INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Line Items]

Schedule of individual investments

Investments consisted of the following:

	As of September 30, 2022				As of December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien secured loans	$	622,517	$	615,945	$	709,318	$	697,232
Second lien secured loans		24,529		20,383		25,484		23,650
Subordinated unsecured loans		167		167		167		167
Subordinated Note to STRS JV		80,000		80,000		60,000		60,000
Equity (excluding STRS JV)		26,193		25,993		21,991		22,552
Equity in STRS JV		20,000		22,066		15,000		15,607
Total	$	773,406	$	764,554	$	831,960	$	819,208

The following table shows the portfolio composition by industry grouping at fair value:

Industry ($ in thousands)	As of September 30, 2022				As of December 31, 2021
Advertising	$	219	—	%	$	9,738	1.3	%
Air Freight & Logistics		16,046	2.4			21,379	2.9
Alternative Carriers		11,993	1.8			—	—
Application Software		18,145	2.7			22,590	3.0
Asset Management & Custody Banks		10,169	1.5			—	—
Automotive Retail		14,594	2.2			15,286	2.1
Broadcasting		7,942	1.2			8,027	1.1
Building Products		25,317	3.8			44,184	5.9
Cable & Satellite		14,323	2.2			14,526	2.0
Commodity Chemicals		16,003	2.4			15,172	2.0
Construction & Engineering		—	—			11,086	1.5
Construction Materials		8,168	1.2			7,673	1.0
Consumer Finance		—	—			9,628	1.3
Data Processing & Outsourced Services		43,387	6.5			32,864	4.4
Department Stores		—	—			13,538	1.8
Distributors		3,618	0.5			4,025	0.5
Diversified Chemicals		13,941	2.1			18,360	2.5
Diversified Support Services		11,309	1.7			11,618	1.6
Education Services		13,403	2.0			13,398	1.8
Electric Utilities		10,408	1.6			10,296	1.4
Electronic Equipment & Instruments		—	—			6,687	0.9
Environmental & Facilities Services		18,769	2.8			32,998	4.4
Health Care Facilities		10,318	1.6			25,576	3.4
Health Care Services		32,756	4.9			58,055	7.8
Health Care Supplies		23,354	3.5			—	—
Heavy Electrical Equipment		13,897	2.1			11,088	1.5
Home Furnishings		25,311	3.8			24,017	3.2
Household Appliances		6,003	0.9			—	—
Household Products		11,414	1.7			11,773	1.6
Industrial Machinery		8,209	1.2			—	—
Interactive Media & Services		10,260	1.5			20,157	2.7
Internet & Direct Marketing Retail		40,312	6.1			45,668	6.1
Investment Banking & Brokerage		18,372	2.8			19,603	2.6
IT Consulting & Other Services		15,471	2.3			19,162	2.6
Leisure Facilities		22,089	3.3			22,142	3.0
Leisure Products		5,608	0.9			3,072	0.4
Life Sciences Tools & Services		4,912	0.8			4,925	0.7
Office Services & Supplies		25,039	3.8			20,921	2.8
Other Diversified Financial Services		3,823	0.7			3,492	0.5
Packaged Foods & Meats		10,922	1.6			10,862	1.5
Paper Packaging		8,499	1.4			—	—
Personal Products		13,566	2.1			12,260	1.6
Real Estate Operating Companies		—	—			5,431	0.7
Research & Consulting Services		22,316	3.4			23,822	3.2
Specialized Consumer Services		37,949	5.7			36,225	4.9
Specialized Finance(1)		—	—			—	—
Systems Software		17,525	2.7			19,160	2.6
Technology Hardware, Storage & Peripherals		16,809	2.6			23,117	3.1
Total(1)	$	662,488	100.0	%	$	743,601	100.0	%

(1) Excludes investments in STRS JV.

Schedule of forward currency contracts

Forward Currency Contracts

Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	348	CAD	$	270	USD	10/28/22	$	18	$	—
Morgan Stanley	£	282	GBP	$	340	USD	10/28/22		25		—
Morgan Stanley	€	1,383	EUR	$	1,394	USD	10/28/22		36		—
Total								$	79	$	—

Counterparty	Currency to be sold		Currency to be purchased		Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	856 CAD	$	692 USD	1/27/2022	$	15	$	—
Morgan Stanley	£	175 GBP	$	241 USD	1/27/2022		4		—
Total						$	19	$	—

Schedule of selected Balance Sheet Information

Selected Balance Sheet Information ($ in thousands)	As of September 30, 2022		As of December 31, 2021
Assets
Investments, at fair value (amortized cost of $285,614 and $260,472, respectively)	$	280,877	$	259,510
Cash and cash equivalents		23,715		13,004
Interest receivable		1,433		735
Unrealized appreciation on foreign currency forward contracts		79		19
Other assets		288		255
Total assets	$	306,392	$	273,523
Liabilities
Credit facility	$	149,322	$	145,003
Note payable to members		120,000		100,000
Interest payable on credit facility		576		282
Interest payable on notes to members		2,630		1,575
Other liabilities		764		651
Total liabilities		273,292		247,511
Members’ equity		33,100		26,012
Total liabilities and members’ equity	$	306,392	$	273,523

Schedule of selected Statement of Operations Information

	Three Months Ended				Nine Months Ended
Selected Statement of Operations Information ($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Interest income	$	7,858	$	4,972	$	20,985	$	13,554
Total investment income	$	7,858	$	4,972	$	20,985	$	13,554
Interest expense on credit facility		2,034		1,079		4,919		3,037
Interest expense on notes to members		2,630		1,511		6,611		3,937
Administrative fee		161		117		475		312
Other expenses		128		150		513		379
Total expenses	$	4,953	$	2,857	$	12,518	$	7,665
Net investment income		2,905		2,115		8,467		5,889
Net realized gains (losses) on investments and foreign currency transactions		130		8		250		(51)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(286)		874		1,306		1,209
Net increase in members’ equity resulting from operations	$	2,749	$	2,997	$	10,023	$	7,047

STRS JV

Schedule of Investments [Line Items]

Schedule of individual investments

		Dividends and		Beginning								Net Change in		Ending Fair
		interest		Fair Value at						Net		Unrealized		Value at
	Type of	included in		December 31,						Realized		Appreciation		September 30,
Affiliated Person(1)	Asset	income		2021		Purchases		Sales		Gain (Loss)		(Depreciation)		2022
Non-controlled affiliates
Arcole Holding Corporation	Equity	$	261	$	6,874	$	—	$	—	$	—	$	(579)	$	6,295
PlayMonster LLC	First Lien Secured Revolving Loan		13		—		1,088		(1,088)		—		—		—
Playmonster Group LLC	First Lien Secured Loan		215		—		3,565		—		—		(56)		3,509
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Preferred Equity		—		—		3,600		—		—		(1,501)		2,099
Playmonster Group Equity, Inc. (d/b/a PlayMonster)	Common Equity		—		—		460		—		—		(460)		—
Total Non-controlled affiliates		$	489	$	6,874	$	8,713	$	(1,088)	$	—	$	(2,596)	$	11,903
Controlled affiliates
WHF STRS Ohio Senior Loan Fund LLC*	Subordinated Note	$	4,339	$	60,000	$	20,000	$	—	$	—	$	—	$	80,000
WHF STRS Ohio Senior Loan Fund LLC*	Equity		5,042		15,607		5,000		—		—		1,459		22,066
Total Controlled affiliates		$	9,381	$	75,607	$	25,000	$	—	$	—	$	1,459	$	102,066

* The Company and STRS Ohio are the members of STRS JV, a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in STRS JV in the form of limited liability company (“LLC”) equity interests and interest-bearing subordinated notes as STRS JV makes investments, and all portfolio and other material decisions regarding STRS JV must be submitted to STRS JV’s board of managers which is comprised of an equal number of members appointed by each of the Company and STRS Ohio. Because management of STRS JV is shared equally between the Company and STRS Ohio, the Company does not believe it controls STRS JV for purposes of the 1940 Act or otherwise.

(1) Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company.

The following table presents the schedule of investments in and advances to affiliated and controlled persons (as defined by the 1940 Act) as of and for the year ended December 31, 2021:

		Dividends and		Beginning Fair								Net Change in		Ending Fair
		interest		Value at						Net		Unrealized		Value at
	Type of	included in		December 31,						Realized		Appreciation		December 31,
Affiliated Person(1)	Asset	income		2020		Purchases		Sales		Gain (Loss)		(Depreciation)		2021
Non-controlled affiliates
Arcole Holding Corporation	Equity	$	897	$	6,448	$	—	$	—	$	—	$	426	$	6,874
NMFC Senior Loan Program I LLC Units	Equity		293		9,269		—		(10,000)		—		761		—
Total Non-controlled affiliates		$	1,190	$	15,717	$	—	$	(10,000)	$	—	$	1,187	$	6,874
Controlled affiliates
WHF STRS Ohio Senior Loan Fund LLC*	Subordinated Note	$	3,307	$	41,073	$	18,927	$	—	$	—	$	—	$	60,000
WHF STRS Ohio Senior Loan Fund LLC*	Equity		4,907		10,167		4,732		—		—		708		15,607
Total Controlled affiliates		$	8,214	$	51,240	$	23,659	$	—	$	—	$	708	$	75,607

* The Company and STRS Ohio are the members of STRS JV, a joint venture formed as a Delaware LLC that is not consolidated by either member for financial reporting purposes. The members make investments in STRS JV in the form of LLC equity interests and interest-bearing subordinated notes as STRS JV makes investments, and all portfolio and other material decisions regarding STRS JV must be submitted to STRS JV’s board of managers which is comprised of an equal number of members appointed by each of the Company and STRS Ohio. Because management of STRS JV is shared equally between the Company and STRS Ohio, the Company does not believe it controls STRS JV for purposes of the 1940 Act or otherwise.

(1) Refer to the consolidated schedule of investments for the principal amount, industry classification and other security detail of each portfolio company.