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Portfolio Company Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments

Investments by type with corresponding percentage of total portfolio investments consisted of the following:


		Fair Value																		Cost
		September 30,									December 31,									September 30,									December 31,
		2023									2022									2023									2022
First Lien Debt(1)		$	522,289				56.3	%			$	456,105				53.0	%			$	521,345				58.2	%			$	453,585				54.7	%
Second Lien Debt			154,765				16.7					182,948				21.3					182,245				20.4					213,654				25.8
Subordinated Debt			120,981				13.1					101,456				11.8					121,473				13.6					100,634				12.1
Equity			125,248				13.5					117,741				13.7					67,347				7.5					57,868				7.0
Warrants			3,576				0.4					2,079				0.2					2,952				0.3					2,952				0.4
Total		$	926,859				100.0	%			$	860,329				100.0	%			$	895,362				100.0	%			$	828,693				100.0	%


(1)	Includes unitranche investments, which account for 41.0% and 42.4% of the Company's portfolio on a fair value and cost basis as of September 30, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of the Company's portfolio on a fair value and cost basis as of December 31, 2022, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.


		Fair Value																		Cost
		September 30,									December 31,									September 30,									December 31,
		2023									2022									2023									2022
United States
Midwest		$	147,123				15.9	%			$	180,556				21.0	%			$	107,068				12.0	%			$	132,177				16.0	%
Southeast			294,840				31.9					265,902				31.0					281,638				31.4					258,373				31.1
Northeast			152,938				16.5					127,427				14.8					149,427				16.7					134,897				16.3
West			167,020				18.0					151,487				17.6					184,836				20.6					161,935				19.5
Southwest			152,438				16.4					122,519				14.2					159,936				17.9					128,873				15.6
Canada			12,500				1.3					12,438				1.4					12,457				1.4					12,438				1.5
Total		$	926,859				100.0	%			$	860,329				100.0	%			$	895,362				100.0	%			$	828,693				100.0	%

Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.


By Type												By Geographic Region
		September 30,					December 31,							September 30,					December 31,
		2023					2022							2023					2022
First Lien Debt			95.2	%				95.0	%			United States
Second Lien Debt			28.2					38.1				Midwest			26.8	%				37.6	%
Subordinated Debt			22.1					21.1				Southeast			53.7					55.4
Equity			22.8					24.5				Northeast			27.9					26.5
Warrants			0.7					0.4				West			30.5					31.5
Total			169.0	%				179.1	%			Southwest			27.8					25.5
												Canada			2.3					2.6
												Total			169.0	%				179.1	%

Schedule of Debt Investment on Non-Accrual Status

As of September 30, 2023 and December 31, 2022, the Company had debt investments in four portfolio companies on non-accrual status.


		September 30, 2023								December 31, 2022
		Fair								Fair
Portfolio Company		Value				Cost				Value				Cost
EBL, LLC (EbLens)		$	—		(2)	$	—		(2)	$	—			$	9,332
US GreenFiber, LLC			—				5,223				—				5,223
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)			1,508				2,368				2,123				2,368
Allredi, LLC (fka Marco Group International OpCo, LLC)			—		(3)		—		(3)		8,144				10,281
Suited Connector LLC			5,025				15,933				—		(1)		—		(1)
Virtex Enterprises, LP			5,959				11,263				—		(1)		—		(1)
Total		$	12,492			$	34,787			$	10,267			$	27,204

(1)
(2)
(3)

Debt investment in portfolio company was not on non-accrual status as of December 31, 2022.
Portfolio company debt investment was not held as of September 30, 2023.
Portfolio company debt investment was not on non-accrual status as of September 30, 2023.

Schedule of Consolidated Schedule of Investments in and Advances to Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2022 and any additions and reductions made to such investments during the nine months ended September 30, 2023, the ending fair value as of September 30, 2023, and the total investment income earned on such investments during the period.


																							Nine Months Ended September 30, 2023
Portfolio Company (1)			September 30, 2023 Principal Amount - Debt Investments				December 31, 2022 Fair Value				Gross Additions (2)				Gross Reductions (3)				September 30, 2023 Fair Value				Net Realized Gains (Losses) (4)				Net Change in Unrealized Appreciation (Depreciation)				Interest Income				Payment-in-kind Interest Income				Dividend Income				Fee Income
Control Investments
EBL, LLC (EbLens)			$	—			$	—			$	11,458			$	(11,458	)		$	—			$	(11,458	)		$	11,083			$	—			$	—			$	—			$	—
US GreenFiber, LLC				5,226				—				—				—				—				—				—				—				—				—				—
Total Control Investments			$	5,226			$	—			$	11,458			$	(11,458	)		$	—			$	(11,458	)		$	11,083			$	—			$	—			$	—			$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)			$	9,602			$	23,168			$	642			$	—			$	23,810			$	—				643			$	728			$	—			$	—			$	—
Medsurant Holdings, LLC				—				2,540				2,130				(73	)			4,597				—				2,130				—				—				—				—
Pfanstiehl, Inc.				—				51,992				46				(18,268	)			33,770				—				(8,268	)			673				—				347				—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)				15,000				19,118				2,203				(5,210	)			16,111				—				(3,711	)			1,767				—				—				60
Steward Holding LLC (dba Steward Advanced Materials)				—				4,772				97				—				4,869				—				97				—				—				172				—
Total Affiliate Investments			$	24,602			$	101,590			$	5,118			$	(23,551	)		$	83,157			$	—			$	(9,109	)		$	3,168			$	—			$	519			$	60


(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.

The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the year ended December 31, 2022, including the total investment income earned on such investments during the period.


																							Year Ended December 31, 2022
Portfolio Company (1)			December 31, 2022 Principal Amount - Debt Investments				December 31, 2021 Fair Value				Gross Additions (2)				Gross Reductions (3)				December 31, 2022 Fair Value				Net Realized Gains (Losses) (4)				Net Change in Unrealized Appreciation (Depreciation)				Interest Income				Payment-in-kind Interest Income				Dividend Income				Fee Income
Control Investments
EBL, LLC (EbLens) (5)			$	9,350			$	—			$	19,628			$	(19,628	)		$	—			$	—			$	(11,083	)		$	—			$	—			$	—			$	—
Hilco Plastics Holdings, LLC (dba Hilco Technologies)				—				—				353				(353	)		$	—				(352	)			—				—				—				—				—
Mesa Line Services, LLC				—				2,151				193				(2,344	)			—				194				(2,150	)			—				—				—				—
US GreenFiber, LLC				5,226				—				—				—				—				—				—				—				—				—				—
Total Control Investments			$	14,576			$	2,151			$	20,174			$	(22,325	)		$	—			$	(158	)		$	(13,233	)		$	—			$	—			$	—			$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)			$	9,602			$	22,405			$	13,566			$	(12,803	)		$	23,168			$	—				763			$	973			$	—			$	—			$	—
FAR Research Inc.				—				28				—				(28	)			—				—				(28	)			—				—				—				—
Medsurant Holdings, LLC				—				3,662				—				(1,122	)			2,540				—				(1,122	)			—				—				—				—
Mirage Trailers LLC				—				10,675				355				(11,030	)			—				324				(1,694	)			248				29				—				132
Pfanstiehl, Inc.				10,000				57,639				34,335				(39,982	)			51,992				24,330				(15,432	)			421				—				—				150
Pinnergy, Ltd. (6)				—				21,178				15,300				(36,478	)			—				15,300				(18,177	)			—				—				656				—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)				15,000				18,359				5,487				(4,728	)			19,118				(121	)			(1,723	)			1,822				—				—				175
Steward Holding LLC (dba Steward Advanced Materials)				—				3,338				1,434				—				4,772				—				1,434				—				1				69				—
Total Affiliate Investments			$	34,602			$	137,284			$	70,477			$	(106,171	)		$	101,590			$	39,833			$	(35,979	)		$	3,464			$	30			$	725			$	457


(1)	The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022.
(6)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022.