XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Portfolio Company Investments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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 |  |
|  | December 31, |  |  |  | December 31, |  |  |  | December 31, |  |  |  | December 31, |  |
|  | 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |  |
First Lien Debt(1) |  | $ | 718,120 |  |  |  | 65.8 | % |  |  | $ | 578,140 |  |  |  | 60.3 | % |  |  | $ | 729,084 |  |  |  | 67.8 | % |  |  | $ | 577,684 |  |  |  | 61.6 | % |
Second Lien Debt |  |  | 83,543 |  |  |  | 7.7 |  |  |  |  | 119,561 |  |  |  | 12.5 |  |  |  |  | 116,250 |  |  |  | 10.8 |  |  |  |  | 148,806 |  |  |  | 15.9 |  |
Subordinated Debt |  |  | 142,839 |  |  |  | 13.1 |  |  |  |  | 135,173 |  |  |  | 14.1 |  |  |  |  | 142,056 |  |  |  | 13.2 |  |  |  |  | 135,447 |  |  |  | 14.5 |  |
Equity |  |  | 138,371 |  |  |  | 12.7 |  |  |  |  | 120,264 |  |  |  | 12.6 |  |  |  |  | 84,816 |  |  |  | 7.9 |  |  |  |  | 71,740 |  |  |  | 7.7 |  |
Warrants |  |  | 7,633 |  |  |  | 0.7 |  |  |  |  | 4,768 |  |  |  | 0.5 |  |  |  |  | 2,951 |  |  |  | 0.3 |  |  |  |  | 2,952 |  |  |  | 0.3 |  |
Total |  | $ | 1,090,506 |  |  |  | 100.0 | % |  |  | $ | 957,906 |  |  |  | 100.0 | % |  |  | $ | 1,075,157 |  |  |  | 100.0 | % |  |  | $ | 936,629 |  |  |  | 100.0 | % |
(1) Includes unitranche investments, which account for 39.9% and 40.4% of our portfolio on a fair value and cost basis as of December 31, 2024, respectively. Includes unitranche investments, which account for 37.6% and 38.5% of our portfolio on a fair value and cost basis as of December 31, 2023, 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 |  |
|  | December 31, |  |  |  | December 31, |  |  |  | December 31, |  |  |  | December 31, |  |
|  | 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |  |
United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Midwest |  | $ | 120,537 |  |  |  | 11.1 | % |  |  | $ | 112,607 |  |  |  | 11.8 | % |  |  | $ | 73,636 |  |  |  | 6.8 | % |  |  | $ | 75,436 |  |  |  | 8.1 | % |
Southeast |  |  | 339,683 |  |  |  | 31.2 |  |  |  |  | 292,408 |  |  |  | 30.6 |  |  |  |  | 337,762 |  |  |  | 31.4 |  |  |  |  | 286,329 |  |  |  | 30.5 |  |
Northeast |  |  | 211,758 |  |  |  | 19.4 |  |  |  |  | 181,412 |  |  |  | 18.9 |  |  |  |  | 202,206 |  |  |  | 18.8 |  |  |  |  | 176,389 |  |  |  | 18.8 |  |
West |  |  | 194,568 |  |  |  | 17.8 |  |  |  |  | 172,705 |  |  |  | 18.0 |  |  |  |  | 232,262 |  |  |  | 21.6 |  |  |  |  | 191,545 |  |  |  | 20.5 |  |
Southwest |  |  | 211,431 |  |  |  | 19.4 |  |  |  |  | 186,274 |  |  |  | 19.4 |  |  |  |  | 216,802 |  |  |  | 20.2 |  |  |  |  | 194,466 |  |  |  | 20.8 |  |
Canada |  |  | 12,529 |  |  |  | 1.1 |  |  |  |  | 12,500 |  |  |  | 1.3 |  |  |  |  | 12,489 |  |  |  | 1.2 |  |  |  |  | 12,464 |  |  |  | 1.3 |  |
Total |  | $ | 1,090,506 |  |  |  | 100.0 | % |  |  | $ | 957,906 |  |  |  | 100.0 | % |  |  | $ | 1,075,157 |  |  |  | 100.0 | % |  |  | $ | 936,629 |  |  |  | 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 |
|  | December 31, |  |  |  | December 31, |  |  |  |  |  | December 31, |  |  |  | December 31, |
|  | 2024 |  |  |  | 2023 |  |  |  |  |  | 2024 |  |  |  | 2023 |
First Lien Debt |  |  | 109.5 | % |  |  |  | 98.1 | % |  |  | United States |  |  |  |  |  |  |
Second Lien Debt |  |  | 12.7 |  |  |  |  | 20.3 |  |  |  | Midwest |  |  | 18.4 | % |  |  |  | 19.1 | %
Subordinated Debt |  |  | 21.8 |  |  |  |  | 22.9 |  |  |  | Southeast |  |  | 51.8 |  |  |  |  | 49.6 |
Equity |  |  | 21.1 |  |  |  |  | 20.4 |  |  |  | Northeast |  |  | 32.3 |  |  |  |  | 30.8 |
Warrants |  |  | 1.2 |  |  |  |  | 0.8 |  |  |  | West |  |  | 29.7 |  |  |  |  | 29.3 |
Total |  |  | 166.3 | % |  |  |  | 162.5 | % |  |  | Southwest |  |  | 32.2 |  |  |  |  | 31.6 |
|  |  |  |  |  |  |  |  |  | Canada |  |  | 1.9 |  |  |  |  | 2.1 |
|  |  |  |  |  |  |  |  |  | Total |  |  | 166.3 | % |  |  |  | 162.5 | %
Schedule of Debt Investment on Non-Accrual Status | As of December 31, 2024 and 2023, the Company had debt investments in four and three portfolio companies, respectively, on non-accrual status:
|  | December 31, 2024 |  |  | December 31, 2023 |  |
|  | Fair |  |  |  |  |  | Fair |  |  |  |  |
Portfolio Company |  | Value |  |  | Cost |  |  | Value |  |  | Cost |  |
Quantum IR Technologies, LLC |  | $ | — |  |  | $ | 11,964 |  |  | $ | — |  | (1) | $ | — |  | (1)
US GreenFiber, LLC |  |  | — |  |  |  | 5,223 |  |  |  | — |  |  |  | 5,223 |  |
Suited Connector LLC |  |  | 5,505 |  |  |  | 15,933 |  |  |  | 4,324 |  |  |  | 15,933 |  |
Virtex Enterprises, LP |  |  | 4,765 |  |  |  | 11,259 |  |  |  | 5,340 |  |  |  | 10,906 |  |
Total |  | $ | 10,270 |  |  | $ | 44,379 |  |  | $ | 9,664 |  |  | $ | 32,062 |  |
(1) | Debt investment in portfolio company was not on non-accrual status as of December 31, 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, 2023 and any additions and reductions made to such investments during the year ended December 31, 2024, including the total investment income earned on such investments during the year.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year Ended December 31, 2024 |
Portfolio Company (1) |  |  | December 31, 2024 Principal Amount - Debt Investments |  |  | December 31, 2023 Fair Value |  |  | Gross Additions (2) |  |  | Gross Reductions (3) |  |  | December 31, 2024 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US GreenFiber, LLC |  |  | $ | 5,226 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Control Investments |  |  | $ | 5,226 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Affiliate Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) |  |  | $ | 9,602 |  |  | $ | 24,590 |  |  | $ | — |  |  | $ | (203 | ) |  | $ | 24,387 |  |  | $ | — |  |  | $ | (202 | ) |  | $ | 1,074 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
CP Communications, LLC |  |  |  | 7,859 |  |  |  | — |  |  |  | 8,360 |  |  |  | (54 | ) |  |  | 8,306 |  |  |  | — |  |  |  | - |  |  |  | 88 |  |  |  | 9 |  |  |  | — |  |  |  | 163 |
Medsurant Holdings, LLC |  |  |  | — |  |  |  | 5,930 |  |  |  | 4,262 |  |  |  | (329 | ) |  |  | 9,863 |  |  |  | — |  |  |  | 4,261 |  |  |  | — |  |  |  | — |  |  |  | 1,328 |  |  |  | — |
Pfanstiehl, Inc. |  |  |  | — |  |  |  | 33,321 |  |  |  | 6,602 |  |  |  | — |  |  |  | 39,923 |  |  |  | — |  |  |  | 6,602 |  |  |  | — |  |  |  | — |  |  |  | 348 |  |  |  | — |
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) |  |  |  | 15,000 |  |  |  | 15,321 |  |  |  | 2,217 |  |  |  | (2,617 | ) |  |  | 14,921 |  |  |  | — |  |  |  | (2,617 | ) |  |  | 2,371 |  |  |  | — |  |  |  | — |  |  |  | 20 |
Steward Holding LLC (dba Steward Advanced Materials) |  |  |  | — |  |  |  | 4,714 |  |  |  | — |  |  |  | (90 | ) |  |  | 4,624 |  |  |  | — |  |  |  | (90 | ) |  |  | — |  |  |  | — |  |  |  | 154 |  |  |  | — |
Total Affiliate Investments |  |  | $ | 32,461 |  |  | $ | 83,876 |  |  | $ | 21,441 |  |  | $ | (3,293 | ) |  | $ | 102,024 |  |  | $ | — |  |  | $ | 7,954 |  |  | $ | 3,533 |  |  | $ | 9 |  |  | $ | 1,830 |  |  | $ | 183 |
(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.
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 year ended December 31, 2023, including the total investment income earned on such investments during the year.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year Ended December 31, 2023 |
Portfolio Company (1) |  |  | December 31, 2023 Principal Amount - Debt Investments |  |  | December 31, 2022 Fair Value |  |  | Gross Additions (2) |  |  | Gross Reductions (3) |  |  | December 31, 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 |  |  | $ | 1,422 |  |  | $ | — |  |  | $ | 24,590 |  |  | $ | — |  |  | $ | 1,422 |  |  | $ | 974 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Medsurant Holdings, LLC |  |  |  | — |  |  |  | 2,540 |  |  |  | 3,463 |  |  |  | (73 | ) |  |  | 5,930 |  |  |  | — |  |  |  | 3,463 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Pfanstiehl, Inc. |  |  |  | — |  |  |  | 51,992 |  |  |  | 46 |  |  |  | (18,717 | ) |  |  | 33,321 |  |  |  | — |  |  |  | (8,717 | ) |  |  | 673 |  |  |  | — |  |  |  | 347 |  |  |  | — |
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) |  |  |  | 15,000 |  |  |  | 19,118 |  |  |  | 2,208 |  |  |  | (6,005 | ) |  |  | 15,321 |  |  |  | — |  |  |  | (4,505 | ) |  |  | 2,379 |  |  |  | — |  |  |  | — |  |  |  | 65 |
Steward Holding LLC (dba Steward Advanced Materials) |  |  |  | — |  |  |  | 4,772 |  |  |  | — |  |  |  | (58 | ) |  |  | 4,714 |  |  |  | — |  |  |  | (58 | ) |  |  | — |  |  |  | — |  |  |  | 172 |  |  |  | — |
Total Affiliate Investments |  |  | $ | 24,602 |  |  | $ | 101,590 |  |  | $ | 7,139 |  |  | $ | (24,853 | ) |  | $ | 83,876 |  |  | $ | — |  |  | $ | (8,395 | ) |  | $ | 4,026 |  |  | $ | — |  |  | $ | 519 |  |  | $ | 65 |
(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.

X
- Definition Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1 + Details
Name: | us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
Name: | us-gaap_InvestmentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration