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Investments - Summary of Details Investments in Affiliates (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance $ 467,865,000    
Fair Value, Ending Balance 405,021,000 $ 467,865,000  
Principal 366,100,000 420,900,000  
Total dividend income 6,576,000 8,948,000 $ 8,591,000
Investment, Identifier [Axis]: Controlled investments Flight Lease VII Industry Classification - Aerospace and Defense      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [1],[2],[3],[4]   242,000  
Purchases/ (sales) of or Advances/ (Distributions) [1],[2],[3],[4]   (248,000)  
Net Change in Unrealized Gain/(Loss) [1],[2],[3],[4]   39,000  
Realized Gain/(Loss) [1],[2],[3],[4]   (33,000)  
Fair Value, Ending Balance [1],[2],[3],[4]     242,000
Investment, Identifier [Axis]: Controlled investments KCAP Freedom 3, LLC Industry Classification - Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [1],[2],[3],[5] 14,275,000 18,668,000  
Net Change in Unrealized Gain/(Loss) [1],[2],[3],[5]   (4,393,000)  
Fair Value, Ending Balance [1],[2],[3],[5]   14,275,000 18,668,000
Principal [1],[2],[3],[5]   27,220,000  
Total dividend income [1],[2],[3],[5]   2,184,000  
Investment, Identifier [Axis]: Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [1],[6],[7] 14,275,000    
Purchases/ (sales) of or Advances/ (Distributions) [1],[6],[7] (1,976,000)    
Net Change in Unrealized Gain/(Loss) [1],[6],[7] 716,000    
Fair Value, Ending Balance [1],[6],[7] 13,015,000 14,275,000  
Principal [1],[6],[7] 27,220,000    
Investment, Identifier [Axis]: Controlled investments ProAir Holdco, LLC Type of Investment Common Stock and Membership Units Industry Classification Capital Equipment      
Summary of Investment Holdings [Line Items]      
Principal [1],[6],[8] 2,749,997    
Investment, Identifier [Axis]: Controlled investments ProAir, LLC Industry Classification - Capital Equipment One      
Summary of Investment Holdings [Line Items]      
Principal [1],[2],[3],[4]   2,749,997  
Investment, Identifier [Axis]: Controlled investments ProAir, LLC Industry Classification - Capital Equipment Two      
Summary of Investment Holdings [Line Items]      
Principal [1],[2],[3],[4]   2,020,000  
Investment, Identifier [Axis]: Controlled investments ProAir, LLC Type of Investment Subordinated Debt Classification Capital Equipment      
Summary of Investment Holdings [Line Items]      
Principal [1],[6] 2,020,000    
Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC - Class A Units Industry Classification - Energy: Oil & Gas      
Summary of Investment Holdings [Line Items]      
Principal [1],[2],[3],[4]   49,000,000  
Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC - Class A Units Type of Investment Common Stock and Membership Units Industry Classification Energy: Oil & Gas      
Summary of Investment Holdings [Line Items]      
Net Change in Unrealized Gain/(Loss) [1],[6],[8] 6,228,000    
Realized Gain/(Loss) [1],[6],[8] (6,228,000)    
Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC Industry Classification - Energy: Oil & Gas One      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [1],[2],[3] 43,000 43,000  
Fair Value, Ending Balance [1],[2],[3]   43,000 43,000
Principal [1],[2],[3]   511,000  
Investment, Identifier [Axis]: Controlled investments Tank Partners Equipment Holdings, LLC Type of Investment Subordinated Debt Industry Classification Energy: Oil & Gas      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [1],[6] 43,000    
Net Change in Unrealized Gain/(Loss) [1],[6] 373,000    
Realized Gain/(Loss) [1],[6] (416,000)    
Fair Value, Ending Balance [1],[6]   43,000  
Investment, Identifier [Axis]: Investments      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 467,865,000    
Fair Value, Ending Balance 405,021,000 [15],[16],[17],[18],[19],[20] 467,865,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 55,222,000    
Fair Value, Ending Balance 64,384,000 [15],[16],[17],[18],[19],[20] 55,222,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 2,192,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV LTD CLO Fund Securities Maturity 07/17/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[21],[22],[23] 725,000    
Principal [15],[16],[17],[18],[19],[20],[21],[22],[23] 18,407,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD CLO Fund Securities Maturity 07/17/30      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[21],[22],[23] 1,467,000    
Principal [15],[16],[17],[18],[19],[20],[21],[22],[23] 17,074,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 1,169,000    
Fair Value, Ending Balance 3,650,000 [15],[16],[17],[18],[19],[20] 1,169,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 171,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   171,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[25] 2,202,000    
Principal [15],[16],[17],[18],[19],[20],[24],[25],[26] 6,412    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Kleen-Tech Acquisition, LLC Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 998,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   998,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Kleen-Tech Acquisition, LLC Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[27] 1,420,000    
Principal [15],[16],[17],[18],[19],[20],[26],[27] 250,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Common Stock and Membership Units Princeton Medspa Partners, LLC – Warrant Services: Consumer      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25] 28,000    
Principal [15],[16],[17],[18],[19],[20],[25],[26] 0.03    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Derivatives Princeton Medspa Partners, LLC Services: Consumer      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[23],[25],[26] 1,000,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 7,762,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) Services: Consumer Reference Rate and Spread SOFR + 8.50% Floor 2.00% Maturity 05/31/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[28] (10,000)    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt PMP OPCO, LLC (Princeton Medspa Partners, LLC) Services: Consumer Interest Rate 12.86% Reference Rate and Spread SOFR + 8.50% Floor 2.00% Maturity 05/31/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 1,529,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 1,679,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt Riddell, Inc. Consumer goods: Durable Interest Rate 10.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/29/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 6,243,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 6,244,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 45,012,000    
Fair Value, Ending Balance 41,138,000 [15],[16],[17],[18],[19],[20] 45,012,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures Series A-Great Lakes Funding II LLC Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[31],[32],[33] 45,012,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[31],[32],[33]   45,012,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Joint Ventures Series A-Great Lakes Funding II LLC Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[23],[24],[34] 41,138,000    
Principal [15],[16],[17],[18],[19],[20],[23],[24],[26],[34] 41,309,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 5,481,000    
Fair Value, Ending Balance 5,699,000 [15],[16],[17],[18],[19],[20] 5,481,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, LLC Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[35] 553,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[35]   553,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[27] 557,000    
Principal [15],[16],[17],[18],[19],[20],[26],[27] 200,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Investment II Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[35] 246,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[35]   246,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Investment II Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[27] 248,000    
Principal [15],[16],[17],[18],[19],[20],[26],[27] 88,946    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units EBSC Holdings LLC (Riddell, Inc.) Consumer goods: Durable Interest Rate 10.00% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[36] 2,375,000    
Principal [15],[16],[17],[18],[19],[20],[26],[36] 2,154    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[37] 500,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[37]   500,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25] 500,000    
Principal [15],[16],[17],[18],[19],[20],[25],[26] 1,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[38] 4,182,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[38]   4,182,000  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining Interest Rate 10.00% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[27],[36] 1,160,000    
Principal [15],[16],[17],[18],[19],[20],[26],[27],[36] 4,950,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC – Preferred Metals & Mining      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[26],[27] 2,368    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Preferred Stock and Units Princeton Medspa Partners, LLC Services: Consumer Interest Rate 12.50% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25],[36] 859,000    
Principal [15],[16],[17],[18],[19],[20],[25],[26],[36] 1,064    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 3,560,000    
Fair Value, Ending Balance 3,943,000 [15],[16],[17],[18],[19],[20] 3,560,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 01/01/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 500,000    
Principal [15],[16],[17],[18],[19],[20],[26] 500,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 04/05/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 3,443,000    
Principal [15],[16],[17],[18],[19],[20],[26] 4,500,000    
Investment, Identifier [Axis]: Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Maturity 4/5/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 3,560,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   3,560,000  
Principal [9],[10],[11],[12],[13],[14],[39]   4,500,000  
Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 14,318,000    
Fair Value, Ending Balance 13,015,000 [15],[16],[17],[18],[19],[20] 14,318,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Joint Ventures      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 14,275,000    
Fair Value, Ending Balance 13,015,000 [15],[16],[17],[18],[19],[20] 14,275,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40] 14,275,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40]   14,275,000  
Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 43,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   43,000  
Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment Interest Rate 17.75% PIK Maturity 1/31/23      
Summary of Investment Holdings [Line Items]      
Principal [9],[10],[11],[12],[13],[14],[39],[41]   2,020,000  
Investment, Identifier [Axis]: Investments in Controlled Affiliated Portfolio Companies Subordinated Debt Tank Partners Equipment Holdings LLC Energy: Oil & Gas Interest Rate 10.00% PIK Maturity 2/15/2022      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[41] 43,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[41]   43,000  
Principal [9],[10],[11],[12],[13],[14],[39],[41]   511,000  
Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Common Stock and Membership Units ProAir HoldCo, LLC Capital Equipment      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[26] 2,749,997    
Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[23] 13,015,000    
Principal [15],[16],[17],[18],[19],[20],[23],[26] 27,220,000    
Investment, Identifier [Axis]: Investments in Controlled Afilliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[26],[42] 2,020,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 398,325,000    
Fair Value, Ending Balance 327,622,000 [15],[16],[17],[18],[19],[20] 398,325,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 8,968,000    
Fair Value, Ending Balance 3,001,000 [15],[16],[17],[18],[19],[20] 8,968,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2014-1 Ltd. CLO Fund Securities Interest Rate 136.55% Maturity 4/20/2030      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[21],[22],[23] 261,000    
Principal [15],[16],[17],[18],[19],[20],[21],[22],[23],[26] 15,161,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2014-1 Ltd., CLO Fund Securities Interest Rate 13.70% Maturity 4/20/2030      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[43],[44] 904,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[43],[44]   904,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[43],[44]   15,161,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2018-1 Ltd. CLO Fund Securities Interest Rate 3.86% Maturity 10/27/2031      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[21],[22],[23] 2,600,000    
Principal [15],[16],[17],[18],[19],[20],[21],[22],[23],[26] 10,000,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2018-1 Ltd., CLO Fund Securities Interest Rate 25.00% Maturity 10/27/2031      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[43],[44] 3,923,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[43],[44]   3,923,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[43],[44]   10,000,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Dryden 30 Senior Loan Fund CLO Fund Securities Interest Rate 17.98% Maturity 11/1/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[21],[22],[23] 140,000    
Principal [15],[16],[17],[18],[19],[20],[21],[22],[23],[26] 3,250,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Dryden 30 Senior Loan Fund, CLO Fund Securities Interest Rate 25.40% Maturity 11/1/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[43],[44] 409,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[43],[44]   409,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[43],[44]   3,250,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV LTD, CLO Fund Securities Interest Rate 19.80% Maturity 7/17/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[43],[44] 683,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[43],[44]   683,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[43],[44]   18,407,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD, CLO Fund Securities Interest Rate 25.30% Maturity 7/17/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[43],[44] 3,049,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[43],[44]   3,049,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[43],[44]   17,074,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership LB NewHoldCo LLC, Hotel, Gaming & Leisure      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 1,442,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   1,442,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Morae Global Holdings Inc. - Warrant, IT Consulting & Other Services      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 99,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   99,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Roscoe Investors, LLC - Class A, Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 425,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   425,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership South Street Securities Holdings, Inc - Warrant, Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 403,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   403,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Sundance Holdings Group, LLC, Retail      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 69,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   69,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 7,365,000    
Fair Value, Ending Balance 8,106,000 [15],[16],[17],[18],[19],[20] 7,365,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AAPC Holdings, LLC Equity, Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[37] 493,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[37]   493,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AAPC Holdings, LLC Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25] 444,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units ATP Oil & Gas Corporation, Energy: Oil & Gas      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[33] 57,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[33]   57,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Advantage Capital Holdings LLC - Class A Units Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25] 842,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[37],[45] 2,828,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[37],[45]   2,828,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc. Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 130,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc., Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 93,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   93,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Centric Brands Inc., Machinery (Non-Agrclt/Constr/Electr)      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 121,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   121,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Centric Brands, L.P. Machinery (Non-Agrclt/Constr/Electr)      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,649,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25] 258,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC, Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[37] 258,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[37]   258,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc. Consumer goods: Durable      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[46] 553,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc., Consumer goods: Durable      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[47] 174,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[47]   174,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A Capital Equipment      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[22],[23] 967,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A, Capital Equipment      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[44] 903,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[44]   903,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units LB NewHoldCo LLC Hotel, Gaming & Leisure      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 993,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Holdings Inc. - Warrant IT Consulting & Other Services      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 117,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Roscoe Investors,LLC - Class A Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 476,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street securities Holdings,Inc – Warrant Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 449,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Workplace Holdings LLC (Pomeroy Technologies, LLC) High Tech Industries      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 228,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 220,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[23],[25] 220,000    
Principal [15],[16],[17],[18],[19],[20],[23],[25],[26] 164,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Principal [9],[10],[11],[12],[13],[14],[37],[39],[40]   164  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Epilog Partners LP (Care Connectors Medical Group) Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[23],[25],[26] 1,166,667,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem Sports & Entertainment Inc.), Media: Broadcasting & Subscription      
Summary of Investment Holdings [Line Items]      
Principal [9],[10],[11],[12],[13],[14],[39],[40],[48]   0.2  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem) Media: Broadcasting & Subscription      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[23],[26] 200    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 336,599,000    
Fair Value, Ending Balance 282,195,000 [15],[16],[17],[18],[19],[20] 336,599,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 11.80% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 7/22/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 976,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   976,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   990,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 9.59% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 07/22/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 979,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 980,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIS Holdco, LLC Banking, Finance, Insurance & Real Estate Interest Rate 10.64% Reference Rate and Spread SOFR + 5.00% Maturity 8/15/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,220,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,220,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,223,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. (Revolver) Beverage, Food and Tobacco Interest Rate 11.80% Reference Rate and Spread SOFR + 7.00% 3.00% PIK Floor 1.00% Maturity 10/06/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 994,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 1,012,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. (Revolver) Beverage, Food and Tobacco Interest Rate 12.43% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 10/6/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] 630,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   630,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39]   651,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. Beverage, Food and Tobacco Interest Rate 11.74% Reference Rate and Spread SOFR + 7.00%, 3.00% PIK Floor 1.00% Maturity 10/06/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 4,785,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 4,875,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. Beverage, Food and Tobacco Interest Rate 12.50% Reference Rate and Spread SOFR + 6.25%, 0.75% PIK Floor 1.00% Maturity 10/6/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 4,766,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   4,766,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   4,869,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Finance Interest Rate 0.50% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 8/31/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] (2,000)    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   (2,000)  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 11/17/31      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[28] (8,000)    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Finance Interest Rate 11.60% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 8/29/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 9,468,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   9,468,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   9,472,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Finance Interest Rate 9.58% Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 11/17/31      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 4,436,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 4,464,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Services: Business Interest Rate 10.59% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 4,329,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 4,367,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Services: Business Interest Rate 11.61% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 3/26/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 4,242,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   4,242,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   4,412,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 13.00% Reference Rate and Spread 13.00%, 5.00% + PIK Maturity 04/14/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 13,649,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 13.00% Reference Rate and Spread 13.00%, 5.00% PIK Maturity 04/14/27      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[26],[29] 14,754,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 13.00% Reference Rate and Spread 5.00% PIK Maturity 4/14/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 13,773,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   13,773,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   14,036,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.22% Reference Rate and Spread SOFR + 9.75%, 5.25% PIK Floor 1.00% Maturity 6/30/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,954,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,934,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 16.47% Reference Rate and Spread SOFR + 5.75%, 5.25% PIK Floor 1.00% Maturity 1/1/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 3,768,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   3,768,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   3,744,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. High Tech Industries Interest Rate 14.62% Reference Rate and Spread SOFR + 10.00% Floor 1.00% Maturity 6/11/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 6,035,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 6,034,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. High Tech Industries Interest Rate 15.65% Reference Rate and Spread SOFR + 10.00% Floor 1.00% Maturity 6/11/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 6,305,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   6,305,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   6,274,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver 2022) Media: Broadcasting & Subscription Interest Rate 14.09% Reference Rate and Spread SOFR + 9.50%, 3.00% PIK, Floor 1.00% Maturity 06/30/24      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 353,000    
Principal [15],[16],[17],[18],[19],[20],[26] 563,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver 2022) Media: Broadcasting & Subscription Interest Rate 15.07% Reference Rate and Spread SOFR + 9.50% Floor 1.00% Maturity 6/30/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 465,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   465,000  
Principal [9],[10],[11],[12],[13],[14],[39]   547,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver) Media: Broadcasting & Subscription Interest Rate 14.09% Reference Rate and Spread SOFR + 9.50%, 3.00% PIK, Floor 1.00% Maturity 06/30/24      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 734,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 1,222,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Revolver) Media: Broadcasting & Subscription Interest Rate 15.10% Reference Rate and Spread SOFR + 9.50% Floor 1.00% Maturity 11/15/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] 910,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   910,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39]   1,084,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription Interest Rate 13.99% Reference Rate and Spread SOFR + 9.40%, 13.99% PIK Floor 1.00% Maturity 11/15/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 9,668,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 15,070,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. Media: Broadcasting & Subscription Interest Rate 15.11% Reference Rate and Spread SOFR + 9.50%, 12.11% PIK Floor 1.00% Maturity 11/15/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 10,965,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   10,965,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   12,880,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 10.99% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 3/9/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,859,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,859,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   5,894,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 9.33% Reference Rate and Spread SOFR + 5.00% , Floor 1.00% Maturity 03/09/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 5,817,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 5,832,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Aventiv Technologies, LLC Alternative Carriers Interest Rate 10.50% Reference Rate and Spread SOFR + 4.89% Floor 1.00% Maturity 11/1/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 937,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   937,000  
Principal [9],[10],[11],[12],[13],[14],[39]   989,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BW NHHC Holdco Inc. Healthcare & Pharmaceuticals Interest Rate 12.85% Reference Rate and Spread SOFR + 7.50% Floor 2.00% Maturity 1/15/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[49] 969,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[49]   969,000  
Principal [9],[10],[11],[12],[13],[14],[39],[49]   952,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 8.86% Reference Rate and Spread SOFR + 4.50% Maturity 07/01/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 963,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 1,014,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 9.60% Reference Rate and Spread SOFR + 4.25% Maturity 7/1/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] 145,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   145,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39]   242,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 10.08% Reference Rate and Spread SOFR + 5.75% Maturity 07/01/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 11,997,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 12,480,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 11.10% Reference Rate and Spread SOFR + 5.75% Maturity 7/1/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 12,104,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   12,104,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   12,608,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. (Revolver) Consumer goods: Durable Interest Rate 0.50% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] (25,000)    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   (25,000)  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. (Revolver) Consumer goods: Durable Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[28] (8,000)    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 10.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 487,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 491,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 482,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   482,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   496,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bristol Hospice Healthcare & Pharmaceuticals Interest Rate 11.96% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/22/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,735,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,735,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,809,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt C.P. Converters, Inc. Chemicals, Plastics and Rubber Interest Rate 13.16% Reference Rate and Spread SOFR + 8.49%, 1.00% PIK Floor 1.00% Maturity 12/13/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 9,628,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 10,135,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt C.P. Converters, Inc. Chemicals, Plastics and Rubber Interest Rate 13.25% Reference Rate and Spread SOFR + 6.50%, 1.00% PIK Floor 1.00% Maturity 9/30/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 9,835,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   9,835,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   9,738,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CB MIDCO, LLC Consumer goods: Durable Interest Rate 10.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 09/27/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,414,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,762,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CB MIDCO, LLC Consumer goods: Durable Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 9/27/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 3,525,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   3,525,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   3,802,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CCMG Buyer, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals Interest Rate 9.90% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 05/08/30      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,151,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,151,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Cenexel Clinical Research, Inc. Healthcare & Pharmaceuticals Interest Rate 10.47% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 11/08/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 5,765,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 5,773,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Cenexel Clinical Research, Inc. Healthcare & Pharmaceuticals Interest Rate 11.22% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 11/8/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,773,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,773,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   5,773,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A1) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 11.03% Reference Rate and Spread SOFR + 6.50%, Floor 1.00% Maturity 02/06/31      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 3,807,000    
Principal [15],[16],[17],[18],[19],[20],[26] 3,807,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A2) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 12.53% Reference Rate and Spread SOFR + 8.00%, 12.53% PIK Floor 1.00% Maturity 02/06/31      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 3,463,000    
Principal [15],[16],[17],[18],[19],[20],[26] 3,463,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.03% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 08/06/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,689,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,689,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 14.87% Reference Rate and Spread SOFR + 2.50%, 7.00% PIK Maturity 10/9/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 9,976,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   9,976,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   10,487,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC (Revolver) Services: Business Floor 1.00% Maturity 04/27/24      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[42] 494,000    
Principal [15],[16],[17],[18],[19],[20],[26],[42] 685,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC (Revolver) Services: Business Interest Rate 12.60% Reference Rate and Spread PRIME +7.00% Floor 1.00% Maturity 2/27/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 41,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   41,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   41,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC (Revolver) Services: Business Interest Rate 12.60% Reference Rate and Spread SOFR +7.00% Floor 1.00% Maturity 2/27/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 571,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   571,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   576,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC Services: Business Floor 1.00% Maturity 04/27/24      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[42] 5,164,000    
Principal [15],[16],[17],[18],[19],[20],[26],[42] 7,167,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC Services: Business Interest Rate 12.45% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 2/27/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 7,137,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   7,137,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   7,185,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 0.50% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] (30,000)    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   (30,000)  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC Healthcare & Pharmaceuticals Interest Rate 12.03% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 12,506,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   12,506,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   12,697,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 11.49% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,218,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,640,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 12.21% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,715,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,715,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,715,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 11.08% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 12/23/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 114,000    
Principal [15],[16],[17],[18],[19],[20],[26] 117,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 12.39% Reference Rate and Spread SOFR + 7.00% Floor 0.75% Maturity 12/23/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] 44,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   44,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39]   48,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare & Pharmaceuticals Interest Rate 11.08% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 12/26/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 2,696,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 2,740,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare & Pharmaceuticals Interest Rate 12.35% Reference Rate and Spread SOFR + 7.00% Floor 0.75% Maturity 12/26/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 1,786,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   1,786,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   1,824,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC (Second Out) Construction & Building Interest Rate 9.42% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/28/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 779,000    
Principal [15],[16],[17],[18],[19],[20],[26] 917,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Construction & Building Interest Rate 10.25% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 2/10/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 1,165,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   1,165,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   1,478,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Construction & Building Interest Rate 10.92% Reference Rate and Spread SOFR + 6.25% Floor 0.50% Maturity 01/31/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 651,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 657,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt ELO Touch Solutions, Inc High Tech Industries Interest Rate 11.97% Reference Rate and Spread SOFR + 6.50% Maturity 12/14/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 1,983,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   1,983,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   2,049,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Beverage, Food and Tobacco Interest Rate 10.44% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 6,048,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   6,048,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   6,893,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Beverage, Food and Tobacco Interest Rate 9.52% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 5,833,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 6,823,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fortis Payment Systems, LLC Diversified Financial Services Interest Rate 9.68% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 3,074,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 3,092,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. (DIP) Retail Interest Rate 13.55% Reference Rate and Spread SOFR + 9.00% Floor 1.00% Maturity 05/06/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 582,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 594,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. Retail Interest Rate 10.39% Reference Rate and Spread SOFR + 5.45% Floor 0.75% Maturity 03/10/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 1,783,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,003,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. Retail Interest Rate 10.44% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 2/25/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[45],[49] 2,350,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[45],[49]   2,350,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[45],[49]   2,900,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. (Revolver) Consumer goods: Durable Interest Rate 13.72% Reference Rate and Spread SOFR + 8.36% Maturity 5/15/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 31,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   31,000  
Principal [9],[10],[11],[12],[13],[14],[39]   51,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. (Revolver) Consumer goods: Durable Interest Rate 13.72% Reference Rate and Spread SOFR + 9.36%, 1.00% PIK Maturity 6/30/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 28,000    
Principal [15],[16],[17],[18],[19],[20],[26] 51,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. Consumer goods: Durable Interest Rate 13.96% Reference Rate and Spread SOFR + 9.36%, 1.00% PIK Maturity 6/30/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 3,479,000    
Principal [15],[16],[17],[18],[19],[20],[26] 6,284,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. Consumer goods: Durable Interest Rate 14.76% Reference Rate and Spread SOFR + 8.36%, 1.00% PIK Maturity 5/15/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 4,127,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   4,127,000  
Principal [9],[10],[11],[12],[13],[14],[39]   6,852,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H-CA II, LLC Banking, Finance, Insurance & Real Estate Interest Rate 16.00% Maturity 09/01/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 1,560,000    
Principal [15],[16],[17],[18],[19],[20],[26] 1,724,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H-CA II, LLC Banking, Finance, Insurance & Real Estate Interest Rate 16.00% Maturity 4/1/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 1,854,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   1,854,000  
Principal [9],[10],[11],[12],[13],[14],[39]   1,854,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. (Revolver) Services: Business Interest Rate 11.76% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 7/2/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] 3,578,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   3,578,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39]   3,858,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. Services: Business Interest Rate 10.99% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 07/02/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 14,513,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 14,513,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. Services: Business Interest Rate 11.81% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 7/2/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 14,149,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   14,149,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   14,663,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC (Revolver) High Tech Industries Interest Rate 14.83% Reference Rate and Spread SOFR + 7.50%, 2.00% PIK Floor 1.00% Maturity 12/21/2023      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[41],[45] 437,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[41],[45]   437,000  
Principal [9],[10],[11],[12],[13],[14],[39],[41],[45]   773,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC (Term Loan A) High Tech Industries Interest Rate 14.83 Reference Rate and Spread SOFR + 7.50%, 2.00% PIK Floor 1.00% Maturity 12/21/2023      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[41],[45] 4,252,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[41],[45]   4,252,000  
Principal [9],[10],[11],[12],[13],[14],[39],[41],[45]   7,525,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC - Term Loan A High Tech Industries Interest Rate 8.75% Reference Rate and Spread SOFR + 3.50%, 2.50% PIK Floor 5.25% Maturity 06/21/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 4,527,000    
Principal [15],[16],[17],[18],[19],[20],[26] 5,597,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC - Term Loan B High Tech Industries Maturity 06/21/26      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[26],[42] 3,876,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Help Systems Holdings, Inc. High Tech Industries Interest Rate 8.69% Reference Rate and Spread SOFR + 4.00% Floor 0.75% Maturity 11/19/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 1,728,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 1,954,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Help Systems Holdings, Inc. High Tech Industries Interest Rate 9.48% Reference Rate and Spread SOFR + 4.00% Floor 0.75% Maturity 11/19/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 1,876,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   1,876,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   1,974,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hollander Intermediate LLC Consumer goods: Durable Interest Rate 13.22% Reference Rate and Spread SOFR + 8.75%, 10.58% PIK Floor 2.00% Maturity 09/19/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 6,235,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 6,330,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hollander Intermediate LLC Consumer goods: Durable Interest Rate 14.22% Reference Rate and Spread SOFR + 8.75% Floor 2.00% Maturity 9/19/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,260,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,260,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   5,508,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services Healthcare & Pharmaceuticals Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/7/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 2,863,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   2,863,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   2,928,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare & Pharmaceuticals Interest Rate 10.83% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/07/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 3,853,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 3,833,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Intermedia Holdings, INC. High Tech Industries Interest Rate 11.47% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 7/21/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,531,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,531,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,613,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 9.12% Reference Rate and Spread SOFR + 4.25% Floor 0.75% Maturity 12/01/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 678,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 977,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 9.91% Reference Rate and Spread SOFR + 4.25% Floor 0.75% Maturity 12/1/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 940,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   940,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   987,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt JO ET Holdings Limited Telecommunications Interest Rate 18.38% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[40],[44] 2,254,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[40],[44]   2,254,000  
Principal [9],[10],[11],[12],[13],[14],[39],[40],[44]   2,260,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 10.68% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 868,000    
Principal [15],[16],[17],[18],[19],[20],[26] 872,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 842,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   842,000  
Principal [9],[10],[11],[12],[13],[14],[39]   872,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 10.67% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 11,817,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 11,877,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 11,579,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   11,579,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   11,999,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lifescan Global Corporation Healthcare & Pharmaceuticals Interest Rate 11.12% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/31/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 758,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,165,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lifescan Global Corporation Healthcare & Pharmaceuticals Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/31/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 1,792,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   1,792,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,381,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (First Out) Hotel, Gaming & Leisure Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/2/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 473,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   473,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   469,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Second Out) Hotel, Gaming & Leisure Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/2/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 853,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   853,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   892,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC (Revolver) Construction & Building Interest Rate 11.94% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 339,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 343,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC (Revolver) Construction & Building Interest Rate 12.74% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 343,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   343,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   343,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC Construction & Building Interest Rate 11.94% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 5,827,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 5,873,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC Construction & Building Interest Rate 12.74% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 4/11/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,933,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,933,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   5,933,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MAG DS Corp. Aerospace and Defense Interest Rate 10.95% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 4/1/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 3,520,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   3,520,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   3,664,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MAG DS Corp. Aerospace and Defense Interest Rate 9.93% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 04/01/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,406,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,624,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MSM Acquisitions, Inc Services: Business Interest Rate 10.51% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 12/09/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 8,891,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 9,852,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MSM Acquisitions, Inc. Services: Business Interest Rate 11.50% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 12/9/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 9,423,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   9,423,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   9,828,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Finance Interest Rate 12.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 8,392,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 8,574,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Finance Interest Rate 13.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 9,506,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   9,506,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   9,750,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) IT Consulting & Other Services Interest Rate 0.50% Floor 2.00% Maturity 10/26/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] (10,000)    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   (10,000)  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) IT Consulting & Other Services Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[28] (3,000)    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation IT Consulting & Other Services Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,129,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,163,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation IT Consulting & Other Services Interest Rate 13.53% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,169,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,169,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,277,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 10.51% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 4/11/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 2,279,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   2,279,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   2,488,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 9.76% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,217,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,463,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Interest Rate 0.25% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 6/9/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] (4,000)    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   (4,000)  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 06/09/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[28] (10,000)    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 10.39% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 6/9/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 3,364,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   3,364,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   3,379,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 9.26% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 06/09/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 4,212,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 4,248,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Newbury Franklin Industrials, LLC Consumer goods: Durable Interest Rate 11.40% Reference Rate and Spread SOFR + 7.00% Floor 2.00% Maturity 12/11/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 3,898,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 4,013,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 10.72% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 04/29/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 7,470,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 7,470,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 11.72% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 4/29/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 7,409,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   7,409,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   7,550,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC (Revolver) Finance Reference Rate and Spread SOFR +5.25% Floor 0.75% Maturity 01/31/31      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[28] (2,000)    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC Finance Interest Rate 9.58% Reference Rate and Spread SOFR +5.25% Floor 0.75% Maturity 01/31/31      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 1,379,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 1,401,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PVHC Holding Corp Containers, Packaging and Glass Interest Rate 11.18% Reference Rate and Spread SOFR + 6.75%, 0.75% PIK Floor 2.50% Maturity 02/17/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,702,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,729,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PVHC Holdings Corp Containers, Packaging and Glass Interest Rate 11.75% Reference Rate and Spread SOFR + 5.50%, 0.75% PIK Floor 2.50% Maturity 2/17/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,665,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,665,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,736,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PhyNet Dermatology LLC Healthcare & Pharmaceuticals Interest Rate 11.12% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 1,279,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 1,294,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PhyNet Dermatology LLC Healthcare & Pharmaceuticals Interest Rate 11.99% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 1,287,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   1,287,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   1,307,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Senior A) High Tech Industries Interest Rate 5.17% PIK Maturity 4/4/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 1,043,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   1,043,000  
Principal [9],[10],[11],[12],[13],[14],[39]   1,766,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Senior B) High Tech Industries Interest Rate 7% PIK Maturity 4/4/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[41] 193,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[41]   193,000  
Principal [9],[10],[11],[12],[13],[14],[39],[41]   1,593,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Super Senior A) High Tech Industries Interest Rate 10.00% PIK Maturity 4/4/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 398,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   398,000  
Principal [9],[10],[11],[12],[13],[14],[39]   422,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Super Senior A) High Tech Industries Interest Rate 6.00% PIK Maturity 11/30/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 1,367,000    
Principal [15],[16],[17],[18],[19],[20],[26] 1,367,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Pomeroy Technologies, LLC (Super Senior B) High Tech Industries Interest Rate 9.00% PIK Maturity 4/4/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 1,170,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   1,170,000  
Principal [9],[10],[11],[12],[13],[14],[39]   1,261,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare & Pharmaceuticals Interest Rate 10.59% Reference Rate and Spread SOFR + 6.00%, 10.59% PIK Floor 1.00% Maturity 03/31/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,524,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,869,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare & Pharmaceuticals Interest Rate 11.61% Reference Rate and Spread SOFR + 6% Floor 1.00% Maturity 1/2/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,471,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,471,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,570,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Priority Holdings, LLC High Tech Industries Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 4/22/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,591,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,591,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   5,612,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Castle, Inc. Transportation: Cargo Interest Rate 10.90% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 6/8/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 7,018,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   7,018,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   7,900,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Castle, Inc. Transportation: Cargo Interest Rate 9.76% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,649,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 3,020,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 10.73% Reference Rate and Spread SOFR + 5.25% Floor 0.50% Maturity 7/20/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 7,201,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   7,201,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   7,920,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 9.94% Reference Rate and Spread SOFR + 5.25% Floor 0.50% Maturity 07/20/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 5,126,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 5,695,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Qualtek LLC High Tech Industries Interest Rate 15.39% Reference Rate and Spread SOFR + 1%, 9% PIK Floor 1% Maturity 7/14/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[49] 4,209,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[49]   4,209,000  
Principal [9],[10],[11],[12],[13],[14],[39],[49]   4,373,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radiology Partners, Inc Healthcare & Pharmaceuticals Interest Rate 10.18% Reference Rate and Spread SOFR + 4.25% Maturity 7/9/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 5,654,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   5,654,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   6,966,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radius Aerospace, Inc Aerospace and Defense Interest Rate 11.25% Reference Rate and Spread SOFR + 5.75% Floor 1% Maturity 3/29/2025      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 6,064,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   6,064,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   6,131,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radius Aerospace, Inc. Aerospace and Defense Interest Rate 10.48% Reference Rate and Spread SOFR + 6.00%, 10.48% PIK Floor 1.00% Maturity 03/29/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 6,026,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 6,066,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Reception Purchaser, LLC Transportion: Cargo Interest Rate 11.50% Reference Rate and Spread SOFR + 6% Floor 0.75% Maturity 3/24/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 3,285,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   3,285,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   4,439,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Red Range Intermediate Inc. Capital Equipment Interest Rate 12.69% Reference Rate and Spread SOFR + 8.00% Floor 1.00% Maturity 10/01/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 324,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 324,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Riskonnect Parent LLC Application Software Interest Rate 9.48% Reference Rate and Spread SSOFR + 5.00% Maturity 12/07/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 1,166,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 1,216,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Distribution, LLC (STG Logistics) (Second Out) Transportation: Cargo Interest Rate 12.12% Reference Rate and Spread SOFR + 7.60%, 6.50% PIK Floor 1.50% Maturity 10/03/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 997,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 1,777,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Distribution, LLC (STG Logistics) (Third Out) Transportation: Cargo Interest Rate 11.62% Reference Rate and Spread SOFR + 7.10%, 6.50% PIK Floor 1.50% Maturity 10/03/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 136,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 1,332,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc Banking, Finance, Insurance & Real Estate Interest Rate 9% Maturity 9/20/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 2,528,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   2,528,000  
Principal [9],[10],[11],[12],[13],[14],[39]   3,150,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc Banking, Finance, Insurance & Real Estate Interest Rate 9.00% Maturity 09/20/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 2,685,000    
Principal [15],[16],[17],[18],[19],[20],[26] 3,150,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sundance Holdings Group, LLC Retail Interest Rate 14.23% Reference Rate and Spread SOFR + 9.50%, 1.50% PIK Maturity 06/30/25      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 4,488,000    
Principal [15],[16],[17],[18],[19],[20],[26] 6,667,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sundance Holdings Group, LLC Retail Interest Rate 23.03% Reference Rate and Spread SOFR + 8.00%, 9.50% PIK Floor 1% Maturity 5/1/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 6,313,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   6,313,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   6,528,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc Healthcare & Pharmaceuticals Interest Rate 9.19% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/27      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 1,517,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 1,653,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc Healthcare & Pharmaceuticals Interest Rate 9.98% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 1,502,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   1,502,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   1,670,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia American Holdings, Inc Interactive Media and Service Interest Rate 13.10% Reference Rate and Spread SOFR + 7.75% Floor 1% Maturity 12/5/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 2,662,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   2,662,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   2,759,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia Americas Holdings, Inc. Interactive Media & Services Interest Rate 12.11% Reference Rate and Spread SOFR + 7.75% Floor 1.00% Maturity 12/05/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 2,559,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,610,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC Banking, Finance, Insurance & Real Estate Interest Rate 10.99% Reference Rate and Spread SOFR + 5.50% Floor 1% Maturity 10/2/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 12,092,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   12,092,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   12,092,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC Banking, Finance, Insurance & Real Estate Interest Rate 9.55% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 10/02/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 5,032,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 5,032,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TLE Holdings, LLC Healthcare Education & Childcare Interest Rate 10.96% Reference Rate and Spread SOFR + 5.50% Floor 1% Maturity 6/28/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 6,162,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   6,162,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   6,180,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TLE Holdings, LLC Healthcare, Education and Childcare Interest Rate 9.96% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/29/26      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 6,115,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 6,115,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc Aerospace and Defense Interest Rate 13.96% Reference Rate and Spread SOFR + 8.50% Floor 1% Maturity 12/22/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 1,671,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   1,671,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   1,714,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc. Aerospace and Defense Interest Rate 13.25% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[29] 1,958,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26],[29] 1,975,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 12.69% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 255,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 258,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 13.52% Reference Rate and Spread SOFR + 8% Floor 2% Maturity 6/14/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30] 124,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30]   124,000  
Principal [9],[10],[11],[12],[13],[14],[30]   129,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare & Pharmaceuticals Interest Rate 12.79% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24] 4,558,000    
Principal [15],[16],[17],[18],[19],[20],[24],[26] 4,600,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare & Pharmaceuticals Interest Rate 13.54% Reference Rate and Spread SOFR + 8% Floor 2% Maturity 6/14/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[30],[45] 3,432,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[30],[45]   3,432,000  
Principal [9],[10],[11],[12],[13],[14],[30],[39],[45]   3,500,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VTX Intermediate Holdings, Inc. High Tech Industries Interest Rate 11.65% Reference Rate and Spread SOFR + 7.00%, 1.00% PIK Floor 2.00% Maturity 12/12/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 5,074,000    
Principal [15],[16],[17],[18],[19],[20],[26] 5,122,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wonder Love, Inc. Media: Diversified & Production Interest Rate 10.35% Reference Rate and Spread SOFR + 5% Floor 1% Maturity 11/18/2024      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 1,124,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   1,124,000  
Principal [9],[10],[11],[12],[13],[14],[45]   1,125,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 6,518,000    
Fair Value, Ending Balance 7,307,000 [15],[16],[17],[18],[19],[20] 6,518,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units 4L Ultimate Topco Corporation, Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 29,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   29,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 18.00% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25],[36] 243,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC, Healthcare & Pharmaceuticals Interest Rate 18.00% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[37],[38] 195,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[37],[38]   195,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 12.50% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[25],[36] 2,795,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Advantage Capital Holdings LLC, Banking, Finance, Insurance & Real Estate Interest Rate 12.50% PIK      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[38],[45] 2,733,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[38],[45]   2,733,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 2,662,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC, Banking, Finance, Insurance & Real Estate      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 3,237,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   3,237,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Epilog Partners SPV III, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[24],[25] 1,283,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Prosper Marketplace Consumer goods: Durable      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[50] 324,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Prosper Marketplace, Consumer goods: Durable      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[51] 324,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[51]   324,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 37,694,000    
Fair Value, Ending Balance 25,053,000 [15],[16],[17],[18],[19],[20] 37,694,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.50% PIK Maturity 3/01/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 6,396,000    
Principal [15],[16],[17],[18],[19],[20],[26] 6,813,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.50% PIK Maturity 3/1/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,237,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,237,000  
Principal [9],[10],[11],[12],[13],[14],[45]   5,909,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. Services: Business Interest Rate 10.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/23/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,301,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 4,000,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. Services: Business Interest Rate 12.00% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/23/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 3,605,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   3,605,000  
Principal [9],[10],[11],[12],[13],[14],[45]   4,000,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 11.36% Reference Rate and Spread SOFR + 7.00% Maturity 02/16/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 4,558,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 5,400,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 12.36% Reference Rate and Spread SOFR + 7% Maturity 2/16/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 4,941,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   4,941,000  
Principal [9],[10],[11],[12],[13],[14],[45],[49]   5,400,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Global Tel*Link Corporation Telecommunications Interest Rate 15.53% Reference Rate and Spread SOFR + 10.00% Maturity 11/29/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 1,336,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   1,336,000  
Principal [9],[10],[11],[12],[13],[14],[45],[49]   1,500,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 11.47% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 02/04/29      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 1,992,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 2,024,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 12.28% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 2/4/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 5,811,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   5,811,000  
Principal [9],[10],[11],[12],[13],[14],[45]   6,000,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 12.12% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/01/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[29] 3,458,000    
Principal [15],[16],[17],[18],[19],[20],[26],[29] 6,000,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 12.91% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/1/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45] 4,870,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45]   4,870,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45]   6,000,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Phoenix Guarantor, Inc. Healthcare & Pharmaceuticals Interest Rate 13.97% Reference Rate and Spread SOFR + 8.50% Floor 1% Maturity 3/5/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 1,131,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   1,131,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   1,200,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 12.34% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 07/20/30      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 4,488,000    
Principal [15],[16],[17],[18],[19],[20],[26] 5,000,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 13.13% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 7/20/2030      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[49] 4,719,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[49]   4,719,000  
Principal [9],[10],[11],[12],[13],[14],[39],[49]   5,000,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Qualtek LLC High Tech Industries Interest Rate 15.39% Reference Rate and Spread SOFR + 1%, 9.00% PIK Floor 1% Maturity 1/14/2027      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 2,913,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   2,913,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   4,146,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt RedstoneHoldco 2 LP High Tech Industries Interest Rate 13.22% Reference Rate and Spread SOFR + 7.75% Floor 0.75% Maturity 4/16/2029      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[45],[49] 2,831,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[45],[49]   2,831,000  
Principal [9],[10],[11],[12],[13],[14],[39],[45],[49]   4,566,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Robertshaw US Holding Corp. Capital Equipment Interest Rate 13.45% Reference Rate and Spread SOFR + 8.00% Floor 1% Maturity 2/28/2026      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 300,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14]   300,000  
Principal [9],[10],[11],[12],[13],[14],[39]   3,000,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt VTX Intermediate Holdings, Inc. High Tech Industries Interest Rate 12.50% PIK Floor 2.00% Maturity 12/12/30      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 860,000    
Principal [15],[16],[17],[18],[19],[20],[26] 878,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14] 1,181,000    
Fair Value, Ending Balance 1,740,000 [15],[16],[17],[18],[19],[20] 1,181,000 [9],[10],[11],[12],[13],[14]  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt DeltaDx Limited, LP (Money Transfer Acquisition Inc.)Finance Interest Rate 15.00% PIK Maturity 06/30/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20] 528,000    
Principal [15],[16],[17],[18],[19],[20],[26] 538,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming & Leisure Maturity 05/29/28      
Summary of Investment Holdings [Line Items]      
Fair Value, Ending Balance [15],[16],[17],[18],[19],[20],[42] 1,212,000    
Principal [15],[16],[17],[18],[19],[20],[26],[42] 6,258,000    
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming and Leisure Interest Rate 12.50% Maturity 5/29/2028      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [9],[10],[11],[12],[13],[14],[41] 1,181,000    
Fair Value, Ending Balance [9],[10],[11],[12],[13],[14],[41]   1,181,000  
Principal [9],[10],[11],[12],[13],[14],[39],[41]   6,198,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. Energy: Oil & Gas Interest Rate 1.69% Maturity 1/24/2024      
Summary of Investment Holdings [Line Items]      
Principal [9],[10],[11],[12],[13],[14],[39],[41]   75,000  
Investment, Identifier [Axis]: Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. Energy: Oil & Gas Maturity 1/24/2025      
Summary of Investment Holdings [Line Items]      
Principal [15],[16],[17],[18],[19],[20],[26],[42] 26,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Holdco, LLC Industry Classification – Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4] 553,000 464,000  
Net Change in Unrealized Gain/(Loss) [3],[4]   89,000  
Fair Value, Ending Balance [3],[4]   553,000 464,000
Principal [3],[4]   200,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Holdco, LLC Type of Investment Preferred Stock and Units Industry Classification Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[8],[52],[53] 553,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] 4,000    
Fair Value, Ending Balance [6],[8],[53] 557,000 553,000 [52]  
Principal [6],[8],[53] 200,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Investment II Industry Classification – Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4] 246,000 206,000  
Net Change in Unrealized Gain/(Loss) [3],[4]   40,000  
Fair Value, Ending Balance [3],[4]   246,000 206,000
Principal [3],[4]   88,946  
Investment, Identifier [Axis]: Non-controlled affiliated investments BMP Slappey Investment II Type of Investment Preferred Stock and Units Industry Classification Telecommunications      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[8],[52],[53] 246,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] 2,000    
Fair Value, Ending Balance [6],[8],[53] 248,000 246,000 [52]  
Principal [6],[8],[53] 88,946    
Investment, Identifier [Axis]: Non-controlled affiliated investments EBSC Holdings LLC (Riddell, Inc.) Type of Investment Preferred Stock and Units Industry Classification Consumer goods: Durable      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[8],[53] 2,131,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] 244,000    
Fair Value, Ending Balance [6],[8],[53] 2,375,000    
Principal [6],[8],[53] 2,154    
Interest and Fee Income [6],[8],[53] 154,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Industry Classification - Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4] 500,000 500,000  
Fair Value, Ending Balance [3],[4]   500,000 500,000
Principal [3],[4]   1,000,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Type of Investment Preferred Stock and Units Industry Classification Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[8],[53] 500,000    
Fair Value, Ending Balance [6],[8],[53] 500,000 500,000  
Principal [6],[8],[53] 1,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Industry Classification - Energy: Electricity One      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4] 171,000 171,000  
Fair Value, Ending Balance [3],[4]   171,000 171,000
Principal [3],[4]   500,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Type of Investment Common Stock and Membership Units Industry Classification Energy: Electricity      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[8],[53] 171,000    
Purchases/ (sales) of or Advances/ (Distributions) [6],[8],[53] 2,025,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] 6,000    
Fair Value, Ending Balance [6],[8],[53] 2,202,000 171,000  
Principal [6],[8],[53] 6,412    
Investment, Identifier [Axis]: Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[53] (260,000)    
Net Accretion [6],[53] 98,000    
Transfers In (Out) of Affiliates [6],[53] 683,000    
Net Change in Unrealized Gain/(Loss) [6],[53] 204,000    
Fair Value, Ending Balance [6],[53] 725,000    
Principal [6],[53] 18,407,000    
Interest and Fee Income [6],[53] 98,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments JMP Credit Advisors CLO V LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[53] (904,000)    
Net Accretion [6],[53] 656,000    
Transfers In (Out) of Affiliates [6],[53] 3,049,000    
Realized Gain/(Loss) [6],[53] (1,334,000)    
Fair Value, Ending Balance [6],[53] 1,467,000    
Principal [6],[53] 17,074,000    
Interest and Fee Income [6],[53] 656,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Industry Classification - Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4] 998,000 1,300,000  
Net Change in Unrealized Gain/(Loss) [3],[4]   (302,000)  
Fair Value, Ending Balance [3],[4]   998,000 1,300,000
Principal [3],[4]   250,000,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Type of Investment Common Stock Industry Classification Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[8],[52],[53] 998,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] 422,000    
Fair Value, Ending Balance [6],[8],[53] 1,420 998,000 [52]  
Principal [6],[8],[53] 250,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Navex Topco, Inc. Industry Classification – Electronics      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3]   7,604,000  
Purchases/ (sales) of or Advances/ (Distributions) [3]   (7,700,000)  
Net Accretion [3]   310,000  
Net Change in Unrealized Gain/(Loss) [3]   (214,000)  
Fair Value, Ending Balance [3]     7,604,000
Interest and Fee Income [3]   804,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Industry Classification - Metals & Mining Three      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4] 4,182,000    
Transfers In (Out) of Affiliates [3],[4]   4,500,000  
Net Change in Unrealized Gain/(Loss) [3],[4]   (318,000)  
Fair Value, Ending Balance [3],[4]   4,182,000  
Principal [3],[4]   4,500,000  
Interest and Fee Income [3],[4]   333,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[8],[53] 4,182,000    
Purchases/ (sales) of or Advances/ (Distributions) [6],[8],[53] 450,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] (3,472,000)    
Fair Value, Ending Balance [6],[8],[53] 1,160 4,182,000  
Principal [6],[8],[53] 4,950,000,000    
Interest and Fee Income [6],[8],[53] 485,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Preferre Type of Investment Preferred Stock and Units Industry Classification Metals & Mining      
Summary of Investment Holdings [Line Items]      
Principal [6],[8],[53] 2,368    
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC - Preferred Industry Classification - Metals & Mining One      
Summary of Investment Holdings [Line Items]      
Principal [3],[4]   2,368,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Industry Classification - Metals & Mining      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3]   13,445,000  
Purchases/ (sales) of or Advances/ (Distributions) [3]   (4,428,000)  
Transfers In (Out) of Affiliates [3]   (9,000,000)  
Net Change in Unrealized Gain/(Loss) [3]   1,107,000  
Realized Gain/(Loss) [3]   (1,124,000)  
Fair Value, Ending Balance [3]     13,445,000
Interest and Fee Income [3]   377,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Industry Classification - Metals & Mining Three      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3] 3,560,000    
Transfers In (Out) of Affiliates [3]   4,500,000  
Net Change in Unrealized Gain/(Loss) [3]   (940,000)  
Fair Value, Ending Balance [3]   3,560,000  
Principal [3]   4,500,000  
Interest and Fee Income [3]   270,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[53] 3,560,000    
Net Change in Unrealized Gain/(Loss) [6],[53] (117,000)    
Fair Value, Ending Balance [6],[53] 3,443,000 3,560,000  
Principal [6],[53] 4,500,000    
Interest and Fee Income [6],[53] 366,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[53] 500,000    
Fair Value, Ending Balance [6],[53] 500,000    
Principal [6],[53] 500,000    
Interest and Fee Income [6],[53] 36,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments PMP OPCO, LLC ((Princeton Medspa Partners, LLC) Type of Investment First Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[53],[54] 1,635,000    
Net Accretion [6],[53],[54] 4,000    
Net Change in Unrealized Gain/(Loss) [6],[53],[54] (110,000)    
Fair Value, Ending Balance [6],[53],[54] 1,529,000    
Principal [6],[53],[54] 1,679,000    
Interest and Fee Income [6],[53],[54] 147,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) Type of Investment First Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[53],[54] (4,000)    
Net Change in Unrealized Gain/(Loss) [6],[53],[54] (6,000)    
Fair Value, Ending Balance [6],[53],[54] (10,000)    
Interest and Fee Income [6],[53],[54] 1,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC - Put Option Type of Investment Derivatives Industry Classification Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Principal [6],[7],[8],[53] 1,000,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Net Change in Unrealized Gain/(Loss) [6],[8],[53] 28,000    
Fair Value, Ending Balance [6],[8],[53] 28,000    
Principal [6],[8],[53] 0    
Investment, Identifier [Axis]: Non-controlled affiliated investments Princeton Medspa Partners, LLC Type of Investment Preferred Stock and Units Industry Classification Healthcare & Pharmaceuticals      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[8],[53] 1,064,000    
Net Change in Unrealized Gain/(Loss) [6],[8],[53] (205,000)    
Fair Value, Ending Balance [6],[8],[53] 859,000    
Principal [6],[8],[53] 1,064    
Interest and Fee Income [6],[53] 76,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Riddell, Inc. Type of Investment First Lien/Senior Secured Debt Industry Classification Consumer goods: Durable      
Summary of Investment Holdings [Line Items]      
Purchases/ (sales) of or Advances/ (Distributions) [6],[53],[54] 6,127,000    
Net Accretion [6],[53],[54] 20,000    
Net Change in Unrealized Gain/(Loss) [6],[53],[54] 96,000    
Fair Value, Ending Balance [6],[53],[54] 6,243,000    
Principal [6],[53],[54] 6,244,000    
Interest and Fee Income [6],[53],[54] 554,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Industry Classification - Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4],[5],[52],[54] 45,012,000 40,287,000  
Purchases/ (sales) of or Advances/ (Distributions) [3],[4],[5],[52],[54]   2,565,000  
Net Change in Unrealized Gain/(Loss) [3],[4],[5],[52],[55]   2,160,000  
Fair Value, Ending Balance [3],[4],[5],[52],[54]   45,012,000 40,287,000
Principal [3],[4],[5],[52],[54]   44,000,000  
Total dividend income [3],[4],[5],[52],[54]   6,764,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Type of Investment Joint Ventures Industry Classification Joint Venture      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [6],[7],[8],[52],[53],[54] 45,012,000    
Purchases/ (sales) of or Advances/ (Distributions) [6],[7],[52],[53],[54] (2,692,000)    
Net Change in Unrealized Gain/(Loss) [6],[7],[52],[53],[54] (1,182,000)    
Fair Value, Ending Balance [6],[7],[52],[53],[54] 41,138,000 45,012,000 [8]  
Principal [6],[7],[52],[53],[54] 41,309,000    
Total dividend income [6],[7],[8],[52],[53],[54] 6,576,000    
Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Holdings LLC Industry Classification - Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4]   484,000  
Purchases/ (sales) of or Advances/ (Distributions) [3],[4]   (496,000)  
Net Change in Unrealized Gain/(Loss) [3],[4]   (325,000)  
Realized Gain/(Loss) [3],[4]   337,000  
Fair Value, Ending Balance [3],[4]     484,000
Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Holdings LLC Industry Classification - Services: Business One      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3]   5,165,000  
Purchases/ (sales) of or Advances/ (Distributions) [3]   (5,460,000)  
Net Accretion [3]   328,000  
Net Change in Unrealized Gain/(Loss) [3]   (33,000)  
Fair Value, Ending Balance [3]     5,165,000
Interest and Fee Income [3]   675,000  
Investment, Identifier [Axis]: Non-controlled affiliated investments Surge Hippodrome Partners LP Industry Classification - Services: Business      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3],[4]   811,000  
Purchases/ (sales) of or Advances/ (Distributions) [3],[4]   (813,000)  
Net Change in Unrealized Gain/(Loss) [3],[4]   (386,000)  
Realized Gain/(Loss) [3],[4]   388,000  
Fair Value, Ending Balance [3],[4]     811,000
Investment, Identifier [Axis]: Non-controlled affiliated investments Zest Acquisition Corp. Industry Classification - Healthcare, Education and Childcare      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3]   3,390,000  
Purchases/ (sales) of or Advances/ (Distributions) [3]   (3,501,000)  
Net Accretion [3]   9,000  
Net Change in Unrealized Gain/(Loss) [3]   102,000  
Fair Value, Ending Balance [3]     3,390,000
Interest and Fee Income [3]   42,000  
Investment, Identifier [Axis]: Total controlled investments      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [1],[3] 14,318,000 18,953,000 [2]  
Purchases/ (sales) of or Advances/ (Distributions) [1] (1,976,000) (248,000) [2],[3]  
Net Change in Unrealized Gain/(Loss) [1] 7,317,000 (4,354,000) [2],[3]  
Realized Gain/(Loss) [1] (6,644,000) (33,000) [2],[3]  
Fair Value, Ending Balance [1] 13,015,000 14,318,000 [3] 18,953,000 [2],[3]
Total dividend income [1],[2],[3]   2,184,000  
Investment, Identifier [Axis]: Total non-controlled affiliated and controlled investments      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3] 69,540,000 [6] 92,780,000  
Purchases/ (sales) of or Advances/ (Distributions) 8,096,000 [6] (20,081,000) [3]  
Net Accretion 778,000 [6] 647,000 [3]  
Transfers In (Out) of Affiliates [6] 3,732,000    
Net Change in Unrealized Gain/(Loss) 3,231,000 [6] (3,374,000) [3]  
Realized Gain/(Loss) (7,978,000) [6] (432,000) [3]  
Fair Value, Ending Balance 77,399,000 [6] 69,540,000 [3],[6] 92,780,000 [3]
Interest and Fee Income 2,573,000 [6] 2,501,000 [3]  
Total dividend income 6,576,000 [6] 8,948,000 [3]  
Investment, Identifier [Axis]: Total non-controlled affiliated investments      
Summary of Investment Holdings [Line Items]      
Fair Value, Beginning Balance [3] 55,222,000 [6],[53] 73,827,000  
Purchases/ (sales) of or Advances/ (Distributions) 10,072,000 [6],[53] (19,833,000) [3]  
Net Accretion 778,000 [6],[53] 647,000 [3]  
Transfers In (Out) of Affiliates [6],[53] 3,732,000    
Net Change in Unrealized Gain/(Loss) (4,086,000) [6],[53] 980,000 [3]  
Realized Gain/(Loss) (1,334,000) [6],[53] (399,000) [3]  
Fair Value, Ending Balance 64,384,000 [6],[53] 55,222,000 [3],[6],[53] $ 73,827,000 [3]
Interest and Fee Income 2,573,000 [6],[53] 2,501,000 [3]  
Total dividend income $ 6,576,000 [6],[53] $ 6,764,000 [3]  
[1] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
[2] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
[3] Fair value of this investment was determined using significant unobservable inputs, unless otherwise noted.
[4] Number of shares held.
[5] Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.
[6] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[7] Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.
[8] Number of shares held.
[9] All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[10] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[11] Percentages are based on net assets as of December 31, 2023.
[12] Reflects the fair market value of all investments as of December 31, 2023 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[13] The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities'' under the Securities Act of 1933.
[14] The aggregate cost of investments for federal income tax purposes is approximately $539.8 million. The aggregate gross unrealized appreciation is approximately $36.3 million, the aggregate gross unrealized depreciation is approximately $34.7 million, and the net unrealized depreciation is approximately $1.6 million.
[15] All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.
[16] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[17] Percentages are based on net assets as of December 31, 2024.
[18] Reflects the fair market value of all investments as of December 31, 2024 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).
[19] The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities'' under the Securities Act of 1933.
[20] The aggregate cost of investments for federal income tax purposes is approximately $458.4 million. The aggregate gross unrealized appreciation is approximately $50.0 million, the aggregate gross unrealized depreciation is approximately $103.3 million, and the net unrealized depreciation is approximately $53.3 million.
[21] CLO Fund Securities are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.
[22] Non-U.S. company or principal place of business outside the U.S.
[23] The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2024, qualifying assets represent 86.6% of the Company's total assets and non-qualifying assets represent 13.4% of the Company's total assets.
[24] Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.
[25] This investment is owned by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.
[26] Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.
[27] This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.
[28] The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
[29] As of December 31, 2024, this investment is pledged to secure the Company’s debt obligations.
[30] Debt security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.
[31] Non-voting.
[32] The investment is held at the NAV of the underlying fund.
[33] This investment is on non-accrual status and receives a 5% royalty interest on oil being produced on certain fields. All production payments received are being applied to the cost basis and are considered return of capital.
[34] The investment is held at the NAV of the underlying fund.
[35] This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.
[36] The equity investment is income producing, based on rate disclosed.
[37] This investment is held by PTMN Sub Holdings LLC, one of the company's taxable blocker subsidiaries.
[38] The equity investment is income producing, based on rate disclosed.
[39] Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.
[40] The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2023, qualifying assets represent 86.6% of the Company's total assets and non-qualifying assets represent 13.4% of the Company's total assets.
[41] Loan or debt security is on non-accrual status and therefore is considered non-income producing.
[42] Loan or debt security is on non-accrual status and therefore is considered non-income producing.
[43] CLO Subordinated Investments are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.
[44] Non-U.S. company or principal place of business outside the U.S.
[45] As of December 31, 2023, this investment is pledged to secure the Company’s debt obligations.
[46] This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.
[47] This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.
[48] Information related to the Company’s derivatives is presented below as of December 31, 2023:

($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Counterparty

 

Number of shares

 

 

Notional amount

 

 

Exercise price

 

 

Expiration date

 

Value

 

Call option

 

HDNet Holdco LLC

 

0.2

 

 

$

8

 

 

 

0.01

 

 

 N/A

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Counterparty

 

Number of shares

 

 

Notional amount

 

 

Exercise price

 

 

Expiration date

 

Value

 

Put option

 

Advantage Capital Holdings LLC.

 

 

164

 

 

$

563

 

 

 

20

 

 

 N/A

 

$

-

 
[49] This investment is classified as Level II.
[50] Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.
[51] Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.
[52] The investment is valued at the NAV of the underlying fund.
[53] Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.
[54] Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

 

The following table details investments in affiliates at December 31, 2023:

 

Company(1)

Industry
Classification

Fair Value
as of
December 31,
2022

 

Purchases/
(Sales) of or
Advances/
(Distributions)

 

Net
Accretion

 

Transfers
In/(Out)
of
Affiliates

 

Net Change in Unrealized
Gain/(Loss)

 

Realized
Gain/(Loss)

 

Fair Value
as of December 31, 2023

 

Principal / Shares at December 31, 2023

 

Interest and Fee
Income

 

Dividend
Income

 

Controlled investments(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Manager Affiliates(2)

Asset
Management
Company

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Tank Partners Equipment Holdings, LLC - Class A Units(5)

Energy: Oil &
Gas

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

49,000

 

 

—

 

 

—

 

Tank Partners Equipment Holdings, LLC

Energy: Oil &
Gas

 

43

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

43

 

 

511

 

 

—

 

 

—

 

Flight Lease VII(5)

Aerospace and Defense

 

242

 

 

(248

)

 

—

 

 

—

 

 

39

 

 

(33

)

 

—

 

 

—

 

 

—

 

 

—

 

ProAir, LLC(5)

Capital Equipment

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,749,997

 

 

—

 

 

—

 

ProAir, LLC

Capital Equipment

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,020

 

 

—

 

 

—

 

KCAP Freedom 3, LLC(2)

Joint Venture

 

18,668

 

 

—

 

 

—

 

 

—

 

 

(4,393

)

 

—

 

 

14,275

 

 

27,220

 

 

—

 

 

2,184

 

Total controlled investments

 

$

18,953

 

$

(248

)

$

—

 

$

—

 

$

(4,354

)

$

(33

)

$

14,318

 

 

 

$

—

 

$

2,184

 

Non-controlled affiliated investments(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A-Great Lakes Funding II LLC(2)(6)(7)

Joint Venture

$

40,287

 

$

2,565

 

$

—

 

$

—

 

$

2,160

 

$

—

 

$

45,012

 

$

44,000

 

$

—

 

$

6,764

 

GreenPark Infrastructure, LLC - Series A(5)

Energy: Electricity

 

500

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

500

 

 

1,000

 

 

—

 

 

—

 

GreenPark Infrastructure, LLC - Series M-1(5)(7)

Energy: Electricity

 

171

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

171

 

 

500

 

 

—

 

 

—

 

Kleen-Tech Acquisition, LLC(5)

Services: Business

 

1,300

 

 

—

 

 

—

 

 

—

 

 

(302

)

 

—

 

 

998

 

 

250,000

 

 

—

 

 

—

 

Northeast Metal Works LLC

Metals & Mining

 

13,445

 

 

(4,428

)

 

—

 

 

(9,000

)

 

1,107

 

 

(1,124

)

 

—

 

 

—

 

 

377

 

 

—

 

Northeast Metal Works LLC - Preferred(5)

Metals & Mining

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,368

 

 

—

 

 

—

 

Northeast Metal Works LLC - Class O Preferred(5)

Metals & Mining

 

—

 

 

—

 

 

—

 

 

4,500

 

 

(318

)

 

—

 

 

4,182

 

 

4,500,000

 

 

333

 

 

—

 

Northeast Metal Works LLC

Metals & Mining

 

—

 

 

—

 

 

—

 

 

4,500

 

 

(940

)

 

—

 

 

3,560

 

 

4,500

 

 

270

 

 

—

 

BMP Slappey Holdco, LLC(5)

Telecommunications

 

464

 

 

—

 

 

—

 

 

—

 

 

89

 

 

—

 

 

553

 

 

200,000

 

 

—

 

 

—

 

BMP Slappey Investment II(5)

Telecommunications

 

206

 

 

—

 

 

—

 

 

—

 

 

40

 

 

—

 

 

246

 

 

88,946

 

 

—

 

 

—

 

Surge Hippodrome Partners LP(5)

Services: Business

 

811

 

 

(813

)

 

—

 

 

—

 

 

(386

)

 

388

 

 

—

 

 

—

 

 

—

 

 

—

 

Surge Hippodrome Holdings LLC(5)

Services: Business

 

484

 

 

(496

)

 

—

 

 

—

 

 

(325

)

 

337

 

 

—

 

 

—

 

 

—

 

 

—

 

Surge Hippodrome Holdings LLC

Services: Business

 

5,165

 

 

(5,460

)

 

328

 

 

—

 

 

(33

)

 

—

 

 

—

 

 

—

 

 

675

 

 

—

 

Navex Topco, Inc.

Electronics

 

7,604

 

 

(7,700

)

 

310

 

 

—

 

 

(214

)

 

—

 

 

—

 

 

—

 

 

804

 

 

—

 

Zest Acquisition Corp.

Healthcare, Education and Childcare

 

3,390

 

 

(3,501

)

 

9

 

 

—

 

 

102

 

 

—

 

 

—

 

 

—

 

 

42

 

 

—

 

Total non-controlled affiliated investments

 

$

73,827

 

$

(19,833

)

$

647

 

$

—

 

$

980

 

$

(399

)

$

55,222

 

 

 

$

2,501

 

$

6,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-controlled affiliated and controlled investments

 

$

92,780

 

$

(20,081

)

$

647

 

$

—

 

$

(3,374

)

$

(432

)

$

69,540

 

 

 

$

2,501

 

$

8,948

 

 

(1)
Fair value of this investment was determined using significant unobservable inputs, unless otherwise noted.
(2)
Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.
(3)
As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
(4)
As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
(5)
Number of shares held.
(6)
The investment is valued at the NAV of the underlying fund.
(7)
Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

 

Investment in Joint Ventures

For the years ended December 31, 2024, 2023 and 2022, the Company recognized $6.6 million, $8.9 million and $8.6 million, respectively, in investment income from its investments in Joint Ventures. As of December 31, 2024 and December 31, 2023, the aggregate fair value of the Company’s investments in Joint Ventures was approximately $54.2 million and $59.3 million, respectively.

KCAP Freedom 3 LLC

During the third quarter of 2017, the Company and Freedom 3 Opportunities LLC (“Freedom 3 Opportunities”), an affiliate of Freedom 3 Capital LLC, entered into an agreement to create KCAP Freedom 3 LLC (the “F3C Joint Venture”). The fund capitalized by the F3C Joint Venture invests primarily in middle-market loans and the F3C Joint Venture partners may source middle-market loans from time-to-time for the fund.

The Company owns a 62.8% equity investment in the F3C Joint Venture. The F3C Joint Venture is structured as an unconsolidated Delaware limited liability company. All portfolio and other material decisions regarding the F3C Joint Venture must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and two of whom were selected by Freedom 3 Opportunities, and must be approved by at least one member appointed by the Company and one appointed by Freedom 3 Opportunities. In addition, certain matters may be approved by the F3C Joint Venture’s investment committee, which is comprised of one member appointed by the Company and one member appointed by Freedom 3 Opportunities.

The Company has determined that the F3C Joint Venture is an investment company under Accounting Standards Codification (“ASC”), Financial Services — Investment Companies (“ASC 946”), however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in the F3C Joint Venture because the Company does not control the F3C Joint Venture due to allocation of the voting rights among the F3C Joint Venture partners.

The fair value of the Company’s investment in the F3C Joint Venture as of December 31, 2024 and December 31, 2023 was $13.0 million and $14.3 million, respectively.

Series A – Great Lakes Funding II LLC

In August 2022, the Company invested in Series A – Great Lakes Funding II LLC (the “Great Lakes II Joint Venture,” collectively with the F3C Joint Venture the “Joint Ventures”), a joint venture with a third-party financial institution and certain other parties with an investment strategy to underwrite and hold senior, secured unitranche loans made to middle-market companies. The Company treats its investment in the Great Lakes II Joint Venture as a joint venture since affiliated funds of the Adviser collectively control a 50% voting interest in the Great Lakes II Joint Venture.

The Great Lakes II Joint Venture is a Delaware series limited liability company, and pursuant to the terms of the Great Lakes Funding II LLC Limited Liability Company Agreement (the “Great Lakes II LLC Agreement”), prior to the end of the investment period with respect to each series established under the Great Lakes II LLC Agreement, each member of the predecessor series would be offered the opportunity to roll its interests into any subsequent series of the Great Lakes II Joint Venture. The Company does not pay any advisory fees in connection with its investment in the Great Lakes II Joint Venture.

The fair value of the Company’s investment in the Great Lakes II Joint Venture at December 31, 2024 and December 31, 2023 was $41.1 million, and $45.0 million, respectively. Fair value has been determined utilizing the practical expedient pursuant to ASC 820-10. Pursuant to the terms of the Great Lakes II LLC Agreement, the Company generally may not effect any direct or indirect sale, transfer, assignment, hypothecation, pledge or other disposition of or encumbrance upon its interests in the Great Lakes II Joint Venture, except that the Company may sell or otherwise transfer its interests with the consent of the managing members of the Great Lakes II Joint Venture or to an affiliate or a successor to substantially all of the assets of the Company.

As of December 31, 2024, the Company has a $8.2 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2023, the Company had a $5.5 million unfunded commitment to the Great Lakes II Joint Venture.

Fair Value Measurements

The Company follows the provisions of ASC 820: Fair Value, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. ASC 820: Fair Value defines “fair value” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This fair value definition focuses on an exit price in the principle, or most advantageous market, and prioritizes, within a measurement of fair value, the use of market-based inputs (which may be weighted or adjusted for relevance, reliability and specific attributes relative to the subject investment) over entity-specific inputs. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

ASC 820: Fair Value establishes the following three-level hierarchy, based upon the transparency of inputs to the fair value measurement of an asset or liability as of the measurement date:

Level I – Unadjusted quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I include listed equities and listed securities. As required by ASC 820: Fair Value, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably affect the quoted price.

Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Such inputs may be quoted prices for similar assets or liabilities, quoted markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or inputs that are derived principally from, or corroborated by, observable market information. Investments which are generally included in this category include illiquid debt securities and less liquid, privately held or restricted equity securities for which some level of recent trading activity has been observed.

Level III – Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs may be based on the Company’s own assumptions about how market participants would price the asset or liability or may use Level II inputs, as adjusted, to reflect specific investment attributes relative to a broader market assumption. These inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data for comparable performance or valuation measures (earnings multiples, discount rates, other financial/valuation ratios, etc.) are available, such investments are grouped as Level III if any significant data point that is not also market observable (private company earnings, cash flows, etc.) is used in the valuation methodology.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the investment. A majority of the Company’s investments are classified as Level III. The Company evaluates the source of inputs, including any markets in which its investments are trading, in determining fair value. Inputs that are highly correlated to the specific investment being valued and those derived from reliable or knowledgeable sources will tend to have a higher weighting in determining fair value. The Company’s fair value determinations may include factors such as an assessment of each underlying investment, its current and prospective operating and financial performance, consideration of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance factors, and other investment or industry specific market data, among other factors.

The following table summarizes the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of December 31, 2024 and December 31, 2023, respectively:

 

 

 

As of December 31, 2024

 

($ in thousands)

 

Level I

 

 

Level II

 

 

Level III

 

 

NAV

 

 

Total

 

First Lien Debt

 

$

—

 

 

$

—

 

 

$

289,957

 

 

$

—

 

 

$

289,957

 

Second Lien Debt

 

 

—

 

 

 

—

 

 

 

28,996

 

 

 

—

 

 

 

28,996

 

Subordinated Debt

 

 

—

 

 

 

—

 

 

 

1,740

 

 

 

—

 

 

 

1,740

 

Equity

 

 

—

 

 

 

—

 

 

 

24,762

 

 

 

—

 

 

 

24,762

 

Collateralized Loan Obligations

 

 

—

 

 

 

—

 

 

 

5,193

 

 

 

—

 

 

 

5,193

 

Joint Ventures

 

 

—

 

 

 

—

 

 

 

13,015

 

 

 

41,138

 

 

 

54,153

 

Derivatives

 

 

—

 

 

 

—

 

 

 

220

 

 

 

—

 

 

 

220

 

Total

 

$

—

 

 

$

—

 

 

$

363,883

 

 

$

41,138

 

 

$

405,021

 

 

 

 

 

As of December 31, 2023

 

($ in thousands)

 

Level I

 

 

Level II

 

 

Level III

 

 

NAV

 

 

Total

 

First Lien Debt

 

$

—

 

 

$

47,303

 

 

$

289,295

 

 

$

—

 

 

$

336,598

 

Second Lien Debt

 

 

—

 

 

 

18,022

 

 

 

23,232

 

 

 

—

 

 

 

41,254

 

Subordinated Debt

 

 

—

 

 

 

—

 

 

 

1,225

 

 

 

—

 

 

 

1,225

 

Equity

 

 

—

 

 

 

—

 

 

 

20,533

 

 

 

—

 

 

 

20,533

 

Collateralized Loan Obligations

 

 

—

 

 

 

—

 

 

 

8,968

 

 

 

—

 

 

 

8,968

 

Joint Ventures

 

 

—

 

 

 

—

 

 

 

14,275

 

 

 

45,012

 

 

 

59,287

 

Derivatives

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

—

 

 

$

65,325

 

 

$

357,528

 

 

$

45,012

 

 

$

467,865

 

 

As a BDC, the Company is required to invest primarily in the debt and equity of non-public companies for which there is little, if any, market-observable information. As a result, a significant portion of the Company’s investments at any given time will likely be deemed Level III investments. Investment values derived by a third-party pricing service are generally deemed to be Level III values. For those that have observable trades, the Company considers them to be Level II.

The fair value of the Company’s investment in the Great Lakes II Joint Venture at December 31, 2024 and December 31, 2023 was $41.1 million and $45.0 million, respectively. Fair value has been determined utilizing the practical expedient pursuant to ASC 820-10.

Subject to the limitations noted above, values derived for debt and equity securities using comparable public/private companies generally utilize market-observable data from such comparables and specific, non-public and non-observable financial measures (such as earnings or cash flows) for the private, underlying company/issuer. Such non-observable company/issuer data is typically provided on a monthly or quarterly basis, is certified as correct by the management of the company/issuer and/or audited by an independent accounting firm on an annual basis. Since such private company/issuer data is not publicly available it is not deemed market-observable data and, as a result, such investment values are grouped as Level III assets.

The Company’s policy for determining transfers between levels is based solely on the previously defined three-level hierarchy for fair value measurement. Transfers between the levels of the fair value hierarchy are separately noted in the tables below and the reason for such transfer described in each table’s respective footnotes. Certain information relating to investments measured at fair value for which the Company has used unobservable inputs to determine fair value is as follows:

 

For the Year Ended December 31, 2024

 

($ in thousands)

First Lien Debt

 

Second Lien Debt

 

Subordinated Debt

 

Equity

 

Collateral Loan Obligations

 

Joint
Ventures

 

Derivatives

 

Total

 

Balance, December 31, 2023

$

289,295

 

$

23,232

 

$

1,225

 

$

20,533

 

$

8,968

 

$

14,275

 

$

—

 

$

357,528

 

Transfers out of Level III(1)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Transfers into Level III(2)

 

47,303

 

 

18,022

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

65,325

 

Net accretion

 

2,991

 

 

116

 

 

—

 

 

—

 

 

1,511

 

 

—

 

 

—

 

 

4,618

 

Purchases

 

70,344

 

 

2,361

 

 

997

 

 

7,173

 

 

—

 

 

—

 

 

—

 

 

80,875

 

Sales/Paydowns/Return of Capital

 

(101,614

)

 

(10,526

)

 

(511

)

 

78

 

 

(2,722

)

 

(1,976

)

 

—

 

 

(117,271

)

Total realized gain (loss) included in earnings

 

(11,908

)

 

(7,868

)

 

(417

)

 

(6,611

)

 

(2,576

)

 

—

 

 

—

 

 

(29,380

)

Change in unrealized gain (loss) included in earnings

 

(6,454

)

 

3,659

 

 

446

 

 

3,589

 

 

12

 

 

716

 

 

220

 

 

2,188

 

Balance, December 31, 2024

$

289,957

 

$

28,996

 

$

1,740

 

$

24,762

 

$

5,193

 

$

13,015

 

$

220

 

$

363,883

 

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

$

(18,958

)

$

(2,312

)

$

(1,932

)

$

(4,721

)

$

11

 

$

716

 

$

220

 

$

(26,976

)

 

(1)
Transfers out of Level III represent a transfer of $– million relating to debt securities for which pricing inputs, other than their quoted prices in active markets, were observable as of December 31, 2024.
(2)
Transfers into Level III represent a transfer of $65.3 million relating to debt securities for which pricing inputs were unobservable as of December 31, 2024.

 

 

 

 

For the Year Ended December 31, 2023

 

($ in thousands)

 

First Lien Debt

 

 

Second Lien Debt

 

 

Subordinated Debt

 

 

Equity

 

 

Collateralized Loan Obligations

 

 

Joint
Ventures

 

 

Derivatives

 

 

Total

 

Balance, December 31, 2022

 

$

359,648

 

 

$

50,453

 

 

$

43

 

 

$

21,905

 

 

$

20,453

 

 

$

18,668

 

 

$

—

 

 

$

471,170

 

Transfers out of Level III(1)

 

 

(18,021

)

 

 

(1,178

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(19,199

)

Transfers into Level III(2)

 

 

—

 

 

 

1,643

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,643

 

Net accretion

 

 

5,034

 

 

 

283

 

 

 

—

 

 

 

—

 

 

 

1,998

 

 

 

—

 

 

 

—

 

 

 

7,315

 

Purchases

 

 

40,727

 

 

 

857

 

 

 

—

 

 

 

649

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

42,233

 

Sales/Paydowns/Return of Capital

 

 

(95,846

)

 

 

(26,708

)

 

 

5,568

 

 

 

(1,552

)

 

 

(2,097

)

 

 

—

 

 

 

—

 

 

 

(120,635

)

Realized gain (loss) included in earnings

 

 

(704

)

 

 

(1,124

)

 

 

—

 

 

 

3,334

 

 

 

(25,446

)

 

 

—

 

 

 

—

 

 

 

(23,940

)

Change in unrealized gain (loss) included in earnings

 

 

(1,543

)

 

 

(994

)

 

 

(4,386

)

 

 

(3,803

)

 

 

14,060

 

 

 

(4,393

)

 

 

—

 

 

 

(1,059

)

Balance, December 31, 2023

 

$

289,295

 

 

$

23,232

 

 

$

1,225

 

 

$

20,533

 

 

$

8,968

 

 

$

14,275

 

 

$

—

 

 

$

357,528

 

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

 

$

(6,242

)

 

$

(2,037

)

 

$

(4,388

)

 

$

(2,082

)

 

$

5,461

 

 

$

(4,392

)

 

$

—

 

 

$

(13,680

)

 

(1) Transfers out of Level III represent a transfer of $19.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2023.

(2) Transfers into Level III represent a transfer of $1.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2023.

 

As of December 31, 2023, the Company’s Level II portfolio investments were valued by a third-party pricing services for which the prices are not adjusted and for which inputs are observable or can be corroborated by observable market data for substantially the full character of the financial instrument, or by inputs that are derived principally from, or corroborated by, observable market information. The fair value of the Company’s Level II portfolio investments was $0.0 million and $65.3 million as of December 31, 2024 and December 31, 2023, respectively.

As of December 31, 2024, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):

 

Type

 

Fair Value

 

 

Primary Valuation
Techniques

 

Unobservable
Inputs

 

Range of Inputs
(Weighted Average)(1)

First Lien Debt

 

$

47,177

 

 

Enterprise Value

 

Average EBITDA Multiple

 

0.1x - 9.0x (4.7x)

 

 

 

 

 

 

 

Average Revenue Multiple

 

0.2x - 1.4x (1.1x)

 

 

 

214,658

 

 

Income Approach

 

Implied Discount Rate

 

7.3% - 37.8% (11.6%)

 

 

 

28,122

 

 

Market

 

Broker/Dealer Quotes

 

N/A

Second Lien Debt

 

 

20,980

 

 

Income Approach

 

Implied Discount Rate

 

8.2% - 19.5% (15.8%)

 

 

 

8,016

 

 

Market

 

Broker/Dealer Quotes

 

N/A

Subordinated Debt

 

 

528

 

 

Income Approach

 

Implied Discount Rate

 

15.4%

 

 

 

1,212

 

 

Enterprise Value

 

Recovery Percentage

 

19.4%

Equity

 

 

24,519

 

 

Enterprise Value

 

Average EBITDA Multiple

 

0.1x - 18.0x (6.2x)

 

 

 

 

 

 

 

Average Revenue Multiple

 

1.4x - 1.4x (0.0x)

 

 

 

 

 

 

 

Book value of equity (asset)

 

1.0x

 

 

 

 

 

 

 

Book Value Multiple

 

0.5x

 

 

 

 

 

 

 

Time Horizon

 

3.3 - 4.9 (3.7)

 

 

 

243

 

 

Income Approach

 

Implied Discount Rate

 

17.8%

Collateralized Loan Obligations

 

 

5,193

 

 

Discounted Cash Flow

 

Discount Rate

 

15.9% - 18.2% (9.6%)

 

 

 

 

 

 

 

Probability of Default

 

1.8% - 2.5% (2.0%)

 

 

 

 

 

 

 

Recovery Rate

 

65.0% - 75.0% (70.0%)

 

 

 

 

 

 

 

Prepayment Rate

 

15.0% - 25.0% (20.0%)

Joint Ventures

 

 

13,015

 

 

Discounted Cash Flow

 

Discount Rate

 

18.1% - 19.7% (18.9%)

 

 

 

 

 

 

 

Probability of Default

 

2.8% - 3.3% (3.0%)

 

 

 

 

 

 

 

Recovery Rate

 

65.0% - 75.0% (70.0%)

 

 

 

 

 

 

 

Prepayment Rate

 

15.0% - 25.0% (20.0%)

Derivatives

 

 

220

 

 

Enterprise Value

 

Average EBITDA Multiple

 

14.5x - 14.5x (0.0x)

 

 

 

 

 

 

 

Average Revenue Multiple

 

1.4x - 1.4x (0.0x)

 

 

 

 

 

 

 

Book Value Multiple

 

0.5x

 

 

 

 

 

 

 

Discount Rate

 

40.0%

Total Level III Investments

 

$

363,883

 

 

 

 

 

 

 

 

 

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

As of December 31, 2023, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):

 

Type

 

Fair Value

 

 

Primary Valuation
Techniques

 

Unobservable
Inputs

 

Range of Inputs
(Weighted Average)(1)

First Lien Debt

 

$

8,846

 

 

Enterprise Value

 

Average EBITDA Multiple

 

0.4x - 0.4x (0.1x)

 

 

 

 

 

 

 

Expected Sale Proceeds

 

97.6x

 

 

 

275,179

 

 

Income Approach

 

Implied Discount Rate

 

5.3% - 40.7% (12.4%)

 

 

 

5,270

 

 

Recent Transaction

 

Implied Discount Rate

 

13.8% - 14.2% (14.0%)

Second Lien Debt

 

 

300

 

 

Enterprise Value

 

Implied Discount Rate

 

9.5x - 9.5x (9.5x)

 

 

 

22,932

 

 

Income approach

 

Implied Discount Rate

 

13.8% - 14.2% (14.0%)

Subordinated Debt

 

 

1,225

 

 

Enterprise Value

 

Average Settlement Value

 

61.0x - 61.0x (61.0x)

 

 

 

 

 

 

 

Recovery Rate Multiple

 

0.1x - 0.1x (0.1x)

Collateralized Loan Obligations

 

 

8,968

 

 

Discounted Cash Flow

 

Discount Rate

 

18.4% - 25.2% (21.1%)

 

 

 

 

 

 

 

Probability of Default

 

1.8% - 2.5% (2.0%)

 

 

 

 

 

 

 

Recovery Rate

 

65.0% - 75.0% (70.0%)

 

 

 

 

 

 

 

Prepayment Rate

 

15.0% - 25.0% (20.0%)

Joint Ventures

 

 

14,275

 

 

Discounted Cash Flow

 

Discount Rate

 

20.5% - 22.1% (21.3%)

 

 

 

 

 

 

 

Probability of Default

 

2.8% - 3.3% (3.0%)

 

 

 

 

 

 

 

Recovery Rate

 

65.0% - 75.0% (70.0%)

 

 

 

 

 

 

 

Prepayment Rate

 

15.0% - 25.0% (20.0%)

Equity

 

 

19,805

 

 

Enterprise Value

 

Average EBITDA Multiple

 

5.0x - 18.0x (6.9x)

 

 

 

 

 

 

 

Average EBITDA Multiple / WACC

 

0.4x - 3.7x (1.1x)

 

 

 

 

 

 

 

Book Value of Equity

 

1.0x - 1.6x (1.6x)

 

 

 

57

 

 

Income Approach

 

Implied Discount Rate

 

15.0% - 15.0% (15.0%)

 

 

 

671

 

 

Recent Transaction

 

Implied Discount Rate

 

12.4% - 12.4% (12.4%)

Derivatives

 

 

—

 

 

Enterprise Value

 

Average EBITDA Multiple

 

2.5x - 2.5x (2.5x)

Total Level III Investments

 

$

357,528

 

 

 

 

 

 

 

 

 

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

The significant unobservable inputs used in the fair value measurement of the Company’s debt securities may include, among other things, broad market indices, the comparable yields of similar investments in similar industries, effective discount rates, average EBITDA multiples, and weighted average cost of capital. Significant increases or decreases in such comparable yields would result in a significantly lower or higher fair value measurement, respectively.

The significant unobservable inputs used in the fair value measurement of the Company’s equity securities include the EBITDA multiple of similar investments in similar industries and the weighted average cost of capital. Significant increases or decreases in such inputs would result in a significantly lower or higher fair value measurement.

Significant unobservable inputs used in the fair value measurement of the Company’s CLO Fund Securities include default rates, recovery rates, prepayment rates, spreads, and the discount rate by which to value the resulting underlying cash flows. Such assumptions can vary significantly, depending on market data sources which often vary in depth and level of analysis, understanding of the CLO market, detailed or broad characterization of the CLO market and the application of such data to an appropriate framework for analysis. The application of data points are based on the specific attributes of each individual CLO Fund Security’s underlying assets, historic, current and prospective performance, vintage, and other quantitative and qualitative factors that would be evaluated by market participants. The Company evaluates the source of market data for reliability as an indicative market input, consistency amongst other inputs and results and also the context in which such data is presented. Significant increases or decreases in probability of default and loss severity inputs in isolation would result in a significantly lower or higher fair value measurement, respectively. In general, a change in the assumption of the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity in an event of default. Significant increases or decreases in the discount rate in isolation would result in a significantly lower or higher fair value measurement.

The Company’s investment in the F3C Joint Venture is carried at fair value based upon the fair value of the investments held by the F3C Joint Venture.

The Company values derivative contracts using various pricing models that take into account the terms of the contract (including notional amount and contract maturity) and observable and unobservable inputs such as interest rates and changes in fair value of the reference asset.

The following table details derivative investments at December 31, 2024 and December 31, 2023:

($ in thousands)

 

December 31, 2024

 

Types of contracts

 

Notional amounts

 

 

Derivative assets (liabilities)

 

 

Realized gain(loss)

 

 

Unrealized gain(loss)

 

Call option(1)

 

$

8

 

 

$

220

 

 

$

—

 

 

$

220

 

Put option(1)

 

 

1,563

 

 

 

—

 

 

 

—

 

 

 

-

 

Total

 

$

1,571

 

 

$

220

 

 

$

—

 

 

$

220

 

 

 

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.

 

($ in thousands)

 

December 31, 2023

 

Types of contracts

 

Notional amounts

 

 

Derivative assets (liabilities)

 

 

Realized gain(loss)

 

 

Unrealized gain(loss)

 

Call option(1)

 

$

8

 

 

$

—

 

 

$

—

 

 

$

—

 

Put option(1)

 

 

563

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

571

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

(1) Net amount included in non-controlled/non-affiliated investments on the consolidated statements of assets and liabilities.

 

5. RELATED PARTY TRANSACTIONS

Advisory Agreement

The Adviser provides management services to the Company pursuant to the Advisory Agreement. Under the terms of the Advisory Agreement, the Adviser is responsible for the following:

•
managing the Company’s assets in accordance with our investment objective, policies and restrictions;
•
determining the composition of the Company’s portfolio, the nature and timing of the changes to the portfolio and the manner of implementing such changes;
•
identifying, evaluating and negotiating the structure of the Company’s investments;
•
monitoring the Company’s investments;
•
determining the securities and other assets that the Company will purchase, retain or sell;
•
assisting the Board with its valuation of the Company’s assets;
•
directing investment professionals of the Adviser to provide managerial assistance to the Company’s portfolio companies;
•
performing due diligence on prospective portfolio companies;
•
exercising voting rights in respect of portfolio securities and other investments for the Company;
•
serving on, and exercising observer rights for, boards of directors and similar committees of our portfolio companies; and
•
providing the Company with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of capital.

The Adviser’s services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

Term

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of the outstanding shares, and, in each case, a majority of the independent directors.

The Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related Securities and Exchange Commission (“SEC”) guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, we may terminate the Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the stockholders holding a majority of the outstanding shares of our common stock. See “Advisory Agreement—Removal of Adviser” below. In addition, without payment of any penalty, the Adviser may generally terminate the Advisory Agreement upon 60 days’ written notice and, in certain circumstances, the Adviser may only be able to terminate the Advisory Agreement upon 120 days’ written notice.

Removal of Adviser

The Adviser may be removed by the Board or by the affirmative vote of a Majority of the Outstanding Shares. “Majority of the Outstanding Shares” means the lesser of (1) 67% or more of the outstanding shares of our common stock present at a meeting, if the holders of more than 50% of the outstanding shares of our common stock are present or represented by proxy or (2) a majority of outstanding shares of our common stock.

Compensation of Adviser

Pursuant to the terms of the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”). For the period from the date of the Advisory Agreement (the “Effective Date”) through the end of the first calendar quarter after the Effective Date, the Base Management Fee will be calculated at an annual rate of 1.50% of the Company’s gross assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts, as of the end of such calendar quarter. Subsequently, the Base Management Fee will be 1.50% of the Company’s average gross assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters; provided, however, that the Base Management Fee will be 1.00% of the Company’s average gross assets, excluding cash and cash equivalents, but including assets purchased with borrowed amounts, that exceed the product of (i) 200% and (ii) the value of the Company’s net asset value at the end of the most recently completed calendar quarter. The Incentive Fee consists of two parts: (1) a portion based on the Company’s pre-incentive fee net investment income (the “Income-Based Fee”) and (2) a portion based on the net capital gains received on the Company’s portfolio of securities on a cumulative basis for each calendar year, net of all realized capital losses and all unrealized capital depreciation on a cumulative basis, in each case calculated from the Effective Date, less the aggregate amount of any previously paid capital gains Incentive Fee (the “Capital Gains Fee”). The Income-Based Fee is 17.50% of pre-incentive fee net investment income with a 7.00% hurdle rate. The Capital Gains Fee is 17.50%.

Pre-incentive fee net investment income means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus operating expenses for the quarter (including the management fee, expenses payable under the administration agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company may not have received in cash. The Adviser is not obligated to return the incentive fee it receives on PIK interest that is later determined to be uncollectible in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

To determine the income incentive fee, pre-incentive fee net investment income is expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a calendar quarter in which the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the quarterly hurdle rate, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that calendar quarter due to realized capital losses and unrealized capital depreciation. In addition, because the quarterly hurdle rate is calculated based on our net assets, decreases in the Company’s net assets due to realized capital losses or unrealized capital depreciation in any given calendar quarter may increase the likelihood that the hurdle rate is reached and therefore the likelihood of the Company paying an incentive fee for the subsequent quarter. The Company’s net investment income used to calculate this component of the incentive fee is also included in the amount of the Company’s gross assets used to calculate the management fee because gross assets are total assets (including cash received) before deducting liabilities (such as declared dividend payments).

The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.50% of cumulative realized capital gains through the end of such calendar year commencing with the calendar year ending December 31, 2019, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, in each case calculated from the Effective Date, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended (the “Advisers Act”) including Section 205 thereof.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

Limitations of Liability and Indemnification

Under the Advisory Agreement, the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its managing member, will not be liable to the Company for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting criminal conduct, gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to the Company under the Advisory Agreement. In addition, as part of the Advisory Agreement, the Company has agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner, and the Administrator from and against any damages, liabilities, costs and expenses, including reasonable legal fees and other expenses reasonably incurred, in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company, except where attributable to criminal conduct, gross negligence, willful misfeasance, bad faith or reckless disregard of such person’s duties under the Advisory Agreement.

Board Approval of the Advisory Agreement

On December 12, 2018, the then-current Board of the Company held an in-person meeting to consider and approve the Advisory Agreement and related matters, and on April 1, 2019 the Company entered into the Advisory Agreement with the Adviser. The Board most recently determined to re-approve the Advisory Agreement at a meeting held on March 12, 2025. In reaching a decision to re-approve the Advisory Agreement, the Board was provided the information required to consider the Advisory Agreement, including: (a) the nature, quality and extent of the advisory and other services to be provided to the Company by the Adviser; (b) comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives; (c) the Company projected operating expenses and expense ratio compared to BDCs with similar investment objectives; (d) any existing and potential sources of indirect income to the Adviser from its relationship with the Company and the profitability of that relationship; (e) information about the services to be performed and the personnel performing such services under the Advisory Agreement; and (f) the organizational capability and financial condition of the Adviser and its affiliates.

The Board, including a majority of independent directors, will oversee and monitor the Company’s investment performance and annually reviews the compensation we pay to the Adviser.

The Company incurred base management fees of $6.6 million for the year ended December 31, 2024, $7.5 million for the year ended December 31, 2023, and $8.3 million for the year ended December 31, 2022. The Company incurred incentive fees of $5.0 million for the year ended December 31, 2024, $7.4 million for the year ended December 31, 2023, and $6.1 million for the year ended December 31, 2022.

Administration Agreement

Under the terms of the administration agreement (the “Administration Agreement”) between the Company and BC Partners Management LLC (the “Administrator”), the Administrator will perform, or oversee the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company will reimburse the Administrator for services performed for us pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for its costs and expenses in performing its obligations and providing personnel and facilities (including rent, office equipment and utilities) for the Company’s use under the Administration Agreement, including an allocable portion of the compensation paid to the Company’s chief compliance officer and chief financial officer and their respective staff who provide services to the Company. The Board, including the independent directors, will review the general nature of the services provided by the Administrator as well as the related cost to the Company for those services and consider whether the cost is reasonable in light of the services provided.

Unless earlier terminated as described below, the Administration Agreement will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a Majority of the Outstanding Shares, and, in each case, a majority of the independent directors. On April 1, 2019, the Board approved the Administration Agreement with the Administrator and the Board most recently determined to re-approve the Administration Agreement at a meeting held on March 12, 2025.

The Company may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the stockholders holding a Majority of the Outstanding Shares. In addition, the Adviser may terminate the Administration Agreement, without payment of any penalty, upon 60 days’ written notice.

The Company incurred $1.8 million of Administrative services expense for the year ended December 31, 2024, $2.4 million for the year ended ending December 31, 2023, and $3.4 million for the year ended December 31, 2022.

During the year ended December 31, 2023, the Adviser reimbursed the Company approximately $5.3 million for expenses relating to certain administrative transition services provided by the former administrative and other personnel of OHAI, GARS and HCAP to the Company following the Company’s acquisition of each of these BDCs. The Adviser reimbursed the Company approximately $1.1 million, $2.1 million, $1.6 million, and $0.5 million for such expenses paid by the Company during the years ended 2023, 2022, 2021 and 2020, respectively, inclusive of interest. Beginning on October 1, 2023, the Adviser bore and will continue to bear on a go-forward basis the expenses associated with these administrative transition services.

Payment of Expenses under the Advisory and Administration Agreements

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to the Company, and the compensation and routine overhead expenses (including rent, office equipment and utilities), of such personnel allocable to such services, is provided and paid for by the Adviser. The Company bears an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company’s chief compliance officer and chief financial officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). The Company also bears all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement; (ii) an allocable portion of overhead and other expenses incurred by the Adviser (or its affiliates) in performing its administrative obligations under the Advisory Agreement, and (iii) all other expenses of our operations and transactions including, without limitation, those relating to:

•
the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services;
•
the cost of effecting any sales and repurchases of the Company’s common stock and other securities;
•
fees and expenses payable under any dealer manager or placement agent agreements, if any;
•
administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;
•
debt service and other costs of borrowings or other financing arrangements;
•
costs of hedging;
•
expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;
•
transfer agent and custodial fees;
•
fees and expenses associated with marketing efforts;
•
federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;
•
federal, state and local taxes;
•
independent directors’ fees and expenses including certain travel expenses;
•
costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing;
•
the costs of any reports, proxy statements or other notices to stockholders (including printing and mailing costs), the costs of any stockholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;
•
commissions and other compensation payable to brokers or dealers;
•
research and market data;
•
fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;
•
direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;
•
fees and expenses associated with independent audits, outside legal and consulting costs;
•
costs of winding up our affairs;
•
costs incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement;
•
extraordinary expenses (such as litigation or indemnification);
•
costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws; and
•
costs associated with the Company’s legacy lease;

Co-investment Exemptive Relief

As a BDC, we are subject to certain regulatory restrictions in making investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

On April 10, 2023, superseding a prior exemptive order granted on October 23, 2018, the SEC issued an order granting an application for exemptive relief to us and certain of our affiliates that allows BDCs managed by the Adviser, including us, to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Adviser or its affiliates, certain proprietary accounts of the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers.

Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching with respect to the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies and certain criteria established by the Board.

Related Party Trades

There were no transactions subject to Rule 17a-7 under the 1940 Act during the years ended December 31, 2024 or 2023.

6. BORROWINGS

The Company’s debt obligations consist of the following:

 

 

As of

 

As of

 

($ in thousands)

December 31, 2024

 

December 31, 2023

 

 

 

 

 

 

2018-2 Secured Notes (net of original issue discount of $- and $712, respectively)

$

—

 

$

124,971

 

4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $1,017 and $1,786, respectively)

 

106,983

 

 

106,214

 

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,322 and $775, respectively)

 

158,157

 

 

91,225

 

$

265,140

 

$

322,410

 

 

The weighted average stated interest rate and weighted average maturity on all our debt outstanding as of December 31, 2024 were 6.2% and 2.1 years, respectively, and as of December 31, 2023 were 7.0% and 3.7 years, respectively.

Notes Offering

On April 30, 2021, the Company issued $80 million in aggregate principal amount of unsecured 4.875% Notes due 2026 (the “4.875% Notes due 2026”) in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act. The 4.875% Notes due 2026 were not registered under the Securities Act or any state securities laws and may not be reoffered or resold in the United States absent registration or an applicable exemption from such registration requirements. The net proceeds to the Company were approximately $77.7 million, after deducting estimated offering expenses. The Company used the net proceeds of the offering to redeem in full its 6.125% Notes due 2022, to make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes.

On April 30, 2021, the Company and U.S. Bank National Association (the “Trustee”) entered into a Supplemental Indenture (the “Third Supplemental Indenture”), which supplements that certain Base Indenture, dated as of October 10, 2012 (as may be further amended, supplemented or otherwise modified from time to time, the “Base Indenture” and, together with the Third Supplemental Indenture, the “Indenture”). The Third Supplemental Indenture relates to the Company’s issuance of the 4.875% Notes due 2026.

The 4.875% Notes due 2026 will mature on April 30, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture and bear interest at a rate of 4.875% per year payable semi-annually on April 30 and October 30 of each year. The 4.875% Notes due 2026 are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 4.875% Notes due 2026, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Sections 18(a)(1)(A) and 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. Additionally, the Company has agreed to use its commercially reasonable efforts to maintain a rating of the 4.875% Notes due 2026 from a rating agency, as long as the notes are outstanding. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding notes at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest to the repurchase date.

Sale of Additional 4.875% Notes due 2026

On June 23, 2021, the Company issued $28 million in aggregate principal amount of its 4.875% Notes due 2026 (the “New Notes”) in a private placement exempt from registration under the Section 4(a)(2) of the Securities Act. The New Notes have not been registered under the Securities Act or any state securities laws and may not be reoffered or resold in the United States absent registration or an applicable exemption from such registration requirements. The net proceeds to the Company were approximately $27.4 million, after deducting estimated offering expenses. The Company intends to use the net proceeds of the offering to redeem in full its HCAP Notes (as defined below), make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes.

The New Notes were issued under the Indenture governing the 4.875% Notes due 2026. The New Notes were issued as “Additional Notes” under the Indenture and have identical terms to Company’s $80.0 million of aggregate principal amount of 4.875% Notes due 2026 that were issued on April 30, 2021, other than the issue date. The New Notes will be treated as a single class of notes with the Company’s existing 4.875% Notes due 2026 for all purposes under the Indenture.

In connection with the issuance of the 4.875% Notes Due 2026, (including the New Notes) the Company incurred approximately $2.4 million of original issue discount, and $1.2 million of debt offering costs, both of which are being amortized over the expected term of the facility on an effective yield method.

Exchange of 4.875% Notes due 2026

On October 5, 2021, the Company filed with the SEC a registration statement relating to an offer to exchange the 4.875% Notes due 2026 for new notes issued by the Company that are registered under the Securities Act (the “Exchange Offer”), which registration statement was declared effective on December 2, 2021. Upon the terms and subject to the conditions in the prospectus relating to the Exchange Offer, the Company accepted any existing 4.875% Notes due 2026 (the “Restricted Notes”) validly tendered and not withdrawn prior to January 3, 2022, the expiration date of the Exchange Offer, and issued new 4.875% Notes due 2026 that have been registered under the Securities Act (the “Exchange Notes”). The form and terms of the Exchange Notes are substantially identical to those of the Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default. In addition, the Exchange Notes bear a different CUSIP number than the Restricted Notes. The Exchange Notes are issued under and entitled to the benefits of the same indenture that authorized the issuance of the Restricted Notes.

On the expiration date of the Exchange Offer, all of the Restricted Notes had been validly tendered, and all of the outstanding Restricted Notes were exchanged for newly issued Exchange Notes.

Fair Value of 4.875% Notes due 2026.

The 4.875% Notes due 2026 were issued during the second quarter of 2021 and are carried at cost, net of unamortized discount of approximately $0.7 million and unamortized offering costs of approximately $0.3 million as of December 31, 2024. As of December 31, 2023, the 4.875% Notes due 2026 were carried net of unamortized discount of approximately $1.2 million and unamortized offering costs of approximately $0.6 million. The fair value of the Company’s outstanding 4.875% Notes due 2026 disclosed, but not carried, was approximately $103.8 million as of December 31, 2024 and $106.2 million as of December 31, 2023. The fair value of the 4.875% Notes due 2026 is categorized as Level III under the ASC 820 Fair Value Hierarchy.

The following table summarizes the interest expense, amortization of original issue discount, deferred financing costs, average outstanding balance, and average stated interest rate on the 4.875% Notes due 2026 for the years ended December 31, 2024, 2023 and 2022.

 

For the Year Ended December 31,

 

($ in thousands)

2024

 

2023

 

2022

 

Interest expense

$

5,265

 

$

5,265

 

$

5,265

 

Amortization of original issue discount

 

506

 

 

479

 

 

454

 

Deferred financing costs

 

263

 

 

256

 

 

247

 

Total interest and financing expenses

$

6,034

 

$

6,000

 

$

5,966

 

Average outstanding balance

$

108,000

 

$

108,000

 

$

108,000

 

Average stated interest rate

 

4.88

%

 

4.88

%

 

4.88

%

 

Revolving Credit Facility

On December 18, 2019, Great Lakes Portman Ridge Funding LLC (“GLPRF LLC”), our wholly-owned subsidiary, entered into a senior secured revolving credit facility (as amended, restated or otherwise modified from time to time, the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent, U.S. Bank National Association serves as collateral agent, securities intermediary and collateral administrator, and we serve as portfolio manager under the Revolving Credit Facility.

GLPRF LLC is required to utilize a minimum of the commitments under the Revolving Credit Facility. Unused amounts below such minimum utilization amount accrue interest as if such amounts are outstanding as borrowings under the Revolving Credit Facility. In addition, GLPRF LLC pays a non-usage fee during the reinvestment period on the average daily unborrowed portion of the financing commitments in excess of such minimum utilization amount.

The initial principal amount of the Revolving Credit Facility was $115 million. The Revolving Credit Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Revolving Credit Facility to up to $215 million. Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by GLPRF LLC and to make advances under delayed draw term loans where GLPRF LLC is a lender.

GLPRF LLC’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of GLPRF LLC’s portfolio of investments and cash. The obligations of GLPRF LLC under the Revolving Credit Facility are non-recourse to us, and our exposure under the Revolving Credit Facility is limited to the value of our investment in GLPRF LLC. In connection with the Revolving Credit Facility, GLPRF LLC has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of GLPRF LLC occurs or if we are no longer the portfolio manager of GLPRF LLC.

On April 29, 2022, GLPRF LLC amended the Revolving Credit Facility with JPM as administrative agent. The amended agreement replaced three-month SOFR as the benchmark interest rate and reduced the applicable margin to 2.80% per annum from 2.85% per annum.

On July 23, 2024, GLPRF LLC amended the Revolving Credit Facility with JPM as administrative agent. The amended agreement, among other things, (i) provided for a committed increase to the aggregate principal amount of the Revolving Credit Facility in an amount not to exceed $85.0 million, for a total commitment of $200.0 million, which increase became effective on August 20, 2024, (ii) provided for a committed seven-day bridge advance in an aggregate principal amount of $18.3 million, which advance became effective on August 20, 2024, (iii) reduced the applicable margin on the Revolving Credit Facility to 2.50% per annum, (iv) extended the period in which the Company may request advances under the Revolving Credit Facility to August 29, 2026, (v) extended the stated maturity of the Revolving Credit Facility to August 29, 2027, (vi) reduced the requirement to utilize a minimum of commitments under the Revolving Credit Facility to 70%, (vii) reduced the non-usage fee applicable during the reinvestment period to 0.55% per annum on the average daily unborrowed portion of the financing commitments in excess of the minimum utilization amount, (viii) extended the non-call period under the Revolving Credit Facility to April 29, 2025, and (ix) provided for certain fees to be paid to the administrative agent and the lenders in connection therewith.

As of December 31, 2024, GLPRF LLC was in compliance with all of its debt covenants and $159.5 million principal amount of borrowings was outstanding under the Revolving Credit Facility. The fair value of GLPRF LLC approximated its carrying value on the consolidated statements of assets and liabilities and is categorized as Level III under the ASC 820 Fair Value Hierarchy.

The fair value of the Revolving Credit Facility disclosed, but not carried, was approximately $160.3 million and $91.2 million at December 31, 2024 and December 31, 2023, respectively, and is categorized as Level III under the ASC 820 Fair Value Hierarchy

The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the Revolving Credit Facility for the years ended December 31, 2024, 2023 and 2022:

 

 

For the Year Ended December 31,

 

($ in thousands)

2024

 

2023

 

2022

 

Interest expense

$

9,334

 

$

7,465

 

$

4,477

 

Deferred financing costs

 

405

 

 

333

 

 

345

 

Total interest and financing expenses

$

9,739

 

$

7,798

 

$

4,822

 

Average outstanding balance

$

116,548

 

$

80,136

 

$

88,821

 

Average stated interest rate

 

7.67

%

 

7.84

%

 

4.53

%

 

2018-2 Secured Notes

On October 28, 2020, the Company completed the GARS Acquisition, pursuant to the terms and conditions of the GARS Merger Agreement. In connection therewith, the Company now consolidates the financial statements the 2018-2 CLO a $420.0 million par value CLO facility. On the date of the transaction the debt assumed was recognized at fair value, resulting in a $2.4 million discount which is amortized over the remaining term of the borrowings.

The CLO was executed by GF 2018-2 (the “Issuer”) and Portman Ridge Funding 2018-2 LLC (formerly known as Garrison Funding 2018-2 LLC, together with the Issuer, the “Co-Issuers”) who issued $312.0 million of senior secured notes (collectively referred to as the “2018-2 Secured Notes” individually defined above in the table) and $108.0 million of subordinated notes (the “2018-2 Subordinated Notes” and, together with the 2018-2 Secured Notes, the “2018-2 Notes”) backed by a diversified portfolio of primarily senior secured loans. The Company owns all $108.0 million of the 2018-2 Subordinated Notes and $18.3 million of the Class B-R Notes and serves as collateral manager for the Co-Issuers. The Company is entitled to receive interest from the Class B-R Notes, distributions from the 2018-2 Subordinated Notes and fees for serving as collateral manager in accordance with the CLO’s governing documents and to the extent funds are available for such purposes. However, as a result of retaining all of the 2018-2 Subordinated Notes, the Company consolidates the accounts of the Co-Issuers into its financial statements and all transactions between the Company and the Co-Issuers are eliminated on consolidation. As a result of this consolidation, the 2018-2 Secured Notes issued by the CLO is treated as the Company’s indebtedness, except any 2018-2 Secured Notes owned by the Company, which are eliminated in consolidation. The 2018-2 Notes are scheduled to mature on November 20, 2029, however the Co-Issuers may redeem the 2018-2 Notes on any business day after November 20, 2020. The indenture governing the 2018-2 Notes provides that, to the extent cash is available from cash collections, the holders of the 2018-2 Notes are to receive quarterly interest payments on the 20th day or, if not a business day, the next succeeding business day of February, May, August and November of each year until the stated maturity or earlier redemption. On July 18, 2019, $25.0 million outstanding of the aggregate $50.0 million Class A-1 R-R Notes available under the CLO converted to Class A-1

T-R Notes. On November 18, 2022, the Company drew $14.3 million of the $25.0 million unfunded Class A-1 R-R Notes. The Reinvestment Period ended on November 20, 2022, and the remaining amount of the unfunded Class A-1 R-R Notes terminated.

During the first quarter of 2021, the Company redeemed approximately $88.0 million of the 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of debt of approximately $0.9 million.

During the year ended December 31, 2023, the Company redeemed approximately $52.5 million of the par value of 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of approximately $0.4 million.

On August 20, 2024, an optional redemption of the CLO occurred and all rated notes were repaid in full. As of December 31, 2024, no 2018-2 Secured Notes were outstanding. Accordingly, during 2024 the Company redeemed approximately $125.7 million of the par value of 2018-2 Secured Notes. In connection therewith, the Company recognized a realized loss on extinguishment of approximately $0.7 million.

The fair value of the 2018-2 Notes approximated their carrying value on the consolidated statements of financial condition and are categorized as Level III under the ASC 820 Fair Value Hierarchy. The fair value of the Company's outstanding 2018-2 Notes was approximately $125.0 million at December 31, 2023.

 

($ in thousands)

 

 

 

 

 

 

 

 

December 31, 2023

Amortized Carrying Value

 

Outstanding Principal at Par

 

Spread (4)

 

Rating(1)

 

Stated
Maturity(2)

2018-2 Secured Notes:

 

 

 

 

 

 

 

 

 

Class A-1R-R Notes

$

12,818

 

$

12,922

 

Reference Rate + 1.58%(3)

 

AAA(sf)

 

11/20/2029

Class A-1T-R Notes

 

39,369

 

 

39,411

 

Reference Rate + 1.58%

 

AAA(sf)

 

11/20/2029

Class A-2-R Notes

 

54,681

 

 

55,100

 

Reference Rate + 2.45%

 

AA (sf)

 

11/20/2029

Class B-R Notes

 

18,103

 

 

18,250

 

Reference Rate + 3.17%

 

A (sf)

 

11/20/2029

 

$

124,971

 

$

125,683

 

 

 

 

 

 

 

(1)
Represents ratings from each of S&P and DBRS for the Class A-1 R-R Notes and the Class A-1 T-R Notes and from S&P for the Class A-2-R Notes and Class B-R Notes as of the closing of the CLO on October 18, 2018.
(2)
The indenture governing our CLO permits the repricing or refinancing of the secured notes after November 20, 2020, which may result in the redemption of the outstanding notes occurring prior to their stated maturity.
(3)
Interest may be indexed to either the CP Rate (as defined in the governing indenture) or Reference Rate.
(4)
Reference rate is defined as the sum of the Term SOFR Rate plus 0.26161%, or 5.63% as of December 31, 2023.

 

The following table summarizes the interest expense, amortization of original issue discount, average outstanding balance, and average stated interest rate on the 2018-2 secured notes for the years ended December 31, 2024, 2023 and 2022:

 

 

For the Year Ended December 31,

 

($ in thousands)

2024

 

2023

 

2022

 

Interest expense

$

4,952

 

$

11,357

 

$

6,736

 

Amortization of original issue discount

 

57

 

 

151

 

 

177

 

Total interest and financing expenses

$

5,009

 

$

11,508

 

$

6,913

 

Average outstanding balance

$

96,356

 

$

153,330

 

$

187,661

 

Average stated interest rate

 

7.99

%

 

7.35

%

 

3.51

%

Senior Securities

Information about the Company’s senior securities is shown as of the dates indicated in the below table (dollars in thousands, except per unit amounts).

Class and Period

 

Total Amount
Outstanding
Exclusive of
Treasury
Securities(1)

 

 

Asset Coverage per
Unit(2)

 

 

Involuntary
Liquidating
Preference per
Unit(3)

 

 

Average Market
Value per Unit(4)

 ($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2015

 

$

208,049

 

 

$

2,025

 

 

$

—

 

 

N/A

Fiscal 2016

 

 

180,881

 

 

 

2,048

 

 

 

—

 

 

N/A

Fiscal 2017

 

 

104,407

 

 

 

2,713

 

 

 

—

 

 

N/A

Fiscal 2018

 

 

103,763

 

 

 

2,490

 

 

 

—

 

 

N/A

Fiscal 2019(5)

 

 

156,978

 

 

 

1,950

 

 

 

—

 

 

N/A

Fiscal 2020(6)

 

 

377,910

 

 

 

1,560

 

 

 

—

 

 

N/A

Fiscal 2021(7)

 

 

352,434

 

 

 

1,780

 

 

 

—

 

 

N/A

Fiscal 2022(8)

 

 

378,163

 

 

 

1,601

 

 

 

—

 

 

N/A

Fiscal 2023(9)

 

 

325,683

 

 

 

1,646

 

 

 

—

 

 

N/A

Fiscal 2024(10)

 

 

267,479

 

 

 

1,667

 

 

 

—

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per unit is the ratio of the carrying value of PTMN’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(3)
The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Not applicable, except with respect to the 7.375% Notes Due 2019 and the 6.125% Notes Due 2022, as other debt securities are not registered for public trading. For the years ended December 31, 2017, 2016, and 2015, the average market value per $1,000 of par value of the 7.375% Notes Due 2019 was $1,016.04, $1,000.00, and $1,011.96, respectively. For the years-ended December 31, 2020, 2019 and 2018 and for the period from August 14, 2017 (date of issuance) to December 31, 2017, the average market value per $1,000 of par value of the 6.125% Notes Due 2022 was $953.20, $1,009.93, $1,009.20 and $1,006.00, respectively. Average market value is computed by taking the daily average of the closing prices for the period.
(5)
As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facilities of $79,571.
(6)
As of December 31, 2020, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $76,726, Revolving Credit Facilities of $49,321 and 2018-2 Secured Notes of $251,863.
(7)
As of December 31, 2021, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $80,571 and 2018-2 Secured Notes of $163,863.
(8)
As of December 31, 2022, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $92,000 and 2018-2 Secured Notes of $178,163.
(9)
As of December 31, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facilities of $92,000 and 2018-2 Secured Notes of $125,683.
(10)
As of December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facilities of $159,479.

7. TAXABLE INCOME

Effective December 11, 2006, the Company elected to be treated as a RIC under the Code and adopted a December 31 tax-calendar year end. As a RIC, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed currently to its stockholders as a dividend. The Company’s quarterly distributions, if any, are determined by the Board. The Company anticipates distributing substantially all of its taxable income and gains, within the Subchapter M rules, and thus the Company anticipates that it will not incur any federal or state income tax at the RIC level. As a RIC, the Company is also subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis (e.g., calendar year 2021). Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, to the extent required.

The Company may distribute taxable dividends that are payable in cash or shares of its common stock at the election of each stockholder. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in shares of stock at the election of stockholders are treated as taxable dividends. The Internal Revenue Service has published guidance with respect to publicly offered RICs indicating that this rule will apply even where the total amount of cash that may be distributed is limited to no more than 20% of the total distribution. Under this guidance, if too many stockholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). If the Company decides to make any distributions consistent with this guidance that are payable in part in its stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, shares of the Company’s stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of the Company’s current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of the Company’s stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, the Company may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of the Company’s stockholders determine to sell shares of its stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of the Company’s stock.

Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly at calendar years ended December 31, 2024, 2023 and 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital distributions, non-deductible expenses, investments on non-accrual status, and capital loss carryforwards acquired as the result of the merger, as follows (amounts in thousands, except share and per share amounts):

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2024

 

 

2023

 

 

2022

 

Capital in excess of par value

 

$

2

 

 

$

3,314

 

 

$

5,768

 

Total distributable (loss) earnings

 

$

(2

)

 

$

(3,314

)

 

$

(5,768

)

The following reconciles net increase (decrease) in net assets resulting from operations to taxable income for the years ended December 31, 2024 and December 31, 2023 (amounts in thousands, except share and per share amounts):

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in net assets resulting from operations

 

$

(5,935

)

 

$

11,381

 

 

$

(20,996

)

Tax provision (benefit) on realized and unrealized (gains) losses on investments

 

 

(853

)

 

 

(414

)

 

 

786

 

Net change in unrealized depreciation (appreciation) from investments

 

 

(1,006

)

 

 

(3,322

)

 

 

17,915

 

Excess capital losses over capital gains

 

 

31,839

 

 

 

27,128

 

 

 

31,185

 

Book/tax differences on CLO equity investments

 

 

(45

)

 

 

(1,642

)

 

 

72

 

Book/tax differences related to mergers and partnership investments

 

 

2,036

 

 

 

(4,631

)

 

 

(586

)

Other book/tax differences

 

 

448

 

 

 

859

 

 

 

1,203

 

Taxable income before deductions for distributions

 

$

26,484

 

 

$

29,359

 

 

$

29,579

 

Taxable income before deductions for distributions per weighted
   average basic and diluted shares for the period

 

$

2.86

 

 

$

3.09

 

 

$

3.07

 

Dividends from Asset Manager Affiliates are recorded based upon a quarterly estimate of tax-basis earnings and profits of each Asset Manager Affiliate. Distributions in excess of the estimated tax-basis quarterly earnings and profits of each distributing Asset Manager Affiliate are recognized as tax-basis return of capital. The actual tax-basis earnings and profits and resulting dividend and/or return of capital for the year will be determined at the end of the tax year for each distributing Asset Manager Affiliate. For the years ended December 31, 2024 and December 31, 2023, the Asset Manager Affiliates did not make any cash distributions to the Company.

Distributions to shareholders that exceed tax-basis distributable income (tax-basis net investment income and realized gains, if any) are reported as distributions of paid-in capital (i.e. return of capital). The tax character of distributions is made on an annual (full calendar year) basis. The determination of the tax attributes of our distributions is made at the end of the year based upon our taxable income for the full year and the distributions paid during the full year. Therefore, a determination of tax attributes made on a quarterly basis may not be representative of the actual tax attributes of distributions for a full year.

 

($ in thousands)

 

Year Ended December 31,

 

Distributions paid from:

 

2024

 

 

2023

 

 

2022

 

Ordinary Income

 

$

25,582

 

 

$

26,147

 

 

$

24,661

 

Return of Capital

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

25,582

 

 

$

26,147

 

 

$

24,661

 

 

 

As of December 31, 2024 and December 31, 2023, the components of accumulated earnings on tax basis (in thousands) were as follows:

 

 

 

Year Ended December 31,

 

($ in thousands)

 

2024

 

 

2023

 

 

2022

 

Undistributed ordinary income

 

$

4,586

 

 

$

7,064

 

 

$

4,917

 

Capital loss carryforward

 

 

(487,186

)

 

 

(445,684

)

 

 

(418,937

)

Other temporary differences

 

 

—

 

 

 

—

 

 

 

—

 

Net unrealized depreciation

 

 

(53,330

)

 

 

72,584

 

 

 

77,496

 

Total

 

$

(535,930

)

 

$

(366,036

)

 

$

(336,524

)

 

At December 31, 2024, the Company had a net capital loss carryforward of $487.2 million to offset net capital gains. This net capital loss carryforward is not subject to expiration. A portion of the Company’s capital loss carryovers are subject to an annual use limitation under the Code and related regulations.

The Company has certain taxable subsidiaries which have elected to be taxed as corporations for U.S. tax purposes. For the Company's tax year ended December 31, 2024, the taxable subsidiaries’ activity resulted in a provision (benefit) for income taxes of ($0.9) million. The taxable subsidiaries have, in aggregate, $0.5 million of net deferred tax liabilities. A portion of the taxable subsidiaries’ net operating loss and capital loss carryovers are subject to an annual use limitation under the Code and related regulations. For the Company's tax year ended December 31, 2023, the taxable subsidiaries’ activity resulted in a provision (benefit) for income taxes of ($0.4) million. The taxable subsidiaries have, in aggregate, no deferred tax assets and $1.3 million of deferred tax liabilities.

ASC Topic 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Company’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (the last three fiscal years) or expected to be taken in the Company’s current year tax return. The Company identifies its major tax jurisdictions as U.S. Federal and New York State, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof.

8. COMMITMENTS AND CONTINGENCIES

From time-to-time the Company is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of the Company’s investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on the Company’s consolidated statements of assets and liabilities. Prior to extending such credit, the Company attempts to limit its credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of December 31, 2024 and December 31, 2023, the Company had $27.2 million and $28.6 million unfunded commitments, respectively.

The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of December 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

 

($ in thousands)

 

 

Par Value

 

Par Value

 

Portfolio Company

 

Investment

December 31, 2024

 

December 31, 2023

 

Accordion Partners LLC(1)

 

 First Lien Debt

 

$

913

 

 

$

—

 

Accordion Partners LLC (Revolver)

 

 First Lien Debt

 

 

1,623

 

 

 

1,531

 

AMCP Pet Holdings, Inc. (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

350

 

Anthem Sports & Entertainment Inc.(1)

 

 First Lien Debt

 

 

307

 

 

 

—

 

Anthem Sports & Entertainment Inc. (Revolver)

 

 First Lien Debt

 

 

83

 

 

 

83

 

BetaNXT, Inc. (Revolver)

 

 First Lien Debt

 

 

1,401

 

 

 

2,174

 

Bradshaw International Parent Corp. (Revolver)

 

 First Lien Debt

 

 

922

 

 

 

922

 

CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)

 

 First Lien Debt

 

 

500

 

 

 

—

 

Centric Brands Inc. (Revolver)

 

 First Lien Debt

 

N/A

 

 

 

1,166

 

Colonnade Intermediate, LLC (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

68

 

Critical Nurse Staffing, LLC (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

2,000

 

Dentive, LLC(1)

 

 First Lien Debt

 

 

427

 

 

 

430

 

Dentive, LLC (Revolver)

 

 First Lien Debt

 

 

117

 

 

 

186

 

Epilog Partners SPV III, LLC (Care Connectors Medical Group)

 

 Equity

 

 

87

 

 

 

—

 

Fortis Payment Systems, LLC(1)

 

 First Lien Debt

 

 

387

 

 

 

—

 

Franchise Group, Inc. (DIP)

 

 First Lien Debt

 

 

249

 

 

N/A

 

GreenPark Infrastructure, LLC - Series M-1

 

 Equity

 

 

—

 

 

 

1,829

 

H.W. Lochner, Inc. (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

4,142

 

IDC Infusion Services LLC(1)

 

 First Lien Debt

 

 

130

 

 

 

1,065

 

Luminii LLC (Revolver)

 

 First Lien Debt

 

 

172

 

 

 

172

 

Morae Global Corporation (Revolver)

 

 First Lien Debt

 

 

208

 

 

 

208

 

Netwrix Corporation (Revolver)

 

 First Lien Debt

 

 

1,148

 

 

 

1,148

 

Netwrix Corporation(1)

 

 First Lien Debt

 

N/A

 

 

 

941

 

Newbury Franklin Industrials, LLC(1)

 

 First Lien Debt

 

 

987

 

 

N/A

 

PhyNet Dermatology LLC(1)

 

 First Lien Debt

 

 

690

 

 

 

690

 

PMA Parent Holdings LLC (Revolver)

 

 First Lien Debt

 

 

99

 

 

N/A

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)

 

 First Lien Debt

 

 

1,125

 

 

 

—

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)

 

 First Lien Debt

 

 

188

 

 

 

—

 

Riddell, Inc.(1)

 

 First Lien Debt

 

 

636

 

 

 

—

 

Riskonnect Parent LLC(1)

 

 First Lien Debt

 

 

5,000

 

 

 

—

 

Series A-Great Lakes Funding II LLC

 

 Joint Ventures

 

 

8,165

 

 

 

5,473

 

TA/WEG Holdings, LLC(1)

 

 First Lien Debt

 

N/A

 

 

 

758

 

TA/WEG Holdings, LLC (Revolver)

 

 First Lien Debt

 

 

784

 

 

 

784

 

Tactical Air Support, Inc.(1)

 

 First Lien Debt

 

N/A

 

 

 

286

 

VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)

 

 First Lien Debt

 

 

129

 

 

 

258

 

VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)

 

 First Lien Debt

 

 

761

 

 

 

1,902

 

Total Unfunded Portfolio Company Commitments

 

 

 

$

27,238

 

 

$

28,566

 

 

(1)
Delayed draw term loan.

9. STOCKHOLDERS’ EQUITY

On March 8, 2021, the Board of Directors of the Company approved a $10 million stock repurchase program (the “Stock Repurchase Program”) for an approximately one-year period, effective March 11, 2021 and terminating on March 31, 2022. Under this repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise subject to any agreement to which we are party including any restrictions in the indenture for our 4.875% Notes due 2026. The timing and actual number of shares repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions.

On March 8, 2022, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “2022 Stock Repurchase Program”) for an approximately one-year period, effective March 8, 2022 and terminating on March 31, 2023. The terms and conditions of the 2022 Stock Repurchase Program are substantially similar to the prior Stock Repurchase Program. The timing and actual number of shares repurchased depend on a variety of factors, including legal requirements, price, and economic and market conditions.

On March 6, 2023, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “2023 Stock Repurchase Program”), effective March 6, 2023 and terminating on March 31, 2024. The terms and conditions of the 2023 Stock Repurchase Program are substantially similar to the prior 2022 Stock Repurchase Program. The 2023 Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.

On March 11, 2024, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “Renewed Stock Repurchase Program”) for an approximately one-year period, effective March 11, 2024 and terminating on March 31, 2025. The terms and conditions of the Renewed Stock Repurchase Program are substantially similar to the 2023 Stock Repurchase Program. The Renewed Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.

During the years ended December 31, 2024 and December 31, 2023, the Company issued 17,400, and 26,529 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of December 31, 2024 and December 31, 2023 was 9,198,175 and 9,383,132 respectively.

During the year ended December 31, 2024, the Company repurchased 202,357 shares under the Renewed Stock Repurchase Program and the 2023 Stock Repurchase Program in open market transactions at an aggregate cost of approximately $3.8 million. During the year ended December 31, 2023, the Company repurchased 224,933 shares under the 2023 Stock Repurchase Program and the 2022 Stock Repurchase Program in open market transactions at an aggregate cost of approximately $4.4 million.

10. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (in thousands, except share and per share amounts)

 

 

 

For the Quarter Ended

 

 

 

December 31, 2024

 

 

September 30, 2024

 

 

June 30, 2024

 

 

March 31, 2024

 

Total interest and related portfolio income

 

$

14,392

 

 

$

15,177

 

 

$

16,337

 

 

$

16,526

 

Net investment income

 

$

5,539

 

 

$

5,802

 

 

$

6,477

 

 

$

6,226

 

Net increase (decrease) in net assets resulting from operations

 

$

(2,540

)

 

$

(1,509

)

 

$

(6,372

)

 

$

4,486

 

Net increase (decrease) in net assets resulting from operations per share – basic and diluted

 

$

(0.28

)

 

$

(0.16

)

 

$

(0.69

)

 

$

0.48

 

Net investment income per share – basic and diluted

 

$

0.60

 

 

$

0.63

 

 

$

0.70

 

 

$

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

 

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

 

March 31, 2023

 

Total interest and related portfolio income

 

$

17,788

 

 

$

18,574

 

 

$

19,626

 

 

$

20,327

 

Net investment income(1)

 

$

11,163

 

 

$

7,166

 

 

$

7,915

 

 

$

8,529

 

Net increase (decrease) in net assets resulting from operations

 

$

6,995

 

 

$

7,445

 

 

$

(3,114

)

 

$

55

 

Net increase (decrease) in net assets resulting from operations per share – basic and diluted

 

$

0.74

 

 

$

0.78

 

 

$

(0.33

)

 

$

0.01

 

Net investment income per share – basic and diluted

 

$

1.19

 

 

$

0.75

 

 

$

0.83

 

 

$

0.89

 

 

(2)
Excluding the impact of the expense reimbursement while also excluding the secondary impact that the reimbursement had on other expenses, such as incentive fees, of approximately $4.4 million in Q4 2023, the net investment income would have been $6.8 million.

11. SEGMENT REPORTING

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is the Company’s chief executive officer, and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in net assets resulting from operations (“net income”). Net income is comprised of total investment income (“segment revenues”) and total expenses (“significant segment expenses”), which are considered the key segment measures of profit or loss reviewed by the CODM. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders, implementing investment policy decisions and strategic initiatives, managing the Company’s portfolio, allocating assets, and assessing the performance of the portfolio. As the Company’s operations are comprised solely of the Investment Management Segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

12. SUBSEQUENT EVENTS

On January 29, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Logan Ridge Finance Corporation, a Maryland corporation (“LRFC”), Portman Ridge Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“Merger Sub”); and solely for the limited purposes set forth therein, Mount Logan Management LLC, a Delaware limited liability company and the external investment adviser to LRFC (“Mount Logan”); and, solely for the limited purposes set forth therein, the Adviser. The Merger Agreement provides that, subject to the conditions set forth therein, (i) at the effective time of the First Merger (the “Effective Time”), Merger Sub will be merged with and into LRFC (the “First Merger”), with LRFC continuing as the surviving company and as a wholly-owned subsidiary of the Company, and (ii) immediately after the Effective Time, LRFC will merge with and into the Company (the “Second Merger” and, together with the First Merger, the “Mergers”), with the Company continuing as the surviving company. Both the Board of Directors of the Company and LRFC’s board of directors, including all of their respective independent directors who are not “interested persons” of either the Company or LRFC or the Adviser or Mount Logan, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or LRFC, as applicable (each, a “Special Committee”), have approved, among other things, the Merger Agreement and the transactions contemplated thereby. Consummation of the Mergers is subject to certain closing conditions, including requisite approvals of the Company’s and LRFC’s stockholders. Subject to the terms and conditions of the Merger Agreement, at the Effective Time, each share of LRFC’s common stock issued and outstanding immediately prior to the Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries, including Merger Sub) will be converted into the right to receive 1.500 newly-issued shares of common stock of the Company with cash to be paid (without interest) in lieu of fractional shares. In addition, pursuant to a fee waiver letter executed on January 29, 2025, between the Company and the Adviser, the Adviser has agreed to waive up to $1.5 million of the incentive fees otherwise payable to it by Company over the eight consecutive quarters following the closing of the Mergers, subject to the closing of the Mergers.

On March 12, 2025, the Board of Directors of the Company authorized once more a renewed stock repurchase program of up to $10 million (the “2025 Stock Repurchase Program”) for an approximately one-year period, effective March 12, 2025 and terminating on March 31, 2026. The terms and conditions of the 2025 Stock Repurchase Program are substantially similar to the prior Renewed Stock Repurchase Program. The 2025 Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.

On March 13, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock and a supplemental cash distribution of $0.07 per share of common stock. The distribution is payable on March 31, 2025 to stockholders of record at the close of business on March 24, 2025. The modification to the dividend policy introduces a stable base distribution, which is anticipated to be sustainable across market cycles, and a quarterly supplemental distribution, which will approximate 50% of net investment income in excess of the quarterly base distribution to account for fluctuations in rates and spreads.

The Company has evaluated events and transactions occurring subsequent to December 31, 2024, through the date of issuance, for items that should potentially be recognized or disclosed in these financial statements. Other than as described above, management has determined that there are no other material subsequent events that would require adjustment to, or disclosure in, these consolidated financial statements.

EXHIBIT INDEX

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

 

Exhibit Number

 

Description

 

 

 

   3.1

 

Form of Certificate of Incorporation of the Company (incorporated by reference to Exhibit A of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).

3.1.1

 

Certificate of Amendment (incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed April 2, 2019).

3.1.2

 

Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Reverse Stock Split Certificate of Amendment) (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).

3.1.3

 

Certificate of Amendment to Certificate of Incorporation of Portman Ridge Finance Corporation (the Decrease Shares Certificate of Amendment) (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed on August 26, 2021).

   3.2

 

Third Amended and Restated Bylaws of Portman Ridge Finance Corporation, dated as of July 20, 2021 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on July 21, 2021).

   4.1

 

Specimen certificate of the Company’s common stock, par value $0.01 per share (incorporated by reference to Exhibit D.1 of the Pre-Effective Amendment No. 1 on Form N-2 filed on October 6, 2006).

   4.2

 

Form of Dividend Reinvestment Plan (incorporated by reference to Exhibit E of the Pre-Effective Amendment No. 2 of the Registration Statement on Form N-2 filed on November 20, 2006).

   4.3

 

Form of Base Indenture between the Company and U.S. Bank National Association (incorporated by reference to Exhibit D.3 of the Registration Statement in Form N-2 filed on October 3, 2012).

4.4

 

Third Supplemental Indenture, dated as of April 30, 2021, relating to the 4.875% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on May 3, 2021).

4.5

 

Form of 4.875% Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on May 3, 2021).

4.6

 

Registration Rights Agreement, dated as of June 23, 2021, by and among the Company and the Purchasers (as defined therein) (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on June 24, 2021).

4.7

 

Description of Portman Ridge Finance Corporation's Registered Securities (incorporated by reference to Exhibit 4.7 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).

10.1

 

Investment Advisory Agreement, dated April 1, 2019, by and between the Company and Sierra Crest Investment Management LLC (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on April 2, 2019).

10.2

 

Incentive Fee Letter Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed on April 2, 2019).

10.3

 

Administration Agreement, dated April 1, 2019, by and between the Company and BC Partners Management LLC (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed on April 2, 2019).

10.4

 

Loan and Security Agreement dated as of December 18, 2019 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto, The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on December 23, 2019).

10.5

 

First Amendment to Loan and Security Agreement dated as of April 29, 2022 among Great Lakes Portman Ridge Funding LLC, the Lenders Party thereto, the Collateral Administrator, Collateral Agent, and Securities Intermediary Party thereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on May 5, 2022).

10.6

 

Loan and Security Agreement Conformed Through the Second Amendment dated as of July 23, 2024 among Great Lakes Portman Ridge Funding LLC, The Lenders Party Hereto. The Collateral Administrator, Collateral Agent ad Securities Intermediary Party Hereto, JPMorgan Chase Bank, National Association, as Administrative Agent and Portman Ridge Finance Corporation, as Portfolio Manager (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed on July 29, 2024).

11.1

 

Computation of Per Share Earnings (included in the notes to the audited financial statements contained in this report).

14.1

 

Code of Ethics (incorporated by reference to Exhibit (r) of Pre-Effective Amendment No. 1 to the Company’s Registration Statement on Form N-2, filed on February 4, 2022).

19.1

 

Insider Trading Policy**

21.1

 

List of Subsidiaries**

23.1

 

Consent of Deloitte & Touche LLP**

31.1

 

Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

31.2

 

Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

32.1

 

Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

32.2

 

Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

97.1

 

Clawback Policy (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 10-K, filed on March 13, 2024).

101.INS

 

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

 

Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

**

Filed herewith.

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

PORTMAN RIDGE FINANCE CORPORATION

Date:

 

March 13, 2025

 

By

 

/s/ EDWARD GOLDTHORPE

 

 

 

 

 

 

EDWARD GOLDTHORPE

 

 

 

 

 

 

President and Chief Executive Officer

 

*****

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ EDWARD GOLDTHORPE

 

President and Chief Executive Officer (principal executive officer) and Member of the Board of Directors

 

March 13, 2025

EDWARD GOLDTHORPE

 

 

 

 

 

 

/s/ BRANDON SATOREN

 

Chief Financial Officer, Secretary and Treasurer (principal financial and accounting officer)

 

March 13, 2025

BRANDON SATOREN

 

 

 

 

 

 

/s/ GEORGE GRUNEBAUM

 

Member of the Board of Directors

 

March 13, 2025

GEORGE GRUNEBAUM

 

 

 

 

 

 

 

 

 

/s/ ROBERT WARSHAUER

 

Member of the Board of Directors

 

March 13, 2025

ROBERT WARSHAUER

 

 

 

 

 

 

 

 

 

/s/ ALEXANDER DUKA

 

Member of the Board of Directors

 

March 13, 2025

ALEXANDER DUKA

 

 

 

 

 

 

 

 

 

/s/ PATRICK SCHAFER

 

Member of the Board of Directors

 

March 13, 2025

PATRICK SCHAFER

 

 

 

 

 

 

 

 

 

/s/ DEAN C. KEHLER

 

Member of the Board of Directors

 

March 13, 2025

DEAN C. KEHLER

 

 

 

 

 

/s/ MATTHEW WESTWOOD

 

Member of the Board of Directors

 

March 13, 2025

MATTHEW WESTWOOD

 

 

 

 

 

 

 

 

 

/s/ JOSEPH MOREA

 

Member of the Board of Directors

 

March 13, 2025

JOSEPH MOREA

 

 

 

 

 

 

 

 

 

/s/ JENNIFER CHOU

 

Member of the Board of Directors

 

March 13, 2025

JENNIFER CHOU

 

 

 

 

 

 

 

 

 

 
[55] The investment is valued at the NAV of the underlying fund.