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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Investments

As of September 30, 2023, the Company’s investments consisted of the following:

									Percentage of Total																		Percentage of Total
			Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
Senior secured debt investments			$	304,865					70.3		%				178.6		%				$	279,144					61.1		%				163.5		%
Subordinated debt investments			4,680						1.1						2.7						100						—						0.1
Preferred equity			11,116						2.6						6.5						11,806						2.6						6.9
Common equity, warrants and other(1)			11,537						2.7						6.8						82,908						18.1						48.6
Total Portfolio Company Investments			332,198						76.7						194.6						373,958						81.8						219.1
Structured Finance Securities			100,665						23.3						59.0						83,289						18.2						48.8
Total investments			$	432,863					100.0		%				253.6		%				$	457,247					100.0		%				267.9		%

(1) Includes the Company’s investment in Pfanstiehl Holdings, Inc. See “Note 4 — Portfolio Concentration” for additional information.

As of September 30, 2023 and December 31, 2022, the Company’s investment portfolio was domiciled as follows:

			September 30, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
United States			$	327,538					$	371,481					$	367,723					$	407,851
Canada			4,660						2,477						4,680						4,207
Cayman Islands(1)			93,017						75,641						102,477						88,518
Jersey(1)			7,648						7,648						—						—
Total investments			$	432,863					$	457,247					$	474,880					$	500,576

(1) Investments domiciled in the Cayman Islands and Jersey represent Structured Finance Securities held by the Company. These investments generally represent beneficial interests in underlying portfolios of debt investments in companies domiciled in the United States.

As of September 30, 2023, the industry composition of the Company’s investment portfolio was as follows:

												Percentage of Total																		Percentage of Total
						Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
Administrative and Support and Waste Management and Remediation Services
All Other Business Support Services						$	2,729					0.6		%				1.6		%				$	2,529					0.6		%				1.5		%
Convention and Trade Show Organizers						160						—						0.1						157						—						0.1
Landscaping Services						4,596						1.1						2.7						4,410						1.0						2.6
Security Systems Services (except Locksmiths)						5,859						1.4						3.4						5,897						1.3						3.5
Temporary Help Services						8,793						2.0						5.2						8,532						1.9						5.0
Arts, Entertainment, and Recreation
Other Amusement and Recreation Industries						23,713						5.5						13.9						24,010						5.3						14.1
Construction
Electrical Contractors and Other Wiring Installation Contractors						17,618						4.1						10.3						9,839						2.2						5.8
New Single-Family Housing Construction (except For-Sale Builders)						1,795						0.4						1.1						1,533						0.3						0.9
Education Services
Professional and Management Development Training						3,051						0.7						1.8						2,120						0.5						1.2
Sports and Recreation Instruction						4,471						1.0						2.6						4,502						1.0						2.6
Health Care and Social Assistance
Child Day Care Services						6,403						1.5						3.8						6,399						1.4						3.7
Home Health Care Services						4,231						1.0						2.5						3,443						0.8						2.0
Medical Laboratories						9						—						—						20						—						—
Offices of Physicians and Mental Health Specialists						13,423						3.1						7.9						13,419						2.9						7.9
Other Ambulatory Health Care Services						16,945						3.9						9.9						15,731						3.4						9.2
Outpatient Mental Health and Substance Abuse Centers						8,858						2.0						5.2						8,869						1.9						5.2
Services for the Elderly and Persons with Disabilities						24,949						5.8						14.5						24,435						5.3						14.1
Information
Cable and Other Subscription Programming						3,735						0.9						2.2						3,347						0.7						2.0
Data Processing, Hosting, and Related Services						4,058						0.9						2.4						2,313						0.5						1.4
Software Publishers						17,061						3.9						10.0						10,329						2.3						6.1
Television Broadcasting						2,183						0.5						1.3						178						—						0.1
Management of Companies and Enterprises
Offices of Other Holding Companies						12,672						2.9						7.4						12,059						2.6						7.1
Manufacturing
Bare Printed Circuit Board Manufacturing						1,964						0.5						1.2						1,866						0.4						1.1
Current-Carrying Wiring Device Manufacturing						3,429						0.8						2.0						3,603						0.8						2.1
Other Aircraft Parts and Auxiliary Equipment Manufacturing						500						0.1						0.3						—						—						—

												Percentage of Total																		Percentage of Total
						Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
Fluid Power Pump and Motor Manufacturing						$	1,920					0.4		%				1.1		%				$	1,850					0.4		%				1.1		%
Ice Cream and Frozen Dessert Manufacturing						1,644						0.4						1.0						1,464						0.3						0.9
Motorcycle, Bicycle, and Parts Manufacturing						15,927						3.7						9.3						14,938						3.3						8.8
Other Industrial Machinery Manufacturing						4,543						1.0						2.6						4,141						0.9						2.3
Pharmaceutical Preparation Manufacturing						217						0.1						0.1						77,105						16.9						45.2
Other Services (except Public Administration)
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance						642						0.1						0.4						2,537						0.6						1.5
Professional, Scientific, and Technical Services
Advertising Agencies						2,242						0.5						1.3						2,190						0.5						1.3
Computer Systems Design Services						1,996						0.5						1.2						2,016						0.4						1.2
Other Computer Related Services						17,056						3.9						10.0						17,212						3.8						10.1
Public Administration
Other Justice, Public Order, and Safety Activities						703						0.2						0.4						37						—						—
Real Estate and Rental and Leasing
Nonresidential Property Managers						4,660						1.1						2.7						2,477						0.5						1.5
Office Machinery and Equipment Rental and Leasing						7,153						1.7						4.2						10,717						2.3						6.3
Retail Trade
Electronic Shopping and Mail-Order Houses						6,622						1.5						3.9						6,337						1.4						3.7
Supermarkets and Other Grocery (except Convenience) Stores						5,643						1.3						3.3						5,957						1.3						3.5
All Other General Merchandise Stores						499						0.1						0.3						620						0.1						0.4
Transportation and Warehousing
Transportation and Warehousing						2,500						0.6						1.5						2,381						0.5						1.4
Wholesale Trade
Business to Business Electronic Markets						2,845						0.7						1.7						2,475						0.5						1.5
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers						10,114						2.3						5.8						8,942						2.0						5.1
Drugs and Druggists' Sundries Merchant Wholesalers						4,501						1.0						2.6						3,608						0.8						2.1
Industrial Machinery and Equipment Merchant Wholesalers						9,072						2.1						5.3						9,073						2.0						5.3
Motor Vehicle Parts (Used) Merchant Wholesalers						27,629						6.4						16.2						27,856						6.1						16.3
Other Miscellaneous Nondurable Goods Merchant Wholesalers						2,704						0.6						1.6						385						0.1						0.2
Sporting and Recreational Goods and Supplies Merchant Wholesalers						8,163						1.9						4.8						100						—						0.1
Total Portfolio Company Investments						$	332,198					76.7		%				194.6		%				$	373,958					81.8		%				219.1		%
Structured Finance Securities						100,665						23.3						59.0						83,289						18.2						48.8
Total investments						$	432,863					100.0		%				253.6		%				$	457,247					100.0		%				267.9		%

At December 31, 2022, the Company’s investments consisted of the following:

									Percentage of Total																		Percentage of Total
			Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
Senior secured debt investments			$	335,558					70.7		%				186.0		%				$	311,636					62.3		%				172.7		%
Subordinated debt investments			13,890						2.9						7.7						1,226						0.2						0.7
Preferred equity			9,966						2.1						5.5						8,196						1.6						4.5
Common equity, warrants and other			12,989						2.7						7.2						91,000						18.2						50.4
Total debt and equity investments			$	372,403					78.4		%				206.4		%				$	412,058					82.3		%				228.3		%
Structured Finance Securities			102,477						21.6						56.8						88,518						17.7						49.1
Total			$	474,880					100.0		%				263.2		%				$	500,576					100.0		%				277.4		%

As of December 31, 2022, the industry compositions of the Company’s debt and equity investments were as follows:

												Percentage of Total																		Percentage of Total
						Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
Administrative and Support and Waste Management and Remediation Services
All Other Business Support Services						$	2,745					0.6		%				1.5		%				$	2,511					0.5		%				1.4		%
Convention and Trade Show Organizers						160						—						0.1						80						—						—
Hazardous Waste Treatment and Disposal						1,765						0.4						1.0						1,652						0.3						0.9
Landscaping Services						4,611						1.0						2.6						4,226						0.8						2.3
Security Systems Services (except Locksmiths)						5,849						1.2						3.2						5,767						1.2						3.2
Temporary Help Services						8,854						1.9						4.9						8,821						1.8						4.9
Arts, Entertainment, and Recreation
Other Amusement and Recreation Industries						16,303						3.4						9.0						16,497						3.3						9.1
Construction
Electrical Contractors and Other Wiring Installation Contractors						17,666						3.7						9.8						9,247						1.8						5.1
New Single-Family Housing Construction (except For-Sale Builders)						1,807						0.4						1.0						1,566						0.3						0.9
Education Services
Professional and Management Development Training						1,595						0.3						0.9						953						0.2						0.5
Sports and Recreation Instruction						4,222						0.9						2.3						4,172						0.8						2.3
Health Care and Social Assistance
Child Day Care Services						6,375						1.3						3.5						6,182						1.2						3.4
Home Health Care Services						4,210						0.9						2.3						3,987						0.8						2.2
Medical Laboratories						17						—						—						35						—						—
Offices of Physicians and Mental Health Specialists						13,299						2.8						7.4						13,119						2.6						7.3
Other Ambulatory Health Care Services						16,444						3.5						9.1						15,604						3.1						8.6
Outpatient Mental Health and Substance Abuse Centers						8,787						1.9						4.9						8,675						1.7						4.8
Services for the Elderly and Persons with Disabilities						18,977						4.0						10.5						18,427						3.7						10.2
Information
Cable and Other Subscription Programming						3,763						0.8						2.1						3,103						0.6						1.7

												Percentage of Total																		Percentage of Total
						Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
Data Processing, Hosting, and Related Services						$	4,080					0.9		%				2.3		%				$	3,477					0.7		%				1.9		%
Directory and Mailing List Publishers						3,910						0.8						2.2						3,930						0.8						2.2
Internet Publishing and Broadcasting and Web Search Portals						3,100						0.7						1.7						2,843						0.6						1.6
Software Publishers						17,577						3.7						9.7						9,629						1.9						5.3
Television Broadcasting						2,182						0.5						1.2						488						0.1						0.3
Management of Companies and Enterprises
Offices of Other Holding Companies						11,240						2.4						6.2						10,646						2.1						5.9
Manufacturing
Bare Printed Circuit Board Manufacturing						1,977						0.4						1.1						1,854						0.4						1.0
Current-Carrying Wiring Device Manufacturing						3,360						0.7						1.9						3,468						0.7						1.9
Fluid Power Pump and Motor Manufacturing						1,931						0.4						1.1						1,862						0.4						1.0
Ice Cream and Frozen Dessert Manufacturing						1,641						0.3						0.9						1,540						0.3						0.9
Motorcycle, Bicycle, and Parts Manufacturing						15,873						3.3						8.8						15,942						3.2						8.8
Other Aircraft Parts and Auxiliary Equipment Manufacturing						500						0.1						0.3						—						—						—
Other Industrial Machinery Manufacturing						5,203						1.1						2.9						4,660						0.9						2.6
Pharmaceutical Preparation Manufacturing						217						—						0.1						85,456						17.1						47.4
Other Services (except Public Administration)
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance						572						0.1						0.3						1,890						0.4						1.0
Communication Equipment Repair and Maintenance						1,766						0.4						1.0						1,572						0.3						0.9
Other Automotive Mechanical and Electrical Repair and Maintenance						1,083						0.2						0.6						1,064						0.2						0.6
Professional, Scientific, and Technical Services
Administrative Management and General Management Consulting Services						27,621						5.8						15.3						27,148						5.4						15.0
Advertising Agencies						2,256						0.5						1.3						1,898						0.4						1.1
Computer Systems Design Services						1,959						0.4						1.1						1,943						0.4						1.1
Other Computer Related Services						14,595						3.1						8.1						14,868						3.0						8.2
Public Administration
Other Justice, Public Order, and Safety Activities						703						0.1						0.4						32						—						—
Real Estate and Rental and Leasing
Nonresidential Property Managers						4,680						1.0						2.6						4,207						0.8						2.3
Office Machinery and Equipment Rental and Leasing						6,418						1.4						3.6						6,713						1.3						3.7
Retail Trade
Electronic Shopping and Mail-Order Houses						6,747						1.4						3.7						6,515						1.3						3.6
Electronics and Appliance Stores						8,037						1.7						4.5						8,102						1.6						4.5
Shoe Store						10,160						2.1						5.6						1,104						0.2						0.6
Supermarkets and Other Grocery (except Convenience) Stores						5,647						1.2						3.1						5,532						1.1						3.1

												Percentage of Total																		Percentage of Total
						Amortized Cost						Amortized Cost						Net Assets						Fair Value						Fair Value						Net Assets
All Other General Merchandise Stores						$	499					0.1		%				0.3		%				$	967					0.2		%				0.5		%
Transportation and Warehousing
Transportation and Warehousing						2,514						0.5						1.4						2,501						0.5						1.4
Wholesale Trade
Business to Business Electronic Markets						2,858						0.6						1.6						2,689						0.5						1.5
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers						11,156						2.3						6.2						9,013						1.8						5.0
Drugs and Druggists' Sundries Merchant Wholesalers						5,227						1.1						2.9						4,622						0.9						2.6
Industrial Machinery and Equipment Merchant Wholesalers						9,071						1.9						5.0						9,073						1.8						5.0
Motor Vehicle Parts (Used) Merchant Wholesalers						27,751						5.8						15.4						27,821						5.6						15.4
Other Miscellaneous Nondurable Goods Merchant Wholesalers						2,680						0.6						1.5						2,246						0.4						1.2
Sporting and Recreational Goods and Supplies Merchant Wholesalers						8,163						1.7						4.4						122						—						0.1
Total debt and equity investments						$	372,403					78.4		%				206.4		%				412,058						82.3		%				228.3		%
Structured Finance Securities						102,477						21.6						56.8						88,518						17.7						49.1
Total investments						$	474,880					100.0		%				263.2		%				500,576						100.0		%				277.4		%

X

- Definition

Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

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