XML 15 R3.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Investments, cost $ 2,610,675 $ 2,522,696
Restricted cash 7,261 13,493
Foreign currencies, cost $ 12,821 $ 17,343
Common stock par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares issued (in shares) 105,258,938 105,408,938
Common stock, shares outstanding (in shares) 105,258,938 105,408,938
Credit Support Agreements    
Derivate asset, cost $ 58,000 $ 58,000
Non-Control / Non-Affiliate investments    
Investments, cost 2,115,174 2,033,716
Affiliate investments    
Investments, cost 396,408 [1] 382,848 [2]
Control investments    
Investments, cost $ 99,093 [3] $ 106,132 [4]
[1] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows:
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)
$6,414 $1,504 $— $— $(264)$7,654 $221 
Common Stock (1,243,071 shares)
11,262 — — — (2,909)8,353 — 
17,676 1,504 — — (3,173)16,007 221 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan
(8.0% Cash)
15,770 25 — — 5 15,800 353 
Subordinated Term Loan
(8.0% Cash)
7,271 10 — — 4 7,285 160 
LLC Units (3,518,097 units)
16,852 — — — 3,131 19,983 — 
39,893 35 — — 3,140 43,068 513 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 6.50%, 10.9% Cash)
10,091 1,727 (547)— 2 11,273 282 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545 2 — — (2)4,545 87 
LLC units (89,447,396 units)
136,855 23 — — (23)136,855 3,989 
151,491 1,752 (547)— (23)152,673 4,358 
Jocassee Partners LLC
9.1% Member Interest
40,761 — — — (936)39,825 1,427 
40,761 — — — (936)39,825 1,427 
Rocade Holdings LLC(d)
Preferred LP Units (71,000 units) (SOFR + 6.0% PIK, 10.4% PIK)
83,000 2,114 — — (13)85,101 2,114 
Common LP Units (23.8 units)
243 — — — 247 490 — 
83,243 2,114 — — 234 85,591 2,114 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
41,453 — — — (905)40,548 1,767 
41,453 — — — (905)40,548 1,767 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan (12.0% PIK)
3,586 8,553 — — — 12,139 145 
LLC Units (1,195,449.6 units)
1,195 2,860 — — (9)4,046 — 
4,781 11,413 — — (9)16,185 145 
Thompson Rivers LLC
16.0% Member Interest
7,208 — (959)— (12)6,237 — 
7,208 — (959)— (12)6,237 — 
Waccamaw River LLC
20% Member Interest
10,730 — (1,750)— (177)8,803 301 
10,730 — (1,750)— (177)8,803 301 
Total Affiliate Investments$397,236 $16,818 $(3,256)$— $(1,861)$408,937 $10,846 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
[2] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2024 were as follows:
December 31, 2023
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.6% PIK)
$6,214 $200 $— $— $— $6,414 $837 
Common Stock (1,243,071 shares)
12,177 — — — (915)11,262 — 
18,391 200 — — (915)17,676 837 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan
(8.0% Cash)
15,649 95 — — 26 15,770 1,428 
Subordinated Term Loan
(8.0% Cash)
6,868 403 — — — 7,271 711 
LLC Units (3,518,097 units)
12,160 5,551 — — (859)16,852 — 
34,677 6,049 — — (833)39,893 2,139 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 7.25%, 11.9% Cash)
5,545 27,656 (23,091)— (19)10,091 817 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545 6 — — (6)4,545 323 
LLC units (89,447,396 units)
145,799 66 — — (9,010)136,855 14,894 
155,889 27,728 (23,091)— (9,035)151,491 16,034 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)
3,917 172 (3,917)— (172)— 311 
Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.5% Cash)
4,519 161 (4,680)— — — 181 
Common Stock
(102,144 shares)
2,013 — (1,040)(4,179)3,206 — — 
10,449 333 (9,637)(4,179)3,034 — 492 
Jocassee Partners LLC
9.1% Member Interest
41,053 — — — (292)40,761 5,709 
41,053 — — — (292)40,761 5,709 
Rocade Holdings LLC(d)
Preferred LP Units (71,000 units) (SOFR + 6.00% PIK, 10.3% PIK)
73,113 12,098 (2,222)— 11 83,000 8,598 
Common LP Units (23.8 units)
844 — — — (601)243 — 
73,957 12,098 (2,222)— (590)83,243 8,598 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
39,172 — — — 2,281 41,453 2,225 
39,172 — — — 2,281 41,453 2,225 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan (12.0% PIK)
— 3,586 — — — 3,586 36 
LLC Units (1,195,449.6 units)
— 1,195 — — — 1,195 — 
— 4,781 — — — 4,781 36 
Thompson Rivers LLC
16% Member Interest
13,365 — (5,991)— (166)7,208 — 
13,365 — (5,991)— (166)7,208 — 
December 31, 2023
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Waccamaw River LLC
20% Member Interest
15,470 — (2,087)— (2,653)10,730 3,535 
15,470 — (2,087)— (2,653)10,730 3,535 
Total Affiliate Investments$402,423 $51,189 $(43,028)$(4,179)$(9,169)$397,236 $39,605 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
[3] As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)(e)
$2,744 $— $— $— $(105)$2,639 $— 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
— — — — — — — 
LLC Units (44.6 units)
— — — — — — — 
2,744 — — — (105)2,639 — 
MVC Automotive Group GmbH(d)
Common Equity Interest (18,000 Shares)
13,741 — — — 203 13,944 — 
13,741 — — — 203 13,944 — 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
— — — (183)183 — — 
Limited Partnership Interest
(71,790.4 units)
11 — (116)(7,166)7,271 — — 
11 — (116)(7,349)7,454 — — 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
6,655 — — — — 6,655 83 
Revolver (6.0% PIK)
5,333 165 (3)2 228 5,725 85 
Senior Subordinated Term Loan (3.1% PIK)
11,191 154 — — — 11,345 88 
Senior Unsecured Term Loan (9.0% PIK)
2,293 107 — — 100 2,500 94 
Common Stock Series A (17,100 shares)
399 — — — 50 449 — 
Common Stock Series B (1,236 shares)
37,296 — — — 4,699 41,995 — 
63,167 426 (3)2 5,077 68,669 350 
Total Control Investments$79,663 $426 $(119)$(7,347)$12,629 $85,252 $350 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
[4] As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2023
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)(e)
$7,166 $1,114 $— $— $(5,536)$2,744 $1,028 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
4,869 — — — (4,869)— — 
LLC Units (44.6 units)
— — — — — — — 
12,035 1,114 — — (10,405)2,744 1,028 
MVC Automotive Group GmbH(d)
Bridge Loan (4.5% Cash, 1.5% PIK)
9,762 720 (9,620)(862)— — 495 
Common Equity Interest (18,000 Shares)
15,430 9,620 — — (11,309)13,741 — 
25,192 10,340 (9,620)(862)(11,309)13,741 495 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
24 — (17)— (7)— 48 
Limited Partnership Interest
(71,790.4 units)
981 — (678)— (292)11 — 
1,005 — (695)— (299)11 48 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
6,328 327 — — — 6,655 326 
Revolver (6.0% Cash)
3,866 1,828 (12)17 (366)5,333 188 
Senior Subordinated Term Loan (3.1% PIK)
10,867 324 — — — 11,191 273 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)
2,236 208 — — (151)2,293 255 
Common Stock Series A (17,100 shares)
311 — — — 88 399 — 
Common Stock Series B (1,236 shares)
29,080 — — — 8,216 37,296 — 
52,688 2,687 (12)17 7,787 63,167 1,042 
Total Control Investments$90,920 $14,141 $(10,327)$(845)$(14,226)$79,663 $2,613 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.