The Company invests predominately in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
September 30, 2024:
Senior debt and 1st lien notes	$	1,659,800	68	%	$	1,632,057	68	%	137	%
Subordinated debt and 2nd lien notes	214,860		9		199,971		8		17
Structured products	99,154		4		91,493		4		7
Equity shares	328,635		13		382,531		16		32
Equity warrants	76		—		2,600		—		—
Royalty rights	3,790		—		3,819		—		—
Investment in joint ventures / PE fund	140,605		6		104,243		4		9

	$	2,446,920	100	%	$	2,416,714	100	%	202	%
December 31, 2023:
Senior debt and 1st lien notes	$	1,705,353	67	%	$	1,670,300	67	%	140	%
Subordinated debt and 2nd lien notes	256,850		10		238,215		10		20
Structured products	107,314		4		93,038		4		8
Equity shares	320,335		13		374,704		15		31
Equity warrants	76		—		2,392		—		—
Investment in joint ventures / PE fund	145,648		6		110,066		4		9

	$	2,535,576	100	%	$	2,488,715	100	%	208	%

During the three months ended September 30, 2023, the Company made 10 new investments totaling $64.5 million, made investments in existing portfolio companies totaling $73.4 million. During the nine months ended September 30, 2023, the Company made 25 new investments totaling $156.8 million, made investments in existing portfolio companies totaling $134.2 million, made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million.

The industry composition of investments at fair value at September 30, 2024 and December 31, 2023 was as follows:


($ in thousands)	September 30, 2024		Percent of Portfolio		Percent of Total Net Assets		December 31, 2023		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	110,084	4.6	%	9.2	%	$	132,498	5.3	%	11.1	%
Automotive	52,532		2.2		4.4		80,828		3.3		6.7
Banking, Finance, Insurance and Real Estate	404,997		16.8		34.0		401,816		16.1		33.6
Beverage, Food and Tobacco	36,388		1.5		3.0		23,135		0.9		1.9
Capital Equipment	112,786		4.7		9.4		128,706		5.2		10.8
Chemicals, Plastics, and Rubber	38,852		1.6		3.3		35,897		1.5		3.0
Construction and Building	27,933		1.2		2.3		30,387		1.2		2.5
Consumer goods: Durable	38,378		1.6		3.2		47,074		1.9		3.9
Consumer goods: Non-durable	44,231		1.8		3.7		28,210		1.1		2.4
Containers, Packaging and Glass	37,033		1.5		3.1		37,524		1.5		3.1
Electrical Components & Equipment	10,451		0.4		0.9		—		—		—
Energy: Electricity	12,046		0.5		1.0		20,874		0.8		1.7
Energy: Oil and Gas	2,857		0.1		0.2		3,240		0.1		0.3
Environmental Services	51,828		2.1		4.3		53,484		2.1		4.5

Healthcare & Pharmaceuticals	201,303		8.3		16.9		216,952		8.7		18.1
High Tech Industries	251,487		10.4		21.1		303,082		12.2		25.4
Hotel, Gaming and Leisure	56,771		2.3		4.8		54,256		2.2		4.5
Investment Funds and Vehicles	104,243		4.3		8.7		110,066		4.4		9.2
Media: Advertising, Printing and Publishing	42,754		1.8		3.6		39,447		1.6		3.3
Media: Broadcasting and Subscription	12,437		0.5		1.0		13,277		0.5		1.1
Media: Diversified and Production	64,084		2.7		5.3		64,559		2.6		5.4
Metals and Mining	8,720		0.4		0.7		8,993		0.4		0.8

Services: Business	404,614		16.7		33.9		326,762		13.2		27.3
Services: Consumer	64,362		2.7		5.4		61,409		2.5		5.1
Structured Products	99,341		4.1		8.3		102,922		4.1		8.6
Telecommunications	29,618		1.2		2.5		27,565		1.1		2.3
Transportation: Cargo	82,114		3.4		6.9		96,450		3.9		8.1
Transportation: Consumer	—		—		—		11,951		0.5		1.0
Utilities: Electric	14,470		0.6		1.2		22,696		0.9		1.9
Utilities: Oil and Gas	—		—		—		4,655		0.2		0.4

Total	$	2,416,714	100.0	%	202.3	%	$	2,488,715	100.0	%	208.0	%

On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. Under Jocassee’s current operating agreement, as amended to date, the Company and SCRS have a capital commitment of $100.0 million and $500.0 million, respectively, of equity capital to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

For the three and nine months ended September 30, 2024, Jocassee declared $15.7 million and $47.1 million in dividends, respectively, of which $1.4 million and $4.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, Jocassee declared $15.7 million and $47.1 million in dividends, respectively, of which $1.4 million and $4.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

The total value of Jocassee’s investment portfolio was $1,162.6 million as of September 30, 2024, as compared to $1,330.5 million as of December 31, 2023. As of September 30, 2024, Jocassee’s investments had an aggregate cost of $1,202.8 million, as compared to $1,375.7 million as of December 31, 2023. As of September 30, 2024 and December 31, 2023, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 9.6% and 9.9%, respectively. As of September 30, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2024:
Senior debt and 1st lien notes	$	1,122,271	93	%	$	1,105,053	95	%
Subordinated debt and 2nd lien notes	20,176		2		20,333		2

Equity shares	449		—		239		—
Equity warrants	—		—		449		—
Investment in joint ventures	47,892		4		24,471		2
Short-term investments	12,030		1		12,030		1
	$	1,202,818	100	%	$	1,162,575	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	1,284,098	93	%	$	1,260,183	95	%
Subordinated debt and 2nd lien notes	21,728		2		21,262		2

Equity shares	449		—		268		—
Equity warrants	—		—		467		—
Investment in joint ventures	54,563		4		33,450		2
Short-term investments	14,896		1		14,896		1
	$	1,375,734	100	%	$	1,330,526	100	%


($ in thousands)	September 30, 2024				December 31, 2023
Aerospace and Defense	$	86,149	7.5	%	$	82,200	6.3	%
Automotive	10,855		0.9		26,087		2.0
Banking, Finance, Insurance and Real Estate	125,185		10.9		121,798		9.3
Beverage, Food and Tobacco	30,731		2.7		30,637		2.3
Capital Equipment	13,351		1.2		17,986		1.4
Chemicals, Plastics, and Rubber	38,367		3.3		37,030		2.8
Construction and Building	20,283		1.8		16,942		1.3
Consumer goods: Durable	26,537		2.3		26,412		2.0
Consumer goods: Non-durable	23,210		2.0		21,850		1.7
Containers, Packaging and Glass	28,120		2.4		26,829		2.0

Energy: Electricity	10,040		0.9		20,250		1.5
Energy: Oil and Gas	11,877		1.0		6,724		0.5
Environmental Industries	6,230		0.5		6,986		0.5
Forest Products & Paper	1,157		0.1		3,605		0.3
Healthcare & Pharmaceuticals	119,185		10.4		141,070		10.7
High Tech Industries	99,252		8.6		174,572		13.3
Hotel, Gaming and Leisure	21,286		1.9		22,834		1.7
Investment Funds and Vehicles	24,471		2.1		33,450		2.5
Media: Advertising, Printing and Publishing	11,515		1.0		12,081		0.9
Media: Broadcasting and Subscription	20,359		1.8		31,201		2.4
Media: Diversified and Production	36,192		3.1		34,391		2.6
Metals and Mining	4,742		0.4		3,863		0.3
Retail	13,377		1.2		13,141		1.0
Services: Business	208,691		18.1		222,610		16.9
Services: Consumer	59,857		5.2		58,632		4.5

Telecommunications	37,829		3.3		36,027		2.7
Transportation: Cargo	45,757		4.0		57,575		4.4
Transportation: Consumer	5,324		0.5		12,613		1.0
Utilities: Electric	10,616		0.9		9,396		0.7
Utilities: Oil and Gas	—		—		6,838		0.5

Total	$	1,150,545	100.0	%	$	1,315,630	100.0	%


($ in thousands)	September 30, 2024				December 31, 2023
Australia	$	20,778	1.8	%	$	26,291	2.0	%
Austria	6,138		0.5		6,026		0.5
Belgium	21,901		1.9		20,379		1.5
Canada	545		—		3,998		0.3
Denmark	—		—		1,082		0.1
Finland	—		—		2,207		0.2
France	135,790		11.8		137,072		10.4
Germany	49,363		4.4		50,672		3.9
Hong Kong	14,838		1.3		14,162		1.1
Ireland	7,571		0.7		7,445		0.6

Luxembourg	2,297		0.2		1,839		0.1
Netherlands	43,353		3.8		41,260		3.1
Panama	1,460		0.1		1,466		0.1
Singapore	5,000		0.4		4,980		0.4
Spain	2,237		0.2		4,777		0.4
Sweden	3,840		0.3		4,519		0.3
Switzerland	587		0.1		592		—
United Kingdom	120,027		10.4		120,398		9.2
USA	714,820		62.1		866,465		65.8
Total	$	1,150,545	100.0	%	$	1,315,630	100.0	%

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $179.5 million and $177.7 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $273.3 million and $398.2 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.7 million and $323.5 million outstanding as of September 30, 2024 and December 31, 2023, respectively.

The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of both September 30, 2024 and December 31, 2023, the Company had sold $1,036.1 million of its investments to Jocassee. For both the three and nine months ended September 30, 2024, the Company did not have any sales of its investments to Jocassee. For the three and nine months ended September 30, 2023, the Company realized a loss on the sales of its investments to Jocassee of $0.5 million and $0.3 million, respectively. As of both September 30, 2024 and December 31, 2023, the Company had nil in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of September 30, 2024. As of September 30, 2024, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three and nine months ended September 30, 2024, Thompson Rivers declared $7.0 million and $29.5 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2024, the Company recognized $1.1 million and $4.7 million, respectively, of the dividends as a return of capital. For the three and nine months ended September 30, 2023, Thompson Rivers declared $8.0 million and $106.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2023, the company recognized $1.3 million and $16.5 million, respectively, of the dividends as a return of capital.

As of September 30, 2024, Thompson Rivers had $224.6 million in Ginnie Mae early buyout loans and $5.5 million in cash. As of December 31, 2023, Thompson Rivers had $366.7 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of September 30, 2024, Thompson Rivers had 1,417 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2023, Thompson Rivers had 2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of September 30, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2024:
Federal Housing Administration (“FHA”) loans	$	218,501	93	%	$	208,953	93	%
Veterans Affairs (“VA”) loans	16,341		7	%	15,647		7	%

	$	234,842	100	%	$	224,600	100	%
December 31, 2023:
Federal Housing Administration (“FHA”) loans	$	360,847	93	%	$	342,240	93	%
Veterans Affairs (“VA”) loans	25,810		7	%	24,491		7	%

	$	386,657	100	%	$	366,731	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $49.5 million and $83.5 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $103.8 million and $170.8 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $32.8 million and $50.0 million outstanding as of September 30, 2024 and December 31, 2023, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of September 30, 2024. As of September 30, 2024, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.

For the three and nine months ended September 30, 2024, Waccamaw River declared $2.3 million and $17.1 million, respectively, in dividends, of which $0.5 million and $3.1 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2024, the Company recognized nil and $0.3 million of the dividends, respectively, as a return of capital. For the three months ended September 30, 2023, Waccamaw River did not declare a dividend. For the nine months ended September 30, 2023, Waccamaw River declared $7.3 million in dividends, of which $1.5 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

As of September 30, 2024, Waccamaw River had $58.2 million in unsecured consumer loans and $4.0 million in cash. As of December 31, 2023, Waccamaw River had $182.3 million in unsecured consumer loans and $6.6 million in cash. As of September 30, 2024, Waccamaw River had 8,766 outstanding loans with an average loan size of $8,605, remaining average life to maturity of 36.8 months and weighted average interest rate of 11.9%. As of December 31, 2023, Waccamaw River had 21,435 outstanding loans with an average loan size of $10,338, remaining average life to maturity of 40.0 months and weighted average interest rate of 12.7%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $71.0 million outstanding as of December 31, 2023. On April 15, 2024, Waccamaw River’s secured borrowing with JPMorgan Chase Bank, N.A. was terminated and fully repaid. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $51.3 million outstanding as of December 31, 2023. On September 26, 2024, Waccamaw River’s secured borrowing with Barclays Bank PLC was terminated and fully repaid.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.

For the three and nine months ended September 30, 2024, Sierra JV declared $0.8 million and $1.8 million in dividends, respectively, of which $0.7 million and $1.6 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, Sierra JV declared $1.5 million and $4.4 million in dividends, respectively, of which $1.3 million and $3.9 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

The Company has determined that Sierra JV is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, Sierra JV is not an operating company the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.

The total value of Sierra JV’s investment portfolio was $40.0 million as of September 30, 2024, as compared to $79.6 million, as of December 31, 2023. As of September 30, 2024, Sierra JV’s investments had an aggregate cost $42.5 million, as compared to $85.3 million as of December 31, 2023. As of both September 30, 2024 and December 31, 2023, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.7%. As of September 30, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:


($ in thousands)	September 30, 2024				December 31, 2023

Automotive	$	2,781	7.0	%	$	2,463	3.1	%
Banking, Finance, Insurance and Real Estate	—		—		254		0.3
Beverage, Food and Tobacco	3,586		9.0		3,172		4.0
Capital Equipment	—		—		5,271		6.6
Chemicals, Plastics, and Rubber	3,004		7.5		2,942		3.7
Construction and Building	—		—		1,867		2.4
Consumer goods: Durable	324		0.8		1,042		1.3





Environmental Industries	—		—		3,487		4.4

Healthcare & Pharmaceuticals	3,809		9.5		12,880		16.2
High Tech Industries	9,526		23.8		14,661		18.4






Retail	6,101		15.3		6,255		7.9
Services: Business	4,538		11.3		6,798		8.5
Services: Consumer	—		—		8,525		10.7


Transportation: Cargo	6,307		15.8		6,296		7.9
Transportation: Consumer	—		—		3,686		4.6



Total	$	39,976	100.0	%	$	79,599	100.0	%

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of September 30, 2024 and December 31, 2023, $6.8 million and $5.5 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

The Company has determined that Eclipse is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $22.5 million. The total equity invested in Rocade as of September 30, 2024 was $67.5 million (excluding preferred dividends) and the Company had $17.5 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC 946-320, presented as a single investment measured at fair value.

The Adviser conducts the valuation of the Company’s investments, upon which the Company’s NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair

value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’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 financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.

September 30, 2024:

($ in thousands)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

1,365,234

Yield Analysis

Market Yield

6.6% – 75.9%

10.5%

Decrease

48,076

Market Approach

Adjusted EBITDA Multiple

0.5x – 10.5x

7.8x

Increase

134,738

Recent Transaction

Transaction Price

97.0% – 99.5%

98.3%

Increase

Subordinated debt and 2nd lien notes(2)

127,431

Yield Analysis

Market Yield

8.6% – 18.1%

12.3%

Decrease

52,566

Market Approach

Adjusted EBITDA Multiple

5.6x – 23.9x

10.4x

Increase

1,012

Recent Transaction

Transaction Price

98.0% – 100.0%

98.6%

Increase

Structured products(3)

32,903

Yield Analysis

Market Yield

7.6% – 10.3%

8.3%

Decrease

Equity shares(4)

29,008

Yield Analysis

Market Yield

11.2% – 33.5%

15.7%

Decrease

323,252

Market Approach

Adjusted EBITDA Multiple

0.5x – 28.0x

13.5x

Increase

1,473

Market Approach

Revenue Multiple

5.5x – 9.0x

6.2x

Increase

15,677

Discounted Cash Flow Analysis

Discount Rate

14.4%

Decrease

3,649

Net Asset Approach

Liabilities

$(88,826.0)

Decrease

Expected Recovery

$0.00 – $61.5

$59.2

Increase

2,228

Recent Transaction

Transaction Price

$0.98 – $100.00

$11.47

Increase

Equity warrants

2,597

Market Approach

Adjusted EBITDA Multiple

0.5x – 11.6x

7.9x

Increase

Expected Recovery

$3.0

Increase

Royalty rights

3,819

Yield Analysis

Market Yield

20.6% – 26.4%

23.0%

Decrease

During the nine months ended September 30, 2024, two equity positions with an aggregate fair value of $19.2 million transitioned from a market approach to a yield analysis valuation model and one equity position with a fair value of $61.5 thousand transitioned from a market approach to an expected recovery valuation model. In addition, six senior debt and first lien note positions with a fair value of $25.7 million transitioned from a yield analysis to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

December 31, 2023:

($ in thousands)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

1,399,907

Yield Analysis

Market Yield

7.8% – 19.6%

11.7%

Decrease

32,150

Market Approach

Adjusted EBITDA Multiple

1.1x – 12.5x

3.7x

Increase

136,594

Recent Transaction

Transaction Price

95.0% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

167,250

Yield Analysis

Market Yield

8.5% – 18.9%

13.5%

Decrease

39,826

Market Approach

Adjusted EBITDA Multiple

7.0x – 12.3x

8.2x

Increase

5,875

Recent Transaction

Transaction Price

98.0% – 100.0%

99.3%

Increase

Structured products(3)

30,529

Yield Analysis

Market Yield

9.2% – 10.3%

9.7%

Decrease

Equity shares(4)

8,788

Yield Analysis

Market Yield

14.6%

Decrease

328,210

Market Approach

Adjusted EBITDA Multiple

4.5x – 30.0x

10.6x

Increase

1,771

Market Approach

Revenue Multiple

6.5x – 9.5x

6.9x

Increase

12,159

Discounted Cash Flow Analysis

Discount Rate

14.2%

Decrease

3,196

Net Asset Approach

Liabilities

$(55,281.8)

Decrease

Expected Recovery

$2.5

Increase

12,947

Recent Transaction

Transaction Price

$1.00 – $10.00

$9.5

Increase

Equity warrants

2,389

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.3x

Increase

Expected Recovery

$3.0

Increase

During the year ended December 31, 2023, one equity position with a fair value of $5.3 million and six senior debt and first lien note positions with an aggregate fair value of $20.0 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $9.9 million and one structured product position with a fair value of $3.3 million transitioned from a discounted cash flow analysis to a broker quote valuation model. Lastly, one equity position with a fair value of nil transitioned from an expected recovery to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

The following tables present the Company’s investment portfolio at fair value as of September 30, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


	Fair Value as of September 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	72,237	$	1,559,820	$	1,632,057
Subordinated debt and 2nd lien notes	—		12,666		187,305		199,971
Structured products	—		45,811		45,682		91,493
Equity shares	—		4,323		378,208		382,531
Equity warrants	—		—		2,600		2,600

Royalty rights	—		—		3,819		3,819
Investments subject to leveling	$	—	$	135,037	$	2,177,434	$	2,312,471
Investment in joint ventures / PE fund (1)							104,243
							$	2,416,714

	Fair Value as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	76,503	$	1,593,797	$	1,670,300
Subordinated debt and 2nd lien notes	—		14,417		223,798		238,215
Structured products	—		50,066		42,972		93,038
Equity shares	132		—		374,572		374,704
Equity warrants	—		—		2,392		2,392

Investments subject to leveling	$	132	$	140,986	$	2,237,531	$	2,378,649
Investment in joint ventures / PE fund (1)							110,066
							$	2,488,715

(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.


Nine Months Ended September 30, 2024: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Royalty Rights		Total
Fair value, beginning of period	$	1,593,797	$	223,798	$	42,972	$	374,572	$	2,392	$	—	$	2,237,531
New investments	291,822		28,741		48		7,440		—		3,871		331,922

Investment restructuring	(22,249)		—		—		—		—		—		(22,249)
Transfers into (out of) Level 3, net	(5,770)		—		—		(6,269)		—		—		(12,039)
Proceeds from sales of investments	(18,512)		(4,975)		—		(4,238)		—		(81)		(27,806)
Loan origination fees received	(5,463)		(296)		—		—		—		—		(5,759)
Principal repayments received	(271,403)		(62,050)		(1,483)		—		—		—		(334,936)
Payment-in-kind interest / dividends	4,590		1,313		—		8,065		—		—		13,968

Accretion of loan premium / discount	313		83		—		—		—		—		396
Accretion of deferred loan origination revenue	7,391		651		—		—		—		—		8,042
Realized gain (loss)	(19,528)		(5,461)		42		(1,486)		—		—		(26,433)
Unrealized appreciation (depreciation)	4,832		5,501		4,103		124		208		29		14,797
Fair value, end of period	$	1,559,820	$	187,305	$	45,682	$	378,208	$	2,600	$	3,819	$	2,177,434


Nine Months Ended September 30, 2023: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	1,591,356	$	234,214	$	17,827	$	283,067	$	1,057	$	2,127,521
New investments	232,280		32,722		22,669		68,680		—		356,351

Transfers into (out of) Level 3, net	(18,355)		16,815		—		914		—		(626)
Proceeds from sales of investments	(113,358)		(2,800)		—		(4,367)		—		(120,525)
Loan origination fees received	(5,801)		(51)		—		—		—		(5,852)
Principal repayments received	(93,447)		(44,129)		(1,018)		—		—		(138,594)
Payment-in-kind interest / dividends	3,834		7,803		—		5,331		—		16,968
Accretion of loan premium / discount	427		465		—		—		—		892
Accretion of deferred loan origination revenue	5,380		437		—		—		—		5,817
Realized gain (loss)	(1,029)		(43,902)		—		(3,434)		—		(48,365)
Unrealized appreciation (depreciation)	1,040		42,023		(3,878)		5,430		189		44,804
Fair value, end of period	$	1,602,327	$	243,597	$	35,600	$	355,621	$	1,246	$	2,238,391

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $13.0 million during the nine months ended September 30, 2024 was related to portfolio company investments that were still held by the Company as of September 30, 2024. Pre-tax net unrealized depreciation on Level 3 investments of $5.2 million during the nine months ended September 30, 2023 was related to portfolio company investments that were still held by the Company as of September 30, 2023.

Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.

Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of September 30, 2024 and December 31, 2023, the Company had eight and four portfolio companies, respectively, with investments that were on non-accrual. As of September 30, 2024, the eight portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and six portfolio companies originated by Barings. As of December 31, 2023, the four portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and two portfolio companies originated by Barings.

The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of September 30, 2024, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
($ in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Recurring Fee and Other Income:
Amortization of loan origination fees	$	1,743	$	1,740	$	5,191	$	5,160
Management, valuation and other fees	403		518		1,244		1,712
Royalty income	176		—		251		—
Total Recurring Fee and Other Income	2,322		2,258		6,686		6,872
Non-Recurring Fee and Other Income:
Prepayment fees	44		—		316		329
Acceleration of unamortized loan origination fees	855		208		2,880		882
Advisory, loan amendment and other fees	1,068		184		1,650		2,167
Total Non-Recurring Fee and Other Income	1,967		392		4,846		3,378
Total Fee and Other Income	$	4,289	$	2,650	$	11,532	$	10,250

The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.

As of September 30, 2024 and December 31, 2023, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2024 and December 31, 2023, the Company’s largest single portfolio company investment represented approximately 6.1% and 6.3%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

Pursuant to ASC 815, Derivatives and Hedging, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company’s interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

As of September 30, 2024, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 12 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 72 investments that were denominated in Euros and 27 investments that were denominated in British pounds sterling. As of December 31, 2023, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 67 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.

In addition, during both the nine months ended September 30, 2024 and September 30, 2023, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.