10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 814-00813

OFS CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		46-1339639
State or Other Jurisdiction of		I.R.S. Employer Identification No.
Incorporation or Organization
222 W. Adams Street, Suite 1850, Chicago, Illinois		60606
Address of Principal Executive Offices		Zip Code
	(847) 734-2000
Registrant’s Telephone Number, Including Area Code
10 South Wacker Drive, Suite 2500, Chicago, Illinois
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	OFS	The Nasdaq Global Select Market
4.95% Notes due 2028	OFSSH	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý     No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý     No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	☒	Smaller reporting company	¨
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Yes  ¨     No  ý

The number of shares of the issuer’s Common Stock, $0.01 par value, outstanding as of April 30, 2025 was 13,398,078.

OFS CAPITAL CORPORATION

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 (unaudited) and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 (unaudited) and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 (unaudited) and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (unaudited)	25
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60
PART II. OTHER INFORMATION		61
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	62
Item 6.	Exhibits	63
SIGNATURES		64

OFS®, OFS Capital®, OFS Credit® and HPCI® are registered trademarks of Orchard First Source Asset Management, LLC.

OFS Capital Management™ is a trademark of Orchard First Source Asset Management, LLC.

All other trademarks or trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners.

Defined Terms

We have used “we,” “us,” “our,” “our company” and “the Company” to refer to OFS Capital Corporation in this report. We also have used several other terms in this report, which are explained or defined below:

Term	Explanation or Definition
1940 Act	Investment Company Act of 1940, as amended
Administration Agreement	Administration Agreement between the Company and OFS Services dated November 7, 2012
Affiliated Account	An account, other than the Company, managed by OFS Advisor or an affiliate of OFS Advisor
Affiliated Fund	Certain other funds, including other BDCs and registered investment companies managed by OFS Advisor or by registered investment advisers controlling, controlled by, or under common control with, OFS Advisor
ASC	Accounting Standards Codification, as issued by the FASB
BDC	Business Development Company under the 1940 Act
BLA	Business Loan Agreement, as amended, with Banc of California, as lender, which provides the Company with a senior secured revolving credit facility
BNP Facility	A secured revolving credit facility, as amended, that provides for borrowings in an aggregate principal amount up to $150,000,000 issued pursuant to a Revolving Credit and Security Agreement, as amended, by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator
Board	The Company’s board of directors
Banc of California Credit Facility	A senior secured revolving credit facility, as amended, with Banc of California (formerly known as Pacific Western Bank), as lender, that provides for borrowings to the Company in an aggregate principal amount up to $25,000,000
CLO	Collateralized loan obligation
Code	Internal Revenue Code of 1986, as amended
Company	OFS Capital Corporation and its consolidated subsidiaries
DRIP	Dividend reinvestment plan
EBITDA	Earnings before interest, taxes, depreciation and amortization
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
GAAP	Accounting principles generally accepted in the United States
HPCI	Hancock Park Corporate Income, Inc., a Maryland corporation and non-traded BDC, for which OFS Advisor serves as investment adviser
ICTI	Investment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses
Indicative Prices	Market quotations, prices from pricing services or bids from brokers or dealers
Investment Advisory Agreement	Investment Advisory and Management Agreement between the Company and OFS Advisor dated November 7, 2012
NAV	Net asset value. NAV is calculated as consolidated total assets less consolidated total liabilities and can be expressed in the aggregate or on a per share basis
Net Loan Fees	The cumulative amount of fees, such as origination fees, discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan
OCCI	OFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company, for which OFS Advisor serves as investment adviser
OFS Advisor	OFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Investment Advisers Act of 1940, as amended, focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments
OFS Services	OFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor

Term	Explanation or Definition
OFSAM	Orchard First Source Asset Management, LLC, a subsidiary of OFSAM Holdings and a full-service provider of capital and leveraged finance solutions to U.S. corporations
OFSAM Holdings	Orchard First Source Asset Management Holdings, LLC, a holding company consisting of asset management businesses, including OFS Advisor, a registered investment adviser focusing primarily on investments in middle market loans and broadly syndicated loans, debt and equity positions in CLOs and other structured credit investments, and OFS CLO Management, LLC, OFS CLO Management II, LLC and OFS CLO Management III, LLC, each a registered investment adviser focusing primarily on investments in broadly syndicated loans
OFSCC-FS	OFSCC-FS, LLC, an indirect wholly owned subsidiary of the Company
OFSCC-FS Assets	Assets held by the Company through OFSCC-FS
OFSCC-MB	OFSCC-MB, Inc., a wholly owned subsidiary taxed under subchapter C of the Code that generally holds the equity investments of the Company that are taxed as pass-through entities
OID	Original issue discount
Order	An exemptive relief order from the SEC to permit us to co-invest in portfolio companies with Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions
Parent	OFS Capital Corporation
PIK	Payment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the income
Portfolio Company Investment	A debt or equity investment in a portfolio company. Portfolio Company Investments exclude Structured Finance Securities
Prime Rate	United States Prime interest rate
RIC	Regulated investment company under the Code
SBA	United States Small Business Administration
SBIC	A fund licensed under the SBA Small Business Investment Company Program
SBIC I LP	OFS SBIC I, LP, a wholly owned subsidiary of the Company and former SBIC
SEC	United States Securities and Exchange Commission
Securities Act	Securities Act of 1933, as amended
SOFR	Secured Overnight Financing Rate
Stock Repurchase Program	The open market stock repurchase program for shares of the Company’s common stock under Rule 10b-18 of the Exchange Act
Structured Finance Securities	CLO mezzanine debt, CLO subordinated notes and CLO loan accumulation facility securities
Unsecured Notes	The Unsecured Notes Due February 2026 and the Unsecured Notes Due October 2028
Unsecured Notes Due February 2026	The Company’s $125.0 million aggregate principal amount of 4.75% notes due February 10, 2026
Unsecured Notes Due October 2028	The Company’s $55.0 million aggregate principal amount of 4.95% notes due October 31, 2028

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “would”, “should”, “targets”, “projects” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our ability and experience operating a BDC or maintaining our tax treatment as a RIC under Subchapter M of the Code;

•our dependence on key personnel;

•our ability to maintain or develop referral relationships;

•our ability to replicate historical results;

•the ability of OFS Advisor to identify, invest in and monitor companies that meet our investment criteria;

•the belief that the carrying amounts of our financial instruments, such as cash, cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments and that such financial instruments are held with high credit quality institutions to mitigate the risk of loss due to credit risk;

•actual and potential conflicts of interest with OFS Advisor and other affiliates of OFSAM Holdings;

•constraint on investment due to access to material nonpublic information;

•restrictions on our ability to enter into transactions with our affiliates;

•the use of borrowed money to finance a portion of our investments;

•our ability to incur additional leverage pursuant to Section 61(a)(2) of the 1940 Act and the impact of such leverage on our net investment income and results of operations;

•competition for investment opportunities;

•the belief that the seniority of our debt investments in a borrower’s capital structure may provide greater downside protection against adverse economic changes, including those caused by the impacts of interest rate and inflation rate changes, the ongoing war between Russia and Ukraine, instability in the U.S. and international banking systems, the agenda of the new U.S. presidential administration, including the impact of tariff enactment and tax reductions, the risk of recession or a shutdown of U.S. government services, and related market volatility on our business, our portfolio companies, our industry and the global economy;

•the percentage of investments that will bear interest on a floating rate or fixed rate basis;

•the holding period of our investments;

•the impact of alternative reference rates on our business, including potential additional interest rate reductions approved by the U.S. Federal Reserve, which may impact our investment income, cost of funding and the valuation of our investments;

•our ability to raise debt or equity capital as a BDC;

•the timing, form and amount of any distributions from our portfolio companies;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the general economy and its impact on the industries in which we invest;

•the impact of current political, economic and industry conditions, including changes in the interest rate environment, inflation, significant market volatility, supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, resource shortages and other conditions affecting the financial and capital markets, which, in turn, impacts our business prospects and the prospects of our portfolio companies;

•the general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;

•our ability to consummate credit facilities in the future on commercially reasonable terms, if at all;

1

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•the belief that we have sufficient levels of liquidity to support our existing portfolio companies;

•the belief that our cash and cash equivalent balances are not exposed to any significant credit risk;

•the fluctuation of the fair value of our investments due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value; and

•the effect of new or modified laws or regulations, including accounting pronouncements and rule issuances, governing our operations.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include, among others, those described or identified in “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 4, 2025. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

We have based the forward-looking statements on information available to us on the date of this Quarterly Report on Form 10-Q. Except as required by the federal securities laws, 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 SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The forward-looking statements and projections contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.

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PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Assets and Liabilities (unaudited)

(Dollar amounts in thousands, except per share data)

	March 31, 2025		December 31, 2024
Assets
Investments, at fair value:
Non-control/non-affiliate investments (amortized cost of $353,473 and $352,089, respectively)	$	298,706	$	305,242
Affiliate investments (amortized cost of $11,744 and $11,458, respectively)	104,365		104,423
Total investments, at fair value (amortized cost of $365,217 and $363,547, respectively)	403,071		409,665
Cash and cash equivalents	4,054		6,068
Interest and dividend receivable	1,441		1,774
Receivable for investments sold	2,100		9,247
Prepaid expenses and other assets	1,297		1,369
Total assets	$	411,963	$	428,123
Liabilities
Revolving lines of credit	$	68,050	$	68,350
Unsecured Notes (net of deferred debt issuance costs of $1,444 and $1,688, respectively)	178,556		178,312
Interest payable	1,685		3,195
Payable to adviser and affiliates (Note 3)	2,306		3,145
Payable for investments purchased	—		1,802
Other liabilities	983		1,094
Total liabilities	$	251,580	$	255,898
Commitments and contingencies (Note 6)
Net assets
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	$	—	$	—
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	134		134
Paid-in capital in excess of par	184,912		184,912
Total accumulated losses	(24,663)		(12,821)
Total net assets	160,383		172,225
Total liabilities and net assets	$	411,963	$	428,123
Number of common shares outstanding	13,398,078		13,398,078
Net asset value per share	$	11.97	$	12.85

See Notes to Consolidated Financial Statements (unaudited).

3

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(Dollar amounts in thousands, except per share data)

	Three Months Ended March 31,
	2025		2024
Investment income
Interest income:
Non-control/non-affiliate investments	$	9,580	$	11,051
Total interest income	9,580		11,051
Payment-in-kind interest and dividend income:
Non-control/non-affiliate investments	388		342
Affiliate investments	287		263
Total payment-in-kind interest and dividend income	675		605
Dividend income:
Non-control/non-affiliate investments	11		10
Affiliate investments	—		2,438
Total dividend income	11		2,448
Fee income:
Non-control/non-affiliate investments	29		129
Total investment income	10,295		14,233
Expenses
Interest expense	3,858		4,572
Base management fee	1,549		1,523
Income Incentive Fee	330		1,399
Professional fees	436		414
Administration fee	394		394
Other expenses	263		335
Total expenses	6,830		8,637
Net investment income	3,465		5,596
Net realized and unrealized gain (loss) on investments
Net realized loss on non-control/non-affiliate investments	(2,587)		(581)
Net realized gain on affiliate investments	—		1,379
Net unrealized depreciation on non-control/non-affiliate investments	(7,920)		(3,047)
Net unrealized depreciation on affiliate investments	(344)		(12,333)
Deferred tax (expense) benefit on net unrealized appreciation (depreciation)	99		(63)
Net loss on investments	(10,752)		(14,645)
Net decrease in net assets resulting from operations	$	(7,287)	$	(9,049)
Net investment income per common share – basic and diluted	$	0.26	$	0.42
Net decrease in net assets resulting from operations per common share – basic and diluted	$	(0.54)	$	(0.67)
Distributions declared per common share	$	0.34	$	0.34
Basic and diluted weighted-average common shares outstanding	13,398,078		13,398,078

See Notes to Consolidated Financial Statements (unaudited).

4

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(Dollar amounts in thousands, except per share data)

	Preferred Stock			Common Stock			Paid-in capital in excess of par		Total accumulated losses		Total net assets
	Number of shares	Par value		Number of shares	Par value
Balances at December 31, 2023	—	$	—	13,398,078	$	134	$	184,841	$	(22,971)	$	162,004
Net decrease in net assets resulting from operations:
Net investment income	—	—		—	—		—		5,596		5,596
Net realized gain on investments, net of taxes	—	—		—	—		—		798		798
Net unrealized depreciation on investments, net of deferred taxes	—	—		—	—		—		(15,443)		(15,443)
Dividend declared	—	—		—	—		—		(4,555)		(4,555)
Net decrease for the three month period ended March 31, 2024	—	—		—	—		—		(13,604)		(13,604)
Balances at March 31, 2024	—	$	—	13,398,078	$	134	$	184,841	$	(36,575)	$	148,400
Balances at December 31, 2024	—	$	—	13,398,078	$	134	$	184,912	$	(12,821)	$	172,225
Net decrease in net assets resulting from operations:
Net investment income	—	—		—	—		—		3,465		3,465
Net realized loss on investments, net of taxes	—	—		—	—		—		(2,587)		(2,587)
Net unrealized depreciation on investments, net of deferred taxes	—	—		—	—		—		(8,165)		(8,165)
Distributions declared	—	—		—	—		—		(4,555)		(4,555)
Net decrease for the three month period ended March 31, 2025	—	—		—	—		—		(11,842)		(11,842)
Balances at March 31, 2025	—	$	—	13,398,078	$	134	$	184,912	$	(24,663)	$	160,383

See Notes to Consolidated Financial Statements (unaudited).

5

OFS Capital Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(Dollar amounts in thousands)

	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities
Net decrease in net assets resulting from operations	$	(7,287)	$	(9,049)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain) loss on investments	2,587		(798)
Net unrealized depreciation on investments, net of deferred taxes	8,165		15,443
Amortization of Net Loan Fees	(199)		(298)
Amendment fees received	23		12
Payment-in-kind interest and dividend income	(675)		(604)
Accretion of interest income on Structured Finance Securities	(2,925)		(2,093)
Amortization of deferred debt issuance costs	371		391
Amortization of intangible asset	—		69
Purchase and origination of portfolio investments	(10,411)		(7,339)
Proceeds from principal payments on portfolio investments	3,290		9,854
Proceeds from sale or redemption of portfolio investments	3,137		2,049
Proceeds from distributions received from portfolio investments	3,504		3,621
Changes in operating assets and liabilities:
Interest and dividend receivable	333		(315)
Receivable for investments sold	7,147		—
Interest payable	(1,510)		(1,807)
Payable to adviser and affiliates	(839)		(176)
Payable for investments purchased	(1,802)		—
Other assets and liabilities	(68)		258
Net cash provided by operating activities	2,841		9,218
Cash flows from financing activities
Distributions paid to common stockholders	(4,555)		(4,555)
Borrowings under revolving lines of credit	9,750		3,000
Repayments under revolving lines of credit	(10,050)		(15,000)
Repayments of SBA debentures	—		(31,920)
Net cash used in financing activities	(4,855)		(48,475)
Net decrease in cash and cash equivalents	(2,014)		(39,257)
Cash and cash equivalents
Beginning of period	6,068		45,349
End of period	$	4,054	$	6,092
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$	4,997	$	5,987

See Notes to Consolidated Financial Statements (unaudited).

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OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Non-control/Non-affiliate Investments
Debt and Equity Investments
24 Seven Holdco, LLC (15)	Temporary Help Services
First Lien Debt		11.54%	SOFR+	7.13%	1/28/2022	11/16/2027	$	8,455	$	8,430	$	8,457	5.3	%
AIDC IntermediateCo 2, LLC (15)	Computer Systems Design Services
First Lien Debt		9.82%	SOFR+	5.50%	7/22/2022	7/22/2027	1,955		1,932		1,959		1.2
First Lien Debt		9.82%	SOFR+	5.50%	7/31/2023	7/22/2027	46		45		46		—
							2,001		1,977		2,005		1.2
Allen Media, LLC (15)	Cable and Other Subscription Programming
First Lien Debt		9.95%	SOFR+	5.50%	3/2/2021	2/10/2027	3,681		3,679		2,593		1.6
Associated Spring, LLC (15)	Spring Manufacturing
First Lien Debt		10.17%	SOFR+	5.75%	12/10/2024	4/4/2030	2,262		2,219		2,230		1.4
First Lien Debt (Delayed Draw) (5)		n/m (18)	SOFR+	5.75%	12/10/2024	4/4/2030	—		(8)		(24)		—
							2,262		2,211		2,206		1.4
Avison Young Inc. (15) (16)	Nonresidential Property Managers
First Lien Debt (11)		6.06% cash / 6.50% PIK	SOFR+	8.00%	11/25/2021	3/12/2029	1,590		1,590		1,273		0.8
First Lien Debt (6) (10) (11)		6.06% cash / 6.50% PIK	SOFR+	8.00%	11/25/2021	3/12/2029	533		469		19		—
Common Equity (1,185 Class B units) (10) (13)					3/12/2024				1,400		—		—
Preferred Equity (1,715 Class A units) 12.5% PIK (10) (13)					3/12/2024				1,269		—		—
							2,123		4,728		1,292		0.8
BayMark Health Services, Inc. (15)	Outpatient Mental Health and Substance Abuse Centers
Second Lien Debt		13.06%	SOFR+	8.50%	6/10/2021	6/11/2028	4,962		4,928		4,362		2.7
Second Lien Debt		13.06%	SOFR+	8.50%	6/10/2021	6/11/2028	3,988		3,959		3,505		2.2
							8,950		8,887		7,867		4.9
BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings)	Ice Cream and Frozen Dessert Manufacturing
Second Lien Debt		11.69%	SOFR+	7.25%	2/2/2022	6/8/2029	3,667		3,421		3,529		2.2

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OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Boca Home Care Holdings, Inc. (20)	Services for the Elderly and Persons with Disabilities
First Lien Debt (15)		10.92%	SOFR+	6.50%	2/25/2022	2/25/2027	$	9,394	$	9,335	$	9,394	5.9	%
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.50%	2/25/2022	2/25/2027	—		(7)		—		—
Common Equity (1,290 Class A units) (10)					2/25/2022				1,290		679		0.4
Preferred Equity (3,446 Class A Units) 12.0% cash / 2.0% PIK					3/3/2023				345		359		0.2
							9,394		10,963		10,432		6.5
Clevertech Bidco, LLC	Commodity Contracts Dealing
First Lien Debt (15)		11.20%	SOFR+	6.75%	11/3/2023	12/30/2027	3,157		3,093		3,126		1.9
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.75%	11/3/2023	12/30/2027	—		(6)		(3)		—
							3,157		3,087		3,123		1.9
Constellis Holdings, LLC (10)	Other Justice, Public Order, and Safety Activities
Common Equity (20,628 common shares)					3/27/2020				703		63		—
Convergint Technologies Holdings, LLC	Security Systems Services (except Locksmiths)
Second Lien Debt		11.19%	SOFR+	6.75%	9/28/2018	3/30/2029	5,938		5,881		5,938		3.7
Creation Technologies Inc. (15) (16)	Bare Printed Circuit Board Manufacturing
First Lien Debt		10.06%	SOFR+	5.50%	9/24/2021	10/5/2028	1,945		1,937		1,916		1.2
East West Manufacturing LLC (15)	Fluid Power Pump and Motor Manufacturing
First Lien Debt		10.04%	SOFR+	5.75%	2/11/2022	12/22/2028	1,905		1,895		1,905		1.2
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (19)	Electrical Contractors and Other Wiring Installation Contractors
First Lien Debt		7.50%	N/A		6/30/2017	12/31/2026	6,215		6,215		5,936		3.7
First Lien Debt (Revolver) (5)		7.50%	N/A		11/29/2021	12/31/2026	899		899		784		0.5
First Lien Debt (Secured Collateral) (21)		7.50%	N/A		1/10/2025		1,028		1,028		1,028		0.6
Second Lien Debt (6) (10)		10.00% PIK	N/A		6/30/2017	12/31/2027	8,893		6,584		—		—
Equity Participation Rights (10) (17)					12/31/2021				4,722		—		—
							17,035		19,448		7,748		4.8
Excelin Home Health, LLC	Home Health Care Services
Second Lien Debt		18.00% PIK	N/A		10/25/2018	10/1/2026	6,223		6,166		5,340		3.3

8

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
First Brands Group, LLC (14) (15)	Other Motor Vehicle Parts Manufacturing
First Lien Debt		9.55%	SOFR+	5.00%	8/23/2024	3/30/2027	$	3,334	$	3,296	$	3,106	1.9	%
First Lien Debt		9.55%	SOFR+	5.00%	8/26/2024	3/30/2027	1,628		1,612		1,517		0.9
							4,962		4,908		4,623		2.8
GGC Aerospace Topco L.P. (10)	Other Aircraft Parts and Auxiliary Equipment Manufacturing
Common Equity (368,852 Class A units)					12/29/2017				450		—		—
Common Equity (40,984 Class B units)					12/29/2017				50		—		—
									500		—		—
GoTo Group (F/K/A LogMeIn, Inc.) (14) (15)	Data Processing, Hosting, and Related Services
First Lien Debt		9.19%	SOFR+	4.75%	3/26/2021	4/28/2028	934		933		869		0.5
First Lien Debt		9.19%	SOFR+	4.75%	3/26/2021	4/28/2028	1,289		1,289		606		0.4
							2,223		2,222		1,475		0.9
Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) (14) (15)	Supermarkets and Other Grocery (except Convenience) Stores
First Lien Debt		11.15%	SOFR+	6.75%	7/20/2022	8/1/2029	8,977		8,801		7,758		4.8
Honor HN Buyer Inc.	Services for the Elderly and Persons with Disabilities
First Lien Debt (15)		10.20%	SOFR+	5.75%	10/15/2021	10/15/2027	6,384		6,330		6,384		4.0
First Lien Debt (15)		10.20%	SOFR+	5.75%	10/15/2021	10/15/2027	4,037		3,997		4,037		2.5
First Lien Debt (Revolver) (5)		12.25%	Prime+	4.75%	10/15/2021	10/15/2027	95		88		95		0.1
First Lien Debt (15)		10.20%	SOFR+	5.75%	3/31/2023	10/15/2027	4,492		4,460		4,492		2.8
First Lien Debt (Delayed Draw) (5) (15)		n/m (18)	SOFR+	5.75%	10/15/2024	10/15/2026	—		(19)		—		—
							15,008		14,856		15,008		9.4
Idera Inc.	Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
Second Lien Debt		11.19%	SOFR+	6.75%	1/27/2022	3/2/2029	2,683		2,683		2,533		1.6
Inergex Holdings, LLC (11)	Other Computer Related Services
First Lien Debt		11.45% cash / 2.00% PIK	SOFR+	7.00%	10/1/2018	10/1/2026	14,742		14,634		14,742		9.2
First Lien Debt (Revolver)		11.30% cash / 2.00% PIK	SOFR+	7.00%	10/1/2018	10/1/2026	2,344		2,344		2,344		1.5
							17,086		16,978		17,086		10.7
JP Intermediate B, LLC (6) (15)	Drugs and Druggists' Sundries Merchant Wholesalers
First Lien Debt		14.00%	Prime+	6.50%	1/14/2021	11/20/2027	4,638		4,491		1,904		1.2

9

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Kreg LLC	Other Ambulatory Health Care Services
First Lien Debt (11) (15)		10.70% cash / 0.50% PIK	SOFR+	6.25%	12/20/2021	12/20/2026	$	17,501	$	17,458	$	16,608	10.4	%
First Lien Debt (Revolver) (5)		10.55%	SOFR+	6.25%	12/20/2021	12/20/2026	891		888		823		0.5
							18,392		18,346		17,431		10.9
Medrina LLC	All Other Outpatient Care Centers
First Lien Debt (15)		10.44%	SOFR+	6.00%	10/20/2023	10/20/2029	2,206		2,162		2,228		1.4
First Lien Debt (Delayed Draw) (5) (15)		10.25%	SOFR+	6.00%	10/20/2023	10/20/2029	370		366		375		0.2
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.00%	10/20/2023	10/20/2029	—		(6)		—		—
							2,576		2,522		2,603		1.6
Metasource, LLC (15)	All Other Business Support Services
First Lien Debt		10.81% cash / 0.50% PIK	SOFR+	6.25%	5/17/2022	5/17/2027	2,737		2,708		2,598		1.6
One GI LLC	Offices of Other Holding Companies
First Lien Debt (15)		11.17%	SOFR+	6.75%	12/13/2021	12/22/2025	7,337		7,310		7,102		4.4
First Lien Debt (15)		11.17%	SOFR+	6.75%	12/13/2021	12/22/2025	3,867		3,852		3,743		2.3
First Lien Debt (Revolver)		11.17%	SOFR+	6.75%	12/13/2021	12/22/2025	1,444		1,439		1,398		0.9
							12,648		12,601		12,243		7.6
Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) (6)	Software Publishers
First Lien Debt		6.50%	N/A		3/13/2018	12/31/2026	16,648		14,113		8,291		5.2
PM Acquisition LLC (10)	All Other General Merchandise Stores
Common Equity (499 units)					9/30/2017				499		1,260		0.8
Redstone Holdco 2 LP (F/K/A RSA Security) (15)	Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
First Lien Debt (14)		9.30%	SOFR+	4.75%	4/16/2021	4/27/2028	1,715		1,710		934		0.6
Second Lien Debt		12.30%	SOFR+	7.75%	4/16/2021	4/27/2029	4,450		4,417		2,092		1.3
							6,165		6,127		3,026		1.9
RPLF Holdings, LLC (10) (13)	Software Publishers
Common Equity (345,339 Class A units)					1/17/2018				—		933		0.6

10

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
RumbleOn, Inc. (15) (16)	Other Industrial Machinery Manufacturing
First Lien Debt (11)		11.30% cash / 1.50% PIK	SOFR+	8.25%	8/31/2021	8/31/2026	$	2,619	$	2,562	$	2,493	1.6	%
First Lien Debt (11)		11.30% cash / 1.50% PIK	SOFR+	8.25%	8/31/2021	8/31/2026	790		780		752		0.5
Warrants (warrants to purchase up to $218,000 in common stock) (10)					8/31/2021	8/14/2028 (12)			200		15		—
							3,409		3,542		3,260		2.1
Sentry Centers Holdings, LLC (10) (13)	Convention and Trade Show Organizers
Preferred Equity (1,603 Series B units)					9/4/2020				160		1		—
Signal Parent, Inc. (14) (15)	New Single-Family Housing Construction (except For-Sale Builders)
First Lien Debt		7.92%	SOFR+	3.50%	3/25/2021	4/3/2028	1,780		1,772		1,491		0.9
SS Acquisition, LLC (20)	Sports and Recreation Instruction
First Lien Debt (15)		10.30%	SOFR+	6.00%	12/20/2024	12/20/2029	16,922		16,842		16,668		10.4
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.00%	12/20/2024	12/20/2029	—		(8)		(27)		—
							16,922		16,834		16,641		10.4
SSJA Bariatric Management LLC (10) (15) (20)	Offices of Physicians and Mental Health Specialists
First Lien Debt (6)		9.70% PIK	SOFR+	5.25%	8/26/2019	4/30/2025	10,908		9,563		4,717		2.9
First Lien Debt (6)		9.70% PIK	SOFR+	5.25%	12/31/2020	4/30/2025	1,179		1,033		510		0.3
First Lien Debt (6)		9.70% PIK	SOFR+	5.25%	12/8/2021	4/30/2025	2,970		2,600		1,284		0.8
First Lien Debt (Revolver) (6)		9.70% PIK	SOFR+	5.25%	8/26/2019	4/30/2025	304		266		132		0.1
Common Equity (867,591 Class F units) (13)					4/10/2024				—		—		—
							15,361		13,462		6,643		4.1
Staples, Inc. (14) (15)	Business to Business Electronic Markets
First Lien Debt		10.04%	SOFR+	5.75%	5/23/2024	9/4/2029	2,559		2,472		2,280		1.4
Tolemar Acquisition, Inc.	Motorcycle, Bicycle, and Parts Manufacturing
First Lien Debt (15)		10.42% cash / 1.00% PIK	SOFR+	6.00%	10/14/2021	10/14/2026	15,302		15,254		14,383		9.0
First Lien Debt (Revolver) (5)		10.42%	SOFR+	6.00%	10/14/2021	10/14/2026	1,029		1,025		937		0.6
							16,331		16,279		15,320		9.6

11

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
TruGreen Limited Partnership	Landscaping Services
Second Lien Debt		13.05%	SOFR+	8.50%	5/13/2021	11/2/2028	$	4,500	$	4,568	$	4,248	2.6	%
United Biologics Holdings, LLC (10) (13)	Medical Laboratories
Preferred Equity (151,787 units)					4/16/2013				9		—		—
Wellful Inc. (F/K/A KNS Acquisition Corp.) (15)	Electronic Shopping and Mail-Order Houses
First Lien Debt		9.44%	SOFR+	5.00%	12/19/2024	4/19/2030	2,844		2,844		2,787		1.7
First Lien Debt (11)		8.94% cash / 1.75% PIK	SOFR+	6.25%	4/16/2021	10/19/2030	4,362		4,362		3,315		2.1
							7,206		7,206		6,102		3.8
Total Debt and Equity Investments - Non-control/Non-affiliate Investments							$	259,547	$	262,072	$	219,172	136.5	%
Structured Finance Securities (16)
Apex Credit CLO 2020 Ltd. (7) (9)
Subordinated Notes		16.99%	N/A		11/16/2020	4/20/2035	$	11,080	$	9,304	$	7,310	4.6	%
Apex Credit CLO 2021 Ltd. (7) (9)
Subordinated Notes		15.41%	N/A		5/28/2021	7/18/2034	8,630		6,209		4,903		3.1
Apex Credit CLO 2022-1 Ltd. (7) (9)
Subordinated Notes		7.70%	N/A		4/28/2022	4/22/2033	10,726		8,399		6,068		3.8
Battalion CLO XI Ltd.
Mezzanine Debt - Class E		11.41%	SOFR+	6.85%	4/25/2022	4/24/2034	6,000		5,996		5,673		3.5
BlueMountain CLO XXXV Ltd. (7) (9)
Subordinated Notes		22.30%	N/A		10/30/2024	7/22/2035	7,800		5,851		5,333		3.3
Brightwood Capital MM CLO 2023-1, Ltd.
Mezzanine Debt - Class E		14.66%	SOFR+	10.36%	9/28/2023	10/15/2035	2,133		1,974		2,176		1.4
Subordinated Notes (7) (9)		11.49%	N/A		9/28/2023	10/15/2035	5,494		4,939		4,272		2.7
							7,627		6,913		6,448		4.1

12

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Canyon CLO 2019-1, Ltd. (7) (9)
Subordinated Notes		25.32%	N/A		8/22/2024	7/15/2037	$	18,453	$	9,477	$	9,891	6.2	%
Dryden 76 CLO, Ltd. (7) (9)
Subordinated Notes		9.29%	N/A		9/27/2019	10/15/2037	5,352		3,099		1,918		1.2
ICG US CLO 2021-3, Ltd. (7) (9)
Subordinated Notes		32.82%	N/A		8/8/2024	10/20/2034	16,750		8,223		9,893		6.2
LCM 42 Ltd.(7) (9)
Subordinated Notes		16.91%	N/A		12/19/2024	1/15/2038	3,500		3,117		3,117		1.9
Madison Park Funding XXIII, Ltd. (7) (9)
Subordinated Notes		10.77%	N/A		1/8/2020	7/27/2047	10,000		4,366		3,612		2.3
Madison Park Funding XXIX, Ltd. (7) (9)
Subordinated Notes		16.69%	N/A		12/22/2020	10/18/2047	10,971		5,496		5,208		3.2
Monroe Capital MML CLO X, Ltd.
Mezzanine Debt - Class E-R		13.07%	SOFR+	8.75%	4/22/2022	5/20/2034	1,000		982		1,000		0.6
Park Avenue Institutional Advisers CLO Ltd. 2021-1
Mezzanine Debt - Class D		11.85%	SOFR+	7.30%	1/26/2021	1/20/2034	1,000		987		998		0.6
THL Credit Wind River 2019‐3 CLO Ltd. (4) (7) (9)
Subordinated Notes		0.00%	N/A		4/5/2019	4/15/2031	7,000		3,758		1,252		0.8
Trinitas CLO VIII, Ltd. (4) (7) (9)
Subordinated Notes		0.00%	N/A		3/4/2021	7/20/2117	5,200		2,425		364		0.2
Venture 45 CLO, Limited
Mezzanine Debt - Class E		11.99%	SOFR+	7.70%	4/18/2022	7/20/2035	3,000		2,955		2,702		1.7

13

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)	Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Voya CLO 2024-7, Ltd. (7) (9)
Subordinated Notes		16.46%	N/A	1/7/2025	1/20/2038	$	4,275	$	3,844	$	3,844	2.4	%
Total Structured Finance Securities						$	138,364	$	91,401	$	79,534	49.7	%
Total Non-control/Non-affiliate Investments						$	397,911	$	353,473	$	298,706	186.2	%
Affiliate Investments
Contract Datascan Holdings, Inc. (20)	Office Machinery and Equipment Rental and Leasing
Preferred Equity (3,061 Series A shares) 10% PIK				8/5/2015				$	8,693	$	10,255	6.4	%
Common Equity (11,273 shares) (10)				6/28/2016				104		—		—
								8,797		10,255		6.4
DRS Imaging Services, LLC (10) (13) (20)	Data Processing, Hosting, and Related Services
Common Equity (1,135 units)				3/8/2018				1,135		1,848		1.2
Pfanstiehl Holdings, Inc. (8) (20)	Pharmaceutical Preparation Manufacturing
Common Equity (400 Class A shares)				1/1/2014				217		90,762		56.6
TalentSmart Holdings, LLC (10) (13) (20)	Professional and Management Development Training
Common Equity (1,595,238 Class A shares)				10/11/2019				1,595		1,500		0.9
Total Affiliate Investments								$	11,744	$	104,365	65.1	%
Total Investments						$	397,911	$	365,217	$	403,071	251.3	%

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

(2)As of March 31, 2025, the Company held loans and mezzanine debt investments with an aggregate fair value of $207,033 of the total loan portfolio, that bore interest at a variable rate indexed to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of March 31, 2025. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

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

(4)As of March 31, 2025, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security’s anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security’s then-current amortized cost.

(5)Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

(6)Investment was on non-accrual status as of March 31, 2025, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

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

14

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments - Continued (unaudited)

March 31, 2025

(Dollar amounts in thousands)

(8)Portfolio company represents greater than 5% of total assets as of March 31, 2025.

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

(10)Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.

(11)The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of March 31, 2025:

Portfolio Company	Investment Type	Maximum PIK Rate Allowed	Range of PIK Option	Range of Cash Option
Avison Young Inc.	First Lien Debt	6.50%	0% to 6.50%	6.06% to 12.56%
Avison Young Inc.	First Lien Debt	6.50%	0% to 6.50%	6.06% to 12.56%
Inergex Holdings, LLC	First Lien Debt	2.00%	0% to 2.00%	11.45% to 13.45%
Inergex Holdings, LLC	First Lien Debt (Revolver)	2.00%	0% to 2.00%	11.30% to 13.30%
Kreg LLC	First Lien Debt	0.50%	0% to 0.50%	10.70% to 11.20%
RumbleOn, Inc.	First Lien Debt	1.50%	0% to 1.50%	11.30% to 12.80%
RumbleOn, Inc.	First Lien Debt	1.50%	0% to 1.50%	11.30% to 12.80%
Wellful Inc. (F/K/A KNS Acquisition Corp.)	First Lien Debt	1.75%	0% to 1.75%	8.94% to 10.69%

(12)Represents expiration date of the warrants.

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

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

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

(16)Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company’s assets immediately following the acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 79% of the Company's assets were qualifying assets.

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

(18)Not meaningful as there is no outstanding balance on the revolver or delayed draw facility. The Company generally earns unfunded commitment fees on undrawn revolving lines of credit balances, which are reported in fee income.

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

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

(21)Represents cash collateral to secure a performance bond issued by a surety company for a construction project contract of the portfolio company. Any amount of the cash collateral withdrawn by the surety company will automatically become a first lien obligation under the credit agreement and have priority over the existing first lien debt of the portfolio company. In consideration of the cash collateral, the portfolio company is paying a 7.50% fee on the funded collateral amount, consistent with the interest rate on the existing first lien debt. The agreement terminates, and the cash collateral will be repaid, upon the completion of the project.

See Notes to Consolidated Financial Statements (unaudited).

15

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Non-control/Non-affiliate Investments
24 Seven Holdco, LLC (15)	Temporary Help Services
First Lien Debt		10.50%	SOFR+	6.00%	1/28/2022	11/16/2027	$	8,730	$	8,698	$	8,730	5.1	%
AIDC IntermediateCo 2, LLC (15)	Computer Systems Design Services
First Lien Debt		9.59%	SOFR+	5.25%	7/22/2022	7/22/2027	1,960		1,935		1,960		1.1
First Lien Debt		9.61%	SOFR+	5.25%	7/31/2023	7/22/2027	46		45		46		—
							2,006		1,980		2,006		1.1
Allen Media, LLC (15)	Cable and Other Subscription Programming
First Lien Debt		9.98%	SOFR+	5.50%	3/2/2021	2/10/2027	3,691		3,688		2,596		1.5
Associated Spring, LLC (15)	Spring Manufacturing
First Lien Debt		10.33%	SOFR+	5.75%	12/10/2024	4/4/2030	2,276		2,231		2,231		1.3
First Lien Debt (Delayed Draw) (5)		n/m (18)	SOFR+	5.75%	12/10/2024	4/4/2030	—		(9)		(9)		—
							2,276		2,222		2,222		1.3
Avison Young Inc. (8) (15)	Nonresidential Property Managers
First Lien Debt (11)		6.15% cash / 6.50% PIK	SOFR+	8.00%	11/25/2021	3/12/2029	1,564		1,564		1,405		0.8
First Lien Debt (6) (10) (11)		6.15% cash / 6.50% PIK	SOFR+	8.00%	11/25/2021	3/12/2029	527		474		197		0.1
Common Equity (1,185 Class B units) (10) (13)					3/12/2024				1,400		—		—
Preferred Equity (1,715 Class A units) 12.5% PIK (10) (13)					3/12/2024				1,269		—		—
							2,091		4,707		1,602		0.9
BayMark Health Services, Inc. (15)	Outpatient Mental Health and Substance Abuse Centers
Second Lien Debt		13.09%	SOFR+	8.50%	6/10/2021	6/11/2028	4,962		4,925		4,645		2.7
Second Lien Debt		13.12%	SOFR+	8.50%	6/10/2021	6/11/2028	3,988		3,957		3,733		2.2
							8,950		8,882		8,378		4.9
BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings)	Ice Cream and Frozen Dessert Manufacturing
Second Lien Debt		11.72%	SOFR+	7.25%	2/2/2022	6/8/2029	3,667		3,407		3,546		2.1

16

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Boca Home Care Holdings, Inc. (19)	Services for the Elderly and Persons with Disabilities
First Lien Debt (15)		10.96%	SOFR+	6.50%	2/25/2022	2/25/2027	$	9,627	$	9,568	$	9,560	5.6	%
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.50%	2/25/2022	2/25/2027	—		(7)		(9)		—
Common Equity (1,290 Class A units) (10)					2/25/2022				1,290		679		0.4
Preferred Equity (3,446 Class A Units), 12.0% cash / 2.0% PIK					3/3/2023				345		358		0.2
							9,627		11,196		10,588		6.2
Clevertech Bidco, LLC	Commodity Contracts Dealing
First Lien Debt (15)		11.23%	SOFR+	6.75%	11/3/2023	12/30/2027	3,166		3,097		3,124		1.8
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.75%	11/3/2023	12/30/2027	—		(6)		(4)		—
							3,166		3,091		3,120		1.8
Constellis Holdings, LLC (10)	Other Justice, Public Order, and Safety Activities
Common Equity (20,628 common shares)					3/27/2020				703		61		—
Convergint Technologies Holdings, LLC	Security Systems Services (except Locksmiths)
Second Lien Debt		11.22%	SOFR+	6.75%	9/28/2018	3/30/2029	5,938		5,878		5,938		3.4
Creation Technologies Inc. (8) (15)	Bare Printed Circuit Board Manufacturing
First Lien Debt		10.35%	SOFR+	5.50%	9/24/2021	10/5/2028	1,950		1,942		1,915		1.1
East West Manufacturing LLC (15)	Fluid Power Pump and Motor Manufacturing
First Lien Debt		10.11%	SOFR+	5.75%	2/11/2022	12/22/2028	1,910		1,899		1,910		1.1
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (17)	Electrical Contractors and Other Wiring Installation Contractors
First Lien Debt		7.50%	N/A		6/30/2017	12/31/2025	6,231		6,231		6,231		3.6
First Lien Debt (Revolver) (5)		7.50%	N/A		11/29/2021	12/31/2025	899		899		899		0.5
Second Lien Debt (6) (10)		10.00% PIK	N/A		6/30/2017	12/31/2026	8,677		6,584		2,018		1.2
Equity Participation Rights (7) (10)					12/31/2021				4,722		—		—
							15,807		18,436		9,148		5.3
Excelin Home Health, LLC	Home Health Care Services
Second Lien Debt		18.00% PIK	N/A		10/25/2018	10/1/2026	5,955		5,891		4,913		2.9

17

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
First Brands Group, LLC (14) (15)	Other Motor Vehicle Parts Manufacturing
First Lien Debt		9.85%	SOFR+	5.00%	8/23/2024	3/30/2027	$	3,343	$	3,300	$	3,148	1.8	%
First Lien Debt		9.85%	SOFR+	5.00%	8/26/2024	3/30/2027	1,632		1,614		1,533		0.9
							4,975		4,914		4,681		2.7
GGC Aerospace Topco L.P. (10)	Other Aircraft Parts and Auxiliary Equipment Manufacturing
Common Equity (368,852 Class A units)					12/29/2017				450		—		—
Common Equity (40,984 Class B units)					12/29/2017				50		—		—
									500		—		—
GoTo Group (F/K/A LogMeIn, Inc.) (14) (15)	Data Processing, Hosting, and Related Services
First Lien Debt		9.30%	SOFR+	4.75%	3/26/2021	4/28/2028	936		936		855		0.5
First Lien Debt		9.30%	SOFR+	4.75%	3/26/2021	4/28/2028	1,293		1,292		594		0.3
							2,229		2,228		1,449		0.9
Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets) (14) (15)	Supermarkets and Other Grocery (except Convenience) Stores
First Lien Debt		11.18%	SOFR+	6.75%	7/20/2022	8/1/2029	9,000		8,813		8,591		5.0
Honor HN Buyer Inc	Services for the Elderly and Persons with Disabilities
First Lien Debt (15)		10.23%	SOFR+	5.75%	10/15/2021	10/15/2027	6,400		6,341		6,400		3.7
First Lien Debt (15)		10.23%	SOFR+	5.75%	10/15/2021	10/15/2027	4,047		4,004		4,047		2.4
First Lien Debt (Revolver) (5)		12.25%	Prime+	4.75%	10/15/2021	10/15/2027	95		88		95		0.1
First Lien Debt (15)		10.23%	SOFR+	5.75%	3/31/2023	10/15/2027	4,503		4,469		4,503		2.6
First Lien Debt (Delayed Draw) (5) (15)		n/m (18)	SOFR+	5.75%	10/15/2024	10/15/2026	—		(22)		—		—
							15,045		14,880		15,045		8.8
Idera Inc.	Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
Second Lien Debt		11.47%	SOFR+	6.75%	1/27/2022	3/2/2029	2,683		2,683		2,683		1.6
Inergex Holdings, LLC (11)	Other Computer Related Services
First Lien Debt		11.47% cash / 2.00% PIK	SOFR+	7.00%	10/1/2018	10/1/2026	14,784		14,658		14,784		8.6
First Lien Debt (Revolver)		11.74% cash / 2.00% PIK	SOFR+	7.00%	10/1/2018	10/1/2026	2,344		2,344		2,344		1.4
							17,128		17,002		17,128		10.0

18

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Ivanti Software, Inc. (14) (15)	Software Publishers
First Lien Debt		9.12%	SOFR+	4.25%	3/26/2021	12/1/2027	$	2,903	$	2,908	$	2,014	1.2	%
JP Intermediate B, LLC (6) (15)	Drugs and Druggists' Sundries Merchant Wholesalers
First Lien Debt		14.00%	Prime+	6.50%	1/14/2021	11/20/2027	4,638		4,491		2,102		1.2
Kreg LLC	Other Ambulatory Health Care Services
First Lien Debt (11) (15)		8.73% cash / 2.50% PIK	SOFR+	4.25%	12/20/2021	12/20/2026	17,582		17,533		16,720		9.7
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.25%	12/20/2021	12/20/2026	—		(4)		(66)		—
							17,582		17,529		16,654		9.7
Medrina LLC	All Other Outpatient Care Centers
First Lien Debt (15)		10.44%	SOFR+	6.00%	10/20/2023	10/20/2029	2,212		2,167		2,234		1.3
First Lien Debt (Delayed Draw) (5) (15)		n/m (18)	SOFR+	6.00%	10/20/2023	10/20/2029	—		(1)		4		—
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.00%	10/20/2023	10/20/2029	—		(6)		—		—
							2,212		2,160		2,238		1.3
Metasource, LLC (15)	All Other Business Support Services
First Lien Debt		10.84% cash / 0.50% PIK	SOFR+	6.25%	5/17/2022	5/17/2027	2,741		2,708		2,593		1.5
One GI LLC	Offices of Other Holding Companies
First Lien Debt (15)		11.21%	SOFR+	6.75%	12/13/2021	12/22/2025	7,356		7,320		7,143		4.1
First Lien Debt (15)		11.21%	SOFR+	6.75%	12/13/2021	12/22/2025	3,877		3,857		3,764		2.2
First Lien Debt (Revolver)		11.25%	SOFR+	6.75%	12/13/2021	12/22/2025	1,444		1,437		1,403		0.8
							12,677		12,614		12,310		7.1
Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC) (6)	Software Publishers
First Lien Debt		6.50%	N/A		3/13/2018	12/31/2026	16,648		14,113		7,159		4.2
PM Acquisition LLC	All Other General Merchandise Stores
Common Equity (499 units) (10)					9/30/2017				499		1,196		0.7

19

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Redstone Holdco 2 LP (F/K/A RSA Security) (15)	Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
First Lien Debt (14)		9.60%	SOFR+	4.75%	4/16/2021	4/27/2028	$	1,715	$	1,710	$	1,039	0.6	%
Second Lien Debt		12.60%	SOFR+	7.75%	4/16/2021	4/27/2029	4,450		4,415		2,563		1.5
							6,165		6,125		3,602		2.1
RPLF Holdings, LLC (10) (13)	Software Publishers
Common Equity (345,339 Class A units)					1/17/2018				—		1,834		1.1
RumbleOn, Inc. (8) (15)	Other Industrial Machinery Manufacturing
First Lien Debt (11)		12.10% Cash / 1.50% PIK	SOFR+	8.75%	8/31/2021	8/31/2026	2,609		2,549		2,476		1.4
First Lien Debt (11)		12.10% Cash / 1.50% PIK	SOFR+	8.75%	8/31/2021	8/31/2026	787		778		747		0.4
Warrants (warrants to purchase up to $218,000 in common stock) (10)					8/31/2021	8/14/2028 (12)			200		34		—
							3,396		3,527		3,257		1.8
Sentry Centers Holdings, LLC (10) (13)	Other Professional, Scientific, and Technical Services
Preferred Equity (1,603 Series B units)					9/4/2020				160		1		—
Signal Parent, Inc. (14) (15)	New Single-Family Housing Construction (except For-Sale Builders)
First Lien Debt		7.96%	SOFR+	3.50%	3/25/2021	4/3/2028	1,785		1,776		1,605		0.9
SS Acquisition, LLC (19)	Sports and Recreation Instruction
First Lien Debt (15)		10.35%	SOFR+	6.00%	12/20/2024	12/20/2029	16,964		16,880		16,880		9.8
First Lien Debt (Revolver) (5)		n/m (18)	SOFR+	6.00%	12/20/2024	12/20/2029	—		(9)		(9)		—
							16,964		16,871		16,871		9.8
SSJA Bariatric Management LLC (10) (15) (19)	Offices of Physicians, Mental Health Specialists
First Lien Debt (6)		9.73%	SOFR+	5.25%	8/26/2019	4/30/2025	10,649		9,563		6,624		3.8
First Lien Debt (6)		9.73%	SOFR+	5.25%	12/31/2020	4/30/2025	1,151		1,033		716		0.4
First Lien Debt (6)		9.73%	SOFR+	5.25%	12/8/2021	4/30/2025	2,899		2,600		1,803		1.0
First Lien Debt (Revolver) (6)		9.73%	SOFR+	5.25%	8/26/2019	4/30/2025	297		266		185		0.1
Common Equity (867,591 Class F units) (13)					4/10/2024				—		—		—
							14,996		13,462		9,328		5.3

20

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
Staples, Inc. (14) (15)	Business to Business Electronic Markets
First Lien Debt		10.18%	SOFR+	5.75%	5/23/2024	9/4/2029	$	2,565	$	2,473	$	2,458	1.4	%
Tolemar Acquisition, Inc.	Motorcycle, Bicycle, and Parts Manufacturing
First Lien Debt (15)		10.46% Cash / 1.00% PIK	SOFR+	6.00%	10/14/2021	10/14/2026	15,302		15,248		14,460		8.4
First Lien Debt (Revolver) (5)		10.55%	SOFR+	6.00%	10/14/2021	10/14/2026	1,029		1,024		944		0.5
							16,331		16,272		15,405		8.9
TruGreen Limited Partnership	Landscaping Services
Second Lien Debt		13.35%	SOFR+	8.50%	5/13/2021	11/2/2028	4,500		4,573		4,293		2.5
United Biologics Holdings, LLC (10) (13)	Medical Laboratories
Preferred Equity (4,701 units)					4/16/2013				9		—		—
Wellful Inc. (F/K/A KNS Acquisition Corp.) (15)	Electronic Shopping and Mail-Order Houses
First Lien Debt		9.48%	SOFR+	5.00%	12/19/2024	4/19/2030	2,844		2,844		2,844		1.7
First Lien Debt		10.72%	SOFR+	6.25%	4/16/2021	10/19/2030	4,354		4,354		4,354		2.5
							7,198		7,198		7,198		4.2
Total Debt and Equity Investments							$	260,122	$	263,106	$	228,367	132.6	%
Structured Finance Securities (8)
Apex Credit CLO 2020 Ltd. (9) (16)
Subordinated Notes		18.21%	N/A		11/16/2020	4/20/2035	$	11,080	$	9,388	$	7,717	4.5	%
Apex Credit CLO 2021 Ltd. (9) (16)
Subordinated Notes		18.66%	N/A		5/28/2021	7/18/2034	8,630		6,400		5,282		3.1
Apex Credit CLO 2022-1 Ltd. (9) (16)
Subordinated Notes		13.26%	N/A		4/28/2022	4/22/2033	10,726		8,598		6,213		3.6
Battalion CLO XI Ltd.
Mezzanine Debt - Class E		11.75%	SOFR+	6.85%	4/24/2022	4/24/2034	6,000		5,981		5,659		3.3

21

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
BlueMountain CLO XXXV Ltd. (9) (16)
Subordinated Notes		15.30%	N/A		10/30/2024	10/22/2037	$	5,800	$	4,270	$	4,217	2.4	%
Brightwood Capital MM CLO 2023-1, Ltd.
Mezzanine Debt - Class E		15.02%	SOFR+	10.36%	9/28/2023	10/15/2035	2,133		1,965		2,177		1.3
Subordinated Notes (9) (16)		11.91%	N/A		9/28/2023	10/15/2035	5,494		4,960		4,461		2.6
							7,627		6,924		6,638		3.9
Canyon CLO 2019-1, Ltd. (9) (16)
Subordinated Notes		23.97%	N/A		8/22/2024	7/15/2037	18,453		9,492		10,296		6.0
Dryden 76 CLO, Ltd. (9) (16)
Subordinated Notes		10.31%	N/A		9/27/2019	10/15/2037	5,352		3,131		2,210		1.3
ICG US CLO 2021-3, Ltd. (9) (16)
Subordinated Notes		30.03%	N/A		8/8/2024	10/20/2034	16,750		8,082		9,734		5.7
LCM 42 Ltd. (9) (16)
Subordinated Notes		16.91%	N/A		12/19/2024	1/15/2038	3,500		2,993		2,993		1.7
Madison Park Funding XXIII, Ltd. (9) (16)
Subordinated Notes		12.68%	N/A		1/8/2020	7/27/2047	10,000		4,559		4,140		2.4
Madison Park Funding XXIX, Ltd. (9) (16)
Subordinated Notes		6.34%	N/A		12/22/2020	10/18/2047	9,500		4,866		3,604		2.1
Monroe Capital MML CLO X, Ltd.
Mezzanine Debt - Class E-R		13.27%	SOFR+	8.75%	4/22/2022	5/20/2034	1,000		978		1,000		0.6
Octagon Investment Partners 39, Ltd. (4) (9) (16)
Subordinated Notes		0.00%	N/A		1/23/2020	10/20/2030	7,000		2,997		1,234		0.7
Park Avenue Institutional Advisers CLO Ltd. 2021-1
Mezzanine Debt - Class D		12.18%	SOFR+	7.30%	1/26/2021	1/20/2034	1,000		986		998		0.6

22

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

Portfolio Company (1) Investment Type	Industry	Interest Rate (2)	Spread Above Index (2)		Initial Acquisition Date	Maturity	Principal Amount		Amortized Cost		Fair Value (3)		Percent of Net Assets
THL Credit Wind River 2019‐3 CLO Ltd. (4) (9) (16)
Subordinated Notes		0.00%	N/A		4/5/2019	4/15/2031	$	7,000	$	3,923	$	1,618	0.9	%
Trinitas CLO VIII, Ltd. (4) (9) (16)
Subordinated Notes		0.00%	N/A		3/4/2021	7/20/2117	5,200		2,464		582		0.3
Venture 45 CLO, Limited
Mezzanine Debt - Class E		12.32%	SOFR+	7.70%	4/18/2022	7/20/2035	3,000		2,952		2,739		1.6
Total Structured Finance Securities							$	137,618	$	88,983	$	76,875	44.6	%
Total Non-control/Non-affiliate Investments							$	397,740	$	352,089	$	305,242	177.2	%
Affiliate Investments
Contract Datascan Holdings, Inc. (19)	Office Machinery and Equipment Rental and Leasing
Preferred Equity (3,061 Series A shares) 10% PIK					8/5/2015				$	8,407	$	11,890	6.9	%
Common Equity (11,273 shares) (10)					6/28/2016				104		441		0.3
									8,511		12,331		7.2
DRS Imaging Services, LLC (10) (13) (19)	Data Processing, Hosting, and Related Services
Common Equity (1,135 units)					3/8/2018				1,135		1,190		0.7
Pfanstiehl Holdings, Inc. (19) (20)	Pharmaceutical Preparation Manufacturing
Common Equity (400 Class A shares)					1/1/2014				217		89,298		51.8	%
TalentSmart Holdings, LLC (10) (13) (19)	Professional and Management Development Training
Common Equity (1,595,238 Class A shares)					10/11/2019				1,595		1,604		0.9
Total Affiliate Investments									$	11,458	$	104,423	60.6	%
Total Investments							$	397,740	$	363,547	$	409,665	237.9	%

23

OFS Capital Corporation and Subsidiaries

Consolidated Schedule of Investments

December 31, 2024

(Dollar amounts in thousands)

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

(2)As of December 31, 2024, the Company held loans and mezzanine debt investments with an aggregate fair value of $215,559 that bore interest at a variable rate indexed to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of December 31, 2024. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

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

(4)As of December 31, 2024, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security's anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost.

(5)Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

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

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

(8)Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 80% of the Company's assets were qualifying assets.

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

(10)Non-income producing.

(11)The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2024:

Portfolio Company	Investment Type	Maximum PIK Rate Allowed	Range of PIK Option	Range of Cash Option
Avison Young Inc.	First Lien Debt	6.50%	0% to 6.50%	6.15% to 12.65%
Avison Young Inc.	First Lien Debt	6.50%	0% to 6.50%	6.15% to 12.65%
Inergex Holdings, LLC	First Lien Debt	2.00%	0% to 2.00%	11.47% to 13.47%
Inergex Holdings, LLC	First Lien Debt (Revolver)	2.00%	0% to 2.00%	11.74% to 13.74%
Kreg LLC	First Lien Debt	2.50%	0% to 2.00%	8.73% to 10.73%
RumbleOn, Inc.	First Lien Debt	1.50%	0% to 1.50%	12.10% to 13.60%
RumbleOn, Inc.	First Lien Debt	1.50%	0% to 1.50%	12.10% to 13.60%

(12)Represents expiration date of the warrants.

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

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

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

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

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

(18)Not meaningful as there is no outstanding balance on the revolver or delayed draw loan. The Company earns unfunded commitment fees on undrawn revolving lines of credit balances, which are reported in fee income.

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

(20)Portfolio company at fair value represents greater than 5% of total assets at December 31, 2024.

See Notes to Consolidated Financial Statements.

24

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 1. Organization

OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company has elected to be regulated as a BDC under the 1940 Act. In addition, for income tax purposes, the Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code.

The Company’s investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments.

OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company. In addition, OFS Advisor serves as the investment adviser to HPCI, a non-traded BDC with an investment strategy and objective similar to that of the Company. OFS Advisor also serves as the investment adviser to OCCI, a non-diversified, externally managed, closed-end management investment company that is registered as an investment company under the 1940 Act and that primarily invests in Structured Finance Securities. Additionally, OFS Advisor serves as the investment adviser to separately-managed accounts and sub-advisor to investment companies managed by an affiliate.

The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB.

OFSCC-FS, an indirect wholly owned and consolidated subsidiary of the Company, is a special-purpose vehicle formed in April 2019 for the purpose of acquiring senior secured loan investments. OFSCC-FS has debt financing through its BNP Facility, which provides OFSCC-FS with borrowing capacity of up to $150,000, subject to a borrowing base and other covenants.

SBIC I LP is an investment company subsidiary previously licensed under the SBA’s small business investment company program that was subject to SBA regulations and policies. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures and, on April 17, 2024, surrendered its license to operate as a SBIC.

OFSCC-MB is a wholly owned and consolidated subsidiary taxed under subchapter C of the Code that generally holds the Company’s equity investments in portfolio companies that are taxed as pass-through entities.

Note 2. Summary of Significant Accounting Policies

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies. The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of, and for, the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 4, 2025. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.

Significant Accounting Policies: The following information supplements the description of significant accounting policies contained in Note 2 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications.

Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company exceeds the federally insured limits. The Company places cash deposits only with high credit quality

25

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. If borrowers completely fail to perform according to the terms of the contracts, the amount of loss due to credit risk from the Company’s investments is equal to the sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6.

Cash and cash equivalents: The Company’s cash and cash equivalent balances are maintained with a member bank of the FDIC, and such balances generally exceed the FDIC insurance limit. The Company does not believe its cash and cash equivalent balances are exposed to any significant credit risk. Cash and cash equivalent balances are held in US Bank Trust Company, National Association and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash and cash equivalents held by OFSCC-FS is limited by the terms and conditions of the BNP Facility, including but not limited to, the payment of interest expense and principal on the outstanding borrowings.

Note 3. Related Party Transactions

Investment Advisory and Management Agreement: OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company pursuant to the Investment Advisory Agreement. The continuation of the Investment Advisory Agreement was most recently approved by the Board on April 3, 2025. Under the terms of the Investment Advisory Agreement, which are in accordance with the 1940 Act and subject to the overall supervision of the Board, OFS Advisor is responsible for sourcing potential investments, conducting research and diligence on potential investments and equity sponsors, analyzing investment opportunities, structuring investments, and monitoring investments and portfolio companies on an ongoing basis.

OFS Advisor’s services under the Investment Advisory Agreement are not exclusive to the Company and OFS Advisor is free to furnish similar services to other entities, including other funds affiliated with OFS Advisor, so long as its services to the Company are not impaired. OFS Advisor also serves as the investment adviser or sub-adviser to various clients, including HPCI and OCCI.

OFS Advisor receives fees for providing services to the Company, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.75% and based on the average value of the Company’s total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and assets owned by any consolidated entity) at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the quarter.

For the years ended December 31, 2025 and 2024, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. OFS Advisor’s base management fee reduction is renewable on an annual basis, and OFS Advisor is not entitled to recoup the amount of the base management fee reduced with respect to the OFSCC-FS Assets. OFS Advisor most recently renewed the agreement to reduce its base management fee for the 2025 calendar year on January 8, 2025.

The incentive fee has two parts. The first part of the incentive fee (“Income Incentive Fee”) is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination and sourcing, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend and zero coupon securities), accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income is expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter and adjusted for any share issuances or repurchases during such quarter.

The incentive fee with respect to pre-incentive fee net income is 20.0% of the amount, if any, by which the pre-incentive fee net investment income for the immediately preceding calendar quarter exceeds a 2.0% hurdle rate (which is 8.0% annualized) and a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, OFS Advisor receives no incentive fee until the net investment income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100.0% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%. The effect of this provision is that, if pre-incentive fee net

26

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

investment income exceeds 2.5% in any calendar quarter, OFS Advisor will receive 20.0% of the pre-incentive fee net investment income.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly minimum hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses. The Company’s net investment income used to calculate this part of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the base management fee. These calculations are appropriately prorated for any period of less than three months.

The second part of the incentive fee (the “Capital Gains Fee”) is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the Company’s aggregate realized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the end of each calendar year, computed net of all realized capital losses, losses on extinguishment of debt, income taxes from realized capital gains and unrealized capital depreciation through the end of such year, less all previous amounts paid in respect of the Capital Gains Fee. Since inception through March 31, 2025, the Company has not made a Capital Gains Fee payment.

The Company accrues the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) is positive. An accrued Capital Gains Fee relating to net unrealized appreciation is deferred, and not due to OFS Advisor, until the close of the year in which such gains are realized. If, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) decreases during a period, the Company will reverse any excess Capital Gains Fee previously accrued such that the amount of Capital Gains Fee accrued is no more than 20% of the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation). As of March 31, 2025 and December 31, 2024, there were no accrued Capital Gains Fees.

License Agreement: The Company entered into a license agreement with OFSAM under which OFSAM has granted the Company a non-exclusive, royalty-free license to use the name “OFS.”

Administration Agreement: OFS Services furnishes the Company with office facilities and equipment, necessary software licenses and subscriptions, and clerical, bookkeeping and record keeping services at such facilities pursuant to the Administration Agreement. The continuation of the Administration Agreement was most recently approved by the Board on April 3, 2025. Under the Administration Agreement, OFS Services performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and all other reports and materials required to be filed with the SEC or any other regulatory authority. In addition, OFS Services assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, OFS Services also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. Payment under the Administration Agreement is equal to an amount based upon the Company’s allocable portion of OFS Services’s overhead in performing its obligations under the Administration Agreement, including, but not limited to, rent, information technology services and the Company’s allocable portion of the cost of its officers, including its chief executive officer, chief financial officer, chief compliance officer, chief accounting officer, and their respective staffs. To the extent that OFS Services outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to OFS Services.

Equity Ownership: As of March 31, 2025, affiliates of OFS Advisor held approximately 3,025,425 shares of common stock, which is approximately 22.6% of the Company’s outstanding shares of common stock.

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three months ended March 31, 2025 and 2024 are presented below:

	Three Months Ended March 31,
	2025		2024
Base management fee	$	1,549	$	1,523
Income Incentive Fee	330		1,399
Administration fee	394		394
Distributions paid to affiliates	1,029		1,028

27

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 4. Investments

As of March 31, 2025, the Company had loans to 35 portfolio companies, of which approximately 85% were first lien debt investments and 15% were second lien debt investments, at fair value. The Company also had equity investments in 15 portfolio companies and 18 investments in Structured Finance Securities. As of March 31, 2025, the Company’s investments consisted of the following:

			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	208,368	57.0	%	129.8	%	$	184,315	45.8	%	114.9	%
Second lien debt investments	42,607		11.7		26.6		31,547		7.8		19.7
Preferred equity	10,476		2.9		6.5		10,615		2.6		6.6
Common equity, warrants and other(2)	12,365		3.4		7.7		97,060		24.1		60.4
Total debt and equity investments	273,816		75.0		170.6		323,537		80.3		201.6
Structured Finance Securities	91,401		25.0		57.0		79,534		19.7		49.7
Total investments	$	365,217	100.0	%	227.6	%	$	403,071	100.0	%	251.3	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $127,864 and $118,904, respectively.

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

Geographic composition is determined by the location of the corporate headquarters of the portfolio company. All international investments are denominated in US dollars. As of March 31, 2025 and December 31, 2024, the Company’s investment portfolio was domiciled as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States	$	269,088	$	322,244	$	269,856	$	331,188
Canada(1)	4,728		1,293		4,708		1,602
Cayman Islands(1)(2)	84,488		73,086		82,059		70,237
Jersey(1)(2)	6,913		6,448		6,924		6,638
Total investments	$	365,217	$	403,071	$	363,547	$	409,665

(1) Represents non-qualifying assets under Section 55(a) of the 1940 Act.

(2) Investments domiciled in the Cayman Islands and Jersey represent certain Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States.

As of March 31, 2025, the industry composition of the Company’s investment portfolio was as follows:

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	21,747	6.0	%	13.6	%	$	21,241	5.3	%	13.2	%
Construction	21,220		5.8		13.2		9,239		2.3		5.8
Education Services	18,429		5.0		11.5		18,141		4.5		11.3
Finance and Insurance	3,087		0.8		1.9		3,123		0.8		1.9
Health Care and Social Assistance	75,211		20.6		46.9		65,324		16.2		40.7
Information	21,149		5.8		13.2		15,140		3.8		9.4
Management of Companies and Enterprises	12,601		3.5		7.9		12,243		3.0		7.6
Manufacturing	34,910		9.6		21.7		123,522		30.6		77.0
Professional, Scientific, and Technical Services	18,955		5.2		11.8		19,091		4.7		11.9

28

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Public Administration	$	703	0.2	%	0.4	%	$	63	—	%	—	%
Real Estate and Rental and Leasing	13,525		3.7		8.4		11,547		2.9		7.2
Retail Trade	16,506		4.5		10.3		15,120		3.8		9.4
Wholesale Trade	15,773		4.3		9.8		9,743		2.4		6.1
Total debt and equity investments	$	273,816	75.0	%	170.6	%	$	323,537	80.3	%	201.6	%
Structured Finance Securities	91,401		25.0		57.0		79,534		19.7		49.7
Total investments	$	365,217	100.0	%	227.6	%	$	403,071	100.0	%	251.3	%

As of December 31, 2024, the Company had loans to 36 portfolio companies, of which 85% were first lien debt investments and 15% were second lien debt investments, at fair value. The Company also held equity investments in 15 portfolio companies and 18 investments in Structured Finance Securities. At December 31, 2024, the Company’s investments consisted of the following:

			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	209,696	57.7	%	121.8	%	$	189,874	46.3	%	110.3	%
Second lien debt investments	42,313		11.6		24.6		34,331		8.4		19.9
Preferred equity	10,190		2.8		5.9		12,248		3.0		7.1
Common equity, warrants and other(2)	12,365		3.4		7.2		96,337		23.5		56.0
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $128,147 and $119,169, respectively.

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

29

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

As of December 31, 2024, the industry compositions of the Company’s debt and equity investments were as follows:

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,016	6.1	%	12.8	%	$	21,555	5.2	%	12.5	%
Construction	20,213		5.6		11.7		10,753		2.6		6.2
Education Services	18,466		5.0		10.7		18,475		4.5		10.7
Finance and Insurance	3,091		0.9		1.8		3,121		0.8		1.8
Health Care and Social Assistance	74,008		20.4		43.0		67,144		16.4		39.1
Information	24,071		6.6		14.1		16,242		4.0		9.5
Management of Companies and Enterprises	12,614		3.5		7.3		12,309		3.0		7.1
Manufacturing	34,899		9.6		20.4		122,234		29.8		71.1
Professional, Scientific, and Technical Services	18,982		5.2		11.0		19,134		4.7		11.1
Public Administration	703		0.2		0.4		61		—		—
Real Estate and Rental and Leasing	13,218		3.6		7.6		13,932		3.4		8.1
Retail Trade	16,511		4.5		9.6		16,985		4.1		9.9
Wholesale Trade	15,773		4.3		9.1		10,845		2.7		6.2
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

Non-Accrual Loans: Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment. For the three months ended March 31, 2025, no new loans were placed on non-accrual status. The aggregate amortized cost and fair value of loans on non-accrual status as of March 31, 2025 was $39,119 and $16,857, respectively, and as of December 31, 2024 was $39,124 and $20,803, respectively.

Portfolio Concentration: The following table presents the Company’s portfolio companies based on fair value that comprise greater than 10% of the Company’s total net assets as of March 31, 2025:

							Percentage of Total
Portfolio Company	Investment Type	Industry	Amortized Cost		Fair Value		Fair Value		Net Assets
Pfanstiehl Holdings, Inc.	Common Equity	Manufacturing	$	217	$	90,762	22.5	%	56.6	%
Kreg LLC	First Lien Debt	Health Care and Social Assistance	18,346		17,431		4.3		10.9
Inergex Holdings, LLC	First Lien Debt	Professional, Scientific, and Technical Services	16,978		17,086		4.2		10.7
SS Acquisition, LLC(1)	First Lien Debt	Education Services	16,834		16,641		4.1		10.4

(1) As of March 31, 2025, the Company had an outstanding commitment of $1,786 related to the portfolio company’s undrawn revolver facility.

As of March 31, 2025, approximately 4.5% and 11.4% of the Company’s total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.

30

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 5. Fair Value of Financial Instruments

The Company’s investments are carried at fair value and determined in accordance with ASC 820 and a documented valuation policy that is applied in a consistent manner. Pursuant to Rule 2a-5 of the 1940 Act (“Rule 2a-5”), the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments, and the Board maintains oversight of OFS Advisor in its capacity as valuation designee, as prescribed in Rule 2a-5. The Company engages third-party valuation firms to provide assistance to OFS Advisor in determining the fair value for a majority of its investments.

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

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

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

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

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

The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the measurement date. The following table presents the Company’s transfers of Level 2 and Level 3 debt investments for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Transfers from Level 2 to Level 3	$	—	$	1,910
Transfers from Level 3 to Level 2	—		11,723

Transfers between levels during the reporting periods were due to the availability of reliable Indicative Prices in those periods. The Company classifies loan investments as Level 2 when sufficient Indicative Prices are available, and the depth of the market is sufficient, in management's judgment, to transact at those prices in amounts approximating the Company’s investment position at the measurement date.

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

31

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

The following tables present the Company’s investment portfolio measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

Security	Level 1		Level 2		Level 3		Fair Value as of March 31, 2025
Debt investments	$	—	$	18,561	$	197,301	$	215,862
Equity investments	—		—		107,675		107,675
Structured Finance Securities	—		—		79,534		79,534
	$	—	$	18,561	$	384,510	$	403,071

Security	Level 1		Level 2		Level 3		Fair Value as of December 31, 2024
Debt investments	$	—	$	21,837	$	202,368	$	224,205
Equity investments	—		—		108,585		108,585
Structured Finance Securities	—		—		76,875		76,875
	$	—	$	21,837	$	387,828	$	409,665

32

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

The following tables provides the primary quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of March 31, 2025 and December 31, 2024. The Company may make changes to the valuation techniques, among techniques otherwise commonly utilized in accordance with its valuation policies, and/or the weighting of techniques used for particular investments based on changes in facts-and-circumstances and depending on the availability of, or changes in, information in order to produce the best estimate of fair value as of the measurement date. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor’s valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s investment assets. The tables are not intended to be all-inclusive and only present the most significant unobservable input(s) relevant to the valuation designee’s determination of fair value.

	Fair Value as of March 31, 2025		Valuation technique	Unobservable inputs	Range (Weighted average)
Debt investments:
First lien	$	141,149	Discounted cash flow	Discount rates	8.78% - 35.00% (13.06%)
	22,682		Market approach	EBITDA multiples	3.00x - 8.50x (6.36x)
	1,923		Market approach	Revenue multiples	0.28x - 0.38x (0.37x)
Second lien	22,678		Discounted cash flow	Discount rates	10.84% - 43.65% (17.47%)
	5,340		Market approach	EBITDA multiples	8.25x - 8.50x (8.25x)
	3,529		Market approach	Transaction Price
Structured Finance Securities(1):
Subordinated notes	60,024		Discounted cash flow	Discount rates	16.50% - 60.00% (21.14%)
				Constant default rate	2.00% - 3.00% (2.07%)
				Recovery rate	65.00% - 65.00% (65.00%)
	6,961		Market approach	Transaction Price
Mezzanine debt	12,549		Discounted cash flow	Discount margin	7.60% - 9.90% (8.92%)
				Constant default rate	2.00% - 3.00% (2.25%)
				Recovery rate	65.00% - 65.00% (65.00%)
Equity investments:
Preferred equity	10,615		Market approach	EBITDA multiples	7.00x - 8.00x (7.97x)
Common equity, warrants and other	97,060		Market approach	EBITDA multiples	5.75x - 15.25x (13.37x)
	$	384,510

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

33

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

	Fair Value at December 31, 2024		Valuation technique	Unobservable inputs	Range (Weighted average)
Debt investments:
First lien	$	123,028	Discounted cash flow	Discount rates	9.01% - 32.50% (13.07%)
	16,684		Market approach	EBITDA multiples	3.00x - 7.27x (5.43x)
	9,232		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
	19,093		Market approach	Transaction Price
Second lien	27,400		Discounted cash flow	Discount rates	10.84% - 33.45% (15.31%)
	4,913		Market approach	EBITDA multiples	8.43x - 8.43x (8.43x)
	2,018		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
Structured Finance Securities(1):
Subordinated notes	61,308		Discounted cash flow	Discount rates	15.00% - 40.00% (22.25%)
				Constant default rate	2.00% - 3.00% (2.07%)
				Recovery rate	65.00% - 65.00% (65.00%)
	2,993		Market approach	Transaction Price
Mezzanine debt	12,574		Discounted cash flow	Discount margin	7.60% - 9.90% (8.89%)
				Constant default rate	2.00% - 3.00% (2.25%)
				Recovery rate	65.00% - 65.00% (65.00%)
Equity investments:
Preferred equity	12,248		Market approach	EBITDA multiples	7.00x - 8.50x (8.46x)
Common equity, warrants and other	96,337		Market approach	EBITDA multiples	5.85x - 15.75x (13.66x)
Common equity, warrants and other	—		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
	$	387,828

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

Averages in the preceding two tables were weighted by the fair value of the related instruments.

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

34

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

The following tables present changes in investments measured at fair value using Level 3 inputs for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
	First Lien Debt Investments		Second Lien Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2024	$	168,037	$	34,331	$	12,248	$	96,337	$	76,875	$	387,828
Net realized loss on investments	—		—		—		—		(1,771)		(1,771)
Net unrealized appreciation (depreciation) on investments	(3,893)		(3,080)		(1,920)		723		242		(7,928)
Amortization of Net Loan Fees	116		28		—		—		32		176
Accretion of interest income on Structured Finance Securities	—		—		—		—		2,925		2,925
Capitalized PIK interest and dividends	120		268		287		—		—		675
Amendment fees received	(23)		—		—		—		—		(23)
Purchase and origination of portfolio investments	4,635		—		—		—		5,776		10,411
Proceeds from principal payments on portfolio investments	(3,238)		—		—		—		—		(3,238)
Sale and redemption of portfolio investments	—		—		—		—		(1,041)		(1,041)
Proceeds from distributions received from portfolio investments	—		—		—		—		(3,504)		(3,504)
Level 3 assets, March 31, 2025	$	165,754	$	31,547	$	10,615	$	97,060	$	79,534	$	384,510

35

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

			Three Months Ended March 31, 2024
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2023	$	186,831	$	48,429	$	—	$	13,240	$	76,689	$	79,045	$	404,234
Net realized gain on investments	—		—		—		572		807		—		1,379
Net unrealized appreciation (depreciation) on investments	(1,047)		(634)		250		(5,140)		(9,976)		316		(16,231)
Amortization of Net Loan Fees	191		41		—		—		—		60		292
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		2,093		2,093
Capitalized PIK interest and dividends	117		224		—		263		—		—		604
Amendment fees received	(12)		—		—		—		—		—		(12)
Purchase and origination of portfolio investments	7,339		—		—		—		—		—		7,339
Proceeds from principal payments on portfolio investments	(745)		(9,073)		—		—		—		—		(9,818)
Sale and redemption of portfolio investments	—		—		—		(670)		(1,379)		—		(2,049)
Conversion from debt investments to equity investments	(2,669)		—		—		1,269		1,400		—		—
Proceeds from distributions received from portfolio investments	—		—		—		—		—		(3,621)		(3,621)
Transfers from Level 3 to Level 2	(11,723)		—		—		—		—		—		(11,723)
Transfers from Level 2 to Level 3	1,910		—		—		—		—		—		1,910
Level 3 assets, March 31, 2024	$	180,192	$	38,987	$	250	$	9,534	$	67,541	$	77,893	$	374,397

The net unrealized depreciation reported in the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows:

	Three Months Ended March 31,
	2025		2024
Debt investments	$	(6,969)	$	(1,054)
Equity investments	(1,197)		(11,995)
Structured Finance Securities	(1,518)		315
Net unrealized depreciation on investments held	$	(9,684)	$	(12,734)

36

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Other Financial Assets and Liabilities

GAAP requires disclosure of the fair value of financial instruments not reported at fair value on a recurring basis for which it is practical to estimate such values. The Company believes that the carrying amounts of its other financial instruments, such as cash, cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such financial instruments. The Banc of California Credit Facility and BNP Facility are variable rate instruments and fair value is estimated to approximate carrying value.

The following table sets forth carrying values and fair values of the Company’s debt as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Banc of California Credit Facility	$	3,500	$	3,500	$	1,000	$	1,000
BNP Facility	64,550		64,550		67,350		67,350
Unsecured Notes Due February 2026	124,290		122,046		124,097		121,326
Unsecured Notes Due October 2028	54,266		50,064		54,215		49,698
Total debt	$	246,606	$	240,160	$	246,662	$	239,374

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

The following tables present the fair value measurements of the Company's debt and the level within the fair value hierarchy of the significant unobservable inputs utilized by the Company to determine such fair values as of March 31, 2025 and December 31, 2024:

	March 31, 2025
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	3,500	$	3,500
BNP Facility	—		—		64,550		64,550
Unsecured Notes Due February 2026	—		—		122,046		122,046
Unsecured Notes Due October 2028	50,064		—		—		50,064
Total debt, at fair value	$	50,064	$	—	$	190,096	$	240,160

	December 31, 2024
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	1,000	$	1,000
BNP Facility	—		—		67,350		67,350
Unsecured Notes Due February 2026	—		—		121,326		121,326
Unsecured Notes Due October 2028	49,698		—		—		49,698
Total debt, at fair value	$	49,698	$	—	$	189,676	$	239,374

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

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

37

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 6. Commitments and Contingencies

The following table shows the Company’s outstanding commitments to fund investments to portfolio companies as of March 31, 2025:

Portfolio Company	Investment Type	Commitment
Associated Spring, LLC	First Lien Debt (Delayed Draw)	$	1,724
Boca Home Care Holdings, Inc.	First Lien Debt (Revolver)	1,290
Clevertech Bidco, LLC	First Lien Debt (Revolver)	294
Envocore Holding, LLC (F/K/A LRI Holding, LLC)	First Lien Debt (Revolver)	1,670
Honor HN Buyer Inc.	First Lien Debt (Revolver)	664
Honor HN Buyer Inc.	First Lien Debt (Delayed Draw)	5,000
Kreg LLC	First Lien Debt (Revolver)	446
Medrina LLC	First Lien Debt (Revolver)	319
Medrina LLC	First Lien Debt (Delayed Draw)	77
SS Acquisition, LLC	First Lien Debt (Revolver)	1,786
Tolemar Acquisition, Inc.	First Lien Debt (Revolver)	515
		$	13,785

As of March 31, 2025, the Company had cash and cash equivalents of $4,054 and unused commitments of $21,500 under its Banc of California Credit Facility and $85,450 under its BNP Facility, each of which is subject to a borrowing base and other covenants, to fund these outstanding commitments to portfolio companies.

Legal and regulatory proceedings: From time to time, the Company is involved in legal proceedings in the normal course of its business. Although the outcome of such litigation cannot be predicted with any certainty, management is of the opinion, based on the advice of legal counsel, that final disposition of any litigation should not have a material adverse effect on the financial position of the Company as of March 31, 2025.

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

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

Note 7. Borrowings

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

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	—		$	151
Amortization of debt issuance costs	—			20
Total interest and debt financing costs	$	—		$	171
Cash paid for interest expense	$	—		$	457
Effective interest rate	—		%	3.25		%
Average outstanding balance	$	—		$	21,046

BNP Facility: On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150,000, subject to a borrowing base and other covenants. The BNP Facility bears interest at a variable rate of SOFR plus a variable margin (2.65% floor). The reinvestment period of the BNP Facility ends on June 20, 2025, upon

38

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

which the ability to access the unused commitment of the facility terminates; the facility is scheduled to mature on June 20, 2027.

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

As of March 31, 2025 and December 31, 2024, OFSCC-FS had outstanding debt of $64,550 and $67,350, respectively. As of March 31, 2025, the unused commitment under the BNP Facility was $85,450, subject to a borrowing base and other covenants.

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense(1)	$	1,264		$	1,865
Amortization of debt issuance costs	95			95
Total interest and debt financing costs	$	1,359		$	1,960
Cash paid for interest expense	$	1,291		$	1,882
Effective interest rate	8.39		%	8.72		%
Average outstanding balance	$	65,701		$	89,916

(1) Stated interest expense includes unused fees.

Banc of California Credit Facility: On March 7, 2018, the Company entered into the Banc of California Credit Facility. The Banc of California Credit Facility currently bears interest at a variable rate of the Prime Rate plus a 0.25% margin, with a 5.00% floor, and includes an annual commitment fee of $125. The Banc of California Credit Facility is scheduled to mature on February 28, 2026.

The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP, and the Company’s partnership interests in SBIC I LP. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of March 31, 2025 and December 31, 2024, the Company had $3,500 and $1,000, respectively, of outstanding debt under the Banc of California Credit Facility. As of March 31, 2025, the unused commitment under the Banc of California Credit Facility was $21,500, subject to a borrowing base and other covenants.

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	58		$	—
Amortization of debt issuance costs	31			31
Total interest and debt financing costs	$	89		$	31
Cash paid for interest expense	$	58		$	—
Effective interest rate	12.13		%	n/m(1)
Average outstanding balance	$	2,989		$	—

(1) Not meaningful as there was no outstanding balance during the three months ended March 31, 2024.

39

OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Unsecured Notes: As of March 31, 2025 and December 31, 2024, the Company had the following Unsecured Notes outstanding:

Unsecured Notes Due February 2026: On February 10, 2021 and March 18, 2021, the Company issued $125,000 in aggregate principal of unsecured notes. The Unsecured Notes Due February 2026 bear interest at a rate of 4.75% per year payable semi-annually and mature on February 10, 2026. The Company may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time, at its option at par plus a “make-whole” premium if the redemption date is prior to November 10, 2025.

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

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

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

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	2,165		$	2,165
Amortization of debt issuance costs	245			245
Total interest and debt financing costs	$	2,410		$	2,410
Cash paid for interest expense	$	3,648		$	3,648
Effective interest rate	5.35		%	5.35		%
Average outstanding balance	$	180,000		$	180,000

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of March 31, 2025:

	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
Banc of California Credit Facility	$	3,500	$	3,500	$	—	$	—	$	—
Unsecured Notes	180,000		125,000		—		55,000		—
BNP Facility	64,550		—		64,550		—		—
Total	$	248,050	$	128,500	$	64,550	$	55,000	$	—

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OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

For the three months ended March 31, 2025 and 2024, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:

	Three Months Ended March 31,
	2025			2024
Average dollar borrowings	$	248,690		$	290,963
Weighted average effective interest rate	6.29		%	6.29		%

Note 8. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024
Per share operating performance:
Net asset value per share at beginning of period	$	12.85		$	12.09
Net investment income(1)	0.26			0.42
Net realized gain (loss) on investments, net of taxes(1)	(0.19)			0.06
Net unrealized depreciation on investments, net of deferred taxes(1)	(0.61)			(1.15)
Total loss from operations	(0.54)			(0.67)
Distributions declared	(0.34)			(0.34)
Net asset value per share at end of period	$	11.97		$	11.08
Per share market value, end of period	$	9.29		$	9.93
Total return based on market value(2)(3)	19.3		%	(12.3)		%
Total return based on net asset value(3)(4)	(3.5)		%	(5.2)		%
Shares outstanding at end of period	13,398,078			13,398,078
Weighted average shares outstanding	13,398,078			13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(5)	$	166,304		$	155,202
Net asset value at end of period	$	160,383		$	148,400
Net investment income	$	3,465		$	5,596
Ratio of total expenses to average net assets(6)	16.4		%	22.3		%
Ratio of net investment income to average net assets(6)	8.3		%	14.4		%
Portfolio turnover(7)	2.4		%	1.8		%

(1)Calculated on the average share method.

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

(3)Not annualized.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions.

(5)Based on the average of the net asset value at the beginning and end of the indicated period and, if applicable, the preceding calendar quarters.

(6)Annualized.

(7)Portfolio turnover rate is calculated using the lesser of period-to-date sales, portfolio investment distributions and principal payments or period-to-date purchases over the average of total investments at fair value.

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OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 9. Capital Transactions

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

The Company may be limited in its ability to make distributions due to the BDC asset coverage requirements of the 1940 Act. In addition, distributions from OFSCC-FS to the Company are restricted by the terms and conditions of the BNP Facility.

The following table summarizes distributions declared and paid for the three months ended March 31, 2025 and 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution
Three Months Ended March 31, 2025
February 26, 2025	March 21, 2025	March 31, 2025	$	0.34	$	4,555	(1)
			$	0.34	$	4,555
Three Months Ended March 31, 2024
February 28, 2024	March 18, 2024	March 28, 2024	$	0.34	$	4,555	(1)
			$	0.34	$	4,555

(1) During the three months ended March 31, 2025 and 2024, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows:

	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
Three Months Ended March 31, 2025
January 1, 2025 through March 31, 2025	8,570	$	9.35	$	80
Three Months Ended March 31, 2024
January 1, 2024 through March 31, 2024	8,530	$	10.04	$	86

Distributions in excess of the Company’s current and accumulated ICTI would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. The determination of the tax attributes of the Company’s distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company’s stockholders.

Stock Repurchase Program:

The Company maintains a Stock Repurchase Program under which the Company may acquire up to $10,000 of its outstanding common stock. On April 30, 2024, the Board extended the Stock Repurchase Program for an additional two-year period ending May 22, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program may be extended, modified or discontinued at any time for any reason.

During the three months ended March 31, 2025 and 2024, no shares of common stock were repurchased under the Stock Repurchase Program.

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OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 10. Consolidated Schedule of Investments In and Advances To Affiliates

		Three Months Ended March 31, 2025
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/(Depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2024, Fair Value		Gross Additions (3)		Gross Reductions (4)		March 31, 2025, Fair Value (5)
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	$	—	$	(1,922)	$	—	$	287	$	—	$	287	$	11,890	$	287	$	(1,922)	$	10,255
	Common Equity (6)	—		(441)		—		—		—		—		441		—		(441)		—
		—		(2,363)		—		287		—		287		12,331		287		(2,363)		10,255
DRS Imaging Services, LLC	Common Equity (6)	—		658		—		—		—		—		1,190		658		—		1,848
Pfanstiehl Holdings, Inc	Common Equity	—		1,464		—		—		—		—		89,298		1,464		—		90,762
TalentSmart Holdings, LLC	Common Equity (6)	—		(104)		—		—		—		—		1,604		—		(104)		1,500
Total Affiliate Investments		$	—	$	(345)	$	—	$	287	$	—	$	287	$	104,423	$	2,409	$	(2,467)	$	104,365

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

(2)Represents the total amount of interest, fees or dividends included in income for the three months ended March 31, 2025.

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

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

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

(6)Non-income producing.

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

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OFS Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollar amounts in thousands, except per share data)

Note 11. Subsequent Events

On April 29, 2025, the Board declared a distribution of $0.34 per share for the second quarter of 2025, payable on June 30, 2025 to stockholders of record as of June 20, 2025.

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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 consolidated financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q. For additional overview information on the Company, see “Item 1. Business” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

Key performance metrics per common share are presented below:

	March 31, 2025		December 31, 2024
Net asset value	$	11.97	$	12.85

	Three Months Ended
	March 31, 2025		December 31, 2024
Net investment income	$	0.26	$	0.30
Net increase (decrease) in net assets resulting from operations	(0.54)		1.90
Distributions paid	0.34		0.34

Our NAV per common share decreased to $11.97 at March 31, 2025 from $12.85 at December 31, 2024, due to a net loss on investments of $0.80 per common share and our quarterly distribution of $0.34 per common share exceeding our quarterly net investment income of $0.26 per common share.

For the quarter ended March 31, 2025, total investment income decreased to $10.3 million from $11.6 million in the prior quarter, primarily due to decreases in interest income of $0.5 million, dividend income of $0.5 million and fee income of $0.3 million. See “—Results of Operations” for additional information.

Our total outstanding debt decreased from $248.4 million at December 31, 2024 to $248.1 million at March 31, 2025. For the quarter ended March 31, 2025, our weighted-average debt interest costs remained stable at 6.29% compared to 6.30% for the quarter ended December 31, 2024. As of March 31, 2025, we had outstanding debt of $128.5 million contractually maturing in February 2026, which comprised 52% of our total outstanding debt. See “—Liquidity and Capital Resources” for additional details.

For the quarter ended March 31, 2025, we recognized a net loss on investments of $10.8 million due to net unrealized depreciation, net of taxes, of $8.2 million and a net realized loss of $2.6 million. For the quarter ended March 31, 2025, our net unrealized depreciation, net of taxes, of $8.2 million was primarily due to net unrealized depreciation of $7.3 million on our debt investments, of which $3.9 million related to non-accrual debt investments. For the quarter ended March 31, 2025, our net realized loss of $2.6 million was primarily due to a realized loss of $1.8 million recognized upon the sale of a non-performing Structured Finance Security. As of March 31, 2025, our loan portfolio had non-accrual loans with an aggregate fair value of $16.9 million, or 4.2% of our total investments at fair value. See “—Portfolio Composition and Investment Activity” for additional information.

As of March 31, 2025, our asset coverage ratio of 165% exceeded the minimum asset coverage requirement of 150% under the 1940 Act, and we remained in compliance with all applicable covenants under our outstanding debt facilities. As of March 31, 2025, we had unused commitments of $21.5 million under our Banc of California Credit Facility, and $85.5 million under our BNP Facility, each of which is subject to a borrowing base and other covenants. As of March 31, 2025, we had unfunded commitments of $13.8 million to nine portfolio companies. See “—Liquidity and Capital Resources” for additional information.

On April 29, 2025, the Board declared a distribution of $0.34 per share for the second quarter of 2025, payable on June 30, 2025 to stockholders of record as of June 20, 2025.

Critical Accounting Policies and Significant Estimates

Our critical accounting policies and estimates are those relating to revenue recognition and fair value estimates. Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board. For descriptions of our revenue recognition and fair value policies, see “Item 8. Financial Statements—Notes to Consolidated Financial Statements—Note 2” and “Item 7. Management's Discussion and Analysis of Financial

45

Condition and Results of Operations—Critical Accounting Policies and Significant Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.

The following table illustrates the impact of our fair value measures if we selected the low or high end of the range of values for all investments as of March 31, 2025 (dollar amounts in thousands):

Investment Type	Fair Value at March 31, 2025		Range of Fair Value
			Low-end		High-end
Debt investments:
First lien	$	184,315	$	178,203	$	189,398
Second lien	31,547		30,536		33,855
Structured Finance Securities:
Subordinated notes	66,985		63,353		70,615
Mezzanine debt	12,549		12,314		12,786
Equity investments:
Preferred equity	10,615		8,720		12,498
Common equity, warrants and other	97,060		93,069		101,095
	$	403,071	$	386,195	$	420,247

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•The Investment Advisory Agreement with OFS Advisor to manage our operating and investment activities. Under the Investment Advisory Agreement, we have agreed to pay OFS Advisor an annual base management fee based on the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity) as well as an incentive fee based on our investment performance. See “Item 1—Financial Statements—Note 3”.

•The Administration Agreement with OFS Services, an affiliate of OFS Advisor, to provide us with the office facilities and administrative services necessary to conduct our operations. See “Item 1—Financial Statements—Note 3”.

•A license agreement with OFSAM, the parent company of OFS Advisor, under which OFSAM has agreed to grant us a non-exclusive, royalty-free license to use the name “OFS.” Under this agreement, we have a right to use the “OFS” name for so long as OFS Advisor or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the “OFS” name. This license agreement will remain in effect for so long as the Investment Advisory Agreement with OFS Advisor is in effect.

OFS Advisor’s services under the Investment Advisory Agreement are not exclusive to us and OFS Advisor is free to furnish similar services to other entities, including other funds advised or sub-advised by OFS Advisor, so long as its services to us are not impaired. OFS Advisor also serves as the investment adviser to other funds, including HPCI and OCCI. Additionally, OFS Advisor provides sub-advisory services to: (i) CMFT Securities Investments, LLC, a wholly owned subsidiary of CIM Real Estate Finance Trust, Inc., a corporation that qualifies as a real estate investment trust; and (ii) CIM Real Assets & Credit Fund, an externally managed registered investment company that operates as an interval fund that invests primarily in a combination of real estate, credit and related investments.

For the years ended December 31, 2025 and 2024, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. OFS Advisor’s base management fee reduction is renewable on an annual basis and OFS Advisor is not entitled to recoup the amount of the base management fee reduced with respect to the OFSCC-FS Assets. OFS Advisor most recently renewed the agreement to reduce its base management fee for the 2025 calendar year on January 8, 2025.

The 1940 Act generally prohibits BDCs from making certain negotiated co-investments with certain affiliates absent an order from the SEC permitting the BDC to do so. On August 4, 2020, we received our existing Order, which superseded a previous order that we received on October 12, 2016, and provides us with greater flexibility to enter into co-investment transactions with certain Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions.

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We are generally permitted to co-invest with Affiliated Funds if, under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that: (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned; (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies; (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing; and (4) the proposed investment by us would not benefit OFS Advisor, the other Affiliated Funds that are participating in the investment, or any affiliated person of any of them (other than parties to the transaction), except to the extent permitted by the exemptive relief and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

In addition, we may file a new application for exemptive relief that, if granted, would supersede our existing Order and permit us to co-invest pursuant to a different set of conditions than those in our existing Order. However, if filed, there is no guarantee that such application will be granted.

Conflicts may arise when we make an investment in conjunction with an investment being made by an Affiliated Account, or in a transaction where an Affiliated Account has already made an investment. Investment opportunities are, from time to time, appropriate for more than one account in the same, different or overlapping securities of a portfolio company’s capital structure. Conflicts arise in determining the terms of investments, particularly where these accounts may invest in different types of securities in a single portfolio company. Potential conflicts arise when addressing, among other things, questions as to whether payment obligations and covenants should be enforced, modified or waived, or whether debt should be restructured, modified or refinanced. For a discussion of the risks associated with conflicts of interest, see “Item 1. Business—Regulation—Conflicts of Interest” and “Item 1A. Risk Factors—Risks Related to OFS Advisor and its Affiliates—We have potential conflicts of interest related to the purchases and sales that OFS Advisor makes on our behalf and/or on behalf of Affiliated Accounts” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Portfolio Composition and Investment Activity

Portfolio Composition

As of March 31, 2025, the fair value of our debt investment portfolio totaled $215.9 million in 35 portfolio companies, of which approximately 85% and 15% were first lien and second lien debt investments, respectively. We also had equity investments in 15 portfolio companies with a fair value of approximately $107.7 million and 18 investments in Structured Finance Securities with a fair value of $79.5 million. As of March 31, 2025, we had unfunded commitments of $13.8 million to nine portfolio companies. Set forth in the tables and charts below is selected information with respect to our portfolio as of March 31, 2025 and December 31, 2024.

The following table presents our ten largest investments by issuer based on fair value as of March 31, 2025 (dollar amounts in thousands):

Issuer Name	Type	Amortized Cost		Fair Value		% of Total Portfolio, at Fair Value		% of Net Assets, at Fair Value
Pfanstiehl Holdings, Inc.	Equity	$	217	$	90,762	22.5	%	56.6	%
Kreg LLC	Debt	18,346		17,431		4.3		10.9
Inergex Holdings, LLC	Debt	16,978		17,086		4.2		10.7
SS Acquisition, LLC	Debt	16,834		16,641		4.1		10.4
Tolemar Acquisition, Inc.	Debt	16,279		15,320		3.8		9.6
Honor HN Buyer Inc.	Debt	14,856		15,008		3.7		9.4
One GI LLC	Debt	12,601		12,244		3.0		7.6
Boca Home Care Holdings, Inc.	Debt and Equity	10,963		10,432		2.6		6.5
Contract Datascan Holdings, Inc.	Equity	8,797		10,255		2.5		6.4
ICG US CLO 2021-3, Ltd.	Structured Finance Security	8,223		9,893		2.5		6.2
Total		$	124,094	$	215,072	53.2	%	134.3	%

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As of March 31, 2025, our common equity investment in Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients, accounted for 22.5% and 56.6% of our total portfolio at fair value and our total net assets, respectively. The value of this investment is substantially comprised of unrealized appreciation of $90.5 million.

As of March 31, 2025, approximately 4.5% and 11.4% of our total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.

A deterioration or improvement in the operating performance of these portfolio investments, or other factors underlying the valuation of these investments, could have a material impact on our NAV.

Portfolio Yields

The following table presents weighted-average yield metrics for our portfolio as of March 31, 2025 and December 31, 2024:

	For the Three Months Ended
	March 31, 2025		December 31, 2024
Weighted-average performing income yield(1):
Debt investments	12.3	%	12.9	%
Structured Finance Securities	16.3	%	16.3	%
Interest-bearing investments	13.4	%	13.8	%
Weighted-average realized yield(2):
Interest-bearing investments	11.6	%	11.9	%

(1)    Performing income yield is calculated as (a) the actual amount earned on performing interest-bearing investments, including interest, prepayment fees and amortization of Net Loan Fees, divided by (b) the weighted-average of total performing interest-bearing investments at amortized cost.

(2)    Realized yield is calculated as (a) the actual amount earned on interest-bearing investments, including interest, prepayment fees and amortization of Net Loan Fees, divided by (b) the weighted-average of total interest-bearing investments at amortized cost, in each case, including debt investments on non-accrual status and non-performing Structured Finance Securities.

For the three months ended March 31, 2025, the weighted-average performing income yield on interest-bearing investments decreased to 13.4% from 13.8% during the prior quarter, primarily due to an aggregate 50 basis point reduction in the U.S. Federal Reserve target federal funds rate enacted during the prior quarter. As of March 31, 2025, 90% of our total loan portfolio, at fair value, consisted of variable rate investments, generally indexed to SOFR. See additional information under “Item 3. Quantitative and Qualitative Disclosures About Market Risk”.

Weighted-average yields of our investments are not the same as a return on investment for our stockholders, but rather the gross investment income from our investment portfolio before the payment of all of our fees and expenses. There can be no assurance that the weighted average yields will remain at their current levels.

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Portfolio Company Investments

The following table summarizes the composition of our Portfolio Company Investments as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien debt investments(1)	$	208,368	$	184,315	$	209,696	$	189,874
Second lien debt investments	42,607		31,547		42,313		34,331
Preferred equity	10,476		10,615		10,190		12,248
Common equity, warrants and other	12,365		97,060		12,365		96,337
Total Portfolio Company Investments	$	273,816	$	323,537	$	274,564	$	332,790
Number of portfolio companies	45		45		46		46

(1) As of March 31, 2025 and December 31, 2024, first lien debt investments include unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $127.9 million and $118.9 million, respectively, and $128.1 million and $119.2 million, respectively.

As of March 31, 2025, 100% of our loan portfolio and 54% of our total portfolio consisted of first lien and second lien loans, based on fair value.

As of March 31, 2025, the three largest industries of our Portfolio Company Investments by fair value, were: (1) Manufacturing (38.2%); (2) Health Care and Social Assistance (20.2%); and (3) Administrative and Support and Waste Management and Remediation Services (6.6%), totaling an aggregate of approximately 65.0% of our Portfolio Company Investment portfolio. For a full summary of our investment portfolio by industry, see “Item 1—Financial Statements—Note 4.”

Structured Finance Securities

The following table summarizes the composition of our Structured Finance Securities as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Subordinated notes	$	78,508	$	66,985	$	76,122	$	64,301
Mezzanine debt	12,893		12,549		12,861		12,574
Total Structured Finance Securities	$	91,401	$	79,534	$	88,983	$	76,875
Number of Structured Finance Securities	18		18		18		18

Non-performing Structured Finance Securities are securities that have not been optionally redeemed and have an effective yield of 0.0%, as remaining residual distributions are anticipated to be recognized as a return of capital. As of March 31, 2025, the amortized cost and fair value of non-performing Structured Finance Securities were $6.2 million and $1.6 million, respectively.

During the three months ended March 31, 2025, we sold a Structured Finance Security for net proceeds of $1.0 million and recognized a net realized loss of $1.8 million.

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Investment Activity

The following is a summary of our investment activity for the three months ended March 31, 2025 and March 31, 2024 (dollar amounts in thousands):

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Investments in debt and equity securities	$	4,635	$	7,339
Investments in Structured Finance Securities	5,776		—
Total investment purchases and originations	$	10,411	$	7,339
Proceeds from principal payments	$	3,290	$	9,854
Proceeds from investments sold or redeemed	3,137		2,049
Proceeds from distributions received from portfolio investments	3,504		3,621
Total proceeds from principal payments, sales or redemptions, and distributions received from portfolio investments	$	9,931	$	15,524

Risk Monitoring

We categorize debt investments into seven risk categories based on relevant information about the ability of borrowers to service their debt. For additional information regarding our risk categories, see “Item 1. Business—Portfolio Review/Risk Monitoring” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 4, 2025. The following table shows the classification of our debt investments, excluding Structured Finance Securities, by credit risk rating as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):

	Debt Investments as of
	March 31, 2025						December 31, 2024
Risk Category	Amortized Cost		Fair Value		% of Debt Investments, at Fair Value		Amortized Cost		Fair Value		% of Debt Investments, at Fair Value
1 (Low Risk)	$	—	$	—	—	%	$	—	$	—	—	%
2 (Below Average Risk)	—		—		—		—		—		—
3 (Average)	160,581		156,316		72.4		160,017		157,941		70.5
4 (Special Mention)	71,790		49,351		22.9		73,388		57,003		25.4
5 (Substandard)	14,113		8,291		3.8		14,113		7,159		3.2
6 (Doubtful)	4,491		1,904		0.9		4,491		2,102		0.9
7 (Loss)	—		—		—		—		—		—
	$	250,975	$	215,862	100.0	%	$	252,009	$	224,205	100.0	%

Non-Accrual Loans

Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment.

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As of March 31, 2025

The following table shows the classification of our debt investments on non-accrual status (dollar amounts in thousands):

	March 31, 2025
	Amortized Cost		Fair Value
First lien debt	$	32,534	$	16,857
Second lien debt	6,584		—
Total	$	39,118	$	16,857

For the three months ended March 31, 2025, no new loans were placed on non-accrual status.

As of December 31, 2024

The following table shows the classification of our debt investments on non-accrual status (dollar amounts in thousands):

	December 31, 2024
	Amortized Cost		Fair Value
First lien debt	$	32,540	$	18,785
Second lien debt	6,584		2,018
Total	$	39,124	$	20,803

For the three months ended December 31, 2024, we sold a second lien debt investment, which was previously on non-accrual status, resulting in a net realized loss of $1.9 million.

Results of Operations

Our key financial measures are described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Key Financial Measures” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 4, 2025. The following is a discussion of the key financial measures that management employs in reviewing the performance of our operations.

We do not believe that our historical operating performance is necessarily indicative of our future results of operations. We are primarily focused on debt investments in middle-market and larger companies in the United States and, to a lesser extent, equity investments, including warrants and other minority equity securities, and Structured Finance Securities. This approach differs from our historical investment concentration in that we now also focus on the debt of larger U.S. companies and Structured Finance Securities. Moreover, as a BDC and a RIC, we are also subject to certain constraints on our operations, including, but not limited to, limitations imposed by the 1940 Act and the Code. For the reasons described above, the results of operations described below may not necessarily be indicative of the results we expect to report in future periods.

Net increase (decrease) in net assets resulting from operations can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, annual comparisons of net increase (decrease) in net assets resulting from operations may not be meaningful.

The following analysis compares our quarterly results of operations to the preceding quarter, as well as our year-to-date results of operations to the corresponding period in the prior year. We believe a comparison of our current quarterly results to the preceding quarter is more meaningful and transparent than a comparison to the corresponding prior-year quarter as our results of operations are not influenced by seasonal factors the latter comparison is designed to elicit and highlight.

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Comparison of the three months ended March 31, 2025 and December 31, 2024 and comparison of the three months ended March 31, 2025 and 2024

Consolidated operating results for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 are as follows (in thousands):

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Investment income
Interest income:
Cash interest income	$	6,381	$	6,771	$	8,217
PIK interest income	388		452		342
Net Loan Fee amortization	205		330		298
Accretion of interest income on CLO subordinated notes	2,925		2,691		2,093
Other interest income	69		230		443
Total interest income	9,968		10,474		11,393
Dividend income:
Cash dividends	11		557		2,449
PIK dividends	287		286		262
Total dividend income	298		843		2,711
Fee income:
Syndication fees	—		263		106
Prepayment and other fees	29		68		23
Total fee income	29		331		129
Total investment income	10,295		11,648		14,233
Total expenses	6,830		7,572		8,637
Net investment income	3,465		4,076		5,596
Net gain (loss) on investments	(10,752)		21,399		(14,645)
Net increase (decrease) in net assets resulting from operations	$	(7,287)	$	25,475	$	(9,049)

Investment Income

Comparison of the three months ended March 31, 2025 and December 31, 2024

For the three months ended March 31, 2025, total investment income decreased to $10.3 million from $11.6 million in the prior quarter, primarily due to decreases in interest income of $0.5 million, dividend income of $0.5 million and fee income of $0.3 million.

Interest income decreased $0.5 million during the three months ended March 31, 2025 compared to the prior quarter, primarily attributable to the impact of lower SOFR rates driven by the U.S. Federal Reserve rate cuts enacted in the fourth quarter of 2024.

Dividend income decreased $0.5 million during the three months ended March 31, 2025 compared to the prior quarter, primarily due to non-recurring cash dividends recognized during the prior quarter.

Fee income is primarily comprised of unused fees, prepayment fees and syndication fees that generally result from periodic transactions rather than from holding portfolio investments, and are considered non-recurring. We receive syndication fees on investments where OFS Advisor sources, structures, and arranges the lending group. For the three months ended December 31, 2024, we received syndication and prepayments fees of $0.3 million, compared to no syndication or prepayment fees for the three months ended March 31, 2025.

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Comparison of the three months ended March 31, 2025 and 2024

Total investment income for the three months ended March 31, 2025 decreased $3.9 million compared to the corresponding period in the prior year, primarily due to decreases in total dividend income of $2.4 million and total interest income of $1.4 million.

Expenses

Operating expenses for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 are presented below (in thousands):

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Interest expense	$	3,858	$	3,937	$	4,572
Base management fee	1,549		1,520		1,523
Income Incentive Fee	330		1,019		1,399
Professional fees	436		411		414
Administration fee	394		337		394
Other expenses	263		348		335
Total expenses	$	6,830	$	7,572	$	8,637

Comparison of the three months ended March 31, 2025 and December 31, 2024

Interest expense for the three months ended March 31, 2025 decreased $0.1 million compared to the prior quarter, primarily due to the reduction in the U.S. Federal Reserve target federal funds rate effected during the prior quarter reducing the cost of debt on our BNP Facility.

Income Incentive Fees for the three months ended March 31, 2025 decreased $0.7 million compared to the prior quarter, primarily due to a decrease in net investment income return on net assets in the current quarter.

Other expenses for the three months ended March 31, 2025 decreased $0.1 million compared to the prior quarter, primarily due to non-recurring investment transaction expenses of $0.1 million recognized during the prior quarter.

Net realized and unrealized gain (loss) on investments

Net gain (loss) on investments, inclusive of realized and unrealized gains (losses), by investment type for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 were as follows (in thousands):

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Debt investments	$	(8,128)	$	1,310	$	(1,248)
Equity investments	(1,197)		18,538		(13,649)
Structured Finance Securities	(1,526)		1,638		315
Current/deferred income tax (expense) benefit	99		(87)		(63)
Total net gain (loss) on investments	$	(10,752)	$	21,399	$	(14,645)

Net gain (loss) on investments for the three months ended March 31, 2025 and December 31, 2024

Three months ended March 31, 2025

For the three months ended March 31, 2025, we recognized a net loss on investments of $10.8 million, primarily comprised of aggregate net losses of $9.3 million on our debt and equity investments and $1.5 million on our Structured Finance Securities.

For the three months ended March 31, 2025, our net loss on debt investments of $8.1 million was primarily due to net unrealized depreciation of $7.3 million, of which $3.9 million related to non-accrual debt investments.

Three months ended December 31, 2024

During the three months ended December 31, 2024, our portfolio experienced net gains of $21.4 million, primarily due to net unrealized appreciation of $15.6 million on our common equity investment in Pfanstiehl Holdings, Inc.

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Liquidity and Capital Resources

As of March 31, 2025, we held cash and cash equivalents of $4.1 million, which included $2.6 million held by OFSCC-FS. Distributions from OFSCC-FS to the Parent are restricted by the terms and conditions of the BNP Facility. During the three months ended March 31, 2025, the Parent received $2.5 million in cash distributions from OFSCC-FS.

As of March 31, 2025, we had an unused commitment of $21.5 million under our Banc of California Credit Facility, as well as an unused commitment of $85.5 million under our BNP Facility, both of which are subject to borrowing base requirements and other covenants. The reinvestment period of the BNP Facility ends on June 20, 2025, upon which the ability to access the unused commitment of the facility terminates. The BNP Facility is scheduled to mature on June 20, 2027. If we are unable to amend the BNP Facility to extend the reinvestment period or enter into a new credit facility, our short-term liquidity will be significantly reduced.

As of March 31, 2025, we had unfunded commitments of $13.8 million to nine portfolio companies.

As of March 31, 2025, the aggregate amount outstanding of the senior securities issued by us was $248.1 million, for which our asset coverage was 165%, exceeding our minimum asset coverage requirement of 150% under the 1940 Act. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

Sources and Uses of Cash

We generate operating cash flows from net investment income and the net proceeds from the liquidation of portfolio investments, and use cash in our operations in the net purchase of portfolio investments and payment of expenses. Significant variations may exist between net investment income and cash from net investment income, primarily due to the recognition of non-cash investment income, including certain Net Loan Fee amortization, PIK interest and PIK dividends, which generally will not be fully realized in cash until we exit the investment, as well as accreted interest income on Structured Finance Securities, which may not coincide with cash distributions from these investments. As discussed in “Item 1.—Financial Statements—Note 3,” we pay OFS Advisor a quarterly incentive fee with respect to our pre-incentive fee net investment income, which may include investment income that we have not received in cash. In addition, we must distribute substantially all of our taxable income, which approximates, but will not always equal, the cash we generate from net investment income to maintain our RIC tax treatment. We also obtain cash to fund investments or general corporate activities from the issuance of securities and our revolving lines of credit. These principal sources and uses of cash and liquidity are presented below (in thousands):

	Three Months Ended March 31,
	2025		2024
Cash from net investment income(1)	$	901	$	3,126
Net repayments and sales of portfolio investments(1)	1,940		6,092
Net cash provided by operating activities	2,841		9,218
Distributions paid to stockholders(2)	(4,555)		(4,555)
Net repayments under revolving lines of credit	(300)		(12,000)
Repayments of SBA debentures	—		(31,920)
Net cash used in financing activities	(4,855)		(48,475)
Net decrease in cash and cash equivalents	$	(2,014)	$	(39,257)

(1)    Cash from net investment income includes all other cash flows from operating activities reported in our statements of cash flows. Net purchases and originations/repayments and sales of portfolio investments includes the purchase and origination of portfolio investments, proceeds from principal payments on portfolio investments, proceeds from sale or redemption of portfolio investments, changes in receivable for investments sold, payable from investments purchased as reported in our statements of cash flows, as well as differences in proceeds from distributions received from Structured Finance Securities relative to accretion of interest income on Structured Finance Securities.

(2)    The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year.

Cash from net investment income

For the three months ended March 31, 2025, cash from net investment income of $0.9 million decreased $2.2 million compared to the three months ended March 31, 2024, primarily due to a decrease of $1.8 million in cash interest income.

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Net (purchases and originations) / repayments and sales of portfolio investments

During the three months ended March 31, 2025, net sales and repayments of portfolio investments of $1.9 million were primarily due to $14.2 million of cash we received from principal repayments, sales on our portfolio investments and the proceeds from distributions received from Structured Finance Securities, net of accretion of interest income on Structured Finance Securities, partially offset by $12.2 million of cash we used to purchase portfolio investments. During the three months ended March 31, 2024, net sales and repayments of portfolio investments of $6.1 million were primarily due to $13.4 million of cash we received from amortized cost repayments, sales on our portfolio investments, net proceeds from distributions received from Structured Finance Securities and accretion of interest income on Structured Finance Securities, partially offset by $7.3 million of cash we used to purchase portfolio investments. See “—Portfolio Composition and Investment Activity—Investment Activity.”

Borrowings

As of March 31, 2025, we had $248.1 million of outstanding debt with a weighted-average effective interest rate of 6.19%. Our Unsecured Notes Due February 2026 and the Banc of California Facility, which comprised 52% of our outstanding debt, mature on February 10, 2026 and February 28, 2026, respectively .

SBA Debentures

On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million and, on April 17, 2024, surrendered its license to operate as a SBIC.

Banc of California Credit Facility

We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility, which is available for general corporate purposes including investment funding and is scheduled to mature on February 28, 2026. The Banc of California Credit Facility currently bears interest at a variable Prime Rate plus a 0.25% margin, with a 5.00% floor, and as of March 31, 2025, the effective interest rate on the Banc of California Credit Facility was 11.35%. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP and our partnership interests in SBIC I LP.

The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants, such as information reporting requirements, a minimum tangible net asset value, a minimum quarterly net investment income after incentive fees, a debt/worth ratio and a net loss restriction. The BLA also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. As of March 31, 2025, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.

As of March 31, 2025, we had $3.5 million outstanding and an unused commitment of $21.5 million under the Banc of California Credit Facility, subject to a borrowing base and other covenants.

Unsecured Notes

As of March 31, 2025 and December 31, 2024, we had $180.0 million in outstanding Unsecured Notes. The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all of our current and future unsecured indebtedness. Because the Unsecured Notes are not secured by any of our assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Banc of California Credit Facility and BNP Facility.

In order to, among other things, reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may, from time to time, purchase the Unsecured Notes for cash in open market purchases and/or privately negotiated transactions. We will evaluate any such transactions in light of then-existing market conditions, taking into account our current liquidity, prospects for future access to capital, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material. During the three months ended March 31, 2025, no outstanding Unsecured Notes were repurchased.

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As of March 31, 2025, the Unsecured Notes had the following terms and balances (dollar amounts in thousands):

Unsecured Notes	Principal		Stated Interest Rate(1)		Effective Interest Rate(2)		Maturity(3)
Unsecured Notes Due February 2026	$	125,000	4.75	%	5.39	%	February 10, 2026
Unsecured Notes Due October 2028	55,000		4.95		5.32		October 31, 2028
Total	$	180,000

(1) The weighted-average fixed cash interest rate on the Unsecured Notes as of March 31, 2025 was 4.81%.

(2) The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.

(3) We may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time. We are required to pay a “make-whole” premium if the redemption date is prior to November 10, 2025. We may redeem the Unsecured Notes Due October 2028 in whole or in part at any time.

BNP Facility

On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150.0 million, of which $64.6 million was drawn as of March 31, 2025. Borrowings under the BNP Facility bear interest based on SOFR for the relevant interest period, plus an applicable spread (subject to an effective floor of 2.65%). The reinvestment period (and the ability to access the undrawn facility commitment) of the BNP Facility ends on June 20, 2025, unless extended. The BNP Facility is scheduled to mature on June 20, 2027. Borrowings under the BNP Facility are secured by substantially all of the assets held by OFSCC-FS. As of March 31, 2025, we were in compliance in all material respects with the applicable covenants under the BNP Facility.

As of March 31, 2025, the effective interest rate on the BNP Facility was 8.21% and the unused commitment under the facility was $85.5 million, subject to a borrowing base and other covenants.

On a stand-alone basis, as of March 31, 2025 and December 31, 2024, OFSCC-FS held approximately $140.7 million and $151.0 million in total assets, respectively, which accounted for approximately 34% and 35% of our total consolidated assets, respectively.

Other Liquidity Matters 

We expect to fund the growth of our investment portfolio utilizing our current borrowings, follow-on equity offerings, and issuances of senior securities or future borrowings to the extent permitted by the 1940 Act. We cannot assure stockholders that our plans to raise capital will be successful or available to us on favorable terms, if at all. In addition, we intend to distribute to our stockholders substantially all of our taxable income in order to satisfy the requirements applicable to RICs under Subchapter M of the Code. Consequently, we may not have the funds or the ability to fund new investments or make additional investments in our portfolio companies. The illiquidity of our portfolio investments may make it difficult for us to sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their recorded value and incur a capital loss.

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 assets, as defined by the 1940 Act, are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million, in each case organized in the United States. Conversely, we may invest up to 30% of our portfolio in opportunistic investments not otherwise eligible under BDC regulations. Specifically, as part of this 30% basket, we may consider investments in investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds, as well as in debt or equity of middle-market portfolio companies located outside of the United States and debt and equity of public companies that do not meet the definition of eligible portfolio companies because their market capitalization of publicly traded equity securities exceeds the levels provided for in the 1940 Act. We have, and may continue to, make opportunistic investments in Structured Finance Securities and other non-qualifying assets, consistent with our investment strategy. Investments in Structured Finance Securities are generally made in non-U.S. entities and therefore are generally deemed to be non-qualifying. As of March 31, 2025, approximately 79% of our investments were qualifying assets.

On May 3, 2018, our Board, including a required majority (as such term is defined in Section 57(o) of the 1940 Act) thereof, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, effective May 3, 2019, our minimum required asset coverage ratio decreased from 200% to 150%.

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On May 22, 2018, the Board authorized the Stock Repurchase Program under which we could acquire up to $10.0 million of our outstanding common stock through the two-year period ended May 22, 2020. On each of May 4, 2020 and May 3, 2022, our Board extended the Stock Repurchase Program for additional two-year periods. On April 30, 2024, our Board extended the Stock Repurchase Program for the two-year period ending on May 22, 2026. Under the extended Stock Repurchase Program, we are authorized to repurchase shares in open-market transactions, including through block purchases, depending on prevailing market conditions and other factors. We expect the Stock Repurchase Program to be in place through May 22, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not obligate us to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases. The Stock Repurchase Program may be extended, modified or discontinued at any time for any reason. We have provided our stockholders with notice of our intention to repurchase shares of our common stock in accordance with 1940 Act requirements. We retire all shares of common stock that we purchased in connection with the Stock Repurchase Program. During the three months ended March 31, 2025, we did not make any repurchases of common stock on the open market under the Stock Repurchase Program. As of March 31, 2025, the approximate dollar value of shares remaining that may be purchased under the program was $9.6 million.

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if the Board determines that such sale is in the best interests of us and our stockholders, and if our stockholders approve such sale. On June 26, 2024, our stockholders approved a proposal to authorize us, with approval of our Board, to sell or otherwise issue shares of our common stock (during a twelve-month period) at a price below our then-current net asset value per share in one or more offerings, subject to certain limitations (including that the cumulative number of shares sold pursuant to such authority does not exceed 25% of our then outstanding common stock immediately prior to each such sale). We have not sold any shares below net asset value pursuant to the proposal approved by our stockholders.

We continue to monitor the current banking environment. If the banks and financial institutions with whom we have credit facilities enter into receivership, undergo consolidation or become insolvent in the future, our liquidity may be reduced significantly. At various times, our cash balances at third-party financial institutions exceed the federally insured limit. Our cash and cash equivalent balances are retained in custodian accounts with U.S. Bank Trust Company, National Association and Citibank N.A., and we do not believe they are exposed to any significant credit risk.

Contractual Obligations and Off-Balance Sheet Arrangements

Contractual Obligations

As of March 31, 2025, we had $4.1 million of cash and cash equivalents, as well unused commitments of $21.5 million under our Banc of California Credit Facility and $85.5 million under our BNP Facility, respectively, to meet our short-term contractual obligations, subject to contractual requirements and regulatory asset coverage requirements. As of March 31, 2025, we had $13.8 million in unfunded commitments to fund portfolio investments that can be funded with our current cash or credit facilities.

The reinvestment period of the BNP Facility ends on June 20, 2025, upon which the ability to access the unused commitment of the facility terminates. The BNP Facility is scheduled to mature on June 20, 2027. If we are unable to amend the BNP Facility to extend the reinvestment period or enter into a new credit facility, our short-term liquidity will be significantly reduced.

Long-term contractual obligations, such as our BNP Facility that matures in 2027 and had $64.6 million outstanding as of March 31, 2025, could be repaid by selling OFSCC-FS portfolio investments that have a fair value of $134.8 million as of March 31, 2025. A portion of the OFSCC-FS portfolio includes broadly syndicated loans in larger portfolio companies that generally can be sold over a relatively short period to generate cash. As of March 31, 2025, the broadly syndicated loan investments in the OFSCC-FS portfolio totaled $32.3 million at fair value. We cannot, however, be certain that this source of funds will be available and upon terms acceptable to us in sufficient amounts in the future. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than its current fair value and incur significant realized losses on our invested capital.

As of March 31, 2025, we had $180.0 million of outstanding Unsecured Notes, of which $125.0 million matures on February 10, 2026. The Unsecured Notes Due February 2026 can be repaid by issuing additional senior securities to refinance the debt. If we refinance the Unsecured Notes Due February 2026 by issuing additional senior securities, current market rates for similar debt are higher than the stated rate of 4.75% on the Unsecured Notes Due February 2026.

As of March 31, 2025, approximately 48% of our outstanding debt matures in more than two years and 73% of our outstanding debt carries fixed interest rates and is unsecured.

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Off-Balance Sheet Arrangements

We have entered into contracts with third parties under which we have material future commitments — the Investment Advisory Agreement, pursuant to which OFS Advisor has agreed to serve as our investment adviser, and the Administration Agreement, pursuant to which OFS Services has agreed to furnish us with the facilities and administrative services necessary to conduct our day-to-day operations.

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the balance sheet. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. We continue to believe that we have sufficient levels of liquidity to support our existing portfolio companies and will meet these unfunded commitments by using our cash on hand or utilizing our available borrowings under the Banc of California Credit Facility and BNP Facility.

Distributions

We are taxed as a RIC under the Code. In order to maintain our tax treatment as a RIC, we are required to distribute annually to our stockholders at least 90% of our ICTI, as defined by the Code. Additionally, to avoid a 4% excise tax on undistributed earnings we are required to distribute each calendar year the sum of: (i) 98% of our ordinary income for such calendar year; (ii) 98.2% of our net capital gains for the one-year period ending October 31 of that calendar year; and (iii) any income recognized, but not distributed, in preceding years and on which we paid no federal income tax. Maintenance of our RIC status requires adherence to certain source of income and asset diversification requirements. Generally, a RIC is entitled to deduct dividends it pays to its stockholders from its income to determine “taxable income”. Taxable income includes our taxable interest, dividend and fee income, and taxable net capital gains. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as gains or losses are not included in taxable income until they are realized. In addition, gains realized for financial reporting purposes may differ from gains included in taxable income as a result of our election to recognize gains using installment sale treatment, which generally results in the deferment of gains for tax purposes until notes or other amounts, including amounts held in escrow received as consideration from the sale of investments, are collected in cash. Taxable income includes non-cash income, such as changes in accrued and reinvested interest and dividends, which includes contractual PIK interest, and the amortization of discounts and fees. Cash collections of income resulting from contractual PIK interest and dividends or the amortization of discounts and fees generally occur upon the repayment of the loans or debt securities that include such items. Non-cash taxable income is reduced by non-cash expenses, such as realized losses and depreciation, and amortization expense.

Our Board maintains a variable dividend policy with the objective of distributing quarterly distributions in an amount not less than 90% of our taxable quarterly income or potential annual income for a particular year. In addition, during the year, we may pay a special dividend, such that we may distribute approximately all of our annual taxable income in the year it was earned, while maintaining the option to spill over our excess taxable income to a following year. We may choose to retain a portion of our taxable income in any year and pay the 4% U.S. federal excise tax on the retained amounts. Distributions in excess of our current and accumulated ICTI would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the source of the distribution is mailed to our stockholders.

Recent Developments    

On April 29, 2025, our Board declared a distribution of $0.34 per share for the second quarter of 2025, payable on June 30, 2025 to stockholders of record as of June 20, 2025.

58

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. The economic effects of the ongoing war between Russia and Ukraine, interest rate and inflation rate changes, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, the agenda of the new U.S. presidential administration, including the impact of tariff enactment and tax reductions, instability in the U.S. and international banking systems and the risk of recession or a shutdown of U.S. government services has introduced significant volatility in the financial markets, and the effects of this volatility has impacted and could continue to impact our market risks. For additional information concerning risks and their potential impact on our business and our operating results, see “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on March 4, 2025.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, we value a significant portion of our portfolio investments at fair value as determined in good faith by OFS Advisor, as valuation designee, based, in part, on independent third-party valuation firms that have been engaged at the direction of OFS Advisor to assist in the valuation of most portfolio investments without a readily available market quotation. 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, some investments may be 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 its current fair value. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Significant Estimates” as well as Notes 2 and 5 to our consolidated financial statements for the three months ended March 31, 2025 for more information relating to our investment valuation.

Interest Rate Risk

As of March 31, 2025, we held loans and mezzanine debt investments with an aggregate fair value of $207.0 million that bore interest at floating interest rates and contained interest rate reset provisions that adjust applicable interest rates to current rates on a periodic basis. The aggregate 100 basis point reduction in the U.S. Federal Reserve target federal funds rate enacted from September 2024 through December 2024 influences SOFR-based rates, to which our variable rate debt investments are generally indexed. These rate decreases resulted in our variable rate debt investments generating less interest income during the three months ended March 31, 2025. Changes in interest rates, including potential additional interest rate reductions approved by the U.S. Federal Reserve, may impact our investment income, cost of funding and the valuation of our investments. Additional reductions in interest rates would reduce our interest income, which could in turn decrease our net investment income if such decreases in base interest rates are not offset by other factors, such as increases in the spread over such base interest rates or decreases in our operating expenses.

Our Unsecured Notes bear interest at fixed rates, which may result in net interest margin compression in a period of falling rates. As of March 31, 2025, our Banc of California Credit Facility and BNP Facility had floating interest rate provisions based on the applicable reference rates.

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates as of March 31, 2025. As of March 31, 2025, 1-month and 3-month SOFR were 4.32% and 4.29%, respectively. Assuming that the interim and unaudited consolidated balance sheet as of March 31, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following tables show the annualized impact of hypothetical changes in interest rate indices (in thousands).

Basis point increase	Interest income		Interest expense		Net change
25	$	523	$	(154)	$	369
50	1,068		(324)		744
75	1,613		(494)		1,119
100	2,159		(664)		1,495
125	2,704		(834)		1,870

59

Basis point decrease	Interest income		Interest expense		Net change
25	$	(568)	$	186	$	(382)
50	(1,113)		357		(756)
75	(1,659)		527		(1,132)
100	(2,204)		697		(1,507)
125	(2,749)		867		(1,882)

Although we believe that the foregoing analysis is indicative of our net interest margin sensitivity to interest rate changes as of March 31, 2025, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio, and other business developments, including borrowings under our credit facilities, that could affect net increase in net assets resulting from operations, or net income. Accordingly, no assurances can be given that actual results would not differ materially from the statement above.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures 

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2025. The term “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the foregoing evaluation of our disclosure controls and procedures as of March 31, 2025, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting 

During the quarter ended March 31, 2025, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

60

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We, OFS Advisor and OFS Services, are not currently subject to any material pending legal proceedings threatened against us as of March 31, 2025. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business, including the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition, results of operations or cash flows.

Item 1A. Risk Factors

Investing in our common stock may be speculative and involves a high degree of risk. In addition to the other information contained in this Quarterly Report on Form 10-Q, including our financial statements, and the related notes, schedules and exhibits, you should carefully consider the risk factors described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report on Form 10-K”), filed on March 4, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K. The risks previously disclosed in the Annual Report on Form 10-K should be read together with the other information disclosed elsewhere in this Quarterly Report on Form 10-Q and our other reports filed with the SEC.

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

Sales of Unregistered Securities, Use of Proceeds

None.

Issuer Purchases of Equity Securities

On May 22, 2018, the Board authorized the Company to initiate the Stock Repurchase Program under which the Company could acquire up to $10.0 million of its outstanding common stock through the two-year period ended May 22, 2020.

On each of May 4, 2020 and May 3, 2022, our Board extended the Stock Repurchase Program for additional two-year periods. On April 30, 2024, the Board extended the Stock Repurchase Program for the two-year period ending May 22, 2026. Under the extended Stock Repurchase Program, the Company is authorized to repurchase shares in open-market transactions, including through block purchases, depending on prevailing market conditions and other factors. The Company expects the Stock Repurchase Program to be in place through May 22, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with SEC Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases. The Stock Repurchase Program may be extended, modified or discontinued at any time for any reason. The Company retires all shares of common stock that it purchases in connection with the Stock Repurchase Program. As of March 31, 2025, the approximate dollar value of shares remaining that may be purchased under the program was $9.6 million.

During the three months ended March 31, 2025, the Company did not make any repurchases of its common stock on the open market under the Stock Repurchase Program.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Price Range of Common Stock and Distributions

The Company’s common stock is traded on the Nasdaq Global Select Market under the symbol “OFS”. The following table lists the high and low intraday sale price for the Company’s common stock, NAV per share, and the cash distributions per share that were declared on its common stock for each fiscal quarter during the last two most recently completed fiscal years and each full fiscal quarter of the current fiscal year. The last reported sale price for our common stock on the Nasdaq Global Select Market on March 31, 2025 was $9.29 per share.

	NAV Per Share(1)		Price Range				Premium (Discount) of High Sales Price to NAV		Premium (Discount) of Low Sales Price to NAV		Cash Distribution per Share
Period			High		Low
Fiscal 2025
First Quarter	$	11.97	$	9.80	$	7.92	-18.1	%	-33.8	%	$	0.34
Fiscal 2024
Fourth Quarter	$	12.85	$	8.98	$	7.81	-30.1	%	-39.2	%	$	0.34
Third Quarter	$	11.29	$	9.35	$	7.75	-17.2	%	-31.4	%	$	0.34
Second Quarter	$	11.51	$	10.14	$	8.42	-11.9	%	-26.8	%	$	0.34
First Quarter	$	11.08	$	12.07	$	9.53	8.9	%	-14.0	%	$	0.34
Fiscal 2023
Fourth Quarter	$	12.09	$	12.41	$	9.69	2.6	%	-19.9	%	$	0.34
Third Quarter	$	12.74	$	12.44	$	9.51	-2.4	%	-25.4	%	$	0.34
Second Quarter	$	12.94	$	11.01	$	9.10	-14.9	%	-29.7	%	$	0.33
First Quarter	$	13.42	$	10.92	$	9.60	-18.6	%	-28.5	%	$	0.33

(1)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

62

Item 6. Exhibits

Listed below are the exhibits that are filed as part of this report (according to the number assigned to them in Item 601 of Regulation S-K):

		Incorporated by Reference
Exhibit Number	Description	Form and SEC File No.	Filing Date with SEC	Filed with this 10-Q
3.1	Certificate of Incorporation of OFS Capital Corporation	Form N-2/A (333-166363)	March 18, 2011
3.2	Certificate of Correction to Certificate of Incorporation of OFS Capital Corporation	Form 10-K	March 26, 2013
3.3	Bylaws of OFS Capital Corporation	Form N-2/A (333-166363)	March 18, 2011
31.1	Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act			*
31.2	Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act			*
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			†
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			†
101	Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.			*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)			*

*	Filed herewith
†	Furnished herewith

63

SIGNATURES

Pursuant to the requirements 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.

Dated: May 1, 2025	OFS CAPITAL CORPORATION
	By:	/s/ Bilal Rashid
	Name:	Bilal Rashid
	Title:	Chief Executive Officer
	By:	/s/ Kyle Spina
	Name:	Kyle Spina
	Title:	Chief Financial Officer

64

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

I, Bilal Rashid, Chief Executive Officer of OFS Capital Corporation certify that:

1. I have reviewed this quarterly report on Form 10-Q of OFS Capital Corporation (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated this 1st day of May, 2025.

By:	/s/ Bilal Rashid
	Bilal Rashid
	Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

I, Kyle Spina, Chief Financial Officer of OFS Capital Corporation certify that:

1. I have reviewed this quarterly report on Form 10-Q of OFS Capital Corporation (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated this 1st day of May, 2025.

By:	/s/ Kyle Spina
	Kyle Spina
	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350 , as adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2025 (the “Report”) of OFS Capital Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Bilal Rashid, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ Bilal Rashid
Name:	Bilal Rashid
Date:	May 1, 2025

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350 , as adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2025 (the “Report”) of OFS Capital Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Kyle Spina, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ Kyle Spina
Name:	Kyle Spina
Date:	May 1, 2025

XML

Cover - shares	3 Months Ended
	Mar. 31, 2025	Apr. 30, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Securities Act File Number	814-00813
Entity Registrant Name	OFS CAPITAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1339639
Entity Address, Address Line One	222 W. Adams Street
Entity Address, Address Line Two	Suite 1850
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	847
Local Phone Number	734-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,398,078
Entity Central Index Key	0001487918
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Common Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	OFS
Security Exchange Name	NASDAQ
4.95% Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	4.95% Notes due 2028
Trading Symbol	OFSSH
Security Exchange Name	NASDAQ
Former Address
Document Information [Line Items]
Entity Address, Address Line One	10 South Wacker Drive
Entity Address, Address Line Two	Suite 2500
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL

XML

Consolidated Statements of Assets and Liabilities (unaudited) - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Assets
Investments, at fair value:	$ 403,071	[1],[2]	$ 409,665	[3],[4]
Cash and cash equivalents	4,054		6,068
Interest and dividend receivable	1,441		1,774
Receivable for investments sold	2,100		9,247
Prepaid expenses and other assets	1,297		1,369
Total assets	411,963		428,123
Liabilities
Revolving lines of credit	68,050		68,350
Unsecured Notes (net of deferred debt issuance costs of $1,444 and $1,688, respectively)	178,556		178,312
Interest payable	1,685		3,195
Payable for investments purchased	0		1,802
Total liabilities	251,580		255,898
Commitments and contingencies (Note 6)
Net assets
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	0		0
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,398,078 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	134		134
Paid-in capital in excess of par	184,912		184,912
Total accumulated losses	(24,663)		(12,821)
Total net assets	160,383		172,225
Total liabilities and net assets	$ 411,963		$ 428,123
Number of common shares outstanding (in shares)	13,398,078		13,398,078
Net asset value per share (in usd per share)	$ 11.97		$ 12.85
Affiliated entity
Liabilities
Payable to adviser and affiliates and Other liabilities	$ 2,306		$ 3,145
Nonrelated party
Liabilities
Payable to adviser and affiliates and Other liabilities	983		1,094
Non-control/Non-affiliate Investments
Assets
Investments, at fair value:	298,706	[2]	305,242	[4]
Affiliate investments
Assets
Investments, at fair value:	$ 104,365	[2]	$ 104,423	[4]

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

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

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

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

XML

Consolidated Statements of Assets and Liabilities (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Investments, amortized cost	$ 365,217	[1]	$ 363,547	[2]
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01
Preferred stock, authorized (in shares)	2,000,000		2,000,000
Preferred stock, issued (in shares)	0		0
Preferred stock, outstanding (in shares)	0		0
Common stock, par value (in usd per share)	$ 0.01		$ 0.01
Common stock, authorized (in shares)	100,000,000		100,000,000
Common stock, issued (in shares)	13,398,078		13,398,078
Common stock, outstanding (in shares)	13,398,078		13,398,078
Unsecured Notes
Deferred debt issuance costs	$ 1,444		$ 1,688
Non-control/Non-affiliate Investments
Investments, amortized cost	353,473		352,089
Affiliate investments
Investments, amortized cost	$ 11,744		$ 11,458

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

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

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Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Investment income
Interest income:	$ 9,580	$ 11,051
Payment-in-kind interest and dividend income:	675	605
Dividend income:	11	2,448
Total investment income	10,295	14,233
Expenses
Interest expense	3,858	4,572
Base management fee	1,549	1,523
Income Incentive Fee	330	1,399
Professional fees	436	414
Administration fee	394	394
Other expenses	263	335
Total expenses	6,830	8,637
Net investment income	3,465	5,596
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments	(2,587)	798
Deferred tax (expense) benefit on net unrealized appreciation (depreciation)	99	(63)
Net loss on investments	(10,752)	(14,645)
Net decrease in net assets resulting from operations	$ (7,287)	$ (9,049)
Net investment income per common share - basic (in usd per share)	$ 0.26	$ 0.42
Net investment income per common share - diluted (in usd per share)	0.26	0.42
Net decrease in net assets resulting from operations per common share – basic and diluted (in usd per share)	(0.54)	(0.67)
Distributions declared per common share (in usd per share)	$ 0.34	$ 0.34
Basic weighted-average common shares outstanding (in shares)	13,398,078	13,398,078
Diluted weighted-average common shares outstanding (in shares)	13,398,078	13,398,078
Non-control/Non-affiliate Investments
Investment income
Interest income:	$ 9,580	$ 11,051
Payment-in-kind interest and dividend income:	388	342
Dividend income:	11	10
Fee income:	29	129
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments	(2,587)	(581)
Net unrealized depreciation on investments	(7,920)	(3,047)
Affiliate investments
Investment income
Payment-in-kind interest and dividend income:	287	263
Dividend income:	0	2,438
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments	0	1,379
Net unrealized depreciation on investments	$ (344)	$ (12,333)

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Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	13,398,078
Balance	$ 172,225	$ 162,004
Net decrease in net assets resulting from operations:
Net investment income	3,465	5,596
Net realized gain (loss) on investments, net of taxes	(2,587)	798
Net unrealized depreciation on investments, net of deferred taxes	(8,165)	(15,443)
Dividend/Distributions declared	(4,555)	(4,555)
Net increase (decrease)	$ (11,842)	$ (13,604)
Balance (in shares)	13,398,078	13,398,078
Balance	$ 160,383	$ 148,400
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	13,398,078	13,398,078
Balance	$ 134	$ 134
Net decrease in net assets resulting from operations:
Balance (in shares)	13,398,078	13,398,078
Balance	$ 134	$ 134
Paid-in capital in excess of par
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	184,912	184,841
Net decrease in net assets resulting from operations:
Balance	184,912	184,841
Total accumulated losses
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(12,821)	(22,971)
Net decrease in net assets resulting from operations:
Net investment income	3,465	5,596
Net realized gain (loss) on investments, net of taxes	(2,587)	798
Net unrealized depreciation on investments, net of deferred taxes	(8,165)	(15,443)
Dividend/Distributions declared	(4,555)	(4,555)
Net increase (decrease)	(11,842)	(13,604)
Balance	$ (24,663)	$ (36,575)

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Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net decrease in net assets resulting from operations	$ (7,287)	$ (9,049)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain) loss on investments	2,587	(798)
Net unrealized depreciation on investments, net of deferred taxes	8,165	15,443
Amortization of Net Loan Fees	(199)	(298)
Amendment fees received	23	12
Payment-in-kind interest and dividend income	(675)	(604)
Accretion of interest income on Structured Finance Securities	(2,925)	(2,093)
Amortization of deferred debt issuance costs	371	391
Amortization of intangible asset	0	69
Purchase and origination of portfolio investments	(10,411)	(7,339)
Proceeds from principal payments on portfolio investments	3,290	9,854
Proceeds from sale or redemption of portfolio investments	3,137	2,049
Proceeds from distributions received from portfolio investments	3,504	3,621
Changes in operating assets and liabilities:
Interest and dividend receivable	333	(315)
Receivable for investments sold	7,147	0
Interest payable	(1,510)	(1,807)
Payable to adviser and affiliates	(839)	(176)
Payable for investments purchased	(1,802)	0
Other assets and liabilities	(68)	258
Net cash provided by operating activities	2,841	9,218
Cash flows from financing activities
Distributions paid to common stockholders	(4,555)	(4,555)
Borrowings under revolving lines of credit	9,750	3,000
Repayments under revolving lines of credit	(10,050)	(15,000)
Repayments of SBA debentures	0	(31,920)
Net cash used in financing activities	(4,855)	(48,475)
Net decrease in cash and cash equivalents	(2,014)	(39,257)
Beginning of period	6,068	45,349
End of period	4,054	6,092
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$ 4,997	$ 5,987

XML

Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands		Mar. 31, 2025		Dec. 31, 2024
Schedule of Investments [Line Items]
Principal Amount		$ 397,911	[1]	$ 397,740	[2]
Amortized Cost		365,217	[1]	363,547	[2]
Fair Value		$ 403,071	[1],[3]	$ 409,665	[2],[4]
Percent of Net Assets		251.30%	[1]	237.90%	[2]
Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost		$ 273,816		$ 274,564
Fair Value		$ 323,537		$ 332,790
Percent of Net Assets		201.60%		193.30%
Structured Finance Securities
Schedule of Investments [Line Items]
Amortized Cost		$ 91,401		$ 88,983
Fair Value		$ 79,534		$ 76,875
Percent of Net Assets		49.70%		44.60%
Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Principal Amount		$ 397,911		$ 397,740
Amortized Cost		353,473		352,089
Fair Value		$ 298,706	[3]	$ 305,242	[4]
Percent of Net Assets		186.20%		177.20%
Non-control/Non-affiliate Investments | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Principal Amount		$ 259,547		$ 260,122
Amortized Cost		262,072		263,106
Fair Value		$ 219,172	[3]	$ 228,367	[4]
Percent of Net Assets		136.50%		132.60%
Non-control/Non-affiliate Investments | Structured Finance Securities
Schedule of Investments [Line Items]
Principal Amount		$ 138,364	[5]	$ 137,618	[6]
Amortized Cost		91,401	[5]	88,983	[6]
Fair Value		$ 79,534	[3],[5]	$ 76,875	[4],[6]
Percent of Net Assets		49.70%	[5]	44.60%	[6]
Affiliate investments
Schedule of Investments [Line Items]
Amortized Cost		$ 11,744		$ 11,458
Fair Value		$ 104,365	[3]	$ 104,423	[4]
Percent of Net Assets		65.10%		60.60%
AIDC IntermediateCo 2, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 2,001	[7]	$ 2,006	[8]
Amortized Cost		1,977	[7]	1,980	[8]
Fair Value		$ 2,005	[3],[7]	$ 2,006	[4],[8]
Percent of Net Assets		1.20%	[7]	1.10%	[8]
Associated Spring, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 2,262	[7]	$ 2,276	[8]
Amortized Cost		2,211	[7]	2,222	[8]
Fair Value		$ 2,206	[3],[7]	$ 2,222	[4],[8]
Percent of Net Assets		1.40%	[7]	1.30%	[8]
Avison Young
Schedule of Investments [Line Items]
Principal Amount		$ 2,123	[5],[7]	$ 2,091	[6],[8]
Amortized Cost		4,728	[5],[7]	4,707	[6],[8]
Fair Value		$ 1,292	[3],[5],[7]	$ 1,602	[4],[6],[8]
Percent of Net Assets		0.80%	[5],[7]	0.90%	[6],[8]
Baymark Health Services, Inc.
Schedule of Investments [Line Items]
Principal Amount		$ 8,950	[7]	$ 8,950	[8]
Amortized Cost		8,887	[7]	8,882	[8]
Fair Value		$ 7,867	[3],[7]	$ 8,378	[4],[8]
Percent of Net Assets		4.90%	[7]	4.90%	[8]
BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings)
Schedule of Investments [Line Items]
Principal Amount		$ 9,394	[9]	$ 9,627	[10]
Amortized Cost		10,963	[9]	11,196	[10]
Fair Value		$ 10,432	[3],[9]	$ 10,588	[4],[10]
Percent of Net Assets		6.50%	[9]	6.20%	[10]
Clevertech Bidco, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 3,157		$ 3,166
Amortized Cost		3,087		3,091
Fair Value		$ 3,123	[3]	$ 3,120	[4]
Percent of Net Assets		1.90%		1.80%
Envocore Holding, LLC (F/K/A LRI Holding, LLC)
Schedule of Investments [Line Items]
Principal Amount		$ 17,035	[11]	$ 15,807	[12]
Amortized Cost		19,448	[11]	18,436	[12]
Fair Value		$ 7,748	[3],[11]	$ 9,148	[4],[12]
Percent of Net Assets		4.80%	[11]	5.30%	[12]
First Brands Group, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 4,962	[7],[13]	$ 4,975	[8],[14]
Amortized Cost		4,908	[7],[13]	4,914	[8],[14]
Fair Value		$ 4,623	[3],[7],[13]	$ 4,681	[4],[8],[14]
Percent of Net Assets		2.80%	[7],[13]	2.70%	[8],[14]
GGC Aerospace Topco L.P.
Schedule of Investments [Line Items]
Amortized Cost		$ 500	[15]	$ 500	[16]
Fair Value		$ 0	[3],[15]	$ 0	[4],[16]
Percent of Net Assets		0.00%	[15]	0.00%	[16]
GoTo Group (F/K/A LogMeIn, Inc.)
Schedule of Investments [Line Items]
Principal Amount		$ 2,223	[7],[13]	$ 2,229	[8],[14]
Amortized Cost		2,222	[7],[13]	2,228	[8],[14]
Fair Value		$ 1,475	[3],[7],[13]	$ 1,449	[4],[8],[14]
Percent of Net Assets		0.90%	[7],[13]	0.90%	[8],[14]
Honor HN Buyer Inc.
Schedule of Investments [Line Items]
Principal Amount		$ 15,008		$ 15,045
Amortized Cost		14,856		14,880
Fair Value		$ 15,008	[3]	$ 15,045	[4]
Percent of Net Assets		9.40%		8.80%
Inergex Holdings, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 17,086	[17]	$ 17,128	[18]
Amortized Cost		16,978	[17]	17,002	[18]
Fair Value		$ 17,086	[3],[17]	$ 17,128	[4],[18]
Percent of Net Assets		10.70%	[17]	10.00%	[18]
Kreg LLC
Schedule of Investments [Line Items]
Principal Amount		$ 18,392		$ 17,582
Amortized Cost		18,346		17,529
Fair Value		$ 17,431	[3]	$ 16,654	[4]
Percent of Net Assets		10.90%		9.70%
Medrina LLC
Schedule of Investments [Line Items]
Principal Amount		$ 2,576		$ 2,212
Amortized Cost		2,522		2,160
Fair Value		$ 2,603	[3]	$ 2,238	[4]
Percent of Net Assets		1.60%		1.30%
One GI LLC
Schedule of Investments [Line Items]
Principal Amount		$ 12,648		$ 12,677
Amortized Cost		12,601		12,614
Fair Value		$ 12,243	[3]	$ 12,310	[4]
Percent of Net Assets		7.60%		7.10%
Redstone Holdco 2 LP (F/K/A RSA Security)
Schedule of Investments [Line Items]
Principal Amount		$ 6,165	[7]	$ 6,165	[8]
Amortized Cost		6,127	[7]	6,125	[8]
Fair Value		$ 3,026	[3],[7]	$ 3,602	[4],[8]
Percent of Net Assets		1.90%	[7]	2.10%	[8]
RumbleOn, Inc.
Schedule of Investments [Line Items]
Principal Amount		$ 3,409	[5],[7]	$ 3,396	[6],[8]
Amortized Cost		3,542	[5],[7]	3,527	[6],[8]
Fair Value		$ 3,260	[3],[5],[7]	$ 3,257	[4],[6],[8]
Percent of Net Assets		2.10%	[5],[7]	1.80%	[6],[8]
SS Acquisition, LLC
Schedule of Investments [Line Items]
Principal Amount		$ 16,922	[9]	$ 16,964	[10]
Amortized Cost		16,834	[9]	16,871	[10]
Fair Value		$ 16,641	[3],[9]	$ 16,871	[4],[10]
Percent of Net Assets		10.40%	[9]	9.80%	[10]
SSJA Bariatric Management LLC
Schedule of Investments [Line Items]
Principal Amount		$ 15,361	[7],[9],[15]	$ 14,996	[8],[10],[16]
Amortized Cost		13,462	[7],[9],[15]	13,462	[8],[10],[16]
Fair Value		$ 6,643	[3],[7],[9],[15]	$ 9,328	[4],[8],[10],[16]
Percent of Net Assets		4.10%	[7],[9],[15]	5.30%	[8],[10],[16]
Tolemar Acquisition, Inc.
Schedule of Investments [Line Items]
Principal Amount		$ 16,331		$ 16,331
Amortized Cost		16,279		16,272
Fair Value		$ 15,320	[3]	$ 15,405	[4]
Percent of Net Assets		9.60%		8.90%
Wellful Inc. (F/K/A KNS Acquisition Corp.)
Schedule of Investments [Line Items]
Principal Amount		$ 7,206	[7]	$ 7,198	[8]
Amortized Cost		7,206	[7]	7,198	[8]
Fair Value		$ 6,102	[3],[7]	$ 7,198	[4],[8]
Percent of Net Assets		3.80%	[7]	4.20%	[8]
Brightwood Capital MM CLO 2023-1A, Ltd.
Schedule of Investments [Line Items]
Principal Amount		$ 7,627		$ 7,627
Amortized Cost		6,913		6,924
Fair Value		$ 6,448	[3]	$ 6,638	[4]
Percent of Net Assets		4.10%		3.90%
Contract Datascan Holdings, Inc.
Schedule of Investments [Line Items]
Amortized Cost		$ 8,797	[9]	$ 8,511	[10]
Fair Value		$ 10,255	[3],[9]	$ 12,331	[4],[10]
Percent of Net Assets		6.40%	[9]	7.20%	[10]
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		11.54%	[7],[19]	10.50%	[8],[20]
Spread Above Index		7.13%	[7],[19]	6.00%	[8],[20]
Principal Amount		$ 8,455	[7]	$ 8,730	[8]
Amortized Cost		8,430	[7]	8,698	[8]
Fair Value		$ 8,457	[3],[7]	$ 8,730	[4],[8]
Percent of Net Assets		5.30%	[7]	5.10%	[8]
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		9.82%	[19]	9.59%	[20]
Spread Above Index		5.50%	[19]	5.25%	[20]
Principal Amount		$ 1,955		$ 1,960
Amortized Cost		1,932		1,935
Fair Value		$ 1,959	[3]	$ 1,960	[4]
Percent of Net Assets		1.20%		1.10%
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate		9.82%	[19]	9.61%	[20]
Spread Above Index		5.50%	[19]	5.25%	[20]
Principal Amount		$ 46		$ 46
Amortized Cost		45		45
Fair Value		$ 46	[3]	$ 46	[4]
Percent of Net Assets		0.00%		0.00%
Investment, Identifier [Axis]: Allen Media, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		9.95%	[7],[19]	9.98%	[8],[20]
Spread Above Index		5.50%	[7],[19]	5.50%	[8],[20]
Principal Amount		$ 3,681	[7]	$ 3,691	[8]
Amortized Cost		3,679	[7]	3,688	[8]
Fair Value		$ 2,593	[3],[7]	$ 2,596	[4],[8]
Percent of Net Assets		1.60%	[7]	1.50%	[8]
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		16.99%	[19],[21],[22]	18.21%	[20],[23],[24]
Principal Amount		$ 11,080	[21],[22]	$ 11,080	[23],[24]
Amortized Cost		9,304	[21],[22]	9,388	[23],[24]
Fair Value		$ 7,310	[3],[21],[22]	$ 7,717	[4],[23],[24]
Percent of Net Assets		4.60%	[21],[22]	4.50%	[23],[24]
Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate	[23]
Principal Amount	[23]
Amortized Cost	[23]
Fair Value	[23]
Percent of Net Assets	[23]
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		15.41%	[19],[21],[22]	18.66%	[20],[23],[24]
Principal Amount		$ 8,630	[21],[22]	$ 8,630	[23],[24]
Amortized Cost		6,209	[21],[22]	6,400	[23],[24]
Fair Value		$ 4,903	[3],[21],[22]	$ 5,282	[4],[23],[24]
Percent of Net Assets		3.10%	[21],[22]	3.10%	[23],[24]
Investment, Identifier [Axis]: Apex Credit CLO 2022-1 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		7.70%	[19],[21],[22]	13.26%	[20],[23],[24]
Principal Amount		$ 10,726	[21],[22]	$ 10,726	[23],[24]
Amortized Cost		8,399	[21],[22]	8,598	[23],[24]
Fair Value		$ 6,068	[3],[21],[22]	$ 6,213	[4],[23],[24]
Percent of Net Assets		3.80%	[21],[22]	3.60%	[23],[24]
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		10.17%	[19]	10.33%	[20]
Spread Above Index		5.75%	[19]	5.75%	[20]
Principal Amount		$ 2,262		$ 2,276
Amortized Cost		2,219		2,231
Fair Value		$ 2,230	[3]	$ 2,231	[4]
Percent of Net Assets		1.40%		1.30%
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Spread Above Index	[19],[25]	5.75%
Principal Amount	[25]	$ 0
Amortized Cost	[25]	(8)
Fair Value	[3],[25]	$ (24)
Percent of Net Assets	[25]	0.00%
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Spread Above Index	[20],[26]			5.75%
Principal Amount	[26]			$ 0
Amortized Cost	[26]			(9)
Fair Value	[4],[26]			$ (9)
Percent of Net Assets	[26]			0.00%
Investment, Identifier [Axis]: Avison Young Inc, Common Equity
Schedule of Investments [Line Items]
Amortized Cost	[15],[27]	$ 1,400
Fair Value	[3],[15],[27]	$ 0
Percent of Net Assets	[15],[27]	0.00%
Share of common stock owned (in shares)	[15],[27]	1,185
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate	[17],[19]	6.06%
Interest Rate, PIK	[17],[19]	6.50%
Spread Above Index	[17],[19]	8.00%
Principal Amount	[17]	$ 1,590
Amortized Cost	[17]	1,590
Fair Value	[3],[17]	$ 1,273
Percent of Net Assets	[17]	0.80%
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate	[15],[17],[19],[28]	6.06%
Interest Rate, PIK	[15],[17],[19],[28]	6.50%
Spread Above Index	[15],[17],[19],[28]	8.00%
Principal Amount	[15],[17],[28]	$ 533
Amortized Cost	[15],[17],[28]	469
Fair Value	[3],[15],[17],[28]	$ 19
Percent of Net Assets	[15],[17],[28]	0.00%
Investment, Identifier [Axis]: Avison Young Inc, Preferred Equity
Schedule of Investments [Line Items]
Interest Rate, PIK	[15],[27]	12.50%
Amortized Cost	[15],[27]	$ 1,269
Fair Value	[3],[15],[27]	$ 0
Percent of Net Assets	[15],[27]	0.00%
Share of common stock owned (in shares)	[15],[27]	1,715,000
Investment, Identifier [Axis]: Avison Young, Common Equity
Schedule of Investments [Line Items]
Amortized Cost	[16],[29]			$ 1,400
Fair Value	[4],[16],[29]			$ 0
Percent of Net Assets	[16],[29]			0.00%
Share of common stock owned (in shares)	[16],[29]			1,185
Investment, Identifier [Axis]: Avison Young, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate	[18],[20]			6.15%
Interest Rate, PIK	[18],[20]			6.50%
Spread Above Index	[18],[20]			8.00%
Principal Amount	[18]			$ 1,564
Amortized Cost	[18]			1,564
Fair Value	[4],[18]			$ 1,405
Percent of Net Assets	[18]			0.80%
Investment, Identifier [Axis]: Avison Young, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate	[16],[18],[20],[30]			6.15%
Interest Rate, PIK	[16],[18],[20],[30]			6.50%
Spread Above Index	[16],[18],[20],[30]			8.00%
Principal Amount	[16],[18],[30]			$ 527
Amortized Cost	[16],[18],[30]			474
Fair Value	[4],[16],[18],[30]			$ 197
Percent of Net Assets	[16],[18],[30]			0.10%
Investment, Identifier [Axis]: Avison Young, Preferred Equity
Schedule of Investments [Line Items]
Interest Rate, PIK	[16],[29]			12.50%
Amortized Cost	[16],[29]			$ 1,269
Fair Value	[4],[16],[29]			$ 0
Percent of Net Assets	[16],[29]			0.00%
Share of common stock owned (in shares)	[16],[29]			1,715
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate		11.69%	[19]	11.72%	[20]
Spread Above Index		7.25%	[19]	7.25%	[20]
Principal Amount		$ 3,667		$ 3,667
Amortized Cost		3,421		3,407
Fair Value		$ 3,529	[3]	$ 3,546	[4]
Percent of Net Assets		2.20%		2.10%
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Interest Rate		11.41%	[19]	11.75%	[20]
Spread Above Index		6.85%	[19]	6.85%	[20]
Principal Amount		$ 6,000		$ 6,000
Amortized Cost		5,996		5,981
Fair Value		$ 5,673	[3]	$ 5,659	[4]
Percent of Net Assets		3.50%		3.30%
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		13.06%	[19]	13.09%	[20]
Spread Above Index		8.50%	[19]	8.50%	[20]
Principal Amount		$ 4,962		$ 4,962
Amortized Cost		4,928		4,925
Fair Value		$ 4,362	[3]	$ 4,645	[4]
Percent of Net Assets		2.70%		2.70%
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate		13.06%	[19]	13.12%	[20]
Spread Above Index		8.50%	[19]	8.50%	[20]
Principal Amount		$ 3,988		$ 3,988
Amortized Cost		3,959		3,957
Fair Value		$ 3,505	[3]	$ 3,733	[4]
Percent of Net Assets		2.20%		2.20%
Investment, Identifier [Axis]: BlueMountain CLO XXXV Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		22.30%	[19],[21],[22]	15.30%	[20],[23],[24]
Principal Amount		$ 7,800	[21],[22]	$ 5,800	[23],[24]
Amortized Cost		5,851	[21],[22]	4,270	[23],[24]
Fair Value		$ 5,333	[3],[21],[22]	$ 4,217	[4],[23],[24]
Percent of Net Assets		3.30%	[21],[22]	2.40%	[23],[24]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Amortized Cost		$ 1,290	[15]	$ 1,290	[16]
Fair Value		$ 679	[3],[15]	$ 679	[4],[16]
Percent of Net Assets		0.40%	[15]	0.40%	[16]
Share of common stock owned (in shares)		1,290	[15]	1,290	[16]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		10.92%	[7],[19]	10.96%	[8],[20]
Spread Above Index		6.50%	[7],[19]	6.50%	[8],[20]
Principal Amount		$ 9,394	[7]	$ 9,627	[8]
Amortized Cost		9,335	[7]	9,568	[8]
Fair Value		$ 9,394	[3],[7]	$ 9,560	[4],[8]
Percent of Net Assets		5.90%	[7]	5.60%	[8]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Spread Above Index		6.50%	[19],[25]	6.50%	[20],[26]
Principal Amount		$ 0	[25]	$ 0	[26]
Amortized Cost		(7)	[25]	(7)	[26]
Fair Value		$ 0	[3],[25]	$ (9)	[4],[26]
Percent of Net Assets		0.00%	[25]	0.00%	[26]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity
Schedule of Investments [Line Items]
Interest rate, cash		12.00%		12.00%
Interest Rate, PIK		2.00%		2.00%
Amortized Cost		$ 345		$ 345
Fair Value		$ 359	[3]	$ 358	[4]
Percent of Net Assets		0.20%		0.20%
Share of common stock owned (in shares)		3,446		3,446
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Interest Rate		14.66%	[19]	15.02%	[20]
Spread Above Index		10.36%	[19]	10.36%	[20]
Principal Amount		$ 2,133		$ 2,133
Amortized Cost		1,974		1,965
Fair Value		$ 2,176	[3]	$ 2,177	[4]
Percent of Net Assets		1.40%		1.30%
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		11.49%	[19],[21],[22]	11.91%	[20],[23],[24]
Principal Amount		$ 5,494	[21],[22]	$ 5,494	[23],[24]
Amortized Cost		4,939	[21],[22]	4,960	[23],[24]
Fair Value		$ 4,272	[3],[21],[22]	$ 4,461	[4],[23],[24]
Percent of Net Assets		2.70%	[21],[22]	2.60%	[23],[24]
Investment, Identifier [Axis]: Canyon CLO 2019-1 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		25.32%	[19],[21],[22]	23.97%	[20],[23],[24]
Principal Amount		$ 18,453	[21],[22]	$ 18,453	[23],[24]
Amortized Cost		9,477	[21],[22]	9,492	[23],[24]
Fair Value		$ 9,891	[3],[21],[22]	$ 10,296	[4],[23],[24]
Percent of Net Assets		6.20%	[21],[22]	6.00%	[23],[24]
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		11.20%	[7],[19]	11.23%	[8],[20]
Spread Above Index		6.75%	[7],[19]	6.75%	[8],[20]
Principal Amount		$ 3,157	[7]	$ 3,166	[8]
Amortized Cost		3,093	[7]	3,097	[8]
Fair Value		$ 3,126	[3],[7]	$ 3,124	[4],[8]
Percent of Net Assets		1.90%	[7]	1.80%	[8]
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Spread Above Index		6.75%	[19],[25]	6.75%	[20],[26]
Principal Amount		$ 0	[25]	$ 0	[26]
Amortized Cost		(6)	[25]	(6)	[26]
Fair Value		$ (3)	[3],[25]	$ (4)	[4],[26]
Percent of Net Assets		0.00%	[25]	0.00%	[26]
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		$ 703	[15]	$ 703	[16]
Fair Value		$ 63	[3],[15]	$ 61	[4],[16]
Percent of Net Assets		0.00%	[15]	0.00%	[16]
Share of common stock owned (in shares)		20,628	[15]	20,628	[16]
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Common Equity
Schedule of Investments [Line Items]
Fair Value		$ 0		$ 441
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Preferred Equity
Schedule of Investments [Line Items]
Fair Value		10,255		11,890
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Amortized Cost		104	[15]	104	[16]
Fair Value		$ 0	[3],[15]	$ 441	[4],[16]
Percent of Net Assets		0.00%	[15]	0.30%	[16]
Share of common stock owned (in shares)		11,273	[15]	11,273	[16]
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity
Schedule of Investments [Line Items]
Interest Rate, PIK		10.00%		10.00%
Amortized Cost		$ 8,693		$ 8,407
Fair Value		$ 10,255	[3]	$ 11,890	[4]
Percent of Net Assets		6.40%		6.90%
Share of common stock owned (in shares)		3,061		3,061
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate		11.19%	[19]	11.22%	[20]
Spread Above Index		6.75%	[19]	6.75%	[20]
Principal Amount		$ 5,938		$ 5,938
Amortized Cost		5,881		5,878
Fair Value		$ 5,938	[3]	$ 5,938	[4]
Percent of Net Assets		3.70%		3.40%
Investment, Identifier [Axis]: Creation Technologies, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		10.06%	[5],[7],[19]	10.35%	[6],[8],[20]
Spread Above Index		5.50%	[5],[7],[19]	5.50%	[6],[8],[20]
Principal Amount		$ 1,945	[5],[7]	$ 1,950	[6],[8]
Amortized Cost		1,937	[5],[7]	1,942	[6],[8]
Fair Value		$ 1,916	[3],[5],[7]	$ 1,915	[4],[6],[8]
Percent of Net Assets		1.20%	[5],[7]	1.10%	[6],[8]
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		$ 1,135	[9],[15],[27]	$ 1,135	[10],[16],[29]
Fair Value		$ 1,848	[3],[9],[15],[27]	$ 1,190	[4],[10],[16],[29]
Percent of Net Assets		1.20%	[9],[15],[27]	0.70%	[10],[16],[29]
Share of common stock owned (in shares)		1,135	[9],[15],[27]	1,135	[10],[16],[29]
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		9.29%	[19],[21],[22]	10.31%	[20],[23],[24]
Principal Amount		$ 5,352	[21],[22]	$ 5,352	[23],[24]
Amortized Cost		3,099	[21],[22]	3,131	[23],[24]
Fair Value		$ 1,918	[3],[21],[22]	$ 2,210	[4],[23],[24]
Percent of Net Assets		1.20%	[21],[22]	1.30%	[23],[24]
Investment, Identifier [Axis]: East West Manufacturing LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate	[8],[20]			10.11%
Spread Above Index	[8],[20]			5.75%
Principal Amount	[8]			$ 1,910
Amortized Cost	[8]			1,899
Fair Value	[4],[8]			$ 1,910
Percent of Net Assets	[8]			1.10%
Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate	[7],[19]	10.04%
Spread Above Index	[7],[19]	5.75%
Principal Amount	[7]	$ 1,905
Amortized Cost	[7]	1,895
Fair Value	[3],[7]	$ 1,905
Percent of Net Assets	[7]	1.20%
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights
Schedule of Investments [Line Items]
Amortized Cost		$ 4,722	[15],[31]	$ 4,722	[16],[32]
Fair Value		$ 0	[3],[15],[31]	$ 0	[4],[16],[32]
Percent of Net Assets		0.00%	[15],[31]	0.00%	[16],[32]
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		7.50%	[19]	7.50%	[20]
Principal Amount		$ 6,215		$ 6,231
Amortized Cost		6,215		6,231
Fair Value		$ 5,936	[3]	$ 6,231	[4]
Percent of Net Assets		3.70%		3.60%
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest Rate		7.50%	[19],[25]	7.50%	[20],[26]
Principal Amount		$ 899	[25]	$ 899	[26]
Amortized Cost		899	[25]	899	[26]
Fair Value		$ 784	[3],[25]	$ 899	[4],[26]
Percent of Net Assets		0.50%	[25]	0.50%	[26]
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Secured Collateral)
Schedule of Investments [Line Items]
Interest Rate	[19],[33]	7.50%
Principal Amount	[33]	$ 1,028
Amortized Cost	[33]	1,028
Fair Value	[3],[33]	$ 1,028
Percent of Net Assets	[33]	0.60%
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate, PIK		10.00%	[15],[19],[28]	10.00%	[16],[20],[30]
Principal Amount		$ 8,893	[15],[28]	$ 8,677	[16],[30]
Amortized Cost		6,584	[15],[28]	6,584	[16],[30]
Fair Value		$ 0	[3],[15],[28]	$ 2,018	[4],[16],[30]
Percent of Net Assets		0.00%	[15],[28]	1.20%	[16],[30]
Investment, Identifier [Axis]: Excelin Home Health, LLC, Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate, PIK		18.00%	[19]	18.00%	[20]
Principal Amount		$ 6,223		$ 5,955
Amortized Cost		6,166		5,891
Fair Value		$ 5,340	[3]	$ 4,913	[4]
Percent of Net Assets		3.30%		2.90%
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		9.55%	[19]	9.85%	[20]
Spread Above Index		5.00%	[19]	5.00%	[20]
Principal Amount		$ 3,334		$ 3,343
Amortized Cost		3,296		3,300
Fair Value		$ 3,106	[3]	$ 3,148	[4]
Percent of Net Assets		1.90%		1.80%
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate		9.55%	[19]	9.85%	[20]
Spread Above Index		5.00%	[19]	5.00%	[20]
Principal Amount		$ 1,628		$ 1,632
Amortized Cost		1,612		1,614
Fair Value		$ 1,517	[3]	$ 1,533	[4]
Percent of Net Assets		0.90%		0.90%
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units)
Schedule of Investments [Line Items]
Amortized Cost		$ 450		$ 450
Fair Value		$ 0	[3]	$ 0	[4]
Percent of Net Assets		0.00%		0.00%
Share of common stock owned (in shares)		368,852		368,852
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units)
Schedule of Investments [Line Items]
Amortized Cost		$ 50		$ 50
Fair Value		$ 0	[3]	$ 0	[4]
Percent of Net Assets		0.00%		0.00%
Share of common stock owned (in shares)		40,984		40,984
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		9.19%	[19]	9.30%	[20]
Spread Above Index		4.75%	[19]	4.75%	[20]
Principal Amount		$ 934		$ 936
Amortized Cost		933		936
Fair Value		$ 869	[3]	$ 855	[4]
Percent of Net Assets		0.50%		0.50%
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate		9.19%	[19]	9.30%	[20]
Spread Above Index		4.75%	[19]	4.75%	[20]
Principal Amount		$ 1,289		$ 1,293
Amortized Cost		1,289		1,292
Fair Value		$ 606	[3]	$ 594	[4]
Percent of Net Assets		0.40%		0.30%
Investment, Identifier [Axis]: Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets), First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		11.15%	[7],[13],[19]	11.18%	[8],[14],[20]
Spread Above Index		6.75%	[7],[13],[19]	6.75%	[8],[14],[20]
Principal Amount		$ 8,977	[7],[13]	$ 9,000	[8],[14]
Amortized Cost		8,801	[7],[13]	8,813	[8],[14]
Fair Value		$ 7,758	[3],[7],[13]	$ 8,591	[4],[8],[14]
Percent of Net Assets		4.80%	[7],[13]	5.00%	[8],[14]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Spread Above Index		5.75%	[7],[19],[25]	5.75%	[8],[20],[26]
Principal Amount		$ 0	[7],[25]	$ 0	[8],[26]
Amortized Cost		(19)	[7],[25]	(22)	[8],[26]
Fair Value		$ 0	[3],[7],[25]	$ 0	[4],[8],[26]
Percent of Net Assets		0.00%	[7],[25]	0.00%	[8],[26]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest Rate		12.25%	[19],[25]	12.25%	[20],[26]
Spread Above Index		4.75%	[19],[25]	4.75%	[20],[26]
Principal Amount		$ 95	[25]	$ 95	[26]
Amortized Cost		88	[25]	88	[26]
Fair Value		$ 95	[3],[25]	$ 95	[4],[26]
Percent of Net Assets		0.10%	[25]	0.10%	[26]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		10.20%	[7],[19]	10.23%	[8],[20]
Spread Above Index		5.75%	[7],[19]	5.75%	[8],[20]
Principal Amount		$ 6,384	[7]	$ 6,400	[8]
Amortized Cost		6,330	[7]	6,341	[8]
Fair Value		$ 6,384	[3],[7]	$ 6,400	[4],[8]
Percent of Net Assets		4.00%	[7]	3.70%	[8]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate		10.20%	[7],[19]	10.23%	[8],[20]
Spread Above Index		5.75%	[7],[19]	5.75%	[8],[20]
Principal Amount		$ 4,037	[7]	$ 4,047	[8]
Amortized Cost		3,997	[7]	4,004	[8]
Fair Value		$ 4,037	[3],[7]	$ 4,047	[4],[8]
Percent of Net Assets		2.50%	[7]	2.40%	[8]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 3
Schedule of Investments [Line Items]
Interest Rate		10.20%	[7],[19]	10.23%	[8],[20]
Spread Above Index		5.75%	[7],[19]	5.75%	[8],[20]
Principal Amount		$ 4,492	[7]	$ 4,503	[8]
Amortized Cost		4,460	[7]	4,469	[8]
Fair Value		$ 4,492	[3],[7]	$ 4,503	[4],[8]
Percent of Net Assets		2.80%	[7]	2.60%	[8]
Investment, Identifier [Axis]: ICG US CLO 2021-3 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		32.82%	[19],[21],[22]	30.03%	[20],[23],[24]
Principal Amount		$ 16,750	[21],[22]	$ 16,750	[23],[24]
Amortized Cost		8,223	[21],[22]	8,082	[23],[24]
Fair Value		$ 9,893	[3],[21],[22]	$ 9,734	[4],[23],[24]
Percent of Net Assets		6.20%	[21],[22]	5.70%	[23],[24]
Investment, Identifier [Axis]: Idera Inc., Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate		11.19%	[19]	11.47%	[20]
Spread Above Index		6.75%	[19]	6.75%	[20]
Principal Amount		$ 2,683		$ 2,683
Amortized Cost		2,683		2,683
Fair Value		$ 2,533	[3]	$ 2,683	[4]
Percent of Net Assets		1.60%		1.60%
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		11.45%	[19]	11.47%	[20]
Interest Rate, PIK		2.00%	[19]	2.00%	[20]
Spread Above Index		7.00%	[19]	7.00%	[20]
Principal Amount		$ 14,742		$ 14,784
Amortized Cost		14,634		14,658
Fair Value		$ 14,742	[3]	$ 14,784	[4]
Percent of Net Assets		9.20%		8.60%
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest rate, cash		11.30%	[19]	11.74%	[20]
Interest Rate, PIK		2.00%	[19]	2.00%	[20]
Spread Above Index		7.00%	[19]	7.00%	[20]
Principal Amount		$ 2,344		$ 2,344
Amortized Cost		2,344		2,344
Fair Value		$ 2,344	[3]	$ 2,344	[4]
Percent of Net Assets		1.50%		1.40%
Investment, Identifier [Axis]: Ivanti Software, Inc., First Lien Debt
Schedule of Investments [Line Items]
Interest Rate	[8],[14],[20]			9.12%
Spread Above Index	[8],[14],[20]			4.25%
Principal Amount	[8],[14]			$ 2,903
Amortized Cost	[8],[14]			2,908
Fair Value	[4],[8],[14]			$ 2,014
Percent of Net Assets	[8],[14]			1.20%
Investment, Identifier [Axis]: JP Intermediate B, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		14.00%	[7],[19],[28]	14.00%	[8],[20],[30]
Spread Above Index		6.50%	[7],[19],[28]	6.50%	[8],[20],[30]
Principal Amount		$ 4,638	[7],[28]	$ 4,638	[8],[30]
Amortized Cost		4,491	[7],[28]	4,491	[8],[30]
Fair Value		$ 1,904	[3],[7],[28]	$ 2,102	[4],[8],[30]
Percent of Net Assets		1.20%	[7],[28]	1.20%	[8],[30]
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.70%	[7],[17],[19]	8.73%	[8],[18],[20]
Interest Rate, PIK		0.50%	[7],[17],[19]	2.50%	[8],[18],[20]
Spread Above Index		6.25%	[7],[17],[19]	4.25%	[8],[18],[20]
Principal Amount		$ 17,501	[7],[17]	$ 17,582	[8],[18]
Amortized Cost		17,458	[7],[17]	17,533	[8],[18]
Fair Value		$ 16,608	[3],[7],[17]	$ 16,720	[4],[8],[18]
Percent of Net Assets		10.40%	[7],[17]	9.70%	[8],[18]
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest Rate	[19],[25]	10.55%
Spread Above Index		6.25%	[19],[25]	6.25%	[20],[26]
Principal Amount		$ 891	[25]	$ 0	[26]
Amortized Cost		888	[25]	(4)	[26]
Fair Value		$ 823	[3],[25]	$ (66)	[4],[26]
Percent of Net Assets		0.50%	[25]	0.00%	[26]
Investment, Identifier [Axis]: LCM 42 Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		16.91%	[19],[21],[22]	16.91%	[20],[23],[24]
Principal Amount		$ 3,500	[21],[22]	$ 3,500	[23],[24]
Amortized Cost		3,117	[21],[22]	2,993	[23],[24]
Fair Value		$ 3,117	[3],[21],[22]	$ 2,993	[4],[23],[24]
Percent of Net Assets		1.90%	[21],[22]	1.70%	[23],[24]
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		10.77%	[19],[21],[22]	12.68%	[20],[23],[24]
Principal Amount		$ 10,000	[21],[22]	$ 10,000	[23],[24]
Amortized Cost		4,366	[21],[22]	4,559	[23],[24]
Fair Value		$ 3,612	[3],[21],[22]	$ 4,140	[4],[23],[24]
Percent of Net Assets		2.30%	[21],[22]	2.40%	[23],[24]
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		16.69%	[19],[21],[22]	6.34%	[20],[23],[24]
Principal Amount		$ 10,971	[21],[22]	$ 9,500	[23],[24]
Amortized Cost		5,496	[21],[22]	4,866	[23],[24]
Fair Value		$ 5,208	[3],[21],[22]	$ 3,604	[4],[23],[24]
Percent of Net Assets		3.20%	[21],[22]	2.10%	[23],[24]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		10.44%	[7],[19]	10.44%	[8],[20]
Spread Above Index		6.00%	[7],[19]	6.00%	[8],[20]
Principal Amount		$ 2,206	[7]	$ 2,212	[8]
Amortized Cost		2,162	[7]	2,167	[8]
Fair Value		$ 2,228	[3],[7]	$ 2,234	[4],[8]
Percent of Net Assets		1.40%	[7]	1.30%	[8]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Interest Rate	[7],[19],[25]	10.25%
Spread Above Index		6.00%	[7],[19],[25]	6.00%	[8],[20],[26]
Principal Amount		$ 370	[7],[25]	$ 0	[8],[26]
Amortized Cost		366	[7],[25]	(1)	[8],[26]
Fair Value		$ 375	[3],[7],[25]	$ 4	[4],[8],[26]
Percent of Net Assets		0.20%	[7],[25]	0.00%	[8],[26]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Spread Above Index		6.00%	[19],[25]	6.00%	[20],[26]
Principal Amount		$ 0	[25]	$ 0	[26]
Amortized Cost		(6)	[25]	(6)	[26]
Fair Value		$ 0	[3],[25]	$ 0	[4],[26]
Percent of Net Assets		0.00%	[25]	0.00%	[26]
Investment, Identifier [Axis]: Metasource, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.81%	[7],[19]	10.84%	[8],[20]
Interest Rate, PIK		0.50%	[7],[19]	0.50%	[8],[20]
Spread Above Index		6.25%	[7],[19]	6.25%	[8],[20]
Principal Amount		$ 2,737	[7]	$ 2,741	[8]
Amortized Cost		2,708	[7]	2,708	[8]
Fair Value		$ 2,598	[3],[7]	$ 2,593	[4],[8]
Percent of Net Assets		1.60%	[7]	1.50%	[8]
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R
Schedule of Investments [Line Items]
Interest Rate		13.07%	[19]	13.27%	[20]
Spread Above Index		8.75%	[19]	8.75%	[20]
Principal Amount		$ 1,000		$ 1,000
Amortized Cost		982		978
Fair Value		$ 1,000	[3]	$ 1,000	[4]
Percent of Net Assets		0.60%		0.60%
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate	[20],[23],[24],[34]			0.00%
Principal Amount	[23],[24],[34]			$ 7,000
Amortized Cost	[23],[24],[34]			2,997
Fair Value	[4],[23],[24],[34]			$ 1,234
Percent of Net Assets	[23],[24],[34]			0.70%
Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest Rate		11.17%	[19]	11.25%	[20]
Spread Above Index		6.75%	[19]	6.75%	[20]
Principal Amount		$ 1,444		$ 1,444
Amortized Cost		1,439		1,437
Fair Value		$ 1,398	[3]	$ 1,403	[4]
Percent of Net Assets		0.90%		0.80%
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		11.17%	[7],[19]	11.21%	[8],[20]
Spread Above Index		6.75%	[7],[19]	6.75%	[8],[20]
Principal Amount		$ 7,337	[7]	$ 7,356	[8]
Amortized Cost		7,310	[7]	7,320	[8]
Fair Value		$ 7,102	[3],[7]	$ 7,143	[4],[8]
Percent of Net Assets		4.40%	[7]	4.10%	[8]
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate		11.17%	[7],[19]	11.21%	[8],[20]
Spread Above Index		6.75%	[7],[19]	6.75%	[8],[20]
Principal Amount		$ 3,867	[7]	$ 3,877	[8]
Amortized Cost		3,852	[7]	3,857	[8]
Fair Value		$ 3,743	[3],[7]	$ 3,764	[4],[8]
Percent of Net Assets		2.30%	[7]	2.20%	[8]
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		$ 499	[15]	$ 499	[16]
Fair Value		$ 1,260	[3],[15]	$ 1,196	[4],[16]
Percent of Net Assets		0.80%	[15]	0.70%	[16]
Share of common stock owned (in shares)		499	[15]	499	[16]
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class D
Schedule of Investments [Line Items]
Interest Rate		11.85%	[19]	12.18%	[20]
Spread Above Index		7.30%	[19]	7.30%	[20]
Principal Amount		$ 1,000		$ 1,000
Amortized Cost		987		986
Fair Value		$ 998	[3]	$ 998	[4]
Percent of Net Assets		0.60%		0.60%
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc Common Equity
Schedule of Investments [Line Items]
Fair Value		$ 90,762		$ 89,298
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Amortized Cost		217	[9],[35]	217	[10],[36]
Fair Value		$ 90,762	[3],[9],[35]	$ 89,298	[4],[10],[36]
Percent of Net Assets		56.60%	[9],[35]	51.80%	[10],[36]
Share of common stock owned (in shares)		400	[9],[35]	400	[10],[36]
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		6.50%	[19],[28]	6.50%	[20],[30]
Principal Amount		$ 16,648	[28]	$ 16,648	[30]
Amortized Cost		14,113	[28]	14,113	[30]
Fair Value		$ 8,291	[3],[28]	$ 7,159	[4],[30]
Percent of Net Assets		5.20%	[28]	4.20%	[30]
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		$ 0	[15],[27]	$ 0	[16],[29]
Fair Value		$ 933	[3],[15],[27]	$ 1,834	[4],[16],[29]
Percent of Net Assets		0.60%	[15],[27]	1.10%	[16],[29]
Share of common stock owned (in shares)		345,339	[15],[27]	345,339	[16],[29]
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		9.30%	[13],[19]	9.60%	[14],[20]
Spread Above Index		4.75%	[13],[19]	4.75%	[14],[20]
Principal Amount		$ 1,715	[13]	$ 1,715	[14]
Amortized Cost		1,710	[13]	1,710	[14]
Fair Value		$ 934	[3],[13]	$ 1,039	[4],[14]
Percent of Net Assets		0.60%	[13]	0.60%	[14]
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate		12.30%	[19]	12.60%	[20]
Spread Above Index		7.75%	[19]	7.75%	[20]
Principal Amount		$ 4,450		$ 4,450
Amortized Cost		4,417		4,415
Fair Value		$ 2,092	[3]	$ 2,563	[4]
Percent of Net Assets		1.30%		1.50%
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Interest rate, cash		11.30%	[17],[19]	12.10%	[18],[20]
Interest Rate, PIK		1.50%	[17],[19]	1.50%	[18],[20]
Spread Above Index		8.25%	[17],[19]	8.75%	[18],[20]
Principal Amount		$ 2,619	[17]	$ 2,609	[18]
Amortized Cost		2,562	[17]	2,549	[18]
Fair Value		$ 2,493	[3],[17]	$ 2,476	[4],[18]
Percent of Net Assets		1.60%	[17]	1.40%	[18]
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash		11.30%	[17],[19]	12.10%	[18],[20]
Interest Rate, PIK		1.50%	[17],[19]	1.50%	[18],[20]
Spread Above Index		8.25%	[17],[19]	8.75%	[18],[20]
Principal Amount		$ 790	[17]	$ 787	[18]
Amortized Cost		780	[17]	778	[18]
Fair Value		$ 752	[3],[17]	$ 747	[4],[18]
Percent of Net Assets		0.50%	[17]	0.40%	[18]
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants
Schedule of Investments [Line Items]
Principal Amount			[15]		[16]
Amortized Cost		200	[15]	200	[16]
Fair Value		$ 15	[3],[15]	$ 34	[4],[16]
Percent of Net Assets		0.00%	[15]	0.00%	[16]
Warrants		$ 218	[15]	$ 218	[16]
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		10.30%	[7],[19]	10.35%	[8],[20]
Spread Above Index		6.00%	[7],[19]	6.00%	[8],[20]
Principal Amount		$ 16,922	[7]	$ 16,964	[8]
Amortized Cost		16,842	[7]	16,880	[8]
Fair Value		$ 16,668	[3],[7]	$ 16,880	[4],[8]
Percent of Net Assets		10.40%	[7]	9.80%	[8]
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Spread Above Index		6.00%	[19],[25]	6.00%	[20],[26]
Principal Amount		$ 0	[25]	$ 0	[26]
Amortized Cost		(8)	[25]	(9)	[26]
Fair Value		$ (27)	[3],[25]	$ (9)	[4],[26]
Percent of Net Assets		0.00%	[25]	0.00%	[26]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Common Equity
Schedule of Investments [Line Items]
Principal Amount			[27]		[29]
Amortized Cost		0	[27]	0	[29]
Fair Value		$ 0	[3],[27]	$ 0	[4],[29]
Percent of Net Assets		0.00%	[27]	0.00%	[29]
Share of common stock owned (in shares)		867,591	[27]	867,591	[29]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest Rate	[20],[30]			9.73%
Interest Rate, PIK	[19],[28]	9.70%
Spread Above Index		5.25%	[19],[28]	5.25%	[20],[30]
Principal Amount		$ 304	[28]	$ 297	[30]
Amortized Cost		266	[28]	266	[30]
Fair Value		$ 132	[3],[28]	$ 185	[4],[30]
Percent of Net Assets		0.10%	[28]	0.10%	[30]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate	[20],[30]			9.73%
Interest Rate, PIK	[19],[28]	9.70%
Spread Above Index		5.25%	[19],[28]	5.25%	[20],[30]
Principal Amount		$ 10,908	[28]	$ 10,649	[30]
Amortized Cost		9,563	[28]	9,563	[30]
Fair Value		$ 4,717	[3],[28]	$ 6,624	[4],[30]
Percent of Net Assets		2.90%	[28]	3.80%	[30]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate	[20],[30]			9.73%
Interest Rate, PIK	[19],[28]	9.70%
Spread Above Index		5.25%	[19],[28]	5.25%	[20],[30]
Principal Amount		$ 1,179	[28]	$ 1,151	[30]
Amortized Cost		1,033	[28]	1,033	[30]
Fair Value		$ 510	[3],[28]	$ 716	[4],[30]
Percent of Net Assets		0.30%	[28]	0.40%	[30]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 3
Schedule of Investments [Line Items]
Interest Rate	[20],[30]			9.73%
Interest Rate, PIK	[19],[28]	9.70%
Spread Above Index		5.25%	[19],[28]	5.25%	[20],[30]
Principal Amount		$ 2,970	[28]	$ 2,899	[30]
Amortized Cost		2,600	[28]	2,600	[30]
Fair Value		$ 1,284	[3],[28]	$ 1,803	[4],[30]
Percent of Net Assets		0.80%	[28]	1.00%	[30]
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity
Schedule of Investments [Line Items]
Principal Amount			[15],[27]		[16],[29]
Amortized Cost		160	[15],[27]	160	[16],[29]
Fair Value		$ 1	[3],[15],[27]	$ 1	[4],[16],[29]
Percent of Net Assets		0.00%	[15],[27]	0.00%	[16],[29]
Share of common stock owned (in shares)		1,603	[15],[27]	1,603	[16],[29]
Investment, Identifier [Axis]: Signal Parent, Inc., First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		7.92%	[7],[13],[19]	7.96%	[8],[14],[20]
Spread Above Index		3.50%	[7],[13],[19]	3.50%	[8],[14],[20]
Principal Amount		$ 1,780	[7],[13]	$ 1,785	[8],[14]
Amortized Cost		1,772	[7],[13]	1,776	[8],[14]
Fair Value		$ 1,491	[3],[7],[13]	$ 1,605	[4],[8],[14]
Percent of Net Assets		0.90%	[7],[13]	0.90%	[8],[14]
Investment, Identifier [Axis]: Staples, Inc., First Lien Debt
Schedule of Investments [Line Items]
Interest Rate		10.04%	[7],[13],[19]	10.18%	[8],[14],[20]
Spread Above Index		5.75%	[7],[13],[19]	5.75%	[8],[14],[20]
Principal Amount		$ 2,559	[7],[13]	$ 2,565	[8],[14]
Amortized Cost		2,472	[7],[13]	2,473	[8],[14]
Fair Value		$ 2,280	[3],[7],[13]	$ 2,458	[4],[8],[14]
Percent of Net Assets		1.40%	[7],[13]	1.40%	[8],[14]
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		0.00%	[19],[21],[22],[37]	0.00%	[20],[23],[24],[34]
Principal Amount		$ 7,000	[21],[22],[37]	$ 7,000	[23],[24],[34]
Amortized Cost		3,758	[21],[22],[37]	3,923	[23],[24],[34]
Fair Value		$ 1,252	[3],[21],[22],[37]	$ 1,618	[4],[23],[24],[34]
Percent of Net Assets		0.80%	[21],[22],[37]	0.90%	[23],[24],[34]
Investment, Identifier [Axis]: TalentSmart Holdings, LLC Common Equity
Schedule of Investments [Line Items]
Fair Value		$ 1,500		$ 1,604
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		1,595	[9],[15],[27]	1,595	[10],[16],[29]
Fair Value		$ 1,500	[3],[9],[15],[27]	$ 1,604	[4],[10],[16],[29]
Percent of Net Assets		0.90%	[9],[15],[27]	0.90%	[10],[16],[29]
Share of common stock owned (in shares)		1,595,238	[9],[15],[27]	1,595,238	[10],[16],[29]
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.42%	[7],[19]	10.46%	[8],[20]
Interest Rate, PIK		1.00%	[7],[19]	1.00%	[8],[20]
Spread Above Index		6.00%	[7],[19]	6.00%	[8],[20]
Principal Amount		$ 15,302	[7]	$ 15,302	[8]
Amortized Cost		15,254	[7]	15,248	[8]
Fair Value		$ 14,383	[3],[7]	$ 14,460	[4],[8]
Percent of Net Assets		9.00%	[7]	8.40%	[8]
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest Rate		10.42%	[19],[25]	10.55%	[20],[26]
Spread Above Index		6.00%	[19],[25]	6.00%	[20],[26]
Principal Amount		$ 1,029	[25]	$ 1,029	[26]
Amortized Cost		1,025	[25]	1,024	[26]
Fair Value		$ 937	[3],[25]	$ 944	[4],[26]
Percent of Net Assets		0.60%	[25]	0.50%	[26]
Investment, Identifier [Axis]: Trinitas CLO VIII, Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate		0.00%	[19],[21],[22],[37]	0.00%	[20],[23],[24],[34]
Principal Amount		$ 5,200	[21],[22],[37]	$ 5,200	[23],[24],[34]
Amortized Cost		2,425	[21],[22],[37]	2,464	[23],[24],[34]
Fair Value		$ 364	[3],[21],[22],[37]	$ 582	[4],[23],[24],[34]
Percent of Net Assets		0.20%	[21],[22],[37]	0.30%	[23],[24],[34]
Investment, Identifier [Axis]: TruGreen Limited Partnership, Second Lien Debt
Schedule of Investments [Line Items]
Interest Rate		13.05%	[19]	13.35%	[20]
Spread Above Index		8.50%	[19]	8.50%	[20]
Principal Amount		$ 4,500		$ 4,500
Amortized Cost		4,568		4,573
Fair Value		$ 4,248	[3]	$ 4,293	[4]
Percent of Net Assets		2.60%		2.50%
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost		$ 9	[15],[27]	$ 9	[16],[29]
Fair Value		$ 0	[3],[15],[27]	$ 0	[4],[16],[29]
Percent of Net Assets		0.00%	[15],[27]	0.00%	[16],[29]
Share of common stock owned (in shares)		151,787	[15],[27]	4,701	[16],[29]
Investment, Identifier [Axis]: Venture 45 CLO Limited., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Interest Rate		11.99%	[19]	12.32%	[20]
Spread Above Index		7.70%	[19]	7.70%	[20]
Principal Amount		$ 3,000		$ 3,000
Amortized Cost		2,955		2,952
Fair Value		$ 2,702	[3]	$ 2,739	[4]
Percent of Net Assets		1.70%		1.60%
Investment, Identifier [Axis]: Voya CLO 2024-7, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Interest Rate	[19],[21],[22]	16.46%
Principal Amount	[21],[22]	$ 4,275
Amortized Cost	[21],[22]	3,844
Fair Value	[3],[21],[22]	$ 3,844
Percent of Net Assets	[21],[22]	2.40%
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 1
Schedule of Investments [Line Items]
Interest Rate		9.44%	[19]	9.48%	[20]
Spread Above Index		5.00%	[19]	5.00%	[20]
Principal Amount		$ 2,844		$ 2,844
Amortized Cost		2,844		2,844
Fair Value		$ 2,787	[3]	$ 2,844	[4]
Percent of Net Assets		1.70%		1.70%
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 2
Schedule of Investments [Line Items]
Interest Rate	[20]			10.72%
Interest rate, cash	[17],[19]	8.94%
Interest Rate, PIK	[17],[19]	1.75%
Spread Above Index		6.25%	[17],[19]	6.25%	[20]
Principal Amount		$ 4,362	[17]	$ 4,354
Amortized Cost		4,362	[17]	4,354
Fair Value		$ 3,315	[3],[17]	$ 4,354	[4]
Percent of Net Assets		2.10%	[17]	2.50%

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

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

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

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

[5] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company’s assets immediately following the acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 79% of the Company's assets were qualifying assets.

[6] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 80% of the Company's assets were qualifying assets.

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

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

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

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

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

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

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

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

[15] Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.

[16] Non-income producing.

[17] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of March 31, 2025: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.45% to 13.45% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.30% to 13.30% Kreg LLCFirst Lien Debt0.50% 0% to 0.50% 10.70% to 11.20% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% Wellful Inc. (F/K/A KNS Acquisition Corp.)First Lien Debt1.75% 0% to 1.75% 8.94% to 10.69%

[18] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2024: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.47% to 13.47% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.74% to 13.74% Kreg LLCFirst Lien Debt2.50% 0% to 2.00% 8.73% to 10.73% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60%

[19] As of March 31, 2025, the Company held loans and mezzanine debt investments with an aggregate fair value of $207,033 of the total loan portfolio, that bore interest at a variable rate indexed to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of March 31, 2025. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

[20] As of December 31, 2024, the Company held loans and mezzanine debt investments with an aggregate fair value of $215,559 that bore interest at a variable rate indexed to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of December 31, 2024. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

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

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

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

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

[25] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

[26] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

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

[28] Investment was on non-accrual status as of March 31, 2025, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

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

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

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

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

[33] Represents cash collateral to secure a performance bond issued by a surety company for a construction project contract of the portfolio company. Any amount of the cash collateral withdrawn by the surety company will automatically become a first lien obligation under the credit agreement and have priority over the existing first lien debt of the portfolio company. In consideration of the cash collateral, the portfolio company is paying a 7.50% fee on the funded collateral amount, consistent with the interest rate on the existing first lien debt. The agreement terminates, and the cash collateral will be repaid, upon the completion of the project.

[34] As of December 31, 2024, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security's anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost.

[35] Portfolio company represents greater than 5% of total assets as of March 31, 2025.

[36] Portfolio company at fair value represents greater than 5% of total assets at December 31, 2024.

[37] As of March 31, 2025, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security’s anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security’s then-current amortized cost.

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Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2025		Dec. 31, 2024
Schedule of Investments [Line Items]
Principal Amount		$ 397,911	[1]	$ 397,740	[2]
Effective accretable yield		0		0
Qualifying assets percentage		79.00%		80.00%
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 8,455	[3]	$ 8,730	[4]
Interest rate		11.54%	[3],[5]	10.50%	[4],[6]
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 1,955		$ 1,960
Interest rate		9.82%	[5]	9.59%	[6]
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Principal Amount		$ 46		$ 46
Interest rate		9.82%	[5]	9.61%	[6]
Investment, Identifier [Axis]: Allen Media, LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 3,681	[3]	$ 3,691	[4]
Interest rate		9.95%	[3],[5]	9.98%	[4],[6]
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 11,080	[7],[8]	$ 11,080	[9],[10]
Interest rate		16.99%	[5],[7],[8]	18.21%	[6],[9],[10]
Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount	[9]
Interest rate	[9]
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 8,630	[7],[8]	$ 8,630	[9],[10]
Interest rate		15.41%	[5],[7],[8]	18.66%	[6],[9],[10]
Investment, Identifier [Axis]: Apex Credit CLO 2022-1 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 10,726	[7],[8]	$ 10,726	[9],[10]
Interest rate		7.70%	[5],[7],[8]	13.26%	[6],[9],[10]
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 2,262		$ 2,276
Interest rate		10.17%	[5]	10.33%	[6]
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Principal Amount	[11]	$ 0
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Principal Amount	[12]			$ 0
Investment, Identifier [Axis]: Avison Young Inc, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)	[13],[14]	1,185
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 1
Schedule of Investments [Line Items]
PIK interest rate	[5],[15]	6.50%
Principal Amount	[15]	$ 1,590
Interest rate	[5],[15]	6.06%
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 2
Schedule of Investments [Line Items]
PIK interest rate	[5],[14],[15],[16]	6.50%
Principal Amount	[14],[15],[16]	$ 533
Interest rate	[5],[14],[15],[16]	6.06%
Investment, Identifier [Axis]: Avison Young Inc, Preferred Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)	[13],[14]	1,715,000
PIK interest rate	[13],[14]	12.50%
Investment, Identifier [Axis]: Avison Young Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Maximum PIK rate allowed		6.50%		6.50%
Investment, Identifier [Axis]: Avison Young Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Maximum PIK rate allowed		6.50%		6.50%
Investment, Identifier [Axis]: Avison Young, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)	[17],[18]			1,185
Investment, Identifier [Axis]: Avison Young, First Lien Debt 1
Schedule of Investments [Line Items]
PIK interest rate	[6],[19]			6.50%
Principal Amount	[19]			$ 1,564
Interest rate	[6],[19]			6.15%
Investment, Identifier [Axis]: Avison Young, First Lien Debt 2
Schedule of Investments [Line Items]
PIK interest rate	[6],[18],[19],[20]			6.50%
Principal Amount	[18],[19],[20]			$ 527
Interest rate	[6],[18],[19],[20]			6.15%
Investment, Identifier [Axis]: Avison Young, Preferred Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)	[17],[18]			1,715
PIK interest rate	[17],[18]			12.50%
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Second Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 3,667		$ 3,667
Interest rate		11.69%	[5]	11.72%	[6]
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Principal Amount		$ 6,000		$ 6,000
Interest rate		11.41%	[5]	11.75%	[6]
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 4,962		$ 4,962
Interest rate		13.06%	[5]	13.09%	[6]
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 2
Schedule of Investments [Line Items]
Principal Amount		$ 3,988		$ 3,988
Interest rate		13.06%	[5]	13.12%	[6]
Investment, Identifier [Axis]: BlueMountain CLO XXXV Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 7,800	[7],[8]	$ 5,800	[9],[10]
Interest rate		22.30%	[5],[7],[8]	15.30%	[6],[9],[10]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		1,290	[14]	1,290	[18]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 9,394	[3]	$ 9,627	[4]
Interest rate		10.92%	[3],[5]	10.96%	[4],[6]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 0	[11]	$ 0	[12]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		3,446		3,446
Interest rate, cash		12.00%		12.00%
PIK interest rate		2.00%		2.00%
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Principal Amount		$ 2,133		$ 2,133
Interest rate		14.66%	[5]	15.02%	[6]
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 5,494	[7],[8]	$ 5,494	[9],[10]
Interest rate		11.49%	[5],[7],[8]	11.91%	[6],[9],[10]
Investment, Identifier [Axis]: Canyon CLO 2019-1 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 18,453	[7],[8]	$ 18,453	[9],[10]
Interest rate		25.32%	[5],[7],[8]	23.97%	[6],[9],[10]
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 3,157	[3]	$ 3,166	[4]
Interest rate		11.20%	[3],[5]	11.23%	[4],[6]
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 0	[11]	$ 0	[12]
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		20,628	[14]	20,628	[18]
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		11,273	[14]	11,273	[18]
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		3,061		3,061
PIK interest rate		10.00%		10.00%
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Second Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 5,938		$ 5,938
Interest rate		11.19%	[5]	11.22%	[6]
Investment, Identifier [Axis]: Creation Technologies, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 1,945	[3],[21]	$ 1,950	[4],[22]
Interest rate		10.06%	[3],[5],[21]	10.35%	[4],[6],[22]
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		1,135	[13],[14],[23]	1,135	[17],[18],[24]
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 5,352	[7],[8]	$ 5,352	[9],[10]
Interest rate		9.29%	[5],[7],[8]	10.31%	[6],[9],[10]
Investment, Identifier [Axis]: East West Manufacturing LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount	[4]			$ 1,910
Interest rate	[4],[6]			10.11%
Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount	[3]	$ 1,905
Interest rate	[3],[5]	10.04%
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 6,215		$ 6,231
Interest rate		7.50%	[5]	7.50%	[6]
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 899	[11]	$ 899	[12]
Interest rate		7.50%	[5],[11]	7.50%	[6],[12]
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Secured Collateral)
Schedule of Investments [Line Items]
Principal Amount	[25]	$ 1,028
Interest rate	[5],[25]	7.50%
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Second Lien Debt
Schedule of Investments [Line Items]
PIK interest rate		10.00%	[5],[14],[16]	10.00%	[6],[18],[20]
Principal Amount		$ 8,893	[14],[16]	$ 8,677	[18],[20]
Investment, Identifier [Axis]: Excelin Home Health, LLC, Second Lien Debt
Schedule of Investments [Line Items]
PIK interest rate		18.00%	[5]	18.00%	[6]
Principal Amount		$ 6,223		$ 5,955
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 3,334		$ 3,343
Interest rate		9.55%	[5]	9.85%	[6]
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Principal Amount		$ 1,628		$ 1,632
Interest rate		9.55%	[5]	9.85%	[6]
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units)
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		368,852		368,852
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units)
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		40,984		40,984
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 934		$ 936
Interest rate		9.19%	[5]	9.30%	[6]
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2
Schedule of Investments [Line Items]
Principal Amount		$ 1,289		$ 1,293
Interest rate		9.19%	[5]	9.30%	[6]
Investment, Identifier [Axis]: Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets), First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 8,977	[3],[26]	$ 9,000	[4],[27]
Interest rate		11.15%	[3],[5],[26]	11.18%	[4],[6],[27]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Principal Amount		$ 0	[3],[11]	$ 0	[4],[12]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 95	[11]	$ 95	[12]
Interest rate		12.25%	[5],[11]	12.25%	[6],[12]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 6,384	[3]	$ 6,400	[4]
Interest rate		10.20%	[3],[5]	10.23%	[4],[6]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 2
Schedule of Investments [Line Items]
Principal Amount		$ 4,037	[3]	$ 4,047	[4]
Interest rate		10.20%	[3],[5]	10.23%	[4],[6]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 3
Schedule of Investments [Line Items]
Principal Amount		$ 4,492	[3]	$ 4,503	[4]
Interest rate		10.20%	[3],[5]	10.23%	[4],[6]
Investment, Identifier [Axis]: ICG US CLO 2021-3 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 16,750	[7],[8]	$ 16,750	[9],[10]
Interest rate		32.82%	[5],[7],[8]	30.03%	[6],[9],[10]
Investment, Identifier [Axis]: Idera Inc., Second Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 2,683		$ 2,683
Interest rate		11.19%	[5]	11.47%	[6]
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		11.45%	[5]	11.47%	[6]
PIK interest rate		2.00%	[5]	2.00%	[6]
Principal Amount		$ 14,742		$ 14,784
Maximum PIK rate allowed		2.00%		2.00%
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest rate, cash		11.30%	[5]	11.74%	[6]
PIK interest rate		2.00%	[5]	2.00%	[6]
Principal Amount		$ 2,344		$ 2,344
Maximum PIK rate allowed		2.00%		2.00%
Investment, Identifier [Axis]: Ivanti Software, Inc., First Lien Debt
Schedule of Investments [Line Items]
Principal Amount	[4],[27]			$ 2,903
Interest rate	[4],[6],[27]			9.12%
Investment, Identifier [Axis]: JP Intermediate B, LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 4,638	[3],[16]	$ 4,638	[4],[20]
Interest rate		14.00%	[3],[5],[16]	14.00%	[4],[6],[20]
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.70%	[3],[5],[15]	8.73%	[4],[6],[19]
PIK interest rate		0.50%	[3],[5],[15]	2.50%	[4],[6],[19]
Principal Amount		$ 17,501	[3],[15]	$ 17,582	[4],[19]
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Schedule of Investments [Line Items]
Maximum PIK rate allowed		0.50%		2.50%
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 891	[11]	$ 0	[12]
Interest rate	[5],[11]	10.55%
Investment, Identifier [Axis]: LCM 42 Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 3,500	[7],[8]	$ 3,500	[9],[10]
Interest rate		16.91%	[5],[7],[8]	16.91%	[6],[9],[10]
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 10,000	[7],[8]	$ 10,000	[9],[10]
Interest rate		10.77%	[5],[7],[8]	12.68%	[6],[9],[10]
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 10,971	[7],[8]	$ 9,500	[9],[10]
Interest rate		16.69%	[5],[7],[8]	6.34%	[6],[9],[10]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 2,206	[3]	$ 2,212	[4]
Interest rate		10.44%	[3],[5]	10.44%	[4],[6]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Principal Amount		$ 370	[3],[11]	$ 0	[4],[12]
Interest rate	[3],[5],[11]	10.25%
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 0	[11]	$ 0	[12]
Investment, Identifier [Axis]: Metasource, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.81%	[3],[5]	10.84%	[4],[6]
PIK interest rate		0.50%	[3],[5]	0.50%	[4],[6]
Principal Amount		$ 2,737	[3]	$ 2,741	[4]
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R
Schedule of Investments [Line Items]
Principal Amount		$ 1,000		$ 1,000
Interest rate		13.07%	[5]	13.27%	[6]
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount	[9],[10],[28]			$ 7,000
Interest rate	[6],[9],[10],[28]			0.00%
Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 1,444		$ 1,444
Interest rate		11.17%	[5]	11.25%	[6]
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 7,337	[3]	$ 7,356	[4]
Interest rate		11.17%	[3],[5]	11.21%	[4],[6]
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Principal Amount		$ 3,867	[3]	$ 3,877	[4]
Interest rate		11.17%	[3],[5]	11.21%	[4],[6]
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		499	[14]	499	[18]
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class D
Schedule of Investments [Line Items]
Principal Amount		$ 1,000		$ 1,000
Interest rate		11.85%	[5]	12.18%	[6]
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		400	[23],[29]	400	[24],[30]
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 16,648	[16]	$ 16,648	[20]
Interest rate		6.50%	[5],[16]	6.50%	[6],[20]
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		345,339	[13],[14]	345,339	[17],[18]
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 1,715	[26]	$ 1,715	[27]
Interest rate		9.30%	[5],[26]	9.60%	[6],[27]
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Second Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 4,450		$ 4,450
Interest rate		12.30%	[5]	12.60%	[6]
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Interest rate, cash		11.30%	[5],[15]	12.10%	[6],[19]
PIK interest rate		1.50%	[5],[15]	1.50%	[6],[19]
Principal Amount		$ 2,619	[15]	$ 2,609	[19]
Maximum PIK rate allowed		1.50%		1.50%
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash		11.30%	[5],[15]	12.10%	[6],[19]
PIK interest rate		1.50%	[5],[15]	1.50%	[6],[19]
Principal Amount		$ 790	[15]	$ 787	[19]
Maximum PIK rate allowed		1.50%		1.50%
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants
Schedule of Investments [Line Items]
Warrants		$ 218	[14]	$ 218	[18]
Principal Amount			[14]		[18]
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 16,922	[3]	$ 16,964	[4]
Interest rate		10.30%	[3],[5]	10.35%	[4],[6]
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 0	[11]	$ 0	[12]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		867,591	[13]	867,591	[17]
Principal Amount			[13]		[17]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
PIK interest rate	[5],[16]	9.70%
Principal Amount		$ 304	[16]	$ 297	[20]
Interest rate	[6],[20]			9.73%
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 1
Schedule of Investments [Line Items]
PIK interest rate	[5],[16]	9.70%
Principal Amount		$ 10,908	[16]	$ 10,649	[20]
Interest rate	[6],[20]			9.73%
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 2
Schedule of Investments [Line Items]
PIK interest rate	[5],[16]	9.70%
Principal Amount		$ 1,179	[16]	$ 1,151	[20]
Interest rate	[6],[20]			9.73%
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 3
Schedule of Investments [Line Items]
PIK interest rate	[5],[16]	9.70%
Principal Amount		$ 2,970	[16]	$ 2,899	[20]
Interest rate	[6],[20]			9.73%
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		1,603	[13],[14]	1,603	[17],[18]
Principal Amount			[13],[14]		[17],[18]
Investment, Identifier [Axis]: Signal Parent, Inc., First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 1,780	[3],[26]	$ 1,785	[4],[27]
Interest rate		7.92%	[3],[5],[26]	7.96%	[4],[6],[27]
Investment, Identifier [Axis]: Staples, Inc., First Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 2,559	[3],[26]	$ 2,565	[4],[27]
Interest rate		10.04%	[3],[5],[26]	10.18%	[4],[6],[27]
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 7,000	[7],[8],[31]	$ 7,000	[9],[10],[28]
Interest rate		0.00%	[5],[7],[8],[31]	0.00%	[6],[9],[10],[28]
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		1,595,238	[13],[14],[23]	1,595,238	[17],[18],[24]
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.42%	[3],[5]	10.46%	[4],[6]
PIK interest rate		1.00%	[3],[5]	1.00%	[4],[6]
Principal Amount		$ 15,302	[3]	$ 15,302	[4]
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Principal Amount		$ 1,029	[11]	$ 1,029	[12]
Interest rate		10.42%	[5],[11]	10.55%	[6],[12]
Investment, Identifier [Axis]: Trinitas CLO VIII, Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount		$ 5,200	[7],[8],[31]	$ 5,200	[9],[10],[28]
Interest rate		0.00%	[5],[7],[8],[31]	0.00%	[6],[9],[10],[28]
Investment, Identifier [Axis]: TruGreen Limited Partnership, Second Lien Debt
Schedule of Investments [Line Items]
Principal Amount		$ 4,500		$ 4,500
Interest rate		13.05%	[5]	13.35%	[6]
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity
Schedule of Investments [Line Items]
Share of common stock owned (in shares)		151,787	[13],[14]	4,701	[17],[18]
Investment, Identifier [Axis]: Venture 45 CLO Limited., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Principal Amount		$ 3,000		$ 3,000
Interest rate		11.99%	[5]	12.32%	[6]
Investment, Identifier [Axis]: Voya CLO 2024-7, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Principal Amount	[7],[8]	$ 4,275
Interest rate	[5],[7],[8]	16.46%
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt
Schedule of Investments [Line Items]
Maximum PIK rate allowed		1.75%
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 1
Schedule of Investments [Line Items]
Principal Amount		$ 2,844		$ 2,844
Interest rate		9.44%	[5]	9.48%	[6]
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash	[5],[15]	8.94%
PIK interest rate	[5],[15]	1.75%
Principal Amount		$ 4,362	[15]	$ 4,354
Interest rate	[6]			10.72%
Minimum | Investment, Identifier [Axis]: Avison Young Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Interest rate, cash		6.06%		6.15%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: Avison Young Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash		6.06%		6.15%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		11.45%		11.47%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest rate, cash		11.30%		11.74%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.70%		8.73%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Interest rate, cash		11.30%		12.10%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash		11.30%		12.10%
PIK interest rate		0.00%		0.00%
Minimum | Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		8.94%
PIK interest rate		0.00%
Maximum | Investment, Identifier [Axis]: Avison Young Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Interest rate, cash		12.56%		12.65%
PIK interest rate		6.50%		6.50%
Maximum | Investment, Identifier [Axis]: Avison Young Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash		12.56%		12.65%
PIK interest rate		6.50%		6.50%
Maximum | Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		13.45%		13.47%
PIK interest rate		2.00%		2.00%
Maximum | Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Interest rate, cash		13.30%		13.74%
PIK interest rate		2.00%		2.00%
Maximum | Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		11.20%		10.73%
PIK interest rate		0.50%		2.00%
Maximum | Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Interest rate, cash		12.80%		13.60%
PIK interest rate		1.50%		1.50%
Maximum | Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Interest rate, cash		12.80%		13.60%
PIK interest rate		1.50%		1.50%
Maximum | Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt
Schedule of Investments [Line Items]
Interest rate, cash		10.69%
PIK interest rate		1.75%
Variable-rate Loans
Schedule of Investments [Line Items]
Principal Amount		$ 207,033		$ 215,559

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

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

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

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

[5] As of March 31, 2025, the Company held loans and mezzanine debt investments with an aggregate fair value of $207,033 of the total loan portfolio, that bore interest at a variable rate indexed to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of March 31, 2025. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

[6] As of December 31, 2024, the Company held loans and mezzanine debt investments with an aggregate fair value of $215,559 that bore interest at a variable rate indexed to SOFR or Prime, and reset monthly, quarterly, or semi-annually. For each variable-rate investment, the Company has provided the spread over the reference rate and current interest rate in effect as of December 31, 2024. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.

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

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

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

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

[11] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

[12] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

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

[14] Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.

[15] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of March 31, 2025: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.45% to 13.45% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.30% to 13.30% Kreg LLCFirst Lien Debt0.50% 0% to 0.50% 10.70% to 11.20% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% Wellful Inc. (F/K/A KNS Acquisition Corp.)First Lien Debt1.75% 0% to 1.75% 8.94% to 10.69%

[16] Investment was on non-accrual status as of March 31, 2025, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

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

[18] Non-income producing.

[19] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2024: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.47% to 13.47% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.74% to 13.74% Kreg LLCFirst Lien Debt2.50% 0% to 2.00% 8.73% to 10.73% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60%

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

[21] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company’s assets immediately following the acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 79% of the Company's assets were qualifying assets.

[22] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 80% of the Company's assets were qualifying assets.

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

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

[25] Represents cash collateral to secure a performance bond issued by a surety company for a construction project contract of the portfolio company. Any amount of the cash collateral withdrawn by the surety company will automatically become a first lien obligation under the credit agreement and have priority over the existing first lien debt of the portfolio company. In consideration of the cash collateral, the portfolio company is paying a 7.50% fee on the funded collateral amount, consistent with the interest rate on the existing first lien debt. The agreement terminates, and the cash collateral will be repaid, upon the completion of the project.

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

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

[28] As of December 31, 2024, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security's anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost.

[29] Portfolio company represents greater than 5% of total assets as of March 31, 2025.

[30] Portfolio company at fair value represents greater than 5% of total assets at December 31, 2024.

[31] As of March 31, 2025, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security’s anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security’s then-current amortized cost.

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Organization

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

OFS Capital Corporation, a Delaware corporation, is an externally managed, closed-end, non-diversified management investment company. The Company has elected to be regulated as a BDC under the 1940 Act. In addition, for income tax purposes, the Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code.

The Company’s investment objective is to provide stockholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments.

OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company. In addition, OFS Advisor serves as the investment adviser to HPCI, a non-traded BDC with an investment strategy and objective similar to that of the Company. OFS Advisor also serves as the investment adviser to OCCI, a non-diversified, externally managed, closed-end management investment company that is registered as an investment company under the 1940 Act and that primarily invests in Structured Finance Securities. Additionally, OFS Advisor serves as the investment adviser to separately-managed accounts and sub-advisor to investment companies managed by an affiliate.

The Company may make investments directly or through one or more of its subsidiaries: OFSCC-FS, SBIC I LP or OFSCC-MB.

OFSCC-FS, an indirect wholly owned and consolidated subsidiary of the Company, is a special-purpose vehicle formed in April 2019 for the purpose of acquiring senior secured loan investments. OFSCC-FS has debt financing through its BNP Facility, which provides OFSCC-FS with borrowing capacity of up to $150,000, subject to a borrowing base and other covenants.

SBIC I LP is an investment company subsidiary previously licensed under the SBA’s small business investment company program that was subject to SBA regulations and policies. On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures and, on April 17, 2024, surrendered its license to operate as a SBIC.

OFSCC-MB is a wholly owned and consolidated subsidiary taxed under subchapter C of the Code that generally holds the Company’s equity investments in portfolio companies that are taxed as pass-through entities.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies. The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of, and for, the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 4, 2025. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.

Significant Accounting Policies: The following information supplements the description of significant accounting policies contained in Note 2 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications.

Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company exceeds the federally insured limits. The Company places cash deposits only with high credit quality

institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. If borrowers completely fail to perform according to the terms of the contracts, the amount of loss due to credit risk from the Company’s investments is equal to the sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6.

Cash and cash equivalents: The Company’s cash and cash equivalent balances are maintained with a member bank of the FDIC, and such balances generally exceed the FDIC insurance limit. The Company does not believe its cash and cash equivalent balances are exposed to any significant credit risk. Cash and cash equivalent balances are held in US Bank Trust Company, National Association and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash and cash equivalents held by OFSCC-FS is limited by the terms and conditions of the BNP Facility, including but not limited to, the payment of interest expense and principal on the outstanding borrowings.

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Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Investment Advisory and Management Agreement: OFS Advisor manages the day-to-day operations of, and provides investment advisory services to, the Company pursuant to the Investment Advisory Agreement. The continuation of the Investment Advisory Agreement was most recently approved by the Board on April 3, 2025. Under the terms of the Investment Advisory Agreement, which are in accordance with the 1940 Act and subject to the overall supervision of the Board, OFS Advisor is responsible for sourcing potential investments, conducting research and diligence on potential investments and equity sponsors, analyzing investment opportunities, structuring investments, and monitoring investments and portfolio companies on an ongoing basis.

OFS Advisor’s services under the Investment Advisory Agreement are not exclusive to the Company and OFS Advisor is free to furnish similar services to other entities, including other funds affiliated with OFS Advisor, so long as its services to the Company are not impaired. OFS Advisor also serves as the investment adviser or sub-adviser to various clients, including HPCI and OCCI.

OFS Advisor receives fees for providing services to the Company, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.75% and based on the average value of the Company’s total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and assets owned by any consolidated entity) at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the quarter.

For the years ended December 31, 2025 and 2024, OFS Advisor agreed to reduce its base management fee attributable to all of the OFSCC-FS Assets to 0.25% per quarter (1.00% annualized) of the average value of the OFSCC-FS Assets (other than cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. OFS Advisor’s base management fee reduction is renewable on an annual basis, and OFS Advisor is not entitled to recoup the amount of the base management fee reduced with respect to the OFSCC-FS Assets. OFS Advisor most recently renewed the agreement to reduce its base management fee for the 2025 calendar year on January 8, 2025.

The incentive fee has two parts. The first part of the incentive fee (“Income Incentive Fee”) is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination and sourcing, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend and zero coupon securities), accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income is expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter and adjusted for any share issuances or repurchases during such quarter.

The incentive fee with respect to pre-incentive fee net income is 20.0% of the amount, if any, by which the pre-incentive fee net investment income for the immediately preceding calendar quarter exceeds a 2.0% hurdle rate (which is 8.0% annualized) and a “catch-up” provision measured as of the end of each calendar quarter. Under this provision, in any calendar quarter, OFS Advisor receives no incentive fee until the net investment income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100.0% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%. The effect of this provision is that, if pre-incentive fee net

investment income exceeds 2.5% in any calendar quarter, OFS Advisor will receive 20.0% of the pre-incentive fee net investment income.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly minimum hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses. The Company’s net investment income used to calculate this part of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the base management fee. These calculations are appropriately prorated for any period of less than three months.

The second part of the incentive fee (the “Capital Gains Fee”) is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the Company’s aggregate realized capital gains, if any, on a cumulative basis from the date of the election to be a BDC through the end of each calendar year, computed net of all realized capital losses, losses on extinguishment of debt, income taxes from realized capital gains and unrealized capital depreciation through the end of such year, less all previous amounts paid in respect of the Capital Gains Fee. Since inception through March 31, 2025, the Company has not made a Capital Gains Fee payment.

The Company accrues the Capital Gains Fee if, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) is positive. An accrued Capital Gains Fee relating to net unrealized appreciation is deferred, and not due to OFS Advisor, until the close of the year in which such gains are realized. If, on a cumulative basis, the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation) decreases during a period, the Company will reverse any excess Capital Gains Fee previously accrued such that the amount of Capital Gains Fee accrued is no more than 20% of the sum of net realized capital gains (losses) plus net unrealized appreciation (depreciation). As of March 31, 2025 and December 31, 2024, there were no accrued Capital Gains Fees.

License Agreement: The Company entered into a license agreement with OFSAM under which OFSAM has granted the Company a non-exclusive, royalty-free license to use the name “OFS.”

Administration Agreement: OFS Services furnishes the Company with office facilities and equipment, necessary software licenses and subscriptions, and clerical, bookkeeping and record keeping services at such facilities pursuant to the Administration Agreement. The continuation of the Administration Agreement was most recently approved by the Board on April 3, 2025. Under the Administration Agreement, OFS Services performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and all other reports and materials required to be filed with the SEC or any other regulatory authority. In addition, OFS Services assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, OFS Services also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. Payment under the Administration Agreement is equal to an amount based upon the Company’s allocable portion of OFS Services’s overhead in performing its obligations under the Administration Agreement, including, but not limited to, rent, information technology services and the Company’s allocable portion of the cost of its officers, including its chief executive officer, chief financial officer, chief compliance officer, chief accounting officer, and their respective staffs. To the extent that OFS Services outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to OFS Services.

Equity Ownership: As of March 31, 2025, affiliates of OFS Advisor held approximately 3,025,425 shares of common stock, which is approximately 22.6% of the Company’s outstanding shares of common stock.

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three months ended March 31, 2025 and 2024 are presented below:

	Three Months Ended March 31,
	2025		2024
Base management fee	$	1,549	$	1,523
Income Incentive Fee	330		1,399
Administration fee	394		394
Distributions paid to affiliates	1,029		1,028

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Investments

3 Months Ended

Mar. 31, 2025

Schedule of Investments [Abstract]

Investments

Investments

As of March 31, 2025, the Company had loans to 35 portfolio companies, of which approximately 85% were first lien debt investments and 15% were second lien debt investments, at fair value. The Company also had equity investments in 15 portfolio companies and 18 investments in Structured Finance Securities. As of March 31, 2025, the Company’s investments consisted of the following:

			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	208,368	57.0	%	129.8	%	$	184,315	45.8	%	114.9	%
Second lien debt investments	42,607		11.7		26.6		31,547		7.8		19.7
Preferred equity	10,476		2.9		6.5		10,615		2.6		6.6
Common equity, warrants and other(2)	12,365		3.4		7.7		97,060		24.1		60.4
Total debt and equity investments	273,816		75.0		170.6		323,537		80.3		201.6
Structured Finance Securities	91,401		25.0		57.0		79,534		19.7		49.7
Total investments	$	365,217	100.0	%	227.6	%	$	403,071	100.0	%	251.3	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $127,864 and $118,904, respectively.

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

Geographic composition is determined by the location of the corporate headquarters of the portfolio company. All international investments are denominated in US dollars. As of March 31, 2025 and December 31, 2024, the Company’s investment portfolio was domiciled as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States	$	269,088	$	322,244	$	269,856	$	331,188
Canada(1)	4,728		1,293		4,708		1,602
Cayman Islands(1)(2)	84,488		73,086		82,059		70,237
Jersey(1)(2)	6,913		6,448		6,924		6,638
Total investments	$	365,217	$	403,071	$	363,547	$	409,665

(1) Represents non-qualifying assets under Section 55(a) of the 1940 Act.

(2) Investments domiciled in the Cayman Islands and Jersey represent certain Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States.

As of March 31, 2025, the industry composition of the Company’s investment portfolio was as follows:

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	21,747	6.0	%	13.6	%	$	21,241	5.3	%	13.2	%
Construction	21,220		5.8		13.2		9,239		2.3		5.8
Education Services	18,429		5.0		11.5		18,141		4.5		11.3
Finance and Insurance	3,087		0.8		1.9		3,123		0.8		1.9
Health Care and Social Assistance	75,211		20.6		46.9		65,324		16.2		40.7
Information	21,149		5.8		13.2		15,140		3.8		9.4
Management of Companies and Enterprises	12,601		3.5		7.9		12,243		3.0		7.6
Manufacturing	34,910		9.6		21.7		123,522		30.6		77.0
Professional, Scientific, and Technical Services	18,955		5.2		11.8		19,091		4.7		11.9

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Public Administration	$	703	0.2	%	0.4	%	$	63	—	%	—	%
Real Estate and Rental and Leasing	13,525		3.7		8.4		11,547		2.9		7.2
Retail Trade	16,506		4.5		10.3		15,120		3.8		9.4
Wholesale Trade	15,773		4.3		9.8		9,743		2.4		6.1
Total debt and equity investments	$	273,816	75.0	%	170.6	%	$	323,537	80.3	%	201.6	%
Structured Finance Securities	91,401		25.0		57.0		79,534		19.7		49.7
Total investments	$	365,217	100.0	%	227.6	%	$	403,071	100.0	%	251.3	%

As of December 31, 2024, the Company had loans to 36 portfolio companies, of which 85% were first lien debt investments and 15% were second lien debt investments, at fair value. The Company also held equity investments in 15 portfolio companies and 18 investments in Structured Finance Securities. At December 31, 2024, the Company’s investments consisted of the following:

			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	209,696	57.7	%	121.8	%	$	189,874	46.3	%	110.3	%
Second lien debt investments	42,313		11.6		24.6		34,331		8.4		19.9
Preferred equity	10,190		2.8		5.9		12,248		3.0		7.1
Common equity, warrants and other(2)	12,365		3.4		7.2		96,337		23.5		56.0
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $128,147 and $119,169, respectively.

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

As of December 31, 2024, the industry compositions of the Company’s debt and equity investments were as follows:

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,016	6.1	%	12.8	%	$	21,555	5.2	%	12.5	%
Construction	20,213		5.6		11.7		10,753		2.6		6.2
Education Services	18,466		5.0		10.7		18,475		4.5		10.7
Finance and Insurance	3,091		0.9		1.8		3,121		0.8		1.8
Health Care and Social Assistance	74,008		20.4		43.0		67,144		16.4		39.1
Information	24,071		6.6		14.1		16,242		4.0		9.5
Management of Companies and Enterprises	12,614		3.5		7.3		12,309		3.0		7.1
Manufacturing	34,899		9.6		20.4		122,234		29.8		71.1
Professional, Scientific, and Technical Services	18,982		5.2		11.0		19,134		4.7		11.1
Public Administration	703		0.2		0.4		61		—		—
Real Estate and Rental and Leasing	13,218		3.6		7.6		13,932		3.4		8.1
Retail Trade	16,511		4.5		9.6		16,985		4.1		9.9
Wholesale Trade	15,773		4.3		9.1		10,845		2.7		6.2
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

Non-Accrual Loans: Management reviews, for placement on non-accrual status, all loans and CLO mezzanine debt investments that become past due on principal and interest, and/or when there is reasonable doubt that principal or interest will be collected. When a loan is placed on non-accrual status, accrued and unpaid cash interest is reversed. Additionally, Net Loan Fees are no longer recognized as of the date the loan is placed on non-accrual status. Depending upon management’s judgment, interest payments subsequently received on non-accrual investments may be recognized as interest income or applied as a reduction to amortized cost. Interest accruals and Net Loan Fee amortization are resumed on non-accrual investments only when they are brought current with respect to principal and interest payments and, in the judgment of management, it is probable that the Company will collect all principal and interest from the investment. For the three months ended March 31, 2025, no new loans were placed on non-accrual status. The aggregate amortized cost and fair value of loans on non-accrual status as of March 31, 2025 was $39,119 and $16,857, respectively, and as of December 31, 2024 was $39,124 and $20,803, respectively.

Portfolio Concentration: The following table presents the Company’s portfolio companies based on fair value that comprise greater than 10% of the Company’s total net assets as of March 31, 2025:

							Percentage of Total
Portfolio Company	Investment Type	Industry	Amortized Cost		Fair Value		Fair Value		Net Assets
Pfanstiehl Holdings, Inc.	Common Equity	Manufacturing	$	217	$	90,762	22.5	%	56.6	%
Kreg LLC	First Lien Debt	Health Care and Social Assistance	18,346		17,431		4.3		10.9
Inergex Holdings, LLC	First Lien Debt	Professional, Scientific, and Technical Services	16,978		17,086		4.2		10.7
SS Acquisition, LLC(1)	First Lien Debt	Education Services	16,834		16,641		4.1		10.4

(1) As of March 31, 2025, the Company had an outstanding commitment of $1,786 related to the portfolio company’s undrawn revolver facility.

As of March 31, 2025, approximately 4.5% and 11.4% of the Company’s total portfolio at fair value and net assets, respectively, were comprised of Structured Finance Securities managed by a single adviser.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s investments are carried at fair value and determined in accordance with ASC 820 and a documented valuation policy that is applied in a consistent manner. Pursuant to Rule 2a-5 of the 1940 Act (“Rule 2a-5”), the Board designated OFS Advisor as the valuation designee to perform fair value determinations relating to the Company’s investments, and the Board maintains oversight of OFS Advisor in its capacity as valuation designee, as prescribed in Rule 2a-5. The Company engages third-party valuation firms to provide assistance to OFS Advisor in determining the fair value for a majority of its investments.

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

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

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

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

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

The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the measurement date. The following table presents the Company’s transfers of Level 2 and Level 3 debt investments for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Transfers from Level 2 to Level 3	$	—	$	1,910
Transfers from Level 3 to Level 2	—		11,723

Transfers between levels during the reporting periods were due to the availability of reliable Indicative Prices in those periods. The Company classifies loan investments as Level 2 when sufficient Indicative Prices are available, and the depth of the market is sufficient, in management's judgment, to transact at those prices in amounts approximating the Company’s investment position at the measurement date.

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

The following tables present the Company’s investment portfolio measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

Security	Level 1		Level 2		Level 3		Fair Value as of March 31, 2025
Debt investments	$	—	$	18,561	$	197,301	$	215,862
Equity investments	—		—		107,675		107,675
Structured Finance Securities	—		—		79,534		79,534
	$	—	$	18,561	$	384,510	$	403,071

Security	Level 1		Level 2		Level 3		Fair Value as of December 31, 2024
Debt investments	$	—	$	21,837	$	202,368	$	224,205
Equity investments	—		—		108,585		108,585
Structured Finance Securities	—		—		76,875		76,875
	$	—	$	21,837	$	387,828	$	409,665

The following tables provides the primary quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of March 31, 2025 and December 31, 2024. The Company may make changes to the valuation techniques, among techniques otherwise commonly utilized in accordance with its valuation policies, and/or the weighting of techniques used for particular investments based on changes in facts-and-circumstances and depending on the availability of, or changes in, information in order to produce the best estimate of fair value as of the measurement date. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor’s valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s investment assets. The tables are not intended to be all-inclusive and only present the most significant unobservable input(s) relevant to the valuation designee’s determination of fair value.

	Fair Value as of March 31, 2025		Valuation technique	Unobservable inputs	Range (Weighted average)
Debt investments:
First lien	$	141,149	Discounted cash flow	Discount rates	8.78% - 35.00% (13.06%)
	22,682		Market approach	EBITDA multiples	3.00x - 8.50x (6.36x)
	1,923		Market approach	Revenue multiples	0.28x - 0.38x (0.37x)
Second lien	22,678		Discounted cash flow	Discount rates	10.84% - 43.65% (17.47%)
	5,340		Market approach	EBITDA multiples	8.25x - 8.50x (8.25x)
	3,529		Market approach	Transaction Price
Structured Finance Securities(1):
Subordinated notes	60,024		Discounted cash flow	Discount rates	16.50% - 60.00% (21.14%)
				Constant default rate	2.00% - 3.00% (2.07%)
				Recovery rate	65.00% - 65.00% (65.00%)
	6,961		Market approach	Transaction Price
Mezzanine debt	12,549		Discounted cash flow	Discount margin	7.60% - 9.90% (8.92%)
				Constant default rate	2.00% - 3.00% (2.25%)
				Recovery rate	65.00% - 65.00% (65.00%)
Equity investments:
Preferred equity	10,615		Market approach	EBITDA multiples	7.00x - 8.00x (7.97x)
Common equity, warrants and other	97,060		Market approach	EBITDA multiples	5.75x - 15.25x (13.37x)
	$	384,510

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

	Fair Value at December 31, 2024		Valuation technique	Unobservable inputs	Range (Weighted average)
Debt investments:
First lien	$	123,028	Discounted cash flow	Discount rates	9.01% - 32.50% (13.07%)
	16,684		Market approach	EBITDA multiples	3.00x - 7.27x (5.43x)
	9,232		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
	19,093		Market approach	Transaction Price
Second lien	27,400		Discounted cash flow	Discount rates	10.84% - 33.45% (15.31%)
	4,913		Market approach	EBITDA multiples	8.43x - 8.43x (8.43x)
	2,018		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
Structured Finance Securities(1):
Subordinated notes	61,308		Discounted cash flow	Discount rates	15.00% - 40.00% (22.25%)
				Constant default rate	2.00% - 3.00% (2.07%)
				Recovery rate	65.00% - 65.00% (65.00%)
	2,993		Market approach	Transaction Price
Mezzanine debt	12,574		Discounted cash flow	Discount margin	7.60% - 9.90% (8.89%)
				Constant default rate	2.00% - 3.00% (2.25%)
				Recovery rate	65.00% - 65.00% (65.00%)
Equity investments:
Preferred equity	12,248		Market approach	EBITDA multiples	7.00x - 8.50x (8.46x)
Common equity, warrants and other	96,337		Market approach	EBITDA multiples	5.85x - 15.75x (13.66x)
Common equity, warrants and other	—		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
	$	387,828

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

Averages in the preceding two tables were weighted by the fair value of the related instruments.

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

The following tables present changes in investments measured at fair value using Level 3 inputs for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
	First Lien Debt Investments		Second Lien Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2024	$	168,037	$	34,331	$	12,248	$	96,337	$	76,875	$	387,828
Net realized loss on investments	—		—		—		—		(1,771)		(1,771)
Net unrealized appreciation (depreciation) on investments	(3,893)		(3,080)		(1,920)		723		242		(7,928)
Amortization of Net Loan Fees	116		28		—		—		32		176
Accretion of interest income on Structured Finance Securities	—		—		—		—		2,925		2,925
Capitalized PIK interest and dividends	120		268		287		—		—		675
Amendment fees received	(23)		—		—		—		—		(23)
Purchase and origination of portfolio investments	4,635		—		—		—		5,776		10,411
Proceeds from principal payments on portfolio investments	(3,238)		—		—		—		—		(3,238)
Sale and redemption of portfolio investments	—		—		—		—		(1,041)		(1,041)
Proceeds from distributions received from portfolio investments	—		—		—		—		(3,504)		(3,504)
Level 3 assets, March 31, 2025	$	165,754	$	31,547	$	10,615	$	97,060	$	79,534	$	384,510

			Three Months Ended March 31, 2024
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2023	$	186,831	$	48,429	$	—	$	13,240	$	76,689	$	79,045	$	404,234
Net realized gain on investments	—		—		—		572		807		—		1,379
Net unrealized appreciation (depreciation) on investments	(1,047)		(634)		250		(5,140)		(9,976)		316		(16,231)
Amortization of Net Loan Fees	191		41		—		—		—		60		292
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		2,093		2,093
Capitalized PIK interest and dividends	117		224		—		263		—		—		604
Amendment fees received	(12)		—		—		—		—		—		(12)
Purchase and origination of portfolio investments	7,339		—		—		—		—		—		7,339
Proceeds from principal payments on portfolio investments	(745)		(9,073)		—		—		—		—		(9,818)
Sale and redemption of portfolio investments	—		—		—		(670)		(1,379)		—		(2,049)
Conversion from debt investments to equity investments	(2,669)		—		—		1,269		1,400		—		—
Proceeds from distributions received from portfolio investments	—		—		—		—		—		(3,621)		(3,621)
Transfers from Level 3 to Level 2	(11,723)		—		—		—		—		—		(11,723)
Transfers from Level 2 to Level 3	1,910		—		—		—		—		—		1,910
Level 3 assets, March 31, 2024	$	180,192	$	38,987	$	250	$	9,534	$	67,541	$	77,893	$	374,397

The net unrealized depreciation reported in the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows:

	Three Months Ended March 31,
	2025		2024
Debt investments	$	(6,969)	$	(1,054)
Equity investments	(1,197)		(11,995)
Structured Finance Securities	(1,518)		315
Net unrealized depreciation on investments held	$	(9,684)	$	(12,734)

Other Financial Assets and Liabilities

GAAP requires disclosure of the fair value of financial instruments not reported at fair value on a recurring basis for which it is practical to estimate such values. The Company believes that the carrying amounts of its other financial instruments, such as cash, cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such financial instruments. The Banc of California Credit Facility and BNP Facility are variable rate instruments and fair value is estimated to approximate carrying value.

The following table sets forth carrying values and fair values of the Company’s debt as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Banc of California Credit Facility	$	3,500	$	3,500	$	1,000	$	1,000
BNP Facility	64,550		64,550		67,350		67,350
Unsecured Notes Due February 2026	124,290		122,046		124,097		121,326
Unsecured Notes Due October 2028	54,266		50,064		54,215		49,698
Total debt	$	246,606	$	240,160	$	246,662	$	239,374

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

The following tables present the fair value measurements of the Company's debt and the level within the fair value hierarchy of the significant unobservable inputs utilized by the Company to determine such fair values as of March 31, 2025 and December 31, 2024:

	March 31, 2025
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	3,500	$	3,500
BNP Facility	—		—		64,550		64,550
Unsecured Notes Due February 2026	—		—		122,046		122,046
Unsecured Notes Due October 2028	50,064		—		—		50,064
Total debt, at fair value	$	50,064	$	—	$	190,096	$	240,160

	December 31, 2024
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	1,000	$	1,000
BNP Facility	—		—		67,350		67,350
Unsecured Notes Due February 2026	—		—		121,326		121,326
Unsecured Notes Due October 2028	49,698		—		—		49,698
Total debt, at fair value	$	49,698	$	—	$	189,676	$	239,374

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

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

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The following table shows the Company’s outstanding commitments to fund investments to portfolio companies as of March 31, 2025:

Portfolio Company	Investment Type	Commitment
Associated Spring, LLC	First Lien Debt (Delayed Draw)	$	1,724
Boca Home Care Holdings, Inc.	First Lien Debt (Revolver)	1,290
Clevertech Bidco, LLC	First Lien Debt (Revolver)	294
Envocore Holding, LLC (F/K/A LRI Holding, LLC)	First Lien Debt (Revolver)	1,670
Honor HN Buyer Inc.	First Lien Debt (Revolver)	664
Honor HN Buyer Inc.	First Lien Debt (Delayed Draw)	5,000
Kreg LLC	First Lien Debt (Revolver)	446
Medrina LLC	First Lien Debt (Revolver)	319
Medrina LLC	First Lien Debt (Delayed Draw)	77
SS Acquisition, LLC	First Lien Debt (Revolver)	1,786
Tolemar Acquisition, Inc.	First Lien Debt (Revolver)	515
		$	13,785

As of March 31, 2025, the Company had cash and cash equivalents of $4,054 and unused commitments of $21,500 under its Banc of California Credit Facility and $85,450 under its BNP Facility, each of which is subject to a borrowing base and other covenants, to fund these outstanding commitments to portfolio companies.

Legal and regulatory proceedings: From time to time, the Company is involved in legal proceedings in the normal course of its business. Although the outcome of such litigation cannot be predicted with any certainty, management is of the opinion, based on the advice of legal counsel, that final disposition of any litigation should not have a material adverse effect on the financial position of the Company as of March 31, 2025.

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

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

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Borrowings

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Borrowings

Borrowings

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

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	—		$	151
Amortization of debt issuance costs	—			20
Total interest and debt financing costs	$	—		$	171
Cash paid for interest expense	$	—		$	457
Effective interest rate	—		%	3.25		%
Average outstanding balance	$	—		$	21,046

BNP Facility: On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150,000, subject to a borrowing base and other covenants. The BNP Facility bears interest at a variable rate of SOFR plus a variable margin (2.65% floor). The reinvestment period of the BNP Facility ends on June 20, 2025, upon

which the ability to access the unused commitment of the facility terminates; the facility is scheduled to mature on June 20, 2027.

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

As of March 31, 2025 and December 31, 2024, OFSCC-FS had outstanding debt of $64,550 and $67,350, respectively. As of March 31, 2025, the unused commitment under the BNP Facility was $85,450, subject to a borrowing base and other covenants.

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense(1)	$	1,264		$	1,865
Amortization of debt issuance costs	95			95
Total interest and debt financing costs	$	1,359		$	1,960
Cash paid for interest expense	$	1,291		$	1,882
Effective interest rate	8.39		%	8.72		%
Average outstanding balance	$	65,701		$	89,916

(1) Stated interest expense includes unused fees.

Banc of California Credit Facility: On March 7, 2018, the Company entered into the Banc of California Credit Facility. The Banc of California Credit Facility currently bears interest at a variable rate of the Prime Rate plus a 0.25% margin, with a 5.00% floor, and includes an annual commitment fee of $125. The Banc of California Credit Facility is scheduled to mature on February 28, 2026.

The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP, and the Company’s partnership interests in SBIC I LP. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

As of March 31, 2025 and December 31, 2024, the Company had $3,500 and $1,000, respectively, of outstanding debt under the Banc of California Credit Facility. As of March 31, 2025, the unused commitment under the Banc of California Credit Facility was $21,500, subject to a borrowing base and other covenants.

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	58		$	—
Amortization of debt issuance costs	31			31
Total interest and debt financing costs	$	89		$	31
Cash paid for interest expense	$	58		$	—
Effective interest rate	12.13		%	n/m(1)
Average outstanding balance	$	2,989		$	—

(1) Not meaningful as there was no outstanding balance during the three months ended March 31, 2024.

Unsecured Notes: As of March 31, 2025 and December 31, 2024, the Company had the following Unsecured Notes outstanding:

Unsecured Notes Due February 2026: On February 10, 2021 and March 18, 2021, the Company issued $125,000 in aggregate principal of unsecured notes. The Unsecured Notes Due February 2026 bear interest at a rate of 4.75% per year payable semi-annually and mature on February 10, 2026. The Company may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time, at its option at par plus a “make-whole” premium if the redemption date is prior to November 10, 2025.

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

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

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

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	2,165		$	2,165
Amortization of debt issuance costs	245			245
Total interest and debt financing costs	$	2,410		$	2,410
Cash paid for interest expense	$	3,648		$	3,648
Effective interest rate	5.35		%	5.35		%
Average outstanding balance	$	180,000		$	180,000

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of March 31, 2025:

	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
Banc of California Credit Facility	$	3,500	$	3,500	$	—	$	—	$	—
Unsecured Notes	180,000		125,000		—		55,000		—
BNP Facility	64,550		—		64,550		—		—
Total	$	248,050	$	128,500	$	64,550	$	55,000	$	—

For the three months ended March 31, 2025 and 2024, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:

	Three Months Ended March 31,
	2025			2024
Average dollar borrowings	$	248,690		$	290,963
Weighted average effective interest rate	6.29		%	6.29		%

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Financial Highlights

3 Months Ended

Mar. 31, 2025

Investment Company [Abstract]

Financial Highlights

Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024
Per share operating performance:
Net asset value per share at beginning of period	$	12.85		$	12.09
Net investment income(1)	0.26			0.42
Net realized gain (loss) on investments, net of taxes(1)	(0.19)			0.06
Net unrealized depreciation on investments, net of deferred taxes(1)	(0.61)			(1.15)
Total loss from operations	(0.54)			(0.67)
Distributions declared	(0.34)			(0.34)
Net asset value per share at end of period	$	11.97		$	11.08
Per share market value, end of period	$	9.29		$	9.93
Total return based on market value(2)(3)	19.3		%	(12.3)		%
Total return based on net asset value(3)(4)	(3.5)		%	(5.2)		%
Shares outstanding at end of period	13,398,078			13,398,078
Weighted average shares outstanding	13,398,078			13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(5)	$	166,304		$	155,202
Net asset value at end of period	$	160,383		$	148,400
Net investment income	$	3,465		$	5,596
Ratio of total expenses to average net assets(6)	16.4		%	22.3		%
Ratio of net investment income to average net assets(6)	8.3		%	14.4		%
Portfolio turnover(7)	2.4		%	1.8		%

(1)Calculated on the average share method.

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

(3)Not annualized.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions.

(5)Based on the average of the net asset value at the beginning and end of the indicated period and, if applicable, the preceding calendar quarters.

(6)Annualized.

(7)Portfolio turnover rate is calculated using the lesser of period-to-date sales, portfolio investment distributions and principal payments or period-to-date purchases over the average of total investments at fair value.

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Capital Transactions

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Capital Transactions

Capital Transactions

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

The Company may be limited in its ability to make distributions due to the BDC asset coverage requirements of the 1940 Act. In addition, distributions from OFSCC-FS to the Company are restricted by the terms and conditions of the BNP Facility.

The following table summarizes distributions declared and paid for the three months ended March 31, 2025 and 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution
Three Months Ended March 31, 2025
February 26, 2025	March 21, 2025	March 31, 2025	$	0.34	$	4,555	(1)
			$	0.34	$	4,555
Three Months Ended March 31, 2024
February 28, 2024	March 18, 2024	March 28, 2024	$	0.34	$	4,555	(1)
			$	0.34	$	4,555

(1) During the three months ended March 31, 2025 and 2024, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows:

	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
Three Months Ended March 31, 2025
January 1, 2025 through March 31, 2025	8,570	$	9.35	$	80
Three Months Ended March 31, 2024
January 1, 2024 through March 31, 2024	8,530	$	10.04	$	86

Distributions in excess of the Company’s current and accumulated ICTI would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. The determination of the tax attributes of the Company’s distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company’s stockholders.

Stock Repurchase Program:

The Company maintains a Stock Repurchase Program under which the Company may acquire up to $10,000 of its outstanding common stock. On April 30, 2024, the Board extended the Stock Repurchase Program for an additional two-year period ending May 22, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program may be extended, modified or discontinued at any time for any reason.

During the three months ended March 31, 2025 and 2024, no shares of common stock were repurchased under the Stock Repurchase Program.

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Consolidated Schedule of Investments In and Advances To Affiliates

3 Months Ended

Mar. 31, 2025

Investments in and Advances to Affiliates [Abstract]

Consolidated Schedule of Investments In and Advances To Affiliates

Consolidated Schedule of Investments In and Advances To Affiliates

		Three Months Ended March 31, 2025
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/(Depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2024, Fair Value		Gross Additions (3)		Gross Reductions (4)		March 31, 2025, Fair Value (5)
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	$	—	$	(1,922)	$	—	$	287	$	—	$	287	$	11,890	$	287	$	(1,922)	$	10,255
	Common Equity (6)	—		(441)		—		—		—		—		441		—		(441)		—
		—		(2,363)		—		287		—		287		12,331		287		(2,363)		10,255
DRS Imaging Services, LLC	Common Equity (6)	—		658		—		—		—		—		1,190		658		—		1,848
Pfanstiehl Holdings, Inc	Common Equity	—		1,464		—		—		—		—		89,298		1,464		—		90,762
TalentSmart Holdings, LLC	Common Equity (6)	—		(104)		—		—		—		—		1,604		—		(104)		1,500
Total Affiliate Investments		$	—	$	(345)	$	—	$	287	$	—	$	287	$	104,423	$	2,409	$	(2,467)	$	104,365

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

(2)Represents the total amount of interest, fees or dividends included in income for the three months ended March 31, 2025.

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

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

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

(6)Non-income producing.

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

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Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 29, 2025, the Board declared a distribution of $0.34 per share for the second quarter of 2025, payable on June 30, 2025 to stockholders of record as of June 20, 2025.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net decrease in net assets resulting from operations	$ (7,287)	$ (9,049)

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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N-2 - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Cover [Abstract]

Entity Central Index Key

0001487918

Amendment Flag

false

Securities Act File Number

814-00813

Document Type

10-Q

Entity Registrant Name

OFS CAPITAL CORPORATION

Entity Address, Address Line One

222 W. Adams Street

Entity Address, Address Line Two

Suite 1850

Entity Address, City or Town

Chicago

Entity Address, State or Province

IL

Entity Address, Postal Zip Code

60606

City Area Code

847

Local Phone Number

734-2000

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

Risk Factors

Investing in our common stock may be speculative and involves a high degree of risk. In addition to the other information contained in this Quarterly Report on Form 10-Q, including our financial statements, and the related notes, schedules and exhibits, you should carefully consider the risk factors described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report on Form 10-K”), filed on March 4, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K. The risks previously disclosed in the Annual Report on Form 10-K should be read together with the other information disclosed elsewhere in this Quarterly Report on Form 10-Q and our other reports filed with the SEC.

Share Price [Table Text Block]

	NAV Per Share(1)		Price Range				Premium (Discount) of High Sales Price to NAV		Premium (Discount) of Low Sales Price to NAV		Cash Distribution per Share
Period			High		Low
Fiscal 2025
First Quarter	$	11.97	$	9.80	$	7.92	-18.1	%	-33.8	%	$	0.34
Fiscal 2024
Fourth Quarter	$	12.85	$	8.98	$	7.81	-30.1	%	-39.2	%	$	0.34
Third Quarter	$	11.29	$	9.35	$	7.75	-17.2	%	-31.4	%	$	0.34
Second Quarter	$	11.51	$	10.14	$	8.42	-11.9	%	-26.8	%	$	0.34
First Quarter	$	11.08	$	12.07	$	9.53	8.9	%	-14.0	%	$	0.34
Fiscal 2023
Fourth Quarter	$	12.09	$	12.41	$	9.69	2.6	%	-19.9	%	$	0.34
Third Quarter	$	12.74	$	12.44	$	9.51	-2.4	%	-25.4	%	$	0.34
Second Quarter	$	12.94	$	11.01	$	9.10	-14.9	%	-29.7	%	$	0.33
First Quarter	$	13.42	$	10.92	$	9.60	-18.6	%	-28.5	%	$	0.33

(1)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

Share Price

$ 9.29

NAV Per Share

$ 11.97

$ 12.85

$ 11.08

$ 12.09

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Borrowings

As of March 31, 2025, we had $248.1 million of outstanding debt with a weighted-average effective interest rate of 6.19%. Our Unsecured Notes Due February 2026 and the Banc of California Facility, which comprised 52% of our outstanding debt, mature on February 10, 2026 and February 28, 2026, respectively .

SBA Debentures

On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million and, on April 17, 2024, surrendered its license to operate as a SBIC.

Banc of California Credit Facility

We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility, which is available for general corporate purposes including investment funding and is scheduled to mature on February 28, 2026. The Banc of California Credit Facility currently bears interest at a variable Prime Rate plus a 0.25% margin, with a 5.00% floor, and as of March 31, 2025, the effective interest rate on the Banc of California Credit Facility was 11.35%. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP and our partnership interests in SBIC I LP.

The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants, such as information reporting requirements, a minimum tangible net asset value, a minimum quarterly net investment income after incentive fees, a debt/worth ratio and a net loss restriction. The BLA also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. As of March 31, 2025, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.

As of March 31, 2025, we had $3.5 million outstanding and an unused commitment of $21.5 million under the Banc of California Credit Facility, subject to a borrowing base and other covenants.

Unsecured Notes

As of March 31, 2025 and December 31, 2024, we had $180.0 million in outstanding Unsecured Notes. The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all of our current and future unsecured indebtedness. Because the Unsecured Notes are not secured by any of our assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Banc of California Credit Facility and BNP Facility.

In order to, among other things, reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may, from time to time, purchase the Unsecured Notes for cash in open market purchases and/or privately negotiated transactions. We will evaluate any such transactions in light of then-existing market conditions, taking into account our current liquidity, prospects for future access to capital, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material. During the three months ended March 31, 2025, no outstanding Unsecured Notes were repurchased.

As of March 31, 2025, the Unsecured Notes had the following terms and balances (dollar amounts in thousands):

Unsecured Notes	Principal		Stated Interest Rate(1)		Effective Interest Rate(2)		Maturity(3)
Unsecured Notes Due February 2026	$	125,000	4.75	%	5.39	%	February 10, 2026
Unsecured Notes Due October 2028	55,000		4.95		5.32		October 31, 2028
Total	$	180,000

(1) The weighted-average fixed cash interest rate on the Unsecured Notes as of March 31, 2025 was 4.81%.

(2) The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.

(3) We may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time. We are required to pay a “make-whole” premium if the redemption date is prior to November 10, 2025. We may redeem the Unsecured Notes Due October 2028 in whole or in part at any time.

BNP Facility

On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150.0 million, of which $64.6 million was drawn as of March 31, 2025. Borrowings under the BNP Facility bear interest based on SOFR for the relevant interest period, plus an applicable spread (subject to an effective floor of 2.65%). The reinvestment period (and the ability to access the undrawn facility commitment) of the BNP Facility ends on June 20, 2025, unless extended. The BNP Facility is scheduled to mature on June 20, 2027. Borrowings under the BNP Facility are secured by substantially all of the assets held by OFSCC-FS. As of March 31, 2025, we were in compliance in all material respects with the applicable covenants under the BNP Facility.

As of March 31, 2025, the effective interest rate on the BNP Facility was 8.21% and the unused commitment under the facility was $85.5 million, subject to a borrowing base and other covenants.

On a stand-alone basis, as of March 31, 2025 and December 31, 2024, OFSCC-FS held approximately $140.7 million and $151.0 million in total assets, respectively, which accounted for approximately 34% and 35% of our total consolidated assets, respectively.

Long Term Debt, Principal

$ 248.1

SBA Debentures [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

SBA Debentures

Long Term Debt, Structuring [Text Block]

On March 1, 2024, SBIC I LP fully repaid its outstanding SBA debentures totaling $31.9 million and, on April 17, 2024, surrendered its license to operate as a SBIC.

Banc of California Credit Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Banc of California Credit Facility

Long Term Debt, Principal

$ 3.5

Long Term Debt, Structuring [Text Block]

We are party to the BLA with Banc of California, as lender, to provide us with a senior secured revolving credit facility, or the Banc of California Credit Facility, which is available for general corporate purposes including investment funding and is scheduled to mature on February 28, 2026. The Banc of California Credit Facility currently bears interest at a variable Prime Rate plus a 0.25% margin, with a 5.00% floor, and as of March 31, 2025, the effective interest rate on the Banc of California Credit Facility was 11.35%. The maximum availability of the Banc of California Credit Facility is equal to 50% of the aggregate outstanding principal amount of eligible loans included in the borrowing base, which typically excludes Structured Finance Securities and as otherwise specified in the BLA. The Banc of California Credit Facility is guaranteed by OFSCC-MB and secured by all of our and OFSCC-MB’s current and future assets, excluding assets held by OFSCC-FS and SBIC I LP and our partnership interests in SBIC I LP.

Long Term Debt, Dividends and Covenants [Text Block]

The BLA contains customary terms and conditions, including, without limitation, affirmative and negative covenants, such as information reporting requirements, a minimum tangible net asset value, a minimum quarterly net investment income after incentive fees, a debt/worth ratio and a net loss restriction. The BLA also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change in investment advisor, and the occurrence of a material adverse change in our financial condition. As of March 31, 2025, we were in compliance in all material respects with the applicable covenants under the Banc of California Credit Facility.

Unsecured Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Unsecured Notes

Long Term Debt, Principal

$ 180.0

Long Term Debt, Structuring [Text Block]

As of March 31, 2025 and December 31, 2024, we had $180.0 million in outstanding Unsecured Notes. The Unsecured Notes are direct unsecured obligations and rank equal in right of payment with all of our current and future unsecured indebtedness. Because the Unsecured Notes are not secured by any of our assets, they are effectively subordinated to all existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Banc of California Credit Facility and BNP Facility.

In order to, among other things, reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may, from time to time, purchase the Unsecured Notes for cash in open market purchases and/or privately negotiated transactions. We will evaluate any such transactions in light of then-existing market conditions, taking into account our current liquidity, prospects for future access to capital, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material. During the three months ended March 31, 2025, no outstanding Unsecured Notes were repurchased.

As of March 31, 2025, the Unsecured Notes had the following terms and balances (dollar amounts in thousands):

Unsecured Notes	Principal		Stated Interest Rate(1)		Effective Interest Rate(2)		Maturity(3)
Unsecured Notes Due February 2026	$	125,000	4.75	%	5.39	%	February 10, 2026
Unsecured Notes Due October 2028	55,000		4.95		5.32		October 31, 2028
Total	$	180,000

(1) The weighted-average fixed cash interest rate on the Unsecured Notes as of March 31, 2025 was 4.81%.

(2) The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.

(3) We may redeem the Unsecured Notes Due February 2026 in whole or in part at any time, or from time to time. We are required to pay a “make-whole” premium if the redemption date is prior to November 10, 2025. We may redeem the Unsecured Notes Due October 2028 in whole or in part at any time.

BNP Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

BNP Facility

Long Term Debt, Principal

$ 64.6

Long Term Debt, Structuring [Text Block]

On June 20, 2019, OFSCC-FS entered into the BNP Facility, which provides for borrowings in an aggregate principal amount up to $150.0 million, of which $64.6 million was drawn as of March 31, 2025. Borrowings under the BNP Facility bear interest based on SOFR for the relevant interest period, plus an applicable spread (subject to an effective floor of 2.65%). The reinvestment period (and the ability to access the undrawn facility commitment) of the BNP Facility ends on June 20, 2025, unless extended. The BNP Facility is scheduled to mature on June 20, 2027. Borrowings under the BNP Facility are secured by substantially all of the assets held by OFSCC-FS. As of March 31, 2025, we were in compliance in all material respects with the applicable covenants under the BNP Facility.

As of March 31, 2025, the effective interest rate on the BNP Facility was 8.21% and the unused commitment under the facility was $85.5 million, subject to a borrowing base and other covenants.

On a stand-alone basis, as of March 31, 2025 and December 31, 2024, OFSCC-FS held approximately $140.7 million and $151.0 million in total assets, respectively, which accounted for approximately 34% and 35% of our total consolidated assets, respectively.

Security 1 Common [Member]

General Description of Registrant [Abstract]

Lowest Price or Bid

$ 7.92

7.81

$ 7.75

$ 8.42

9.53

9.69

$ 9.51

$ 9.10

$ 9.60

Highest Price or Bid

$ 9.80

$ 8.98

$ 9.35

$ 10.14

$ 12.07

$ 12.41

$ 12.44

$ 11.01

$ 10.92

Highest Price or Bid, Premium (Discount) to NAV [Percent]

(18.10%)

(30.10%)

(17.20%)

(11.90%)

8.90%

2.60%

(2.40%)

(14.90%)

(18.60%)

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(33.80%)

(39.20%)

(31.40%)

(26.80%)

(14.00%)

(19.90%)

(25.40%)

(29.70%)

(28.50%)

NAV Per Share

$ 11.97

$ 12.85

$ 11.29

$ 11.51

$ 11.08

$ 12.09

$ 12.74

$ 12.94

$ 13.42

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under ASC Topic 946, Financial Services–Investment Companies. The accompanying interim consolidated financial statements of the Company and related financial information have been prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q, and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. However, in the opinion of management, the consolidated financial statements include all adjustments, consisting only of normal and recurring accruals and adjustments, necessary for fair presentation as of, and for, the periods presented. These consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 4, 2025. The results of operations for any interim period are not necessarily indicative of the results of operations to be expected for the full year.

Reclassifications

Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes thereto. Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or consolidated statements of changes in net assets and consolidated statements of cash flows classifications.

Use of estimates

Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

Concentration of credit risk

Concentration of credit risk: Aside from the Company’s investments, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits at financial institutions. At various times during the year, the Company exceeds the federally insured limits. The Company places cash deposits only with high credit quality

institutions which OFS Advisor believes will mitigate the risk of loss due to credit risk. If borrowers completely fail to perform according to the terms of the contracts, the amount of loss due to credit risk from the Company’s investments is equal to the sum of the Company’s recorded investments and the unfunded commitments disclosed in Note 6.

Cash and cash equivalents

Cash and cash equivalents: The Company’s cash and cash equivalent balances are maintained with a member bank of the FDIC, and such balances generally exceed the FDIC insurance limit. The Company does not believe its cash and cash equivalent balances are exposed to any significant credit risk. Cash and cash equivalent balances are held in US Bank Trust Company, National Association and Citibank N.A. money market deposit accounts. In addition, the Company’s use of cash and cash equivalents held by OFSCC-FS is limited by the terms and conditions of the BNP Facility, including but not limited to, the payment of interest expense and principal on the outstanding borrowings.

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Schedule of Related Party Expenses and Distributions

Expenses recognized under agreements with OFS Advisor and OFS Services and distributions paid to affiliates for the three months ended March 31, 2025 and 2024 are presented below:

	Three Months Ended March 31,
	2025		2024
Base management fee	$	1,549	$	1,523
Income Incentive Fee	330		1,399
Administration fee	394		394
Distributions paid to affiliates	1,029		1,028

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Investments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Investments [Abstract]

Schedule of Investments

As of March 31, 2025, the Company’s investments consisted of the following:

			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	208,368	57.0	%	129.8	%	$	184,315	45.8	%	114.9	%
Second lien debt investments	42,607		11.7		26.6		31,547		7.8		19.7
Preferred equity	10,476		2.9		6.5		10,615		2.6		6.6
Common equity, warrants and other(2)	12,365		3.4		7.7		97,060		24.1		60.4
Total debt and equity investments	273,816		75.0		170.6		323,537		80.3		201.6
Structured Finance Securities	91,401		25.0		57.0		79,534		19.7		49.7
Total investments	$	365,217	100.0	%	227.6	%	$	403,071	100.0	%	251.3	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $127,864 and $118,904, respectively.

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

As of March 31, 2025 and December 31, 2024, the Company’s investment portfolio was domiciled as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
United States	$	269,088	$	322,244	$	269,856	$	331,188
Canada(1)	4,728		1,293		4,708		1,602
Cayman Islands(1)(2)	84,488		73,086		82,059		70,237
Jersey(1)(2)	6,913		6,448		6,924		6,638
Total investments	$	365,217	$	403,071	$	363,547	$	409,665

(1) Represents non-qualifying assets under Section 55(a) of the 1940 Act.

(2) Investments domiciled in the Cayman Islands and Jersey represent certain Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States.

As of March 31, 2025, the industry composition of the Company’s investment portfolio was as follows:

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	21,747	6.0	%	13.6	%	$	21,241	5.3	%	13.2	%
Construction	21,220		5.8		13.2		9,239		2.3		5.8
Education Services	18,429		5.0		11.5		18,141		4.5		11.3
Finance and Insurance	3,087		0.8		1.9		3,123		0.8		1.9
Health Care and Social Assistance	75,211		20.6		46.9		65,324		16.2		40.7
Information	21,149		5.8		13.2		15,140		3.8		9.4
Management of Companies and Enterprises	12,601		3.5		7.9		12,243		3.0		7.6
Manufacturing	34,910		9.6		21.7		123,522		30.6		77.0
Professional, Scientific, and Technical Services	18,955		5.2		11.8		19,091		4.7		11.9

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Public Administration	$	703	0.2	%	0.4	%	$	63	—	%	—	%
Real Estate and Rental and Leasing	13,525		3.7		8.4		11,547		2.9		7.2
Retail Trade	16,506		4.5		10.3		15,120		3.8		9.4
Wholesale Trade	15,773		4.3		9.8		9,743		2.4		6.1
Total debt and equity investments	$	273,816	75.0	%	170.6	%	$	323,537	80.3	%	201.6	%
Structured Finance Securities	91,401		25.0		57.0		79,534		19.7		49.7
Total investments	$	365,217	100.0	%	227.6	%	$	403,071	100.0	%	251.3	%

At December 31, 2024, the Company’s investments consisted of the following:

			Percentage of Total						Percentage of Total
	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
First lien debt investments(1)	$	209,696	57.7	%	121.8	%	$	189,874	46.3	%	110.3	%
Second lien debt investments	42,313		11.6		24.6		34,331		8.4		19.9
Preferred equity	10,190		2.8		5.9		12,248		3.0		7.1
Common equity, warrants and other(2)	12,365		3.4		7.2		96,337		23.5		56.0
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

(1) Includes unitranche investments (which are loans that combine both senior and subordinated debt, in a first lien position) with an amortized cost and fair value of $128,147 and $119,169, respectively.

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

As of December 31, 2024, the industry compositions of the Company’s debt and equity investments were as follows:

			Percentage of Total						Percentage of Total
Industry	Amortized Cost		Amortized Cost		Net Assets		Fair Value		Fair Value		Net Assets
Administrative and Support and Waste Management and Remediation Services	$	22,016	6.1	%	12.8	%	$	21,555	5.2	%	12.5	%
Construction	20,213		5.6		11.7		10,753		2.6		6.2
Education Services	18,466		5.0		10.7		18,475		4.5		10.7
Finance and Insurance	3,091		0.9		1.8		3,121		0.8		1.8
Health Care and Social Assistance	74,008		20.4		43.0		67,144		16.4		39.1
Information	24,071		6.6		14.1		16,242		4.0		9.5
Management of Companies and Enterprises	12,614		3.5		7.3		12,309		3.0		7.1
Manufacturing	34,899		9.6		20.4		122,234		29.8		71.1
Professional, Scientific, and Technical Services	18,982		5.2		11.0		19,134		4.7		11.1
Public Administration	703		0.2		0.4		61		—		—
Real Estate and Rental and Leasing	13,218		3.6		7.6		13,932		3.4		8.1
Retail Trade	16,511		4.5		9.6		16,985		4.1		9.9
Wholesale Trade	15,773		4.3		9.1		10,845		2.7		6.2
Total debt and equity investments	$	274,564	75.5	%	159.5	%	$	332,790	81.2	%	193.3	%
Structured Finance Securities	88,983		24.5		51.7		76,875		18.8		44.6
Total investments	$	363,547	100.0	%	211.2	%	$	409,665	100.0	%	237.9	%

Schedule of Portfolio Concentrations

The following table presents the Company’s portfolio companies based on fair value that comprise greater than 10% of the Company’s total net assets as of March 31, 2025:

							Percentage of Total
Portfolio Company	Investment Type	Industry	Amortized Cost		Fair Value		Fair Value		Net Assets
Pfanstiehl Holdings, Inc.	Common Equity	Manufacturing	$	217	$	90,762	22.5	%	56.6	%
Kreg LLC	First Lien Debt	Health Care and Social Assistance	18,346		17,431		4.3		10.9
Inergex Holdings, LLC	First Lien Debt	Professional, Scientific, and Technical Services	16,978		17,086		4.2		10.7
SS Acquisition, LLC(1)	First Lien Debt	Education Services	16,834		16,641		4.1		10.4

(1) As of March 31, 2025, the Company had an outstanding commitment of $1,786 related to the portfolio company’s undrawn revolver facility.

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Transfers Between Levels, Change in Investments Measured at Fair Value Using Level 3 Inputs, and Unrealized Appreciation (Depreciation) for Assets Still Held

The following table presents the Company’s transfers of Level 2 and Level 3 debt investments for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Transfers from Level 2 to Level 3	$	—	$	1,910
Transfers from Level 3 to Level 2	—		11,723

The following tables present changes in investments measured at fair value using Level 3 inputs for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
	First Lien Debt Investments		Second Lien Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2024	$	168,037	$	34,331	$	12,248	$	96,337	$	76,875	$	387,828
Net realized loss on investments	—		—		—		—		(1,771)		(1,771)
Net unrealized appreciation (depreciation) on investments	(3,893)		(3,080)		(1,920)		723		242		(7,928)
Amortization of Net Loan Fees	116		28		—		—		32		176
Accretion of interest income on Structured Finance Securities	—		—		—		—		2,925		2,925
Capitalized PIK interest and dividends	120		268		287		—		—		675
Amendment fees received	(23)		—		—		—		—		(23)
Purchase and origination of portfolio investments	4,635		—		—		—		5,776		10,411
Proceeds from principal payments on portfolio investments	(3,238)		—		—		—		—		(3,238)
Sale and redemption of portfolio investments	—		—		—		—		(1,041)		(1,041)
Proceeds from distributions received from portfolio investments	—		—		—		—		(3,504)		(3,504)
Level 3 assets, March 31, 2025	$	165,754	$	31,547	$	10,615	$	97,060	$	79,534	$	384,510

			Three Months Ended March 31, 2024
	First Lien Debt Investments		Second Lien Debt Investments		Subordinated Debt Investments		Preferred Equity		Common Equity, Warrants and Other		Structured Finance Securities		Total
Level 3 assets, December 31, 2023	$	186,831	$	48,429	$	—	$	13,240	$	76,689	$	79,045	$	404,234
Net realized gain on investments	—		—		—		572		807		—		1,379
Net unrealized appreciation (depreciation) on investments	(1,047)		(634)		250		(5,140)		(9,976)		316		(16,231)
Amortization of Net Loan Fees	191		41		—		—		—		60		292
Accretion of interest income on Structured Finance Securities	—		—		—		—		—		2,093		2,093
Capitalized PIK interest and dividends	117		224		—		263		—		—		604
Amendment fees received	(12)		—		—		—		—		—		(12)
Purchase and origination of portfolio investments	7,339		—		—		—		—		—		7,339
Proceeds from principal payments on portfolio investments	(745)		(9,073)		—		—		—		—		(9,818)
Sale and redemption of portfolio investments	—		—		—		(670)		(1,379)		—		(2,049)
Conversion from debt investments to equity investments	(2,669)		—		—		1,269		1,400		—		—
Proceeds from distributions received from portfolio investments	—		—		—		—		—		(3,621)		(3,621)
Transfers from Level 3 to Level 2	(11,723)		—		—		—		—		—		(11,723)
Transfers from Level 2 to Level 3	1,910		—		—		—		—		—		1,910
Level 3 assets, March 31, 2024	$	180,192	$	38,987	$	250	$	9,534	$	67,541	$	77,893	$	374,397

The net unrealized depreciation reported in the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024, attributable to the Company’s Level 3 assets still held at those respective period ends, was as follows:

	Three Months Ended March 31,
	2025		2024
Debt investments	$	(6,969)	$	(1,054)
Equity investments	(1,197)		(11,995)
Structured Finance Securities	(1,518)		315
Net unrealized depreciation on investments held	$	(9,684)	$	(12,734)

Schedule of Investment Portfolio Measured at Fair Value on a Recurring Basis

The following tables present the Company’s investment portfolio measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

Security	Level 1		Level 2		Level 3		Fair Value as of March 31, 2025
Debt investments	$	—	$	18,561	$	197,301	$	215,862
Equity investments	—		—		107,675		107,675
Structured Finance Securities	—		—		79,534		79,534
	$	—	$	18,561	$	384,510	$	403,071

Security	Level 1		Level 2		Level 3		Fair Value as of December 31, 2024
Debt investments	$	—	$	21,837	$	202,368	$	224,205
Equity investments	—		—		108,585		108,585
Structured Finance Securities	—		—		76,875		76,875
	$	—	$	21,837	$	387,828	$	409,665

Schedule of Significant Level 3 Inputs

The following tables provides the primary quantitative information about valuation techniques and the Company’s unobservable inputs to its Level 3 fair value measurements as of March 31, 2025 and December 31, 2024. The Company may make changes to the valuation techniques, among techniques otherwise commonly utilized in accordance with its valuation policies, and/or the weighting of techniques used for particular investments based on changes in facts-and-circumstances and depending on the availability of, or changes in, information in order to produce the best estimate of fair value as of the measurement date. In addition to the techniques and unobservable inputs noted in the tables below and in accordance with OFS Advisor’s valuation policy, OFS Advisor, as valuation designee, may also use other valuation techniques and methodologies when determining the fair value measurements of the Company’s investment assets. The tables are not intended to be all-inclusive and only present the most significant unobservable input(s) relevant to the valuation designee’s determination of fair value.

	Fair Value as of March 31, 2025		Valuation technique	Unobservable inputs	Range (Weighted average)
Debt investments:
First lien	$	141,149	Discounted cash flow	Discount rates	8.78% - 35.00% (13.06%)
	22,682		Market approach	EBITDA multiples	3.00x - 8.50x (6.36x)
	1,923		Market approach	Revenue multiples	0.28x - 0.38x (0.37x)
Second lien	22,678		Discounted cash flow	Discount rates	10.84% - 43.65% (17.47%)
	5,340		Market approach	EBITDA multiples	8.25x - 8.50x (8.25x)
	3,529		Market approach	Transaction Price
Structured Finance Securities(1):
Subordinated notes	60,024		Discounted cash flow	Discount rates	16.50% - 60.00% (21.14%)
				Constant default rate	2.00% - 3.00% (2.07%)
				Recovery rate	65.00% - 65.00% (65.00%)
	6,961		Market approach	Transaction Price
Mezzanine debt	12,549		Discounted cash flow	Discount margin	7.60% - 9.90% (8.92%)
				Constant default rate	2.00% - 3.00% (2.25%)
				Recovery rate	65.00% - 65.00% (65.00%)
Equity investments:
Preferred equity	10,615		Market approach	EBITDA multiples	7.00x - 8.00x (7.97x)
Common equity, warrants and other	97,060		Market approach	EBITDA multiples	5.75x - 15.25x (13.37x)
	$	384,510

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

	Fair Value at December 31, 2024		Valuation technique	Unobservable inputs	Range (Weighted average)
Debt investments:
First lien	$	123,028	Discounted cash flow	Discount rates	9.01% - 32.50% (13.07%)
	16,684		Market approach	EBITDA multiples	3.00x - 7.27x (5.43x)
	9,232		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
	19,093		Market approach	Transaction Price
Second lien	27,400		Discounted cash flow	Discount rates	10.84% - 33.45% (15.31%)
	4,913		Market approach	EBITDA multiples	8.43x - 8.43x (8.43x)
	2,018		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
Structured Finance Securities(1):
Subordinated notes	61,308		Discounted cash flow	Discount rates	15.00% - 40.00% (22.25%)
				Constant default rate	2.00% - 3.00% (2.07%)
				Recovery rate	65.00% - 65.00% (65.00%)
	2,993		Market approach	Transaction Price
Mezzanine debt	12,574		Discounted cash flow	Discount margin	7.60% - 9.90% (8.89%)
				Constant default rate	2.00% - 3.00% (2.25%)
				Recovery rate	65.00% - 65.00% (65.00%)
Equity investments:
Preferred equity	12,248		Market approach	EBITDA multiples	7.00x - 8.50x (8.46x)
Common equity, warrants and other	96,337		Market approach	EBITDA multiples	5.85x - 15.75x (13.66x)
Common equity, warrants and other	—		Market approach	Revenue multiples	0.40x - 0.40x (0.40x)
	$	387,828

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

Schedule of Carrying Values and Fair Values of Debt

The following table sets forth carrying values and fair values of the Company’s debt as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
Description	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Banc of California Credit Facility	$	3,500	$	3,500	$	1,000	$	1,000
BNP Facility	64,550		64,550		67,350		67,350
Unsecured Notes Due February 2026	124,290		122,046		124,097		121,326
Unsecured Notes Due October 2028	54,266		50,064		54,215		49,698
Total debt	$	246,606	$	240,160	$	246,662	$	239,374

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

The following tables present the fair value measurements of the Company's debt and the level within the fair value hierarchy of the significant unobservable inputs utilized by the Company to determine such fair values as of March 31, 2025 and December 31, 2024:

	March 31, 2025
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	3,500	$	3,500
BNP Facility	—		—		64,550		64,550
Unsecured Notes Due February 2026	—		—		122,046		122,046
Unsecured Notes Due October 2028	50,064		—		—		50,064
Total debt, at fair value	$	50,064	$	—	$	190,096	$	240,160

	December 31, 2024
Description	Level 1(1)		Level 2		Level 3(2)		Total
Banc of California Credit Facility	$	—	$	—	$	1,000	$	1,000
BNP Facility	—		—		67,350		67,350
Unsecured Notes Due February 2026	—		—		121,326		121,326
Unsecured Notes Due October 2028	49,698		—		—		49,698
Total debt, at fair value	$	49,698	$	—	$	189,676	$	239,374

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

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

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments to Fund Investments

The following table shows the Company’s outstanding commitments to fund investments to portfolio companies as of March 31, 2025:

Portfolio Company	Investment Type	Commitment
Associated Spring, LLC	First Lien Debt (Delayed Draw)	$	1,724
Boca Home Care Holdings, Inc.	First Lien Debt (Revolver)	1,290
Clevertech Bidco, LLC	First Lien Debt (Revolver)	294
Envocore Holding, LLC (F/K/A LRI Holding, LLC)	First Lien Debt (Revolver)	1,670
Honor HN Buyer Inc.	First Lien Debt (Revolver)	664
Honor HN Buyer Inc.	First Lien Debt (Delayed Draw)	5,000
Kreg LLC	First Lien Debt (Revolver)	446
Medrina LLC	First Lien Debt (Revolver)	319
Medrina LLC	First Lien Debt (Delayed Draw)	77
SS Acquisition, LLC	First Lien Debt (Revolver)	1,786
Tolemar Acquisition, Inc.	First Lien Debt (Revolver)	515
		$	13,785

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Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt instruments

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, effective interest rates and average outstanding balances for the SBA debentures were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	—		$	151
Amortization of debt issuance costs	—			20
Total interest and debt financing costs	$	—		$	171
Cash paid for interest expense	$	—		$	457
Effective interest rate	—		%	3.25		%
Average outstanding balance	$	—		$	21,046

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Notes were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	2,165		$	2,165
Amortization of debt issuance costs	245			245
Total interest and debt financing costs	$	2,410		$	2,410
Cash paid for interest expense	$	3,648		$	3,648
Effective interest rate	5.35		%	5.35		%
Average outstanding balance	$	180,000		$	180,000

For the three months ended March 31, 2025 and 2024, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:

	Three Months Ended March 31,
	2025			2024
Average dollar borrowings	$	248,690		$	290,963
Weighted average effective interest rate	6.29		%	6.29		%

Schedule of Credit Facilities

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the BNP Facility were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense(1)	$	1,264		$	1,865
Amortization of debt issuance costs	95			95
Total interest and debt financing costs	$	1,359		$	1,960
Cash paid for interest expense	$	1,291		$	1,882
Effective interest rate	8.39		%	8.72		%
Average outstanding balance	$	65,701		$	89,916

(1) Stated interest expense includes unused fees.

For the three months ended March 31, 2025 and 2024, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	58		$	—
Amortization of debt issuance costs	31			31
Total interest and debt financing costs	$	89		$	31
Cash paid for interest expense	$	58		$	—
Effective interest rate	12.13		%	n/m(1)
Average outstanding balance	$	2,989		$	—

(1) Not meaningful as there was no outstanding balance during the three months ended March 31, 2024.

Schedule of Maturities

The following table shows the scheduled maturities of the principal balances of the Company’s outstanding borrowings as of March 31, 2025:

	Payments due by period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		After 5 years
Banc of California Credit Facility	$	3,500	$	3,500	$	—	$	—	$	—
Unsecured Notes	180,000		125,000		—		55,000		—
BNP Facility	64,550		—		64,550		—		—
Total	$	248,050	$	128,500	$	64,550	$	55,000	$	—

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2025

Investment Company [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			2024
Per share operating performance:
Net asset value per share at beginning of period	$	12.85		$	12.09
Net investment income(1)	0.26			0.42
Net realized gain (loss) on investments, net of taxes(1)	(0.19)			0.06
Net unrealized depreciation on investments, net of deferred taxes(1)	(0.61)			(1.15)
Total loss from operations	(0.54)			(0.67)
Distributions declared	(0.34)			(0.34)
Net asset value per share at end of period	$	11.97		$	11.08
Per share market value, end of period	$	9.29		$	9.93
Total return based on market value(2)(3)	19.3		%	(12.3)		%
Total return based on net asset value(3)(4)	(3.5)		%	(5.2)		%
Shares outstanding at end of period	13,398,078			13,398,078
Weighted average shares outstanding	13,398,078			13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value(5)	$	166,304		$	155,202
Net asset value at end of period	$	160,383		$	148,400
Net investment income	$	3,465		$	5,596
Ratio of total expenses to average net assets(6)	16.4		%	22.3		%
Ratio of net investment income to average net assets(6)	8.3		%	14.4		%
Portfolio turnover(7)	2.4		%	1.8		%

(1)Calculated on the average share method.

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

(3)Not annualized.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions.

(5)Based on the average of the net asset value at the beginning and end of the indicated period and, if applicable, the preceding calendar quarters.

(6)Annualized.

(7)Portfolio turnover rate is calculated using the lesser of period-to-date sales, portfolio investment distributions and principal payments or period-to-date purchases over the average of total investments at fair value.

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Capital Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Distributions Declared

The following table summarizes distributions declared and paid for the three months ended March 31, 2025 and 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Cash Distribution
Three Months Ended March 31, 2025
February 26, 2025	March 21, 2025	March 31, 2025	$	0.34	$	4,555	(1)
			$	0.34	$	4,555
Three Months Ended March 31, 2024
February 28, 2024	March 18, 2024	March 28, 2024	$	0.34	$	4,555	(1)
			$	0.34	$	4,555

(1) During the three months ended March 31, 2025 and 2024, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows:

	Number of Shares Purchased	Average Price Paid Per Share		Total Amount Paid
Three Months Ended March 31, 2025
January 1, 2025 through March 31, 2025	8,570	$	9.35	$	80
Three Months Ended March 31, 2024
January 1, 2024 through March 31, 2024	8,530	$	10.04	$	86

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

3 Months Ended

Mar. 31, 2025

Investments in and Advances to Affiliates [Abstract]

Schedule of Investments in and Advances to Affiliates

		Three Months Ended March 31, 2025
Name of Portfolio Company	Investment Type (1)	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/(Depreciation)		Interest		Dividends		Fees		Total Income (2)		December 31, 2024, Fair Value		Gross Additions (3)		Gross Reductions (4)		March 31, 2025, Fair Value (5)
Affiliate Investments
Contract Datascan Holdings, Inc.	Preferred Equity (7)	$	—	$	(1,922)	$	—	$	287	$	—	$	287	$	11,890	$	287	$	(1,922)	$	10,255
	Common Equity (6)	—		(441)		—		—		—		—		441		—		(441)		—
		—		(2,363)		—		287		—		287		12,331		287		(2,363)		10,255
DRS Imaging Services, LLC	Common Equity (6)	—		658		—		—		—		—		1,190		658		—		1,848
Pfanstiehl Holdings, Inc	Common Equity	—		1,464		—		—		—		—		89,298		1,464		—		90,762
TalentSmart Holdings, LLC	Common Equity (6)	—		(104)		—		—		—		—		1,604		—		(104)		1,500
Total Affiliate Investments		$	—	$	(345)	$	—	$	287	$	—	$	287	$	104,423	$	2,409	$	(2,467)	$	104,365

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

(2)Represents the total amount of interest, fees or dividends included in income for the three months ended March 31, 2025.

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

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

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

(6)Non-income producing.

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

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Organization (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Line of Credit | BNP Facility
Line of Credit Facility [Line Items]
Borrowing capacity (up to)	$ 150,000

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Related Party Transactions - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2025 component shares	Dec. 31, 2024
Affiliates Of OFS Advisor | OFS Capital Corporation
Related Party Transaction [Line Items]
Share of common stock owned (in shares) | shares	3,025,425
Investment ownership percentage	22.60%
Investment Advisory Agreement | Affiliated entity
Related Party Transaction [Line Items]
Number of components	2
Base management fee percentage	1.75%
Base management fee, quarterly | Affiliated entity
Related Party Transaction [Line Items]
Base management fee percentage		0.25%
Base management fee, annualized | Affiliated entity
Related Party Transaction [Line Items]
Base management fee percentage		1.00%
Incentive fee | Affiliated entity
Related Party Transaction [Line Items]
Number of components	2
Incentive fee, pre-incentive fee net income | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%
Incentive fee, quarterly hurdle rate | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	2.00%
Incentive fee, annualized hurdle rate | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	8.00%
Incentive fee, pre-incentive fee net investment income below catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	100.00%
Incentive fee, quarterly catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	2.50%
Incentive fee, pre-incentive fee net investment income exceeds catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%
Incentive fee, realized capital gains | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	20.00%

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Related Party Transactions - Expenses and Distributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Related Party Transactions [Abstract]
Base management fee	$ 1,549	$ 1,523
Income Incentive Fee	330	1,399
Administration fee	394	394
Distributions paid to affiliates	$ 1,029	$ 1,028

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Investments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) investment	Dec. 31, 2024 USD ($) investment
Schedule of Investments [Line Items]
Number of non-portfolio investments	18	18
Aggregate amortized cost, nonaccrual | $	$ 39,119	$ 39,124
Fair value of loans on non-accrual | $	$ 16,857	$ 20,803
Portfolio Fair Value | Adviser Concentration Risk | Single Adviser
Schedule of Investments [Line Items]
Concentration risk, percentage	4.50%
Portfolio Net Assets | Adviser Concentration Risk | Single Adviser
Schedule of Investments [Line Items]
Concentration risk, percentage	11.40%
Debt investments
Schedule of Investments [Line Items]
Number of investments in portfolio companies	35	36
First Lien Debt Investments
Schedule of Investments [Line Items]
Investment percentage	85.00%	85.00%
Second Lien Debt Investments
Schedule of Investments [Line Items]
Investment percentage	15.00%	15.00%
Equity investments
Schedule of Investments [Line Items]
Number of investments in portfolio companies	15	15

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Investments - By Composition and Domicile (Details) - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Schedule of Investments [Line Items]
Amortized Cost	$ 365,217	[1]	$ 363,547	[2]
Percentage of Total, Amortized Cost	100.00%		100.00%
Percentage of Total, Net Assets	227.60%		211.20%
Fair Value	$ 403,071	[1],[3]	$ 409,665	[2],[4]
Percentage of Total, Fair Value	100.00%		100.00%
Percentage of Total, Net Assets	251.30%	[1]	237.90%	[2]
United States
Schedule of Investments [Line Items]
Amortized Cost	$ 269,088		$ 269,856
Fair Value	322,244		331,188
Canada
Schedule of Investments [Line Items]
Amortized Cost	4,728		4,708
Fair Value	1,293		1,602
Cayman Islands
Schedule of Investments [Line Items]
Amortized Cost	84,488		82,059
Fair Value	73,086		70,237
Jersey
Schedule of Investments [Line Items]
Amortized Cost	6,913		6,924
Fair Value	6,448		6,638
Total debt and equity investments
Schedule of Investments [Line Items]
Amortized Cost	$ 273,816		$ 274,564
Percentage of Total, Amortized Cost	75.00%		75.50%
Percentage of Total, Net Assets	170.60%		159.50%
Fair Value	$ 323,537		$ 332,790
Percentage of Total, Fair Value	80.30%		81.20%
Percentage of Total, Net Assets	201.60%		193.30%
First Lien Debt Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 208,368		$ 209,696
Percentage of Total, Amortized Cost	57.00%		57.70%
Percentage of Total, Net Assets	129.80%		121.80%
Fair Value	$ 184,315		$ 189,874
Percentage of Total, Fair Value	45.80%		46.30%
Percentage of Total, Net Assets	114.90%		110.30%
First Lien Debt Investments, Unitranche
Schedule of Investments [Line Items]
Amortized Cost	$ 127,864		$ 128,147
Fair Value	118,904		119,169
Second Lien Debt Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 42,607		$ 42,313
Percentage of Total, Amortized Cost	11.70%		11.60%
Percentage of Total, Net Assets	26.60%		24.60%
Fair Value	$ 31,547		$ 34,331
Percentage of Total, Fair Value	7.80%		8.40%
Percentage of Total, Net Assets	19.70%		19.90%
Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost	$ 10,476		$ 10,190
Percentage of Total, Amortized Cost	2.90%		2.80%
Percentage of Total, Net Assets	6.50%		5.90%
Fair Value	$ 10,615		$ 12,248
Percentage of Total, Fair Value	2.60%		3.00%
Percentage of Total, Net Assets	6.60%		7.10%
Common equity, warrants and other
Schedule of Investments [Line Items]
Amortized Cost	$ 12,365		$ 12,365
Percentage of Total, Amortized Cost	3.40%		3.40%
Percentage of Total, Net Assets	7.70%		7.20%
Fair Value	$ 97,060		$ 96,337
Percentage of Total, Fair Value	24.10%		23.50%
Percentage of Total, Net Assets	60.40%		56.00%
Structured Finance Securities
Schedule of Investments [Line Items]
Amortized Cost	$ 91,401		$ 88,983
Percentage of Total, Amortized Cost	25.00%		24.50%
Percentage of Total, Net Assets	57.00%		51.70%
Fair Value	$ 79,534		$ 76,875
Percentage of Total, Fair Value	19.70%		18.80%
Percentage of Total, Net Assets	49.70%		44.60%

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

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

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

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

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Investments - By Industry (Details) - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Schedule of Investments [Line Items]
Amortized Cost	$ 365,217	[1]	$ 363,547	[2]
Percentage of Total, Amortized Cost	100.00%		100.00%
Percentage of Total, Net Assets	227.60%		211.20%
Fair Value	$ 403,071	[1],[3]	$ 409,665	[2],[4]
Percentage of Total, Fair Value	100.00%		100.00%
Percentage of Total, Net Assets	251.30%	[1]	237.90%	[2]
Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 273,816		$ 274,564
Percentage of Total, Amortized Cost	75.00%		75.50%
Percentage of Total, Net Assets	170.60%		159.50%
Fair Value	$ 323,537		$ 332,790
Percentage of Total, Fair Value	80.30%		81.20%
Percentage of Total, Net Assets	201.60%		193.30%
Structured Finance Securities
Schedule of Investments [Line Items]
Amortized Cost	$ 91,401		$ 88,983
Percentage of Total, Amortized Cost	25.00%		24.50%
Percentage of Total, Net Assets	57.00%		51.70%
Fair Value	$ 79,534		$ 76,875
Percentage of Total, Fair Value	19.70%		18.80%
Percentage of Total, Net Assets	49.70%		44.60%
Administrative and Support and Waste Management and Remediation Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 21,747		$ 22,016
Percentage of Total, Amortized Cost	6.00%		6.10%
Percentage of Total, Net Assets	13.60%		12.80%
Fair Value	$ 21,241		$ 21,555
Percentage of Total, Fair Value	5.30%		5.20%
Percentage of Total, Net Assets	13.20%		12.50%
Construction | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 21,220		$ 20,213
Percentage of Total, Amortized Cost	5.80%		5.60%
Percentage of Total, Net Assets	13.20%		11.70%
Fair Value	$ 9,239		$ 10,753
Percentage of Total, Fair Value	2.30%		2.60%
Percentage of Total, Net Assets	5.80%		6.20%
Education Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 18,429		$ 18,466
Percentage of Total, Amortized Cost	5.00%		5.00%
Percentage of Total, Net Assets	11.50%		10.70%
Fair Value	$ 18,141		$ 18,475
Percentage of Total, Fair Value	4.50%		4.50%
Percentage of Total, Net Assets	11.30%		10.70%
Finance and Insurance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 3,087		$ 3,091
Percentage of Total, Amortized Cost	0.80%		0.90%
Percentage of Total, Net Assets	1.90%		1.80%
Fair Value	$ 3,123		$ 3,121
Percentage of Total, Fair Value	0.80%		0.80%
Percentage of Total, Net Assets	1.90%		1.80%
Health Care and Social Assistance | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 75,211		$ 74,008
Percentage of Total, Amortized Cost	20.60%		20.40%
Percentage of Total, Net Assets	46.90%		43.00%
Fair Value	$ 65,324		$ 67,144
Percentage of Total, Fair Value	16.20%		16.40%
Percentage of Total, Net Assets	40.70%		39.10%
Information | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 21,149		$ 24,071
Percentage of Total, Amortized Cost	5.80%		6.60%
Percentage of Total, Net Assets	13.20%		14.10%
Fair Value	$ 15,140		$ 16,242
Percentage of Total, Fair Value	3.80%		4.00%
Percentage of Total, Net Assets	9.40%		9.50%
Management of Companies and Enterprises | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 12,601		$ 12,614
Percentage of Total, Amortized Cost	3.50%		3.50%
Percentage of Total, Net Assets	7.90%		7.30%
Fair Value	$ 12,243		$ 12,309
Percentage of Total, Fair Value	3.00%		3.00%
Percentage of Total, Net Assets	7.60%		7.10%
Manufacturing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 34,910		$ 34,899
Percentage of Total, Amortized Cost	9.60%		9.60%
Percentage of Total, Net Assets	21.70%		20.40%
Fair Value	$ 123,522		$ 122,234
Percentage of Total, Fair Value	30.60%		29.80%
Percentage of Total, Net Assets	77.00%		71.10%
Professional, Scientific, and Technical Services | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 18,955		$ 18,982
Percentage of Total, Amortized Cost	5.20%		5.20%
Percentage of Total, Net Assets	11.80%		11.00%
Fair Value	$ 19,091		$ 19,134
Percentage of Total, Fair Value	4.70%		4.70%
Percentage of Total, Net Assets	11.90%		11.10%
Public Administration | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 703		$ 703
Percentage of Total, Amortized Cost	0.20%		0.20%
Percentage of Total, Net Assets	0.40%		0.40%
Fair Value	$ 63		$ 61
Percentage of Total, Fair Value	0.00%		0.00%
Percentage of Total, Net Assets	0.00%		0.00%
Real Estate and Rental and Leasing | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 13,525		$ 13,218
Percentage of Total, Amortized Cost	3.70%		3.60%
Percentage of Total, Net Assets	8.40%		7.60%
Fair Value	$ 11,547		$ 13,932
Percentage of Total, Fair Value	2.90%		3.40%
Percentage of Total, Net Assets	7.20%		8.10%
Retail Trade | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 16,506		$ 16,511
Percentage of Total, Amortized Cost	4.50%		4.50%
Percentage of Total, Net Assets	10.30%		9.60%
Fair Value	$ 15,120		$ 16,985
Percentage of Total, Fair Value	3.80%		4.10%
Percentage of Total, Net Assets	9.40%		9.90%
Wholesale Trade | Total Debt and Equity Investments - Non-control/Non-affiliate Investments
Schedule of Investments [Line Items]
Amortized Cost	$ 15,773		$ 15,773
Percentage of Total, Amortized Cost	4.30%		4.30%
Percentage of Total, Net Assets	9.80%		9.10%
Fair Value	$ 9,743		$ 10,845
Percentage of Total, Fair Value	2.40%		2.70%
Percentage of Total, Net Assets	6.10%		6.20%

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

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

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

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

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Investments - By Portfolio Concentration (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025		Dec. 31, 2024
Schedule of Investments [Line Items]
Amortized Cost		$ 365,217	[1]	$ 363,547	[2]
Fair Value		403,071	[1],[3]	409,665	[2],[4]
Commitment		13,785
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		8,430	[5]	8,698	[6]
Fair Value		8,457	[3],[5]	8,730	[4],[6]
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		1,932		1,935
Fair Value		1,959	[3]	1,960	[4]
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		45		45
Fair Value		46	[3]	46	[4]
Investment, Identifier [Axis]: Allen Media, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		3,679	[5]	3,688	[6]
Fair Value		2,593	[3],[5]	2,596	[4],[6]
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		9,304	[7],[8]	9,388	[9],[10]
Fair Value		7,310	[3],[7],[8]	7,717	[4],[9],[10]
Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost	[9]
Fair Value	[9]
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		6,209	[7],[8]	6,400	[9],[10]
Fair Value		4,903	[3],[7],[8]	5,282	[4],[9],[10]
Investment, Identifier [Axis]: Apex Credit CLO 2022-1 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		8,399	[7],[8]	8,598	[9],[10]
Fair Value		6,068	[3],[7],[8]	6,213	[4],[9],[10]
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		2,219		2,231
Fair Value		2,230	[3]	2,231	[4]
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Amortized Cost	[11]	(8)
Fair Value	[3],[11]	(24)
Commitment		1,724
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Amortized Cost	[12]			(9)
Fair Value	[4],[12]			(9)
Investment, Identifier [Axis]: Avison Young Inc, Common Equity
Schedule of Investments [Line Items]
Amortized Cost	[13],[14]	1,400
Fair Value	[3],[13],[14]	0
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost	[15]	1,590
Fair Value	[3],[15]	1,273
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost	[14],[15],[16]	469
Fair Value	[3],[14],[15],[16]	19
Investment, Identifier [Axis]: Avison Young Inc, Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost	[13],[14]	1,269
Fair Value	[3],[13],[14]	0
Investment, Identifier [Axis]: Avison Young, Common Equity
Schedule of Investments [Line Items]
Amortized Cost	[17],[18]			1,400
Fair Value	[4],[17],[18]			0
Investment, Identifier [Axis]: Avison Young, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost	[19]			1,564
Fair Value	[4],[19]			1,405
Investment, Identifier [Axis]: Avison Young, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost	[18],[19],[20]			474
Fair Value	[4],[18],[19],[20]			197
Investment, Identifier [Axis]: Avison Young, Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost	[17],[18]			1,269
Fair Value	[4],[17],[18]			0
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		3,421		3,407
Fair Value		3,529	[3]	3,546	[4]
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Amortized Cost		5,996		5,981
Fair Value		5,673	[3]	5,659	[4]
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		4,928		4,925
Fair Value		4,362	[3]	4,645	[4]
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		3,959		3,957
Fair Value		3,505	[3]	3,733	[4]
Investment, Identifier [Axis]: BlueMountain CLO XXXV Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		5,851	[7],[8]	4,270	[9],[10]
Fair Value		5,333	[3],[7],[8]	4,217	[4],[9],[10]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Amortized Cost		1,290	[14]	1,290	[18]
Fair Value		679	[3],[14]	679	[4],[18]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		9,335	[5]	9,568	[6]
Fair Value		9,394	[3],[5]	9,560	[4],[6]
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		(7)	[11]	(7)	[12]
Fair Value		0	[3],[11]	(9)	[4],[12]
Commitment		1,290
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost		345		345
Fair Value		359	[3]	358	[4]
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Amortized Cost		1,974		1,965
Fair Value		2,176	[3]	2,177	[4]
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		4,939	[7],[8]	4,960	[9],[10]
Fair Value		4,272	[3],[7],[8]	4,461	[4],[9],[10]
Investment, Identifier [Axis]: Canyon CLO 2019-1 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		9,477	[7],[8]	9,492	[9],[10]
Fair Value		9,891	[3],[7],[8]	10,296	[4],[9],[10]
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		3,093	[5]	3,097	[6]
Fair Value		3,126	[3],[5]	3,124	[4],[6]
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Commitment		294
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		(6)	[11]	(6)	[12]
Fair Value		(3)	[3],[11]	(4)	[4],[12]
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		703	[14]	703	[18]
Fair Value		63	[3],[14]	61	[4],[18]
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Common Equity
Schedule of Investments [Line Items]
Fair Value		0		441
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Preferred Equity
Schedule of Investments [Line Items]
Fair Value		10,255		11,890
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Amortized Cost		104	[14]	104	[18]
Fair Value		0	[3],[14]	441	[4],[18]
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost		8,693		8,407
Fair Value		10,255	[3]	11,890	[4]
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		5,881		5,878
Fair Value		5,938	[3]	5,938	[4]
Investment, Identifier [Axis]: Creation Technologies, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		1,937	[5],[21]	1,942	[6],[22]
Fair Value		1,916	[3],[5],[21]	1,915	[4],[6],[22]
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		1,135	[13],[14],[23]	1,135	[17],[18],[24]
Fair Value		1,848	[3],[13],[14],[23]	1,190	[4],[17],[18],[24]
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		3,099	[7],[8]	3,131	[9],[10]
Fair Value		1,918	[3],[7],[8]	2,210	[4],[9],[10]
Investment, Identifier [Axis]: East West Manufacturing LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost	[6]			1,899
Fair Value	[4],[6]			1,910
Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost	[5]	1,895
Fair Value	[3],[5]	1,905
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights
Schedule of Investments [Line Items]
Amortized Cost		4,722	[14],[25]	4,722	[18],[26]
Fair Value		0	[3],[14],[25]	0	[4],[18],[26]
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		6,215		6,231
Fair Value		5,936	[3]	6,231	[4]
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		899	[11]	899	[12]
Fair Value		784	[3],[11]	899	[4],[12]
Commitment		1,670
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Secured Collateral)
Schedule of Investments [Line Items]
Amortized Cost	[27]	1,028
Fair Value	[3],[27]	1,028
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		6,584	[14],[16]	6,584	[18],[20]
Fair Value		0	[3],[14],[16]	2,018	[4],[18],[20]
Investment, Identifier [Axis]: Excelin Home Health, LLC, Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		6,166		5,891
Fair Value		5,340	[3]	4,913	[4]
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		3,296		3,300
Fair Value		3,106	[3]	3,148	[4]
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		1,612		1,614
Fair Value		1,517	[3]	1,533	[4]
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units)
Schedule of Investments [Line Items]
Amortized Cost		450		450
Fair Value		0	[3]	0	[4]
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units)
Schedule of Investments [Line Items]
Amortized Cost		50		50
Fair Value		0	[3]	0	[4]
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		933		936
Fair Value		869	[3]	855	[4]
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		1,289		1,292
Fair Value		606	[3]	594	[4]
Investment, Identifier [Axis]: Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets), First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		8,801	[5],[28]	8,813	[6],[29]
Fair Value		7,758	[3],[5],[28]	8,591	[4],[6],[29]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Amortized Cost		(19)	[5],[11]	(22)	[6],[12]
Fair Value		0	[3],[5],[11]	0	[4],[6],[12]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		88	[11]	88	[12]
Fair Value		95	[3],[11]	95	[4],[12]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		6,330	[5]	6,341	[6]
Fair Value		6,384	[3],[5]	6,400	[4],[6]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		3,997	[5]	4,004	[6]
Fair Value		4,037	[3],[5]	4,047	[4],[6]
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 3
Schedule of Investments [Line Items]
Amortized Cost		4,460	[5]	4,469	[6]
Fair Value		4,492	[3],[5]	4,503	[4],[6]
Investment, Identifier [Axis]: Honor HN Buyer Inc., First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Commitment		5,000
Investment, Identifier [Axis]: Honor HN Buyer Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Commitment		664
Investment, Identifier [Axis]: ICG US CLO 2021-3 Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		8,223	[7],[8]	8,082	[9],[10]
Fair Value		9,893	[3],[7],[8]	9,734	[4],[9],[10]
Investment, Identifier [Axis]: Idera Inc., Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		2,683		2,683
Fair Value		2,533	[3]	2,683	[4]
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		14,634		14,658
Fair Value		14,742	[3]	14,784	[4]
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		2,344		2,344
Fair Value		2,344	[3]	2,344	[4]
Investment, Identifier [Axis]: Ivanti Software, Inc., First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost	[6],[29]			2,908
Fair Value	[4],[6],[29]			2,014
Investment, Identifier [Axis]: JP Intermediate B, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		4,491	[5],[16]	4,491	[6],[20]
Fair Value		1,904	[3],[5],[16]	2,102	[4],[6],[20]
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		17,458	[5],[15]	17,533	[6],[19]
Fair Value		16,608	[3],[5],[15]	16,720	[4],[6],[19]
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Commitment		446
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		888	[11]	(4)	[12]
Fair Value		823	[3],[11]	(66)	[4],[12]
Investment, Identifier [Axis]: LCM 42 Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		3,117	[7],[8]	2,993	[9],[10]
Fair Value		3,117	[3],[7],[8]	2,993	[4],[9],[10]
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		4,366	[7],[8]	4,559	[9],[10]
Fair Value		3,612	[3],[7],[8]	4,140	[4],[9],[10]
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		5,496	[7],[8]	4,866	[9],[10]
Fair Value		5,208	[3],[7],[8]	3,604	[4],[9],[10]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		2,162	[5]	2,167	[6]
Fair Value		2,228	[3],[5]	2,234	[4],[6]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Commitment		77
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Schedule of Investments [Line Items]
Amortized Cost		366	[5],[11]	(1)	[6],[12]
Fair Value		375	[3],[5],[11]	4	[4],[6],[12]
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Commitment		319
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		(6)	[11]	(6)	[12]
Fair Value		0	[3],[11]	0	[4],[12]
Investment, Identifier [Axis]: Metasource, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		2,708	[5]	2,708	[6]
Fair Value		2,598	[3],[5]	2,593	[4],[6]
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R
Schedule of Investments [Line Items]
Amortized Cost		982		978
Fair Value		1,000	[3]	1,000	[4]
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost	[9],[10],[30]			2,997
Fair Value	[4],[9],[10],[30]			1,234
Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		1,439		1,437
Fair Value		1,398	[3]	1,403	[4]
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		7,310	[5]	7,320	[6]
Fair Value		7,102	[3],[5]	7,143	[4],[6]
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		3,852	[5]	3,857	[6]
Fair Value		3,743	[3],[5]	3,764	[4],[6]
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		499	[14]	499	[18]
Fair Value		1,260	[3],[14]	1,196	[4],[18]
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class D
Schedule of Investments [Line Items]
Amortized Cost		987		986
Fair Value		998	[3]	998	[4]
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc Common Equity
Schedule of Investments [Line Items]
Fair Value		90,762		89,298
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity
Schedule of Investments [Line Items]
Amortized Cost		217	[23],[31]	217	[24],[32]
Fair Value		90,762	[3],[23],[31]	89,298	[4],[24],[32]
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		14,113	[16]	14,113	[20]
Fair Value		8,291	[3],[16]	7,159	[4],[20]
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		0	[13],[14]	0	[17],[18]
Fair Value		933	[3],[13],[14]	1,834	[4],[17],[18]
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		1,710	[28]	1,710	[29]
Fair Value		934	[3],[28]	1,039	[4],[29]
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		4,417		4,415
Fair Value		2,092	[3]	2,563	[4]
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		2,562	[15]	2,549	[19]
Fair Value		2,493	[3],[15]	2,476	[4],[19]
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		780	[15]	778	[19]
Fair Value		752	[3],[15]	747	[4],[19]
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants
Schedule of Investments [Line Items]
Amortized Cost		200	[14]	200	[18]
Fair Value		15	[3],[14]	34	[4],[18]
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		16,842	[5]	16,880	[6]
Fair Value		16,668	[3],[5]	16,880	[4],[6]
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		(8)	[11]	(9)	[12]
Fair Value		(27)	[3],[11]	(9)	[4],[12]
Commitment		1,786
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		0	[13]	0	[17]
Fair Value		0	[3],[13]	0	[4],[17]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		266	[16]	266	[20]
Fair Value		132	[3],[16]	185	[4],[20]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		9,563	[16]	9,563	[20]
Fair Value		4,717	[3],[16]	6,624	[4],[20]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		1,033	[16]	1,033	[20]
Fair Value		510	[3],[16]	716	[4],[20]
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 3
Schedule of Investments [Line Items]
Amortized Cost		2,600	[16]	2,600	[20]
Fair Value		1,284	[3],[16]	1,803	[4],[20]
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost		160	[13],[14]	160	[17],[18]
Fair Value		1	[3],[13],[14]	1	[4],[17],[18]
Investment, Identifier [Axis]: Signal Parent, Inc., First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		1,772	[5],[28]	1,776	[6],[29]
Fair Value		1,491	[3],[5],[28]	1,605	[4],[6],[29]
Investment, Identifier [Axis]: Staples, Inc., First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		2,472	[5],[28]	2,473	[6],[29]
Fair Value		2,280	[3],[5],[28]	2,458	[4],[6],[29]
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		3,758	[7],[8],[33]	3,923	[9],[10],[30]
Fair Value		1,252	[3],[7],[8],[33]	1,618	[4],[9],[10],[30]
Investment, Identifier [Axis]: TalentSmart Holdings, LLC Common Equity
Schedule of Investments [Line Items]
Fair Value		1,500		1,604
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Amortized Cost		1,595	[13],[14],[23]	1,595	[17],[18],[24]
Fair Value		1,500	[3],[13],[14],[23]	1,604	[4],[17],[18],[24]
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		15,254	[5]	15,248	[6]
Fair Value		14,383	[3],[5]	14,460	[4],[6]
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Schedule of Investments [Line Items]
Amortized Cost		1,025	[11]	1,024	[12]
Fair Value		937	[3],[11]	944	[4],[12]
Commitment		515
Investment, Identifier [Axis]: Trinitas CLO VIII, Ltd, Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost		2,425	[7],[8],[33]	2,464	[9],[10],[30]
Fair Value		364	[3],[7],[8],[33]	582	[4],[9],[10],[30]
Investment, Identifier [Axis]: TruGreen Limited Partnership, Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost		4,568		4,573
Fair Value		4,248	[3]	4,293	[4]
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost		9	[13],[14]	9	[17],[18]
Fair Value		0	[3],[13],[14]	0	[4],[17],[18]
Investment, Identifier [Axis]: Venture 45 CLO Limited., Mezzanine Debt - Class E
Schedule of Investments [Line Items]
Amortized Cost		2,955		2,952
Fair Value		2,702	[3]	2,739	[4]
Investment, Identifier [Axis]: Voya CLO 2024-7, Ltd., Subordinated Notes
Schedule of Investments [Line Items]
Amortized Cost	[7],[8]	3,844
Fair Value	[3],[7],[8]	3,844
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 1
Schedule of Investments [Line Items]
Amortized Cost		2,844		2,844
Fair Value		2,787	[3]	2,844	[4]
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 2
Schedule of Investments [Line Items]
Amortized Cost		4,362	[15]	4,354
Fair Value		3,315	[3],[15]	4,354	[4]
Pfanstiehl Holdings, Inc.
Schedule of Investments [Line Items]
Amortized Cost		217
Fair Value		$ 90,762
Pfanstiehl Holdings, Inc. | Portfolio Fair Value | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		22.50%
Pfanstiehl Holdings, Inc. | Portfolio Net Assets | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		56.60%
Kreg LLC
Schedule of Investments [Line Items]
Amortized Cost		$ 18,346		17,529
Fair Value		$ 17,431	[3]	16,654	[4]
Kreg LLC | Portfolio Fair Value | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		4.30%
Kreg LLC | Portfolio Net Assets | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		10.90%
Inergex Holdings, LLC
Schedule of Investments [Line Items]
Amortized Cost		$ 16,978	[15]	17,002	[19]
Fair Value		$ 17,086	[3],[15]	17,128	[4],[19]
Inergex Holdings, LLC | Portfolio Fair Value | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		4.20%
Inergex Holdings, LLC | Portfolio Net Assets | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		10.70%
SS Acquisition, LLC
Schedule of Investments [Line Items]
Amortized Cost		$ 16,834	[23]	16,871	[24]
Fair Value		$ 16,641	[3],[23]	$ 16,871	[4],[24]
SS Acquisition, LLC | Portfolio Fair Value | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		4.10%
SS Acquisition, LLC | Portfolio Net Assets | Investment Concentration Risk
Schedule of Investments [Line Items]
Percentage of Total		10.40%

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

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

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

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

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

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

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

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

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

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

[11] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

[12] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

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

[14] Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.

[15] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of March 31, 2025: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.45% to 13.45% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.30% to 13.30% Kreg LLCFirst Lien Debt0.50% 0% to 0.50% 10.70% to 11.20% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% Wellful Inc. (F/K/A KNS Acquisition Corp.)First Lien Debt1.75% 0% to 1.75% 8.94% to 10.69%

[16] Investment was on non-accrual status as of March 31, 2025, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

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

[18] Non-income producing.

[19] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2024: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.47% to 13.47% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.74% to 13.74% Kreg LLCFirst Lien Debt2.50% 0% to 2.00% 8.73% to 10.73% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60%

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

[21] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company’s assets immediately following the acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 79% of the Company's assets were qualifying assets.

[22] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 80% of the Company's assets were qualifying assets.

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

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

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

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

[27] Represents cash collateral to secure a performance bond issued by a surety company for a construction project contract of the portfolio company. Any amount of the cash collateral withdrawn by the surety company will automatically become a first lien obligation under the credit agreement and have priority over the existing first lien debt of the portfolio company. In consideration of the cash collateral, the portfolio company is paying a 7.50% fee on the funded collateral amount, consistent with the interest rate on the existing first lien debt. The agreement terminates, and the cash collateral will be repaid, upon the completion of the project.

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

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

[30] As of December 31, 2024, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security's anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost.

[31] Portfolio company represents greater than 5% of total assets as of March 31, 2025.

[32] Portfolio company at fair value represents greater than 5% of total assets at December 31, 2024.

[33] As of March 31, 2025, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security’s anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security’s then-current amortized cost.

XML

Fair Value of Financial Instruments - Transfers Between Levels (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Transfers from Level 2 to Level 3	$ 0	$ 1,910
Transfers from Level 3 to Level 2	$ 0	$ 11,723

XML

Fair Value of Financial Instruments - Investment Portfolio Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	$ 403,071	[1],[2]	$ 409,665	[3],[4]
Debt investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	215,862		224,205
Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	107,675		108,585
Structured Finance Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	79,534		76,875
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	0		0
Level 1 | Debt investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	0		0
Level 1 | Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	0		0
Level 1 | Structured Finance Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	18,561		21,837
Level 2 | Debt investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	18,561		21,837
Level 2 | Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	0		0
Level 2 | Structured Finance Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	384,510		387,828
Level 3 | Debt investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	197,301		202,368
Level 3 | Equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	107,675		108,585
Level 3 | Structured Finance Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value:	$ 79,534		$ 76,875

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

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

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

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

XML

Fair Value of Financial Instruments - Significant Level 3 Inputs (Details) $ in Thousands	Mar. 31, 2025 USD ($)		Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 403,071	[1],[2]	$ 409,665	[3],[4]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	384,510		387,828
Level 3 | First lien | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 141,149		$ 123,028
Level 3 | First lien | Discounted cash flow | Minimum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0878		0.0901
Level 3 | First lien | Discounted cash flow | Maximum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.3500		0.3250
Level 3 | First lien | Discounted cash flow | Weighted Average | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.1306		0.1307
Level 3 | First lien | Market approach | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 22,682		$ 16,684
Level 3 | First lien | Market approach | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,923		9,232
Level 3 | First lien | Market approach | Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 19,093
Level 3 | First lien | Market approach | Minimum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	3.00		3.00
Level 3 | First lien | Market approach | Minimum | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.28		0.40
Level 3 | First lien | Market approach | Maximum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	8.50		7.27
Level 3 | First lien | Market approach | Maximum | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.38		0.40
Level 3 | First lien | Market approach | Weighted Average | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	6.36		5.43
Level 3 | First lien | Market approach | Weighted Average | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.37		0.40
Level 3 | Second lien | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 22,678		$ 27,400
Level 3 | Second lien | Discounted cash flow | Minimum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.1084		0.1084
Level 3 | Second lien | Discounted cash flow | Maximum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.4365		0.3345
Level 3 | Second lien | Discounted cash flow | Weighted Average | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.1747		0.1531
Level 3 | Second lien | Market approach | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 5,340		$ 4,913
Level 3 | Second lien | Market approach | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 2,018
Level 3 | Second lien | Market approach | Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,529
Level 3 | Second lien | Market approach | Minimum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	8.25		8.43
Level 3 | Second lien | Market approach | Minimum | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.40
Level 3 | Second lien | Market approach | Maximum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	8.50		8.43
Level 3 | Second lien | Market approach | Maximum | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.40
Level 3 | Second lien | Market approach | Weighted Average | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	8.25		8.43
Level 3 | Second lien | Market approach | Weighted Average | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.40
Level 3 | Subordinated notes | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 60,024
Level 3 | Subordinated notes | Discounted cash flow | Minimum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.1650
Level 3 | Subordinated notes | Discounted cash flow | Minimum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0200
Level 3 | Subordinated notes | Discounted cash flow | Minimum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6500
Level 3 | Subordinated notes | Discounted cash flow | Maximum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6000
Level 3 | Subordinated notes | Discounted cash flow | Maximum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0300
Level 3 | Subordinated notes | Discounted cash flow | Maximum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6500
Level 3 | Subordinated notes | Discounted cash flow | Weighted Average | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.2114
Level 3 | Subordinated notes | Discounted cash flow | Weighted Average | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0207
Level 3 | Subordinated notes | Discounted cash flow | Weighted Average | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6500
Level 3 | Subordinated notes | Market approach | Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,961
Level 3 | Mezzanine debt | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 12,549
Level 3 | Mezzanine debt | Discounted cash flow | Minimum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0200
Level 3 | Mezzanine debt | Discounted cash flow | Minimum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6500
Level 3 | Mezzanine debt | Discounted cash flow | Minimum | Discount margin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0760
Level 3 | Mezzanine debt | Discounted cash flow | Maximum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0300
Level 3 | Mezzanine debt | Discounted cash flow | Maximum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6500
Level 3 | Mezzanine debt | Discounted cash flow | Maximum | Discount margin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0990
Level 3 | Mezzanine debt | Discounted cash flow | Weighted Average | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0225
Level 3 | Mezzanine debt | Discounted cash flow | Weighted Average | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.6500
Level 3 | Mezzanine debt | Discounted cash flow | Weighted Average | Discount margin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	0.0892
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 61,308
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Minimum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.1500
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Minimum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0200
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Minimum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.6500
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Maximum | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.4000
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Maximum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0300
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Maximum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.6500
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Weighted Average | Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.2225
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Weighted Average | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0207
Level 3 | Structured Finance Securities, Subordinated Notes | Discounted cash flow | Weighted Average | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.6500
Level 3 | Structured Finance Securities, Subordinated Notes | Market approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 2,993
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 12,574
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Minimum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0200
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Minimum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.6500
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Minimum | Discount margin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0760
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Maximum | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0300
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Maximum | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.6500
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Maximum | Discount margin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0990
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Weighted Average | Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0225
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Weighted Average | Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.6500
Level 3 | Structured Finance Securities, Mezzanine Debt | Discounted cash flow | Weighted Average | Discount margin
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.0889
Level 3 | Preferred equity | Market approach | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,615		$ 12,248
Level 3 | Preferred equity | Market approach | Minimum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	7.00		7.00
Level 3 | Preferred equity | Market approach | Maximum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	8.00		8.50
Level 3 | Preferred equity | Market approach | Weighted Average | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	7.97		8.46
Level 3 | Common equity, warrants and other | Market approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 96,337
Level 3 | Common equity, warrants and other | Market approach | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 97,060
Level 3 | Common equity, warrants and other | Market approach | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 0
Level 3 | Common equity, warrants and other | Market approach | Minimum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	5.75		5.85
Level 3 | Common equity, warrants and other | Market approach | Minimum | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.40
Level 3 | Common equity, warrants and other | Market approach | Maximum | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	15.25		15.75
Level 3 | Common equity, warrants and other | Market approach | Maximum | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.40
Level 3 | Common equity, warrants and other | Market approach | Weighted Average | EBITDA multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input	13.37		13.66
Level 3 | Common equity, warrants and other | Market approach | Weighted Average | Revenue multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value, measurement input			0.40

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

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

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

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

XML

Fair Value of Financial Instruments - Level 3 Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	$ 387,828	$ 404,234
Purchase and origination of portfolio investments	10,411	7,339
Proceeds from principal payments on portfolio investments	(3,238)	(9,818)
Sale and redemption of portfolio investments	(1,041)	(2,049)
Conversion from debt investments to equity investments		0
Proceeds from distributions received from portfolio investments	(3,504)	(3,621)
Transfers from Level 3 to Level 2	0	(11,723)
Transfers from Level 2 to Level 3	0	1,910
Level 3 assets, ending balance	384,510	374,397
Net unrealized appreciation (depreciation) on investments held	$ (9,684)	$ (12,734)
Net unrealized appreciation (depreciation) on investments held, location not disclosed	Net unrealized depreciation on investments held	Net unrealized depreciation on investments held
Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ (1,771)	$ 1,379
Location of amounts included in earnings - not disclosed	Net realized loss on investments	Net realized gain on investments
Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ (7,928)	$ (16,231)
Location of amounts included in earnings - not disclosed	Net unrealized appreciation (depreciation) on investments	Net unrealized appreciation (depreciation) on investments
Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 176	$ 292
Location of amounts included in earnings - not disclosed	Amortization of Net Loan Fees	Amortization of Net Loan Fees
Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 2,925	$ 2,093
Location of amounts included in earnings - not disclosed	Accretion of interest income on Structured Finance Securities	Accretion of interest income on Structured Finance Securities
Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ 675	$ 604
Location of amounts included in earnings - not disclosed	Capitalized PIK interest and dividends	Capitalized PIK interest and dividends
Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	$ (23)	$ (12)
Location of amounts included in earnings - not disclosed	Amendment fees received	Amendment fees received
First Lien Debt Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	$ 168,037	$ 186,831
Purchase and origination of portfolio investments	4,635	7,339
Proceeds from principal payments on portfolio investments	(3,238)	(745)
Sale and redemption of portfolio investments	0	0
Conversion from debt investments to equity investments		(2,669)
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2		(11,723)
Transfers from Level 2 to Level 3		1,910
Level 3 assets, ending balance	165,754	180,192
First Lien Debt Investments | Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
First Lien Debt Investments | Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(3,893)	(1,047)
First Lien Debt Investments | Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	116	191
First Lien Debt Investments | Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
First Lien Debt Investments | Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	120	117
First Lien Debt Investments | Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(23)	(12)
Second Lien Debt Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	34,331	48,429
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	0	(9,073)
Sale and redemption of portfolio investments	0	0
Conversion from debt investments to equity investments		0
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2		0
Transfers from Level 2 to Level 3		0
Level 3 assets, ending balance	31,547	38,987
Second Lien Debt Investments | Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Second Lien Debt Investments | Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(3,080)	(634)
Second Lien Debt Investments | Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	28	41
Second Lien Debt Investments | Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Second Lien Debt Investments | Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	268	224
Second Lien Debt Investments | Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Subordinated Debt Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance		0
Purchase and origination of portfolio investments		0
Proceeds from principal payments on portfolio investments		0
Sale and redemption of portfolio investments		0
Conversion from debt investments to equity investments		0
Proceeds from distributions received from portfolio investments		0
Transfers from Level 3 to Level 2		0
Transfers from Level 2 to Level 3		0
Level 3 assets, ending balance		250
Subordinated Debt Investments | Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings		0
Subordinated Debt Investments | Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings		250
Subordinated Debt Investments | Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings		0
Subordinated Debt Investments | Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings		0
Subordinated Debt Investments | Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings		0
Subordinated Debt Investments | Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings		0
Preferred Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	12,248	13,240
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	0	(670)
Conversion from debt investments to equity investments		1,269
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2		0
Transfers from Level 2 to Level 3		0
Level 3 assets, ending balance	10,615	9,534
Preferred Equity | Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	572
Preferred Equity | Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(1,920)	(5,140)
Preferred Equity | Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Preferred Equity | Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Preferred Equity | Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	287	263
Preferred Equity | Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity, Warrants and Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	96,337	76,689
Purchase and origination of portfolio investments	0	0
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	0	(1,379)
Conversion from debt investments to equity investments		1,400
Proceeds from distributions received from portfolio investments	0	0
Transfers from Level 3 to Level 2		0
Transfers from Level 2 to Level 3		0
Level 3 assets, ending balance	97,060	67,541
Common Equity, Warrants and Other | Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	807
Common Equity, Warrants and Other | Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	723	(9,976)
Common Equity, Warrants and Other | Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity, Warrants and Other | Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity, Warrants and Other | Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Common Equity, Warrants and Other | Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Level 3 assets, beginning balance	76,875	79,045
Purchase and origination of portfolio investments	5,776	0
Proceeds from principal payments on portfolio investments	0	0
Sale and redemption of portfolio investments	(1,041)	0
Conversion from debt investments to equity investments		0
Proceeds from distributions received from portfolio investments	(3,504)	(3,621)
Transfers from Level 3 to Level 2		0
Transfers from Level 2 to Level 3		0
Level 3 assets, ending balance	79,534	77,893
Net unrealized appreciation (depreciation) on investments held	(1,518)	315
Structured Finance Securities | Net realized loss on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	(1,771)	0
Structured Finance Securities | Net unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	242	316
Structured Finance Securities | Amortization of Net Loan Fees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	32	60
Structured Finance Securities | Accretion of interest income on Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	2,925	2,093
Structured Finance Securities | Capitalized PIK interest and dividends
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Structured Finance Securities | Amendment fees received
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts included in earnings	0	0
Debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized appreciation (depreciation) on investments held	(6,969)	(1,054)
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized appreciation (depreciation) on investments held	$ (1,197)	$ (11,995)

XML

Fair Value of Financial Instruments - Carrying Values and Fair Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 240,160	$ 239,374
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	50,064	49,698
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	190,096	189,676
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	246,606	246,662
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	240,160	239,374
Banc of California Credit Facility | Line of Credit | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	3,500	1,000
Banc of California Credit Facility | Line of Credit | Revolving Credit Facility | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility | Line of Credit | Revolving Credit Facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Banc of California Credit Facility | Line of Credit | Revolving Credit Facility | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	3,500	1,000
Banc of California Credit Facility | Line of Credit | Revolving Credit Facility | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	3,500	1,000
Banc of California Credit Facility | Line of Credit | Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	3,500	1,000
BNP Facility | Line of Credit | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	64,550	67,350
BNP Facility | Line of Credit | Revolving Credit Facility | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility | Line of Credit | Revolving Credit Facility | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
BNP Facility | Line of Credit | Revolving Credit Facility | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	64,550	67,350
BNP Facility | Line of Credit | Revolving Credit Facility | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	64,550	67,350
BNP Facility | Line of Credit | Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	64,550	67,350
Unsecured Notes Due February 2026 | Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	122,046	121,326
Unsecured Notes Due February 2026 | Unsecured Notes | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due February 2026 | Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due February 2026 | Unsecured Notes | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	122,046	121,326
Unsecured Notes Due February 2026 | Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	124,290	124,097
Unsecured Notes Due February 2026 | Unsecured Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	122,046	121,326
Unsecured Notes Due October 2028 | Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	50,064	49,698
Unsecured Notes Due October 2028 | Unsecured Notes | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	50,064	49,698
Unsecured Notes Due October 2028 | Unsecured Notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due October 2028 | Unsecured Notes | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	0	0
Unsecured Notes Due October 2028 | Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	54,266	54,215
Unsecured Notes Due October 2028 | Unsecured Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total debt	$ 50,064	$ 49,698

XML

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Commitment	$ 13,785
Cash and cash equivalents	4,054	$ 6,068
Revolving Credit Facility | Banc of California Credit Facility | Line of Credit
Other Commitments [Line Items]
Unused commitment	21,500
Revolving Credit Facility | BNP Facility | Line of Credit
Other Commitments [Line Items]
Unused commitment	85,450
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Other Commitments [Line Items]
Commitment	1,724
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	1,290
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	294
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	1,670
Investment, Identifier [Axis]: Honor HN Buyer Inc., First Lien Debt (Delayed Draw)
Other Commitments [Line Items]
Commitment	5,000
Investment, Identifier [Axis]: Honor HN Buyer Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	664
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	446
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Other Commitments [Line Items]
Commitment	77
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	319
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	1,786
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Other Commitments [Line Items]
Commitment	$ 515

XML

Borrowings - SBA Debentures Narrative (Details) $ in Thousands	Mar. 01, 2024 USD ($)
SBA Debentures | Debentures
Debt Instrument [Line Items]
Redemption of debt	$ 31,920

XML

Borrowings - SBA Debentures Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 371	$ 391
Cash paid for interest expense	$ 4,997	$ 5,987
Effective interest rate	6.29%	6.29%
Average outstanding balance	$ 248,690	$ 290,963
SBA Debentures | Debentures
Debt Instrument [Line Items]
Stated interest expense	0	151
Amortization of debt issuance costs	0	20
Total interest and debt financing costs	0	171
Cash paid for interest expense	$ 0	$ 457
Effective interest rate	0.00%	3.25%
Average outstanding balance	$ 0	$ 21,046

XML

Borrowings - BNP Facility Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Jun. 20, 2019
Line of Credit Facility [Line Items]
Outstanding debt	$ 68,050	$ 68,350
BNP Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity (up to)	150,000
BNP Facility | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity (up to)			$ 150,000
Interest rate floor			2.65%
Outstanding debt	64,550	$ 67,350
Unused commitment	$ 85,450

XML

Borrowings - BNP Facility Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 371	$ 391
Cash paid for interest expense	4,997	5,987
Revolving Credit Facility | BNP Facility | Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	1,264	1,865
Amortization of debt issuance costs	95	95
Total interest and debt financing costs	1,359	1,960
Cash paid for interest expense	$ 1,291	$ 1,882
Effective interest rate	8.39%	8.72%
Average outstanding balance	$ 65,701	$ 89,916

XML

Borrowings - Banc of California Credit Facility Narrative (Details) - USD ($) $ in Thousands	Mar. 07, 2018	Mar. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Outstanding debt		$ 68,050	$ 68,350
Revolving Credit Facility | Banc of California Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.25%
Interest rate floor	5.00%
Annual commitment fee	$ 125
Maximum availability limit percentage		50.00%
Outstanding debt		$ 3,500	$ 1
Unused commitment		$ 21,500

XML

Borrowings - Banc of California Credit Facility Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Line of Credit Facility [Line Items]
Amortization of debt issuance costs	$ 371	$ 391
Cash paid for interest expense	$ 4,997	$ 5,987
Effective interest rate	6.29%	6.29%
Revolving Credit Facility | Banc of California Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Stated interest expense	$ 58	$ 0
Amortization of debt issuance costs	31	31
Total interest and debt financing costs	89	31
Cash paid for interest expense	$ 58	0
Effective interest rate	12.13%
Average outstanding balance	$ 2,989	$ 0

XML

Borrowings - Unsecured Notes Narrative (Details) - Unsecured Notes - USD ($) $ in Thousands	Mar. 31, 2025	Nov. 01, 2021	Mar. 18, 2021
Debt Instrument [Line Items]
Debt covenant, asset coverage	150.00%
Unsecured Notes Due February 2026
Debt Instrument [Line Items]
Aggregate principal			$ 125,000
Interest rate			4.75%
Unsecured Notes Due October 2028
Debt Instrument [Line Items]
Aggregate principal		$ 55,000
Interest rate		4.95%

XML

Borrowings - Unsecured Notes Interest Expense and Average Outstanding Balance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 371	$ 391
Cash paid for interest expense	$ 4,997	$ 5,987
Effective interest rate	6.29%	6.29%
Average outstanding balance	$ 248,690	$ 290,963
Unsecured Notes
Debt Instrument [Line Items]
Stated interest expense	2,165	2,165
Amortization of debt issuance costs	245	245
Total interest and debt financing costs	2,410	2,410
Cash paid for interest expense	$ 3,648	$ 3,648
Effective interest rate	5.35%	5.35%
Average outstanding balance	$ 180,000	$ 180,000

XML

Borrowings - Maturity (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
Total	$ 248,050
Less than 1 year	128,500
1 to 3 years	64,550
3 to 5 years	55,000
After 5 years	0
Unsecured Notes
Debt Instrument [Line Items]
Total	180,000
Less than 1 year	125,000
1 to 3 years	0
3 to 5 years	55,000
After 5 years	0
Revolving Credit Facility | Banc of California Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total	3,500
Less than 1 year	3,500
1 to 3 years	0
3 to 5 years	0
After 5 years	0
Revolving Credit Facility | BNP Facility | Line of Credit
Debt Instrument [Line Items]
Total	64,550
Less than 1 year	0
1 to 3 years	64,550
3 to 5 years	0
After 5 years	$ 0

XML

Borrowings - Average Dollar Borrowings and Weighted Average Effective Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Average dollar borrowings	$ 248,690	$ 290,963
Weighted average effective interest rate	6.29%	6.29%

XML

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Net asset value per share at beginning of period (in usd per share)	$ 12.85	$ 12.09
Net investment income (in usd per share)	0.26	0.42
Net realized gain (loss) on investments, net of taxes (in usd per share)	(0.19)	0.06
Net unrealized depreciation on investments, net of deferred taxes (in usd per share)	(0.61)	(1.15)
Total loss from operations (in usd per share)	(0.54)	(0.67)
Distributions declared (in usd per share)	(0.34)	(0.34)
Net asset value per share at end of period (in usd per share)	11.97	11.08
Per share market value, end of period (in usd per share)	$ 9.29	$ 9.93
Total return based on market value	19.30%	(12.30%)
Total return based on net asset value	(3.50%)	(5.20%)
Shares outstanding at end of period (in shares)	13,398,078	13,398,078	13,398,078
Basic weighted average shares outstanding (in shares)	13,398,078	13,398,078
Diluted weighted average shares outstanding (in shares)	13,398,078	13,398,078
Ratio/Supplemental Data (dollar amounts in thousands)
Average net asset value	$ 166,304	$ 155,202
Net asset value at end of period	160,383	148,400	$ 172,225	$ 162,004
Net investment income	$ 3,465	$ 5,596
Ratio of total expenses to average net assets	16.40%	22.30%
Ratio of net investment income to average net assets	8.30%	14.40%
Portfolio turnover	2.40%	1.80%

XML

Capital Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Dividends Payable [Line Items]
Amount Per Share (in usd per share)	$ 0.34	$ 0.34
Cash Distribution	$ 4,555	$ 4,555
Number of Shares Purchased (in shares)	8,570	8,530
Average Price Paid Per Share (in usd per share)	$ 9.35	$ 10.04
Total Amount Paid	$ 80	$ 86
O 2025 Q1 Aggregate Dividends
Dividends Payable [Line Items]
Amount Per Share (in usd per share)	$ 0.34
Cash Distribution	$ 4,555
O 2024 Q1 Aggregate Dividends
Dividends Payable [Line Items]
Amount Per Share (in usd per share)		$ 0.34
Cash Distribution		$ 4,555

XML

Capital Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 30, 2024	Mar. 31, 2025	Mar. 31, 2024
Equity [Abstract]
Stock repurchase program, authorized amount		$ 10,000
Stock repurchase program, period	2 years
Stock repurchase program, shares repurchased (in shares)		0	0

XML

Consolidated Schedule of Investments In and Advances To Affiliates (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		$ (2,587)	$ 798
Interest		9,580	11,051
Total investment income		10,295	$ 14,233
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[1],[2]	409,665
Fair Value	[3],[4]	403,071
Investment, Identifier [Axis]: 24 Seven Holdco, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	8,730
Fair Value	[4],[6]	8,457
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	1,960
Fair Value	[4]	1,959
Investment, Identifier [Axis]: AIDC IntermediateCo 2, LLC, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	46
Fair Value	[4]	46
Investment, Identifier [Axis]: Allen Media, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	2,596
Fair Value	[4],[6]	2,593
Investment, Identifier [Axis]: Apex Credit CLO 2020 Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	7,717
Fair Value	[4],[9],[10]	7,310
Investment, Identifier [Axis]: Apex Credit CLO 2020, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[7]
Investment, Identifier [Axis]: Apex Credit CLO 2021 Ltd, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	5,282
Fair Value	[4],[9],[10]	4,903
Investment, Identifier [Axis]: Apex Credit CLO 2022-1 Ltd, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	6,213
Fair Value	[4],[9],[10]	6,068
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,231
Fair Value	[4]	2,230
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[11]	(24)
Investment, Identifier [Axis]: Associated Spring, LLC, First Lien Debt (Delayed Draw)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	(9)
Investment, Identifier [Axis]: Avison Young Inc, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[13],[14]	0
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[15]	1,273
Investment, Identifier [Axis]: Avison Young Inc, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[14],[15],[16]	19
Investment, Identifier [Axis]: Avison Young Inc, Preferred Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[13],[14]	0
Investment, Identifier [Axis]: Avison Young, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18]	0
Investment, Identifier [Axis]: Avison Young, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[19]	1,405
Investment, Identifier [Axis]: Avison Young, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18],[19],[20]	197
Investment, Identifier [Axis]: Avison Young, Preferred Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18]	0
Investment, Identifier [Axis]: BCPE North Star US Holdco 2, Inc. (F/K/A Dessert Holdings), Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	3,546
Fair Value	[4]	3,529
Investment, Identifier [Axis]: Battalion CLO XI, Ltd., Mezzanine Debt - Class E
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	5,659
Fair Value	[4]	5,673
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	4,645
Fair Value	[4]	4,362
Investment, Identifier [Axis]: BayMark Health Services, Inc., Second Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	3,733
Fair Value	[4]	3,505
Investment, Identifier [Axis]: BlueMountain CLO XXXV Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	4,217
Fair Value	[4],[9],[10]	5,333
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18]	679
Fair Value	[4],[14]	679
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	9,560
Fair Value	[4],[6]	9,394
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	(9)
Fair Value	[4],[11]	0
Investment, Identifier [Axis]: Boca Home Care Holdings, Inc., Preferred Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	358
Fair Value	[4]	359
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Mezzanine Debt - Class E
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,177
Fair Value	[4]	2,176
Investment, Identifier [Axis]: Brightwood Capital MM CLO 2023-1, Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	4,461
Fair Value	[4],[9],[10]	4,272
Investment, Identifier [Axis]: Canyon CLO 2019-1 Ltd, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	10,296
Fair Value	[4],[9],[10]	9,891
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	3,124
Fair Value	[4],[6]	3,126
Investment, Identifier [Axis]: Clevertech Bidco, LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	(4)
Fair Value	[4],[11]	(3)
Investment, Identifier [Axis]: Constellis Holdings, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18]	61
Fair Value	[4],[14]	63
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Common Equity
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		(441)
Interest		0
Dividends		0
Fees		0
Total investment income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value		441
Gross Additions		0
Gross Reductions		(441)
Fair Value		0
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc. Preferred Equity
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		(1,922)
Interest		0
Dividends		287
Fees		0
Total investment income		287
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value		11,890
Gross Additions		287
Gross Reductions		(1,922)
Fair Value		10,255
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18]	441
Fair Value	[4],[14]	0
Investment, Identifier [Axis]: Contract Datascan Holdings, Inc., Preferred Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	11,890
Fair Value	[4]	10,255
Investment, Identifier [Axis]: Convergint Technologies Holdings, LLC, Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	5,938
Fair Value	[4]	5,938
Investment, Identifier [Axis]: Creation Technologies, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[21]	1,915
Fair Value	[4],[6],[22]	1,916
Investment, Identifier [Axis]: DRS Imaging Services, LLC, Common Equity
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		658
Interest		0
Dividends		0
Fees		0
Total investment income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18],[23]	1,190
Gross Additions		658
Gross Reductions		0
Fair Value	[4],[13],[14],[24]	1,848
Investment, Identifier [Axis]: Dryden 76 CLO, Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	2,210
Fair Value	[4],[9],[10]	1,918
Investment, Identifier [Axis]: East West Manufacturing LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	1,910
Investment, Identifier [Axis]: East West Manufacturing, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[6]	1,905
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Equity Participation Rights
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18],[25]	0
Fair Value	[4],[14],[26]	0
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	6,231
Fair Value	[4]	5,936
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	899
Fair Value	[4],[11]	784
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), First Lien Debt (Secured Collateral)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[27]	1,028
Investment, Identifier [Axis]: Envocore Holding, LLC (F/K/A LRI Holding, LLC), Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18],[20]	2,018
Fair Value	[4],[14],[16]	0
Investment, Identifier [Axis]: Excelin Home Health, LLC, Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	4,913
Fair Value	[4]	5,340
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	3,148
Fair Value	[4]	3,106
Investment, Identifier [Axis]: First Brands Group, LLC, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	1,533
Fair Value	[4]	1,517
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class A units)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	0
Fair Value	[4]	0
Investment, Identifier [Axis]: GGC Aerospace Topco L.P., Common Equity (Class B units)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	0
Fair Value	[4]	0
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	855
Fair Value	[4]	869
Investment, Identifier [Axis]: GoTo Group (F/K/A LogMeIn, Inc.), First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	594
Fair Value	[4]	606
Investment, Identifier [Axis]: Heritage Grocers Group, LLC. (F/K/A Tony's Fresh Market / Cardenas Markets), First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[28]	8,591
Fair Value	[4],[6],[29]	7,758
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Delayed Draw)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[12]	0
Fair Value	[4],[6],[11]	0
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	95
Fair Value	[4],[11]	95
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	6,400
Fair Value	[4],[6]	6,384
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	4,047
Fair Value	[4],[6]	4,037
Investment, Identifier [Axis]: Honor HN Buyer Inc, First Lien Debt 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	4,503
Fair Value	[4],[6]	4,492
Investment, Identifier [Axis]: ICG US CLO 2021-3 Ltd, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	9,734
Fair Value	[4],[9],[10]	9,893
Investment, Identifier [Axis]: Idera Inc., Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,683
Fair Value	[4]	2,533
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	14,784
Fair Value	[4]	14,742
Investment, Identifier [Axis]: Inergex Holdings, LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,344
Fair Value	[4]	2,344
Investment, Identifier [Axis]: Ivanti Software, Inc., First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[28]	2,014
Investment, Identifier [Axis]: JP Intermediate B, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[20]	2,102
Fair Value	[4],[6],[16]	1,904
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[19]	16,720
Fair Value	[4],[6],[15]	16,608
Investment, Identifier [Axis]: Kreg LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	(66)
Fair Value	[4],[11]	823
Investment, Identifier [Axis]: LCM 42 Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	2,993
Fair Value	[4],[9],[10]	3,117
Investment, Identifier [Axis]: Madison Park Funding XXIII, Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	4,140
Fair Value	[4],[9],[10]	3,612
Investment, Identifier [Axis]: Madison Park Funding XXIX, Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8]	3,604
Fair Value	[4],[9],[10]	5,208
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	2,234
Fair Value	[4],[6]	2,228
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Delayed Draw)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[12]	4
Fair Value	[4],[6],[11]	375
Investment, Identifier [Axis]: Medrina LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	0
Fair Value	[4],[11]	0
Investment, Identifier [Axis]: Metasource, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	2,593
Fair Value	[4],[6]	2,598
Investment, Identifier [Axis]: Monroe Capital MML CLO X, Ltd., Mezzanine Debt - Class E-R
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	1,000
Fair Value	[4]	1,000
Investment, Identifier [Axis]: Octagon Investment Partners 39, Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8],[30]	1,234
Investment, Identifier [Axis]: One GI LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	1,403
Fair Value	[4]	1,398
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	7,143
Fair Value	[4],[6]	7,102
Investment, Identifier [Axis]: One GI LLC, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	3,764
Fair Value	[4],[6]	3,743
Investment, Identifier [Axis]: PM Acquisition LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18]	1,196
Fair Value	[4],[14]	1,260
Investment, Identifier [Axis]: Park Avenue Institutional Advisers CLO Ltd 2021-1, Mezzanine Debt - Class D
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	998
Fair Value	[4]	998
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc Common Equity
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		1,464
Interest		0
Dividends		0
Fees		0
Total investment income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value		89,298
Gross Additions		1,464
Gross Reductions		0
Fair Value		90,762
Investment, Identifier [Axis]: Pfanstiehl Holdings, Inc., Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[23],[31]	89,298
Fair Value	[4],[24],[32]	90,762
Investment, Identifier [Axis]: Planet Bingo, LLC (F/K/A 3rd Rock Gaming Holdings, LLC), First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[20]	7,159
Fair Value	[4],[16]	8,291
Investment, Identifier [Axis]: RPLF Holdings, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18]	1,834
Fair Value	[4],[13],[14]	933
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[28]	1,039
Fair Value	[4],[29]	934
Investment, Identifier [Axis]: Redstone Holdco 2 LP (F/K/A RSA Security), Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,563
Fair Value	[4]	2,092
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[19]	2,476
Fair Value	[4],[15]	2,493
Investment, Identifier [Axis]: RumbleOn, Inc., First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[19]	747
Fair Value	[4],[15]	752
Investment, Identifier [Axis]: RumbleOn, Inc., Warrants
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[18]	34
Fair Value	[4],[14]	15
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	16,880
Fair Value	[4],[6]	16,668
Investment, Identifier [Axis]: SS Acquisition, LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	(9)
Fair Value	[4],[11]	(27)
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17]	0
Fair Value	[4],[13]	0
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[20]	185
Fair Value	[4],[16]	132
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[20]	6,624
Fair Value	[4],[16]	4,717
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[20]	716
Fair Value	[4],[16]	510
Investment, Identifier [Axis]: SSJA Bariatric Management LLC, First Lien Debt 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[20]	1,803
Fair Value	[4],[16]	1,284
Investment, Identifier [Axis]: Sentry Centers Holdings, LLC, Preferred Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18]	1
Fair Value	[4],[13],[14]	1
Investment, Identifier [Axis]: Signal Parent, Inc., First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[28]	1,605
Fair Value	[4],[6],[29]	1,491
Investment, Identifier [Axis]: Staples, Inc., First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5],[28]	2,458
Fair Value	[4],[6],[29]	2,280
Investment, Identifier [Axis]: THL Credit Wind River 2019‐3 CLO Ltd, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8],[30]	1,618
Fair Value	[4],[9],[10],[33]	1,252
Investment, Identifier [Axis]: TalentSmart Holdings, LLC Common Equity
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		(104)
Interest		0
Dividends		0
Fees		0
Total investment income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value		1,604
Gross Additions		0
Gross Reductions		(104)
Fair Value		1,500
Investment, Identifier [Axis]: TalentSmart Holdings, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18],[23]	1,604
Fair Value	[4],[13],[14],[24]	1,500
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[5]	14,460
Fair Value	[4],[6]	14,383
Investment, Identifier [Axis]: Tolemar Acquisition, Inc., First Lien Debt (Revolver)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[12]	944
Fair Value	[4],[11]	937
Investment, Identifier [Axis]: Trinitas CLO VIII, Ltd, Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[7],[8],[30]	582
Fair Value	[4],[9],[10],[33]	364
Investment, Identifier [Axis]: TruGreen Limited Partnership, Second Lien Debt
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	4,293
Fair Value	[4]	4,248
Investment, Identifier [Axis]: United Biologics Holdings, LLC, Preferred Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[17],[18]	0
Fair Value	[4],[13],[14]	0
Investment, Identifier [Axis]: Venture 45 CLO Limited., Mezzanine Debt - Class E
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,739
Fair Value	[4]	2,702
Investment, Identifier [Axis]: Voya CLO 2024-7, Ltd., Subordinated Notes
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[4],[9],[10]	3,844
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	2,844
Fair Value	[4]	2,787
Investment, Identifier [Axis]: Wellful Inc. (F/K/A KNS Acquisition Corp.), First Lien Debt 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2]	4,354
Fair Value	[4],[15]	3,315
Contract Datascan Holdings, Inc.
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		(2,363)
Interest		0
Dividends		287
Fees		0
Total investment income		287
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value	[2],[23]	12,331
Gross Additions		287
Gross Reductions		(2,363)
Fair Value	[4],[24]	10,255
Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Net Realized Gain (Loss)		0
Net Change in Unrealized Appreciation/(Depreciation)		(345)
Interest		0
Dividends		287
Fees		0
Total investment income		287
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value		104,423
Gross Additions		2,409
Gross Reductions		(2,467)
Fair Value		$ 104,365

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

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

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

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

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

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

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

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

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

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

[11] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

[12] Subject to unfunded commitments. The Company considers undrawn amounts in the determination of fair value on revolving lines of credit and delayed draw term loans. See Note 6.

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

[14] Non-income producing. The Company has not recognized income on the security during the prior twelve-month period preceding the period-end date.

[15] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of March 31, 2025: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.06% to 12.56% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.45% to 13.45% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.30% to 13.30% Kreg LLCFirst Lien Debt0.50% 0% to 0.50% 10.70% to 11.20% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 11.30% to 12.80% Wellful Inc. (F/K/A KNS Acquisition Corp.)First Lien Debt1.75% 0% to 1.75% 8.94% to 10.69%

[16] Investment was on non-accrual status as of March 31, 2025, meaning the Company suspended recognition of all or a portion of income on the investment. See Note 4 for further details.

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

[18] Non-income producing.

[19] The interest rate on these investments contains a PIK provision, whereby the issuer has the option to make interest payments in cash or with the issuance of additional securities as payment of the entire PIK provision. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed as of December 31, 2024: Portfolio CompanyInvestment TypeMaximum PIK
Rate AllowedRange of PIK
OptionRange of Cash
OptionAvison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Avison Young Inc.First Lien Debt6.50% 0% to 6.50% 6.15% to 12.65% Inergex Holdings, LLCFirst Lien Debt2.00% 0% to 2.00% 11.47% to 13.47% Inergex Holdings, LLCFirst Lien Debt (Revolver)2.00% 0% to 2.00% 11.74% to 13.74% Kreg LLCFirst Lien Debt2.50% 0% to 2.00% 8.73% to 10.73% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60% RumbleOn, Inc.First Lien Debt1.50% 0% to 1.50% 12.10% to 13.60%

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

[21] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company's assets immediately following the acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 80% of the Company's assets were qualifying assets.

[22] Non-qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets as defined in Section 55 of the 1940 Act must represent at least 70% of the Company’s assets immediately following the acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 79% of the Company's assets were qualifying assets.

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

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

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

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

[27] Represents cash collateral to secure a performance bond issued by a surety company for a construction project contract of the portfolio company. Any amount of the cash collateral withdrawn by the surety company will automatically become a first lien obligation under the credit agreement and have priority over the existing first lien debt of the portfolio company. In consideration of the cash collateral, the portfolio company is paying a 7.50% fee on the funded collateral amount, consistent with the interest rate on the existing first lien debt. The agreement terminates, and the cash collateral will be repaid, upon the completion of the project.

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

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

[30] As of December 31, 2024, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security's anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost.

[31] Portfolio company at fair value represents greater than 5% of total assets at December 31, 2024.

[32] Portfolio company represents greater than 5% of total assets as of March 31, 2025.

[33] As of March 31, 2025, the effective accretable yield was estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidation of the underlying portfolio upon the security’s anticipated optional redemption, was less than current amortized cost. Projected distributions are periodically monitored and re-evaluated. All actual distributions were recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security’s then-current amortized cost.

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Subsequent Events (Details)	Apr. 29, 2025 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Distribution declared (in usd per share)	$ 0.34