debt SOFR+550, 1.00% Floor Maturity Date 12/23/26    
Investment cost [1],[26] 1,265  
Investment, Identifier [Axis]: High Tech Industries Springbrook Springbrook Holding Company, LLC First Lien Secured Debt SOFR+561, 1.00% Floor Maturity Date 12/23/26    
Investment cost 15,507 [1],[10] 15,494 [2],[11]
Investment, Identifier [Axis]: High Tech Industries Springbrook Springbrook Holding Company, LLC First Lien Secured Debt SOFR+661, 1.00% Floor Maturity Date 12/23/26    
Investment cost 2,309 [1],[10] 2,306 [2],[19]
Investment, Identifier [Axis]: High Tech Industries UpStack    
Investment cost [2]   31,668
Investment, Identifier [Axis]: High Tech Industries UpStack Upstack Holdco Inc.    
Investment cost [1] 32,683  
Investment, Identifier [Axis]: High Tech Industries UpStack Upstack Holdco Inc. First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 08/20/27    
Investment cost [1],[4],[9],[14],[15],[24],[26] 1,903  
Investment, Identifier [Axis]: High Tech Industries UpStack Upstack Holdco Inc. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 08/20/27    
Investment cost [2],[5],[7],[8],[16]   849
Investment, Identifier [Axis]: High Tech Industries UpStack Upstack Holdco Inc. First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 08/20/27    
Investment cost [1],[4],[10],[24] 30,780  
Investment, Identifier [Axis]: High Tech Industries UpStack Upstack Holdco Inc. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 08/20/27    
Investment cost [2],[8],[25]   30,819
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants    
Investment cost 29,319 [1] 29,495 [2]
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Cave Cave Enterprises Operations, LLC First Lien Secured Debt SOFR+660, 1.50% Floor Maturity Date 08/09/28    
Investment cost [2],[5],[7],[8],[19]   8,484
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Cave Cave Enterprises Operations, LLC Investment Type First Lien Secured Debt Interest Rate SOFR+660, 1.50% Floor Maturity Date 08/09/28    
Investment cost [1],[4],[9],[26] 8,470  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants CircusTrix    
Investment cost [2]   920
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC    
Investment cost [1] 923  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 07/18/28    
Investment cost [2],[5],[7],[8],[28]   (23)
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 07/18/28    
Investment cost [2],[5],[7],[8],[19]   943
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC Investment Type First Lien Secured Debt Interest Rate SOFR+675, 1.00% Floor Maturity Date 07/18/28    
Investment cost [1],[4],[9],[15],[26] 945  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC Investment Type First Lien Secured Debt Revolver Interest Rate SOFR+675, 1.00% Floor Maturity Date 07/18/28    
Investment cost [1],[4],[9],[15],[27] (22)  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Guernsey    
Investment cost [2]   1,810
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Guernsey Guernsey Holdings SDI LA LLC    
Investment cost [1] 1,779  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Guernsey Guernsey Holdings SDI LA LLC First Lien Secured Debt 6.95% Maturity Date 11/18/26    
Investment cost [2],[8]   1,810
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Guernsey Guernsey Holdings SDI LA LLC Investment Type First Lien Secured Debt Interest Rate 6.95 Maturity Date 11/18/26    
Investment cost [1],[4] 1,779  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants PARS Group LLC PARS Group LLC First Lien Secured Debt SOFR+685, 1.50% Floor Maturity Date 04/03/28    
Investment cost [2],[5],[8],[19]   8,869
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants PARS Group LLC PARS Group LLC Investment Type First Lien Secured Debt Interest Rate SOFR+685, 1.50% Floor Maturity Date 04/03/28    
Investment cost [1],[4],[9],[26] 8,853  
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Taco Cabana YTC Enterprises, LLC First Lien Secured Debt SOFR+636, 1.00% Floor Maturity Date 08/16/26    
Investment cost [2],[8],[19]   9,412
Investment, Identifier [Axis]: Hotel, Gaming, Leisure, Restaurants Taco Cabana YTC Enterprises, LLC Investment Type First Lien Secured Debt Interest Rate SOFR+636, 1.00% Floor Maturity Date 08/16/26    
Investment cost [1],[4],[26] 9,294  
Investment, Identifier [Axis]: Insurance    
Investment cost 48,064 [1] 47,879 [2]
Investment, Identifier [Axis]: Insurance High Street Insurance High Street Buyer, Inc.    
Investment cost 29,127 [1] 29,183 [2]
Investment, Identifier [Axis]: Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt SOFR+590, 0.75% Floor Maturity Date 04/14/28    
Investment cost [2],[8],[11]   29,207
Investment, Identifier [Axis]: Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt – Revolver SOFR+590, 0.75% Floor Maturity Date 04/16/27    
Investment cost [2],[5],[7],[8],[28]   (24)
Investment, Identifier [Axis]: Insurance High Street Insurance High Street Buyer, Inc. Investment Type First Lien Secured Debt Interest Rate SOFR+540, 0.75% Floor Maturity Date 04/14/28    
Investment cost [1],[4],[10] 29,150  
Investment, Identifier [Axis]: Insurance High Street Insurance High Street Buyer, Inc. Investment Type First Lien Secured Debt – Revolver Interest Rate SOFR+590, 0.75% Floor Maturity Date 04/16/27    
Investment cost [1],[4],[9],[15],[27] (23)  
Investment, Identifier [Axis]: Insurance PGM Holdings Corporation Turbo Buyer, Inc.    
Investment cost 18,937 [1] 18,696 [2]
Investment, Identifier [Axis]: Insurance PGM Holdings Corporation Turbo Buyer, Inc. First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 12/02/25    
Investment cost [2],[8],[11]   18,703
Investment, Identifier [Axis]: Insurance PGM Holdings Corporation Turbo Buyer, Inc. First Lien Secured Debt – Revolver SOFR+625, 1.00% Floor Maturity Date 12/02/25    
Investment cost [2],[5],[7],[8],[28]   (7)
Investment, Identifier [Axis]: Insurance PGM Holdings Corporation Turbo Buyer, Inc. Investment Type First Lien Secured Debt Interest Rate SOFR+625, 1.00% Floor Maturity Date 12/02/25    
Investment cost [1],[4],[10] 18,667  
Investment, Identifier [Axis]: Insurance PGM Holdings Corporation Turbo Buyer, Inc. Investment Type First Lien Secured Debt – Revolver Interest Rate SOFR+625, 1.00% Floor Maturity Date 12/02/25    
Investment cost [1],[4],[9],[10],[15] 270  
Investment, Identifier [Axis]: InvestmentOwnedAtCost    
Investment cost [1] 21,492  
Investment, Identifier [Axis]: J.P. Morgan U.S. Government Money Market Fund    
Investment cost 142 [1],[49] 140 [2]
Investment, Identifier [Axis]: Manufacturing, Capital Equipment    
Investment cost 66,528 [1] 68,727 [2]
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC    
Investment cost 25,357 [1] 27,669 [2]
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC First Lien Secured Debt – Revolver SOFR+411, 1.00% Floor Maturity Date 03/17/26    
Investment cost [2],[5],[7],[8],[16],[19],[36]   15,820
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate SOFR+411, 1.00% Floor Maturity Date 03/17/26    
Investment cost [1],[4],[9],[14],[15],[26],[34] 13,508  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Investment Type Preferred Equity - Class P-1 Preferred    
Investment cost [1],[4],[12],[34] 3,333  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Investment Type Preferred Equity - Class P-2 Preferred    
Investment cost [1],[4],[12],[34] 8,516  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Preferred Equity - Class P-1 Preferred    
Investment cost [2],[8],[13],[36]   3,333
Investment, Identifier [Axis]: Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Preferred Equity - Class P-2 Preferred    
Investment cost [2],[8],[13],[36]   8,516
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Carlisle Fluid Technologies LSF12 Donnelly Bidco, LLC First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 10/02/29    
Investment cost [2],[8],[19]   14,601
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Carlisle Fluid Technologies LSF12 Donnelly Bidco, LLC Investment Type First Lien Secured Debt Interest Rate SOFR+650, 1.00% Floor Maturity Date 10/02/29    
Investment cost [1],[4],[26] 14,576  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment International Wire Group    
Investment cost [2]   2,026
Investment, Identifier [Axis]: Manufacturing, Capital Equipment International Wire Group IW Buyer LLC    
Investment cost [1] 2,025  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment International Wire Group IW Buyer LLC First Lien Secured Debt SOFR+685, 1.00% Floor Maturity Date 06/28/29    
Investment cost [2],[8],[19]   2,037
Investment, Identifier [Axis]: Manufacturing, Capital Equipment International Wire Group IW Buyer LLC First Lien Secured Debt – Revolver SOFR+685, 1.00% Floor Maturity Date 06/28/29    
Investment cost [2],[5],[7],[8],[16],[28]   (11)
Investment, Identifier [Axis]: Manufacturing, Capital Equipment International Wire Group IW Buyer LLC Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+685, 1.00% Floor Maturity Date 06/28/29    
Investment cost [1],[4],[9],[14],[15],[27] (10)  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment International Wire Group IW Buyer LLC Investment Type First Lien Secured Debt Interest Rate SOFR+685, 1.00% Floor Maturity Date 06/28/29    
Investment cost [1],[4],[26] 2,035  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Holdco, LLC Common Equity - Common Stock    
Investment cost [2],[8]   250
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Holdco, LLC Investment Type Common Equity - Common Stock    
Investment cost [1],[4] 250  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC    
Investment cost 16,589 [1] 16,455 [2]
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 05/08/25    
Investment cost [2],[8],[11]   15,894
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC First Lien Secured Debt – Revolver SOFR+585, 1.00% Floor Maturity Date 05/08/25    
Investment cost [2],[5],[7],[8],[16],[19]   311
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+660, 1.00% Floor Maturity Date 05/08/25    
Investment cost [1],[4],[9],[10],[14],[15],[24] 469  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC Investment Type First Lien Secured Debt Interest Rate SOFR+660, 1.00% Floor Maturity Date 05/08/25    
Investment cost [1],[4],[24] 15,870  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment MedPlast Holdings Inc. Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.) Investment Type Second Lien Secured Debt Interest Rate SOFR+786, 1.00% Floor Maturity Date 07/02/26    
Investment cost [1],[26],[50] 7,981  
Investment, Identifier [Axis]: Manufacturing, Capital Equipment MedPlast Holdings Inc. Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.) Second Lien Secured Debt SOFR+786, 0.00% Floor Maturity Date 07/02/26    
Investment cost [2],[19]   7,976
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments    
Investment cost 150,771 130,648
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Chemicals, Plastics & Rubber    
Investment cost 69,005 69,005
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Chemicals, Plastics & Rubber, Common Equity/Interests    
Investment cost 56,505 56,505
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Chemicals, Plastics & Rubber, First Lien - Secured Debt    
Investment cost 12,500 12,500
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Common Equity/Interests    
Investment cost 69,673 69,307
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Goods – Durable    
Investment cost 4,873 4,848
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Goods – Durable, Common Equity/Interests    
Investment cost 1,000 1,000
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Goods – Durable, First Lien - Secured Debt    
Investment cost 3,873 3,848
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Services    
Investment cost 48,574 27,865
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Services, Common Equity/Interests    
Investment cost 366  
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Services, First Lien - Secured Debt    
Investment cost 22,078  
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Consumer Services, Structured Products and Other    
Investment cost 26,130 27,865
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate    
Investment cost 16,517 17,128
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, Structured Products and Other    
Investment cost 16,517 17,128
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Energy - Oil & Gas    
Investment cost 11,802 11,802
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Energy - Oil & Gas, Common Equity/Interests    
Investment cost 11,802 11,802
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, First Lien - Secured Debt    
Investment cost 38,451 16,348
Investment, Identifier [Axis]: Non-Controlled/Affiliated Investments, Structured Products and Other    
Investment cost 42,647 44,993
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments    
Investment cost 2,008,281 2,012,273
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments Advertising, Printing & Publishing, Common Equity/Interests    
Investment cost 433 433
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments,    
Investment cost   44,865
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing    
Investment cost 48,276 47,515
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing, First Lien - Secured Debt    
Investment cost 47,843 47,082
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Automotive    
Investment cost 50,896 84,123
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Automotive, Common Equity/Interests    
Investment cost 23,971 23,971
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Automotive, First Lien - Secured Debt    
Investment cost 26,925 60,152
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Aviation and Consumer Transport    
Investment cost 10,191 5,300
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Aviation and Consumer Transport, First Lien - Secured Debt    
Investment cost 10,191 5,300
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco    
Investment cost 112,935 112,095
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco, Common Equity/Interests    
Investment cost 1,534 1,534
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco, First Lien - Secured Debt    
Investment cost 110,953 110,113
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco, Preferred Equity    
Investment cost 448 448
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services    
Investment cost 250,953 289,508
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services, Common Equity/Interests    
Investment cost 13,999 2,038
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services, First Lien - Secured Debt    
Investment cost 233,625 256,321
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services, Preferred Equity    
Investment cost 89 89
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services, Second Lien - Secured Debt    
Investment cost   31,060
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services, Unsecured Debt    
Investment cost 2,664  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Business Services, Warrants    
Investment cost 576  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Chemicals, Plastics & Rubber    
Investment cost 23,430 23,418
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Chemicals, Plastics & Rubber, First Lien - Secured Debt    
Investment cost 23,430 23,418
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Common Equity/Interests    
Investment cost 62,502 50,451
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Construction & Building    
Investment cost 68,939 50,131
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Construction & Building, Common Equity/Interests    
Investment cost 500 500
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Construction & Building, First Lien - Secured Debt    
Investment cost 68,439 49,631
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods - Durable    
Investment cost 24,888 24,814
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods - Durable, Common Equity/Interests    
Investment cost 215 107
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods – Durable, First Lien - Secured Debt    
Investment cost 24,673 24,707
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods – Non-durable    
Investment cost 106,199 87,077
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods – Non-durable, Common Equity/Interests    
Investment cost 2,235 2,234
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods – Non-durable, First Lien - Secured Debt    
Investment cost 103,472 84,351
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Goods – Non-durable, Preferred Equity    
Investment cost 492 492
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Services    
Investment cost 181,734 159,987
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Consumer Services, First Lien - Secured Debt    
Investment cost 181,734 159,987
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate    
Investment cost 36,188 43,475
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, Common Equity/Interests    
Investment cost 100 100
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, First Lien - Secured Debt    
Investment cost 36,088 43,375
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Energy - Electricity    
Investment cost 30,491 30,511
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Energy - Electricity, Common Equity/Interests    
Investment cost 17,103 17,123
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Energy - Electricity, First Lien - Secured Debt    
Investment cost 7,231 7,231
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Energy - Electricity, Preferred Equity    
Investment cost 6,157 6,157
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, First Lien - Secured Debt    
Investment cost 1,906,983 1,895,474
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals    
Investment cost 408,496 413,863
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Common Equity/Interest    
Investment cost 257 256
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, First Lien - Secured Debt    
Investment cost 407,101 412,585
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Preferred Equity    
Investment cost 749 633
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Warrants    
Investment cost 389 389
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, High Tech Industries    
Investment cost 326,666 320,897
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, High Tech Industries, Common Equity/Interests    
Investment cost 1,107 1,107
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, High Tech Industries, First Lien - Secured Debt    
Investment cost 325,559 319,790
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Hotel, Gaming, Leisure, Restaurants    
Investment cost 29,319 29,495
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Hotel, Gaming, Leisure, Restaurants, First Lien - Secured Debt    
Investment cost 29,319 29,495
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Insurance    
Investment cost 48,064 47,879
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Insurance, First Lien - Secured Debt    
Investment cost 48,064 47,879
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment    
Investment cost 66,528 68,727
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Common Equity/Interests    
Investment cost 250 250
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, First Lien - Secured Debt    
Investment cost 46,448 48,652
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Preferred Equity    
Investment cost 11,849 11,849
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Second Lien - Secured Debt    
Investment cost 7,981 7,976
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Preferred Equity    
Investment cost 19,801 19,685
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Retail    
Investment cost 31,269 30,814
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Retail, First Lien - Secured Debt    
Investment cost 31,269 30,814
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Second Lien - Secured Debt    
Investment cost 15,366 46,274
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Telecommunications    
Investment cost 9,697 9,543
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Telecommunications, First Lien - Secured Debt    
Investment cost 2,312 2,305
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Telecommunications, Second Lien - Secured Debt    
Investment cost 7,385 7,238
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Transportation – Cargo, Distribution    
Investment cost 81,491 71,663
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Transportation – Cargo, Distribution, First Lien - Secured Debt    
Investment cost 81,491 71,663
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Unsecured Debt    
Investment cost 2,664  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Utilities - Electric    
Investment cost 14,469 14,489
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Utilities - Electric, First Lien - Secured Debt    
Investment cost 14,469 14,489
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Warrants    
Investment cost 965 389
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Wholesale    
Investment cost 47,162 46,949
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Wholesale, Common Equity/Interests    
Investment cost 798 798
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Wholesale, First Lien - Secured Debt    
Investment cost 46,347 46,134
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Wholesale, Preferred Equity    
Investment cost 17 17
Investment, Identifier [Axis]: Preferred Equity    
Investment cost 25,802 25,685
Investment, Identifier [Axis]: Retail    
Investment cost 31,269 [1] 30,814 [2]
Investment, Identifier [Axis]: Retail IPS SI Holdings, Inc. First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 12/30/27    
Investment cost [2],[5],[7],[8],[19]   503
Investment, Identifier [Axis]: Retail IPS SI Holdings, Inc. First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 12/30/27    
Investment cost [2],[8],[11]   30,311
Investment, Identifier [Axis]: Retail IPS SI Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate P+500 Maturity Date 12/31/27    
Investment cost [1],[3],[4] 171  
Investment, Identifier [Axis]: Retail IPS SI Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+510, 1.00% Floor Maturity Date 12/31/27    
Investment cost [1],[4],[9],[15],[26] 512  
Investment, Identifier [Axis]: Retail IPS SI Holdings, Inc. Investment Type First Lien Secured Debt Interest Rate SOFR+610, 1.00% Floor Maturity Date 12/31/27    
Investment cost [1],[4],[10] 30,586  
Investment, Identifier [Axis]: Second Lien - Secured Debt    
Investment cost 15,366 46,274
Investment, Identifier [Axis]: Structured Products and Other    
Investment cost 42,647 44,993
Investment, Identifier [Axis]: Telecommunications    
Investment cost 9,697 [1] 9,543 [2]
Investment, Identifier [Axis]: Telecommunications MCA    
Investment cost [2]   2,305
Investment, Identifier [Axis]: Telecommunications MCA Mobile Communications America, Inc.    
Investment cost [1] 2,312  
Investment, Identifier [Axis]: Telecommunications MCA Mobile Communications America, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 10/16/29    
Investment cost [2],[5],[7],[8],[11]   2,338
Investment, Identifier [Axis]: Telecommunications MCA Mobile Communications America, Inc. First Lien Secured Debt – Revolver SOFR+600, 1.00% Floor Maturity Date 10/16/29    
Investment cost [2],[5],[7],[8],[28]   (33)
Investment, Identifier [Axis]: Telecommunications MCA Mobile Communications America, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+625 1.00% Floor Maturity Date 10/16/29    
Investment cost [1],[4],[9],[15],[27] (31)  
Investment, Identifier [Axis]: Telecommunications MCA Mobile Communications America, Inc. Investment Type First Lien Secured Debt Interest Rate SOFR+600 1.00% Floor Maturity Date 10/16/29    
Investment cost [1],[4],[9],[10],[15] 2,343  
Investment, Identifier [Axis]: Telecommunications Securus Technologies Holdings, Inc. Securus Technologies Holdings, Inc. Investment Type Second Lien Secured Debt Interest Rate SOFR+126 Cash plus 8.05% PIK, 1.00% Floor Maturity Date 11/01/25    
Investment cost [1],[10] 7,385  
Investment, Identifier [Axis]: Telecommunications Securus Technologies Holdings, Inc. Securus Technologies Holdings, Inc. Second Lien Secured Debt SOFR+865, 1.00% Floor Maturity Date 11/01/25    
Investment cost [2],[11]   7,238
Investment, Identifier [Axis]: Total Consumer Services    
Investment cost [1] 230,308  
Investment, Identifier [Axis]: Total Diversified Investment Vehicles, Banking, Finance, Real Estate    
Investment cost [1] 52,705  
Investment, Identifier [Axis]: Total Investments after Cash Equivalents    
Investment cost 2,552,782 [1],[59],[60] 2,538,394 [2],[61],[62]
Investment, Identifier [Axis]: Total Investments before Cash Equivalents    
Investment cost 2,552,527 [1] 2,538,142 [2]
Investment, Identifier [Axis]: Transportation - Cargo, Distribution    
Investment cost 97,282 [1] 87,454 [2]
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility    
Investment cost [2]   36,853
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp.    
Investment cost [1] 37,442  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 12/31/25    
Investment cost [2],[5],[7],[8],[16],[28]   (42)
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 12/31/25    
Investment cost [2],[8],[11]   36,895
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. Investment Type First Lien Secured Debt - Revolver Interest Rate P+525 Floor Maturity Date 12/31/25    
Investment cost [1],[3],[4] 645  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+535, 1.00% Floor Maturity Date 12/31/25    
Investment cost [1],[4],[9],[14],[15],[27] (30)  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. Investment Type First Lien Secured Debt Interest Rate SOFR+635 1.00% Floor Maturity Date 12/31/25    
Investment cost [1],[4],[10],[26] 36,827  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Camin Cargo    
Investment cost [2]   923
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 12/06/29    
Investment cost [2],[5],[7],[8],[28]   (22)
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt Revolver P+500 Maturity Date 12/07/29    
Investment cost [1],[4],[52] 33  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt Revolver SOFR+600, 1.00% Maturity Date 12/07/29    
Investment cost [1],[3],[4],[9],[15] 146  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/06/29    
Investment cost [2],[5],[7],[8],[19]   945
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt SOFR+600, 1.00% Maturity Date 12/07/29    
Investment cost [1],[3],[4],[9],[15] 946  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Heniff and Superior    
Investment cost 31,838 [1] 30,641 [2]
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/03/24    
Investment cost 2,735 [1],[4],[9],[14],[15],[26] 1,488 [2],[5],[7],[8],[16],[19]
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 12/03/26    
Investment cost 29,103 [1],[4],[10] 29,153 [2],[8],[11]
Investment, Identifier [Axis]: Transportation - Cargo, Distribution IronClad    
Investment cost 3,209 [1] 3,246 [2]
Investment, Identifier [Axis]: Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 09/03/27    
Investment cost [1],[4],[9],[14],[15],[26] 233  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 09/03/27    
Investment cost [1],[4],[9],[15],[27] (27)  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 09/30/27    
Investment cost [2],[5],[7],[8],[11]   2,978
Investment, Identifier [Axis]: Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt SOFR+676, 1.00% Floor Maturity Date 09/30/27    
Investment cost [1],[4],[10] 3,003  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt – Revolver SOFR+650, 1.00% Floor Maturity Date 09/30/27    
Investment cost [2],[5],[7],[8],[11],[16]   268
Investment, Identifier [Axis]: Transportation - Cargo, Distribution MSEA Tankers LLC MSEA Tankers LLC (5) Common Equity - Class A Units    
Investment cost [2],[13],[20],[23],[31],[63]   15,791
Investment, Identifier [Axis]: Transportation - Cargo, Distribution MSEA Tankers LLC MSEA Tankers LLC (5) Common Equity – Class A Units    
Investment cost [1],[12],[21],[30],[64],[65] 15,791  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Meritus Gas Partners MGP Holding III Corp.    
Investment cost [1] 7,877  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Meritus Gas Partners MGP Holding III Corp. First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 03/01/30    
Investment cost [1],[4],[9],[15],[27] (15)  
Investment, Identifier [Axis]: Transportation - Cargo, Distribution Meritus Gas Partners MGP Holding III Corp. First Lien Secured Debt SOFR+525, 1.00% Floor Maturity Date 03/01/30    
Investment cost [1],[4],[9],[10],[15] 7,892  
Investment, Identifier [Axis]: Transportation – Cargo, Distribution Camin Cargo    
Investment cost [1] 1,125  
Investment, Identifier [Axis]: Unsecured Debt    
Investment cost 2,664  
Investment, Identifier [Axis]: Utilities - Electric    
Investment cost [1] 14,469  
Investment, Identifier [Axis]: Utilities - Electric Congruex Congruex Group LLC First Lien Secured Debt SOFR+590,0.75% Floor Maturity Date 05/03/29    
Investment cost [1],[4],[10] 14,469  
Investment, Identifier [Axis]: Utilities – Electric    
Investment cost [2]   14,489
Investment, Identifier [Axis]: Utilities – Electric Congruex Congruex Group LLC First Lien Secured Debt SOFR+590, 0.75% Floor Maturity Date 05/03/29    
Investment cost [2],[8],[11]   14,489
Investment, Identifier [Axis]: Warrants    
Investment cost 965 389
Investment, Identifier [Axis]: Wholesale    
Investment cost 47,162 [1] 46,949 [2]
Investment, Identifier [Axis]: Wholesale Banner Solutions    
Investment cost 15,510 [1] 15,533 [2]
Investment, Identifier [Axis]: Wholesale Banner Solutions Banner Buyer, LLC First Lien Secured Debt - Revolver SOFR+585, 0.00% Floor Maturity Date 10/31/25    
Investment cost [1],[4],[9],[15],[27] (11)  
Investment, Identifier [Axis]: Wholesale Banner Solutions Banner Buyer, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 10/31/25    
Investment cost [2],[5],[7],[8],[28]   (13)
Investment, Identifier [Axis]: Wholesale Banner Solutions Banner Buyer, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 10/31/25    
Investment cost 14,908 [1],[4],[26] 14,933 [2],[8],[19]
Investment, Identifier [Axis]: Wholesale Banner Solutions Banner Parent Holdings, Inc. Common Equity - Common Stock    
Investment cost [1],[4],[12] 613  
Investment, Identifier [Axis]: Wholesale Banner Solutions Banner Parent Holdings, Inc. Common Equity – Common Stock    
Investment cost [2],[8],[13]   613
Investment, Identifier [Axis]: Wholesale Thomas Scientific    
Investment cost 31,652 [1] 31,416 [2]
Investment, Identifier [Axis]: Wholesale Thomas Scientific BSP-TS, LP Common Equity - Common Stock    
Investment cost 185 [1],[4],[12] 185 [2],[8],[13]
Investment, Identifier [Axis]: Wholesale Thomas Scientific BSP-TS, LP Preferred Equity - Preferred Equity    
Investment cost 17 [1],[4],[12],[65] 17 [2],[8],[13],[23]
Investment, Identifier [Axis]: Wholesale Thomas Scientific Thomas Scientific, LLC First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 12/14/27    
Investment cost [2],[8],[11]   30,809
Investment, Identifier [Axis]: Wholesale Thomas Scientific Thomas Scientific, LLC First Lien Secured Debt – Revolver P+525 Maturity Date 12/14/27    
Investment cost [2],[5],[6],[7],[8]   $ 405
Investment, Identifier [Axis]: Wholesale Thomas Scientific Thomas Scientific, LLC Frist Lien Secured Debt - Revolver P+525 Maturity 12/14/27    
Investment cost [1],[4],[9],[15],[52] 704  
Investment, Identifier [Axis]: Wholesale Thomas Scientific Thomas Scientific, LLC Frist Lien Secured Debt SOFR+640, 1.00% Maturity 12/14/27    
Investment cost [1],[4],[10] $ 30,746  
[1] The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2024:

 

Industry

 

First Lien - Secured Debt

 

 

Second Lien - Secured Debt

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising, Printing & Publishing

 

$

 

47,843

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

433

 

 

$

 

—

 

 

$

 

48,276

 

Automotive

 

 

 

26,925

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

23,971

 

 

 

 

—

 

 

 

 

50,896

 

Aviation and Consumer Transport

 

 

 

10,191

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

10,191

 

Beverage, Food & Tobacco

 

 

 

110,953

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

448

 

 

 

 

1,534

 

 

 

 

—

 

 

 

 

112,935

 

Business Services

 

 

 

233,625

 

 

 

 

—

 

 

 

 

2,664

 

 

 

 

—

 

 

 

 

89

 

 

 

 

13,999

 

 

 

 

576

 

 

 

 

250,953

 

Chemicals, Plastics & Rubber

 

 

 

23,430

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

23,430

 

Construction & Building

 

 

 

68,439

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

500

 

 

 

 

—

 

 

 

 

68,939

 

Consumer Goods – Durable

 

 

 

24,673

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

215

 

 

 

 

—

 

 

 

 

24,888

 

Consumer Goods – Non-durable

 

 

 

103,472

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

492

 

 

 

 

2,235

 

 

 

 

—

 

 

 

 

106,199

 

Consumer Services

 

 

 

181,734

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

181,734

 

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

 

 

36,088

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

100

 

 

 

 

—

 

 

 

 

36,188

 

Energy – Electricity

 

 

 

7,231

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,157

 

 

 

 

17,103

 

 

 

 

—

 

 

 

 

30,491

 

Healthcare & Pharmaceuticals

 

 

 

407,101

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

749

 

 

 

 

257

 

 

 

 

389

 

 

 

 

408,496

 

High Tech Industries

 

 

 

325,559

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,107

 

 

 

 

—

 

 

 

 

326,666

 

Hotel, Gaming, Leisure, Restaurants

 

 

 

29,319

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

29,319

 

Insurance

 

 

 

48,064

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

48,064

 

Manufacturing, Capital Equipment

 

 

 

46,448

 

 

 

 

7,981

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,849

 

 

 

 

250

 

 

 

 

—

 

 

 

 

66,528

 

Retail

 

 

 

31,269

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

31,269

 

Telecommunications

 

 

 

2,312

 

 

 

 

7,385

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,697

 

Transportation – Cargo, Distribution

 

 

 

81,491

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

81,491

 

Utilities – Electric

 

 

 

14,469

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

14,469

 

Wholesale

 

 

 

46,347

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17

 

 

 

 

798

 

 

 

 

—

 

 

 

 

47,162

 

Total Non-Controlled /
Non-Affiliated Investments

 

$

 

1,906,983

 

 

$

 

15,366

 

 

$

 

2,664

 

 

$

 

—

 

 

$

 

19,801

 

 

$

 

62,502

 

 

$

 

965

 

 

$

 

2,008,281

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

$

 

12,500

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

56,505

 

 

$

 

—

 

 

$

 

69,005

 

Consumer Goods – Durable

 

 

 

3,873

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,000

 

 

 

 

—

 

 

 

 

4,873

 

Consumer Services

 

 

 

22,078

 

 

 

 

—

 

 

 

 

—

 

 

 

 

26,130

 

 

 

 

—

 

 

 

 

366

 

 

 

 

—

 

 

 

 

48,574

 

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

16,517

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

16,517

 

Energy – Oil & Gas

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,802

 

 

 

 

—

 

 

 

 

11,802

 

Total Non-Controlled / Affiliated Investments

 

$

 

38,451

 

 

$

 

—

 

 

$

 

—

 

 

$

 

42,647

 

 

$

 

—

 

 

$

 

69,673

 

 

$

 

—

 

 

$

 

150,771

 

Controlled Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation and Consumer Transport

 

$

 

70,076

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

146,500

 

 

$

 

—

 

 

$

 

216,576

 

Energy – Oil & Gas

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

44,864

 

 

 

 

—

 

 

 

 

44,864

 

High Tech Industries

 

 

 

110,243

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,001

 

 

 

 

—

 

 

 

 

—

 

 

 

 

116,244

 

Transportation – Cargo, Distribution

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

15,791

 

 

 

 

—

 

 

 

 

15,791

 

Total Controlled Investments

 

$

 

180,319

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

6,001

 

 

$

 

207,155

 

 

$

 

—

 

 

$

 

393,475

 

Total

 

$

 

2,125,753

 

 

$

 

15,366

 

 

$

 

2,664

 

 

$

 

42,647

 

 

$

 

25,802

 

 

$

 

339,330

 

 

$

 

965

 

 

$

 

2,552,527

 

 

 

 

See notes to the consolidated financial statements.

33
[2] The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2023:

Industry

 

First Lien - Secured Debt

 

 

Second Lien - Secured Debt

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising, Printing & Publishing

 

$

 

47,082

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

433

 

 

$

 

—

 

 

$

 

47,515

 

Automotive

 

 

 

60,152

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

23,971

 

 

 

 

—

 

 

 

 

84,123

 

Aviation and Consumer Transport

 

 

 

5,300

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,300

 

Beverage, Food & Tobacco

 

 

 

110,113

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

448

 

 

 

 

1,534

 

 

 

 

—

 

 

 

 

112,095

 

Business Services

 

 

 

256,321

 

 

 

 

31,060

 

 

 

 

—

 

 

 

 

—

 

 

 

 

89

 

 

 

 

2,038

 

 

 

 

—

 

 

 

 

289,508

 

Chemicals, Plastics & Rubber

 

 

 

23,418

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

23,418

 

Construction & Building

 

 

 

49,631

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

500

 

 

 

 

—

 

 

 

 

50,131

 

Consumer Goods – Durable

 

 

 

24,707

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

107

 

 

 

 

—

 

 

 

 

24,814

 

Consumer Goods – Non-durable

 

 

 

84,351

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

492

 

 

 

 

2,234

 

 

 

 

—

 

 

 

 

87,077

 

Consumer Services

 

 

 

159,987

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

159,987

 

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

 

 

43,375

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

100

 

 

 

 

—

 

 

 

 

43,475

 

Energy – Electricity

 

 

 

7,231

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,157

 

 

 

 

17,123

 

 

 

 

—

 

 

 

 

30,511

 

Healthcare & Pharmaceuticals

 

 

 

412,585

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

633

 

 

 

 

256

 

 

 

 

389

 

 

 

 

413,863

 

High Tech Industries

 

 

 

319,790

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,107

 

 

 

 

—

 

 

 

 

320,897

 

Hotel, Gaming, Leisure, Restaurants

 

 

 

29,495

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

29,495

 

Insurance

 

 

 

47,879

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

47,879

 

Manufacturing, Capital Equipment

 

 

 

48,652

 

 

 

 

7,976

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,849

 

 

 

 

250

 

 

 

 

—

 

 

 

 

68,727

 

Retail

 

 

 

30,814

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

30,814

 

Telecommunications

 

 

 

2,305

 

 

 

 

7,238

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

9,543

 

Transportation – Cargo, Distribution

 

 

 

71,663

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

71,663

 

Utilities – Electric

 

 

 

14,489

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

14,489

 

Wholesale

 

 

 

46,134

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17

 

 

 

 

798

 

 

 

 

—

 

 

 

 

46,949

 

Total Non-Controlled /
Non-Affiliated Investments

 

$

 

1,895,474

 

 

$

 

46,274

 

 

$

 

—

 

 

$

 

—

 

 

$

 

19,685

 

 

$

 

50,451

 

 

$

 

389

 

 

$

 

2,012,273

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

$

 

12,500

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

56,505

 

 

$

 

—

 

 

$

 

69,005

 

Consumer Goods – Durable

 

 

 

3,848

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,000

 

 

 

 

—

 

 

 

 

4,848

 

Consumer Services

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

27,865

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

27,865

 

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17,128

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

17,128

 

Energy – Oil & Gas

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

11,802

 

 

 

 

—

 

 

 

 

11,802

 

Total Non-Controlled / Affiliated Investments

 

$

 

16,348

 

 

$

 

—

 

 

$

 

—

 

 

$

 

44,993

 

 

$

 

—

 

 

$

 

69,307

 

 

$

 

—

 

 

$

 

130,648

 

Controlled Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation and Consumer Transport

 

$

 

74,075

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

146,500

 

 

$

 

—

 

 

$

 

220,575

 

Energy – Oil & Gas

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

44,865

 

 

 

 

—

 

 

 

 

44,865

 

High Tech Industries

 

 

 

107,990

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

113,990

 

Transportation – Cargo, Distribution

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

15,791

 

 

 

 

—

 

 

 

 

15,791

 

Total Controlled Investments

 

$

 

182,065

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

6,000

 

 

$

 

207,156

 

 

$

 

—

 

 

$

 

395,221

 

Total

 

$

 

2,093,887

 

 

$

 

46,274

 

 

$

 

—

 

 

$

 

44,993

 

 

$

 

25,685

 

 

$

 

326,914

 

 

$

 

389

 

 

$

 

2,538,142

 

 

 

 

See notes to the consolidated financial statements.

63

(35)
The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2023:

Industry

 

First Lien - Secured Debt

 

 

Second Lien - Secured Debt

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

 

% of Net Assets

 

Non-Controlled / Non-Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising, Printing & Publishing

 

$

 

45,805

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

524

 

 

$

 

—

 

 

$

 

46,329

 

 

 

4.61

%

Automotive

 

 

 

59,097

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,979

 

 

 

 

—

 

 

 

 

61,076

 

 

 

6.08

%

Aviation and Consumer Transport

 

 

 

5,286

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,286

 

 

 

0.53

%

Beverage, Food & Tobacco

 

 

 

109,270

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

148

 

 

 

 

2,310

 

 

 

 

—

 

 

 

 

111,728

 

 

 

11.11

%

Business Services

 

 

 

255,546

 

 

 

 

17,908

 

 

 

 

—

 

 

 

 

—

 

 

 

 

89

 

 

 

 

3,312

 

 

 

 

—

 

 

 

 

276,855

 

 

 

27.54

%

Chemicals, Plastics & Rubber

 

 

 

22,834

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

22,834

 

 

 

2.27

%

Construction & Building

 

 

 

49,209

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

137

 

 

 

 

—

 

 

 

 

49,346

 

 

 

4.91

%

Consumer Goods – Durable

 

 

 

24,728

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

826

 

 

 

 

—

 

 

 

 

25,554

 

 

 

2.54

%

Consumer Goods – Non-durable

 

 

 

84,335

 

 

 

 

238

 

 

 

 

—

 

 

 

 

—

 

 

 

 

73

 

 

 

 

302

 

 

 

 

—

 

 

 

 

84,948

 

 

 

8.45

%

Consumer Services

 

 

 

159,230

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

159,230

 

 

 

15.84

%

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

 

 

43,085

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

86

 

 

 

 

—

 

 

 

 

43,171

 

 

 

4.29

%

Energy – Electricity

 

 

 

2,146

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

109

 

 

 

 

508

 

 

 

 

—

 

 

 

 

2,763

 

 

 

0.27

%

Healthcare & Pharmaceuticals

 

 

 

405,851

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

709

 

 

 

 

2,829

 

 

 

 

199

 

 

 

 

409,588

 

 

 

40.74

%

High Tech Industries

 

 

 

319,151

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,000

 

 

 

 

—

 

 

 

 

321,151

 

 

 

31.95

%

Hotel, Gaming, Leisure, Restaurants

 

 

 

29,399

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

29,399

 

 

 

2.92

%

Insurance

 

 

 

47,546

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

47,546

 

 

 

4.73

%

Manufacturing, Capital Equipment

 

 

 

48,494

 

 

 

 

7,710

 

 

 

 

—

 

 

 

 

—

 

 

 

 

10,631

 

 

 

 

433

 

 

 

 

—

 

 

 

 

67,268

 

 

 

6.69

%

Retail

 

 

 

30,929

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

30,929

 

 

 

3.08

%

Telecommunications

 

 

 

2,296

 

 

 

 

6,031

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

8,327

 

 

 

0.83

%

Transportation – Cargo, Distribution

 

 

 

71,850

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

71,850

 

 

 

7.15

%

Utilities – Electric

 

 

 

14,369

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

14,369

 

 

 

1.43

%

Wholesale

 

 

 

46,052

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

18

 

 

 

 

710

 

 

 

 

—

 

 

 

 

46,780

 

 

 

4.65

%

Total Non-Controlled /
Non-Affiliated Investments

 

$

 

1,876,508

 

 

$

 

31,887

 

 

$

 

—

 

 

$

 

—

 

 

$

 

11,777

 

 

$

 

15,956

 

 

$

 

199

 

 

$

 

1,936,327

 

 

 

192.61

%

% of Net Assets

 

 

 

186.66

%

 

 

 

3.17

%

 

 

 

0.00

%

 

 

 

0.00

%

 

 

 

1.17

%

 

 

 

1.59

%

 

 

 

0.02

%

 

 

 

192.61

%

 

 

 

 

See notes to the consolidated financial statements.

64

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

$

 

12,501

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

18,727

 

 

$

 

—

 

 

$

 

31,228

 

 

 

3.11

%

Consumer Goods – Durable

 

 

 

3,740

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,087

 

 

 

 

—

 

 

 

 

4,827

 

 

 

0.48

%

Consumer Services

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

30,621

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

30,621

 

 

 

3.05

%

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

10,712

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

10,712

 

 

 

1.07

%

Energy – Oil & Gas

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

140

 

 

 

 

—

 

 

 

 

140

 

 

 

0.01

%

Total Non-Controlled / Affiliated Investments

 

$

 

16,241

 

 

$

 

—

 

 

$

 

—

 

 

$

 

41,333

 

 

$

 

—

 

 

$

 

19,954

 

 

$

 

—

 

 

$

 

77,528

 

 

 

7.72

%

% of Net Assets

 

 

 

1.62

%

 

 

 

0.00

%

 

 

 

0.00

%

 

 

 

4.11

%

 

 

 

0.00

%

 

 

 

1.99

%

 

 

 

0.00

%

 

 

 

7.72

%

 

 

 

Controlled Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation and Consumer Transport

 

$

 

74,076

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

117,043

 

 

$

 

—

 

 

$

 

191,119

 

 

 

19.01

%

Energy – Oil & Gas

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

346

 

 

 

 

—

 

 

 

 

346

 

 

 

0.03

%

High Tech Industries

 

 

 

108,206

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

20,628

 

 

 

 

—

 

 

 

 

—

 

 

 

 

128,834

 

 

 

12.82

%

Transportation – Cargo, Distribution

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

45

 

 

 

 

—

 

 

 

 

45

 

 

 

0.00

%

Total Controlled Investments

 

$

 

182,282

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

20,628

 

 

$

 

117,434

 

 

$

 

—

 

 

$

 

320,344

 

 

 

31.86

%

% of Net Assets

 

 

 

18.13

%

 

 

 

0.00

%

 

 

 

0.00

%

 

 

 

0.00

%

 

 

 

2.05

%

 

 

 

11.68

%

 

 

 

0.00

%

 

 

 

31.86

%

 

 

 

Total

 

$

 

2,075,031

 

 

$

 

31,887

 

 

$

 

—

 

 

$

 

41,333

 

 

$

 

32,405

 

 

$

 

153,344

 

 

$

 

199

 

 

$

 

2,334,199

 

 

 

232.19

%

% of Net Assets

 

 

 

206.41

%

 

 

 

3.17

%

 

 

 

0.00

%

 

 

 

4.11

%

 

 

 

3.22

%

 

 

 

15.26

%

 

 

 

0.02

%

 

 

 

232.19

%

 

 

 

 

 

 

See notes to the consolidated financial statements.

65

 

Industry Classification

 

Percentage of Total Investments (at Fair Value) as of December 31, 2023

High Tech Industries

 

19.3%

Healthcare & Pharmaceuticals

 

17.6%

Business Services

 

11.9%

Aviation and Consumer Transport

 

8.4%

Consumer Services

 

8.1%

Beverage, Food & Tobacco

 

4.8%

Consumer Goods – Non-durable

 

3.6%

Transportation – Cargo, Distribution

 

3.1%

Manufacturing, Capital Equipment

 

2.9%

Automotive

 

2.6%

Chemicals, Plastics & Rubber

 

2.3%

Diversified Investment Vehicles, Banking, Finance, Real Estate

 

2.3%

Construction & Building

 

2.1%

Insurance

 

2.0%

Wholesale

 

2.0%

Advertising, Printing & Publishing

 

2.0%

Retail

 

1.3%

Consumer Goods – Durable

 

1.3%

Hotel, Gaming, Leisure, Restaurants

 

1.3%

Utilities – Electric

 

0.6%

Telecommunications

 

0.4%

Energy – Electricity

 

0.1%

Energy – Oil & Gas

 

0.0%

Total Investments

 

100.0%

 

See notes to the consolidated financial statements.

66

Note 1. Organization

MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through March 31, 2024, we have raised approximately $2,240,067 in net proceeds from additional offerings of common stock and repurchased common stock for $248,107.

On August 1, 2022, the Company changed its name from “Apollo Investment Corporation” to “MidCap Financial Investment Corporation”. Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022.

On November 3, 2022, the Company's Board of Directors (the “Board”) changed the Company’s fiscal year end from March 31 to December 31, effective December 31, 2022.

On November 7, 2023, the Company entered into (i) an Agreement and Plan of Merger (the “AFT Merger Agreement”) with Apollo Senior Floating Rate Fund Inc., a Maryland corporation (“AFT”), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AFT Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser, and (ii) an Agreement and Plan of Merger (the “AIF Merger Agreement” and, together with the AFT Merger Agreement, the “Merger Agreements”) with Apollo Tactical Income Fund Inc., a Maryland corporation (“AIF”), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT and AIF will, through a two-step merger process, merge with and into the Company, with the Company continuing as the surviving company. Each of the Company’s Board of Directors, and AFT’s and AIF’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT and AIF, as applicable, have approved the applicable Merger Agreement and the transactions contemplated thereby. Consummation of the Mergers, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s, AFT’s and AIF’s stockholders and certain other closing conditions. For more information on the Mergers, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Recent Developments.”

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the twelve months ended December 31, 2023.

 

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 2024 and December 31, 2023, the Company's consolidated subsidiary was MFIC Bethesda CLO 1 LLC.

 

 

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of March 31, 2024 was $49,611. Cash and cash equivalents held as of December 31, 2023 was $93,575.

Collateral on Option Contracts

Collateral on option contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with ASC 230, Statement of Cash Flows, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies. As of and for the periods ended March 31, 2024 and December 31, 2023, the Company did not hold any derivative contracts.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where 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 value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

 

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the Consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

Investment Valuation Process

The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Company's Investment Adviser as “valuation designee,” the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

 

 

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

1.
Our quarterly valuation process begins with independent valuation firms conducting independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged
during a particular quarter, the valuation may be conducted by the Investment Adviser;
2.
Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.
3.
The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm.
4.
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended March 31, 2024, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

As of and for the periods ended March 31, 2024 and December 31, 2023, the Company did not hold any derivative contracts.

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of and for the periods ended March 31, 2024 and December 31, 2023, the Company did not hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

 

 

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Consolidated Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), which the Company presents as an asset on the Consolidated Statements of Assets and Liabilities. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), any unamortized deferred financing costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our senior secured notes and senior unsecured notes, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Share Repurchases

In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending December 31, 2024. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

 

 

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of March 31, 2024, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Retroactive Adjustments for Common Stock Reverse Split

The Company’s Board approved a one-for-three reverse stock split of the Company’s common stock on October 30, 2018, which was effective as of close of business as of November 30, 2018 (the “Reverse Stock Split”). All common share and common per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split as disclosed in Note 7.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

The Company has an investment advisory management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which AIM receives a fee from the Company, consisting of two components — a base management fee and a performance-based incentive fee.

 

 

Base Management Fee

The base management fee is calculated at an annual rate of 1.75% (0.4375% per quarter) of the Company's net asset value as of the final business day of the prior calendar quarter; provided, however, that the base management fee shall not be greater than 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter. The base management fee is payable quarterly in arrears. The value of the Company's gross assets is calculated in accordance with the Company's valuation procedures.

For the period from April 1, 2018 to December 31, 2022, the base management fee was calculated initially at an annual rate of 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee was calculated at an annual rate of 1.00% (0.250% per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200% and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. The base management fee was payable quarterly in arrears. The value of the Company’s gross assets was calculated in accordance with the Company's valuation procedures.

Performance-based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

(i) Incentive Fee on Pre-Incentive Fee Net Income - effective January 1, 2023

The Incentive Fee on pre-incentive fee net investment income is determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the preferred return amount in respect of the Trailing Twelve Quarters; provided, however, that the pre-incentive fee net investment income in respect of the current calendar quarter exceeds the multiple of (A) 1.75% and (B) the Company's net asset value at the beginning of such calendar quarter. For the purposes of the Incentive Fee calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to January 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after January 1, 2023 shall be known as a “Current Fee Quarter.”

The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The preferred return amount is calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

 

 

The amount of the Incentive Fee on Income that is paid to the Investment Adviser for a particular quarter equals the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters.

The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the preferred return amount but is less than or equal to the catch-up amount, which shall be the sum of (i) the product of 2.1875% multiplied by the Company's net asset value at the beginning of each applicable Legacy Fee Quarter included in the relevant Trailing Twelve Quarters and (ii) the product of 2.1212% multiplied by the Company's net asset value at the beginning of each applicable Current Fee Quarter included in the relevant Trailing Twelve Quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds the catch-up amount, the incentive fee shall equal 20.00% for each Legacy Fee Quarter and 17.50% otherwise of the amount of the Company’s pre-incentive fee net investment income for such Trailing Twelve Quarters, provided, however, that the incentive fee on income for any quarter shall not be greater than 20.00% or 17.50%, as applicable, of the amount of the Company's current quarter’s pre-incentive fee net investment income.

The Incentive Fee on Income as calculated is subject to the Incentive Fee Cap. The Incentive Fee Cap in any quarter is an amount equal to (a) 20.00% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 17.50% of the Cumulative Pre-Incentive Fee Net Return during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

(ii) Incentive Fee on Pre-Incentive Fee Net Income - (January 1, 2019 - December 31, 2022)

For the period from January 1, 2019 to December 31, 2022, the incentive fee on pre-incentive fee net investment income was determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the applicable calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.

The preferred return amount was determined on a quarterly basis, and was calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters. The preferred return amount was calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

The amount of the Incentive Fee on Income that was paid to the Investment Adviser for a particular quarter equaled the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.

The Company paid the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters did not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeded the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeded the catch-up amount, the incentive fee should equal 20% of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.

The Incentive Fee on Income as calculated was subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter was an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant trailing twelve quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant trailing twelve quarters.

For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap was zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap was equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

B. Incentive Fee Based on Cumulative Net Realized Gains

The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal 17.50% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

 

 

Prior to January 1, 2023, the Incentive Fee on Capital Gains was determined and paid in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee equaled 20.0% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company was calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three months ended March 31, 2024 and 2023. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three months ended March 31, 2024 and 2023, the Company recognized $4,386 and $4,264, respectively, of management fees, and $6,038 and $6,196, respectively, of incentive fees before impact of waived fees. For the three months ended March 31, 2024 and 2023, no management fees and no incentive fees were waived.

As of March 31, 2024 and December 31, 2023, management and performance-based incentive fees payable were $10,424 and $10,729, respectively.

Fee Offset

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. the Company received an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset was initially 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by the New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeded $3 billion cumulatively, the fee offset would step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset was supposed to be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period would also be used to offset incentive fees payable to AIM by the Company. The offset would be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to terminate the fee offset agreement in exchange for a termination fee of $7.5 million.

For three months ended March 31, 2024 and 2023, management fee and performance based fee offset was $0 and $274, respectively.

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three months ended March 31, 2024 and 2023, the Company recognized administrative services expense under the Administration Agreement of $1,223 and $1,422, respectively. There was no payable to AIA and its affiliates for expenses paid on our behalf as of March 31, 2024 and December 31, 2023.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities. For the three months ended March 31, 2024 and 2023, the Company recognized administrative service expense reimbursements of $75 and $74, respectively, under the Merx Administration Agreement.

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies, which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three months ended March 31, 2024 and 2023, the Company recognized debt expense reimbursements of $93 and $261, respectively, under the debt expense reimbursement agreements.

 

 

Co-Investment Activity

We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On December 29, 2021, we received an exemptive order from the SEC, which was amended on January 10, 2023 (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of March 31, 2024, the Company’s co-investment holdings were 78% of the portfolio or $1,836,370, measured at fair value. On a cost basis, 72% of the portfolio or $1,840,585 were co-investments. As of December 31, 2023, the Company’s co-investment holdings were 77% of the portfolio or $1,808,017, measured at fair value. On a cost basis, 72% of the portfolio or $1,817,084 were co-investments.

Merx Aviation

Effective January 16, 2019, Mr. Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P. (“AMH”), an affiliate of the Company’s investment adviser. Mr. Rothschild also retained his role as the President and Chief Executive Officer of Merx.

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with ACM (the “Servicing Agreement”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM (the “Research Support Agreement”), Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. Under a technical support agreement (the “Technical Support Agreement”), Merx and AMH share the services of Mr. Gary Rothschild, who is the President and Chief Executive Officer of Merx and an employee of AMH. In addition, on the same date the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets (the “Fee Offset Agreement”) under which the Company receives an offsetting credit against fees otherwise due to AIM under the Investment Advisory Agreement.

In 2022, we announced our plans to reduce our aviation leasing platform that is operating through Merx. Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to an Amended Servicing Agreement and to terminate the Research Support Agreement, the Technical Support Agreement and the Fee Offset Agreement in exchange for a termination fee of $7.5 million. Under the Amended Servicing Agreement and the subservicing agreement with an affiliate, as part of the February 21, 2023 termination payment, Merx will continue to service certain legacy Apollo aircraft investments during its reduction.

On September 1, 2022, $110,700 of the Merx first lien secured revolver held by the Company was converted into common equity. On September 30, 2023, Merx amended its credit agreement and the commitment of the Merx first lien secured revolver decreased to $100,000. The balance of the Merx revolver as of March 31, 2024 was $70,075 and as of December 31, 2023 was $74,075.

Sub-Servicing Agreement

 

On November 2, 2023, MFIC Bethesda CLO 1 LLC entered into a sub-servicing agreement with MidCap Financial Services, LLC (the “Sub-Servicing Agreement”), under which MidCap Financial Services, LLC provides management services to Bethesda CLO 1 Issuer in connection with the issuance of the Bethesda CLO 1 Notes. Under the Sub-Servicing Agreement, MFIC Bethesda CLO 1 LLC will pay MidCap Financial Services, LLC a fee in the amount of $100 on an annual basis. No fees were paid by the Company to Midcap Financial Services, LLC, for the three months ended March 31, 2024 and December 31, 2023.

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three months ended March 31, 2024 and 2023:

 

 

Three Months Ended March 31,

 

 

 

 

2024

 

 

 

2023

 

Basic Earnings Per Share

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

 

25,489

 

 

$

 

30,132

 

Weighted average shares outstanding

 

 

 

65,253,275

 

 

 

 

65,451,359

 

Basic earnings (loss) per share

 

$

 

0.39

 

 

$

 

0.46

 

 

82

Note 5. Investments

Fair Value Measurement and Disclosures

The following table shows the composition of our investment portfolio as of March 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

 

 

 

 

 

 

 

Fair Value Hierarchy

 

 

 

Cost

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

First Lien Secured Debt

 

$

2,125,753

 

 

$

2,111,478

 

 

$

—

 

 

$

—

 

 

$

2,111,478

 

Second Lien Secured Debt

 

 

15,366

 

 

 

13,459

 

 

 

—

 

 

 

7,900

 

 

 

5,559

 

Unsecured Debt

 

 

2,664

 

 

 

329

 

 

 

—

 

 

 

—

 

 

 

329

 

Structured Products and Other

 

 

42,647

 

 

 

35,639

 

 

 

—

 

 

 

—

 

 

 

35,639

 

Preferred Equity

 

 

25,802

 

 

 

32,752

 

 

 

—

 

 

 

—

 

 

 

32,752

 

Common Equity/Interests

 

 

339,330

 

 

 

158,920

 

 

 

1,514

 

 

 

—

 

 

 

157,406

 

Warrants

 

 

965

 

 

 

258

 

 

 

—

 

 

 

—

 

 

 

258

 

Total Investments

 

$

2,552,527

 

 

$

2,352,835

 

 

$

1,514

 

 

$

7,900

 

 

$

2,343,421

 

Money Market Fund

 

$

255

 

 

$

255

 

 

$

255

 

 

$

—

 

 

$

—

 

Total Cash Equivalents

 

$

255

 

 

$

255

 

 

$

255

 

 

$

—

 

 

$

—

 

Total Investments after Cash Equivalents

 

$

2,552,782

 

 

$

2,353,090

 

 

$

1,769

 

 

$

7,900

 

 

$

2,343,421

 

The following table shows the composition of our investment portfolio as of December 31, 2023, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

 

 

 

 

 

 

 

Fair Value Hierarchy

 

 

 

Cost

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

First Lien Secured Debt

 

$

2,093,887

 

 

$

2,075,031

 

 

$

—

 

 

$

—

 

 

$

2,075,031

 

Second Lien Secured Debt

 

 

46,274

 

 

 

31,887

 

 

 

—

 

 

 

—

 

 

 

31,887

 

Unsecured Debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Structured Products and Other

 

 

44,993

 

 

 

41,333

 

 

 

—

 

 

 

—

 

 

 

41,333

 

Preferred Equity

 

 

25,685

 

 

 

32,405

 

 

 

—

 

 

 

—

 

 

 

32,405

 

Common Equity/Interests

 

 

326,914

 

 

 

153,344

 

 

 

1,217

 

 

 

—

 

 

 

152,127

 

Warrants

 

 

389

 

 

 

199

 

 

 

—

 

 

 

—

 

 

 

199

 

Total Investments

 

$

2,538,142

 

 

$

2,334,199

 

 

$

1,217

 

 

$

—

 

 

$

2,332,982

 

Money Market Fund

 

$

252

 

 

$

252

 

 

$

252

 

 

$

—

 

 

$

—

 

Total Investments after Cash Equivalents

 

$

2,538,394

 

 

$

2,334,451

 

 

$

1,469

 

 

$

—

 

 

$

2,332,982

 

 

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2024:

 

 

First Lien Secured Debt (2)

 

 

Second Lien Secured Debt (2)

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Fair value as of December 31, 2023

 

$

2,075,031

 

 

$

31,887

 

 

$

—

 

 

$

41,333

 

 

$

32,405

 

 

$

152,127

 

 

$

199

 

 

$

2,332,982

 

Net realized gains (losses)

 

 

(6,464

)

 

 

273

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

359

 

 

 

—

 

 

 

(5,832

)

Net change in unrealized gains (losses)

 

 

4,581

 

 

 

12,296

 

 

 

(2,335

)

 

 

(3,347

)

 

 

231

 

 

 

(7,138

)

 

 

(517

)

 

 

3,771

 

Net amortization on investments

 

 

1,933

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,939

 

Purchases, including capitalized PIK (3)

 

 

154,876

 

 

 

146

 

 

 

—

 

 

 

—

 

 

 

116

 

 

 

1

 

 

 

—

 

 

 

155,139

 

Sales (3)

 

 

(118,479

)

 

 

(31,339

)

 

 

2,664

 

 

 

(2,347

)

 

 

—

 

 

 

12,057

 

 

 

576

 

 

 

(136,868

)

Transfers out of Level 3 (1)

 

 

—

 

 

 

(7,710

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,710

)

Transfers into Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value as of March 31, 2024

 

$

2,111,478

 

 

$

5,559

 

 

$

329

 

 

$

35,639

 

 

$

32,752

 

 

$

157,406

 

 

$

258

 

 

$

2,343,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2024

 

$

(3,233

)

 

$

(594

)

 

$

(2,335

)

 

$

(3,346

)

 

$

231

 

 

$

5,856

 

 

$

(517

)

 

$

(3,938

)

 

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value of $(3,976).
(3)
Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2023:

 

 

First Lien Secured Debt (2)

 

 

Second Lien Secured Debt (2)

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Fair value as of December 31, 2022

 

$

2,130,309

 

 

$

70,919

 

 

$

50

 

 

$

9,413

 

 

$

35,557

 

 

$

149,314

 

 

$

474

 

 

$

2,396,036

 

Net realized gains (losses)

 

 

2,531

 

 

 

(1,128

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

367

 

 

 

—

 

 

 

1,770

 

Net change in unrealized gains (losses)

 

 

272

 

 

 

21,983

 

 

 

(2

)

 

 

1,383

 

 

 

1,004

 

 

 

(21,734

)

 

 

(13

)

 

 

2,893

 

Net amortization on investments

 

 

2,421

 

 

 

111

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(36

)

 

 

—

 

 

 

2,496

 

Purchases, including capitalized PIK (3)

 

 

151,510

 

 

 

—

 

 

 

1

 

 

 

106

 

 

 

50

 

 

 

23,473

 

 

 

—

 

 

 

175,140

 

Sales (3)

 

 

(172,248

)

 

 

(22,528

)

 

 

(18

)

 

 

—

 

 

 

—

 

 

 

(23

)

 

 

—

 

 

 

(194,817

)

Transfers out of Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Transfers into Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value as of March 31, 2023

 

$

2,114,795

 

 

$

69,357

 

 

$

31

 

 

$

10,902

 

 

$

36,611

 

 

$

151,361

 

 

$

461

 

 

$

2,383,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2023

 

$

620

 

 

$

(235

)

 

$

(2

)

 

$

1,384

 

 

$

1,004

 

 

$

(21,734

)

 

$

(14

)

 

$

(18,977

)

 

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value of $(4,006).
(3)
Includes reorganizations and restructuring of investments.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2024 were as follows:

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

 

 

Fair Value

 

 

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

 

$

 

23,414

 

 

Market Comparable Technique

Comparable Multiple

3.5x

10.3x

6.8x

 

 

 

 

65,536

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

112,585

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

1,909,943

 

 

Yield Analysis

Discount Rate

6.6%

21.5%

12.2%

Second Lien Secured Debt

 

 

 

5,559

 

 

Market Comparable Technique

Comparable Multiple

5.8x

5.8x

5.8x

Unsecured Debt

 

 

 

329

 

 

Yield Analysis

Discount Rate

11.3%

11.3%

11.3%

Structured Products and Other

 

 

 

35,639

 

 

Yield Analysis

Discount Rate

12.9%

15.6%

14.8%

Preferred Equity

 

 

 

32,006

 

 

Market Comparable Technique

Comparable Multiple

2.8x

13.2x

11.0x

 

 

 

 

385

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

78

 

 

Residual Value

Residual Value

N/A

N/A

N/A

 

 

 

 

283

 

 

Yield Analysis

Discount Rate

13.3%

13.3%

13.3%

Common Equity/Interests

 

 

 

15,658

 

 

Market Comparable Technique

Comparable Multiple

3.7x

27.0x

11.2x

 

 

 

 

296

 

 

Option Pricing Model

Expected Volatility

35.0%

105.0%

57.7%

 

 

 

 

374

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

120,050

 

 

Yield Analysis

Discount Rate

10.5%

13.2%

10.5%

 

 

 

 

21,028

 

 

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

Warrants

 

 

 

258

 

 

Option Pricing Model

Expected Volatility

25.0%

50.0%

43.2%

Total Level 3 Investments

 

$

 

2,343,421

 

 

 

 

 

 

 

_________________

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

 

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2023 were as follows:

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

 

 

Fair Value

 

 

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

 

$

 

59,746

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

111,468

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

1,903,817

 

 

Yield Analysis

Discount Rate

6.6%

25.1%

12.2%

Second Lien Secured Debt

 

 

 

2,207

 

 

Market Comparable Technique

Comparable Multiple

8.5x

8.5x

8.5x

 

 

 

 

238

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

29,442

 

 

Yield Analysis

Discount Rate

13.7%

25.8%

17.3%

Structured Products and Other

 

 

 

41,333

 

 

Yield Analysis

Discount Rate

13.0%

15.6%

14.9%

Preferred Equity

 

 

 

31,950

 

 

Market Comparable Technique

Comparable Multiple

2.8x

12.5x

11.1x

 

 

 

 

268

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

78

 

 

Residual Value

Residual Value

N/A

N/A

N/A

 

 

 

 

109

 

 

Yield Analysis

Discount Rate

13.5%

13.5%

13.5%

Common Equity/Interests

 

 

 

12,898

 

 

Market Comparable Technique

Comparable Multiple

3.6x

26.0x

11.8x

 

 

 

 

281

 

 

Option Pricing Model

Expected Volatility

30.0%

115.0%

59.1%

 

 

 

 

125

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

117,454

 

 

Yield Analysis

Discount Rate

13.5%

14.3%

14.3%

 

 

 

 

21,369

 

 

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

Warrants

 

 

 

199

 

 

Option Pricing Model

Expected Volatility

50.0%

50.0%

50.0%

Total Level 3 Investments

 

$

 

2,332,982

 

 

 

 

 

 

 

____________________

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

 

Investment Transactions

For the three months ended March 31, 2024 and 2023, purchases of investments on a trade date basis were $152,791 and $151,058, respectively.

For the three months ended March 31, 2024 and 2023, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $136,868 and $171,529 respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three months ended March 31, 2024 and 2023, PIK income earned was $2,029 and $784, respectively.

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2024 and 2023:

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

2024

 

 

2023

 

PIK balance at beginning of period

 

 

 

 

$

 

24,485

 

 

$

 

21,534

 

PIK income capitalized

 

 

 

 

 

 

2,349

 

 

 

 

791

 

Adjustments due to investments exited or written off

 

 

 

 

 

 

—

 

 

 

 

—

 

PIK income received in cash

 

 

 

 

 

 

—

 

 

 

 

—

 

PIK balance at end of period

 

 

 

 

$

 

26,834

 

 

$

 

22,325

 

Dividend Income on CLOs and Structured Finance Products

The Company holds structured finance products and other investments. The CLO equity investments and structured finance products are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three months ended March 31, 2024 and 2023, dividend income from structured products was $0 and $0, respectively

Investments on Non-Accrual Status

As of March 31, 2024, 0.9% of total investments at amortized cost, or 0.6% of total investments at fair value, were on non-accrual status. As of December 31, 2023, 1.2% of total investments at amortized cost, or 0.2% of total investments at fair value, were on non-accrual status.

Note 6. Debt and Foreign Currency Transactions and Translations

On April 4, 2018, the Company’s Board, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of March 31, 2024 were as follows:

 

 

Date Issued/
Amended

 

Total Aggregate Principal Amount Committed

 

 

 

Principal Amount Outstanding

 

 

 

Fair Value

 

 

 

 

Final Maturity Date

Senior Secured Facility

 

4/19/2023

 

$

 

1,705,000

 

**

 

$

 

625,110

 

*

 

$

 

625,110

 

 

(1

)

 

4/19/2028

Bethesda CLO 1 Class A-1

 

11/2/2023

 

 

 

232,000

 

 

 

 

 

232,000

 

 

 

 

 

232,000

 

 

(2

)

 

10/23/2035

2025 Notes

 

3/3/2015

 

 

 

350,000

 

 

 

 

 

350,000

 

 

 

 

 

344,100

 

 

(2

)

 

3/3/2025

2026 Notes

 

7/16/2021

 

 

 

125,000

 

 

 

 

 

125,000

 

 

 

 

 

116,165

 

 

(2

)

 

7/16/2026

2028 Notes

 

12/13/2023

 

 

 

80,000

 

 

 

 

 

80,000

 

 

 

 

 

81,184

 

 

(3

)

 

12/15/2028

Total Debt Obligations

 

 

 

$

 

2,492,000

 

 

 

$

 

1,412,110

 

 

 

$

 

1,398,559

 

 

 

 

 

Deferred Financing Costs and Debt Discount

 

 

 

 

 

(6,989

)

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount

 

 

 

$

 

1,405,121

 

 

 

 

 

 

 

 

 

 

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Prior to November 19, 2022, total lender commitments were $1,810,000. As of March 31, 2024, total lender commitments were $1,705,000. The total lender commitments will remain $1,705,000 until December 22, 2024 and will decrease to $1,550,000 thereafter.

(1)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2024. The valuation is based on broker quoted prices.
(3)
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2024. The valuation is arrived using the closing price on exchange as on the relevant date.

The Company’s outstanding debt obligations as of December 31, 2023 were as follows:

 

 

 

Date Issued/
Amended

 

Total Aggregate Principal Amount Committed

 

 

 

Principal Amount Outstanding

 

 

 

Fair Value

 

 

 

 

Final Maturity Date

Senior Secured Facility

 

4/19/2023

 

$

 

1,705,000

 

**

 

$

 

682,977

 

*

 

$

 

682,977

 

 

(1

)

 

4/19/2028

Bethesda CLO 1 Class A-1

 

11/2/2023

 

 

 

232,000

 

 

 

 

 

232,000

 

 

 

 

 

232,000

 

 

(2

)

 

10/23/2035

2025 Notes

 

3/3/2015

 

 

 

350,000

 

 

 

 

 

350,000

 

 

 

 

 

336,013

 

 

(2

)

 

3/3/2025

2026 Notes

 

7/16/2021

 

 

 

125,000

 

 

 

 

 

125,000

 

 

 

 

 

114,291

 

 

(2

)

 

7/16/2026

2028 Notes

 

12/13/2023

 

 

 

80,000

 

 

 

 

 

80,000

 

 

 

 

 

81,600

 

 

(3

)

 

12/15/2028

Total Debt Obligations

 

 

 

$

 

2,492,000

 

 

 

$

 

1,469,977

 

 

 

$

 

1,446,881

 

 

 

 

 

Deferred Financing Costs and Debt Discount

 

 

 

 

 

 

 

 

$

 

(7,710

)

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred
Financing Cost and Debt Discount

 

 

 

 

 

 

 

 

$

 

1,462,267

 

 

 

 

 

 

 

 

 

 

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Prior to November 19, 2022, total lender commitments were $1,810,000. As of December 31, 2023, total lender commitments were $1,705,000.

(1)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2023. The valuation is based on broker quoted prices.
(3)
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2023. The valuation is arrived using the closing price on exchange as on the relevant date.

Senior Secured Facility

On April 19, 2023, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through April 19, 2028. Lender commitments under the Senior Secured Facility were $1,810,000 prior to November 19, 2022 and decreased to $1,705,000 as non-extending commitments were paid down. The total lender commitments will remain $1,705,000 until December 22, 2024 and will decrease to $1,550,000 thereafter. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Facility to $2,325,000. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents.

Commencing April 19, 2027, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of April 19, 2027. The stated interest rates on outstanding borrowings under the Senior Secured Facility depend on the type of borrowing and the “gross borrowing base” at the time. USD borrowings accrue at (a) either Term SOFR plus 1.85% per annum or Term SOFR plus 1.975% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 0.875% per annum. The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and fronting fees of up to 2.25% per annum on the letters of credit issued.

The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including: (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of the greater of (i) 30% of the total assets of the Company and its consolidated subsidiaries as of the last day of any fiscal quarter and (ii) the sum of (A) $705,000 plus (B) 25% of the net proceeds from the sale of equity interests in the Company after the closing date of the Senior Secured Facility, (c) maintaining a ratio of total assets, less total liabilities (other than indebtedness) to total indebtedness, in each case of the Company and its consolidated subsidiaries, of not less than 1.5:1.0, (d) limitations on the incurrence of additional indebtedness, including a requirement to meet a certain minimum liquidity threshold before the Company can incur such additional debt, (e) limitations on liens, (f) limitations on investments (other than in the ordinary course of the Company’s business), (g) limitations on mergers and disposition of assets (other than in the normal course of the Company’s business activities), (h) limitations on the creation or existence of agreements that permit liens on properties of the Company’s consolidated subsidiaries and (i) limitations on the repurchase or redemption of certain unsecured debt and debt securities. In addition to the asset coverage ratio described in clause (c) of the preceding sentence, borrowings under the Senior Secured Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio will also depend on the relevant asset coverage ratio as of the date of determination. Borrowings under the Senior Secured Facility will also continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of March 31, 2024 and December 31, 2023, the Company had $17,291 and $17,291, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $1,062,599 and $1,004,732 as of March 31, 2024 and December 31, 2023, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

Senior Unsecured Notes

2025 Notes

On March 3, 2015, the Company issued $350,000 aggregate principal amount of senior unsecured notes for net proceeds of $343,650 (the “2025 Notes”). The 2025 Notes will mature on March 3, 2025. Interest on the 2025 Notes is due semi-annually on March 3 and September 3, at an annual rate of 5.25%, commencing on September 3, 2015. The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness

2026 Notes

On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”). The 2026 Notes will mature on July 16, 2026. Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

2028 Notes

 

On December 13, 2023, the Company issued $80,000 aggregate principal amount of 8.00% Notes due 2028 (inclusive of $5,000 aggregate principal amount pursuant to the underwriters’ overallotment option to purchase additional Notes) (the “2028 Notes”). As of December 31, 2023, the principal amount outstanding was $80,000. The 2028 Notes will mature on December 15, 2028. The 2028 Notes bear interest at a rate of 8.00% per year, commencing December 13, 2023. The Company will pay interest on the 2028 Notes on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after December 15, 2025, at a redemption price of $25 per Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

MFIC Bethesda CLO 1 LLC Debt Securitization

 

On November 2, 2023, the Company completed a $402,360 term debt securitization (the “Bethesda CLO 1”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the Bethesda CLO 1 (collectively, the “Bethesda CLO 1 Notes”) were issued by MFIC Bethesda CLO 1 LLC (the “Bethesda CLO 1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein. The following table presents information on the secured and unsecured notes issued in the Bethesda CLO 1:

 

 

 

 

 

March 31, 2024

Description

 

Type

 

Principal Outstanding

 

 

Interest Rate

 

Credit Rating

Class A-1 Notes

 

Senior Secured Floating Rate

 

 

 

232,000

 

 

SOFR + 2.40%

 

AAA(sf)/ AAAsf

Class A-2 Notes (1)

 

Senior Secured Floating Rate

 

 

 

16,000

 

 

SOFR + 2.90%

 

AAA(sf)

Total Secured Notes

 

 

 

 

 

248,000

 

 

 

 

 

Subordinated Notes (1)

 

 

 

 

 

154,360

 

 

None

 

NR

Total Bethesda CLO 1 Notes

$

 

402,360

 

 

 

 

 

(1) The Company retained (in the Bethesda CLO 1 Depositor) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 Debt Securitization which are eliminated in consolidation.

 

The Company retained (in a newly formed wholly owned subsidiary of the Company (the “Bethesda CLO 1 Depositor”)) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 in part in exchange for the Company’s sale and contribution to the Bethesda CLO 1 Issuer of the initial closing date portfolio. The Class A-1 Notes and the Class A-2 Notes are scheduled to mature in October 2035 and the Subordinated Notes are scheduled to mature in October 2123; however the Bethesda CLO 1 Notes may be redeemed by the Issuer, at the direction of the Bethesda CLO 1 Depositor (at the direction of the Company) as holder of the Subordinated Notes, on any business day after October 23, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A-1 Notes and Class A-2 Notes are secured obligations of the Bethesda CLO 1 Issuer, the Subordinated Notes are the unsecured obligations of the Bethesda CLO 1 Issuer, and the indenture governing the Bethesda CLO 1 Notes includes customary covenants and events of default.

The Bethesda CLO 1 Notes has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the Bethesda CLO 1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2024 and 2023:

 

 

 

Three Months Ended March 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

Average debt outstanding

 

$

 

1,370,740

 

 

$

 

1,451,485

 

 

Maximum amount of debt outstanding

 

 

 

1,461,563

 

 

 

 

1,484,362

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average annualized interest cost (1)

 

 

 

7.09

%

 

 

 

6.46

%

 

Annualized amortized debt issuance cost

 

 

 

0.56

%

 

 

 

0.39

%

 

Total annualized interest cost

 

 

 

7.65

%

 

 

 

6.85

%

 

________________

(1)
Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three months ended March 31, 2024 and 2023 were $1,039 and $670 respectively.

Foreign Currency Transactions and Translations,

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2024:

 

 

 

Original Principal Amount (Local)

 

 

Original Principal Amount (USD)

 

 

Principal Amount Outstanding

 

 

Unrealized Gain/(Loss)

 

 

Reset Date

British Pound

 

£

 

14,900

 

 

$

 

18,538

 

 

$

 

18,810

 

 

$

 

(272

)

 

 

4/30/2024

Total

 

 

 

 

 

$

 

18,538

 

 

$

 

18,810

 

 

$

 

(272

)

 

 

 

 

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2023:

 

 

 

Original Principal Amount (Local)

 

 

Original Principal Amount (USD)

 

 

Principal Amount Outstanding

 

 

Unrealized Gain/(Loss)

 

 

Reset Date

British Pound

 

£

 

36,900

 

 

$

 

45,909

 

 

$

 

46,977

 

 

$

 

(1,068

)

 

 

1/31/2024

Total

 

 

 

 

 

$

 

45,909

 

 

$

 

46,977

 

 

$

 

(1,068

)

 

 

 

 

As of March 31, 2024 and December 31, 2023, the Company was in compliance with all debt covenants for all outstanding debt obligations.

Note 7. Stockholders’ Equity

The Company issued approximately $30,000 of common stock in August 2022. Subsequent to the August 2022 stock issuance, the Company has conducted no additional stock offerings.

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (the “Repurchase Plans”):

 

Date of Agreement/Amendment

 

Maximum Cost of Shares That May Be Repurchased

 

 

Cost of Shares Repurchased

 

 

Remaining Cost of Shares That May Be Repurchased

 

August 5, 2015

 

$

 

50,000

 

 

$

 

50,000

 

 

$

 

—

 

December 14, 2015

 

 

 

50,000

 

 

 

 

50,000

 

 

 

 

—

 

September 14, 2016

 

 

 

50,000

 

 

 

 

50,000

 

 

 

 

—

 

October 30, 2018

 

 

 

50,000

 

 

 

 

50,000

 

 

 

 

—

 

February 6, 2019

 

 

 

50,000

 

 

 

 

48,107

 

 

 

 

1,893

 

February 3, 2022

 

 

 

25,000

 

 

 

 

—

 

 

 

 

25,000

 

Total as of March 31, 2024

 

$

 

275,000

 

 

$

 

248,107

 

 

$

 

26,893

 

 

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date

 

Termination Date

 

Amount Allocated to 10b5-1 Repurchase Plans

 

September 15, 2015

 

November 5, 2015

 

$

 

5,000

 

January 1, 2016

 

February 5, 2016

 

 

 

10,000

 

April 1, 2016

 

May 19, 2016

 

 

 

5,000

 

July 1, 2016

 

August 5, 2016

 

 

 

15,000

 

September 30, 2016

 

November 8, 2016

 

 

 

20,000

 

January 4, 2017

 

February 6, 2017

 

 

 

10,000

 

March 31, 2017

 

May 19, 2017

 

 

 

10,000

 

June 30, 2017

 

August 7, 2017

 

 

 

10,000

 

October 2, 2017

 

November 6, 2017

 

 

 

10,000

 

January 3, 2018

 

February 8, 2018

 

 

 

10,000

 

June 18, 2018

 

August 9, 2018

 

 

 

10,000

 

September 17, 2018

 

October 31, 2018

 

 

 

10,000

 

December 12, 2018

 

February 7, 2019

 

 

 

10,000

 

February 25, 2019

 

May 17, 2019

 

 

 

25,000

 

March 18, 2019

 

May 17, 2019

 

 

 

10,000

 

June 4, 2019

 

August 7, 2019

 

 

 

25,000

 

June 17, 2019

 

August 7, 2019

 

 

 

20,000

 

September 16, 2019

 

November 6, 2019

 

 

 

20,000

 

December 6, 2019

 

February 5, 2020

 

 

 

25,000

 

December 16, 2019

 

February 5, 2020

 

 

 

15,000

 

March 12, 2020

 

March 19, 2020

 

 

 

20,000

 

March 30, 2021

 

May 21, 2021

 

 

 

10,000

 

June 16, 2021

 

November 5, 2021

 

 

 

10,000

 

December 16, 2021

 

August 3, 2022

 

 

 

5,000

 

December 27, 2022

 

February 22, 2023

 

 

 

10,000

 

 

During the three months ended March 31, 2024 and 2023, the Company did not repurchase any shares.

Since the inception of the Repurchase Plans through March 31, 2024, the Company repurchased 15,593,120 shares at a weighted average price per share of $15.91, inclusive of commissions, for a total cost of $248,107. Including fractional shares, the Company has repurchased 15,593,150 shares at a weighted average price per share of $15.91, inclusive of commissions for a total cost of $248,107.

On October 30, 2018, the Company’s Board approved a one-for-three reverse stock split of the Company’s common stock which was effective as of the close of business on November 30, 2018. The Company's common stock began trading on a split-adjusted basis on December 3, 2018. The fractional shares that resulted from the Reverse Stock Split were approximately 29 shares and they were canceled by paying cash in lieu of the fair value.

On August 2, 2022, the Company entered into a share subscription agreement (“Purchase Agreement”) with MFIC Holdings, LP, a subsidiary of MidCap FinCo Designated Activity Company (together with its subsidiaries, “MidCap Financial”), a middle-market specialty finance firm discretionarily managed by an affiliate of the Company's investment adviser, in connection with the issuance and sale of the Company's common stock, par value $0.001 per share (the “Offering”). Pursuant to the Purchase Agreement, the Company issued 1,932,641 shares of its common stock at a purchase price of $15.52 per share, the net asset value per share of the Company's common stock as of June 30, 2022. The total proceeds of the offering excluding expenses was approximately $30,000. The shares are subject to a two-year lock-up period. MidCap Financial agreed to bear any expenses that the Company incurred in connection with the Offering greater than $300.

93

Note 8. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of March 31, 2024, and December 31, 2023, the Company had the following unfunded commitments to its portfolio companies:

 

 

March 31, 2024

 

 

December 31, 2023

 

Unfunded revolver obligations and bridge loan commitments (1)

 

$

 

145,637

 

 

$

 

139,979

 

Standby letters of credit issued and outstanding (2)

 

 

 

43,235

 

 

 

 

42,921

 

Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)

 

 

 

170,567

 

 

 

 

167,756

 

Total Unfunded Commitments (4)

 

$

 

359,438

 

 

$

 

350,656

 

____________________

(1)
The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 2024 and December 31, 2023, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of March 31, 2024 and December 31, 2023, the bridge loan commitments included in the balances were $0 and $0, respectively.
(2)
For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
(3)
The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
(4)
The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $29,925 and $25,925 as of March 31, 2024 and December 31, 2023, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

94

Note 9. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023.

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

Three Months Ended March 31, 2023

 

 

 

 

 

(Unaudited)

 

 

 

(Unaudited)

 

 

Per Share Data*

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

 

$

 

15.41

 

 

$

 

15.10

 

 

Net investment income (1)

 

 

 

0.44

 

 

 

 

0.45

 

 

Net realized and change in unrealized gains (losses) (1)

 

 

 

(0.05

)

 

 

 

0.01

 

 

Net increase in net assets resulting from operations

 

 

 

0.39

 

 

 

 

0.46

 

 

Distribution of net investment income (2)

 

 

 

(0.38

)

 

 

 

(0.38

)

 

Distribution of return of capital (2)

 

 

 

—

 

 

 

 

—

 

 

Accretion due to share repurchases

 

 

 

—

 

 

 

 

—

 

 

Net asset value at end of period

 

$

 

15.42

 

 

$

 

15.18

 

 

 

 

 

 

 

 

 

 

 

 

Per share market value at end of period

 

$

 

15.04

 

 

$

 

11.40

 

 

Total return (3)

 

 

 

12.71

%

 

 

3.36%

 

 

Shares outstanding at end of period

 

 

 

65,253,275

 

 

 

 

65,451,359

 

 

Weighted average shares outstanding

 

 

 

65,253,275

 

 

 

 

65,451,359

 

 

 

 

 

 

 

 

 

 

 

 

Ratio/Supplemental Data

 

 

 

 

 

 

 

 

 

Net assets at end of period (in millions)

 

$

 

1,006.0

 

 

$

 

993.4

 

 

Annualized ratio of operating expenses to average net assets (4)(5)

 

 

 

5.48

%

 

 

 

5.64

%

 

Annualized ratio of interest and other debt expenses to average net assets (5)

 

 

 

10.43

%

 

 

 

10.03

%

 

Annualized ratio of total expenses to average net assets (4)(5)

 

 

 

15.91

%

 

 

 

15.68

%

 

Annualized ratio of net investment income to average net assets (5)

 

 

 

11.42

%

 

 

 

12.07

%

 

Average debt outstanding (in millions)

 

$

 

1,370.7

 

 

$

 

1,451.5

 

 

Average debt per share

 

$

 

21.01

 

 

$

 

22.18

 

 

Annualized portfolio turnover rate (5)

 

 

 

23.49

%

 

 

 

25.61

%

 

Asset coverage per unit (6)

 

$

 

1,712

 

 

$

 

1,652

 

 

____________________

* Totals may not foot due to rounding.

(1)
Financial highlights are based on the weighted average number of shares outstanding for the period presented.
(2)
The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.
(3)
Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.
(4)
The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the consolidated financial statements). For the three months ended March 31, 2024, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.51% and 15.98%, respectively, without the voluntary fee waivers. For the three months ended March 31, 2023, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.79% and 15.93%, respectively, without the voluntary fee waivers.
(5)
Annualized for the three months ended March 31, 2024 and 2023.
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of March 31, 2024, the Company's asset coverage was 171%.

 

Note 10. Pending Mergers with AFT and AIF

On November 7, 2023, the Company entered into (i) AFT Merger Agreement with AFT, AFT Merger Sub, Inc., and, solely for the limited purposes set forth therein, the Investment Adviser, and (ii) AIF Merger Agreement with AIF, AIF Merger Sub, Inc., and, solely for the limited purposes set forth therein, the Investment Adviser.

The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT (the “AFT Effective Time”) and AIF (the “AIF Effective Time”) will, through a two-step merger process, merge with and into the Company, each share of AFT Common Stock and AIF Common Stock issued and outstanding immediately prior to the such effective time (other than shares owned by the Company or any of its consolidated subsidiaries) will be converted into the right to receive a number of shares of the Company’s Common Stock equal to an exchange ratio calculated based on each of the Company’s, AFT’s and AIF’s respective NAVs (cash will be paid in lieu of fractional shares). The Company will continue as the surviving company.

Each Merger Agreement contains representations and warranties by the Company and the other parties thereto, subject to specified exceptions and qualifications. Consummation of the Mergers, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s, AFT’s and AIF’s stockholders and certain other closing conditions.

The Company's registration statement that includes a preliminary joint proxy statement and a prospectus of the Company was declared effective by the SEC on April 3, 2024. The Company filed a definitive joint proxy statement/prospectus with the SEC on April 4, 2024.

Note 11. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

On May 7, 2024, the Company’s Board declared a base distribution of $0.38 per share, payable on June 27, 2024 to stockholders of record as of June 11, 2024. There can be no assurances that the Board will continue to declare a base distribution of $0.38 per share.

 

96

Report of Independent Registered Public Accounting Firm

To the stockholders and Board of Directors of MidCap Financial Investment Corporation

 

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of MidCap Financial Investment Corporation (the “Company”) as of March 31, 2024, the related consolidated statements of operations, changes in net assets, cash flows, and the financial highlights for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

 

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of December 31, 2023, the related consolidated statements of operations, changes in net assets, cash flows, and the financial highlights for the year then ended (not presented herein); and in our report dated February 26, 2024, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated statements of assets and liabilities as of December 31, 2023, is fairly stated, in all material respects, in relation to the statements of assets and liabilities from which it has been derived.

 

Basis for Review Results

 

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

 

 

/s/ Deloitte & Touche LLP

 

New York, New York

May 7, 2024

97

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•
our future operating results;
•
our business prospects and the prospects of our portfolio companies;
•
the impact of investments that we expect to make;
•
our contractual arrangements and relationships with third parties;
•
the dependence of our future success on the general economy and its impact on the industries in which we invest;
•
the ability of our portfolio companies to achieve their objectives;
•
our expected financings and investments;
•
the adequacy of our cash resources and working capital; and
•
the timing of cash flows, if any, from the operations of our portfolio companies.

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

 

Overview

MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through March 31, 2024, we have raised approximately $2.24 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $248.1 million.

98

On August 1, 2022, the Company changed its name from “Apollo Investment Corporation” to “MidCap Financial Investment Corporation.” Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors (the “Board”) , manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

 

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Investments

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of March 31, 2024, non-qualifying assets represented approximately 5.4% of the total assets of the Company.

99

Revenue

We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as SOFR, the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.

Expenses

For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:

•
investment advisory and management fees;
•
expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;
•
calculation of our net asset value (including the cost and expenses of any independent valuation firm);
•
direct costs and expenses of administration, including independent registered public accounting and legal costs;
•
costs of preparing and filing reports or other documents with the SEC;
•
interest payable on debt, if any, incurred to finance our investments;
•
offerings of our common stock and other securities;
•
registration and listing fees;
•
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;
•
transfer agent and custodial fees;
•
taxes;
•
independent directors’ fees and expenses;
•
marketing and distribution-related expenses;
•
the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;

100

•
our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•
organizational costs; and
•
all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.

Portfolio and Investment Activity

Our portfolio and investment activity during the three months ended March 31, 2024 and 2023, was as follows:

 

 

 

 

Three Months Ended March 31,

 

(in millions)*

 

2024

 

 

2023

 

Investments made in portfolio companies

 

$

 

152.8

 

 

$

 

151.1

 

Investments sold

 

 

 

—

 

 

 

 

—

 

Net activity before repaid investments

 

 

 

152.8

 

 

 

 

151.1

 

Investments repaid

 

 

 

(136.9

)

 

 

 

(171.5

)

Net investment activity

 

$

 

15.9

 

 

$

 

(20.5

)

 

 

 

 

 

 

 

 

 

Portfolio companies, at beginning of period

 

 

 

152

 

 

 

 

135

 

Number of investments in new portfolio companies

 

 

 

7

 

 

 

 

8

 

Number of exited companies

 

 

 

(5

)

 

 

 

(2

)

Portfolio companies at end of period

 

 

 

154

 

 

 

 

141

 

 

 

 

 

 

 

 

 

 

Number of investments in existing portfolio companies

 

 

 

49

 

 

 

 

45

 

____________________

* Totals may not foot due to rounding.

101

Our portfolio composition and weighted average yields as of March 31, 2024 and December 31, 2023 were as follows:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

Portfolio composition, at fair value:

 

 

 

 

 

 

 

 

First lien secured debt

 

 

 

90

%

 

 

 

89

%

Second lien secured debt

 

 

 

1

%

 

 

 

1

%

Total secured debt

 

 

 

91

%

 

 

 

90

%

Unsecured debt

 

 

 

0

%

 

 

 

—

%

Structured products and other

 

 

 

1

%

 

 

 

2

%

Preferred equity

 

 

 

1

%

 

 

 

1

%

Common equity/interests and warrants

 

 

 

7

%

 

 

 

7

%

Weighted average yields, at amortized cost (1):

 

 

 

 

 

 

 

 

First lien secured debt (2)

 

 

 

12.0

%

 

 

 

12.1

%

Second lien secured debt (2)

 

 

 

14.1

%

 

 

 

13.7

%

Secured debt portfolio (2)

 

 

 

12.0

%

 

 

 

12.1

%

Unsecured debt portfolio (2)

 

 

 

—

%

 

 

 

—

%

Total debt portfolio (2)

 

 

 

12.0

%

 

 

 

12.1

%

Total portfolio (3)

 

 

 

10.0

%

 

 

 

10.1

%

Interest rate type, at fair value (4):

 

 

 

 

 

 

 

 

Fixed rate amount

 

$

0.0 billion

 

 

$

0.0 billion

 

Floating rate amount

 

$

2.0 billion

 

 

$

2.0 billion

 

Fixed rate, as percentage of total

 

 

 

0

 %

 

 

 

0

 %

Floating rate, as percentage of total

 

 

 

100

 %

 

 

 

100

 %

Interest rate type, at amortized cost (4):

 

 

 

 

 

 

 

 

Fixed rate amount

 

$

0.0 billion

 

 

$

0.0 billion

 

Floating rate amount

 

$

2.0 billion

 

 

$

2.0 billion

 

Fixed rate, as percentage of total

 

 

 

0

 %

 

 

 

0

 %

Floating rate, as percentage of total

 

 

 

100

 %

 

 

 

100

 %

 

(1)
An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2)
Exclusive of investments on non-accrual status.
(3)
Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
(4)
The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.

Since the initial public offering of MidCap Financial Investment Corporation in April 2004 and through March 31, 2024, invested capital totaled $24.1 billion in 634 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

 

102

Recent Developments

Pending Mergers with AFT and AIF

AFT Merger. On November 7, 2023, the Company entered into an Agreement and Plan of Merger (the “AFT Merger Agreement”) with Apollo Senior Floating Rate Fund Inc., a Maryland corporation (“AFT”), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AFT Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The AFT Merger Agreement provides that, subject to the terms and conditions set forth in the AFT Merger Agreement, at the effective time of the merger (the “AFT Effective Time”), AFT Merger Sub will be merged with and into AFT (the “AFT First Merger”), with AFT continuing as the surviving company and as a wholly-owned subsidiary of the Company. Immediately after the effectiveness of the AFT First Merger, AFT will be merged with and into the Company, with the Company continuing as the surviving company (together with the AFT First Merger, the “AFT Merger”). Both the Company’s Board and AFT’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT, as applicable, have approved the AFT Merger Agreement and the transactions contemplated thereby.

Subject to the terms and conditions of the AFT Merger Agreement, at the AFT Effective Time, each share of AFT Common Stock issued and outstanding immediately prior to the AFT Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries, including AFT Merger Sub (the “AFT Cancelled Shares”)) will be converted into the right to receive a number of shares of the Company’s Common Stock equal to the AFT Exchange Ratio (as defined below) (cash will be paid in lieu of fractional shares). AFT has no preferred stock outstanding, and no preferred stock will be issued by the Company as a result of the AFT Merger.

Under the AFT Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the AFT Effective Time (such date, the “AFT Determination Date”), the Company and AFT will deliver to the other a calculation of its NAV as of such date (such calculation with respect to AFT, the “Closing AFT Net Asset Value” and such calculation with respect to the Company, the “Closing AFT Merger MFIC Net Asset Value”), in each case using the same set of assumptions, methodologies and adjustments as has been historically used in preparing such calculation. Based on such calculations, the parties will calculate: (1) the “AFT Per Share NAV,” which will be equal to (i) the Closing AFT Net Asset Value divided by (ii) the number of shares of AFT Common Stock issued and outstanding as of the AFT Determination Date (excluding any AFT Cancelled Shares) and (2) the “AFT Merger MFIC Per Share NAV,” which will be equal to (A) the Closing AFT Merger MFIC Net Asset Value divided by (B) the number of shares of the Company’s Common Stock issued and outstanding as of the AFT Determination Date. The “AFT Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the AFT Per Share NAV divided by (ii) the AFT Merger MFIC Per Share NAV. Furthermore, promptly following closing of the AFT Merger, the Adviser or its affiliates will pay to holders of shares of AFT Common Stock that are issued and outstanding immediately prior to the AFT Effective Time a special payment equal to $0.25 per share of AFT Common Stock, subject to deduction for any applicable withholding tax.

The AFT Merger Agreement contains representations and warranties by the Company, AFT Merger Sub, the Adviser and AFT, subject to specified exceptions and qualifications.

Under the AFT Merger Agreement, immediately following the AFT Effective Time, the Company will repay or prepay any amounts outstanding under AFT’s existing credit facility as of the AFT Effective Time, subject to the conditions set forth in the Senior Secured Facility.

Consummation of the AFT Merger, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s and AFT’s stockholders and certain other closing conditions. Neither the closing of the AFT Merger nor the closing of the AIF Merger is contingent on the closing of the other merger.

103

AIF Merger. On November 7, 2023, the Company entered into an Agreement and Plan of Merger (the “AIF Merger Agreement” and, together with the AFT Merger Agreement, the “Merger Agreements”) with Apollo Tactical Income Fund Inc., a Maryland corporation (“AIF”), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The AIF Merger Agreement provides that, subject to the terms and conditions set forth in the AIF Merger Agreement, at the effective time of the merger (the “AIF Effective Time”), AIF Merger Sub will be merged with and into AIF (the “AIF First Merger”), with AIF continuing as the surviving company and as a wholly owned subsidiary of the Company. Immediately after the effectiveness of the AIF First Merger, AIF will be merged with and into the Company, with the Company continuing as the surviving company (together with the AIF First Merger, the “AIF Merger” and, together with the AFT Merger, the “Mergers”). Both the Company’s Board and AIF’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AIF, as applicable, have approved the AIF Merger Agreement and the transactions contemplated thereby.

Subject to the terms and conditions of the AIF Merger Agreement, at the AIF Effective Time, each share of AIF Common Stock issued and outstanding immediately prior to the AIF Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries, including AIF Merger Sub (the “AIF Cancelled Shares”) will be converted into the right to receive a number of shares of the Company’s Common Stock equal to the AIF Exchange Ratio (as defined below) (cash will be paid in lieu of fractional shares). AIF has no preferred stock outstanding, and no preferred stock will be issued by the Company as a result of the AIF Merger.

Under the AIF Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the AIF Effective Time (such date, the “AIF Determination Date”), each of the Company and AIF will deliver to the other a calculation of its NAV as of such date (such calculation with respect to AIF, the “Closing AIF Net Asset Value” and such calculation with respect to the Company, the “Closing AIF Merger MFIC Net Asset Value”), in each case using the same set of assumptions, methodologies and adjustments as has been historically used in preparing such calculation. Based on such calculations, the parties will calculate: (1) the “AIF Per Share NAV,” which will be equal to (i) the Closing AIF Net Asset Value divided by (ii) the number of shares of AIF Common Stock issued and outstanding as of the AIF Determination Date (excluding any AIF Cancelled Shares) and (2) the “AIF Merger MFIC Per Share NAV,” which will be equal to (A) the Closing AIF Merger MFIC Net Asset Value divided by (B) the number of shares of the Company’s Common Stock issued and outstanding as of the AIF Determination Date. The “AIF Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the AIF Per Share NAV divided by (ii) the AIF Merger MFIC Per Share NAV. Furthermore, promptly following the closing of the AIF Merger, the Adviser or its affiliates will pay to holders of shares of AIF Common Stock that are issued and outstanding immediately prior to the AIF Effective Time a special payment equal to $0.25 per share of AIF Common Stock, subject to deduction for any applicable withholding tax.

The AIF Merger Agreement contains representations and warranties by the Company, AIF Merger Sub, the Adviser and AIF, subject to specified exceptions and qualifications.

Under the AIF Merger Agreement, immediately following the AIF Effective Time, the Company will repay or prepay any amounts outstanding under AIF’s existing credit facility as of the AIF Effective Time, subject to the conditions set forth in the Company’s Senior Secured Credit Facility.

Consummation of the AIF Merger, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s and AIF’s stockholders and certain other closing conditions. Neither the closing of the AIF Merger nor the closing of the AFT Merger (as defined below) is contingent on the closing of the other merger.

104

Distribution after the Consummation of the Mergers. Following the consummation of the Mergers and subject to applicable law, the Company will distribute to holders of shares of the Company’s Common Stock as of a record date to be determined by the Company’s Board an amount in cash equal to $0.20 per share of the Company’s Common Stock.

The foregoing descriptions of the Merger Agreements and the transactions contemplated thereby do not purport to be complete and are qualified in their entirety by reference to the full text of the Merger Agreements, which have been included as Exhibits 2.1 and 2.2 to the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2023. The representations, warranties, covenants and agreements contained in each Merger Agreement were made only for purposes of such Merger Agreement and as of specific dates; were solely for the benefit of the parties to such Merger Agreement (except as may be expressly set forth in such Merger Agreement); may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to such Merger Agreement instead of establishing these matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors and security holders should not rely on such representations, warranties, covenants or agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any of the parties to the Merger Agreements or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of each Merger Agreement, which subsequent information may or may not be fully reflected in public disclosures by the parties to such Merger Agreement. For more information, see the Company’s current report on Form 8-K filed with the SEC on November 7, 2023.

The Company's registration statement that includes a preliminary joint proxy statement and a prospectus of the Company was declared effective by the SEC on April 3, 2024. The Company filed a definitive joint proxy statement/prospectus with the SEC on April 4, 2024.

 

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where 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 value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

105

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

As of March 31, 2024, $2.34 billion or 99.6% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

106

Investment Valuation Process

Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board has designated the Investment Adviser as its “valuation designee” to perform the fair value determinations for all investments held by the Company. The Company's Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

1.
Our quarterly valuation process begins with each portfolio company or investment being initially valued by using certain inputs provided, among others, by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.
2.
Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.
3.
The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm.
4.
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value.

107

Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended March 31, 2024, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

108

Results of Operations

Operating results for the three months ended March 31, 2024 and 2023 were as follows:

 

 

 

Three Months Ended March 31,

 

 

(in millions)*

 

 

2024

 

 

2023

 

 

Investment Income

 

 

 

 

 

 

 

 

 

Interest income

 

$

 

64.6

 

 

$

 

64.8

 

 

Dividend income

 

 

 

0.0

 

 

 

 

0.0

 

 

PIK interest income

 

 

 

2.0

 

 

 

 

0.8

 

 

Other income

 

 

 

1.7

 

 

 

 

2.2

 

 

Total investment income

 

$

 

68.3

 

 

$

 

67.8

 

 

Expenses

 

 

 

 

 

 

 

 

 

Management and performance-based incentive fees, net of amounts waived

 

$

 

10.4

 

 

$

 

10.2

 

 

Interest and other debt expenses, net of reimbursements

 

 

 

26.1

 

 

 

 

24.4

 

 

Administrative services expense, net of reimbursements

 

 

 

1.1

 

 

 

 

1.4

 

 

Other general and administrative expenses

 

 

 

2.1

 

 

 

 

2.3

 

 

Net Expenses

 

$

 

39.8

 

 

$

 

38.3

 

 

Net Investment Income

 

$

 

28.5

 

 

$

 

29.5

 

 

Net Realized and Change in Unrealized Gains (Losses)

 

 

 

 

 

 

 

 

 

Net realized gains (losses)

 

$

 

(8.1

)

 

$

 

(0.8

)

 

Net change in unrealized gains (losses)

 

 

 

5.0

 

 

 

 

1.5

 

 

Net Realized and Change in Unrealized Gains (Losses)

 

$

 

(3.1

)

 

$

 

0.6

 

 

Net Increase in Net Assets Resulting from Operations

 

$

 

25.5

 

 

$

 

30.1

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income on Per Average Share Basis (1)

 

$

 

0.44

 

 

$

 

0.45

 

 

Earnings per share — basic (1)

 

$

 

0.39

 

 

$

 

0.46

 

 

* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

Total Investment Income

The increase in total investment income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by increase in interest income (including PIK) of $1.0 million. The increase in total interest income was due to an increase in the average yield for the total debt portfolio, from 11.2% for the three months ended March 31, 2023 to 12% for the three months ended March 31, 2024. The increase was partially offset by a decrease in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $2.6 million for the three months ended March 31, 2023 and $2.2 million for the three months ended March 31, 2024. Furthermore, the decrease in other income of $0.5 million was primarily due to decrease in structuring fees.

 

109

Net Expenses

The increase in net expenses for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by the increase in interest and other debt expenses of $1.7 million. The increase in interest and other debt expenses was attributed to an increase in the total annualized cost of debt, from 6.85% for the three months ended March 31, 2023 to 7.65% for the three months ended March 31, 2024 which was partially offset by decrease in average debt outstanding from $1.45 billion as of March 31, 2023 to $1.37 billion as of March 31, 2024. Further, the increase of $0.2 million in management and performance-based incentive fees (net of amounts waived) was primarily driven by the offset, which ended in February 2023.

Net Realized Gains (Losses)

During the three months ended March 31, 2024, we recognized gross realized gains of $0.6 million and gross realized losses of $8.7 million, resulting in net realized losses of $8.1 million. Net realized losses for the three months ended March 31, 2024 was primarily driven by the write off of the Company's investment in ViewRay. Significant realized gains (losses) for the three months ended March 31, 2024 are summarized below:

(in millions)

 

Net Realized Gain (Loss)

 

ViewRay

 

$

 

(7.1

)

 

During the three months ended March 31, 2023, we recognized gross realized gains of $0.1 million and gross realized losses of $0.9 million, resulting in net realized losses of $0.8 million.

Net Change in Unrealized Gains (Losses)

During the three months ended March 31, 2024, we recognized gross unrealized gains of $20.1 million and gross unrealized losses of $15.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $5.0 million. Net change in unrealized gains (losses) for the three months ended March 31, 2024 was primarily driven by the increase in cashflows and new lease extensions from Merx Aviation Finance, LLC., and underperformance of US Auto, International Cruise & Excursion Gallery, Naviga and ChyronHego. Significant changes in unrealized gains (losses) for the three months ended March 31, 2024 are summarized below:

(in millions)

 

Net Change in Unrealized Gain (Loss)

 

Merx Aviation Finance, LLC

 

$

 

2.6

 

US Auto

 

 

 

(3.7

)

International Cruise & Excursion Gallery, Inc.

 

 

 

(2.5

)

Naviga

 

 

 

(1.8

)

ChyronHego Corporation

 

 

 

(1.0

)

 

During the three months ended March 31, 2023, we recognized gross unrealized gains of $9.5 million and gross unrealized losses of $8.0 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $1.5 million. Significant changes in unrealized gains (losses) for the three months ended March 31, 2023 are summarized below:

(in millions)

 

Net Change in Unrealized Gain (Loss)

 

Golden Bear

 

$

 

1.4

 

Merx Aviation Finance, LLC

 

 

 

1.2

 

Berner Foods

 

 

 

(1.4

)

 

110

Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes, 2026 Notes, 2028 Notes and Bethesda CLO 1, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the consolidated financial statements) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. The Company may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

Debt

See Note 6 to the consolidated financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of March 31, 2024:

 

 

 

 

Payments Due by Period

 

(in millions)

 

Total

 

 

Less than 1 Year

 

 

1 to 3 Years

 

 

3 to 5 Years

 

 

More than 5 Years

 

Senior Secured Facility (1)

 

$

 

625.1

 

 

 $

 

—

 

 

 $

 

—

 

 

 $

 

625.1

 

 

 $

 

—

 

2025 Notes

 

 

 

350.0

 

 

 

 

350.0

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

2026 Notes

 

 

 

125.0

 

 

 

 

—

 

 

 

 

125.0

 

 

 

 

—

 

 

 

 

—

 

2028 Notes

 

 

 

80.0

 

 

 

 

—

 

 

 

 

—

 

 

 

 

80.0

 

 

 

 

—

 

Bethesda CLO 1 Class A-1

 

 

 

232.0

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

232.0

 

Total Debt Obligations

 

$

 

1,412.1

 

 

 $

 

350.0

 

 

 $

 

125.0

 

 

 $

 

705.1

 

 

 $

 

232.0

 

____________________

(1)
As of March 31, 2024, aggregate lender commitments under the Senior Secured Facility totaled $1.71 billion and $1062.6 million of unused capacity. As of March 31, 2024, there were $17.3 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the consolidated financial statements.

111

Stockholders’ Equity

See Note 7 to the consolidated financial statements for information on the Company’s public offerings and share repurchase plans.

Distributions

Distributions paid to stockholders during the three months ended March 31, 2024 and 2023 totaled $24.8 million ($0.38 per share) and $49.1 million ($0.75 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended December 31, 2024. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

PIK Income

For the three months ended March 31, 2024 and 2023, PIK income totaled $2.0 million and $0.8 million on total investment income of $68.3. million and $67.8 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the consolidated financial statements for more information on the Company’s PIK income.

Related Party Transactions

See Note 3 to the consolidated financial statements for information on the Company’s related party transactions.

112

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.

 

Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three months ended March 31, 2024 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2024, the majority of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility and Class A-1 Notes under the CLO bears interest at SOFR rates with no interest rate floors, while our 2025 Notes, 2026 Notes and 2028 Notes bears interest at a fixed rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

 

 

113

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of March 31, 2024, assuming no changes in our investment and borrowing structure:

Basis Point Change

 

Net Investment Income

 

Net Investment Income Per Share

 

Up 150 basis points

 

$

14.9 million

 

$

 

0.228

 

Up 100 basis points

 

 

9.9 million

 

 

 

0.152

 

Up 50 basis points

 

 

5 million

 

 

 

0.076

 

Down 50 basis points

 

 

(5) million

 

 

 

(0.076

)

Down 100 basis points

 

 

(9.9) million

 

 

 

(0.152

)

Down 150 basis points

 

 

(14.9) million

 

 

 

(0.228

)

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

 

114

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

115

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the risk factor below and other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Report on Form 10-K for the twelve months ended December 31, 2023, which could materially affect our business, financial condition and/or operating results. These risks 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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):

 

Date of Agreement/Amendment

 

Maximum Cost of Shares That May Be Repurchased

 

Cost of Shares Repurchased

 

Remaining Cost of Shares That May Be Repurchased

August 5, 2015

 

$

50.0 million

 

$

50.0 million

 

$

— million

December 14, 2015

 

 

50.0 million

 

 

50.0 million

 

 

— million

September 14, 2016

 

 

50.0 million

 

 

50.0 million

 

 

— million

October 30, 2018

 

 

50.0 million

 

 

50.0 million

 

 

— million

February 6, 2019

 

 

50.0 million

 

 

48.1 million

 

 

1.9 million

February 3, 2022

 

 

25.0 million

 

 

— million

 

 

25.0 million

Total as of March 31, 2024

 

$

275.0 million

 

$

248.1 million

 

$

26.9 million

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

 

116

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date

 

Termination Date

 

Amount Allocated to 10b5-1 Repurchase Plans

September 15, 2015

 

November 5, 2015

 

$

5.0 million

January 1, 2016

 

February 5, 2016

 

 

10.0 million

April 1, 2016

 

May 19, 2016

 

 

5.0 million

July 1, 2016

 

August 5, 2016

 

 

15.0 million

September 30, 2016

 

November 8, 2016

 

 

20.0 million

January 4, 2017

 

February 6, 2017

 

 

10.0 million

March 31, 2017

 

May 19, 2017

 

 

10.0 million

June 30, 2017

 

August 7, 2017

 

 

10.0 million

October 2, 2017

 

November 6, 2017

 

 

10.0 million

January 3, 2018

 

February 8, 2018

 

 

10.0 million

June 18, 2018

 

August 9, 2018

 

 

10.0 million

September 17, 2018

 

October 31, 2018

 

 

10.0 million

December 12, 2018

 

February 7, 2019

 

 

10.0 million

February 25, 2019

 

May 17, 2019

 

 

25.0 million

March 18, 2019

 

May 17, 2019

 

 

10.0 million

June 4, 2019

 

August 7, 2019

 

 

25.0 million

June 17, 2019

 

August 7, 2019

 

 

20.0 million

September 16, 2019

 

November 6, 2019

 

 

20.0 million

December 6, 2019

 

February 5, 2020

 

 

25.0 million

December 16, 2019

 

February 5, 2020

 

 

15.0 million

March 12, 2020

 

March 19, 2020

 

 

20.0 million

March 30, 2021

 

May 21, 2021

 

 

10.0 million

June 16, 2021

 

November 5, 2021

 

 

10.0 million

December 16, 2021

 

August 3, 2022

 

 

5.0 million

December 27, 2022

 

February 22, 2023

 

 

10.0 million

 

117

The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through March 31, 2024:

 

Month

 

Total Number of Shares Purchased

 

 

Average Price Paid Per Share*

 

 

Total Number of Shares Purchased as Part of Publicly Announced Plans

 

 

Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans

August 2015

 

 

510,000

 

 

$

19.71

 

 

 

510,000

 

 

$

$ 40.0 million

September 2015

 

 

603,466

 

 

 

18.46

 

 

 

603,466

 

 

 

28.8 million

November 2015

 

 

1,116,666

 

 

 

 

18.10

 

 

 

1,116,666

 

 

 

8.6 million

December 2015

 

 

627,443

 

 

 

17.58

 

 

 

627,443

 

 

 

47.6 million

January 2016

 

 

670,708

 

 

 

14.91

 

 

 

670,708

 

 

 

37.6 million

June 2016

 

 

362,933

 

 

 

16.73

 

 

 

362,933

 

 

 

31.5 million

July 2016

 

 

16,491

 

 

 

16.53

 

 

 

16,491

 

 

 

31.2 million

August 2016

 

 

596,294

 

 

 

17.67

 

 

 

596,294

 

 

 

20.7 million

September 2016

 

 

411,523

 

 

 

18.13

 

 

 

411,523

 

 

 

63.2 million

October 2016

 

 

527,417

 

 

 

17.82

 

 

 

527,417

 

 

 

53.8 million

November 2016

 

 

239,289

 

 

 

17.45

 

 

 

239,289

 

 

 

49.6 million

August 2017

 

 

33,333

 

 

 

17.96

 

 

 

33,333

 

 

 

49.0 million

September 2017

 

 

186,767

 

 

 

17.98

 

 

 

186,767

 

 

 

45.7 million

October 2017

 

 

144,867

 

 

 

17.96

 

 

 

144,867

 

 

 

43.1 million

November 2017

 

 

64,500

 

 

 

17.79

 

 

 

64,500

 

 

 

41.9 million

December 2017

 

 

50,100

 

 

 

17.89

 

 

 

50,100

 

 

 

41.0 million

January 2018

 

 

577,386

 

 

 

17.32

 

 

 

577,386

 

 

 

31.0 million

February 2018

 

 

70,567

 

 

 

16.23

 

 

 

70,567

 

 

 

29.9 million

May 2018

 

 

263,667

 

 

 

17.12

 

 

 

263,667

 

 

 

25.4 million

June 2018

 

 

198,601

 

 

 

16.94

 

 

 

198,601

 

 

 

22.0 million

July 2018

 

 

8,867

 

 

 

16.75

 

 

 

8,867

 

 

 

21.9 million

August 2018

 

 

502,767

 

 

 

17.11

 

 

 

502,767

 

 

 

13.3 million

September 2018

 

 

444,467

 

 

 

16.54

 

 

 

444,467

 

 

 

5.9 million

October 2018

 

 

160,800

 

 

 

16.46

 

 

 

160,800

 

 

 

53.3 million

November 2018

 

 

595,672

 

 

 

15.81

 

 

 

595,672

 

 

 

43.9 million

December 2018

 

 

741,389

 

 

 

13.49

 

 

 

741,359

 

 

 

33.9 million

February 2019

 

 

19,392

 

 

 

15.16

 

 

 

19,392

 

 

 

83.6 million

March 2019

 

 

291,426

 

 

 

 

15.40

 

 

 

291,426

 

 

 

79.1 million

April 2019

 

 

44,534

 

 

 

15.23

 

 

 

44,534

 

 

 

78.4 million

May 2019

 

 

298,026

 

 

 

15.93

 

 

 

298,026

 

 

 

73.6 million

June 2019

 

 

607,073

 

 

 

15.97

 

 

 

607,073

 

 

 

63.9 million

July 2019

 

 

89,610

 

 

 

 

16.10

 

 

 

89,610

 

 

 

62.5 million

August 2019

 

 

758,020

 

 

 

16.15

 

 

 

758,020

 

 

 

50.3 million

September 2019

 

 

32,371

 

 

 

16.26

 

 

 

32,371

 

 

 

49.7 million

October 2019

 

 

495,464

 

 

 

15.65

 

 

 

495,464

 

 

 

42.0 million

November 2019

 

 

6,147

 

 

 

15.91

 

 

 

6,147

 

 

 

41.9 million

March 2020

 

 

1,286,565

 

 

 

11.62

 

 

 

1,286,565

 

 

 

26.9 million

May 2021

 

 

145,572

 

 

 

13.92

 

 

 

145,572

 

 

 

24.9 million

July 2021

 

 

44,418

 

 

 

13.46

 

 

 

44,418

 

 

 

24.3 million

August 2021

 

 

45,675

 

 

 

13.32

 

 

 

45,675

 

 

 

23.7 million

September 2021

 

 

360,860

 

 

 

13.02

 

 

 

360,860

 

 

 

19.0 million

October 2021

 

 

308,005

 

 

 

 

13.30

 

 

 

308,005

 

 

 

14.9 million

November 2021

 

 

419,372

 

 

 

13.05

 

 

 

419,372

 

 

 

9.4 million

December 2021

 

 

227,429

 

 

 

12.44

 

 

 

227,429

 

 

 

6.6 million

January 2022

 

 

60,605

 

 

 

 

12.70

 

 

 

60,605

 

 

 

30.8 million

April 2022

 

 

88,478

 

 

 

12.82

 

 

 

88,478

 

 

 

29.7 million

May 2022

 

 

40,044

 

 

 

12.57

 

 

 

40,044

 

 

 

29.2 million

May 2023

 

 

171,061

 

 

 

11.56

 

 

 

171,061

 

 

 

27.2 million

June 2023

 

 

27,023

 

 

 

11.84

 

 

 

27,023

 

 

 

26.9 million

Total

 

 

15,593,150

 

 

$

 

15.91

 

 

 

15,593,120

 

 

 

 

 

118

* The average price per share is inclusive of commissions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

 

119

Item 6. Exhibits

(a)
Exhibits

3.1(a)

Articles of Amendment and Restatement (1)

3.1(b)

Articles of Amendment and Restatement (2)

3.1(c)

Articles of Amendment (3)

3.1(d)

Articles of Amendment (4)

3.2

Sixth Amended and Restated Bylaws (5)

31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

101.INS

Inline XBRL Instance Document*

101.SHC

Inline XBRL Taxonomy Extension Schema Document*

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104

Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

_________________________

* Filed herewith.

(1)
Incorporated by reference from the Registrant’s pre-effective Amendment No. 3 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, filed on April 1, 2004.
(2)
Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed on December 3, 2018.
(3)
Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed on July 22, 2019.
(4)
Incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed on August 12, 2022.
(5)
Incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K, filed on August 12, 2022.


 

120

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 7, 2024.

 

MIDCAP FINANCIAL INVESTMENT CORPORATION

 

 

 

 

By:

/s/ TANNER POWELL

 

Tanner Powell

 

Chief Executive Officer

 

 

 

 

By:

/s/ GREGORY W. HUNT

 

Gregory W. Hunt

 

Chief Financial Officer and Treasurer

 

 

 

 

 

 

 

 

 

 

 

121
[3] The interest rate on these loans is subject to Prime, which as of March 31, 2024 was 8.50%.
[4] These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)
[5] As of December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer

 

Total Commitment

 

 

 

Drawn Commitment

 

 

 

Letters of Credit **

 

 

 

Undrawn Commitment

 

A&V Holdings Midco, LLC

 

$

 

1,505

 

 

$

 

361

 

 

$

 

—

 

 

$

 

1,144

 

ACP Avenu Buyer, LLC

 

 

 

6,250

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,250

 

AMI US Holdings Inc.

 

 

 

2,907

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,907

 

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

 

 

 

2,000

 

 

 

 

733

 

 

 

 

—

 

 

 

 

1,267

 

Activ Software Holdings, LLC

 

 

 

2,407

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,407

 

Alcami Corporation

 

 

 

1,781

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,781

 

Alpinex Opco, LLC

 

 

 

1,489

 

 

 

 

596

 

 

 

 

—

 

 

 

 

893

 

Athlete Buyer, LLC

 

 

 

652

 

 

 

 

—

 

 

 

 

—

 

 

 

 

652

 

Banner Buyer, LLC

 

 

 

1,935

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,935

 

Beacon Mobility Corp.

 

 

 

59,145

 

 

 

 

—

 

 

 

 

34,336

 

 

 

 

24,809

 

Berner Food & Beverage, LLC

 

 

 

2,881

 

 

 

 

1,377

 

 

 

 

—

 

 

 

 

1,504

 

Bird Rides, Inc.

 

 

 

5,167

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,167

 

Camin Cargo Control Holdings, Inc.

 

 

 

4,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,000

 

Cave Enterprises Operations, LLC

 

 

 

1,333

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,333

 

Celerion Buyer, Inc.

 

 

 

1,918

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,918

 

Cerus Corporation

 

 

 

6,500

 

 

 

 

1,763

 

 

 

 

—

 

 

 

 

4,737

 

ChyronHego US Holding Corporation

 

 

 

5,000

 

 

 

 

1,300

 

 

 

 

—

 

 

 

 

3,700

 

CircusTrix Holdings LLC

 

 

 

4,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,000

 

Club Car Wash Operating, LLC

 

 

 

2,900

 

 

 

 

1,625

 

 

 

 

—

 

 

 

 

1,275

 

Compu-Link Corporation

 

 

 

2,273

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,273

 

Compu-Link Corporation (dba Celink)

 

 

 

610

 

 

 

 

—

 

 

 

 

—

 

 

 

 

610

 

Digital.ai Software Holdings, Inc.

 

 

 

2,419

 

 

 

 

1,028

 

 

 

 

—

 

 

 

 

1,391

 

Eagle Purchaser, Inc.

 

 

 

1,500

 

 

 

 

263

 

 

 

 

—

 

 

 

 

1,237

 

Eldrickco Limited*

 

 

 

4,051

 

 

 

 

452

 

 

 

 

—

 

 

 

 

3,599

 

EmpiRx Health LLC

 

 

 

909

 

 

 

 

—

 

 

 

 

227

 

 

 

 

682

 

ExactCare Parent, Inc.

 

 

 

1,967

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,967

 

G Treasury SS LLC

 

 

 

2,250

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,250

 

GB001, Inc.

 

 

 

24,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

24,000

 

GI Apple Midco LLC

 

 

 

1,262

 

 

 

 

310

 

 

 

 

39

 

 

 

 

913

 

GS SEER Group Borrower LLC

 

 

 

1,523

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,523

 

Gabriel Partners, LLC

 

 

 

665

 

 

 

 

266

 

 

 

 

—

 

 

 

 

399

 

Gateway US Holdings, Inc.

 

 

 

304

 

 

 

 

—

 

 

 

 

—

 

 

 

 

304

 

Go Car Wash Management Corp.

 

 

 

13,142

 

 

 

 

—

 

 

 

 

—

 

 

 

 

13,142

 

Graffiti Buyer, Inc.

 

 

 

1,307

 

 

 

 

451

 

 

 

 

—

 

 

 

 

856

 

Green Grass Foods, Inc.

 

 

 

1,250

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,250

 

Guernsey Holdings SDI LA LLC

 

 

 

1,167

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,167

 

Gutter Buyer, Inc.

 

 

 

2,727

 

 

 

 

2,625

 

 

 

 

102

 

 

 

 

—

 

HEF Safety Ultimate Holdings, LLC

 

 

 

7,500

 

 

 

 

400

 

 

 

 

—

 

 

 

 

7,100

 

HRO (Hero Digital) Holdings, LLC

 

 

 

9,617

 

 

 

 

2,520

 

 

 

 

31

 

 

 

 

7,066

 

HSI HALO Acquisition, Inc.

 

 

 

813

 

 

 

 

813

 

 

 

 

—

 

 

 

 

—

 

Health Management Associates Superholdings, Inc.

 

 

 

768

 

 

 

 

—

 

 

 

 

5

 

 

 

 

763

 

Heniff Holdco, LLC

 

 

 

3,925

 

 

 

 

1,504

 

 

 

 

164

 

 

 

 

2,257

 

High Street Buyer, Inc.

 

 

 

2,203

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,203

 

Hive Intermediate, LLC

 

 

 

2,326

 

 

 

 

633

 

 

 

 

—

 

 

 

 

1,693

 

HomeRenew Buyer, Inc.

 

 

 

1,958

 

 

 

 

1,958

 

 

 

 

—

 

 

 

 

—

 

IW Buyer LLC

 

 

 

393

 

 

 

 

—

 

 

 

 

9

 

 

 

 

384

 

Ironhorse Purchaser, LLC

 

 

 

1,932

 

 

 

 

277

 

 

 

 

13

 

 

 

 

1,642

 

JF Acquisition, LLC

 

 

 

1,569

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,569

 

Jacent Strategic Merchandising

 

 

 

3,500

 

 

 

 

1,564

 

 

 

 

—

 

 

 

 

1,936

 

KL Charlie Acquisition Company

 

 

 

1,962

 

 

 

 

1,439

 

 

 

 

—

 

 

 

 

523

 

Kauffman Intermediate, LLC

 

 

 

1,243

 

 

 

 

311

 

 

 

 

155

 

 

 

 

777

 

Kure Pain Holdings, Inc.

 

 

 

2,654

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,654

 

 

See notes to the consolidated financial statements.

60

 

Name of Issuer

 

Total Commitment

 

 

 

Drawn Commitment

 

 

 

Letters of Credit **

 

 

 

Undrawn Commitment

 

LS Clinical Services Holdings, Inc.

 

 

 

1,875

 

 

 

 

750

 

 

 

 

—

 

 

 

 

1,125

 

Lash OpCo, LLC

 

 

 

1,612

 

 

 

 

1,216

 

 

 

 

—

 

 

 

 

396

 

LendingPoint LLC

 

 

 

8,333

 

 

 

 

8,333

 

 

 

 

—

 

 

 

 

—

 

Lifelong Learner Holdings, LLC

 

 

 

2,985

 

 

 

 

2,982

 

 

 

 

—

 

 

 

 

3

 

Litify LLC

 

 

 

833

 

 

 

 

—

 

 

 

 

—

 

 

 

 

833

 

M&M OPCO, LLC

 

 

 

476

 

 

 

 

—

 

 

 

 

—

 

 

 

 

476

 

Magnate Holding Corp.

 

 

 

3,150

 

 

 

 

3,150

 

 

 

 

—

 

 

 

 

—

 

Marlin DTC-LS Midco 2, LLC

 

 

 

685

 

 

 

 

—

 

 

 

 

—

 

 

 

 

685

 

Maxor National Pharmacy Services, LLC

 

 

 

1,530

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,530

 

Medical Guardian, LLC

 

 

 

8,571

 

 

 

 

552

 

 

 

 

—

 

 

 

 

8,019

 

Merx Aviation Finance, LLC

 

 

 

80,252

 

 

 

 

74,075

 

 

 

 

6,177

 

 

 

 

—

 

Midwest Vision Partners Management, LLC

 

 

 

612

 

 

 

 

612

 

 

 

 

—

 

 

 

 

—

 

Mobile Communications America, Inc.

 

 

 

10,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

10,000

 

Momentx Corporation

 

 

 

1,257

 

 

 

 

1,257

 

 

 

 

—

 

 

 

 

—

 

Naviga Inc. (fka Newscycle Solutions, Inc.)

 

 

 

500

 

 

 

 

450

 

 

 

 

—

 

 

 

 

50

 

New Era Technology, Inc.

 

 

 

1,732

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,732

 

Norvax, LLC

 

 

 

3,182

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,182

 

Omada Health, Inc.

 

 

 

1,550

 

 

 

 

5

 

 

 

 

—

 

 

 

 

1,545

 

PARS Group LLC

 

 

 

952

 

 

 

 

—

 

 

 

 

—

 

 

 

 

952

 

PHS Buyer, Inc.

 

 

 

2,000

 

 

 

 

1,335

 

 

 

 

—

 

 

 

 

665

 

Pace Health Companies, LLC

 

 

 

1,400

 

 

 

 

—

 

 

 

 

118

 

 

 

 

1,282

 

Paladone Group Bidco Limited

 

 

 

1,412

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,412

 

Paladone Group Bidco Limited*

 

 

 

449

 

 

 

 

—

 

 

 

 

—

 

 

 

 

449

 

Patriot Foods Buyer, Inc.

 

 

 

750

 

 

 

 

—

 

 

 

 

—

 

 

 

 

750

 

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

 

 

 

942

 

 

 

 

—

 

 

 

 

—

 

 

 

 

942

 

Precision Refrigeration & Air Conditioning LLC

 

 

 

6,705

 

 

 

 

853

 

 

 

 

—

 

 

 

 

5,852

 

Project Comfort Buyer, Inc.

 

 

 

1,731

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,731

 

Protein For Pets Opco, LLC

 

 

 

2,219

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,219

 

Purchasing Power Funding I, LLC

 

 

 

9,112

 

 

 

 

9,112

 

 

 

 

—

 

 

 

 

—

 

RHI Acquisition LLC

 

 

 

3,300

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,300

 

Roscoe Medical, Inc

 

 

 

1,393

 

 

 

 

533

 

 

 

 

—

 

 

 

 

860

 

SI Holdings, Inc.

 

 

 

3,413

 

 

 

 

512

 

 

 

 

—

 

 

 

 

2,901

 

Shelby 2021 Holdings Corp.

 

 

 

969

 

 

 

 

—

 

 

 

 

—

 

 

 

 

969

 

Sigma Buyer LLC

 

 

 

1,500

 

 

 

 

100

 

 

 

 

—

 

 

 

 

1,400

 

Silk Holdings III Corp.

 

 

 

20,125

 

 

 

 

—

 

 

 

 

—

 

 

 

 

20,125

 

Simeio Group Holdings, Inc.

 

 

 

1,731

 

 

 

 

1,156

 

 

 

 

—

 

 

 

 

575

 

Sirsi Corporation

 

 

 

429

 

 

 

 

—

 

 

 

 

—

 

 

 

 

429

 

Smith Topco, Inc.

 

 

 

1,128

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,128

 

Springbrook Holding Company, LLC

 

 

 

1,463

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,463

 

Surf Opco, LLC

 

 

 

20,000

 

 

 

 

15,882

 

 

 

 

333

 

 

 

 

3,785

 

TELA Bio, Inc.

 

 

 

3,333

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,333

 

THLP CO. LLC

 

 

 

4,494

 

 

 

 

2,106

 

 

 

 

180

 

 

 

 

2,208

 

TS Investors, LLC

 

 

 

554

 

 

 

 

—

 

 

 

 

—

 

 

 

 

554

 

Telesoft Holdings, LLC

 

 

 

2,273

 

 

 

 

326

 

 

 

 

—

 

 

 

 

1,947

 

TerSera Therapeutics LLC

 

 

 

1,140

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,140

 

Thomas Scientific, LLC

 

 

 

2,963

 

 

 

 

444

 

 

 

 

—

 

 

 

 

2,519

 

TissueTech, Inc.

 

 

 

6,250

 

 

 

 

500

 

 

 

 

—

 

 

 

 

5,750

 

Treace Medical Concepts, Inc.

 

 

 

23,417

 

 

 

 

400

 

 

 

 

—

 

 

 

 

23,017

 

Trench Plate Rental Co.

 

 

 

1,818

 

 

 

 

590

 

 

 

 

125

 

 

 

 

1,103

 

Truck-Lite Co., LLC

 

 

 

3,052

 

 

 

 

—

 

 

 

 

95

 

 

 

 

2,957

 

Turbo Buyer, Inc.

 

 

 

923

 

 

 

 

—

 

 

 

 

—

 

 

 

 

923

 

US Fertility Enterprises, LLC

 

 

 

62

 

 

 

 

28

 

 

 

 

—

 

 

 

 

34

 

USLS Acquisition, Inc.

 

 

 

1,608

 

 

 

 

965

 

 

 

 

27

 

 

 

 

616

 

Ultimate Baked Goods Midco LLC

 

 

 

3,244

 

 

 

 

—

 

 

 

 

645

 

 

 

 

2,599

 

Unchained Labs, LLC

 

 

 

726

 

 

 

 

—

 

 

 

 

—

 

 

 

 

726

 

 

See notes to the consolidated financial statements.

61

Name of Issuer

 

Total Commitment

 

 

 

Drawn Commitment

 

 

 

Letters of Credit **

 

 

 

Undrawn Commitment

 

Upstack Holdco Inc.

 

 

 

3,000

 

 

 

 

900

 

 

 

 

110

 

 

 

 

1,990

 

Village Pet Care, LLC

 

 

 

5,250

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,250

 

WelldyneRX, LLC

 

 

 

1,923

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,923

 

Westfall Technik, Inc.

 

 

 

2,042

 

 

 

 

2,042

 

 

 

 

—

 

 

 

 

—

 

Wildcat BuyerCo, Inc.

 

 

 

2,851

 

 

 

 

—

 

 

 

 

30

 

 

 

 

2,821

 

Yak Access LLC

 

 

 

5,000

 

 

 

 

1,250

 

 

 

 

—

 

 

 

 

3,750

 

Total Commitments

 

$

 

507,640

 

 

$

 

156,985

 

 

$

 

42,921

 

 

$

 

307,734

 

 
[6] The interest rate on these loans is subject to Prime, which as of December 31, 2023 was 8.50%.
[7] The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
[8] These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 4 to the consolidated financial statements for discussion of the exemptive order from the SEC.)
[9] As of March 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

 

Name of Issuer

 

Total Commitment

 

 

 

Drawn Commitment

 

 

 

Letters of Credit **

 

 

 

Undrawn Commitment

 

A&V Holdings Midco, LLC

 

$

 

1,505

 

 

$

 

90

 

 

$

 

—

 

 

$

 

1,415

 

ACP Avenu Buyer, LLC

 

 

 

3,999

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,999

 

AMI US Holdings Inc.

 

 

 

2,907

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,907

 

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

 

 

 

2,000

 

 

 

 

387

 

 

 

 

—

 

 

 

 

1,613

 

Activ Software Holdings, LLC

 

 

 

2,407

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,407

 

Alcami Corporation

 

 

 

1,096

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,096

 

Alcresta Therapeutics Inc.

 

 

 

7,529

 

 

 

 

—

 

 

 

 

—

 

 

 

 

7,529

 

Alpinex Opco, LLC

 

 

 

1,490

 

 

 

 

596

 

 

 

 

—

 

 

 

 

894

 

Athlete Buyer, LLC

 

 

 

1,652

 

 

 

 

435

 

 

 

 

—

 

 

 

 

1,217

 

Banner Buyer, LLC

 

 

 

1,935

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,935

 

Beacon Mobility Corp.

 

 

 

59,145

 

 

 

 

650

 

 

 

 

34,336

 

 

 

 

24,159

 

Berner Food & Beverage, LLC

 

 

 

2,881

 

 

 

 

2,011

 

 

 

 

—

 

 

 

 

870

 

Blue Jay Transit Inc.

 

 

 

667

 

 

 

 

—

 

 

 

 

—

 

 

 

 

667

 

Camin Cargo Control Holdings, Inc.

 

 

 

4,000

 

 

 

 

200

 

 

 

 

—

 

 

 

 

3,800

 

Cave Enterprises Operations, LLC

 

 

 

1,333

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,333

 

Celerion Buyer, Inc.

 

 

 

1,918

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,918

 

Cerus Corporation

 

 

 

5,000

 

 

 

 

1,712

 

 

 

 

—

 

 

 

 

3,288

 

ChyronHego US Holding Corporation

 

 

 

5,000

 

 

 

 

3,800

 

 

 

 

—

 

 

 

 

1,200

 

CircusTrix Holdings LLC

 

 

 

4,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,000

 

Club Car Wash Operating, LLC

 

 

 

2,900

 

 

 

 

1,625

 

 

 

 

—

 

 

 

 

1,275

 

Colonnade Parent Inc (fka Naviga Inc.)

 

 

 

500

 

 

 

 

500

 

 

 

 

—

 

 

 

 

—

 

Compu-Link Corporation (dba Celink)

 

 

 

2,883

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,883

 

Digital.ai Software Holdings, Inc.

 

 

 

2,419

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,419

 

Eagle Purchaser, Inc.

 

 

 

1,106

 

 

 

 

401

 

 

 

 

—

 

 

 

 

705

 

Eldrickco Limited*

 

 

 

3,582

 

 

 

 

449

 

 

 

 

—

 

 

 

 

3,133

 

EmpiRx Health LLC

 

 

 

909

 

 

 

 

—

 

 

 

 

227

 

 

 

 

682

 

ExactCare Parent, Inc.

 

 

 

1,967

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,967

 

Excelligence Learning Corporation

 

 

 

1,370

 

 

 

 

415

 

 

 

 

77

 

 

 

 

878

 

G Treasury SS LLC

 

 

 

2,250

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,250

 

G&A Partners Holding Company II, LLC

 

 

 

6,761

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,761

 

GB001, Inc.

 

 

 

24,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

24,000

 

GI Apple Midco LLC

 

 

 

1,262

 

 

 

 

—

 

 

 

 

39

 

 

 

 

1,223

 

GS SEER Group Borrower LLC

 

 

 

1,142

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,142

 

Gabriel Partners, LLC

 

 

 

665

 

 

 

 

310

 

 

 

 

—

 

 

 

 

355

 

Gateway US Holdings, Inc.

 

 

 

304

 

 

 

 

—

 

 

 

 

—

 

 

 

 

304

 

Go Car Wash Management Corp.

 

 

 

13,142

 

 

 

 

—

 

 

 

 

—

 

 

 

 

13,142

 

Graffiti Buyer, Inc.

 

 

 

1,307

 

 

 

 

908

 

 

 

 

—

 

 

 

 

399

 

Green Grass Foods, Inc.

 

 

 

1,250

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,250

 

Guernsey Holdings SDI LA LLC

 

 

 

1,167

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,167

 

Gutter Buyer, Inc.

 

 

 

2,727

 

 

 

 

1,602

 

 

 

 

102

 

 

 

 

1,023

 

HEF Safety Ultimate Holdings, LLC

 

 

 

7,500

 

 

 

 

400

 

 

 

 

—

 

 

 

 

7,100

 

HRO (Hero Digital) Holdings, LLC

 

 

 

9,317

 

 

 

 

2,519

 

 

 

 

31

 

 

 

 

6,767

 

HSI HALO Acquisition, Inc.

 

 

 

813

 

 

 

 

813

 

 

 

 

—

 

 

 

 

—

 

Health Management Associates Superholdings, Inc.

 

 

 

768

 

 

 

 

—

 

 

 

 

5

 

 

 

 

763

 

Heniff Holdco, LLC

 

 

 

3,926

 

 

 

 

2,748

 

 

 

 

164

 

 

 

 

1,014

 

High Street Buyer, Inc.

 

 

 

2,203

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,203

 

Hive Intermediate, LLC

 

 

 

2,325

 

 

 

 

635

 

 

 

 

—

 

 

 

 

1,690

 

HomeRenew Buyer, Inc.

 

 

 

1,958

 

 

 

 

1,958

 

 

 

 

—

 

 

 

 

—

 

IW Buyer LLC

 

 

 

393

 

 

 

 

—

 

 

 

 

9

 

 

 

 

384

 

Ironhorse Purchaser, LLC

 

 

 

1,933

 

 

 

 

242

 

 

 

 

13

 

 

 

 

1,678

 

JF Acquisition, LLC

 

 

 

1,569

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,569

 

Jacent Strategic Merchandising

 

 

 

3,500

 

 

 

 

1,564

 

 

 

 

—

 

 

 

 

1,936

 

 

 

 

See notes to the consolidated financial statements.

29

Name of Issuer

 

Total Commitment

 

 

 

Drawn Commitment

 

 

 

Letters of Credit **

 

 

 

Undrawn Commitment

 

KL Charlie Acquisition Company

 

 

 

1,962

 

 

 

 

1,962

 

 

 

 

—

 

 

 

 

—

 

Kauffman Intermediate, LLC

 

 

 

1,243

 

 

 

 

466

 

 

 

 

155

 

 

 

 

622

 

Kure Pain Holdings, Inc.

 

 

 

2,654

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,654

 

LS Clinical Services Holdings, Inc.

 

 

 

1,875

 

 

 

 

193

 

 

 

 

—

 

 

 

 

1,682

 

Lash OpCo, LLC

 

 

 

1,612

 

 

 

 

1,610

 

 

 

 

—

 

 

 

 

2

 

LendingPoint LLC

 

 

 

8,333

 

 

 

 

1,908

 

 

 

 

—

 

 

 

 

6,425

 

Lifelong Learner Holdings, LLC

 

 

 

597

 

 

 

 

448

 

 

 

 

—

 

 

 

 

149

 

Litify LLC

 

 

 

833

 

 

 

 

—

 

 

 

 

—

 

 

 

 

833

 

M&M OPCO, LLC

 

 

 

476

 

 

 

 

—

 

 

 

 

—

 

 

 

 

476

 

MGP Holdings III Corp.

 

 

 

1,937

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,937

 

Marlin DTC-LS Midco 2, LLC

 

 

 

685

 

 

 

 

—

 

 

 

 

—

 

 

 

 

685

 

Maxor National Pharmacy Services, LLC

 

 

 

1,530

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,530

 

Medical Guardian, LLC

 

 

 

8,571

 

 

 

 

838

 

 

 

 

—

 

 

 

 

7,733

 

Merx Aviation Finance, LLC

 

 

 

76,252

 

 

 

 

70,075

 

 

 

 

6,177

 

 

 

 

—

 

Midwest Vision Partners Management, LLC

 

 

 

612

 

 

 

 

612

 

 

 

 

—

 

 

 

 

—

 

Mobile Communications America, Inc.

 

 

 

10,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

10,000

 

Momentx Corporation

 

 

 

1,257

 

 

 

 

1,257

 

 

 

 

—

 

 

 

 

—

 

New Era Technology, Inc.

 

 

 

1,732

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,732

 

Norvax, LLC

 

 

 

1,591

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,591

 

Omada Health, Inc.

 

 

 

1,550

 

 

 

 

5

 

 

 

 

—

 

 

 

 

1,545

 

PARS Group LLC

 

 

 

952

 

 

 

 

—

 

 

 

 

—

 

 

 

 

952

 

PHS Buyer, Inc.

 

 

 

2,000

 

 

 

 

1,342

 

 

 

 

—

 

 

 

 

658

 

Pace Health Companies, LLC

 

 

 

1,400

 

 

 

 

—

 

 

 

 

118

 

 

 

 

1,282

 

Paladone Group Bidco Limited

 

 

 

1,412

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,412

 

Paladone Group Bidco Limited*

 

 

 

446

 

 

 

 

—

 

 

 

 

—

 

 

 

 

446

 

Patriot Foods Buyer, Inc.

 

 

 

750

 

 

 

 

—

 

 

 

 

—

 

 

 

 

750

 

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

 

 

 

942

 

 

 

 

—

 

 

 

 

—

 

 

 

 

942

 

Precision Refrigeration & Air Conditioning LLC

 

 

 

1,704

 

 

 

 

1,420

 

 

 

 

—

 

 

 

 

284

 

Pro-Vigil Holding Company, LLC

 

 

 

6,072

 

 

 

 

—

 

 

 

 

—

 

 

 

 

6,072

 

Project Comfort Buyer, Inc.

 

 

 

1,731

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,731

 

Protein For Pets Opco, LLC

 

 

 

708

 

 

 

 

—

 

 

 

 

—

 

 

 

 

708

 

Purchasing Power Funding I, LLC

 

 

 

9,113

 

 

 

 

3,463

 

 

 

 

—

 

 

 

 

5,650

 

R.F. Fager Company, LLC

 

 

 

2,063

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,063

 

RHI Acquisition LLC

 

 

 

3,300

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,300

 

RoC Holdco LLC

 

 

 

2,195

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,195

 

Roscoe Medical, Inc

 

 

 

1,393

 

 

 

 

533

 

 

 

 

—

 

 

 

 

860

 

SI Holdings, Inc.

 

 

 

3,413

 

 

 

 

683

 

 

 

 

—

 

 

 

 

2,730

 

Shelby 2021 Holdings Corp.

 

 

 

969

 

 

 

 

—

 

 

 

 

—

 

 

 

 

969

 

Sigma Buyer LLC

 

 

 

1,500

 

 

 

 

300

 

 

 

 

—

 

 

 

 

1,200

 

Silk Holdings III Corp.

 

 

 

20,125

 

 

 

 

—

 

 

 

 

—

 

 

 

 

20,125

 

Simeio Group Holdings, Inc.

 

 

 

1,731

 

 

 

 

1,443

 

 

 

 

—

 

 

 

 

288

 

Sirsi Corporation

 

 

 

429

 

 

 

 

—

 

 

 

 

—

 

 

 

 

429

 

Smith Topco, Inc.

 

 

 

1,128

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,128

 

Springbrook Holding Company, LLC

 

 

 

1,463

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,463

 

Surf Opco, LLC

 

 

 

20,000

 

 

 

 

13,564

 

 

 

 

333

 

 

 

 

6,103

 

TELA Bio, Inc.

 

 

 

3,333

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,333

 

THLP CO. LLC

 

 

 

4,494

 

 

 

 

2,116

 

 

 

 

181

 

 

 

 

2,197

 

TS Investors, LLC

 

 

 

554

 

 

 

 

—

 

 

 

 

—

 

 

 

 

554

 

Telesoft Holdings, LLC

 

 

 

2,273

 

 

 

 

114

 

 

 

 

—

 

 

 

 

2,159

 

TerSera Therapeutics LLC

 

 

 

1,140

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,140

 

Thomas Scientific, LLC

 

 

 

2,963

 

 

 

 

741

 

 

 

 

296

 

 

 

 

1,926

 

TissueTech, Inc.

 

 

 

1,000

 

 

 

 

500

 

 

 

 

—

 

 

 

 

500

 

Treace Medical Concepts, Inc.

 

 

 

23,416

 

 

 

 

403

 

 

 

 

—

 

 

 

 

23,013

 

Trench Plate Rental Co.

 

 

 

1,818

 

 

 

 

881

 

 

 

 

125

 

 

 

 

812

 

Turbo Buyer, Inc.

 

 

 

923

 

 

 

 

277

 

 

 

 

—

 

 

 

 

646

 

 

 

See notes to the consolidated financial statements.

30

 

Name of Issuer

 

Total Commitment

 

 

 

Drawn Commitment

 

 

 

Letters of Credit **

 

 

 

Undrawn Commitment

 

US Fertility Enterprises, LLC

 

 

 

62

 

 

 

 

15

 

 

 

 

—

 

 

 

 

47

 

USLS Acquisition, Inc.

 

 

 

1,608

 

 

 

 

1,126

 

 

 

 

62

 

 

 

 

420

 

Ultimate Baked Goods Midco LLC

 

 

 

3,244

 

 

 

 

—

 

 

 

 

645

 

 

 

 

2,599

 

Unchained Labs, LLC

 

 

 

726

 

 

 

 

—

 

 

 

 

—

 

 

 

 

726

 

Upstack Holdco Inc.

 

 

 

3,000

 

 

 

 

1,950

 

 

 

 

110

 

 

 

 

940

 

Village Pet Care, LLC

 

 

 

5,250

 

 

 

 

400

 

 

 

 

—

 

 

 

 

4,850

 

WelldyneRX, LLC

 

 

 

1,923

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,923

 

Westfall Technik, Inc.

 

 

 

2,046

 

 

 

 

2,046

 

 

 

 

—

 

 

 

 

—

 

Wildcat BuyerCo, Inc.

 

 

 

2,851

 

 

 

 

—

 

 

 

 

30

 

 

 

 

2,821

 

Zephyr Buyer, L.P.

 

 

 

3,952

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,952

 

Total Commitments

 

$

 

499,099

 

 

 $

 

139,661

 

 

 $

 

43,235

 

 

 $

 

316,203

 
[10] The interest rate on these loans is subject to 3 months SOFR, which as of March 31, 2024 was 5.30%.
[11] The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2023 was 5.33%.
[12] Non-income producing security.
[13] Non-income producing security.
[14] As of March 31, 2024, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.
[15] The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
[16] As of December 31, 2023, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.
[17] Non-accrual status (See Note 2 to the consolidated financial statements).
[18] These investments have a maturity date prior to the end of the current period. Sonar Entertainment is expected to be paid down in a series of payments subsequent to the stated maturity date. Additional proceeds are expected from Crowne Automotive and Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.
[19] The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
[20] Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the twelve months ended December 31, 2023 in these controlled investments are as follows:

Name of Issuer

 

Fair Value at December 31, 2022

 

 

 

Gross Additions
●

 

 

 

Gross Reductions ■

 

 

 

Net Change in Unrealized Gains (Losses)

 

 

 

Fair Value at December 31, 2023

 

 

 

Net Realized Gains (Losses)

 

 

 

Interest/
Dividend/
Other Income

 

Majority Owned Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ChyronHego Corporation, Preferred Equity

 

$

 

22,500

 

 

$

 

—

 

 

$

 

—

 

 

$

 

(1,872

)

 

$

 

20,628

 

 

$

 

—

 

 

$

 

—

 

ChyronHego Corporation, Revolver

 

 

 

8,956

 

 

 

 

1,044

 

 

 

 

(9,989

)

 

 

 

(11

)

 

 

 

—

 

 

 

 

—

 

 

 

 

440

 

ChyronHego Corporation, Term Loan

 

 

 

91,042

 

 

 

 

1,246

 

 

 

 

(91,833

)

 

 

 

(455

)

 

 

 

—

 

 

 

 

—

 

 

 

 

4,823

 

ChyronHego US Holding Corporation, Term Loan

 

 

 

—

 

 

 

 

106,691

 

 

 

 

—

 

 

 

 

215

 

 

 

 

106,906

 

 

 

 

—

 

 

 

 

5,379

 

ChyronHego US Holding Corporation, Revolver

 

 

 

—

 

 

 

 

1,300

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,300

 

 

 

 

—

 

 

 

 

18

 

Merx Aviation Finance, LLC, Letter of Credit

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

30

 

Merx Aviation Finance, LLC, Membership Interests

 

 

 

111,446

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,597

 

 

 

 

117,043

 

 

 

 

—

 

 

 

 

—

 

Merx Aviation Finance, LLC, Revolver

 

 

 

150,000

 

 

 

 

—

 

 

 

 

(75,926

)

 

 

 

2

 

 

 

 

74,076

 

 

 

 

—

 

 

 

 

8,321

 

MSEA Tankers LLC, Class A Units

 

 

 

4,256

 

 

 

 

—

 

 

 

 

(3,605

)

 

 

 

(606

)

 

 

 

45

 

 

 

 

—

 

 

 

 

—

 

Controlled Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHD Oil & Gas, LLC, Series C Units

 

 

 

580

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(234

)

 

 

 

346

 

 

 

 

—

 

 

 

 

—

 

SHD Oil & Gas, LLC, Series A Units

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

$

 

388,780

 

 

$

 

110,281

 

 

$

 

(181,353

)

 

$

 

2,636

 

 

$

 

320,344

 

 

$

 

—

 

 

$

 

19,011

 

 

● Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

As of December 31, 2023, the Company had an 87%, 100%, 100% and 38% equity ownership interest in ChyronHego Corporation; Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.
[21] Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the three months ended March 31, 2024 in these controlled investments are as follows:

 

Name of Issuer

 

Fair Value at December 31, 2023

 

 

 

Gross Additions
●

 

 

 

Gross Reductions ■

 

 

 

Net Change in Unrealized Gains (Losses)

 

 

 

Fair Value at March 31, 2024

 

 

 

Net Realized Gains (Losses)

 

 

 

Interest/
Dividend/
Other Income

 

Majority Owned Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ChyronHego Corporation, Preferred Equity

 

$

 

20,628

 

 

$

 

—

 

 

$

 

—

 

 

$

 

(1,018

)

 

$

 

19,610

 

 

$

 

—

 

 

$

 

—

 

ChyronHego US Holding Corporation, Term Loan

 

 

 

106,906

 

 

 

 

3

 

 

 

 

(250

)

 

 

 

(3

)

 

 

 

106,656

 

 

 

 

—

 

 

 

 

2,394

 

ChyronHego US Holding Corporation, Revolver

 

 

 

1,300

 

 

 

 

2,500

 

 

 

 

—

 

 

 

 

—

 

 

 

 

3,800

 

 

 

 

—

 

 

 

 

60

 

Merx Aviation Finance, LLC, Letter of Credit

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Merx Aviation Finance, LLC, Membership Interests

 

 

 

117,043

 

 

 

 

—

 

 

 

 

—

 

 

 

 

2,629

 

 

 

 

119,672

 

 

 

 

—

 

 

 

 

—

 

Merx Aviation Finance, LLC, Revolver

 

 

 

74,076

 

 

 

 

—

 

 

 

 

(4,000

)

 

 

 

(1

)

 

 

 

70,075

 

 

 

 

—

 

 

 

 

1,833

 

MSEA Tankers LLC, Class A Units

 

 

 

45

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5

 

 

 

 

50

 

 

 

 

—

 

 

 

 

—

 

Controlled Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHD Oil & Gas, LLC, Series C Units

 

 

 

346

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1

 

 

 

 

347

 

 

 

 

—

 

 

 

 

—

 

SHD Oil & Gas, LLC, Series A Units

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

$

 

320,344

 

 

$

 

2,503

 

 

$

 

(4,250

)

 

$

 

1,613

 

 

$

 

320,210

 

 

$

 

—

 

 

$

 

4,287

 
•
Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

 

▪
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

 

As of March 31, 2024, the Company had a 87%, 100%, 100% and 38% equity ownership interest in ChyronHego Corporation; Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.
[22] Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2024, the aggregate fair value of these securities is $162,798 or 16% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer

 

Investment Type

 

Acquisition Date

1244311 B.C. Ltd.

 

Common Equity - Common Stock

 

9/30/2020

Alcresta Holdings, LP

 

Preferred Equity - Preferred Equity

 

3/12/2024

Alcresta Holdings, LP

 

Preferred Equity - Preferred Equity

 

3/12/2024

Ambrosia Buyer Corp.

 

Common Equity - Common Stock

 

2/1/2024

Bird Scooter Acquisition Corp.

 

Common Equity - Common Stock

 

3/22/2024

BSP-TS, LP

 

Preferred Equity - Preferred Equity

 

10/23/2023

Carbonfree Chemicals Holdings LLC

 

Common Equity - Common Equity / Interest

 

11/1/2019

ChyronHego Corporation

 

Preferred Equity - Preferred Equity

 

12/29/2020

FC2 LLC

 

Common Equity - Common Stock

 

10/14/2022

GS SEER Group Holdings, LLC

 

Common Equity - Common Stock

 

4/28/2023

Merx Aviation Finance, LLC

 

Common Equity - Membership Interests

 

9/1/2022

MSEA Tankers LLC

 

Common Equity - Class A Units

 

12/12/2014

Nutpods Holdings, Inc.

 

Common Equity - Common Stock

 

12/26/2023

Pelican Energy, LLC

 

Common Equity - Membership Interests

 

3/28/2012

Renew Financial LLC (f/k/a Renewable Funding, LLC)

 

Common Equity - Common Stock

 

10/1/2023

SHD Oil & Gas, LLC

 

Common Equity - Series A Units

 

11/18/2016

SHD Oil & Gas, LLC

 

Common Equity - Series C Units

 

12/27/2012

Silk Holdings I Corp.

 

Common Equity - Common Stock

 

5/1/2023

Sorenson Holdings, LLC

 

Common Equity - Membership Interests

 

1/25/2024

 
[23] Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $158,771 or 16% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

 

Issuer

 

Investment Type

 

Acquisition Date

1244311 B.C. Ltd.

 

Common Equity - Common Stock

 

9/30/2020

BSP-TS, LP

 

Preferred Equity - Preferred Equity

 

10/23/2023

Carbonfree Chemicals Holdings LLC

 

Common Equity - Common Equity / Interest

 

11/1/2019

ChyronHego Corporation

 

Preferred Equity - Preferred Equity

 

12/29/2020

FC2 LLC

 

Common Equity - Common Stock

 

10/14/2022

Greylock Holdings LLC

 

Common Equity - Common Stock

 

3/16/2023

GS SEER Group Holdings, LLC

 

Common Equity - Common Stock

 

4/28/2023

Litify Holdings Inc.

 

Common Equity - Common Stock

 

2/3/2023

Maxor Topco, L.P.

 

Preferred Equity - Preferred Equity

 

3/1/2023

Merx Aviation Finance, LLC

 

Common Equity - Membership Interests

 

9/1/2022

MSEA Tankers LLC

 

Common Equity - Class A Units

 

12/12/2014

Nutpods Holdings, Inc.

 

Common Equity - Common Stock

 

12/26/2023

Pelican Energy, LLC

 

Common Equity - Membership Interests

 

3/28/2012

SHD Oil & Gas, LLC

 

Common Equity - Series A Units

 

11/18/2016

SHD Oil & Gas, LLC

 

Common Equity - Series C Units

 

12/27/2012

Silk Holdings I Corp.

 

Common Equity - Common Stock

 

5/1/2023
[24] The interest rate on these loans is subject to 6 months SOFR, which as of March 31, 2024 was 5.22%.
[25] The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2023 was 5.16%.
[26] The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%.
[27] The negative fair value is the result of the commitment being valued below par.
[28] The negative fair value is the result of the commitment being valued below par.
[29] Non-accrual status (See Note 2 to the consolidated financial statements).
[30] Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2024, non-qualifying assets represented approximately 5.4% of the total assets of the Company.
[31] Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2023, non-qualifying assets represented approximately 5.5% of the total assets of the Company.
[32] Par amount is denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), Canadian Dollar (“C$”), and Australian Dollar (“A$”) .
[33] Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the twelve months ended December 31, 2023 in these affiliated investments are as follows:

Name of Issuer

 

Fair Value at December 31, 2022

 

 

 

Gross Additions
●

 

 

 

Gross Reductions ■

 

 

 

Net Change in Unrealized Gains (Losses)

 

 

 

Fair Value at December 31, 2023

 

 

 

Net Realized Gains (Losses)

 

 

 

Interest/
Dividend/
Other Income

 

1244311 B.C. Ltd., Common Stock

 

$

 

339

 

 

$

 

—

 

 

$

 

—

 

 

$

 

748

 

 

$

 

1,087

 

 

$

 

—

 

 

$

 

—

 

1244311 B.C. Ltd., Term Loan

 

 

 

3,830

 

 

 

 

115

 

 

 

 

(378

)

 

 

 

173

 

 

 

 

3,740

 

 

 

 

—

 

 

 

 

421

 

AIC SPV Holdings II, LLC, Preferred Equity*

 

 

 

74

 

 

 

 

—

 

 

 

 

(74

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Carbonfree Chemicals Holdings LLC, Common Stock

 

 

 

20,202

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(1,475

)

 

 

 

18,727

 

 

 

 

—

 

 

 

 

—

 

FC2 LLC, Term Loan

 

 

 

12,500

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1

 

 

 

 

12,501

 

 

 

 

—

 

 

 

 

817

 

FC2 LLC, Common Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Golden Bear 2016-R, LLC, Membership Interests

 

 

 

9,413

 

 

 

 

131

 

 

 

 

—

 

 

 

 

1,168

 

 

 

 

10,712

 

 

 

 

—

 

 

 

 

—

 

GSC Technologies Inc., Term Loan

 

 

 

177

 

 

 

 

7

 

 

 

 

(198

)

 

 

 

14

 

 

 

 

—

 

 

 

 

—

 

 

 

 

13

 

Pelican Energy, LLC, Common Stock

 

 

 

195

 

 

 

 

—

 

 

 

 

(469

)

 

 

 

414

 

 

 

 

140

 

 

 

 

—

 

 

 

 

—

 

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock*

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock*

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Renew Financial LLC (f/k/a Renewable Funding, LLC), Preferred Equity*

 

 

 

1,961

 

 

 

 

—

 

 

 

 

(1,961

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Renew Financial LLC (f/k/a Renewable Funding, LLC), Common Stock*

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Renew JV LLC, Membership Interests*

 

 

 

449

 

 

 

 

—

 

 

 

 

(449

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Auto Pool 2023 Trust (Del. Stat. Trust)

 

 

 

—

 

 

 

 

29,946

 

 

 

 

(2,082

)

 

 

 

2,757

 

 

 

 

30,621

 

 

 

 

—

 

 

 

 

1,010

 

 

 

$

 

49,141

 

 

$

 

30,199

 

 

$

 

(5,611

)

 

$

 

3,799

 

 

$

 

77,528

 

 

$

 

—

 

 

$

 

2,261

 

 

* As of December 31, 2023 this investment was not considered to be an “Affiliated Person” to the Company. The Company’s ownership of, or power to vote, the outstanding voting securities of the investment was reduced below 5% during the current period.

 

● Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
[34] AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AIC SB Holdings LLC and AP Surf Investments, LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC.
[35] Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the three months ended March 31, 2024 in these affiliated investments are as follows:

Name of Issuer

 

Fair Value at December 31, 2023

 

 

 

Gross Additions
●

 

 

 

Gross Reductions ■

 

 

 

Net Change in Unrealized Gains (Losses)

 

 

 

Fair Value at March 31, 2024

 

 

 

Net Realized Gains (Losses)

 

 

 

Interest/
Dividend/
Other Income

 

1244311 B.C. Ltd., Common Stock

 

$

 

1,087

 

 

$

 

—

 

 

$

 

—

 

 

$

 

361

 

 

$

 

1,448

 

 

$

 

—

 

 

$

 

—

 

1244311 B.C. Ltd., Term Loan

 

 

 

3,740

 

 

 

 

33

 

 

 

 

(8

)

 

 

 

28

 

 

 

 

3,793

 

 

 

 

—

 

 

 

 

102

 

Auto Pool 2023 Trust (Del. Stat. Trust)

 

 

 

30,621

 

 

 

 

—

 

 

 

 

(1,736

)

 

 

 

(3,685

)

 

 

 

25,200

 

 

 

 

—

 

 

 

 

—

 

Blue Jay Transit Inc., Term Loan

 

 

 

—

 

 

 

 

22,077

 

 

 

 

—

 

 

 

 

363

 

 

 

 

22,440

 

 

 

 

—

 

 

 

 

28

 

Bird Scooter Acquisition Corp.

 

 

 

—

 

 

 

 

366

 

 

 

 

—

 

 

 

 

7

 

 

 

 

373

 

 

 

 

—

 

 

 

 

—

 

Carbonfree Chemicals Holdings LLC, Common Stock

 

 

 

18,727

 

 

 

 

—

 

 

 

 

—

 

 

 

 

245

 

 

 

 

18,972

 

 

 

 

—

 

 

 

 

—

 

FC2 LLC, Term Loan

 

 

 

12,501

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(1

)

 

 

 

12,500

 

 

 

 

—

 

 

 

 

203

 

FC2 LLC, Common Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Golden Bear 2016-R, LLC, Membership Interests

 

 

 

10,712

 

 

 

 

—

 

 

 

 

(610

)

 

 

 

337

 

 

 

 

10,439

 

 

 

 

—

 

 

 

 

—

 

Pelican Energy, LLC, Common Stock

 

 

 

140

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4

 

 

 

 

144

 

 

 

 

—

 

 

 

 

—

 

 

 

$

 

77,528

 

 

$

 

22,476

 

 

$

 

(2,354

)

 

$

 

(2,341

)

 

$

 

95,309

 

 

$

 

—

 

 

$

 

333

 
•
Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

 

▪
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
[36] AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AP Surf Investments, LLC and AIC SB Holdings LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC.
[37] Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.
[38] Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.
[39] The interest rate on these loans is subject to 12 months SOFR, which as of March 31, 2024 was 5.00%.
[40] The interest rate on these loans is subject to SONIA, which as of March 31, 2024 was 5.19%.
[41] The interest rate on these loans is subject to SONIA, which as of December 31, 2023 was 5.19%.
[42] The Company has approximately 22.5% ownership interest in the Auto Pool 2023 Trust (Del. Stat. Trust). Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
[43] The Company has approximately 22.5% ownership interest in the Auto Pool 2023. Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
[44] Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of March 31, 2024, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.
[45] Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of December 31, 2023, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.
[46] The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.
[47] The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.
[48] These investments have a maturity date prior to the end of the current period. Additional proceeds are expected from Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.
[49] This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
[50] Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).
[51] Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).
[52] Mannkind Corporation is subject to an interest rate cap. The investment is capped at the lesser of 8.25% and the stated interest rate.
[53] Mannkind Corporation is subject to an interest rate cap. The investment is capped at the lesser of 8.25% and the stated interest rate.
[54] Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
[55] Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
[56] The interest rate on these loans is subject to 12 months SOFR, which as of December 31, 2023 was 4.77%.
[57] In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.
[58] In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.
[59] Aggregate gross unrealized gain and loss for federal income tax purposes is $58,103 and $261,581, respectively. Net unrealized loss is $203,477 based on a tax cost of $2,582,131.
[60] Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 6 to the consolidated financial statements). As such, these securities are not available as collateral to our general creditors.
[61] Aggregate gross unrealized gain and loss for federal income tax purposes is $60,869 and $271,663, respectively. Net unrealized loss is $210,794 based on a tax cost of $2,545,245.
[62] Substantially all securities are pledged as collateral to the Company's credit facilities (see Note 6 to the consolidated financial statements). For investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. As such, these securities are not available as collateral to our general creditors.
[63] As of December 31, 2023, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.
[64] As of March 31, 2024, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.
[65] These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2024 exchange rate.