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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.