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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Total investments at fair value $ 2,623,882 $ 2,449,272
Cash (restricted cash of $4,714 and $13,493 as of June 30, 2025 and December 31, 2024, respectively) 39,963 74,381
Foreign currencies (cost of $9,294 and $17,343 as of June 30, 2025 and December 31, 2024, respectively) 9,298 16,958
Interest and fees receivable 41,811 39,914
Prepaid expenses and other assets 463 1,745
Deferred financing fees 7,807 8,697
Receivable from unsettled transactions 15,522 16,427
Total assets 2,793,307 2,695,660
Liabilities:    
Accounts payable and accrued liabilities 3,943 5,567
Interest payable 15,430 16,245
Administrative fees payable 356 540
Base management fees payable 8,193 7,888
Incentive management fees payable 11,117 7,871
Payable from unsettled transactions 4,189 7,380
Borrowings under credit facility 547,313 438,590
Notes payable (net of deferred financing fees) 1,021,059 1,011,831
Total liabilities 1,617,463 1,505,306
Commitments and contingencies (Note 7)
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,158,938 and 105,408,938 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 105 105
Additional paid-in capital 1,844,638 1,846,977
Total distributable earnings (loss) (668,899) (656,728)
Total net assets 1,175,844 1,190,354
Total liabilities and net assets $ 2,793,307 $ 2,695,660
Net asset value per share (in dollars per share) $ 11.18 $ 11.29
Credit Support Agreements    
Assets:    
Derivative assets $ 51,200 $ 63,450
Foreign Exchange Contract    
Assets:    
Derivative assets 3,361 24,816
Liabilities:    
Derivative liabilities 5,863 9,394
Non-Control / Non-Affiliate investments    
Assets:    
Total investments at fair value 2,128,553 1,972,373
Affiliate investments    
Assets:    
Total investments at fair value 409,706 [1] 397,236 [2]
Control investments    
Assets:    
Total investments at fair value $ 85,623 [3] $ 79,663 [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 six months ended June 30, 2025 were as follows:
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)June 30,
2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Biolam
First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 8.7% PIK)(e)
$— $1,121 $— $— $316 $1,437 $(12)
Common Stock
(851,507 shares)
— — — — — — — 
Convertible Bonds
(1,586,655 shares)
— — — — — — — 
Ordinary Shares
(15,191,001 shares)
— — — — — — — 
Preferred Stock A
(41,692 shares)
— — — — — — — 
Preferred Stock A2
(13,538 shares)
— — — — — — — 
Preferred Stock B
(1,529,216 shares)
— — — — — — — 
Preferred Stock C
(11,153 shares)
— — — — — — — 
Preferred Stock O1
(1,336,662 shares)
— — — — — — — 
Preferred Stock O2
(134,616 shares)
— — — — — — — 
Warrants (2,600,000 units)
— — — — — — — 
— 1,121 — — 316 1,437 (12)
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)
6,414 1,750 — — (340)7,824 471 
Common Stock
(1,243,071 shares)
11,262 — — — (3,816)7,446 — 
17,676 1,750 — — (4,156)15,270 471 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan
(8.0% Cash)
15,770 51 — — 11 15,832 709 
Subordinated Term Loan
(8.0% Cash)
7,271 18 — — 10 7,299 322 
LLC Units (3,518,097 units)
16,852 — — — 2,955 19,807 — 
39,893 69 — — 2,976 42,938 1,031 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 6.50%, 10.9% Cash)
10,091 2,186 (2,456)— (3)9,818 586 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545 3 — — (3)4,545 176 
LLC units (89,447,396 units)
136,855 23 — — 2,661 139,539 8,152 
151,491 2,212 (2,456)— 2,655 153,902 8,914 
Jocassee Partners LLC
9.1% Member Interest
40,761 — — — (1,496)39,265 2,854 
40,761 — — — (1,496)39,265 2,854 
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)June 30,
2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Rocade Holdings LLC(d)
Preferred LP Units (71,000 units) (SOFR + 6.00%, 10.3% PIK)
$83,000 $4,304 $— $— $(12)$87,292 $4,303 
Common LP Units (23.8 units)
243 — — — 776 1,019 308 
83,243 4,304 — — 764 88,311 4,611 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
41,453 — — — (1,898)39,555 3,547 
41,453 — — — (1,898)39,555 3,547 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan (12.0% Cash)
3,586 8,734 — — — 12,320 518 
LLC Units (4,046,326.8 units)
1,195 2,860 — — (9)4,046 — 
4,781 11,594 — — (9)16,366 518 
Thompson Rivers LLC
16.0% Member Interest
7,208 — (1,598)— (76)5,534 — 
7,208 — (1,598)— (76)5,534 — 
Waccamaw River LLC
20% Member Interest
10,730 — (3,329)— (273)7,128 540 
10,730 — (3,329)— (273)7,128 540 
Total Affiliate Investments$397,236 $21,050 $(7,383)$— $(1,197)$409,706 $22,474 
(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.
(e) Non-accrual investment.
[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 for the six months ended June 30, 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)June 30,
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 $— $(610)$(7,481)$5,347 $— $(6)
First Lien Senior Secured Term Loan (10.0% PIK)(e)
— — — (9,628)9,628 — — 
LLC Units (44.6 units)
— — — — — — — 
2,744 — (610)(17,109)14,975 — (6)
MVC Automotive Group GmbH(d)
Common Equity Interest (18,000 Shares)
13,741 — — — (1,746)11,995 — 
13,741 — — — (1,746)11,995 — 
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 — — 
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)June 30,
2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
$6,655 $168 $— $— $— $6,823 $168 
Revolver (6.0% PIK)
5,333 165 (3)2 724 6,221 188 
Senior Subordinated Term Loan (3.1% PIK)
11,191 196 — — — 11,387 177 
Senior Unsecured Term Loan (9.0% PIK)
2,293 169 — — 316 2,778 197 
Common Stock Series A (17,100 shares)
399 — — — 92 491 — 
Common Stock Series B (1,236 shares)
37,296 — — — 8,632 45,928 2,817 
63,167 698 (3)2 9,764 73,628 3,547 
Total Control Investments$79,663 $698 $(729)$(24,456)$30,447 $85,623 $3,541 
(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.