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Investments | 12 Months Ended
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Dec. 31, 2022
Schedule of Investments [Abstract] |
Investments | Investments At December 31, 2022, the Company’s investments consisted of the following: Investment Cost and Fair Value by Type
| Cost |  | Fair Value
First lien | $ | 1,816,091 |  |  | $ | 1,753,967 |
Second lien | 632,990 |  |  | 561,207 |
Subordinated | 85,774 |  |  | 76,659 |
Equity and other | 725,112 |  |  | 829,414 |
Total investments | $ | 3,259,967 |  |  | $ | 3,221,247 |
Investment Cost and Fair Value by Industry
| Cost |  | Fair Value
Software | $ | 916,259 |  |  | $ | 897,008 |
Business Services | 661,079 |  |  | 592,868 |
Healthcare | 586,311 |  |  | 548,383 |
Investment Funds (includes investments in joint ventures) | 252,400 |  |  | 252,400 |
Education | 200,117 |  |  | 239,301 |
Consumer Services | 126,392 |  |  | 123,880 |
Net Lease | 96,041 |  |  | 120,986 |
Distribution & Logistics | 111,096 |  |  | 102,410 |
Financial Services | 96,021 |  |  | 95,839 |
Energy | 55,507 |  |  | 61,564 |
Specialty Chemicals & Materials | 25,363 |  |  | 60,268 |
Information Technology | 58,638 |  |  | 58,165 |
Packaging | 43,124 |  |  | 40,547 |
Consumer Products | 20,850 |  |  | 20,624 |
Business Products | 10,769 |  |  | 7,004 |
Total investments | $ | 3,259,967 |  |  | $ | 3,221,247 |
At December 31, 2021, the Company's investments consisted of the following: Investment Cost and Fair Value by Type
| Cost |  | Fair Value
First lien | $ | 1,682,541 |  |  | $ | 1,657,815 |
Second lien | 645,370 |  |  | 627,356 |
Subordinated | 54,996 |  |  | 50,742 |
Equity and other | 743,585 |  |  | 838,451 |
Total investments | $ | 3,126,492 |  |  | $ | 3,174,364 |
Investment Cost and Fair Value by Industry
| Cost |  | Fair Value
Software | $ | 782,714 |  |  | $ | 781,304 |
Business Services | 578,635 |  |  | 514,013 |
Healthcare Services | 510,832 |  |  | 509,941 |
Investment Funds (includes investments in joint ventures) | 252,400 |  |  | 252,400 |
Education | 200,895 |  |  | 250,351 |
Net Lease | 150,603 |  |  | 229,253 |
Consumer Services | 111,464 |  |  | 111,140 |
Distribution & Logistics | 106,211 |  |  | 104,112 |
Insurance Services | 76,307 |  |  | 75,094 |
Specialty Chemicals & Materials | 60,295 |  |  | 60,367 |
Information Technology | 58,570 |  |  | 58,553 |
Financial Services | 55,424 |  |  | 55,745 |
Healthcare Information Technology | 52,804 |  |  | 52,946 |
Energy | 47,702 |  |  | 38,759 |
Packaging | 34,763 |  |  | 33,723 |
Federal Services | 12,797 |  |  | 12,790 |
Business Products | 10,764 |  |  | 10,586 |
Consumer Products | 10,218 |  |  | 10,206 |
Industrial Services | 7,368 |  |  | 7,362 |
Information Services | 5,726 |  |  | 5,719 |
Total investments | $ | 3,126,492 |  |  | $ | 3,174,364 |
During the third quarter of 2022, the Company placed its first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of December 31, 2022, the Company's positions in Ansira had an aggregate cost basis of $41,367, an aggregate fair value of $18,571, and total unearned interest income of $2,097 for the year then ended. As of December 31, 2022, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $11,510. During the second quarter of 2022, the Company placed an aggregate principal amount of $4,029 of its second lien position on non-accrual status. As of December 31, 2022, the Company's position in Integro on non-accrual status had an aggregate cost basis of $3,888, an aggregate fair value of $3,051, total unearned interest income of $375 for the year then ended and total unearned other income of $36 for the year then ended. During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of December 31, 2022, the Company's second lien positions in National HME had an aggregate cost basis of $25,276, an aggregate fair value of $5,381. During the fourth quarter of 2022, the Company reversed $11,236 of previously recorded PIK interest in National HME and $1,500 of previously recorded other income in NHME Holdings Corp. as the Company believes this PIK interest and other income will ultimately not be collectible. As of December 31, 2022, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $30,356, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an aggregate principal amount of $13,059 of its first lien term loans on non-accrual status. As of December 31, 2022, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $13,042, an aggregate fair value of $8,240 and total unearned interest income of $1,459 for the year then ended. During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of December 31, 2022, the Company's second lien position in Sierra had an aggregate cost basis of $5, an aggregate fair value of $0, and total unearned interest income of $1 for the year then ended. During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of December 31, 2022, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $6,705 for the year then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of December 31, 2022, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $6,491 and total unearned dividend income of approximately $4,656 for the year then ended. During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of December 31, 2022, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $953, an aggregate fair value of $0 and total unearned interest income of $26 for the year then ended. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $100,315 and $0, respectively. As of December 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $123,748. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of December 31, 2022. As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $86,989 and $0, respectively. As of December 31, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of December 31, 2021. PPVA Black Elk (Equity) LLC On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement. In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of December 31, 2022, the SPP Agreement has a cost basis of $14,500 and a fair value of $7,995, which is reflective of the higher inherent risk in this transaction. NMFC Senior Loan Program III LLC NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement. SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of December 31, 2022, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2022 and December 31, 2021. On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of December 31, 2022 and December 31, 2021, SLP III had total investments with an aggregate fair value of approximately $639,327 and $702,148, respectively, and debt outstanding under its credit facility of $512,100 and $510,900, respectively. As of December 31, 2022 and December 31, 2021, none of SLP III's investments were on non-accrual. Additionally, as of December 31, 2022 and December 31, 2021, SLP III had unfunded commitments in the form of delayed draws of $2,948 and $4,569, respectively. Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of December 31, 2022 and December 31, 2021 :
|  | December 31, 2022 |  | December 31, 2021 |  |
First lien investments (1) |  | $ | 690,017 |  |  | $ | 709,517 |  |  |
Weighted average interest rate on first lien investments (2) |  | 8.51 | % |  | 4.50 | % |  |
Number of portfolio companies in SLP III |  | 83 |  |  | 80 |  |  |
Largest portfolio company investment (1) |  | $ | 18,197 |  |  | $ | 23,489 |  |  |
Total of five largest portfolio company investments (1) |  | $ | 85,948 |  |  | $ | 95,504 |  |  |
(1)Reflects principal amount or par value of investment. (2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2022:
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | L(M) |  | 3.75% |  | 8.13% |  | 12/2027 |  | $ | 2,400 |  |  | $ | 2,391 |  |  | $ | 2,194 |
Advisor Group Holdings, Inc. |  | Financial Services |  | L(M) |  | 4.50% |  | 8.88% |  | 07/2026 |  | 9,700 |  |  | 9,672 |  |  | 9,512 |
AG Parent Holdings, LLC |  | Healthcare |  | L(M) |  | 5.00% |  | 9.38% |  | 07/2026 |  | 12,125 |  |  | 12,092 |  |  | 11,769 |
Artera Services, LLC |  | Distribution & Logistics |  | L(Q) |  | 3.50% |  | 8.23% |  | 03/2025 |  | 6,838 |  |  | 6,806 |  |  | 5,624 |
AssuredPartners, Inc. |  | Insurance Services |  | SOFR(M) |  | 4.25% |  | 8.57% |  | 02/2027 |  | 1,995 |  |  | 1,926 |  |  | 1,985 |
Aston FinCo S.a.r.l. / Aston US Finco, LLC |  | Software |  | L(M) |  | 4.25% |  | 8.63% |  | 10/2026 |  | 5,835 |  |  | 5,801 |  |  | 4,989 |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.50% |  | 7.82% |  | 02/2029 |  | 6,912 |  |  | 6,644 |  |  | 6,258 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | L(M) |  | 4.00% |  | 8.38% |  | 06/2026 |  | 4,258 |  |  | 4,235 |  |  | 4,141 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 4.63% |  | 9.05% |  | 06/2026 |  | 3,257 |  |  | 3,156 |  |  | 3,205 |
Bella Holding Company, LLC |  | Healthcare |  | L(M) |  | 3.75% |  | 8.13% |  | 05/2028 |  | 2,238 |  |  | 2,220 |  |  | 2,123 |
Bluefin Holding, LLC |  | Software |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2026 |  | 9,700 |  |  | 9,617 |  |  | 9,418 |
Bluefin Holding, LLC |  | Software |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2026 |  | 2,562 |  |  | 2,530 |  |  | 2,488 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | L(Q) |  | 4.25% |  | 7.99% |  | 09/2025 |  | 14,362 |  |  | 14,333 |  |  | 13,689 |
Brave Parent Holdings, Inc. |  | Software |  | L(M) |  | 4.00% |  | 8.38% |  | 04/2025 |  | 4,266 |  |  | 4,260 |  |  | 4,145 |
Brown Group Holding, LLC |  | Distribution & Logistics |  | SOFR(Q) |  | 3.75% |  | 7.91% |  | 07/2029 |  | 7,045 |  |  | 6,875 |  |  | 7,033 |
Cano Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.42% |  | 11/2027 |  | 9,508 |  |  | 9,476 |  |  | 7,642 |
Cardinal Parent, Inc. |  | Software |  | L(Q) |  | 4.50% |  | 9.23% |  | 11/2027 |  | 9,922 |  |  | 9,709 |  |  | 9,522 |
CE Intermediate I, LLC |  | Software |  | L(Q) |  | 4.00% |  | 8.59% |  | 11/2028 |  | 10,920 |  |  | 10,854 |  |  | 10,388 |
CentralSquare Technologies, LLC |  | Software |  | L(Q) |  | 3.75% |  | 8.48% |  | 08/2025 |  | 14,400 |  |  | 14,385 |  |  | 12,488 |
CHA Holdings, Inc. |  | Business Services |  | L(Q) |  | 4.50% |  | 9.23% |  | 04/2025 |  | 957 |  |  | 957 |  |  | 945 |
CommerceHub, Inc. |  | Software |  | SOFR(S) |  | 4.00% |  | 8.78% |  | 12/2027 |  | 5,717 |  |  | 5,695 |  |  | 5,274 |
Confluent Health, LLC |  | Healthcare |  | L(M) |  | 4.00% |  | 8.38% |  | 11/2028 |  | 11,962 |  |  | 11,909 |  |  | 10,212 |
Confluent Health, LLC |  | Healthcare |  | L(M) |  | 4.00% |  | 8.38% |  | 11/2028 |  | 1,499 |  |  | 1,492 |  |  | 1,280 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.75% |  | 8.33% |  | 02/2029 |  | 6,947 |  |  | 6,916 |  |  | 6,617 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 9.93% |  | 09/2026 |  | 12,967 |  |  | 12,598 |  |  | 12,578 |
Cornerstone OnDemand, Inc. |  | Software |  | L(M) |  | 3.75% |  | 8.13% |  | 10/2028 |  | 4,511 |  |  | 4,492 |  |  | 4,049 |
Covenant Surgical Partners, Inc. |  | Healthcare |  | L(Q) |  | 4.00% |  | 8.41% |  | 07/2026 |  | 2,000 |  |  | 1,984 |  |  | 1,710 |
Covenant Surgical Partners, Inc. |  | Healthcare |  | L(Q) |  | 4.00% |  | 8.41% |  | 07/2026 |  | 9,680 |  |  | 9,628 |  |  | 8,276 |
CRCI Longhorn Holdings, Inc. |  | Business Services |  | L(M) |  | 3.50% |  | 7.77% |  | 08/2025 |  | 14,363 |  |  | 14,333 |  |  | 13,597 |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.58% |  | 10/2029 |  | 6,965 |  |  | 6,556 |  |  | 6,539 |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 8.13% |  | 03/2028 |  | 7,388 |  |  | 7,364 |  |  | 7,088 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 4.50% |  | 8.82% |  | 12/2027 |  | 9,725 |  |  | 9,690 |  |  | 9,628 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.38% |  | 7.97% |  | 10/2029 |  | 7,100 |  |  | 6,543 |  |  | 6,499 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | L(Q) |  | 4.25% |  | 8.98% |  | 03/2028 |  | 15,606 |  |  | 15,196 |  |  | 13,265 |
Drilling Info Holdings, Inc. |  | Business Services |  | L(M) |  | 4.25% |  | 8.63% |  | 07/2025 |  | 18,197 |  |  | 18,159 |  |  | 17,560 |
EAB Global, Inc. |  | Education |  | L(M) |  | 3.50% |  | 7.88% |  | 08/2028 |  | 3,212 |  |  | 3,199 |  |  | 3,098 |
Energize Holdco LLC |  | Business Services |  | L(M) |  | 3.75% |  | 8.13% |  | 12/2028 |  | 12,488 |  |  | 12,433 |  |  | 11,863 |
eResearchTechnology, Inc. |  | Healthcare |  | L(M) |  | 4.50% |  | 8.88% |  | 02/2027 |  | 7,271 |  |  | 7,247 |  |  | 6,459 |
EyeCare Partners, LLC |  | Healthcare |  | L(Q) |  | 3.75% |  | 8.48% |  | 02/2027 |  | 14,611 |  |  | 14,599 |  |  | 12,431 |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 3.75% |  | 8.59% |  | 08/2028 |  | 9,405 |  |  | 9,326 |  |  | 8,840 |
Greenway Health, LLC |  | Healthcare |  | L(Q) |  | 3.75% |  | 8.48% |  | 02/2024 |  | 14,219 |  |  | 14,221 |  |  | 9,971 |
Heartland Dental, LLC |  | Healthcare |  | L(M) |  | 3.75% |  | 8.13% |  | 04/2025 |  | 18,160 |  |  | 18,126 |  |  | 16,847 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 8.19% |  | 11/2026 |  | 18,068 |  |  | 17,953 |  |  | 16,335 |
Higginbotham Insurance Agency, Inc. |  | Business Services |  | L(M) |  | 5.25% |  | 9.63% |  | 11/2026 |  | 9,079 |  |  | 9,018 |  |  | 8,972 |
HighTower Holding, LLC |  | Financial Services |  | L(Q) |  | 4.00% |  | 8.28% |  | 04/2028 |  | 4,778 |  |  | 4,739 |  |  | 4,402 |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 9.67% |  | 04/2029 |  | 5,652 |  |  | 5,493 |  |  | 5,394 |
Idera, Inc. |  | Software |  | L(Q) |  | 3.75% |  | 7.50% |  | 03/2028 |  | 15,803 |  |  | 15,792 |  |  | 14,944 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | L(Q) |  | 4.25% |  | 8.98% |  | 06/2026 |  | $ | 11,935 |  |  | $ | 11,889 |  |  | $ | 11,572 |
LI Group Holdings, Inc. |  | Software |  | L(M) |  | 3.75% |  | 8.13% |  | 03/2028 |  | 4,573 |  |  | 4,565 |  |  | 4,493 |
LSCS Holdings, Inc. |  | Healthcare |  | L(M) |  | 4.50% |  | 8.88% |  | 12/2028 |  | 7,567 |  |  | 7,534 |  |  | 7,236 |
Mamba Purchaser, Inc. |  | Healthcare |  | L(M) |  | 3.50% |  | 7.89% |  | 10/2028 |  | 5,730 |  |  | 5,706 |  |  | 5,486 |
Maverick Bidco Inc. |  | Software |  | L(Q) |  | 3.75% |  | 8.16% |  | 05/2028 |  | 3,960 |  |  | 3,945 |  |  | 3,763 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 9.28% |  | 05/2028 |  | 2,000 |  |  | 1,905 |  |  | 1,901 |
Mavis Tire Express Services Topco Corp. |  | Retail |  | SOFR(M) |  | 4.00% |  | 8.50% |  | 05/2028 |  | 4,174 |  |  | 4,157 |  |  | 3,993 |
MED ParentCo, LP |  | Healthcare |  | L(M) |  | 4.25% |  | 8.63% |  | 08/2026 |  | 12,588 |  |  | 12,520 |  |  | 10,800 |
Mercury Borrower, Inc. |  | Business Services |  | L(Q) |  | 3.50% |  | 8.25% |  | 08/2028 |  | 4,179 |  |  | 4,160 |  |  | 3,996 |
MH Sub I, LLC (Micro Holding Corp.) |  | Software |  | L(M) |  | 3.75% |  | 8.13% |  | 09/2024 |  | 10,695 |  |  | 10,677 |  |  | 10,406 |
Mitnick Corporate Purchaser, Inc. |  | Software |  | SOFR(Q) |  | 4.75% |  | 8.94% |  | 05/2029 |  | 4,655 |  |  | 4,633 |  |  | 4,373 |
National Intergovernmental Purchasing Alliance Company |  | Business Services |  | SOFR(Q) |  | 3.50% |  | 8.08% |  | 05/2025 |  | 8,485 |  |  | 8,483 |  |  | 8,416 |
Navex Topco, Inc. |  | Software |  | L(M) |  | 3.25% |  | 7.64% |  | 09/2025 |  | 10,887 |  |  | 10,841 |  |  | 10,811 |
Netsmart, Inc. |  | Healthcare |  | L(M) |  | 4.00% |  | 8.38% |  | 10/2027 |  | 3,940 |  |  | 3,940 |  |  | 3,805 |
Outcomes Group Holdings, Inc. |  | Healthcare |  | L(Q) |  | 3.25% |  | 7.98% |  | 10/2025 |  | 3,331 |  |  | 3,327 |  |  | 3,237 |
Pearls (Netherlands) Bidco B.V. |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 3.75% |  | 7.84% |  | 02/2029 |  | 1,728 |  |  | 1,724 |  |  | 1,682 |
Peraton Corp. |  | Federal Services |  | L(M) |  | 3.75% |  | 8.13% |  | 02/2028 |  | 7,235 |  |  | 7,206 |  |  | 7,082 |
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) |  | Consumer Services |  | L(M) |  | 3.50% |  | 7.88% |  | 02/2025 |  | 4,573 |  |  | 4,570 |  |  | 4,321 |
Physician Partners, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 8.42% |  | 12/2028 |  | 5,627 |  |  | 5,575 |  |  | 5,383 |
Planview Parent, Inc. |  | Software |  | L(Q) |  | 4.00% |  | 8.73% |  | 12/2027 |  | 10,832 |  |  | 10,598 |  |  | 10,109 |
Premise Health Holding Corp. |  | Healthcare |  | L(S) |  | 3.75% |  | 7.92% |  | 07/2025 |  | 7,405 |  |  | 7,390 |  |  | 7,183 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | L(M) |  | 3.25% |  | 7.63% |  | 03/2028 |  | 4,352 |  |  | 4,335 |  |  | 4,124 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 5.75% |  | 10.07% |  | 03/2028 |  | 4,988 |  |  | 4,844 |  |  | 4,838 |
RealPage, Inc. |  | Software |  | L(M) |  | 3.00% |  | 7.38% |  | 04/2028 |  | 10,159 |  |  | 10,139 |  |  | 9,687 |
RLG Holdings, LLC |  | Packaging |  | L(M) |  | 4.00% |  | 8.38% |  | 07/2028 |  | 5,785 |  |  | 5,761 |  |  | 5,462 |
Sierra Enterprises, LLC |  | Food & Beverage |  | L(Q) |  | 4.00% |  | 8.41% |  | 11/2024 |  | 2,381 |  |  | 2,380 |  |  | 1,661 |
Snap One Holdings Corp. |  | Distribution & Logistics |  | L(M) |  | 4.50% |  | 8.88% |  | 12/2028 |  | 6,622 |  |  | 6,564 |  |  | 6,093 |
Sovos Brands Intermediate, Inc. |  | Food & Beverage |  | L(Q) |  | 3.50% |  | 7.91% |  | 06/2028 |  | 9,429 |  |  | 9,410 |  |  | 9,225 |
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) |  | Education |  | L(Q) |  | 4.00% |  | 8.73% |  | 07/2025 |  | 11,933 |  |  | 11,921 |  |  | 11,692 |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 7.98% |  | 04/2028 |  | 3,823 |  |  | 3,816 |  |  | 3,657 |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 8.69% |  | 12/2027 |  | 15,720 |  |  | 15,610 |  |  | 13,205 |
Syndigo LLC |  | Software |  | L(M) |  | 4.50% |  | 8.84% |  | 12/2027 |  | 14,738 |  |  | 14,655 |  |  | 14,340 |
Therapy Brands Holdings LLC |  | Software |  | L(M) |  | 4.00% |  | 8.35% |  | 05/2028 |  | 4,099 |  |  | 4,082 |  |  | 3,853 |
Thermostat Purchaser III, Inc. |  | Business Services |  | L(Q) |  | 4.50% |  | 9.23% |  | 08/2028 |  | 6,003 |  |  | 5,978 |  |  | 5,800 |
USI, Inc. (fka Compass Investors Inc.) |  | Insurance Services |  | SOFR(Q) |  | 3.75% |  | 8.33% |  | 11/2029 |  | 5,486 |  |  | 5,377 |  |  | 5,441 |
Valcour Packaging, LLC |  | Packaging |  | L(S) |  | 3.75% |  | 7.98% |  | 10/2028 |  | 4,504 |  |  | 4,492 |  |  | 3,772 |
VT Topco, Inc. |  | Business Services |  | L(M) |  | 3.75% |  | 8.13% |  | 08/2025 |  | 31 |  |  | 31 |  |  | 30 |
VT Topco, Inc. |  | Business Services |  | L(M) |  | 3.50% |  | 7.88% |  | 08/2025 |  | 2,729 |  |  | 2,729 |  |  | 2,647 |
VT Topco, Inc. |  | Business Services |  | L(M) |  | 3.75% |  | 8.13% |  | 08/2025 |  | 838 |  |  | 835 |  |  | 815 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 9.57% |  | 07/2029 |  | 5,290 |  |  | 4,957 |  |  | 5,075 |
Waystar Technologies, Inc. |  | Healthcare |  | L(M) |  | 4.00% |  | 8.38% |  | 10/2026 |  | 4,025 |  |  | 4,018 |  |  | 3,972 |
WP CityMD Bidco LLC |  | Healthcare |  | L(M) |  | 3.25% |  | 7.63% |  | 12/2028 |  | 4,148 |  |  | 4,123 |  |  | 4,145 |
Wrench Group LLC |  | Consumer Services |  | L(Q) |  | 4.00% |  | 8.73% |  | 04/2026 |  | 7,824 |  |  | 7,809 |  |  | 7,565 |
YI, LLC |  | Healthcare |  | L(M) |  | 4.00% |  | 8.38% |  | 11/2024 |  | 9,490 |  |  | 9,487 |  |  | 9,174 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 687,069 |  |  | $ | 681,338 |  |  | $ | 639,607 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
athenahealth Group Inc. |  | Healthcare |  | — |  | — |  | — |  | 01/2024 |  | $ | 847 |  |  | $ | (44) |  |  | $ | (80) |
Confluent Health, LLC |  | Healthcare |  | — |  | — |  | — |  | 11/2023 |  | 1,139 |  |  | (6) |  |  | (167) |
Thermostat Purchaser III, Inc. |  | Business Services |  | — |  | — |  | — |  | 08/2023 |  | 937 |  |  | — |  |  | (32) |
VT Topco, Inc. |  | Business Services |  | — |  | — |  | — |  | 08/2023 |  | 25 |  |  | — |  |  | (1) |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 2,948 |  |  | $ | (50) |  |  | $ | (280) |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 690,017 |  |  | $ | 681,288 |  |  | $ | 639,327 |
(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2022. (2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III. The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2021:
Portfolio Company and Type of Investment |  | Industry |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |
ADMI Corp. (aka Aspen Dental) |  | Healthcare Services |  | 4.00% (L + 3.50%) |  | 12/23/2027 |  | $ | 2,424 |  |  | $ | 2,413 |  |  | $ | 2,424 |
Advisor Group Holdings, Inc. |  | Financial Services |  | 4.60% (L + 4.50%) |  | 7/31/2026 |  | 9,800 |  |  | 9,766 |  |  | 9,832 |
AG Parent Holdings, LLC |  | Healthcare Services |  | 5.10% (L + 5.00%) |  | 7/31/2026 |  | 12,250 |  |  | 12,207 |  |  | 12,227 |
Artera Services, LLC |  | Distribution & Logistics |  | 4.50% (L + 3.50%) |  | 3/6/2025 |  | 6,907 |  |  | 6,861 |  |  | 6,706 |
Aston FinCo S.a.r.l. / Aston US Finco, LLC |  | Software |  | 4.35% (L + 4.25%) |  | 10/9/2026 |  | 5,895 |  |  | 5,853 |  |  | 5,877 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | 4.10% (L + 4.00%) |  | 6/11/2026 |  | 4,302 |  |  | 4,273 |  |  | 4,278 |
Bearcat Buyer, Inc. |  | Healthcare Services |  | 5.25% (L + 4.25%) |  | 7/9/2026 |  | 19,456 |  |  | 19,388 |  |  | 19,455 |
Bearcat Buyer, Inc. |  | Healthcare Services |  | 5.25% (L + 4.25%) |  | 7/9/2026 |  | 4,033 |  |  | 4,018 |  |  | 4,033 |
Bella Holding Company, LLC |  | Healthcare Services |  | 4.50% (L + 3.75%) |  | 5/10/2028 |  | 2,260 |  |  | 2,240 |  |  | 2,262 |
Bluefin Holding, LLC |  | Software |  | 4.43% (L + 4.25%) |  | 9/4/2026 |  | 9,800 |  |  | 9,696 |  |  | 9,800 |
Bracket Intermediate Holding Corp. |  | Healthcare Services |  | 4.38% (L + 4.25%) |  | 9/5/2025 |  | 14,513 |  |  | 14,471 |  |  | 14,498 |
Brave Parent Holdings, Inc. |  | Software |  | 4.10% (L + 4.00%) |  | 4/18/2025 |  | 4,347 |  |  | 4,339 |  |  | 4,352 |
Cano Health, LLC |  | Healthcare Services |  | 5.25% (L + 4.50%) |  | 11/23/2027 |  | 6,948 |  |  | 6,910 |  |  | 6,961 |
Cardinal Parent, Inc. |  | Software |  | 5.25% (L + 4.50%) |  | 11/12/2027 |  | 6,985 |  |  | 6,893 |  |  | 6,977 |
CE Intermediate I, LLC |  | Software |  | 4.50% (L + 4.00%) |  | 11/10/2028 |  | 11,004 |  |  | 10,927 |  |  | 10,934 |
CentralSquare Technologies, LLC |  | Software |  | 3.97% (L + 3.75%) |  | 8/29/2025 |  | 14,550 |  |  | 14,529 |  |  | 13,761 |
CHA Holdings, Inc. |  | Business Services |  | 5.50% (L + 4.50%) |  | 4/10/2025 |  | 967 |  |  | 967 |  |  | 967 |
CommerceHub, Inc. |  | Software |  | 4.75% (L + 4.00%) |  | 12/29/2027 |  | 5,775 |  |  | 5,750 |  |  | 5,724 |
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) |  | Software |  | 5.00% (L + 4.00%) |  | 12/2/2022 |  | 2,985 |  |  | 2,969 |  |  | 2,985 |
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) |  | Software |  | 5.00% (L + 4.00%) |  | 12/2/2022 |  | 4,455 |  |  | 4,450 |  |  | 4,455 |
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) |  | Software |  | 5.00% (L + 4.00%) |  | 12/2/2022 |  | 862 |  |  | 861 |  |  | 862 |
Confluent Health, LLC |  | Healthcare Services |  | 4.50% (L + 4.00%) |  | 11/30/2028 |  | 12,054 |  |  | 11,993 |  |  | 12,053 |
Cornerstone OnDemand, Inc. |  | Software |  | 4.25% (L + 3.75%) |  | 10/16/2028 |  | 4,545 |  |  | 4,523 |  |  | 4,541 |
Covenant Surgical Partners, Inc. |  | Healthcare Services |  | 4.10% (L + 4.00%) |  | 7/1/2026 |  | 9,777 |  |  | 9,711 |  |  | 9,655 |
Covenant Surgical Partners, Inc. |  | Healthcare Services |  | 4.10% (L + 4.00%) |  | 7/1/2026 |  | 2,000 |  |  | 1,980 |  |  | 1,975 |
CRCI Longhorn Holdings, Inc. |  | Business Services |  | 3.60% (L + 3.50%) |  | 8/8/2025 |  | 14,513 |  |  | 14,471 |  |  | 14,408 |
Dealer Tire, LLC |  | Distribution & Logistics |  | 4.35% (L + 4.25%) |  | 12/12/2025 |  | 9,800 |  |  | 9,783 |  |  | 9,817 |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | 4.25% (L + 3.50%) |  | 3/31/2028 |  | 7,463 |  |  | 7,435 |  |  | 7,471 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | 5.00% (L + 4.25%) |  | 3/27/2028 |  | 14,133 |  |  | 13,970 |  |  | 14,124 |
Drilling Info Holdings, Inc. |  | Business Services |  | 4.35% (L + 4.25%) |  | 7/30/2025 |  | 18,387 |  |  | 18,335 |  |  | 18,249 |
EAB Global, Inc. |  | Education |  | 4.00% (L + 3.50%) |  | 8/16/2028 |  | 4,250 |  |  | 4,230 |  |  | 4,234 |
Energize Holdco LLC |  | Business Services |  | 4.25% (L + 3.75%) |  | 12/8/2028 |  | 12,582 |  |  | 12,519 |  |  | 12,550 |
eResearchTechnology, Inc. |  | Healthcare Services |  | 5.50% (L + 4.50%) |  | 2/4/2027 |  | 7,345 |  |  | 7,316 |  |  | 7,388 |
EyeCare Partners, LLC |  | Healthcare Services |  | 3.97% (L + 3.75%) |  | 2/18/2027 |  | 14,760 |  |  | 14,745 |  |  | 14,678 |
Foundational Education Group, Inc. |  | Education |  | 4.75% (L + 4.25%) |  | 8/31/2028 |  | 9,500 |  |  | 9,408 |  |  | 9,524 |
Frontline Technologies Intermediate Holdings, LLC |  | Software |  | 6.25% (L + 5.25%) |  | 9/18/2023 |  | 6,448 |  |  | 6,448 |  |  | 6,448 |
Frontline Technologies Intermediate Holdings, LLC |  | Software |  | 6.25% (L + 5.25%) |  | 9/18/2023 |  | 2,012 |  |  | 2,012 |  |  | 2,012 |
Greenway Health, LLC |  | Healthcare I.T. |  | 4.75% (L + 3.75%) |  | 2/16/2024 |  | 14,369 |  |  | 14,374 |  |  | 13,790 |
Heartland Dental, LLC |  | Healthcare Services |  | 3.60% (L + 3.50%) |  | 4/30/2025 |  | 18,350 |  |  | 18,302 |  |  | 18,191 |
Help/Systems Holdings, Inc. |  | Software |  | 4.75% (L + 4.00%) |  | 11/19/2026 |  | 18,254 |  |  | 18,112 |  |  | 18,214 |
Higginbotham Insurance Agency, Inc. |  | Insurance Services |  | 6.25% (L + 5.50%) |  | 11/25/2026 |  | 9,170 |  |  | 9,096 |  |  | 9,239 |
HighTower Holding, LLC |  | Financial Services |  | 4.75% (L + 4.00%) |  | 4/21/2028 |  | 4,826 |  |  | 4,781 |  |  | 4,838 |
Idera, Inc. |  | Software |  | 4.50% (L + 3.75%) |  | 3/2/2028 |  | 15,964 |  |  | 15,951 |  |  | 15,997 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | 4.36% (L + 4.25%) |  | 6/3/2026 |  | 12,058 |  |  | 12,000 |  |  | 11,998 |
LI Group Holdings, Inc. |  | Software |  | 4.50% (L + 3.75%) |  | 3/11/2028 |  | 4,620 |  |  | 4,610 |  |  | 4,620 |
LSCS Holdings, Inc. |  | Healthcare Services |  | 5.00% (L + 4.50%) |  | 12/16/2028 |  | 7,644 |  |  | 7,605 |  |  | 7,663 |
Mamba Purchaser, Inc. |  | Healthcare Services |  | 4.25% (L + 3.75%) |  | 10/16/2028 |  | 5,773 |  |  | 5,745 |  |  | 5,777 |
Maravai Intermediate Holdings, LLC |  | Specialty Chemicals & Materials |  | 4.75% (L + 3.75%) |  | 10/19/2027 |  | 2,939 |  |  | 2,914 |  |  | 2,956 |
Maverick Bidco Inc. |  | Software |  | 4.50% (L + 3.75%) |  | 5/18/2028 |  | 4,000 |  |  | 3,982 |  |  | 4,008 |
Mavis Tire Express Services Topco Corp. |  | Retail |  | 4.75% (L + 4.00%) |  | 5/4/2028 |  | 4,216 |  |  | 4,197 |  |  | 4,224 |
MED ParentCo, LP |  | Healthcare Services |  | 4.35% (L + 4.25%) |  | 8/31/2026 |  | 12,718 |  |  | 12,633 |  |  | 12,727 |
Portfolio Company and Type of Investment |  | Industry |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Mercury Borrower, Inc. |  | Business Services |  | 4.00% (L + 3.50%) |  | 8/2/2028 |  | $ | 4,211 |  |  | $ | 4,189 |  |  | $ | 4,204 |
MH Sub I, LLC (Micro Holding Corp.) |  | Software |  | 4.75% (L + 3.75%) |  | 9/13/2024 |  | 10,804 |  |  | 10,777 |  |  | 10,842 |
National Intergovernmental Purchasing Alliance Company |  | Business Services |  | 3.72% (L + 3.50%) |  | 5/23/2025 |  | 8,540 |  |  | 8,538 |  |  | 8,526 |
Navex Topco, Inc. |  | Software |  | 3.36% (L + 3.25%) |  | 9/5/2025 |  | 17,024 |  |  | 16,927 |  |  | 16,946 |
Netsmart, Inc. |  | Healthcare I.T. |  | 4.75% (L + 4.00%) |  | 10/1/2027 |  | 3,980 |  |  | 3,980 |  |  | 3,992 |
Newport Group Holdings II, Inc. |  | Business Services |  | 3.72% (L + 3.50%) |  | 9/12/2025 |  | 4,838 |  |  | 4,824 |  |  | 4,835 |
Outcomes Group Holdings, Inc. |  | Healthcare Services |  | 3.47% (L + 3.25%) |  | 10/24/2025 |  | 3,366 |  |  | 3,361 |  |  | 3,335 |
Peraton Corp. |  | Federal Services |  | 4.50% (L + 3.75%) |  | 2/1/2028 |  | 7,444 |  |  | 7,410 |  |  | 7,460 |
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) |  | Consumer Services |  | 4.25% (L + 3.50%) |  | 2/14/2025 |  | 5,719 |  |  | 5,716 |  |  | 5,726 |
Planview Parent, Inc. |  | Software |  | 4.75% (L + 4.00%) |  | 12/17/2027 |  | 7,919 |  |  | 7,850 |  |  | 7,929 |
Premise Health Holding Corp. |  | Healthcare Services |  | 3.72% (L + 3.50%) |  | 7/10/2025 |  | 7,483 |  |  | 7,462 |  |  | 7,455 |
Project Ruby Ultimate Parent Corp. |  | Healthcare I.T. |  | 4.00% (L + 3.25%) |  | 3/10/2028 |  | 11,414 |  |  | 11,361 |  |  | 11,407 |
Quest Software US Holdings Inc. |  | Software |  | 4.38% (L + 4.25%) |  | 5/16/2025 |  | 14,550 |  |  | 14,511 |  |  | 14,555 |
RealPage, Inc. |  | Business Services |  | 3.75% (L + 3.25%) |  | 4/24/2028 |  | 13,965 |  |  | 13,933 |  |  | 13,941 |
RLG Holdings, LLC |  | Packaging |  | 5.00% (L + 4.25%) |  | 7/7/2028 |  | 5,844 |  |  | 5,816 |  |  | 5,841 |
Sierra Enterprises, LLC |  | Food & Beverage |  | 5.00% (L + 4.00%) |  | 11/11/2024 |  | 2,406 |  |  | 2,405 |  |  | 2,406 |
Snap One Holdings Corp. |  | Distribution & Logistics |  | 5.00% (L + 4.50%) |  | 12/8/2028 |  | 6,672 |  |  | 6,606 |  |  | 6,664 |
Sovos Brands Intermediate, Inc. |  | Food & Beverage |  | 4.50% (L + 3.75%) |  | 6/8/2028 |  | 9,429 |  |  | 9,407 |  |  | 9,437 |
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) |  | Education |  | 4.47% (L + 4.25%) |  | 7/30/2025 |  | 12,058 |  |  | 12,041 |  |  | 11,666 |
Storable, Inc. |  | Software |  | 3.75% (L + 3.25%) |  | 4/17/2028 |  | 3,862 |  |  | 3,853 |  |  | 3,854 |
Symplr Software, Inc. |  | Healthcare I.T. |  | 5.25% (L + 4.50%) |  | 12/22/2027 |  | 15,880 |  |  | 15,750 |  |  | 15,938 |
Syndigo LLC |  | Software |  | 5.25% (L + 4.50%) |  | 12/15/2027 |  | 14,888 |  |  | 14,790 |  |  | 14,925 |
Therapy Brands Holdings LLC |  | Healthcare I.T. |  | 4.75% (L + 4.00%) |  | 5/18/2028 |  | 3,400 |  |  | 3,384 |  |  | 3,400 |
Thermostat Purchaser III, Inc. |  | Business Services |  | 5.25% (L + 4.50%) |  | 8/31/2028 |  | 5,953 |  |  | 5,924 |  |  | 5,953 |
TIBCO Software Inc. |  | Software |  | 3.86% (L + 3.75%) |  | 6/30/2026 |  | 7,577 |  |  | 7,563 |  |  | 7,535 |
Trader Interactive, LLC (fka Dominion Web Solutions LLC) |  | Business Services |  | 4.50% (L + 4.00%) |  | 7/28/2028 |  | 4,910 |  |  | 4,886 |  |  | 4,904 |
Unified Women's Healthcare, LP |  | Healthcare Services |  | 5.00% (L + 4.25%) |  | 12/20/2027 |  | 9,950 |  |  | 9,883 |  |  | 9,984 |
Valcour Packaging, LLC |  | Packaging |  | 4.25% (L + 3.75%) |  | 10/4/2028 |  | 4,538 |  |  | 4,524 |  |  | 4,538 |
VetCor Professional Practices LLC |  | Consumer Services |  | 5.00% (L + 4.25%) |  | 7/2/2025 |  | 6,980 |  |  | 6,846 |  |  | 6,922 |
VT Topco, Inc. |  | Business Services |  | 3.35% (L + 3.25%) |  | 8/1/2025 |  | 2,766 |  |  | 2,766 |  |  | 2,748 |
VT Topco, Inc. |  | Business Services |  | 4.50% (L + 3.75%) |  | 8/1/2025 |  | 849 |  |  | 845 |  |  | 844 |
Waystar Technologies, Inc. |  | Healthcare Services |  | 4.10% (L + 4.00%) |  | 10/22/2026 |  | 4,066 |  |  | 4,058 |  |  | 4,069 |
WP CityMD Bidco LLC |  | Healthcare Services |  | 3.75% (L + 3.25%) |  | 12/22/2028 |  | 9,180 |  |  | 9,136 |  |  | 9,182 |
Wrench Group LLC |  | Consumer Services |  | 4.22% (L + 4.00%) |  | 4/30/2026 |  | 7,905 |  |  | 7,886 |  |  | 7,905 |
YI, LLC |  | Healthcare Services |  | 5.00% (L + 4.00%) |  | 11/7/2024 |  | 9,590 |  |  | 9,586 |  |  | 9,542 |
Total Funded Investments |  |  |  |  |  |  |  | 704,948 |  |  | 701,756 |  |  | 702,149 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | Healthcare Services |  | — |  | 11/30/2023 |  | 2,638 |  |  | (13) |  |  | — |
Therapy Brands Holdings LLC |  | Healthcare I.T. |  | — |  | 5/18/2023 |  | 735 |  |  | — |  |  | — |
Thermostat Purchaser III, Inc. |  | Business Services |  | — |  | 8/31/2023 |  | 1,047 |  |  | — |  |  | — |
VT Topco, Inc. |  | Business Services |  | — |  | 8/1/2023 |  | 149 |  |  | — |  |  | (1) |
Total Unfunded Investments |  |  |  |  |  |  |  | $ | 4,569 |  |  | $ | (13) |  |  | $ | (1) |
Total Investments |  |  |  |  |  |  |  | $ | 709,517 |  |  | $ | 701,743 |  |  | $ | 702,148 |
(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP III. Below is certain summarized financial information for SLP III as of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, December 31, 2021 and December 31, 2020:
Selected Balance Sheet Information: | December 31, 2022 |  | December 31, 2021 |  |
Investments at fair value (cost of $681,288 and $701,743, respectively) | $ | 639,327 |  |  | $ | 702,148 |  |  |
Cash and other assets | 17,149 |  |  | 16,505 |  |  |
Receivable from unsettled securities sold | — |  |  | 7,351 |  |  |
Total assets | $ | 656,476 |  |  | $ | 726,004 |  |  |
Credit facility | $ | 512,100 |  |  | $ | 510,900 |  |  |
Deferred financing costs (net of accumulated amortization of $4,840 and $3,338, respectively) | (1,695) |  |  | (3,198) |  |  |
Payable for unsettled securities purchased | — |  |  | 34,552 |  |  |
Distribution payable | 5,688 |  |  | 5,031 |  |  |
Other liabilities | 6,492 |  |  | 2,378 |  |  |
Total liabilities | 522,585 |  |  | 549,663 |  |  |
Members' capital | $ | 133,891 |  |  | $ | 176,341 |  |  |
Total liabilities and members' capital | $ | 656,476 |  |  | $ | 726,004 |  |  |
| Year Ended December 31,
Selected Statement of Operations Information: | 2022 |  | 2021 |  | 2020 |  |
Interest income | $ | 41,382 |  |  | $ | 31,240 |  |  | $ | 27,476 |  |  |
Other income | 774 |  |  | 573 |  |  | 576 |  |  |
Total investment income | 42,156 |  |  | 31,813 |  |  | 28,052 |  |  |
Interest and other financing expenses | 19,274 |  |  | 10,624 |  |  | 11,872 |  |  |
Other expenses | 863 |  |  | 804 |  |  | 747 |  |  |
Net expenses | 20,137 |  |  | 11,428 |  |  | 12,619 |  |  |
Net investment income | 22,019 |  |  | 20,385 |  |  | 15,433 |  |  |
Net realized (losses) gains on investments | (247) |  |  | 572 |  |  | 262 |  |  |
Net change in unrealized (depreciation) appreciation of investments | (42,366) |  |  | 6,360 |  |  | (418) |  |  |
Net (decrease) increase in members' capital | $ | (20,594) |  |  | $ | 27,317 |  |  | $ | 15,277 |  |  |
For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company earned approximately $17,485, $16,712 and $11,864, respectively, of dividend income related to SLP III, which is included in dividend income. As of December 31, 2022 and December 31, 2021 approximately $4,550 and $4,025, respectively, of dividend income related to SLP III was included in interest and dividend receivable. The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III. NMFC Senior Loan Program IV LLC NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement. SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of December 31, 2022 and December 31, 2021, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2022 and December 31, 2021. On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of December 31, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately $473,762 and $504,948, respectively, and debt outstanding under its credit facility of $365,537 and $360,137, respectively. As of December 31, 2022, none of SLP IV’s investments were on non-accrual. Additionally, as of December 31, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of $1,973 and $6,103, respectively. Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2022:
|  | December 31, 2022 |  | December 31, 2021
First lien investments (1) |  | $ | 510,372 |  |  | $ | 513,298 |
Weighted average interest rate on first lien investments (2) |  | 8.54 | % |  | 4.64 | %
Number of portfolio companies in SLP IV |  | 74 |  |  | 68 |
Largest portfolio company investment (1) |  | $ | 21,982 |  |  | $ | 22,215 |
Total of five largest portfolio company investments (1) |  | $ | 93,734 |  |  | $ | 99,875 |
(1)Reflects principal amount or par value of investment. (2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2022:
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADG, LLC |  | Healthcare |  | L (M) |  | 4.75% + 0.50%/PIK |  | 9.69% |  | 09/2023 |  | $ | 16,335 |  |  | $ | 16,315 |  |  | $ | 15,674 |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | L (M) |  | 3.75% |  | 8.13% |  | 12/2027 |  | 1,852 |  |  | 1,844 |  |  | 1,693 |
Advisor Group Holdings, Inc. |  | Financial Services |  | L (M) |  | 4.50% |  | 8.88% |  | 07/2026 |  | 11,577 |  |  | 11,513 |  |  | 11,353 |
Artera Services, LLC |  | Distribution & Logistics |  | L (Q) |  | 3.50% |  | 8.23% |  | 03/2025 |  | 5,275 |  |  | 5,251 |  |  | 4,339 |
athenahealth Group Inc. |  | Healthcare |  | SOFR (M) |  | 3.50% |  | 7.82% |  | 02/2029 |  | 2,397 |  |  | 2,387 |  |  | 2,171 |
Barracuda Parent, LLC |  | Software |  | SOFR (Q) |  | 4.50% |  | 8.59% |  | 08/2029 |  | 5,000 |  |  | 4,856 |  |  | 4,822 |
Bayou Intermediate II, LLC |  | Healthcare |  | L (Q) |  | 4.50% |  | 8.96% |  | 08/2028 |  | 8,607 |  |  | 8,571 |  |  | 8,305 |
Bella Holding Company, LLC |  | Healthcare |  | L (M) |  | 3.75% |  | 8.13% |  | 05/2028 |  | 1,751 |  |  | 1,746 |  |  | 1,661 |
Bleriot US Bidco Inc. |  | Federal Services |  | L (Q) |  | 4.00% |  | 8.73% |  | 10/2026 |  | 3,940 |  |  | 3,940 |  |  | 3,907 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | L (Q) |  | 4.25% |  | 7.99% |  | 09/2025 |  | 4,427 |  |  | 4,418 |  |  | 4,220 |
Brave Parent Holdings, Inc. |  | Software |  | L (M) |  | 4.00% |  | 8.38% |  | 04/2025 |  | 2,345 |  |  | 2,342 |  |  | 2,278 |
Brown Group Holding, LLC |  | Distribution & Logistics |  | SOFR (Q) |  | 3.75% |  | 7.91% |  | 07/2029 |  | 5,424 |  |  | 5,293 |  |  | 5,416 |
Cano Health, LLC |  | Healthcare |  | SOFR (M) |  | 4.00% |  | 8.42% |  | 11/2027 |  | 7,478 |  |  | 7,473 |  |  | 6,011 |
CE Intermediate I, LLC |  | Software |  | L (Q) |  | 4.00% |  | 8.59% |  | 11/2028 |  | 8,178 |  |  | 8,127 |  |  | 7,779 |
CentralSquare Technologies, LLC |  | Software |  | P (Q) |  | 3.75% |  | 8.48% |  | 08/2025 |  | 14,400 |  |  | 14,385 |  |  | 12,488 |
Certara Holdco, Inc. |  | Healthcare |  | L (M) |  | 3.50% |  | 7.88% |  | 08/2026 |  | 3,900 |  |  | 3,893 |  |  | 3,849 |
CHA Holdings, Inc. |  | Business Services |  | L (Q) |  | 4.50% |  | 9.23% |  | 04/2025 |  | 1,984 |  |  | 1,979 |  |  | 1,960 |
CHA Holdings, Inc. |  | Business Services |  | L (Q) |  | 4.50% |  | 9.23% |  | 04/2025 |  | 10,806 |  |  | 10,788 |  |  | 10,679 |
Confluent Health, LLC |  | Healthcare |  | L (M) |  | 4.00% |  | 8.68% |  | 11/2028 |  | 999 |  |  | 991 |  |  | 853 |
Confluent Health, LLC |  | Healthcare |  | L (M) |  | 4.00% |  | 8.38% |  | 11/2028 |  | 8,014 |  |  | 7,979 |  |  | 6,842 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR (Q) |  | 3.75% |  | 8.33% |  | 02/2029 |  | 6,948 |  |  | 6,916 |  |  | 6,617 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR (Q) |  | 5.25% |  | 9.83% |  | 09/2026 |  | 4,988 |  |  | 4,846 |  |  | 4,838 |
Cornerstone OnDemand, Inc. |  | Software |  | L (M) |  | 3.75% |  | 8.13% |  | 10/2028 |  | 3,222 |  |  | 3,209 |  |  | 2,892 |
CVET Midco 2, L.P. |  | Software |  | SOFR (Q) |  | 5.00% |  | 9.58% |  | 10/2029 |  | 2,687 |  |  | 2,529 |  |  | 2,522 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR (M) |  | 4.50% |  | 8.82% |  | 12/2027 |  | 10,666 |  |  | 10,640 |  |  | 10,559 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR (Q) |  | 4.38% |  | 7.97% |  | 10/2029 |  | 5,400 |  |  | 4,976 |  |  | 4,943 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | L (Q) |  | 4.25% |  | 8.98% |  | 03/2028 |  | 9,875 |  |  | 9,769 |  |  | 8,393 |
Drilling Info Holdings, Inc. |  | Business Services |  | L (M) |  | 4.25% |  | 8.63% |  | 07/2025 |  | 20,288 |  |  | 20,251 |  |  | 19,578 |
EAB Global, Inc. |  | Education |  | L (M) |  | 3.50% |  | 7.88% |  | 08/2028 |  | 6,422 |  |  | 6,395 |  |  | 6,193 |
Emerald 2 Limited |  | Business Services |  | L (Q) |  | 3.25% |  | 7.98% |  | 07/2028 |  | 441 |  |  | 440 |  |  | 437 |
Energize Holdco LLC |  | Business Services |  | L (M) |  | 3.75% |  | 8.13% |  | 12/2028 |  | 9,000 |  |  | 8,961 |  |  | 8,550 |
eResearchTechnology, Inc. |  | Healthcare |  | L (M) |  | 4.50% |  | 8.88% |  | 02/2027 |  | 4,384 |  |  | 4,357 |  |  | 3,895 |
EyeCare Partners, LLC |  | Healthcare |  | L (Q) |  | 3.75% |  | 8.48% |  | 11/2028 |  | 9,925 |  |  | 9,904 |  |  | 8,445 |
Foundational Education Group, Inc. |  | Education |  | SOFR (Q) |  | 3.75% |  | 8.59% |  | 08/2028 |  | 6,435 |  |  | 6,381 |  |  | 6,048 |
Geo Parent Corporation |  | Business Services |  | SOFR (Q) |  | 5.25% |  | 9.44% |  | 12/2025 |  | 9,709 |  |  | 9,499 |  |  | 9,470 |
Greenway Health, LLC |  | Healthcare |  | L (Q) |  | 3.75% |  | 8.48% |  | 02/2024 |  | 20,729 |  |  | 20,710 |  |  | 14,536 |
Heartland Dental, LLC |  | Healthcare |  | L (M) |  | 3.75% |  | 8.13% |  | 04/2025 |  | 3,535 |  |  | 3,529 |  |  | 3,280 |
Heartland Dental, LLC |  | Healthcare |  | L (M) |  | 4.00% |  | 8.39% |  | 04/2025 |  | 6,206 |  |  | 6,186 |  |  | 5,785 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR (Q) |  | 4.00% |  | 8.19% |  | 11/2026 |  | 9,808 |  |  | 9,782 |  |  | 8,867 |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR (M) |  | 5.25% |  | 9.67% |  | 04/2029 |  | 4,037 |  |  | 3,926 |  |  | 3,854 |
Hunter Holdco 3 Limited |  | Healthcare |  | L (Q) |  | 4.25% |  | 8.98% |  | 08/2028 |  | 3,949 |  |  | 3,916 |  |  | 3,886 |
Idera, Inc. |  | Software |  | L (Q) |  | 3.75% |  | 7.50% |  | 03/2028 |  | 9,224 |  |  | 9,162 |  |  | 8,723 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | L (Q) |  | 4.25% |  | 8.98% |  | 06/2026 |  | 5,430 |  |  | 5,389 |  |  | 5,265 |
LSCS Holdings, Inc. |  | Healthcare |  | L (M) |  | 4.50% |  | 8.88% |  | 12/2028 |  | 8,669 |  |  | 8,634 |  |  | 8,290 |
Mamba Purchaser, Inc. |  | Healthcare |  | L (M) |  | 3.50% |  | 7.89% |  | 10/2028 |  | 4,092 |  |  | 4,075 |  |  | 3,919 |
Mandolin Technology Intermediate Holdings, Inc. |  | Software |  | L (Q) |  | 3.75% |  | 8.16% |  | 07/2028 |  | 9,900 |  |  | 9,859 |  |  | 9,281 |
Maverick Bidco Inc. |  | Software |  | SOFR (Q) |  | 5.00% |  | 9.28% |  | 05/2028 |  | 2,000 |  |  | 1,905 |  |  | 1,901 |
Maverick Bidco Inc. |  | Software |  | L (Q) |  | 3.75% |  | 8.16% |  | 05/2028 |  | 7,921 |  |  | 7,889 |  |  | 7,527 |
Portfolio Company and Type of Investment |  | Industry |  | Reference |  | Spread |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Mavis Tire Express Services Topco Corp. |  | Retail |  | SOFR (M) |  | 4.00% |  | 8.50% |  | 05/2028 |  | $ | 8,348 |  |  | $ | 8,314 |  |  | $ | 7,985 |
Mercury Borrower, Inc. |  | Business Services |  | L (Q) |  | 3.50% |  | 8.25% |  | 08/2028 |  | 6,188 |  |  | 6,162 |  |  | 5,917 |
MH Sub I, LLC (Micro Holding Corp.) |  | Software |  | L (M) |  | 3.75% |  | 8.13% |  | 09/2024 |  | 7,818 |  |  | 7,805 |  |  | 7,606 |
National Intergovernmental Purchasing Alliance Company |  | Business Services |  | SOFR (Q) |  | 3.50% |  | 8.08% |  | 05/2025 |  | 1,319 |  |  | 1,320 |  |  | 1,308 |
Netsmart, Inc. |  | Healthcare |  | L (M) |  | 4.00% |  | 8.38% |  | 10/2027 |  | 6,894 |  |  | 6,895 |  |  | 6,658 |
OEConnection LLC |  | Software |  | SOFR (M) |  | 4.00% |  | 8.42% |  | 09/2026 |  | 4,081 |  |  | 4,056 |  |  | 3,899 |
Pearls (Netherlands) Bidco B.V. |  | Specialty Chemicals & Materials |  | SOFR (Q) |  | 3.75% |  | 7.84% |  | 02/2029 |  | 1,333 |  |  | 1,330 |  |  | 1,298 |
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) |  | Consumer Services |  | L (M) |  | 3.50% |  | 7.88% |  | 02/2025 |  | 7,975 |  |  | 7,962 |  |  | 7,537 |
Physician Partners, LLC |  | Healthcare |  | SOFR (M) |  | 4.00% |  | 8.42% |  | 12/2028 |  | 4,252 |  |  | 4,214 |  |  | 4,068 |
Premise Health Holding Corp. |  | Healthcare |  | L (S) |  | 3.75% |  | 7.92% |  | 07/2025 |  | 1,946 |  |  | 1,942 |  |  | 1,888 |
Project Boost Purchaser, LLC |  | Business Services |  | L (M) |  | 3.50% |  | 7.88% |  | 05/2026 |  | 2,463 |  |  | 2,458 |  |  | 2,377 |
RealPage, Inc. |  | Software |  | L (M) |  | 3.00% |  | 7.38% |  | 04/2028 |  | 3,628 |  |  | 3,617 |  |  | 3,460 |
RLG Holdings, LLC |  | Packaging |  | L (M) |  | 4.00% |  | 8.38% |  | 07/2028 |  | 4,719 |  |  | 4,700 |  |  | 4,456 |
Sierra Enterprises, LLC |  | Food & Beverage |  | L (Q) |  | 4.00% |  | 8.41% |  | 11/2024 |  | 4,172 |  |  | 4,164 |  |  | 2,910 |
Snap One Holdings Corp. |  | Distribution & Logistics |  | L (M) |  | 4.50% |  | 8.88% |  | 12/2028 |  | 8,584 |  |  | 8,509 |  |  | 7,898 |
Sovos Brands Intermediate, Inc. |  | Food & Beverage |  | L (Q) |  | 3.50% |  | 7.91% |  | 06/2028 |  | 8,290 |  |  | 8,273 |  |  | 8,110 |
STATS Intermediate Holdings, LLC |  | Business Services |  | SOFR (Q) |  | 7.25% |  | 11.52% |  | 07/2026 |  | 2,294 |  |  | 2,204 |  |  | 2,202 |
Storable, Inc. |  | Software |  | SOFR (M) |  | 3.50% |  | 7.98% |  | 04/2028 |  | 3,960 |  |  | 3,940 |  |  | 3,788 |
Symplr Software, Inc. |  | Healthcare |  | SOFR (Q) |  | 4.50% |  | 8.69% |  | 12/2027 |  | 3,765 |  |  | 3,756 |  |  | 3,163 |
Syndigo LLC |  | Software |  | L (M) |  | 4.50% |  | 8.84% |  | 12/2027 |  | 9,760 |  |  | 9,744 |  |  | 9,497 |
Therapy Brands Holdings LLC |  | Software |  | L (M) |  | 4.00% |  | 8.35% |  | 05/2028 |  | 6,030 |  |  | 6,004 |  |  | 5,668 |
Thermostat Purchaser III, Inc. |  | Business Services |  | L (Q) |  | 4.50% |  | 9.23% |  | 08/2028 |  | 4,288 |  |  | 4,270 |  |  | 4,143 |
USIC Holdings, Inc. |  | Business Services |  | L (M) |  | 3.50% |  | 7.88% |  | 05/2028 |  | 3,801 |  |  | 3,788 |  |  | 3,638 |
Valcour Packaging, LLC |  | Packaging |  | L (S) |  | 3.75% |  | 7.98% |  | 10/2028 |  | 3,276 |  |  | 3,268 |  |  | 2,744 |
Virtusa Corporation |  | Information Technology |  | SOFR (M) |  | 3.75% |  | 8.17% |  | 02/2029 |  | 2,281 |  |  | 2,260 |  |  | 2,208 |
VT Topco, Inc. |  | Business Services |  | L (M) |  | 3.75% |  | 6.16% |  | 08/2025 |  | 308 |  |  | 306 |  |  | 293 |
VT Topco, Inc. |  | Business Services |  | L (M) |  | 3.75% |  | 8.13% |  | 08/2025 |  | 8,378 |  |  | 8,350 |  |  | 8,154 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR (M) |  | 5.25% |  | 9.57% |  | 07/2029 |  | 4,081 |  |  | 3,824 |  |  | 3,915 |
Wrench Group LLC |  | Consumer Services |  | L (Q) |  | 4.00% |  | 8.73% |  | 04/2026 |  | 9,469 |  |  | 9,421 |  |  | 9,155 |
YI, LLC |  | Healthcare |  | L (M) |  | 4.00% |  | 8.38% |  | 11/2024 |  | 21,982 |  |  | 21,975 |  |  | 21,251 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR (S) |  | 4.75% |  | 8.62% |  | 03/2028 |  | 9,950 |  |  | 9,773 |  |  | 9,791 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR (S) |  | 4.75% |  | 8.64% |  | 03/2028 |  | 2,187 |  |  | 2,149 |  |  | 2,152 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 508,399 |  |  | $ | 504,879 |  |  | $ | 473,931 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
athenahealth Group Inc. |  | Healthcare |  | — |  | — |  | — |  | 01/2024 |  | $ | 294 |  |  | $ | — |  |  | $ | (28) |
Confluent Health, LLC |  | Healthcare |  | — |  | — |  | — |  | 11/2023 |  | 759 |  |  | (4) |  |  | (111) |
Thermostat Purchaser III, Inc. |  | Business Services |  | — |  | — |  | — |  | 08/2023 |  | 669 |  |  | — |  |  | (23) |
VT Topco, Inc. |  | Business Services |  | — |  | — |  | — |  | 08/2023 |  | 251 |  |  | — |  |  | (7) |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 1,973 |  |  | $ | (4) |  |  | $ | (169) |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 510,372 |  |  | $ | 504,875 |  |  | $ | 473,762 |
(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2022. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV. The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2021:
Portfolio Company and Type of Investment |  | Industry |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
Funded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |
ADG, LLC |  | Healthcare Services |  | 6.25% (L + 4.75% + 0.50% PIK) |  | 9/28/2023 |  | $ | 16,565 |  |  | $ | 16,518 |  |  | $ | 16,565 |
ADMI Corp. (aka Aspen Dental) |  | Healthcare Services |  | 4.00% (L + 3.50%) |  | 12/23/2027 |  | 1,870 |  |  | 1,862 |  |  | 1,870 |
Advisor Group Holdings, Inc. |  | Financial Services |  | 4.60% (L + 4.50%) |  | 7/31/2026 |  | 11,697 |  |  | 11,615 |  |  | 11,735 |
Artera Services, LLC |  | Distribution & Logistics |  | 4.50% (L + 3.50%) |  | 3/6/2025 |  | 5,329 |  |  | 5,293 |  |  | 5,173 |
Bayou Intermediate II, LLC |  | Healthcare Services |  | 5.25% (L + 4.50%) |  | 8/2/2028 |  | 8,693 |  |  | 8,652 |  |  | 8,704 |
Bearcat Buyer, Inc. |  | Healthcare Services |  | 5.25% (L + 4.25%) |  | 7/9/2026 |  | 1,976 |  |  | 1,969 |  |  | 1,976 |
Bearcat Buyer, Inc. |  | Healthcare Services |  | 5.25% (L + 4.25%) |  | 7/9/2026 |  | 410 |  |  | 408 |  |  | 410 |
Bella Holding Company, LLC |  | Healthcare Services |  | 4.50% (L + 3.75%) |  | 5/10/2028 |  | 1,769 |  |  | 1,763 |  |  | 1,770 |
Bleriot US Bidco Inc. |  | Federal Services |  | 4.22% (L + 4.00%) |  | 10/30/2026 |  | 3,980 |  |  | 3,980 |  |  | 3,983 |
Bracket Intermediate Holding Corp. |  | Healthcare Services |  | 4.38% (L + 4.25%) |  | 9/5/2025 |  | 4,473 |  |  | 4,461 |  |  | 4,469 |
Brave Parent Holdings, Inc. |  | Software |  | 4.10% (L + 4.00%) |  | 4/18/2025 |  | 2,390 |  |  | 2,385 |  |  | 2,392 |
Cano Health, LLC |  | Healthcare Services |  | 5.25% (L + 4.50%) |  | 11/23/2027 |  | 5,737 |  |  | 5,731 |  |  | 5,748 |
CE Intermediate I, LLC |  | Software |  | 4.50% (L + 4.00%) |  | 11/10/2028 |  | 8,239 |  |  | 8,182 |  |  | 8,188 |
CentralSquare Technologies, LLC |  | Software |  | 3.97% (L + 3.75%) |  | 8/29/2025 |  | 14,550 |  |  | 14,530 |  |  | 13,761 |
Certara Holdco, Inc. |  | Healthcare Information Technology |  | 3.60% (L + 3.50%) |  | 8/15/2026 |  | 3,940 |  |  | 3,931 |  |  | 3,932 |
CHA Holdings, Inc. |  | Business Services |  | 5.50% (L + 4.50%) |  | 4/10/2025 |  | 10,919 |  |  | 10,894 |  |  | 10,919 |
CHA Holdings, Inc. |  | Business Services |  | 5.50% (L + 4.50%) |  | 4/10/2025 |  | 2,004 |  |  | 1,998 |  |  | 2,004 |
Confluent Health, LLC |  | Healthcare Services |  | 4.50% (L + 4.00%) |  | 11/30/2028 |  | 8,076 |  |  | 8,035 |  |  | 8,076 |
Cornerstone OnDemand, Inc. |  | Software |  | 4.25% (L + 3.75%) |  | 10/16/2028 |  | 3,247 |  |  | 3,231 |  |  | 3,244 |
Cvent, Inc. |  | Software |  | 3.85% (L + 3.75%) |  | 11/29/2024 |  | 2,322 |  |  | 2,319 |  |  | 2,322 |
Dealer Tire, LLC |  | Distribution & Logistics |  | 4.35% (L + 4.25%) |  | 12/12/2025 |  | 10,748 |  |  | 10,729 |  |  | 10,767 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | 5.00% (L + 4.25%) |  | 3/27/2028 |  | 9,975 |  |  | 9,851 |  |  | 9,969 |
Drilling Info Holdings, Inc. |  | Business Services |  | 4.35% (L + 4.25%) |  | 7/30/2025 |  | 20,500 |  |  | 20,449 |  |  | 20,346 |
EAB Global, Inc. |  | Education |  | 4.00% (L + 3.50%) |  | 8/16/2028 |  | 10,000 |  |  | 9,952 |  |  | 9,961 |
Emerald 2 Limited |  | Business Services |  | 3.47% (L + 3.25%) |  | 7/12/2028 |  | 445 |  |  | 444 |  |  | 443 |
Energize Holdco LLC |  | Business Services |  | 4.25% (L + 3.75%) |  | 12/8/2028 |  | 9,068 |  |  | 9,023 |  |  | 9,045 |
eResearchTechnology, Inc. |  | Healthcare Services |  | 5.50% (L + 4.50%) |  | 2/4/2027 |  | 4,429 |  |  | 4,396 |  |  | 4,455 |
EyeCare Partners, LLC |  | Healthcare Services |  | 4.25% (L + 3.75%) |  | 11/15/2028 |  | 8,000 |  |  | 7,980 |  |  | 7,982 |
EyeCare Partners, LLC |  | Healthcare Services |  | 6.00% (P + 2.75%) |  | 11/15/2028 |  | 1,364 |  |  | 1,360 |  |  | 1,360 |
Foundational Education Group, Inc. |  | Education |  | 4.75% (L + 4.25%) |  | 8/31/2028 |  | 6,500 |  |  | 6,438 |  |  | 6,516 |
Greenway Health, LLC |  | Healthcare Information Technology |  | 4.75% (L + 3.75%) |  | 2/16/2024 |  | 20,948 |  |  | 20,912 |  |  | 20,104 |
Heartland Dental, LLC |  | Healthcare Services |  | 3.60% (L + 3.50%) |  | 4/30/2025 |  | 3,572 |  |  | 3,563 |  |  | 3,541 |
Heartland Dental, LLC |  | Healthcare Services |  | 4.10% (L + 4.00%) |  | 4/30/2025 |  | 6,269 |  |  | 6,241 |  |  | 6,261 |
Help/Systems Holdings, Inc. |  | Software |  | 4.75% (L + 4.00%) |  | 11/19/2026 |  | 9,909 |  |  | 9,876 |  |  | 9,888 |
Hunter Holdco 3 Limited |  | Healthcare Services |  | 4.75% (L + 4.25%) |  | 8/19/2028 |  | 3,949 |  |  | 3,911 |  |  | 3,959 |
Idera, Inc. |  | Software |  | 4.50% (L + 3.75%) |  | 3/2/2028 |  | 9,318 |  |  | 9,245 |  |  | 9,338 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | 4.36% (L + 4.25%) |  | 6/3/2026 |  | 5,486 |  |  | 5,434 |  |  | 5,459 |
Keystone Acquisition Corp. |  | Healthcare Services |  | 6.25% (L + 5.25%) |  | 5/1/2024 |  | 5,171 |  |  | 5,150 |  |  | 5,146 |
LSCS Holdings, Inc. |  | Healthcare Services |  | 5.00% (L + 4.50%) |  | 12/16/2028 |  | 5,897 |  |  | 5,867 |  |  | 5,911 |
Mamba Purchaser, Inc. |  | Healthcare Services |  | 4.25% (L + 3.75%) |  | 10/16/2028 |  | 4,124 |  |  | 4,104 |  |  | 4,126 |
Mandolin Technology Intermediate Holdings, Inc. |  | Software |  | 4.25% (L + 3.75%) |  | 7/31/2028 |  | 10,000 |  |  | 9,953 |  |  | 9,975 |
Maverick Bidco Inc. |  | Software |  | 4.50% (L + 3.75%) |  | 5/18/2028 |  | 8,000 |  |  | 7,963 |  |  | 8,015 |
Mavis Tire Express Services Topco Corp. |  | Retail |  | 4.75% (L + 4.00%) |  | 5/4/2028 |  | 8,432 |  |  | 8,394 |  |  | 8,447 |
Mercury Borrower, Inc. |  | Business Services |  | 4.00% (L + 3.50%) |  | 8/2/2028 |  | 6,250 |  |  | 6,220 |  |  | 6,240 |
MH Sub I, LLC (Micro Holding Corp.) |  | Software |  | 4.75% (L + 3.75%) |  | 9/13/2024 |  | 7,898 |  |  | 7,878 |  |  | 7,925 |
Ministry Brands, LLC |  | Software |  | 5.00% (L + 4.00%) |  | 12/2/2022 |  | 16,734 |  |  | 16,719 |  |  | 16,734 |
Ministry Brands, LLC |  | Software |  | 5.00% (L + 4.00%) |  | 12/2/2022 |  | 2,051 |  |  | 2,050 |  |  | 2,051 |
Ministry Brands, LLC |  | Software |  | 5.00% (L + 4.00%) |  | 12/2/2022 |  | 862 |  |  | 861 |  |  | 862 |
National Intergovernmental Purchasing Alliance Company |  | Business Services |  | 3.72% (L + 3.50%) |  | 5/23/2025 |  | 1,327 |  |  | 1,329 |  |  | 1,325 |
Netsmart, Inc. |  | Healthcare Information Technology |  | 4.75% (L + 4.00%) |  | 10/1/2027 |  | 6,965 |  |  | 6,965 |  |  | 6,987 |
Portfolio Company and Type of Investment |  | Industry |  | Interest Rate (1) |  | Maturity Date |  | Principal Amount or Par Value |  | Cost |  | Fair Value (2)
OEConnection LLC |  | Business Services |  | 4.10% (L + 4.00%) |  | 9/25/2026 |  | $ | 4,123 |  |  | $ | 4,092 |  |  | $ | 4,118 |
PetVet Care Centers, LLC |  | Consumer Services |  | 4.25% (L + 3.50%) |  | 2/14/2025 |  | 9,974 |  |  | 9,950 |  |  | 9,987 |
Premise Health Holding Corp. |  | Healthcare Services |  | 3.72% (L + 3.50%) |  | 7/10/2025 |  | 1,966 |  |  | 1,961 |  |  | 1,959 |
Project Boost Purchaser, LLC |  | Business Services |  | 4.00% (L + 3.50%) |  | 5/30/2026 |  | 2,488 |  |  | 2,482 |  |  | 2,491 |
Quest Software US Holdings Inc. |  | Software |  | 4.38% (L + 4.25%) |  | 5/16/2025 |  | 14,550 |  |  | 14,512 |  |  | 14,555 |
RealPage, Inc. |  | Business Services |  | 3.75% (L + 3.25%) |  | 4/24/2028 |  | 4,988 |  |  | 4,970 |  |  | 4,979 |
RLG Holdings, LLC |  | Packaging |  | 5.00% (L + 4.25%) |  | 7/7/2028 |  | 4,767 |  |  | 4,744 |  |  | 4,765 |
Sierra Enterprises, LLC |  | Food & Beverage |  | 5.00% (L + 4.00%) |  | 11/11/2024 |  | 4,216 |  |  | 4,204 |  |  | 4,216 |
Snap One Holdings Corp. |  | Distribution & Logistics |  | 5.00% (L + 4.50%) |  | 12/8/2028 |  | 8,649 |  |  | 8,563 |  |  | 8,639 |
Sovos Brands Intermediate, Inc. |  | Food & Beverage |  | 4.50% (L + 3.75%) |  | 6/8/2028 |  | 8,290 |  |  | 8,270 |  |  | 8,296 |
Storable, Inc. |  | Software |  | 3.75% (L + 3.25%) |  | 4/17/2028 |  | 4,000 |  |  | 3,977 |  |  | 3,991 |
Syndigo LLC |  | Software |  | 5.25% (L + 4.50%) |  | 12/15/2027 |  | 7,839 |  |  | 7,834 |  |  | 7,858 |
Therapy Brands Holdings LLC |  | Healthcare Information Technology |  | 4.75% (L + 4.00%) |  | 5/18/2028 |  | 4,609 |  |  | 4,588 |  |  | 4,609 |
Thermostat Purchaser III, Inc. |  | Business Services |  | 5.25% (L + 4.50%) |  | 8/31/2028 |  | 4,252 |  |  | 4,231 |  |  | 4,252 |
TIBCO Software Inc. |  | Software |  | 3.86% (L + 3.75%) |  | 6/30/2026 |  | 2,977 |  |  | 2,961 |  |  | 2,961 |
Trader Interactive, LLC (fka Dominion Web Solutions LLC) |  | Business Services |  | 4.50% (L + 4.00%) |  | 7/28/2028 |  | 5,303 |  |  | 5,277 |  |  | 5,296 |
Unified Women's Healthcare, LP |  | Healthcare Services |  | 5.00% (L + 4.25%) |  | 12/20/2027 |  | 7,400 |  |  | 7,365 |  |  | 7,426 |
USIC Holdings, Inc. |  | Business Services |  | 4.25% (L + 3.50%) |  | 5/12/2028 |  | 3,839 |  |  | 3,825 |  |  | 3,839 |
Valcour Packaging, LLC |  | Packaging |  | 4.25% (L + 3.75%) |  | 10/4/2028 |  | 3,301 |  |  | 3,291 |  |  | 3,301 |
VetCor Professional Practices LLC |  | Consumer Services |  | 5.00% (L + 4.25%) |  | 7/2/2025 |  | 9,972 |  |  | 9,779 |  |  | 9,889 |
VT Topco, Inc. |  | Business Services |  | 4.50% (L + 3.75%) |  | 8/1/2025 |  | 8,489 |  |  | 8,451 |  |  | 8,436 |
WP CityMD Bidco LLC |  | Healthcare Services |  | 3.75% (L + 3.25%) |  | 12/22/2028 |  | 7,044 |  |  | 7,002 |  |  | 7,045 |
Wrench Group LLC |  | Consumer Services |  | 4.22% (L + 4.00%) |  | 4/30/2026 |  | 9,567 |  |  | 9,506 |  |  | 9,567 |
YI, LLC |  | Healthcare Services |  | 5.00% (L + 4.00%) |  | 11/7/2024 |  | 22,215 |  |  | 22,203 |  |  | 22,104 |
Total Funded Investments |  |  |  |  |  |  |  | $ | 507,195 |  |  | $ | 505,052 |  |  | $ | 504,958 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | Healthcare Services |  | — |  | 11/30/2023 |  | $ | 1,759 |  |  | $ | (9) |  |  | $ | — |
EyeCare Partners, LLC |  | Healthcare Services |  | — |  | 11/15/2028 |  | 636 |  |  | — |  |  | (1) |
Therapy Brands Holdings LLC |  | Healthcare Information Technology |  | — |  | 5/18/2023 |  | 1,470 |  |  | — |  |  | — |
Thermostat Purchaser III, Inc. |  | Business Services |  | — |  | 8/31/2023 |  | 748 |  |  | — |  |  | — |
VT Topco, Inc. |  | Business Services |  | — |  | 8/4/2023 |  | 1,490 |  |  | — |  |  | (9) |
Total Unfunded Investments |  |  |  |  |  |  |  | $ | 6,103 |  |  | $ | (9) |  |  | $ | (10) |
Total Investments |  |  |  |  |  |  |  | $ | 513,298 |  |  | $ | 505,043 |  |  | $ | 504,948 |
(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV. Below is certain summarized consolidated financial information for SLP IV as of December 31, 2022 and December 31, 2021, for the year ended December 31, 2022 and for the period from May 5, 2021 through December 31, 2021:
Selected Consolidated Balance Sheet Information: | December 31, 2022 |  | December 31, 2021
Investments at fair value (cost of $504,875 and $505,043, respectively) | $ | 473,762 |  |  | $ | 504,948 |
Receivable from unsettled securities sold | — |  |  | 2,595 |
Cash and other assets | 12,853 |  |  | 12,912 |
Total assets | $ | 486,615 |  |  | $ | 520,455 |
Credit facility | $ | 365,537 |  |  | $ | 360,137 |
Deferred financing costs (net of accumulated amortization of $997 and $396, respectively) | (2,008) |  |  | (2,609) |
Payable for unsettled securities purchased | — |  |  | 13,893 |
Distribution payable | 4,648 |  |  | 3,396 |
Other liabilities | 5,410 |  |  | 1,910 |
Total liabilities | 373,587 |  |  | 376,727 |
Members' capital | $ | 113,028 |  |  | $ | 143,728 |
Total liabilities and members' capital | $ | 486,615 |  |  | $ | 520,455 |
Selected Consolidated Statement of Operations Information: | Year Ended |  |
| December 31, 2022 |  | December 31, 2021(1) |  |
Interest income | $ | 31,017 |  |  | $ | 14,821 |  |  |
Other income | 561 |  |  | 234 |  |  |
Total investment income | 31,578 |  |  | 15,055 |  |  |
Interest and other financing expenses | 13,580 |  |  | 4,163 |  |  |
Other expenses | 757 |  |  | 773 |  |  |
Total expenses | 14,337 |  |  | 4,936 |  |  |
Net investment income | 17,241 |  |  | 10,119 |  |  |
Net realized (losses) gains on investments | (164) |  |  | 183 |  |  |
Net change in unrealized (depreciation) appreciation of investments | (31,018) |  |  | 5,033 |  |  |
Net (decrease) increase in members' capital | $ | (13,941) |  |  | $ | 15,335 |  |  |
(1)Reflects the results of operations for the period from May 5, 2021 through December 31, 2021. For the year ended December 31, 2022 and for the period from May 5, 2021 through December 31, 2021, the Company earned approximately $13,173 and $7,767 of dividend income related to SLP IV, respectively, which is included in dividend income. As of December 31, 2022 and December 31, 2021, approximately $3,653 and $2,670, respectively of dividend income related to SLP IV was included in interest and dividend receivable. The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV. Unconsolidated Significant Subsidiaries In accordance with Regulation S-X Rules 3-09 and 4-08(g), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as "significant subsidiaries." This determination is made based upon an analysis performed, pursuant to which the Company must determine if any of its portfolio companies are considered a "significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of December 31, 2022, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary." Investment Risk Factors—First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt. Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value resulting in recognized realized gains or losses upon disposition. The Company’s operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic. At the time of this Annual Report on Form 10-K, public health restrictions have been partially or fully lifted throughout most of the United States and globally. However, new variants of COVID-19, challenges regarding distribution, hesitancy and efficacy of COVID-19 vaccines and treatments, and the reintroduction of related advisories and restrictions may prolong the effects of the COVID-19 pandemic. To the extent its portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, the Company may have a material adverse impact on future net investment income, the fair value of its portfolio investments and its financial condition. While general economic conditions have improved since the beginning of the COVID-19 pandemic, the Company continues to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. The COVID-19 pandemic has and continues to have an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. Any potential impact to the Company's results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond the Company's control. These potential impacts, while uncertain, could adversely affect the Company's and its portfolio companies’ operating results. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and the Company anticipates its business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.

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