UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________
FORM
_______________________________
| (Mark One) | ||||||
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| FOR THE QUARTERLY PERIOD ENDED | ||||||
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER:
_______________________________
(Exact name of registrant as specified in its charter)
_______________________________
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| | |||||
| (State or other jurisdiction of | (I.R.S. Employer |
(Address of principal executive office)
(Registrant’s telephone number, including area code)
_______________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| | | | ||
| | | | ||
| | | |
_______________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| Large accelerated filer ☐ | Accelerated filer ☐ | |||
| | Smaller Reporting company | |||
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of August 12, 2024, was
OXFORD SQUARE CAPITAL CORP.
TABLE OF CONTENTS
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1 |
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Item 1. |
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Statements of Assets and Liabilities as of June 30, 2024 (Unaudited) and December 31, 2023 |
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2 |
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9 |
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Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) |
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Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
62 |
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Item 4. |
62 |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
64 |
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Item 4. |
64 |
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Item 5. |
64 |
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Item 6. |
65 |
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66 |
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i
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF ASSETS AND LIABILITIES
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June 30, |
December 31, |
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(Unaudited) |
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ASSETS |
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| Non-affiliated/non-control investments (cost: $ |
$ |
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$ |
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| Affiliated investments (cost: $ |
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Cash and cash equivalents |
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Securities sold, not settled |
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Interest and distributions receivable |
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Other assets |
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Total assets |
$ |
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$ |
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LIABILITIES |
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| Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $ |
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| Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $ |
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Securities purchased, not settled |
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Base Fee and Net Investment Income Incentive Fee payable to affiliate |
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Accrued interest payable |
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Accrued expenses |
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Total liabilities |
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COMMITMENTS AND CONTINGENCIES (Note 13) |
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NET ASSETS |
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| Common stock, $ |
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Capital in excess of par value |
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Total distributable earnings/(accumulated losses) |
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Total net assets |
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Total liabilities and net assets |
$ |
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$ |
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Net asset value per common share |
$ |
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$ |
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The accompanying notes are an integral part of these unaudited financial statements.
1
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2024
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % of | |||||||||
| Senior Secured Notes |
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| Business Services |
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| Access CIG, LLC |
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| first lien senior secured notes, | | $ | | $ | | $ | |
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| Convergint Technologies, LLC |
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| first lien senior secured notes, | |
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| second lien senior secured notes, | |
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| Premiere Global Services, Inc. |
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| first lien senior secured notes, | |
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| replacement revolver, | |
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| second lien senior secured notes, | |
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| Verifone Systems, Inc. |
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| first lien senior secured notes, | |
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| Total Business Services |
| $ | | $ | | | % | |||||||
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| Food and Beverage |
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| Shearer’s Foods, LLC |
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| | $ | | $ | | $ | |
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| Total Food and Beverage |
| $ | | $ | | | % | |||||||
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| Healthcare |
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| HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) |
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| first lien senior secured notes, | | $ | | $ | | $ | |
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| Viant Medical Holdings, Inc. |
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| first lien senior secured notes, | |
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| second lien senior secured notes, | |
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| Total Healthcare |
| $ | | $ | | | % | |||||||
(continued on next page)
The accompanying notes are an integral part of these unaudited financial statements.
2
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
June 30, 2024
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % of | |||||||||
| Senior Secured Notes – (continued) |
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| Industrials |
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| Michael Baker International, Inc. |
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| | $ | | $ | | $ | |
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| Total Industrials |
| $ | | $ | | | % | |||||||
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| Software |
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| Alvaria, Inc. (f/k/a Aspect Software, Inc.) |
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| first lien second out senior secured notes, | | $ | | $ | | $ | |
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| first lien third out tranche A senior secured notes, | |
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| first lien third out tranche B senior secured notes, | |
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| first lien fourth out senior secured notes, | |
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| Dodge Data & Analytics, LLC |
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| first lien senior secured notes, | |
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| second lien senior secured notes, | |
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| Help/Systems Holdings, Inc. |
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| first lien senior secured notes, | |
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| second lien senior secured notes, | |
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| Kofax, Inc. |
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| first lien senior secured notes, | |
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| Magenta Buyer, LLC (f/k/a McAfee Enterprise) |
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| first lien senior secured notes, | |
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| second lien senior secured notes, | |
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(continued on next page)
The accompanying notes are an integral part of these unaudited financial statements.
3
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
June 30, 2024
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % of | |||||||||
| Senior Secured Notes – (continued) |
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| Software – (continued) |
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| Quest Software, Inc. |
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| first lien senior secured notes, | | $ | | $ | | $ | |
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| second lien senior secured notes, | |
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| RSA Security, LLC |
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| second lien senior secured notes, | |
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| Total Software |
| $ | | $ | | | % | |||||||
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| Telecommunication Services |
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| ConvergeOne Holdings, Inc. |
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| first lien senior secured notes, | | $ | | $ | | $ | |
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| Global Tel Link Corp. |
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| second lien senior secured notes, | |
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| Total Telecommunication Services |
| $ | | $ | | | % | |||||||
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| Utilities |
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| CLEAResult Consulting, Inc. |
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| second lien senior secured notes, | | $ | | $ | | $ | |
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| Total Utilities |
| $ | | $ | | | % | |||||||
| Total Senior Secured Notes |
| $ | | $ | | | % | |||||||
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| Collateralized Loan Obligation – Equity Investments |
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| Structured Finance |
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| Ares XLIV CLO Ltd. |
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| CLO subordinated notes, estimated yield | | $ | | $ | | $ | |
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| Atlas Senior Loan Fund XI, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Bain Capital Credit CLO 2017-2, Ltd. |
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| BlueMountain CLO 2014-2 Ltd. |
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| CLO subordinated notes, estimated yield | |
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| BlueMountain CLO XXXI Ltd. |
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| CLO subordinated notes, estimated yield | |
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(continued on next page)
The accompanying notes are an integral part of these unaudited financial statements.
4
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
June 30, 2024
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % of | ||||||||
| Collateralized Loan Obligation – Equity Investments – (continued) |
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| Structured Finance – (continued) |
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| Carlyle Global Market Strategies CLO 2013-2, Ltd. |
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| CLO subordinated notes, estimated yield | | $ | | $ | | $ | | ||||||
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| Carlyle Global Market Strategies CLO 2021-6, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Cedar Funding II CLO, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Cedar Funding VI CLO, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| CIFC Funding 2014-3, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Dryden 43 Senior Loan Fund |
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| CLO subordinated notes, estimated yield | |
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| Gulf Stream Meridian 4 Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Madison Park Funding XVIII, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Madison Park Funding XIX, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Octagon Investment Partners 49, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Sound Point CLO XVI, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Telos CLO 2013-3, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Telos CLO 2014-5, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Venture XVII, Ltd. |
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| CLO subordinated notes, estimated yield | |
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(continued on next page)
The accompanying notes are an integral part of these unaudited financial statements.
5
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
June 30, 2024
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % of | |||||||||
| Collateralized Loan Obligation – Equity Investments – (continued) |
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| Structured Finance – (continued) |
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| Venture XX, Ltd. |
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| CLO subordinated notes, estimated yield | | $ | | $ | | $ |
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| Venture 35 CLO, Limited |
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| CLO subordinated notes, estimated yield | |
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| West CLO 2014-1, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Zais CLO 6, Ltd. |
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| CLO subordinated notes, estimated yield | |
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| Total Structured Finance |
| $ | | $ | | | % | |||||||
| Total Collateralized Loan Obligation – Equity Investments |
| $ | | $ | | | % | |||||||
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| Common Stock |
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| IT Consulting |
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| UniTek Global Services, Inc. |
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| common equity(7)(27) | |
| | $ | | $ |
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| Total IT Consulting |
| $ | | $ | | % | ||||||||
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| Telecommunication Services |
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| common equity(7) | |
| | $ | | $ | |
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| Total Telecommunication Services |
| $ | | $ | | | % | |||||||
| Total Common Stock |
| $ | | $ | | | % | |||||||
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| Warrants |
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| Healthcare |
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| Careismatic Brands, Inc. |
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| common equity warrants (June 2029 expiry, $119.80 strike) | |
| | $ | $ |
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| Total Healthcare |
| $ | $ | | % | |||||||||
| Total Warrants |
| $ | $ | | % | |||||||||
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| Preferred Stock |
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| IT Consulting |
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| UniTek Global Services, Inc. |
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| Series B Preferred Stock(3)(17)(21)(27) | |
| | $ | | $ |
| |||||||
| Series B Senior Preferred Stock(3)(17)(22)(27) | |
| |
| |
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| Series B Super Senior Preferred Stock(3)(17)(23)(27) | |
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| Total IT Consulting |
| $ | | $ | | | % | |||||||
| Total Preferred Equity |
| $ | | $ | | | % | |||||||
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| Total Investments in Securities(8) |
| $ | | $ | | | % | |||||||
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| Cash Equivalents |
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| First American Government Obligations Fund – Class Z Shares, |
| | $ | | $ | |
| |||||||
| Total Cash Equivalents |
| $ | | $ | | | % | |||||||
| Total Investments in Securities and Cash Equivalents |
| $ | | $ | | | % | |||||||
____________
(1)
(continued on next page)
The accompanying notes are an integral part of these unaudited financial statements.
6
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
June 30, 2024
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(continued on next page)
The accompanying notes are an integral part of these unaudited financial statements.
7
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
June 30, 2024
(27)
|
Name of Issuer |
Title of Issue |
Amount of |
Fair Value |
Gross |
Gross |
Net |
Fair Value |
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AFFILIATED INVESTMENT: |
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|
Unitek Global Systems, Inc |
Common Stock |
$ |
$ |
$ |
$ |
$ |
|
$ |
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|
Series B Preferred Stock |
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Series B Senior Preferred Stock |
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( |
) |
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Series B Super Senior Preferred Stock |
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( |
) |
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Total Affiliated Investment |
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( |
) |
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Total Control Investment |
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|
TOTAL CONTROL AND AFFILIATED INVESTMENTS |
$ |
$ |
|
$ |
$ |
$ |
( |
) |
$ |
|
|||||||||||||
____________
(a)
(b)
(c)
(28)
(29)
(30)
(31)
(32)
The accompanying notes are an integral part of these unaudited financial statements.
8
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS
December 31, 2023
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % OF | |||||||||
| Senior Secured Notes |
|
|
|
| ||||||||||
| Business Services |
|
|
|
| ||||||||||
| Access CIG, LLC |
|
|
|
| ||||||||||
| second lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
|
|
|
|
| |||||||||||
| Convergint Technologies, LLC |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Premiere Global Services, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
|
| |||||||
| replacement revolver, | |
| |
| |
| |
| ||||||
| second lien senior secured notes, | |
| |
| |
|
| |||||||
|
|
|
|
| |||||||||||
| Verifone Systems, Inc. |
|
|
|
| ||||||||||
| |
| |
| |
| |
| |||||||
| Total Business Services |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Diversified Insurance |
|
|
|
| ||||||||||
| Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) |
|
|
|
| ||||||||||
| first lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
| Total Diversified Insurance |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Healthcare |
|
|
|
| ||||||||||
| Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) |
|
|
|
| ||||||||||
| second lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
|
|
|
|
| |||||||||||
| HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
(continued on next page)
The accompanying notes are an integral part of these financial statements.
9
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS — (continued)
December 31, 2023
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % OF | |||||||||
| Senior Secured Notes – (continued) |
|
|
|
| ||||||||||
| Healthcare – (continued) |
|
|
|
| ||||||||||
| Viant Medical Holdings, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
| Total Healthcare |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Software |
|
|
|
| ||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) |
|
|
|
| ||||||||||
| first lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Dodge Data & Analytics, LLC |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Help/Systems Holdings, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Kofax, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Magenta Buyer, LLC (f/k/a McAfee Enterprise) |
|
|
|
| ||||||||||
| |
| |
| |
| |
| |||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Quest Software, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
(continued on next page)
The accompanying notes are an integral part of these financial statements.
10
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS — (continued)
December 31, 2023
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % OF | |||||||||
| Senior Secured Notes – (continued) |
|
|
|
| ||||||||||
| Software – (continued) |
|
|
|
| ||||||||||
| RSA Security, LLC |
|
|
|
| ||||||||||
| second lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
|
|
|
|
| |||||||||||
| Veritas USA, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | |
| |
| |
| |
| ||||||
| Total Software |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Telecommunication Services |
|
|
|
| ||||||||||
| ConvergeOne Holdings, Inc. |
|
|
|
| ||||||||||
| first lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Global Tel Link Corp. |
|
|
|
| ||||||||||
| second lien senior secured notes, | |
| |
| |
| |
| ||||||
| Total Telecommunication Services |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Utilities |
|
|
|
| ||||||||||
| CLEAResult Consulting, Inc. |
|
|
|
| ||||||||||
| second lien senior secured notes, | | $ | | $ | | $ | |
| ||||||
| Total Utilities |
| $ | | $ | | | % | |||||||
| Total Senior Secured Notes |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Collateralized Loan Obligation – Equity Investments |
|
|
|
| ||||||||||
| Structured Finance |
|
|
|
| ||||||||||
| Ares XLIV CLO Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | | $ | | $ | | $ | |
| ||||||
|
|
|
|
| |||||||||||
| Atlas Senior Loan Fund XI, Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| BlueMountain CLO 2014-2 Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Carlyle Global Market Strategies CLO 2013-2, Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Carlyle Global Market Strategies CLO 2021-6, Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |
| ||||||
(continued on next page)
The accompanying notes are an integral part of these financial statements.
11
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS — (continued)
December 31, 2023
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % OF | ||||||||
| Collateralized Loan Obligation – Equity Investments – (continued) |
|
|
| ||||||||||
| Structured Finance – (continued) |
|
|
| ||||||||||
| Cedar Funding II CLO, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | | $ | | $ | | $ | | ||||||
|
|
|
| |||||||||||
| Cedar Funding VI CLO, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| CIFC Funding 2014-3, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Dryden 43 Senior Loan Fund |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Gulf Stream Meridian 4 Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Madison Park Funding XVIII, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Madison Park Funding XIX, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Octagon Investment Partners 49, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Sound Point CLO XVI, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Telos CLO 2013-3, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Telos CLO 2014-5, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Venture XVII, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
|
|
|
| |||||||||||
| Venture XX, Ltd. |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |||||||
|
|
|
| |||||||||||
| Venture 35 CLO, Limited |
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| | ||||||
(continued on next page)
The accompanying notes are an integral part of these financial statements.
12
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS — (continued)
December 31, 2023
| COMPANY/INVESTMENT(1)(20) | ACQUISITION | PRINCIPAL | COST | FAIR | % OF | |||||||||
| Collateralized Loan Obligation – Equity Investments – (continued) |
|
|
|
| ||||||||||
| Structured Finance – (continued) |
|
|
|
| ||||||||||
| Venture 39 CLO, Limited |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | | $ | | $ | | $ | |
| ||||||
|
|
|
|
| |||||||||||
| West CLO 2014-1, Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |
| ||||||
|
|
|
|
| |||||||||||
| Zais CLO 6, Ltd. |
|
|
|
| ||||||||||
| CLO subordinated notes, estimated yield | |
| |
| |
| |
| ||||||
| Total Structured Finance |
| $ | | $ | | | % | |||||||
| Total Collateralized Loan Obligation – Equity Investments |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Common Stock |
|
|
|
| ||||||||||
| IT Consulting |
|
|
|
| ||||||||||
| UniTek Global Services, Inc. |
|
|
|
| ||||||||||
| common equity(7)(27) | |
| | $ | | $ |
| |||||||
| Total IT Consulting |
| $ | | $ | | % | ||||||||
| Total Common Stock |
| $ | | $ | | % | ||||||||
|
|
|
|
| |||||||||||
| Preferred Stock |
|
|
|
| ||||||||||
| IT Consulting |
|
|
|
| ||||||||||
| UniTek Global Services, Inc. |
|
|
|
| ||||||||||
| Series B Preferred Stock(3)(17)(21)(27) | |
| | $ | | $ |
| |||||||
| Series B Senior Preferred Stock(3)(17)(22)(27) | |
| |
| |
| |
| ||||||
| Series B Super Senior Preferred Stock(3)(17)(23)(27) | |
| |
| |
| |
| ||||||
| Total IT Consulting |
| $ | | $ | | | % | |||||||
| Total Preferred Stock |
| $ | | $ | | | % | |||||||
| Total Investments in Securities(8) |
| $ | | $ | | | % | |||||||
|
|
|
|
| |||||||||||
| Cash Equivalents |
|
|
|
| ||||||||||
| First American Government Obligations Fund – Class Z Shares, |
| | $ | | $ | |
| |||||||
| Total Cash Equivalents |
| $ | | $ | | | % | |||||||
| Total Investments in Securities and Cash |
| $ | | $ | | | % | |||||||
____________
(1)
(2)
(3)
(continued on next page)
The accompanying notes are an integral part of these financial statements.
13
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS — (continued)
December 31, 2023
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(continued on next page)
The accompanying notes are an integral part of these financial statements.
14
OXFORD SQUARE CAPITAL CORP.
SCHEDULE OF INVESTMENTS — (continued)
December 31, 2023
(27)
|
Name of Issuer |
Title of Issue |
Amount of |
Fair Value |
Gross |
Gross |
Net |
Fair Value |
||||||||||||||||
|
AFFILIATED INVESTMENTS: |
|
|
|
|
|
|
|
||||||||||||||||
|
Unitek Global Systems, Inc |
Common Stock |
$ |
$ |
$ |
$ |
$ |
|
$ |
|||||||||||||||
|
Series B Preferred Stock |
|
|
|
|
|
|
|
||||||||||||||||
|
Series B Senior Preferred Stock |
|
|
|
|
|
|
( |
) |
|
|
|||||||||||||
|
Series B Super Senior Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Control Investments |
|
|
|
|
|
|
|
||||||||||||||||
|
TOTAL CONTROL AND AFFILIATED INVESTMENTS |
$ |
$ |
|
$ |
$ |
$ |
|
|
$ |
|
|||||||||||||
____________
(a) Represents the total amount of interest or distributions credited to income for the portion of the period an investment was an affiliate investment.
(b)
(c) Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs.
(28)
(29)
(30)
(31)
(32)
The accompanying notes are an integral part of these financial statements.
15
OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF OPERATIONS
(Unaudited)
|
Three Months |
Three Months |
Six Months |
Six Months |
|||||||||||||
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
||||||||
|
From non-affiliated/non-control investments: |
|
|
|
|
|
|
|
|
||||||||
|
Interest income – debt investments |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Income from securitization vehicles and investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total investment income from non-affiliated/non-control investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total investment income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
EXPENSES |
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Base Fee |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Professional fees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
General and administrative(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Excise tax(1) |
|
( |
) |
|
|
|
|
( |
) |
|
|
|
||||
|
Total expenses before incentive fees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Investment Income Incentive Fees |
|
|
|
|
|
|
|
|
|
|
||||||
|
Capital gains incentive fees |
|
|
|
|
|
|
|
|
||||||||
|
Total incentive fees |
|
|
|
|
|
|
|
|
|
|
||||||
|
Total expenses(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS |
|
|
|
|
|
|
|
|
||||||||
|
Net change in unrealized appreciation/(depreciation) on investments: |
|
|
|
|
|
|
|
|
||||||||
|
Non-Affiliate/non-control investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Affiliated investments |
|
( |
) |
|
|
|
|
( |
) |
|
|
|
||||
|
Total net change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized losses: |
|
|
|
|
|
|
|
|
||||||||
|
Non-affiliated/non-control investments |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
Total net realized losses |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
Net increase in net assets resulting from operations |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
| $ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|||||
| $ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Distributions per share |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
____________
(1) Change in prior periods was made to conform to the current period presentation.
The accompanying notes are an integral part of these unaudited financial statements.
16
OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
|
Three Months |
Three Months |
Six Months |
Six Months |
|||||||||||||
|
Increase in net assets from operations: |
|
|
|
|
|
|
|
|
||||||||
|
Net investment income |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Net change in unrealized appreciation on investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized losses |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
Net increase in net assets resulting from operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Distributions to stockholders |
|
|
|
|
|
|
|
|
||||||||
|
Distributions from net investment income |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
Tax return of capital distributions |
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|
|
|
|
|
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||||||||
|
Total distributions to stockholders |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
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|
|||||||||
|
Capital share transactions: |
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|
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|
|
||||||||
| Issuance of common stock (net of offering costs and underwriting fees of $ |
|
|
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|
||||
|
Reinvestment of distributions |
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||||
|
Net increase in net assets from capital share transactions |
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||||
|
Total increase in net assets |
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|
||||
|
Net assets at beginning of period |
|
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|
|
|
|
|
|
|
|
|
||||
|
Net assets at end of period |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Capital share activity: |
|
|
|
|
|
|
|
|
||||||||
|
Shares issued |
|
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||||
|
Shares issued from reinvestment of distributions |
|
|
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|
||||
|
Net increase in capital share activity |
|
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|
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|
|
|
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|
||||
The accompanying notes are an integral part of these unaudited financial statements.
17
OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF CASH FLOWS
(Unaudited)
|
Six Months |
Six Months |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
|
Net increase in net assets resulting from operations |
$ |
|
|
$ |
|
|
||
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|
|
|
|
||||
|
Accretion of discounts on investments |
|
( |
) |
|
( |
) |
||
|
Accretion of discount on notes payable and deferred debt issuance costs |
|
|
|
|
|
|
||
|
Non-cash interest income due to PIK |
|
( |
) |
|
|
|||
|
Purchases of investments |
|
( |
) |
|
( |
) |
||
|
Repayments of principal |
|
|
|
|
|
|
||
|
Proceeds from the sale of investments |
|
|
|
|
|
|
||
|
Net realized losses on investments |
|
|
|
|
|
|
||
|
Reductions to CLO equity cost value |
|
|
|
|
|
|
||
|
Net change in unrealized appreciation on investments |
|
( |
) |
|
( |
) |
||
|
Decrease/(Increase) in interest and distributions receivable |
|
|
|
|
( |
) |
||
|
Increase in other assets |
|
( |
) |
|
( |
) |
||
|
Increase in Base Fee and Net Investment Income Incentive Fee payable |
|
|
|
|
|
|
||
|
Increase in accrued expenses |
|
|
|
|
|
|
||
|
Net cash provided by operating activities |
|
|
|
|
|
|
||
|
|
|
|
|
|||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
| Distributions paid (net of stock issued under distribution reinvestment plan of $ |
|
( |
) |
|
( |
) |
||
|
Proceeds from issuance of common stock |
|
|
|
|
|
|
||
|
Underwriting fees and offering costs for the issuance of common stock |
|
( |
) |
|
( |
) |
||
|
Net cash (used in)/provided by financing activities |
|
( |
) |
|
|
|
||
|
Net increase in cash and cash equivalents |
|
|
|
|
|
|
||
|
Cash and cash equivalents, beginning of period |
|
|
|
|
|
|
||
|
Cash and cash equivalents, end of period |
$ |
|
|
$ |
|
|
||
|
|
|
|
|
|||||
|
NON-CASH FINANCING ACTIVITIES |
|
|
|
|
||||
|
Value of shares issued in connection with distribution reinvestment plan |
$ |
|
|
$ |
|
|
||
|
|
|
|
|
|||||
|
SUPPLEMENTAL DISCLOSURES |
|
|
|
|
||||
|
Cash paid for interest |
$ |
|
|
$ |
|
|
||
|
Securities sold, not settled |
$ |
|
|
$ |
|
|||
|
Securities purchased, not settled |
$ |
|
|
$ |
|
|||
The accompanying notes are an integral part of these unaudited financial statements.
18
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 1. UNAUDITED INTERIM FINANCIAL STATEMENTS
Interim financial statements of Oxford Square Capital Corp. (“OXSQ” or the “Company”), are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (“SEC”) on March 19, 2024.
NOTE 2. ORGANIZATION
OXSQ was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July 21, 2003 and is a closed-end investment company. OXSQ has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, OXSQ has elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2003 taxable year. The Company’s investment objective is to maximize its total return, by investing primarily in corporate debt securities and collateralized loan obligation (“CLO”) structured finance investments that own corporate debt securities.
OXSQ’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of OXSQ’s Board of Directors (the “Board”) who holds a minority, non-controlling interest in Oxford Square Management. Under the investment advisory agreement with Oxford Square Management (the “Investment Advisory Agreement”), OXSQ has agreed to pay Oxford Square Management an annual base investment advisory fee (the “Base Fee”) based on its gross assets as well as an incentive fee based on its performance. For further details, please refer to “Note 7. Related Party Transactions.”
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.
In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote.
USE OF ESTIMATES
The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material.
19
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
CONSOLIDATION
As provided under Regulation S-X and ASC Topic 946-810, Consolidation (“ASC 946-810”), the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or a controlled operating company whose business consists of providing services to the Company for the periods during which it was held.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share.
INVESTMENT VALUATION
The Company’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement (“ASC 820”) and Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Estimates made in the preparation of the Company’s financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes. The Board of Directors values the Company’s investments for which market quotations are not readily available at fair value as determined in good faith by the Board on at least a quarterly basis. ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition.
ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 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. ASC 820-10 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company considers the attributes of current market conditions on an on-going basis and has determined that due to the general illiquidity of the market for its investment portfolio, whereby little or no market data exists, all of the Company’s investments are based upon Level 3 inputs as of June 30, 2024 and December 31, 2023.
The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain of its syndicated loans and bilateral investments, including related
20
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
equity investments, although the Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments.
Syndicated Loans (Including Senior Secured Notes)
In accordance with ASC 820-10, the Company’s valuation procedures specifically provide for the review of indicative quotes supplied by the large agent banks that make a market for each security. However, the marketplace from which the Company obtains indicative bid quotes for purposes of determining the fair value of its syndicated loan investments has shown attributes of illiquidity as described by ASC 820-10. During such periods of illiquidity, when the Company believes that the non-binding indicative bids received from agent banks for certain syndicated loan investments that it owns may not be determinative of their fair value, or when no market indicative quote is available, the Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain syndicated investments that the Company owns. The third-party valuation firms may use the income or market approach in arriving at a valuation. Unobservable inputs utilized could include discount rates derived from estimated credit spreads and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. In addition, Oxford Square Management analyzes each syndicated loan by reviewing the portfolio company’s financial statements, covenant compliance and recent trading activity in the security, if known, and other business developments related to the portfolio company. All available information, including non-binding indicative bids which may not be determinative of fair value, is presented to the Company’s Valuation Committee (the “Valuation Committee”) to consider in its determination of fair value. In some instances, there may be limited trading activity in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third-party valuation firms, if any. All information is presented to the Board for its determination of fair value of these investments.
Collateralized Loan Obligations — Debt and Equity
The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by the broker who arranges transactions in such investment vehicles. The Company also considers those instances in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, the Company considers the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. In periods of illiquidity and volatility, the Company may rely more heavily on other qualities and metrics, including but not limited to, the collateral manager, time left in the reinvestment period, expected cash flows and overcollateralization ratios, instead of the Company’s generated valuation yields. Oxford Square Management or the Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to the Board for its determination of fair value of these investments.
21
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Bilateral Investments (Including Equity)
Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third-party valuation firm will prepare valuations for each of OXSQ’s bilateral investments that, when combined with all other investments in the same portfolio company, have a value as of the previous quarter of greater than or equal to
The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ).
Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments.
INVESTMENT INCOME
Interest Income
Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any.
Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Company generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current. As of June 30, 2024, the Company had three debt investments in one portfolio company that were on non-accrual status. As of December 31, 2023, the Company had four investments in two portfolio companies that were on non-accrual status.
Interest income also includes a payment-in-kind (“PIK”) component on certain investments in the Company’s portfolio. Refer to the section below, “Payment-In-Kind,” for a description of PIK income and its impact on interest income.
22
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Payment-In-Kind
The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends would be reversed from the related receivable through interest or dividend income, respectively. PIK investments on non-accrual status are restored to accrual status once it becomes probable that such PIK will be ultimately collectible in cash. For the three and six months ended June 30, 2024, approximately $
Income from Securitization Vehicles and Investments
Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325-40, Beneficial Interests in Securitized Financial Assets, based upon estimated cash flows, amounts and timing, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. We monitor the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly, investment income recognized on CLO equity securities in the statements of operations differs from both the tax-basis investment income and from the cash distributions actually received by the Company during the period.
The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp-up of the CLO warehouse facility. For the three and six months ended June 30, 2024 and 2023, no income was recognized related to CLO warehouse facilities. As of June 30, 2024 and December 31, 2023, the Company did not hold any investments in CLO warehouse facilities.
Other Income
Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund.
Preferred Stock Dividends
The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the three and six months ended June 30, 2024 and 2023, as the Company deemed them to be uncollectible.
23
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
DEFERRED DEBT ISSUANCE COSTS
Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations.
EQUITY OFFERING COSTS
Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active.
SHARE REPURCHASES
From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date.
SECURITIES TRANSACTIONS
Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non-call period, to cause the redemption of the secured notes issued by the CLO with proceeds paid either through the liquidation of the CLO’s assets or through a refinancing with new debt. The optional redemption is effectively a voluntary prepayment of the secured debt issued by the CLO prior to the stated maturity of such debt. Distributions received on CLO equity investments where the optional redemption feature has been exercised are first applied to the remaining cost basis until it is reduced to zero, after which distributions are recorded as realized gains.
U.S. FEDERAL INCOME TAXES
The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least
Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
24
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through June 30, 2024, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2023 or 2024 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740-10-25, Income Taxes, nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company files tax returns with the Internal Revenue Service and the state of Connecticut. Generally, each of the tax years in the four-year period ended June 30, 2024 remains subject to examination by taxing authorities.
For tax purposes, the cost basis of the portfolio investments as of June 30, 2024 and December 31, 2023, was approximately $
NOTE 4. FAIR VALUE
|
Fair Value Measurements at Reporting Date Using |
Total |
|||||||||||
|
Assets ($ in millions) |
Quoted Prices |
Significant |
Significant |
|||||||||
|
Senior Secured Notes |
$ |
$ |
$ |
|
$ |
|
||||||
|
CLO Equity |
|
|
|
|
|
|
||||||
|
Equity and Other Investments |
|
|
|
|
|
|
||||||
|
Total Investments at fair value |
|
|
|
|
|
|
||||||
|
Cash equivalents |
|
|
|
|
|
|
||||||
|
Total assets at fair value |
$ |
|
$ |
$ |
|
$ |
|
|||||
|
Fair Value Measurements at Reporting Date Using |
Total |
|||||||||||
|
Assets ($ in millions) |
Quoted Prices |
Significant |
Significant |
|||||||||
|
Senior Secured Notes |
$ |
$ |
$ |
|
$ |
|
||||||
|
CLO Equity |
|
|
|
|
|
|
||||||
|
Equity and Other Investments |
|
|
|
|
|
|
||||||
|
Total Investments at fair value(1) |
|
|
|
|
|
|
||||||
|
Cash equivalents |
|
|
|
|
|
|
||||||
|
Total assets at fair value(1) |
$ |
|
$ |
$ |
|
$ |
|
|||||
____________
(1)
25
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 4. FAIR VALUE (cont.)
Significant Unobservable Inputs for Level 3 Investments
| Quantitative Information about Level 3 Fair Value Measurements | Impact to | ||||||||||
| Assets ($ in millions) | Fair Value | Valuation | Unobservable |
| |||||||
| Senior Secured Notes | $ | | | | | | |||||
|
| | | | | | ||||||
| CLO equity |
| | | | | | |||||
|
| | | | | | ||||||
|
| | | | | | ||||||
|
| | | | | | ||||||
| Equity/Other Investments |
| | | | | | |||||
|
|
| | | | |||||||
| Total Fair Value for Level 3 Investments | $ | | |||||||||
____________
(1)
(2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement.
(3)
(4)
(5)
(6)
26
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 4. FAIR VALUE (cont.)
(7)
(8)
(9)
(10)
| Quantitative Information about Level 3 Fair Value Measurements | Impact to | ||||||||||
| Assets ($ in millions) | Fair Value | Valuation | Unobservable | Range/ | |||||||
| Senior Secured Notes | $ | | | | | | |||||
|
| | | | | | ||||||
| CLO equity |
| | | | | | |||||
|
| | | | | | ||||||
|
| | | | | | ||||||
|
| | | | | | ||||||
| Equity |
| | | | | | |||||
|
|
| | | | |||||||
| Total Fair Value for Level 3 Investments | $ | | |||||||||
____________
(1) Weighted averages are calculated based on fair value of investments.
(2)
(3) The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.
(4) Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee.
27
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 4. FAIR VALUE (cont.)
(5) The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).
(6) The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.
(7) Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.
(8) Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.
(9) EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”
(10) The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.
Financial Instruments Disclosed, But Not Carried, At Fair Value
|
($ in millions) |
Carrying |
Fair |
Level 1 |
Level 2 |
Level 3 |
||||||||||
|
6.25% Unsecured Notes |
$ |
|
$ |
|
$ |
$ |
|
$ |
|||||||
|
5.50% Unsecured Notes |
|
|
|
|
|
|
|
|
|||||||
|
Total(3) |
$ |
|
$ |
|
$ |
$ |
|
$ |
|||||||
____________
(1)
(2)
(3)
28
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 4. FAIR VALUE (cont.)
|
($ in millions) |
Carrying |
Fair |
Level 1 |
Level 2 |
Level 3 |
||||||||||
|
6.25% Unsecured Notes |
$ |
|
$ |
|
$ |
$ |
|
$ |
|||||||
|
5.50% Unsecured Notes |
|
|
|
|
|
|
|
|
|||||||
|
Total(3) |
$ |
|
$ |
|
$ |
$ |
|
$ |
|||||||
____________
(1)
(2)
(3)
|
($ in millions) |
Senior |
CLO |
Equity and |
Total(3) |
||||||||||||
|
Balance at March 31, 2024 |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Net realized losses included in earnings |
|
( |
) |
|
( |
) |
|
|
|
( |
) |
|||||
|
Net unrealized appreciation/(depreciation) included in earnings |
|
|
|
|
( |
) |
|
( |
) |
|
|
|
||||
|
Accretion of discount |
|
|
|
|
— |
|
|
— |
|
|
|
|
||||
|
Purchases(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Repayments and Sales(2) |
|
( |
) |
|
— |
|
|
— |
|
|
( |
) |
||||
|
Reductions to CLO Equity cost value(1) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
|
Payment in Kind income |
|
|
|
|
|
|
|
|
|
|
||||||
|
Transfers in and/or (out) of level 3 |
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2024(3) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2024 |
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
____________
(1)
(2) Purchases and Repayments and Sales include non-cash conversions of securities of approximately $
(3)
29
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 4. FAIR VALUE (cont.)
|
($ in millions) |
Senior |
CLO |
Equity and |
Total(3) |
||||||||||||
|
Balance at December 31, 2023 |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Net realized losses included in earnings |
|
( |
) |
|
( |
) |
|
|
|
( |
) |
|||||
|
Net unrealized appreciation/(depreciation) included in earnings |
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
|
Accretion of discount |
|
|
|
|
— |
|
|
— |
|
|
|
|
||||
|
Purchases(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Repayments and Sales(2) |
|
( |
) |
|
( |
) |
|
— |
|
|
( |
) |
||||
|
Reductions to CLO Equity cost value(1) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
|
Payment in Kind income |
|
|
|
|
|
|
|
|
|
|
||||||
|
Transfers in and/or (out) of level 3 |
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2024(3) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2024 |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
____________
(1)
(2) Purchases and Repayments and Sales include non-cash conversions of securities of approximately $
(3) Totals may not sum due to rounding.
|
($ in millions) |
Senior |
CLO |
Equity |
Total(2) |
|||||||||||
|
Balance at December 31, 2022 |
$ |
|
|
$ |
|
|
$ |
|
$ |
|
|
||||
|
Net realized gains/(losses) included in earnings |
|
|
|
|
( |
) |
|
— |
|
( |
) |
||||
|
Net unrealized (depreciation)/appreciation included in earnings |
|
( |
) |
|
|
|
|
|
|
|
|
||||
|
Accretion of discount |
|
|
|
|
— |
|
|
— |
|
|
|
||||
|
Purchases |
|
|
|
|
|
|
|
— |
|
|
|
||||
|
Repayments and Sales |
|
( |
) |
|
( |
) |
|
— |
|
( |
) |
||||
|
Reductions to CLO Equity cost value(1) |
|
|
|
( |
) |
|
|
( |
) |
||||||
|
Transfers in and/or (out) of level 3 |
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2023(2) |
$ |
|
|
$ |
|
|
$ |
|
$ |
|
|
||||
|
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2023 |
$ |
( |
) |
$ |
|
|
$ |
|
$ |
( |
) |
||||
____________
(1)
(2) Totals may not sum due to rounding.
30
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 4. FAIR VALUE (cont.)
|
($ in millions) |
June 30, 2024 |
December 31, 2023 |
||||||||||
|
Investments at |
Percentage of |
Investments at |
Percentage of |
|||||||||
|
Senior Secured Notes |
$ |
|
|
% |
$ |
|
|
% |
||||
|
CLO Equity |
|
|
|
% |
|
|
|
% |
||||
|
Equity and Other Investments |
|
|
|
% |
|
|
|
% |
||||
|
Total(1) |
$ |
|
|
% |
$ |
|
|
% |
||||
____________
(1) Totals may not sum due to rounding.
NOTE 5. CASH AND CASH EQUIVALENTS
|
June 30, |
December 31, |
|||||
|
Cash |
$ |
|
$ |
|
||
|
Cash Equivalents |
|
|
|
|
||
|
Total Cash and Cash Equivalents |
$ |
|
$ |
|
||
For further details regarding the composition of cash and cash equivalents refer to “Note 3. Summary of Significant Accounting Policies.”
NOTE 6. BORROWINGS
In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least
|
($ in millions) |
As of |
|||||||||||||||||
|
June 30, 2024 |
December 31, 2023 |
|||||||||||||||||
|
Principal |
Carrying |
Fair |
Principal |
Carrying |
Fair |
|||||||||||||
|
6.25% Unsecured Notes |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
|
5.50% Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total(2) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
____________
(1)
(2)
31
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 6. BORROWINGS (cont.)
The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of June 30, 2024 were
|
($ in thousands) |
Three Months Ended June 30, 2024 |
Six Months Ended June 30, 2024 |
||||||||||||||||
|
Stated |
Amortization of |
Total |
Stated |
Amortization of |
Total |
|||||||||||||
|
6.25% Unsecured Notes |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
|
5.50% Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total(1) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
____________
(1)
|
($ in thousands) |
Three Months Ended June 30, 2023 |
Six Months Ended June 30, 2023 |
||||||||||||||||
|
Stated |
Amortization of |
Total(1) |
Stated |
Amortization of |
Total(1) |
|||||||||||||
|
6.50% Unsecured Notes |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
|
6.25% Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
5.50% Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total(1) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||
____________
(1) Totals may not sum due to rounding.
Notes Payable — 6.25% Unsecured Notes Due 2026 (the “6.25% Unsecured Notes”)
On April 3, 2019, the Company completed an underwritten public offering of approximately $
The aggregate accrued interest payable on the
The cash paid and the effective annualized interest rate for the three months ended June 30, 2024 were approximately $
32
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 6. BORROWINGS (cont.)
Notes Payable — 5.50% Unsecured Notes Due 2028 (the “5.50% Unsecured Notes”)
On May 20, 2021, the Company completed an underwritten public offering of approximately $
The aggregate accrued interest payable on the 5.50% Unsecured Notes as of June 30, 2024 was approximately $
Notes Payable — 6.50% Unsecured Notes Due 2024 (the “6.50% Unsecured Notes”)
On April 12, 2017, the Company completed an underwritten public offering of approximately $
On July 24, 2023, the Company redeemed $
With respect to the
NOTE 7. RELATED PARTY TRANSACTIONS
The Company pays Oxford Square Management a fee for its services under the Investment Advisory Agreement consisting of — a base investment advisory fee (the “Base Fee”) based on its gross assets, as described below, and two types of incentive fees. The cost of both the Base Fee and any incentive fees earned by Oxford Square Management are ultimately borne by the Company’s common stockholders.
As described in greater detail under Item 1. Business — Investment Advisory Agreement — Advisory Fee in its Annual Report on Form 10-K for the year ended December 31, 2023, the Company first calculates the Base Fee and any incentive fee under the terms of the Investment Advisory Agreement, then calculates the Base Fee and any
33
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 7. RELATED PARTY TRANSACTIONS (cont.)
incentive fee under the terms of the fee waiver letter unilaterally adopted by Oxford Square Management, effective April 1, 2016 (the “2016 Fee Waiver”), and, finally, adopts the lower of two combined results as the total fees payable to Oxford Square Management.
Base Fee
The Base Fee is payable quarterly in arrears, calculated based on a percentage of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately prorated for any partial quarter. Accordingly, the Base Fee will be payable regardless of whether the value of the Company’s gross assets has decreased during the quarter.
Under the terms of the Investment Advisory Agreement, the Base Fee is calculated at an annual rate of
Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Base Fee (as a portion of the total calculation) is calculated at an annual rate of
|
($ in millions) |
Three Months |
Three Months |
Six Months |
Six Months |
||||||||
|
Base Fee |
$ |
|
$ |
|
$ |
|
$ |
|
||||
The Base Fee payable to Oxford Square Management as of June 30, 2024 and December 31, 2023 was $
Incentive Fee
The incentive fees are commonly referred to as the “Income Incentive Fee” and the “Capital Gains Incentive Fee,” with the first fee payable quarterly in arrears and the second fee payable in arrears at the end of each calendar year.
Net Investment Income Incentive Fee
The first fee (the “Net Investment Income Incentive Fee”), is determined by reference to the Company’s “Pre-Incentive Fee Net Investment Income” (as defined below). Given that this incentive fee is payable without regard to any gain, loss or unrealized depreciation that may occur during the quarter, Oxford Square Management’s incentive fee may be payable notwithstanding a decline in net asset value that quarter.
34
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 7. RELATED PARTY TRANSACTIONS (cont.)
Under the terms of the Investment Advisory Agreement, the Net Investment Income Incentive Fee is calculated based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter.
• For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company’s operating expenses for the quarter (including the Base 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 PIK interest, and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
• Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to one-fourth of an annual “hurdle rate.” The annual hurdle rate is determined as of the immediately preceding December 31st by adding
a. The operation of the incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income for each quarter is as follows:
i. no incentive fee is payable to Oxford Square Management in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed one fourth of the annual hurdle rate (
ii.
Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Income Incentive Fee (as a portion of the total calculation) is calculated based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) for the calendar quarter exceeds (y) the “Preferred Return Amount” (as defined below) for the calendar quarter.
a. A “Preferred Return Amount” is calculated on a quarterly basis by multiplying
b. The Net Investment Income Incentive Fee is then calculated as follows:
(a) no Net Investment Income Incentive Fee is payable to Oxford Square Management in any calendar quarter in which the “Pre-Incentive Fee Net Investment Income” does not exceed the “Preferred Return Amount”;
35
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 7. RELATED PARTY TRANSACTIONS (cont.)
(b)
(c) for any quarter in which the “Pre-Incentive Fee Net Investment Income” exceeds the “Catch-Up Amount,” the Net Investment Income Incentive Fee will be
c. There is no accumulation of amounts from quarter to quarter for the “Preferred Return Amount,” and accordingly there is no claw back of amounts previously paid to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for subsequent quarters is below the quarterly “Preferred Return Amount,” and there is no delay of payment of incentive fees to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for prior quarters is below the quarterly “Preferred Return Amount” for the quarter for which the calculation is being made.
d. The calculation of the Company’s Net Investment Income Incentive Fee is subject to a total return requirement that provides that a Net Investment Income Incentive Fee will not be payable to Oxford Square Management except to the extent
In the event that the advisory fee calculations under the 2016 Fee Waiver produce a higher combined Base Fee and Net Investment Income Incentive Fee for any quarterly period, the combined fees are set to the original (lower) level, calculated pursuant to the Investment Advisory Agreement. In the event that advisory fee calculations under the 2016 Fee Wavier produce a lower combined Base Fee and Net Investment Income Incentive Fee for that quarterly period, those lower combined fees are adopted for that quarterly period. In either case, the lower level of combined fees is used for that quarter, and, accordingly, the advisory fee payable to Oxford Square Management can only be reduced, and never increased, as a result of the 2016 Fee Waiver.
|
($ in millions) |
Three Months |
Three Months |
Six Months |
Six Months |
||||||||
|
Net Investment Income Incentive Fee |
$ |
$ |
|
$ |
$ |
|
||||||
There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of June 30, 2024 and December 31, 2023.
Capital Gains Incentive Fee
The Capital Gains Incentive Fee, which is calculated identically under the Investment Advisory Agreement and under the 2016 Fee Waiver, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals
36
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 7. RELATED PARTY TRANSACTIONS (cont.)
“Incentive Fee Capital Gains,” which consists of its realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year. For accounting purposes only, in order to reflect the theoretical Capital Gains Incentive Fee that would be payable for a given period as if all unrealized gains were realized, the Company will accrue a Capital Gains Incentive Fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Investment Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. It should be noted that a fee so calculated and accrued would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of Capital Gains Incentive Fees in subsequent periods. Amounts paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement.
The amount of Capital Gains Incentive Fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to Oxford Square Management in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Investment Advisory Agreement on such date. Also, it should be noted that the Capital Gains Incentive Fee expense fluctuates with the Company’s overall investment results.
There were no Capital Gains Incentive Fees based on hypothetical liquidation for the three and six months ended June 30, 2024 and 2023. There was no liability for Capital Gains Incentive Fees based on hypothetical liquidation as of June 30, 2024 and December 31, 2023.
Administration Agreement
The Company has also entered into the Administration Agreement with Oxford Funds under which Oxford Funds provides administrative services for the Company. The Company pays Oxford Funds an allocable portion of overhead and other expenses incurred by Oxford Funds on its behalf under the Administration Agreement, including a portion of the rent and the compensation of the Chief Financial Officer, accounting staff and other administrative support personnel, which creates potential conflicts of interest that the Board must monitor. The Company also reimburses Oxford Funds for the costs associated with the functions performed by the Company’s Chief Compliance Officer that Oxford Funds pays on the Company’s behalf pursuant to the terms of an agreement between the Company and ACA Group, LLC.
Oxford Square Management is controlled by Oxford Funds, its managing member. Charles M. Royce, a member of the Board, holds a minority, non-controlling interest in Oxford Square Management. Oxford Funds manages the business and internal affairs of Oxford Square Management. Jonathan H. Cohen, the Company’s Chief Executive Officer, as well as a Director, is the Chief Executive Officer of Oxford Square Management and managing member of Oxford Funds. Saul B. Rosenthal, the Company’s President and Chief Operating Officer, is also the President and Chief Operating Officer of Oxford Square Management and a member of Oxford Funds. Messrs. Cohen and Rosenthal together control the equity interests in Oxford Funds.
For the three months ended June 30, 2024 and 2023, the Company incurred approximately $
37
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 7. RELATED PARTY TRANSACTIONS (cont.)
Co-Investment Exemptive Relief
On June 14, 2017, the SEC issued an order permitting the Company and certain of its affiliates to complete negotiated co-investment transactions in portfolio companies, subject to certain conditions (the “Order”). Subject to satisfaction of certain conditions to the Order, the Company and certain of its affiliates are permitted, together with any future BDCs, registered closed-end funds and certain private funds, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by, or under common control with the Oxford Square Management, to co-invest in negotiated investment opportunities where doing so would otherwise be prohibited under the 1940 Act, providing the Company’s stockholders with access to a broader array of investment opportunities.
Pursuant to the Order, the Company is permitted to co-invest in such investment opportunities with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objective and strategies.
NOTE 8. EARNINGS PER SHARE
|
Three Months |
Three Months |
Six Months |
Six Months |
|||||||||
|
Net investment income |
$ |
|
$ |
|
$ |
|
$ |
|
||||
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
||||
| $ |
|
$ |
|
$ |
|
$ |
|
|||||
|
Net increase in net assets resulting from operations |
$ |
|
$ |
|
$ |
|
$ |
|
||||
| $ |
|
$ |
|
$ |
|
$ |
|
|||||
NOTE 9. DISTRIBUTIONS
The Company intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, the Company would not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify to be taxed as a RIC, the Company is required, among other requirements, to distribute at least
38
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 9. DISTRIBUTIONS (cont.)
The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a
The Company has adopted an “opt out” distribution reinvestment plan for its common stockholders. As a result, if the Company makes a cash distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended June 30, 2024 and 2023, the Company issued
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Company is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.
The tax character of distributions for the six months ended June 30, 2024, represented, on an estimated basis, $
39
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 10. NET ASSET VALUE PER SHARE
The Company’s net asset value per share as of June 30, 2024, and December 31, 2023, was $
NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS
On August 22, 2023, the Company entered into Amendment No. 1 to that certain Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $
From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the three months ended June 30, 2024 and 2023, the Company was not authorized to repurchase any shares of outstanding common stock.
NOTE 12. INVESTMENT INCOME
|
Three Months |
Three Months |
|||||
|
Interest Income |
|
|
||||
|
Stated interest income |
$ |
|
$ |
|
||
|
Paid in Kind interest income |
|
|
|
|||
|
Original issue discount and market discount income |
|
|
|
|
||
|
Discount income derived from unscheduled remittances at par |
|
|
|
|
||
|
Total interest income |
$ |
|
$ |
|
||
|
Income from securitization vehicles and investments |
$ |
|
$ |
|
||
|
|
|
|||||
|
Commitment, amendment and other fee income |
|
|
||||
|
Fee letters |
$ |
|
$ |
|
||
|
Loan prepayment and bond call fees |
|
|
||||
|
Money market fund income and all other fees |
|
|
|
|
||
|
Total commitment, amendment and other fee income |
$ |
|
$ |
|
||
|
Total investment income |
$ |
|
$ |
|
||
40
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 12. INVESTMENT INCOME (cont.)
|
Six Months |
Six Months |
|||||
|
Interest Income |
|
|
||||
|
Stated interest income |
$ |
|
$ |
|
||
|
Paid in Kind interest income |
|
|
|
|||
|
Original issue discount and market discount income |
|
|
|
|
||
|
Discount income derived from unscheduled remittances at par |
|
|
|
|
||
|
Total interest income |
$ |
|
$ |
|
||
|
Income from securitization vehicles and investments |
$ |
|
$ |
|
||
|
|
|
|||||
|
Commitment, amendment and other fee income |
|
|
||||
|
Fee letters |
$ |
|
$ |
|
||
|
Loan prepayment and bond call fees |
|
|
||||
|
Money market fund income and all other fees |
|
|
|
|
||
|
Total commitment, amendment and other fee income |
$ |
|
$ |
|
||
|
Total investment income |
$ |
|
$ |
|
||
The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three and six months ended June 30, 2024 and 2023, the Company received no fee income for managerial assistance.
NOTE 13. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of June 30, 2024, the Company did not have any commitments to purchase additional debt investments.
The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition.
41
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 14. FINANCIAL HIGHLIGHTS
|
Three Months |
Three Months |
Six Months |
Six Months |
|||||||||||||
|
Per Share Data |
|
|
|
|
|
|
|
|
||||||||
|
Net asset value at beginning of period |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Net investment income(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized and unrealized (losses)/gains(2) |
|
( |
) |
|
|
|
|
( |
) |
|
|
|
||||
|
Net increase in net asset value from operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Distributions per share from net investment income |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
Tax return of capital distributions(3) |
|
|
|
|
|
|
|
|
||||||||
|
Total distributions |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
Effect of shares issued |
|
|
|
|
( |
) |
|
|
|
|
( |
) |
||||
|
Net asset value at end of period |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Per share market value at beginning of period |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Per share market value at end of period |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Total return based on Market Value(4) |
|
( |
)% |
|
( |
)% |
|
|
% |
|
( |
)% |
||||
|
Total return based on Net Asset Value(5) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
|
Shares outstanding at end of period |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Ratios/Supplemental Data(8) |
|
|
|
|
|
|
|
|
||||||||
|
Net assets at end of period (000’s) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Average net assets (000’s) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
||||
|
Ratio of expenses to average net assets(6) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
|
Ratio of net investment income to average net assets(6) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
|
Portfolio turnover rate(7) |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
____________
(1)
(2)
(3)
(4)
(5)
(6)
(7)
42
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 14. FINANCIAL HIGHLIGHTS (cont.)
(8)
|
Three Months |
Three Months |
Six Months |
Six Months |
|||||||||
|
Ratio of expenses to average net assets: |
|
|
|
|
||||||||
|
Operating expenses before incentive fees |
|
% |
|
% |
|
% |
|
% |
||||
|
Net investment income incentive fees |
% |
|
% |
% |
|
% |
||||||
|
Ratio of expenses, excluding interest expense, to average net assets |
|
% |
|
% |
|
% |
|
% |
||||
NOTE 15. RISKS AND UNCERTAINTIES
The Company may be materially adversely affected by market conditions. Government spending, government policies, changes in interest rates, and disruptions in supply chains in the United States and elsewhere in conjunction with other factors, have led and could continue to lead to inflationary economic environments that could affect the Company’s portfolio companies, financial condition and results of operations. The Company has exposure to interest rate risks to the extent prevailing interest rates change and it could negatively affect the fair value of the Company’s investments. If interest rates continue to rise in response to inflation, the value, volatility and liquidity of income paying investments could be adversely affected. Market volatility, dramatic change to interest rates and/or unfavorable economic conditions may lower performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of the above events could have a significant adverse impact on the value and risk profile of the Company’s investments.
Although it is difficult to predict the extent of the impact of economic disruptions on the Company’s portfolio companies and underlying CLO vehicles the Company invests in, the failure by a portfolio company or CLO vehicle to satisfy certain financial covenants, including with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle fails certain tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. A portfolio company’s failure to satisfy financial or operating covenants imposed by the Company or other lenders could lead to defaults and, potentially, termination of the portfolio company’s loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt securities that the Company holds.
Separately, the Company may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, CLO vehicle or any other investment we may make. In addition, if a portfolio company goes bankrupt, even though the Company may have structured its investment as senior debt or secured debt, depending on the facts and circumstances, including the extent to which the Company actually provided significant managerial assistance, if any, to that portfolio company, a bankruptcy court might re-characterize the Company’s debt holding and subordinate all or a portion of the Company’s claim to that of other creditors. If any of these occur, it could materially and adversely affect the Company’s operating results and cash flows.
Various social and political circumstances in the United States and around the world (including wars and other forms of conflict and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. The Israel-Hamas war and
43
OXFORD SQUARE CAPITAL CORP.
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(Unaudited)
NOTE 15. RISKS AND UNCERTAINTIES (cont.)
the conflict between Russia and Ukraine, and resulting market volatility, could also adversely affect the Company’s business, operating results, and financial condition. The extent and duration or escalation of such conflicts, resulting sanctions and resulting future market disruptions are impossible to predict, but could be significant. Any disruptions resulting from such conflicts and any future conflict (including cyberattacks, espionage or the use or threatened use of nuclear weapons) or resulting from actual or threatened responses to such actions could cause disruptions to any of the Company’s portfolio companies located in Europe or the Middle East or that have substantial business relationships with companies in affected regions. It is not possible to predict the duration or extent of longer-term consequences of these conflicts, which could include further sanctions, retaliatory and escalating measures, embargoes, regional instability, geopolitical shifts and adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, currency exchange rates and financial markets around the globe. Any such market disruptions could have a material adverse effect on the Company’s business, financial condition and results of operations. These market and economic disruptions could also negatively impact the operating results of the Company’s portfolio companies.
NOTE 16. SUBSEQUENT EVENTS
| Date Declared | Record Dates | Payable Dates | Per Share Distribution | |||
| | | | $ | |||
| | | | $ | |||
| | | | $ | |||
| | | | $ | |||
| | | | $ | |||
| | | | $ |
The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements.
44
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Oxford Square Capital Corp., our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:
• our future operating results, including our ability to achieve objectives;
• our business prospects and the prospects of our portfolio companies;
• the impact of investments that we expect to make;
• our contractual arrangements and relationships with third parties;
• the dependence of our future success on the general economy and its impact on the industries in which we invest;
• the ability of our portfolio companies and CLO investments to achieve their objectives;
• the valuation of our investments in portfolio companies and CLOs, particularly those having no liquid trading market;
• market conditions and our ability to access alternative debt markets and additional debt and equity capital;
• our expected financings and investments;
• the adequacy of our cash resources and working capital;
• the timing of cash flows, if any, from the operations of our portfolio companies and CLO investments; and
• the ability of our investment adviser to locate suitable investments for us and monitor and administer our investments.
These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
• an economic downturn could impair our portfolio companies’ and CLO investments’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies and CLO investments;
• a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
• interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
• the elevated levels of inflation and its impact on our investment activities and the industries in which we invest;
• currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
45
• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions and cybersecurity attacks; and
• the risks, uncertainties and other factors we identify in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the SEC.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023, and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995).
Except where the context requires otherwise, the terms “OXSQ,” “Company,” “we,” “us” and “our” refer to Oxford Square Capital Corp.; “Oxford Square Management” refers to Oxford Square Management, LLC; and “Oxford Funds” refers to Oxford Funds, LLC.
The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.
OVERVIEW
Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extent, in collateralized loan obligations (“CLO”), which are structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loans that may be used to form the basis of a traditional CLO vehicle. We operate as a closed-end management investment company and have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Our investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and a related party, Charles M. Royce, a member of our Board of Directors (“Board”) who holds a minority, non-controlling interest in Oxford Square Management. Jonathan H. Cohen, our Chief Executive Officer, and Saul B. Rosenthal, our President, are the controlling members of Oxford Funds. Under an investment advisory agreement (the “Investment Advisory Agreement”), we have agreed to pay Oxford Square Management an annual base management fee calculated on gross assets, and an incentive fee based upon our performance. Under an amended and restated administration agreement (the “Administration Agreement”), we have agreed to pay or reimburse Oxford Funds, as administrator, for certain expenses incurred in operating the Company. Our executive officers and directors, and the executive officers of Oxford Square Management and Oxford Funds, serve or may serve as officers and directors of entities that operate in a line of business similar to our own. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders.
We generally expect to invest between $5 million and $50 million in each of our portfolio companies, although this investment size may vary proportionately as the size of our capital base changes and market conditions warrant. We expect that our investment portfolio will be diversified among a large number of investments with
46
few investments, if any, exceeding 5.0% of the total portfolio. As of June 30, 2024, our debt investments had stated interest rates of between 9.21% and 15.44% and maturity dates of between 0 and 79 months. In addition, our portfolio had a weighted average annualized yield on debt investments of approximately 13.69% as of June 30, 2024.
The weighted average annualized yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our fees and expenses. The weighted average annualized yield was computed using the effective interest rates as of June 30, 2024, including accretion of original issue discount (“OID”) and excluding any debt investments on non-accrual status. There can be no assurance that the weighted average annualized yield will remain at its current level.
We have borrowed funds to make investments and may continue to borrow funds to make investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. Borrowings, also known as leverage, magnify the potential for gain and loss on amounts invested and therefore increase the risks associated with investing in our securities. In addition, the costs associated with our borrowings, including any increase in the management fees payable to Oxford Square Management, will be borne by our common stockholders.
In addition, as a BDC under the 1940 Act, we are required to make available significant managerial assistance, for which we may receive fees, to our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. These fees would be generally non-recurring, however in some instances they may have a recurring component. We have received no fee income for managerial assistance to date.
To the extent possible, we will generally seek to invest in loans that are collateralized by a security interest in the borrower’s assets or guaranteed by a principal to the transaction. Interest payments, if not deferred, are normally payable quarterly with most debt investments having scheduled principal payments on a monthly or quarterly basis. When we receive a warrant to purchase stock in a portfolio company, the warrant will typically have a nominal strike price, and will entitle us to purchase a modest percentage of the borrower’s stock.
During the three months ended June 30, 2024, U.S. loan market performance weakened versus the three months ended March 31, 2024. U.S. loan prices, as defined by the Morningstar/LSTA US Leveraged Loan Index, decreased from 96.69% of par as of March 31, 2024 to 96.54% of par as of June 30, 2024.
As of June 30, 2024, the Company’s Board of Directors approved the fair value of the Company’s investment portfolio of approximately $252.1 million in good faith in accordance with the Company’s valuation procedures.
CRITICAL ACCOUNTING ESTIMATES
The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) revenues and expenses during the periods reported. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. Actual results could materially differ from those estimates. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023. See “Note 3. Summary of Significant Accounting Policies” to our financial statements for the three and six months ended June 30, 2024 for more information on our critical accounting policies.
Investment Valuation
Our Board of Directors determines the fair value of our investment portfolio in accordance with the provisions of ASC 820, Fair Value Measurement and Disclosure (“ASC 820”) and Rule 2a-5 under the 1940 Act. Estimates made in the preparation of our financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We believe that there is no single definitive method for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.
47
ASC 820-10 clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 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. ASC 820-10 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
• Level 1, defined as observable inputs such as quoted prices in active markets;
• Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and
• Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
We consider the attributes of current market conditions on an on-going basis and have determined that due to the general illiquidity of the market for our investment portfolio, whereby little or no market data exists, substantially all of our fair valued investments are measured based upon Level 3 inputs as of June 30, 2024 and December 31, 2023.
Our Board of Directors determines the value of our investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. We may also engage a third-party valuation firm to provide assistance in valuing certain of our syndicated loans and bilateral investments, including related equity investments, although our Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation.
Our corporate loan portfolio investments are valued using several valuation processes. The quantitative inputs and data points that determine which method to utilize to value any given investment include, but are not limited to:
• Bid/offer prices;
• Depth, which is defined as the number of securities firms that make a market in a respective corporate syndicated loan and contribute data on the corporate syndicated loan to market data providers;
• Liquidity score, which is a metric to help market participants ascertain their ability to exit a position within a given time frame and near a prevailing indicative price, which provides a benchmark of liquidity risk;
• Financial performance of the underlying portfolio company;
• Recent business developments;
• Covenant compliance; and
• Recent transactions.
In instances where secondary market data is limited, we may engage a third-party valuation firm to independently determine an estimate of fair value. Currently, we have a single company valued via a third-party valuation firm. This valuation method employs a waterfall method whereby the enterprise value (“EV”) of the company is estimated based on company financial performance inputs, such as EBITDA, and publicly traded comparable company multiples. The EV is then attributed to each debt tranche, preferred equity tranche, and common equity, in order of seniority, to arrive at a valuation for our holdings. Generally speaking, as estimated EV increases, the fair value of our investments will also increase. As market multiples and EBITDA increase, estimated EV will also increase.
In valuing our CLO debt and equity investments, we consider the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by brokers who arrange transactions in such investment vehicles. We also consider those instances in which the record date for an equity distribution payment falls on the last day of the period, and the likelihood that a prospective purchaser would require
48
a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, we consider the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. We calculate the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. Oxford Square Management or its Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to our Board for its determination of fair value of these investments.
Recently Issued Accounting Standards
See “Note 3. Summary of Significant Accounting Policies” to our financial statements for a description of recent accounting pronouncements, including the impact on our financial statements.
PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY
The total fair value of our investment portfolio was approximately $252.1 million and $266.9 million as of June 30, 2024, and December 31, 2023, respectively. The decrease in the value of investments during the six month period ended June 30, 2024, was due primarily to net realized losses of approximately $38.5 million, debt repayments of approximately $32.1 million, and sales of securities of approximately $6.4 million, partially offset by purchases of approximately $40.9 million and net unrealized appreciation on our investment portfolio of approximately $27.8 million (which incorporates reductions to CLO equity cost value of approximately $7.3 million).
A reconciliation of the investment portfolio for the six months ended June 30, 2024 and the year ended December 31, 2023 follows:
|
($ in millions) |
June 30, |
December 31, |
||||||
|
Beginning investment portfolio |
$ |
266.9 |
|
$ |
314.7 |
|
||
|
Portfolio investments acquired(2) |
|
40.9 |
|
|
11.7 |
|
||
|
Debt repayments(2) |
|
(33.7 |
) |
|
(15.8 |
) |
||
|
Sales of securities |
|
(4.8 |
) |
|
(19.6 |
) |
||
|
Reductions to CLO equity cost value(1) |
|
(7.2 |
) |
|
(15.3 |
) |
||
|
Accretion of discounts on investments |
|
0.7 |
|
|
1.1 |
|
||
|
Net change in unrealized appreciation on investments |
|
27.8 |
|
|
7.1 |
|
||
|
Net realized losses on investments |
|
(38.5 |
) |
|
(17.1 |
) |
||
|
Payment in Kind income |
|
0.1 |
|
|
— |
|
||
|
Ending investment portfolio(3) |
$ |
252.1 |
|
$ |
266.9 |
|
||
____________
(1) For the six months ended June 30, 2024, the reductions to CLO equity cost value of approximately $7.2 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $15.0 million, plus the amortization of cost on our CLO fee notes of approximately $58,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $7.8 million. For the year ended December 31, 2023, the reductions to CLO equity cost value of approximately $15.3 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $32.0 million, plus the amortization of cost on our CLO fee notes of approximately $123,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $16.8 million.
(2) Portfolio investments acquired and Debt repayments include non-cash conversions of securities of approximately $1.6 million.
(3) Totals may not sum due to rounding.
During the six months ended June 30, 2024 we purchased approximately $40.9 million in portfolio investments, which includes additional investments of approximately $19.4 million in existing portfolio companies and approximately $21.5 million in new portfolio companies. During the year ended December 31, 2023, we purchased approximately $11.7 million in portfolio investments, including additional investments of approximately $3.5 million in existing portfolio companies and approximately $8.2 million in new portfolio companies.
49
In certain instances, we receive investment proceeds based on the scheduled amortization of the outstanding loan balances and from the sales of portfolio investments. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments may fluctuate significantly from period to period.
For the six months ended June 30, 2024 and the year ended December 31, 2023, we recognized proceeds from the sales of securities of approximately $4.8 million and $19.6 million, respectively. Also, during the six months ended June 30, 2024 and the year ended December 31, 2023, we had loan principal repayments of approximately $33.7 million and $15.8 million, respectively.
As of June 30, 2024, we had investments in debt securities of, or loans to, 18 portfolio companies, with a fair value of approximately $165.3 million, CLO equity investments of approximately $82.3 million, and other equity investments of approximately $4.5 million.
As of December 31, 2023, we had investments in debt securities of, or loans to, 19 portfolio companies, with a fair value of approximately $179.5 million, CLO equity investments of approximately $82.2 million, and other equity investments of approximately $5.3 million.
The following table indicates the quarterly portfolio investment activity for the past six quarters:
|
Three Months Ended ($ in millions) |
Purchases of |
Repayments of |
Sales of |
Reductions to |
||||||||
|
June 30, 2024(2) |
$ |
28.8 |
$ |
15.8 |
$ |
3.4 |
$ |
6.4 |
||||
|
March 31, 2024 |
|
12.1 |
|
17.9 |
|
1.4 |
|
0.8 |
||||
|
Total 2024 to date(3) |
$ |
40.9 |
$ |
33.7 |
$ |
4.8 |
$ |
7.2 |
||||
|
|
|
|
|
|||||||||
|
December 31, 2023 |
$ |
3.5 |
$ |
0.8 |
$ |
3.7 |
$ |
2.8 |
||||
|
September 30, 2023 |
|
— |
|
14.2 |
|
1.9 |
|
5.1 |
||||
|
June 30, 2023 |
|
— |
|
0.4 |
|
13.9 |
|
4.4 |
||||
|
March 31, 2023 |
|
8.2 |
|
0.3 |
|
— |
|
3.0 |
||||
|
Total(3) |
$ |
11.7 |
$ |
15.8 |
$ |
19.6 |
$ |
15.3 |
||||
____________
(1) Reductions to CLO equity cost value represent the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes, plus the amortization of cost of our CLO fee notes, less the effective yield interest income recognized on our CLO equity subordinated and income notes.
(2) Purchases of Investments and Repayments of Principal include non-cash conversions of securities of approximately $1.6 million.
(3) Totals may not sum due to rounding.
The following table shows the fair value of our portfolio of investments by asset class as of June 30, 2024 and December 31, 2023:
|
|
June 30, 2024 |
December 31, 2023 |
||||||||||
|
Investments at |
Percentage of |
Investments at |
Percentage of |
|||||||||
|
Senior Secured Notes |
$ |
165.3 |
65.6 |
% |
$ |
179.5 |
67.2 |
% |
||||
|
CLO Equity |
|
82.3 |
32.6 |
% |
|
82.2 |
30.8 |
% |
||||
|
Equity and Other Investments |
|
4.5 |
1.8 |
% |
|
5.3 |
2.0 |
% |
||||
|
Total(1) |
$ |
252.1 |
100.0 |
% |
$ |
266.9 |
100.0 |
% |
||||
____________
(1) Totals may not sum due to rounding.
Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2024 and December 31, 2023, we held qualifying assets that represented 70.8% and 70.6%, respectively, of the total assets. No additional non-qualifying assets were acquired during the periods when qualifying assets were less than 70.0% of the total assets.
50
The following table shows our portfolio of investments by industry at fair value, as of June 30, 2024 and December 31, 2023:
|
June 30, 2024 |
December 31, 2023 |
|||||||||||
|
Investments at |
Percentage of |
Investments at |
Percentage of |
|||||||||
|
($ in millions) |
($ in millions) |
|||||||||||
|
Structured finance(1) |
$ |
82.3 |
32.7 |
% |
$ |
82.2 |
30.8 |
% |
||||
|
Software |
|
63.1 |
25.0 |
% |
|
66.0 |
24.7 |
% |
||||
|
Business services |
|
34.2 |
13.5 |
% |
|
43.0 |
16.1 |
% |
||||
|
Healthcare |
|
27.3 |
10.8 |
% |
|
28.4 |
10.7 |
% |
||||
|
Telecommunication services |
|
19.1 |
7.6 |
% |
|
20.9 |
7.8 |
% |
||||
|
Food and beverage |
|
8.1 |
3.2 |
% |
|
— |
— |
% |
||||
|
Industrials |
|
8.0 |
3.2 |
% |
|
— |
— |
% |
||||
|
Utilities |
|
7.6 |
3.0 |
% |
|
7.2 |
2.7 |
% |
||||
|
IT consulting |
|
2.5 |
1.0 |
% |
|
5.3 |
2.0 |
% |
||||
|
Diversified insurance |
|
— |
— |
% |
|
13.9 |
5.2 |
% |
||||
|
Total(2) |
$ |
252.1 |
100.0 |
% |
$ |
266.9 |
100.0 |
% |
||||
____________
(1) Reflects our equity investments in CLOs as of June 30, 2024, and December 31, 2023, respectively.
(2) Totals may not sum due to rounding.
PORTFOLIO GRADING
We have adopted a credit grading system to monitor the quality of our debt investment portfolio. As of June 30, 2024 and December 31, 2023, our portfolio had a weighted average grade of 2.3 and 2.3, respectively, based upon the fair value of the debt investments in the portfolio. Equity securities and investments in CLOs are not graded.
As of June 30, 2024 and December 31, 2023, our debt investment portfolio was graded as follows:
|
($ in millions) |
June 30, 2024 |
|||||||||||||
|
Grade |
Summary Description |
Principal |
Percentage |
Portfolio at |
Percentage |
|||||||||
|
1 |
Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue. |
$ |
— |
— |
% |
$ |
— |
— |
% |
|||||
|
2 |
Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |
|
137.4 |
54.4 |
% |
|
117.3 |
71.0 |
% |
|||||
|
3 |
Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |
|
83.6 |
33.1 |
% |
|
47.5 |
28.7 |
% |
|||||
|
4 |
A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche. |
|
— |
— |
% |
|
— |
— |
% |
|||||
|
5 |
Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status. |
|
31.6 |
12.5 |
% |
|
0.5 |
0.3 |
% |
|||||
|
Total |
$ |
252.6 |
100.0 |
% |
$ |
165.3 |
100.0 |
% |
||||||
51
|
($ in millions) |
December 31, 2023 |
|||||||||||||
|
Grade |
Summary Description |
Principal |
Percentage |
Portfolio at |
Percentage |
|||||||||
|
1 |
Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue. |
$ |
— |
— |
% |
$ |
— |
— |
% |
|||||
|
2 |
Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |
|
175.5 |
60.4 |
% |
|
134.5 |
74.9 |
% |
|||||
|
3 |
Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |
|
72.3 |
24.8 |
% |
|
43.3 |
24.1 |
% |
|||||
|
4 |
A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche. |
|
— |
— |
% |
|
— |
— |
% |
|||||
|
5 |
Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status |
|
42.9 |
14.8 |
% |
|
1.7 |
1.0 |
% |
|||||
|
Total |
$ |
290.7 |
100.0 |
% |
$ |
179.5 |
100.0 |
% |
||||||
We expect that a portion of our investments will be in the grades 3, 4 or 5 categories from time to time, and, as such, we will be required to work with troubled portfolio companies to improve their business and protect our investment. The number and amount of investments included in grades 3, 4 or 5 may fluctuate from period to period.
RESULTS OF OPERATIONS
Set forth below is a comparison of our results of operations for the three and six months ended June 30, 2024 to the three and six months ended June 30, 2023.
52
Investment Income
Investment income for the three months ended June 30, 2024 and June 30, 2023 was approximately $11.4 million and $13.5 million, respectively. Investment income for the six months ended June 30, 2024 and June 30, 2023 was approximately $22.1 million and $26.5 million, respectively. The following tables set forth the components of investment income for the three and six months ended June 30, 2024 and June 30, 2023:
|
Three Months |
Three Months |
|||||
|
Interest Income |
|
|
||||
|
Stated interest income |
$ |
6,371,911 |
$ |
8,467,421 |
||
|
Paid in Kind interest income |
|
103,609 |
|
— |
||
|
Original issue discount and market discount income |
|
403,275 |
|
322,231 |
||
|
Discount income derived from unscheduled remittances at par |
|
143,024 |
|
9,528 |
||
|
Total interest income |
$ |
7,021,819 |
$ |
8,799,180 |
||
|
Income from securitization vehicles and investments |
$ |
3,885,916 |
$ |
4,329,300 |
||
|
Commitment, amendment and other fee income |
|
|
||||
|
Fee letters |
$ |
223,141 |
$ |
164,449 |
||
|
Loan prepayment and bond call fees |
|
— |
|
— |
||
|
Money market fund income and all other fees |
|
314,580 |
|
220,051 |
||
|
Total commitment, amendment and other fee income |
$ |
537,721 |
$ |
384,500 |
||
|
Total investment income |
$ |
11,445,456 |
$ |
13,512,980 |
||
|
Six Months |
Six Months |
|||||
|
Interest Income |
|
|
||||
|
Stated interest income |
$ |
12,500,368 |
$ |
16,412,453 |
||
|
Paid in Kind interest income |
|
117,181 |
|
— |
||
|
Original issue discount and market discount income |
|
705,550 |
|
662,250 |
||
|
Discount income derived from unscheduled remittances at par |
|
119,767 |
|
18,637 |
||
|
Total interest income |
$ |
13,442,866 |
$ |
17,093,340 |
||
|
Income from securitization vehicles and investments |
$ |
7,818,290 |
$ |
8,708,795 |
||
|
Commitment, amendment and other fee income |
|
|
||||
|
Fee letters |
$ |
355,129 |
$ |
319,528 |
||
|
Loan prepayment and bond call fees |
|
— |
|
— |
||
|
Money market fund income and all other fees |
|
506,595 |
|
333,115 |
||
|
Total commitment, amendment and other fee income |
$ |
861,724 |
$ |
652,643 |
||
|
Total investment income |
$ |
22,122,880 |
$ |
26,454,778 |
||
The decrease in total investment income for the three and six months ended June 30, 2024 was primarily due to an decrease in interest income for the three and six months ended June 30, 2024.
The total principal value of income producing debt investments as of June 30, 2024 and June 30, 2023 was approximately $221.0 million and $274.4 million, respectively. As of June 30, 2024, our debt investments had a range of stated interest rates of 9.21% and 15.44% and maturity dates of between 0 and 79 months compared to a range of stated interest rates of 8.94% to 15.26% and maturity dates between 0 and 80 months as of June 30, 2023. In addition, our total debt portfolio had a weighted average yield on debt investments of approximately 13.69% as of June 30, 2024, compared to approximately 12.85% as of June 30, 2023. As of June 30, 2024, three debt investments were on non-accrual status with a combined fair value of approximately $0.5 million and total principal amount of approximately $31.6 million. As of June 30, 2023, three debt investments were on non-accrual status with a combined fair value of approximately $0.5 million and total principal amount of approximately $29.2 million.
53
Income from securitization vehicles for the three months ended June 30, 2024 and June 30 2023, was approximately $3.9 million and $4.3 million, respectively. Income from securitization vehicles for the six months ended June 30, 2024 and June 30, 2023, was approximately $7.8 million and $8.7 million, respectively. The total principal outstanding on our investments in CLOs as of June 30, 2024 and June 30, 2023, was approximately $320.9 million and $347.1 million, respectively. The weighted average yield on CLO equity investments as of June 30, 2024 and June 30, 2023, was approximately 9.36% and 9.22%, respectively.
Operating Expenses
Total expenses, including excise tax, for the three months ended June 30, 2024 and 2023, were approximately $3.7 million and $6.8 million, respectively. Total expenses for the six months ended June 30, 2024 and 2023, were approximately $7.9 million and $13.3 million, respectively. These amounts consisted of base management fees, interest expense, professional fees, compensation expense, general and administrative expenses, net investment income incentive fees, and excise tax. That decrease for the three and six months ended June 30, 2024 was primarily due to lower net investment income incentive fees and interest expense, partially offset by a decrease in base management fees.
Expenses before incentive fees for the three and six months ended June 30, 2024 were approximately $3.7 million and $7.9 million. For the three and six months ended June 30, 2023, expenses before incentive fees were approximately $5.5 million and $10.8 million respectively.
The base management fee for the three months ended June 30, 2024 was approximately $1.0 million compared with $1.3 million for the three months ended June 30, 2023. The base management fee for the six months ended June 30, 2024 was approximately $2.0 million compared with $2.4 million for the six months ended June 30, 2023. That decrease for the three and six months ended June 30, 2024 was due largely to a decrease in weighted average gross assets.
There were no net investment income incentive fees for the three and six months ended June 30, 2024, due to the total return requirement. The net investment income incentive fees for the three and six months ended June 30, 2023 were approximately $1.3 million and $2.5 million respectively.
Interest expense for the three months ended June 30, 2024, was approximately $2.0 million, which primarily relates to our 5.50% unsecured notes due 2028 (the “5.50% Unsecured Notes”) and 6.25% unsecured notes due 2026 (the “6.25% Unsecured Notes”). Interest expense for the three months ended June 30, 2023, was approximately $3.1 million, which primarily relates to our 5.50% Unsecured Notes, 6.25% Unsecured Notes, and 6.50% unsecured notes due 2024.
Professional fees, consisting of legal, consulting, valuation, audit and tax fees, were approximately $491,000 for the three months ended June 30, 2024, compared to approximately $282,000 for the three months ended June 30, 2023. Professional fees were approximately $803,000 for the six months ended June 30, 2024, compared to approximately $618,000 for the six months ended June 30, 2023.
Compensation expense was approximately $174,000 for the three months ended June 30, 2024, compared to approximately $190,000 for the three months ended June 30, 2023. Compensation expense was approximately $381,000 for the six months ended June 30, 2024, compared to approximately $457,000 for the six months ended June 30, 2023. Compensation expense reflects the allocation of compensation expenses for the services of our Chief Financial Officer, accounting personnel, and other administrative support staff.
General and administrative expenses, consisting primarily of directors’ fees, insurance, listing fees, transfer agent and custodian fees, office supplies, facilities costs, and other expenses, were approximately $448,000 for the three months ended June 30, 2024, compared to approximately $430,000 for the three months ended June 30, 2023. General and administrative expenses were approximately $794,000 for the six months ended June 30, 2024, compared to approximately $803,000 for the six months ended June 30, 2023. Office supplies, facilities costs and other expenses are allocated to us under the terms of the Administration Agreement.
Excise tax was approximately $(374,000) for the three months ended June 30, 2024, compared to $300,000 for the three months ended June 30, 2023. Excise tax was approximately $(48,000) for the six months ended June 30, 2024, compared to $300,000 for the six months ended June 30, 2023. The current quarter accrual reflects reversals of previously overestimated excise tax.
54
Incentive Fees
There was no net investment income incentive fee (“Net Investment Income Incentive Fee”) recorded for the three and six months ended June 30, 2024. The net investment income incentive fee (“Net Investment Income Incentive Fee”) recorded for the three and six months ended June 30, 2023 was approximately $1.3 million and $2.5 million, respectively. The Net Investment Income Incentive Fee is calculated and payable quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter exceeds (y) the “Preferred Return Amount” for the calendar quarter. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income accrued during the calendar quarter minus our operating expenses for the quarter (including the Base Fee, expenses payable under the Administration Agreement with Oxford Funds, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Refer to “Note 7. Related Party Transactions” in the notes to our financial statements.
The expense attributable to the capital gains incentive fee (the “Capital Gains Incentive Fee”), as reported under GAAP, is calculated as if the Company’s entire portfolio had been liquidated at period end, and therefore is calculated on the basis of net realized and unrealized gains and losses at the end of each period. That expense (or the reversal of such an expense) related to that hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end and the termination of the Investment Advisory Agreement on such date. For the three and six months ended June 30, 2024 and 2023, no accrual was required as a result of the impact of accumulated net unrealized depreciation and net realized losses on our portfolio.
The amount of the Capital Gains Incentive Fee which will actually be payable is determined in accordance with the terms of the Investment Advisory Agreement and is calculated as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). The terms of the Investment Advisory Agreement state that the Capital Gains Incentive Fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation. For the three and six months ended June 30, 2024 and 2023, such an accrual was not required under the terms of the Investment Advisory Agreement.
Realized and Unrealized Gains/Losses on Investments
For the three months ended June 30, 2024, we recognized net realized losses on investments of approximately $30.4 million, which reflects the extinguishment of two senior secured loans which were previously on non-accrual status, a sale of a CLO equity investment, and an extinguishment of a CLO equity investment.
For the three months ended June 30, 2024, our net change in unrealized appreciation was approximately $28.0 million, composed of $9.2 million in gross unrealized appreciation, $11.8 million in gross unrealized depreciation and approximately $30.6 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $6.4 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $10.2 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $3.8 million. The most significant components of the net change in unrealized appreciation during the three months ended June 30, 2024, were as follows (in millions):
|
Portfolio Company |
Changes in |
|||
|
ConvergeOne Holdings, Inc. |
$ |
18.9 |
|
|
|
Careismatic Brands, Inc. |
|
11.5 |
|
|
|
RSA Security, LLC |
|
3.2 |
|
|
|
UniTek Global Services, Inc. |
|
(2.4 |
) |
|
|
Alvaria, Inc. (f/k/a Aspect Software, Inc.) |
|
(2.6 |
) |
|
|
Net all other |
|
(0.6 |
) |
|
|
Total |
$ |
28.0 |
|
|
55
For the six months ended June 30, 2024, we recognized net realized losses on investments of approximately $38.5 million, which reflects the extinguishment of two senior secured loans which were previously on non-accrual status, a sale of multiple CLO equity investments, and an extinguishment of a CLO equity investment.
For the six months ended June 30, 2024, our net change in unrealized appreciation was approximately $27.8 million, composed of $9.6 million in gross unrealized appreciation, $15.8 million in gross unrealized depreciation and approximately $33.9 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $7.2 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $15.0 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $7.8 million. The most significant components of the net change in unrealized appreciation during the six months ended June 30, 2024, were as follows (in millions):
|
Portfolio Company |
Changes in |
|||
|
ConvergeOne Holdings, Inc. |
$ |
14.4 |
|
|
|
Careismatic Brands, Inc. |
|
10.4 |
|
|
|
Alvaria, Inc. (f/k/a Aspect Software, Inc.) |
|
5.0 |
|
|
|
RSA Security, LLC |
|
3.0 |
|
|
|
UniTek Global Services, Inc. |
|
(2.5 |
) |
|
|
Net all other |
|
(2.5 |
) |
|
|
Total(1) |
$ |
27.8 |
|
|
____________
(1) Totals may not sum due to rounding.
Net Increase in Net Assets Resulting from Net Investment Income
Net investment income for the three months ended June 30, 2024 and June 30, 2023 was approximately $7.7 million and $6.7 million, respectively. Net investment income for the six months ended June 30, 2024 and June 30, 2023 was approximately $14.3 million and $13.2 million, respectively. That increase in net investment income was primarily due to a decrease in net investment income incentive fees and interest expense, partially offset by a decrease in interest income and income from securitization vehicles and investments.
For the three months and six months ended June 30, 2024, the net increase in net assets resulting from net investment income per common share was $0.13 and $0.24 (basic and diluted), compared to the net increase in net assets resulting from net investment income per share of $0.13 and $0.26 (basic and diluted) for the three and six months ended June 30, 2023.
Net Increase in Net Assets Resulting from Operations
Net increase in net assets resulting from operations for the three months ended June 30, 2024 was approximately $5.3 million compared with a net increase in net assets resulting from operations of approximately $11.6 million for the three months ended June 30, 2023.
Net increase in net assets resulting from operations for the six months ended June 30, 2024 was approximately $3.5 million compared with a net increase in net assets resulting from operations of approximately $17.9 million for the six months ended June 30, 2023.
For the three months ended June 30, 2024, the net increase in net assets resulting from operations per common share was $0.09 (basic and diluted), compared to a net increase in net assets resulting from operations per share of $0.23 (basic and diluted) for the three months ended June 30, 2023. For the six months ended June 30, 2024, the net increase in net assets resulting from operations per common share was $0.06 (basic and diluted), compared to a net increase in net assets resulting from operations per share of $0.36 (basic and diluted) for the six months ended June 30, 2023.
56
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2024, cash and cash equivalents were approximately $30.0 million as compared to approximately $5.7 million as of December 31, 2023. For the six months ended June 30, 2024, net cash provided by operating activities for the period, consisting primarily of the items described in “— Results of Operations,” was approximately $26.7 million, largely reflecting net realized losses from investments of approximately $38.5 million, proceeds from principal repayments and sales of investments of approximately $33.6 million, partially offset by purchases of investments of approximately $28.5 million and net change in unrealized appreciation of approximately $27.8 million. For the six months ended June 30, 2024, net cash used in financing activities was approximately $2.4 million, reflecting the payment of distributions of approximately $12.2 million, partially offset by the net proceeds of the issuance of common stock in connection with our at-the-market (“ATM”) program of approximately $9.8 million.
Contractual Obligations
A summary of our significant contractual payment obligations as of June 30, 2024, is as follows:
|
Contractual obligations (in millions) |
Payments Due by Period |
||||||||||||||
|
Principal |
Less than |
1 – 3 |
3 – 5 |
More than |
|||||||||||
|
Long-term debt obligations: |
|
|
|
|
|
||||||||||
|
6.25% Unsecured Notes |
$ |
44.8 |
$ |
— |
$ |
44.8 |
$ |
— |
$ |
— |
|||||
|
5.50% Unsecured Notes |
|
80.5 |
|
— |
|
— |
|
80.5 |
|
— |
|||||
|
$ |
125.3 |
$ |
— |
$ |
44.8 |
$ |
80.5 |
$ |
— |
||||||
Refer to “Note 6. Borrowings” in the notes to our financial statements.
Off-Balance Sheet Arrangements
In the normal course of business, we enter into a variety of undertakings containing a variety of warranties and indemnifications that may expose us to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of June 30, 2024, we did not have any commitments to purchase additional investments.
Share Issuance and Repurchase Programs
On August 22, 2023, we entered into Amendment No. 1 to that certain Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $150.0 million of our common stock through an At-the-Market (“ATM”) offering. We issued a total of 2,932,908 and 3,257,030 shares of common stock pursuant to the ATM offering during the three and six months ended June 30, 2024, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $8.9 million and $9.8 million during the three and six months ended June 30, 2024, respectively.
From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since we are incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the three and six months ended June 30, 2024 and 2023, we were not authorized to repurchase any shares of outstanding common stock.
Borrowings
In accordance with the 1940 Act, with certain limited exceptions, as of June 30, 2024, we were only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 150%, immediately after such borrowing. As of June 30, 2024 and December 31, 2023, our asset coverage for borrowed amounts was approximately 220% and 219%, respectively.
The weighted average stated interest rate and weighted average maturity on all of the Company’s debt outstanding as of June 30, 2024, were 5.77% and 3.3 years, respectively, and as of December 31, 2023, were 5.77% and 3.8 years, respectively.
57
On April 3, 2019, we completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of the 6.25% Unsecured Notes. The 6.25% Unsecured Notes will mature on April 30, 2026, and may be redeemed in whole or in part at any time or from time to time at our option on or after April 30, 2022. The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31 of each year. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQZ.”
On May 20, 2021, we completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at our option (on or after May 31, 2024). The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQG.”
Refer to “Note 6. Borrowings” in the notes to our financial statements.
Distributions
In order to qualify for tax treatment as a RIC, and to avoid corporate level tax on the income we distribute to our stockholders, we are required, under Subchapter M of the Code, to distribute at least 90% of our ordinary income and short-term capital gains to our stockholders on an annual basis.
To the extent our taxable earnings fall below the total amount of our distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to our stockholders. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our taxable ordinary income or capital gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is taxable ordinary income or capital gains. The final determination of the nature of our distributions can only be made upon the filing of our tax return. We have until October 15, 2025, to file our federal income tax return for the year ended December 31, 2024.
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a BDC under the 1940 Act. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable regulated investment company tax treatment. We cannot assure stockholders that they will receive any distributions.
58
The following table reflects the cash distributions, including distributions reinvested, if any, per share that our Board has declared on our common stock since the beginning of 2023:
|
Date Declared |
Record Date |
Payment Date |
Total |
GAAP net |
Distributions in |
||||||||||
|
Fiscal 2024(1) |
|
|
|
|
|
||||||||||
|
August 8, 2024 |
December 17, 2024 |
December 31, 2024 |
$ |
0.035 |
$ |
N/A |
|
$ |
— |
|
|||||
|
August 8, 2024 |
November 15, 2024 |
November 29, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
August 8, 2024 |
October 17, 2024 |
October 31, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (Fourth Quarter 2024) |
|
0.105 |
|
— |
(3) |
|
— |
|
|||||||
|
|
|
|
|
|
|||||||||||
|
April 25, 2024 |
September 16, 2024 |
September 30, 2024 |
|
0.035 |
|
N/A |
|
$ |
— |
|
|||||
|
April 25, 2024 |
August 16, 2024 |
August 30, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
April 25, 2024 |
July 17, 2024 |
July 31, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (Third Quarter 2024) |
|
0.105 |
|
— |
(3) |
|
— |
|
|||||||
|
|
|
|
|
|
|||||||||||
|
March 14, 2024 |
June 14, 2024 |
June 28, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
March 14, 2024 |
May 17, 2024 |
May 31, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
March 14, 2024 |
April 16, 2024 |
April 30, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (Second Quarter 2024) |
|
0.105 |
|
0.13 |
|
|
(0.02 |
) |
|||||||
|
|
|
|
|
|
|||||||||||
|
November 2, 2023 |
March 15, 2024 |
March 29, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
November 2, 2023 |
February 15, 2024 |
February 29, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
November 2, 2023 |
January 17, 2024 |
January 31, 2024 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (First Quarter 2024) |
|
0.105 |
|
0.11 |
|
|
(0.01 |
) |
|||||||
|
|
|
|
|
|
|||||||||||
|
Fiscal 2023(1) |
|
|
|
|
|
||||||||||
|
August 3, 2023 |
December 15, 2023 |
December 29, 2023 |
$ |
0.035 |
$ |
N/A |
|
$ |
— |
|
|||||
|
August 3, 2023 |
November 16, 2023 |
November 30, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
August 3, 2023 |
October 17, 2023 |
October 31, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (Fourth Quarter 2023) |
|
0.105 |
|
0.13 |
|
|
(0.03 |
) |
|||||||
|
|
|
|
|
|
|||||||||||
|
August 3, 2023(4) |
September 15, 2023 |
September 29, 2023 |
|
0.120 |
|
N/A |
|
$ |
— |
|
|||||
|
April 25, 2023 |
September 15, 2023 |
September 29, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
April 25, 2023 |
August 17, 2023 |
August 31, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
April 25, 2023 |
July 17, 2023 |
July 31, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (Third Quarter 2023) |
|
0.225 |
|
0.11 |
|
|
0.12 |
|
|||||||
|
|
|
|
|
|
|||||||||||
|
March 16, 2023 |
June 16, 2023 |
June 30, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
March 16, 2023 |
May 17, 2023 |
May 31, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
March 16, 2023 |
April 14, 2023 |
April 28, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (Second Quarter 2023) |
|
0.105 |
|
0.13 |
|
|
(0.03 |
) |
|||||||
|
|
|
|
|
|
|||||||||||
|
October 20, 2022 |
March 17, 2023 |
March 31, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
October 20, 2022 |
February 14, 2023 |
February 28, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
October 20, 2022 |
January 17, 2023 |
January 31, 2023 |
|
0.035 |
|
N/A |
|
|
— |
|
|||||
|
Total (First Quarter 2023) |
|
0.105 |
|
0.13 |
|
|
(0.03 |
) |
|||||||
|
Total (2023) |
$ |
0.540 |
$ |
0.51(2) |
|
$ |
0.03(2) |
|
|||||||
____________
(1) The tax characterization of cash distributions for the year ending December 31, 2024 and year ended December 31, 2023 will not be known until the tax return for such years are finalized. For the year ending December 31, 2024 and year ended December 31, 2023, the amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes. The final determination of the source of all distributions in 2024 and 2023 will be made after year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon our investment performance and may be subject to change based on tax regulations.
59
(2) Totals may not sum due to rounding.
(3) We have not yet reported investment income for this period.
(4) Special distribution.
Related Parties
We have a number of business relationships with affiliated or related parties, including the following:
• We have entered into the Investment Advisory Agreement with Oxford Square Management. Oxford Square Management is controlled by Oxford Funds, its managing member. In addition to Oxford Funds, Oxford Square Management is owned by Charles M. Royce, a member of our Board, who holds a minority, non-controlling interest in Oxford Square Management as the non-managing member. Oxford Funds, as the managing member of Oxford Square Management, manages the business and internal affairs of Oxford Square Management. In addition, Oxford Funds provides us with office facilities and administrative services pursuant to the Administration Agreement.
• Messrs. Cohen and Rosenthal also currently serve as Chief Executive Officer and President, respectively, at Oxford Gate Management, LLC, the investment adviser to Oxford Gate Master Fund, LLC, Oxford Gate, LLC and Oxford Gate (Bermuda), LLC (collectively, the “Oxford Gate Funds”) and Oxford Bridge II, LLC. Oxford Funds is the managing member of Oxford Gate Management, LLC. In addition, Bruce L. Rubin serves as the Chief Financial Officer and Secretary, and Gerald Cummins serves as the Chief Compliance Officer, respectively, of Oxford Gate Management, LLC.
• Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Lane Capital Corp., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Lane Management, LLC. Oxford Funds provides Oxford Lane Capital Corp. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Lane Management, LLC. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Lane Capital Corp. and Chief Financial Officer and Treasurer of Oxford Lane Management, LLC, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Lane Capital Corp. and Oxford Lane Management, LLC.
• Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Park Income Fund, Inc., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Park Management, LLC. Oxford Funds provides Oxford Park Income Fund, Inc. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Park Management, LLC. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Park Income Fund, Inc. and Chief Financial Officer and Treasurer of Oxford Park Management, LLC, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Park Income Fund, Inc. and Oxford Park Management, LLC.
As a result, certain conflicts of interest may arise with respect to the management of our portfolio by Messrs. Cohen and Rosenthal on the one hand, and the obligations of Messrs. Cohen and Rosenthal to manage Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., Oxford Bridge II, LLC and the Oxford Gate Funds, respectively, on the other hand.
Oxford Square Management, Oxford Lane Management, LLC, Oxford Park Management, LLC and Oxford Gate Management, LLC are subject to a written policy with respect to the allocation of investment opportunities among the Company, Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., Oxford Bridge II, LLC and the Oxford Gate Funds. Where investments are suitable for more than one entity, the allocation policy generally provides that, depending on size and subject to current and anticipated cash availability, the absolute size of the investment as well as its relative size compared to the total assets of each entity, current and anticipated weighted average costs of capital, among other factors, an investment amount will be determined by the adviser to each entity. If the investment opportunity is sufficient for each entity to receive its investment amount, then each entity receives the investment amount; otherwise, the investment amount is reduced pro rata. On June 14, 2017, the Securities
60
and Exchange Commission issued an order permitting the Company and certain of its affiliates to complete negotiated co-investment transactions in portfolio companies, subject to certain conditions (the “Order”). Subject to satisfaction of certain conditions to the Order, the Company and certain of its affiliates are now permitted, together with any future BDCs, registered closed-end funds and certain private funds, each of whose investment adviser is the Company’s investment adviser or an investment adviser controlling, controlled by, or under common control with the Company’s investment adviser, to co-invest in negotiated investment opportunities where doing so would otherwise be prohibited under the 1940 Act, providing the Company’s stockholders with access to a broader array of investment opportunities. Pursuant to the Order, we are permitted to co-invest in such investment opportunities with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies.
In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, us, companies controlled by us and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek board review and approval or exemptive relief for such transaction. Our Board reviews these procedures on an annual basis.
We have also adopted a Code of Business Conduct and Ethics which applies to our senior officers, including our Chief Executive Officer and Chief Financial Officer, as well as all of our officers, directors and employees. Our Code of Business Conduct and Ethics requires that all employees and directors avoid any conflict, or the appearance of a conflict, between an individual’s personal interests and our interests. Pursuant to our Code of Business Conduct and Ethics, each employee and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict. Our Audit Committee is charged with approving any waivers under our Code of Business Conduct and Ethics. As required by the NASDAQ Global Select Market corporate governance listing standards, the Audit Committee of our Board is also required to review and approve any transactions with related parties (as such term is defined in Item 404 of Regulation S-K).
Information concerning related party transactions is included in the financial statements and related notes, appearing elsewhere in this quarterly report on Form 10-Q.
RECENT DEVELOPMENTS
The following distributions payable to stockholders are shown below:
|
Date Declared |
Record Dates |
Payable Dates |
Per Share Distribution |
||||
|
May 2, 2024 |
July 17, 2024 |
July 31, 2024 |
$ |
0.035 |
|||
|
May 2, 2024 |
August 16, 2024 |
August 30, 2024 |
$ |
0.035 |
|||
|
May 2, 2024 |
September 16, 2024 |
September 30, 2024 |
$ |
0.035 |
|||
|
August 8, 2024 |
October 17, 2024 |
October 31, 2024 |
$ |
0.035 |
|||
|
August 8, 2024 |
November 15, 2024 |
November 29, 2024 |
$ |
0.035 |
|||
|
August 8, 2024 |
December 17, 2024 |
December 31, 2024 |
$ |
0.035 |
|||
61
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We are subject to financial market risks, including changes in interest rates. As of June 30, 2024, all but three of our variable rate investments were income producing. The variable rates are generally based upon the five-year U.S. Department of Treasury note, the Prime rate, or SOFR, and, in the case of our bilateral investments, are generally reset annually, whereas our non-bilateral investments generally reset quarterly. We expect that future debt investments will generally be made at variable rates. Many of the variable rate investments contain interest rate floors.
Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.
We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.
Based on our Statements of Assets and Liabilities as of June 30, 2024, the following table shows the annualized impact on net investment income of hypothetical base rate changes in interest rates for our settled investments (considering interest rate floors for floating rate instruments), excluding CLO equity investments. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of June 30, 2024. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 2024, and are only adjusted for assumed changes in the underlying base interest rates. Although management believes that this analysis is indicative of our existing interest rate sensitivity, it does not adjust for changes in the credit quality, size and composition of our portfolio, and other business developments, including a change in the level of our borrowings, that could affect the net increase (or decrease) in net assets resulting from operations. Accordingly, no assurances can be given that actual results would not differ materially from the results under this hypothetical analysis.
|
Hypothetical Change in Base Rate |
Estimated |
||
|
Up 300 basis points |
14.5 |
% |
|
|
Up 200 basis points |
9.7 |
% |
|
|
Up 100 basis points |
4.8 |
% |
|
|
Down 100 basis points |
(4.8 |
)% |
|
|
Down 200 basis points |
(9.7 |
)% |
|
|
Down 300 basis points |
(14.5 |
)% |
|
ITEM 4. CONTROLS AND PROCEDURES.
(a) Evaluation of Disclosure Controls and Procedures
As of June 30, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
62
decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
(b) Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that occurred during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
63
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.
ITEM 1A.RISK FACTORS.
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes known to us during the six months ended June 30, 2024, to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Sales of Unregistered Equity Securities
While we did not engage in unregistered sales of equity securities during the three months ended June 30, 2024, we issued 100,383 shares of common stock under our distribution reinvestment plan. This issuance was not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value for the shares of common stock issued under the distribution reinvestment plan during the three months ended June 30, 2024 was approximately $295,000.
Issuer Purchases of Equity Securities
During the three months ended June 30, 2024, no common stock was repurchased by the Company.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
During the fiscal quarter ended June 30, 2024, none of our directors or officers
64
ITEM 6. EXHIBITS.
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
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3.1 |
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3.2 |
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3.3 |
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3.4 |
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3.5 |
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4.1 |
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31.1 |
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31.2 |
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32.1 |
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32.2 |
____________
* Filed herewith
** Furnished herewith.
65
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.
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OXFORD SQUARE CAPITAL CORP. |
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Date: August 13, 2024 |
By: |
/s/ Jonathan H. Cohen |
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Jonathan H. Cohen |
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Chief Executive Officer |
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(Principal Executive Officer) |
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Date: August 13, 2024 |
By: |
/s/ Bruce L. Rubin |
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Bruce L. Rubin |
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Chief Financial Officer |
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(Principal Accounting Officer) |
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66
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Jonathan H. Cohen, Chief Executive Officer of Oxford Square Capital Corp., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Oxford Square Capital Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated this 13th day of August, 2024 |
||
|
/s/ Jonathan H. Cohen |
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|
Jonathan H. Cohen |
||
|
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Bruce L. Rubin, Chief Financial Officer of Oxford Square Capital Corp., certify that:
1. I have reviewed this quarterly report on Form 10-Q of Oxford Square Capital Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated this 13th day of August, 2024 |
||
|
/s/ Bruce L. Rubin |
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|
Bruce L. Rubin |
||
|
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Report”) of Oxford Square Capital Corp. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Jonathan H. Cohen, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Jonathan H. Cohen |
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|
Name: Jonathan H. Cohen |
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Date: August 13, 2024 |
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Report”) of Oxford Square Capital Corp. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Bruce L. Rubin, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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/s/ Bruce L. Rubin |
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|
Name: Bruce L. Rubin |
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|
Date: August 13, 2024 |
Statements of Assets and Liabilities (Parentheticals) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
| Common stock, shares issued (in Shares) | 62,705,628 | 59,300,472 |
| Common stock, shares outstanding (in Shares) | 62,705,628 | 59,300,472 |
| Notes payable – 6.25% | ||
| Deferred issuance costs | $ 427,349 | $ 543,609 |
| Notes payable – 5.50% | ||
| Deferred issuance costs | 1,575,975 | 1,768,219 |
| Non-affiliated/non-control investments | ||
| Investments, cost | 397,523,375 | 440,069,822 |
| Affiliated investments | ||
| Investments, cost | $ 16,836,822 | $ 16,836,822 |
Schedule of Investments (Unaudited) - USD ($) |
6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 108.50% | [1],[2],[3] | 118.60% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 165,330,530 | [1],[2],[6] | $ 179,456,385 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 236,162,805 | [1],[2] | $ 279,458,897 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Collateralized Loan Obligation – Equity Investments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [4],[5] | 54.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7] | $ 82,157,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5] | $ 160,610,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Services [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 22.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6] | $ 34,151,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | $ 59,784,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Services [Member] | Senior Secured Notes1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [4],[5],[8] | 28.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7] | $ 43,043,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5] | $ 67,339,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Food and Beverage [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 5.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6] | $ 8,060,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | $ 8,021,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Healthcare [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 17.90% | [1],[2],[3] | 18.80% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 27,255,710 | [1],[2],[6] | $ 28,388,653 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 32,992,361 | [1],[2] | $ 44,665,467 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Industrials [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 5.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[9] | $ 8,010,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | $ 8,047,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Software [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 41.40% | [1],[2],[3] | 43.60% | [4],[5],[8] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 63,075,541 | [1],[2],[6] | $ 66,010,646 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 101,891,974 | [1],[2] | $ 108,907,203 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telecommunication Services [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 11.30% | [1],[2],[3] | 13.80% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 17,147,286 | [1],[2],[6] | $ 20,889,647 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 17,770,108 | [1],[2] | $ 36,627,663 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Utilities [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 5.00% | [1],[2],[3] | 4.80% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 7,630,875 | [1],[2],[6] | $ 7,248,375 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 7,655,248 | [1],[2] | $ 7,656,195 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diversified Insurance [Member] | Senior Secured Notes1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [4],[5],[8] | 9.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7] | $ 13,876,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5] | $ 14,262,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 1.30% | [1],[2],[3] | 0.00% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 1,915,500 | [1],[2] | [4],[5],[7] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 2,034,562 | [1],[2] | $ 684,960 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock [Member] | Healthcare [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock [Member] | Telecommunication Services [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 1.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2] | $ 1,915,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | $ 1,349,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock [Member] | IT Consulting [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 0.00% | [1],[2],[3] | 0.00% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2] | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 684,960 | [1],[2] | $ 684,960 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 1.70% | [1],[2],[3] | 3.50% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 2,543,665 | [1],[2] | $ 5,276,092 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 16,151,862 | [1],[2] | $ 16,151,862 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock [Member] | IT Consulting [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [4],[5] | 3.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7] | $ 5,276,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5] | $ 16,151,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 54.00% | [1],[2],[3] | 54.30% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 82,320,340 | [1],[2] | $ 82,157,950 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 160,010,968 | [1],[2] | 160,610,925 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Access CIG LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[14] | $ 8,173,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[14] | Jan. 18, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[14] | $ 8,235,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[10],[11],[12],[13],[14] | 8,208,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Access CIG LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[15],[16],[17],[18],[19] | $ 16,754,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[15],[16],[17],[18],[19] | Feb. 14, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[15],[16],[17],[18],[19] | $ 16,670,230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[15],[16],[17],[18],[19] | 16,787,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convergint Technologies, LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 2,456,249 | [1],[2],[10],[11],[12],[13],[20] | $ 2,468,749 | [4],[5],[15],[16],[18],[21] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Nov. 15, 2022 | [1],[2],[10],[11],[12],[13],[20] | Nov. 15, 2022 | [4],[5],[15],[16],[18],[21] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 2,462,390 | [1],[2],[6],[10],[11],[12],[13],[20] | $ 2,462,577 | [4],[5],[7],[15],[16],[18],[21] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,381,781 | [1],[2],[10],[11],[12],[13],[20] | 2,385,311 | [4],[5],[15],[16],[18],[21] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 11,000,000 | [1],[2],[10],[11],[13],[20] | $ 11,000,000 | [4],[5],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Mar. 18, 2021 | [1],[2],[10],[11],[13],[20] | Mar. 18, 2021 | [4],[5],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 10,725,000 | [1],[2],[6],[10],[11],[13],[20] | $ 9,881,630 | [4],[5],[7],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 10,975,131 | [1],[2],[10],[11],[13],[20] | 10,967,876 | [4],[5],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiere Global Services, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 11,821,914 | [1],[2],[11],[12],[13],[23],[24],[25] | $ 11,821,914 | [4],[5],[16],[17],[18],[26],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Oct. 01, 2019 | [1],[2],[11],[12],[13],[23],[24],[25] | Oct. 01, 2019 | [4],[5],[16],[17],[18],[26],[27],[29] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[11],[12],[13],[23],[24],[25] | [4],[5],[7],[16],[17],[18],[26],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 11,469,896 | [1],[2],[11],[12],[13],[23],[24],[25] | 11,469,896 | [4],[5],[16],[17],[18],[26],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiere Global Services, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 17,332,459 | [1],[2],[9],[11],[13],[23],[25] | $ 16,649,364 | [4],[5],[16],[18],[26],[28],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Oct. 01, 2019 | [1],[2],[9],[11],[13],[23],[25] | Oct. 01, 2019 | [4],[5],[16],[18],[26],[28],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[9],[11],[13],[23],[25] | [4],[5],[7],[16],[18],[26],[28],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 9,817,795 | [1],[2],[9],[11],[13],[23],[25] | 9,817,795 | [4],[5],[16],[18],[26],[28],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiere Global Services, Inc. [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 2,452,012 | [1],[2],[11],[13],[23],[25],[31] | $ 2,452,012 | [4],[5],[16],[18],[26],[27],[32] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Oct. 01, 2019 | [1],[2],[11],[13],[23],[25],[31] | Oct. 01, 2019 | [4],[5],[16],[18],[26],[27],[32] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 486,634 | [1],[2],[6],[11],[13],[23],[25],[31] | $ 494,129 | [4],[5],[7],[16],[18],[26],[27],[32] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,378,999 | [1],[2],[11],[13],[23],[25],[31] | 2,378,999 | [4],[5],[16],[18],[26],[27],[32] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 14,838,658 | [1],[2],[10],[11],[12],[13],[14] | $ 13,917,169 | [4],[5],[15],[16],[17],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Aug. 09, 2018 | [1],[2],[10],[11],[12],[13],[14] | Aug. 09, 2018 | [4],[5],[15],[16],[17],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 12,241,893 | [1],[2],[6],[10],[11],[12],[13],[14] | $ 13,534,447 | [4],[5],[7],[15],[16],[17],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 14,552,312 | [1],[2],[10],[11],[12],[13],[14] | 13,532,801 | [4],[5],[15],[16],[17],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shearer’s Foods, LLC [Member] | Food and Beverage [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[20] | $ 8,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[20] | Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[20] | $ 8,060,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[10],[11],[12],[13],[20] | 8,021,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 18,676,966 | [1],[2],[10],[11],[12],[13],[20] | $ 18,800,583 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Oct. 31, 2018 | [1],[2],[10],[11],[12],[13],[20] | Oct. 31, 2018 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 12,980,491 | [1],[2],[6],[10],[11],[12],[13],[20] | $ 12,995,903 | [4],[5],[7],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 18,583,772 | [1],[2],[10],[11],[12],[13],[20] | 18,646,324 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 9,425,000 | [1],[2],[10],[11],[12],[13],[20] | $ 9,475,000 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 26, 2018 | [1],[2],[10],[11],[12],[13],[20] | Jun. 26, 2018 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 9,318,969 | [1],[2],[6],[10],[11],[12],[13],[20] | $ 9,380,250 | [4],[5],[7],[15],[16],[17],[18],[22],[33],[34] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 9,422,774 | [1],[2],[10],[11],[12],[13],[20] | 9,471,702 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 5,000,000 | [1],[2],[10],[11],[13],[20] | $ 5,000,000 | [4],[5],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 26, 2018 | [1],[2],[10],[11],[13],[20] | Jun. 26, 2018 | [4],[5],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 4,956,250 | [1],[2],[6],[10],[11],[13],[20] | $ 4,812,500 | [4],[5],[7],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 4,985,815 | [1],[2],[10],[11],[13],[20] | 4,980,592 | [4],[5],[15],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Michael Baker International, Inc. [Member] | Industrials [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[10],[11],[13],[20] | $ 8,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[10],[11],[13],[20] | May 22, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[10],[11],[13],[20] | $ 8,010,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[10],[11],[13],[20] | 8,047,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[8],[15],[16],[17],[18] | $ 7,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[8],[15],[16],[17],[18] | May 18, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[8],[15],[16],[17],[18] | $ 4,602,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[8],[15],[16],[17],[18] | 7,711,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[8],[15],[16],[18] | $ 7,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[8],[15],[16],[18] | May 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[8],[15],[16],[18] | $ 2,263,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[8],[15],[16],[18] | 6,834,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Second Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[9],[11],[13],[20],[35] | $ 2,145,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[9],[11],[13],[20],[35] | Mar. 20, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[9],[11],[13],[20],[35] | $ 1,367,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[9],[11],[13],[20],[35] | 1,621,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche A Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[9],[11],[13],[20],[35] | $ 4,991,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[9],[11],[13],[20],[35] | Mar. 20, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[9],[11],[13],[20],[35] | $ 1,247,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[9],[11],[13],[20],[35] | 2,440,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche B Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[11],[13],[20],[35] | $ 2,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[11],[13],[20],[35] | Mar. 20, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[11],[13],[20],[35] | $ 849,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[11],[13],[20],[35] | 1,583,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Fourth Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[11],[13],[20],[35] | $ 2,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[11],[13],[20],[35] | Mar. 20, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[11],[13],[20],[35] | $ 280,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[11],[13],[20],[35] | 732,833 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dodge Data & Analytics, LLC [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 4,900,000 | [1],[2],[10],[11],[12],[13],[14] | $ 4,925,000 | [4],[5],[15],[16],[17],[18],[34] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Feb. 10, 2022 | [1],[2],[10],[11],[12],[13],[14] | Feb. 10, 2022 | [4],[5],[15],[16],[17],[18],[34] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 3,577,000 | [1],[2],[6],[10],[11],[12],[13],[14] | $ 3,841,500 | [4],[5],[7],[15],[16],[17],[18],[34] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 4,845,482 | [1],[2],[10],[11],[12],[13],[14] | 4,865,132 | [4],[5],[15],[16],[17],[18],[34] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dodge Data & Analytics, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 15,000,000 | [1],[2],[10],[11],[13],[14] | $ 15,000,000 | [4],[15],[16],[18],[19],[36] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1] | Feb. 10, 2022 | [2],[10],[11],[13],[14] | Feb. 10, 2022 | [4],[5],[15],[16],[18],[34] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 6,450,000 | [1],[2],[6],[10],[11],[13],[14] | $ 6,600,000 | [4],[7],[15],[16],[18],[19],[36] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 14,823,953 | [1],[2],[10],[11],[13],[14] | 14,812,653 | [4],[15],[16],[18],[19],[36] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Help/Systems Holdings, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[14] | $ 4,424,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[14] | Oct. 06, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[14] | $ 3,981,852 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[10],[11],[12],[13],[14] | 4,234,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Help/Systems Holdings, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[10],[11],[13],[14] | $ 8,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[10],[11],[13],[14] | Oct. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[10],[11],[13],[14] | $ 6,180,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[10],[11],[13],[14] | 8,003,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[14] | $ 9,907,304 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[14] | Feb. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[14] | $ 9,213,793 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[10],[11],[12],[13],[14] | 9,281,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 1,959,799 | [1],[2],[11],[12],[13],[14] | $ 1,969,849 | [4],[5],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | May 17, 2022 | [1],[2],[11],[12],[13],[14] | May 17, 2022 | [4],[5],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [6] | $ 1,081,162 | [1],[2],[11],[12],[13],[14] | $ 1,398,593 | [4],[5],[16],[17],[18],[19] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 1,880,927 | [1],[2],[11],[12],[13],[14] | 1,882,462 | [4],[5],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 14,968,714 | [1],[2],[11],[13],[14] | $ 14,968,714 | [4],[5],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Oct. 20, 2021 | [1],[2],[11],[13],[14] | Oct. 20, 2021 | [4],[5],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 4,490,614 | [1],[2],[6],[11],[13],[14] | $ 5,688,111 | [4],[5],[7],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 14,930,821 | [1],[2],[11],[13],[14] | 14,925,574 | [4],[5],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quest Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 2,947,500 | [1],[2],[10],[11],[12],[13],[14] | $ 2,962,500 | [4],[5],[15],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jan. 20, 2022 | [1],[2],[10],[11],[12],[13],[14] | Jan. 20, 2022 | [4],[5],[15],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 2,181,150 | [1],[2],[6],[10],[11],[12],[13],[14] | $ 2,295,938 | [4],[5],[7],[15],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,926,702 | [1],[2],[10],[11],[12],[13],[14] | 2,939,084 | [4],[5],[15],[16],[17],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quest Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 20,000,000 | [1],[2],[10],[11],[13],[14] | $ 20,000,000 | [4],[5],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jan. 20, 2022 | [1],[2],[10],[11],[13],[14] | Jan. 20, 2022 | [4],[5],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 10,100,000 | [1],[2],[6],[10],[11],[13],[14] | $ 11,814,200 | [4],[5],[7],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 19,769,611 | [1],[2],[10],[11],[13],[14] | 19,749,583 | [4],[5],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSA Security, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 15,000,000 | [1],[2],[10],[11],[13],[20] | $ 15,000,000 | [4],[5],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Apr. 16, 2021 | [1],[2],[10],[11],[13],[20] | Apr. 16, 2021 | [4],[5],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 12,075,000 | [1],[2],[6],[10],[11],[13],[20] | $ 9,075,000 | [4],[5],[7],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 14,816,885 | [1],[2],[10],[11],[13],[20] | 14,799,154 | [4],[5],[15],[16],[18],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 934,808 | [1],[2],[11],[13],[14] | $ 5,239,634 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 04, 2024 | [1],[2],[11],[13],[14] | Jun. 04, 2021 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 920,786 | [1],[2],[6],[11],[13],[14] | $ 2,901,447 | [4],[5],[7],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 891,067 | [1],[2],[11],[13],[14] | 5,212,216 | [4],[5],[15],[16],[17],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[15],[16],[18],[22] | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[15],[16],[18],[22] | Jun. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[15],[16],[18],[22] | $ 3,028,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[15],[16],[18],[22] | 14,562,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Tel Link Corp. [Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 17,000,000 | [1],[2],[10],[11],[13],[20] | $ 17,000,000 | [4],[5],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Nov. 20, 2018 | [1],[2],[10],[11],[13],[20] | Nov. 20, 2018 | [4],[5],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 16,226,500 | [1],[2],[6],[10],[11],[13],[20] | $ 14,960,000 | [4],[5],[7],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 16,879,041 | [1],[2],[10],[11],[13],[20] | 16,853,072 | [4],[5],[15],[16],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 7,650,000 | [1],[2],[10],[11],[13],[20] | $ 7,650,000 | [4],[5],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Aug. 03, 2018 | [1],[2],[10],[11],[13],[20] | Aug. 03, 2018 | [4],[5],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 7,630,875 | [1],[2],[6],[10],[11],[13],[20] | $ 7,248,375 | [4],[5],[7],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 7,655,248 | [1],[2],[10],[11],[13],[20] | 7,656,195 | [4],[5],[16],[18],[22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ares XLIV CLO Ltd.[Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Dec. 15, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[37],[38],[39],[40],[41] | $ 1,387,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[37],[38],[39],[40],[41] | 1,391,309 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlas Senior Loan Fund XI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 5,725,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 5,725,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Apr. 05, 2019 | [1],[2],[37],[38],[39],[40],[41],[42] | Apr. 05, 2019 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 458,000 | [1],[2],[6],[37],[38],[39],[40],[41],[42] | $ 400,750 | [4],[5],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,100,079 | [1],[2],[37],[38],[39],[40],[41],[42] | 2,135,286 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bain Capital Credit CLO 2017-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 3,086,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Jan. 17, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[37],[38],[39],[40],[41] | $ 1,728,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[37],[38],[39],[40],[41] | 1,727,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BlueMountain CLO 2014-2 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 6,374,000 | [1],[2],[37],[38],[39],[40],[42] | $ 6,374,000 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Apr. 03, 2019 | [1],[2],[37],[38],[39],[40],[42] | Apr. 03, 2019 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 509,920 | [1],[2],[6],[37],[38],[39],[40],[42] | $ 701,140 | [4],[5],[7],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 1,006,814 | [1],[2],[37],[38],[39],[40],[42] | 1,348,136 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BlueMountain CLO XXXI Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 12,075,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Apr. 16, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[6],[37],[38],[39],[40],[41] | $ 6,762,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[37],[38],[39],[40],[41] | 6,981,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carlyle Global Market Strategies CLO 2013-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 6,250,000 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 6,250,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Mar. 19, 2013 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | Mar. 19, 2013 | [4],[5],[29],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 3,750 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 625 | [4],[5],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 544,329 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | 544,329 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carlyle Global Market Strategies CLO 2021-6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 29,600,000 | [1],[2],[10],[37],[38],[39],[40] | $ 29,600,000 | [4],[5],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 30, 2021 | [1],[2],[10],[37],[38],[39],[40] | Jun. 30, 2021 | [4],[5],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 15,688,000 | [1],[2],[10],[37],[38],[39],[40] | $ 17,612,000 | [4],[5],[7],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 19,946,240 | [1],[2],[10],[37],[38],[39],[40] | 20,677,311 | [4],[5],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cedar Funding II CLO, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 18,000,000 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 18,000,000 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Oct. 23, 2013 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | Oct. 23, 2013 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 8,177,374 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 8,473,884 | [4],[5],[7],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 11,685,822 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | 11,807,281 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cedar Funding VI CLO Ltd [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 7,700,000 | [1],[2],[37],[38],[39],[40] | $ 7,700,000 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | May 15, 2017 | [1],[2],[37],[38],[39],[40] | May 15, 2017 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 4,620,000 | [1],[2],[37],[38],[39],[40] | $ 4,697,000 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 6,121,163 | [1],[2],[37],[38],[39],[40] | 6,340,254 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CIFC Funding 2014-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 10,000,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 10,000,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jan. 24, 2017 | [1],[2],[37],[38],[39],[40],[41],[42] | Jan. 24, 2017 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 1,600,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 1,800,000 | [4],[5],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,772,645 | [1],[2],[37],[38],[39],[40],[41],[42] | 3,338,457 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dryden 43 Senior Loan Fund [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 47,263,000 | [1],[2],[10],[37],[38],[39],[40] | $ 47,263,000 | [4],[5],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 01, 2021 | [1],[2],[10],[37],[38],[39],[40] | Jun. 01, 2021 | [4],[5],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 18,905,200 | [1],[2],[10],[37],[38],[39],[40] | $ 21,740,980 | [4],[5],[7],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 26,392,527 | [1],[2],[10],[37],[38],[39],[40] | 27,452,965 | [4],[5],[15],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 3,125,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Nov. 15, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[37],[38],[39],[40],[41] | $ 1,745,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[37],[38],[39],[40],[41] | 1,847,422 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telos CLO 2013-4, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 12,500,000 | [1],[2],[37],[38],[39],[40],[41] | $ 12,500,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | May 22, 2020 | [1],[2],[37],[38],[39],[40],[41] | May 22, 2020 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 3,875,000 | [1],[2],[37],[38],[39],[40],[41] | $ 4,625,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 3,617,178 | [1],[2],[37],[38],[39],[40],[41] | 4,073,637 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Madison Park Funding XIX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 5,422,500 | [1],[2],[37],[38],[39],[40],[41] | $ 5,422,500 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | May 11, 2016 | [1],[2],[37],[38],[39],[40],[41] | May 11, 2016 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 2,657,025 | [1],[2],[37],[38],[39],[40],[41] | $ 2,711,250 | [4],[5],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,840,582 | [1],[2],[37],[38],[39],[40],[41] | 3,071,305 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Octagon Investment Partners 49, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 26,375,000 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 28,875,000 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Dec. 11, 2020 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | Dec. 11, 2020 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 12,510,122 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 12,093,730 | [4],[5],[7],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 16,555,441 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | 18,366,667 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sound Point CLO XVI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 45,500,000 | [1],[2],[37],[38],[39],[40],[42] | $ 45,500,000 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Aug. 01, 2018 | [1],[2],[37],[38],[39],[40],[42] | Aug. 01, 2018 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 910,000 | [1],[2],[37],[38],[39],[40],[42] | $ 455,000 | [4],[5],[7],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 20,081,684 | [1],[2],[37],[38],[39],[40],[42] | 20,081,684 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telos CLO 2013-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 14,447,790 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 14,447,790 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jan. 25, 2013 | [1],[2],[37],[38],[39],[40],[41],[42] | Jan. 25, 2013 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 1,445 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 1,445 | [4],[5],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 6,207,075 | [1],[2],[37],[38],[39],[40],[41],[42] | 6,207,075 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telos CLO 2014-5, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 28,500,000 | [1],[2],[37],[38],[39],[40],[42] | $ 28,500,000 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Apr. 11, 2014 | [1],[2],[37],[38],[39],[40],[42] | Apr. 11, 2014 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 2,850 | [1],[2],[37],[38],[39],[40],[42] | $ 2,850 | [4],[5],[7],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 18,179,226 | [1],[2],[37],[38],[39],[40],[42] | 18,179,226 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture XVII, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 6,200,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 6,200,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jan. 27, 2017 | [1],[2],[37],[38],[39],[40],[41],[42] | Jan. 27, 2017 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 620 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 15,500 | [4],[5],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,321,562 | [1],[2],[37],[38],[39],[40],[41],[42] | 2,321,562 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture XX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 3,000,000 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 3,000,000 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jul. 27, 2018 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | Jul. 27, 2018 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[37],[38],[39],[40],[41],[42],[48] | [4],[5],[6],[7],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 332,779 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | 332,779 | [4],[5],[43],[44],[45],[46],[47] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture 35 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40] | $ 5,000,000 | [42] | $ 5,000,000 | [4],[5],[43],[44],[45],[46] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[37],[38],[39],[40] | Dec. 07, 2020 | [42] | Dec. 07, 2020 | [4],[5],[43],[44],[45],[46] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 650,000 | [1],[2],[37],[38],[39],[40],[42] | $ 1,150,000 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 1,231,539 | [1],[2],[37],[38],[39],[40],[42] | 1,779,262 | [4],[5],[43],[44],[45],[46] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 9,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41],[42],[48] | May 12, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[37],[38],[39],[40],[41],[42],[48] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[37],[38],[39],[40],[41],[42],[48] | 1,055,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zais CLO 6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 10,500,000 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | $ 10,500,000 | [4],[5],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | May 03, 2017 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | May 03, 2017 | [4],[5],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 127,859 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | $ 80,925 | [4],[5],[7],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 5,070,937 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | 5,072,411 | [4],[5],[33],[43],[44],[45],[46],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[15],[16],[18],[22] | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[15],[16],[18],[22] | Jan. 22, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[15],[16],[18],[22] | $ 1,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[15],[16],[18],[22] | 11,566,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unitek Global Systems, Inc [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | [54] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[15],[16],[17],[18],[28] | $ 14,454,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[15],[16],[17],[18],[28] | Jan. 07, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[15],[16],[17],[18],[28] | $ 13,876,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[15],[16],[17],[18],[28] | 14,262,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[15],[16],[18],[19] | $ 4,447,383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[15],[16],[18],[19] | Oct. 06, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[15],[16],[18],[19] | $ 4,213,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[15],[16],[18],[19] | 4,221,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[5],[15],[16],[18],[19] | $ 8,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[5],[15],[16],[18],[19] | Oct. 14, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[5],[15],[16],[18],[19] | $ 6,470,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[5],[15],[16],[18],[19] | 8,004,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [11],[12],[13],[14] | $ 4,950,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [11],[12],[13],[14] | Feb. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [11],[12],[13],[14] | $ 4,455,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [11],[12],[13],[14] | 4,648,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Veritas USA, Inc.[Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[16],[17],[18],[28] | $ 3,955,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[16],[18],[28] | Jun. 24, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[16],[18],[28],[34] | $ 3,293,099 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[16],[18],[28],[34] | 3,512,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ares XLIV CLO Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[43],[44],[45],[46],[47] | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[43],[44],[45],[46],[47] | Dec. 15, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[43],[44],[45],[46],[47] | $ 1,432,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[43],[44],[45],[46],[47] | 1,425,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[43],[44],[45],[46],[47] | $ 3,125,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[43],[44],[45],[46],[47] | Nov. 15, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[43],[44],[45],[46],[47] | $ 1,902,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[43],[44],[45],[46],[47] | 1,909,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture 39 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[33],[43],[44],[45],[46],[47],[51] | $ 5,150,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[33],[43],[44],[45],[46],[47],[51] | May 08, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[33],[43],[44],[45],[46],[47],[51] | $ 2,229,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[33],[43],[44],[45],[46],[47],[51] | 3,018,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [4],[5],[43],[44],[45],[46],[47] | $ 9,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [4],[5],[43],[44],[45],[46],[47] | May 12, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [4],[5],[7],[43],[44],[45],[46],[47] | $ 31,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [4],[5],[43],[44],[45],[46],[47] | $ 1,127,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| IT Consulting [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | [1],[2],[3] | 1.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2] | $ 2,543,665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | $ 16,151,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities Investment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 165.50% | [1],[2],[3],[56] | 176.40% | [4],[5],[57] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 252,110,035 | [1],[2],[56] | $ 266,890,427 | [4],[5],[7],[57] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | $ 414,360,197 | [1],[2],[56] | $ 456,906,644 | [4],[5],[57] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments In Securities And Cash Equivalents [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 184.80% | [1],[2],[3] | 179.40% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 281,490,694 | [1],[2] | $ 271,470,316 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 443,740,856 | [1],[2] | 461,486,533 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Affiliated Investment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | 5,276,092 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | (2,732,427) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | 2,543,665 | 5,276,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Control Investment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | [54] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | 5,276,092 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | (2,732,427) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | 2,543,665 | 5,276,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Affiliated Investment [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | 5,276,092 | 4,349,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [54] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | 926,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | 5,276,092 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | $ 5,276,092 | 4,349,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [54] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | 926,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | $ 5,276,092 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Equivalents [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| % OF NET ASSETS | 19.30% | [1],[2],[3] | 3.00% | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 29,380,659 | [1],[2] | $ 4,579,889 | [4],[5],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 29,380,659 | [1],[2] | 4,579,889 | [4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Equivalents [Member] | First American Government Obligations Fund [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | 29,380,659 | [1],[2],[58] | 4,579,889 | [4],[5],[15],[59] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | 29,380,659 | [1],[2],[58] | 4,579,889 | [4],[5],[7],[15],[59] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 29,380,659 | [1],[2],[58] | 4,579,889 | [4],[5],[15],[59] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Equity [Member] | UniTek Global Services, Inc. [Member] | Common Stock [Member] | IT Consulting [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 1,244,188 | [1],[2],[60],[61] | $ 1,244,188 | [4],[5],[62],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jan. 13, 2015 | [1],[2],[60],[61] | Jan. 13, 2015 | [4],[5],[62],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[60],[61] | [4],[5],[7],[62],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 684,960 | [1],[2],[60],[61] | 684,960 | [4],[5],[62],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Equity [Member] | Telecommunication Services ConvergeOne Holdings, Inc. [Member] | Common Stock [Member] | Telecommunication Services [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2],[60] | $ 95,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2],[60] | May 08, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[60] | $ 1,915,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2],[60] | 1,349,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Equity [Member] | Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Common Stock [Member] | Healthcare [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | [1],[2] | $ 62,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | [1],[2] | Jun. 13, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | [1],[2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Preferred Stock [Member] | UniTek Global Services, Inc. [Member] | Preferred Stock [Member] | IT Consulting [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 20,050,935 | [1],[2],[9],[23],[61],[64] | $ 18,763,056 | [4],[5],[26],[30],[36],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 26, 2019 | [1],[2],[9],[23],[61],[64] | Jun. 26, 2019 | [4],[5],[26],[30],[36],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[9],[23],[61],[64] | [4],[5],[7],[26],[30],[36],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 9,002,159 | [1],[2],[9],[23],[61],[64] | 9,002,159 | [4],[5],[26],[30],[36],[63] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | [54] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Senior Preferred Stock [Member] | UniTek Global Services, Inc. [Member] | Preferred Stock [Member] | IT Consulting [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 11,010,051 | [1],[2],[9],[23],[61],[65] | $ 10,034,166 | [4],[5],[26],[30],[63],[66] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 26, 2019 | [1],[2],[9],[23],[61],[65] | Jun. 26, 2019 | [4],[5],[26],[30],[63],[66] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | [1],[2],[9],[23],[61],[65] | $ 221,755 | [4],[5],[7],[26],[30],[63],[66] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 4,535,443 | [1],[2],[9],[23],[61],[65] | 4,535,443 | [4],[5],[26],[30],[63],[66] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Senior Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | 221,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | (221,755) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | 221,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Super Senior Preferred Stock [Member] | UniTek Global Services, Inc. [Member] | Preferred Stock [Member] | IT Consulting [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRINCIPAL AMOUNT | $ 6,291,528 | [1],[2],[9],[23],[61],[67] | $ 5,706,602 | [4],[5],[26],[30],[63],[68] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION DATE | Jun. 26, 2019 | [1],[2],[9],[23],[61],[67] | Jun. 26, 2019 | [4],[5],[26],[30],[63],[68] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | $ 2,543,665 | [1],[2],[9],[23],[61],[67] | $ 5,054,337 | [4],[5],[7],[26],[30],[63],[68] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COST | 2,614,260 | [1],[2],[9],[23],[61],[67] | 2,614,260 | [4],[5],[26],[30],[63],[68] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Super Senior Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | 5,054,337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [53] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | (2,510,672) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | 2,543,665 | 5,054,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Senior Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | 221,755 | 500,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [54] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | (278,298) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | 221,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series B Super Senior Preferred Stock One [Member] | Unitek Global Systems, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of Interest or Dividends Credited to Income | [52] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning Balance of Fair Value | $ 5,054,337 | 3,849,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Additions | [54] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Change in Unrealized Appreciation | 1,204,572 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Reductions | [55] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending Balance of Fair Value | $ 5,054,337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments (Unaudited) (Parentheticals) |
6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Access CIG LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[2],[3],[4],[5],[6] | 10.33% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[6] | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[2],[3],[4],[5],[6] | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[2],[3],[4],[5],[6] | Aug. 18, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Access CIG LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[9],[10],[11],[12],[13] | 13.39% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [7],[8],[9],[10],[11],[12],[13] | 7.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[9],[10],[11],[12],[13] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[9],[10],[11],[12],[13] | Feb. 27, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convergint Technologies, LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 10.09% | [1],[2],[3],[4],[5],[14],[15] | 10.11% | [7],[8],[10],[11],[12],[16] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | 4.75% | [1],[2],[3],[4],[5],[14],[15] | 4.75% | [7],[8],[10],[11],[12],[16] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.75% | [1],[2],[3],[4],[5],[14],[15] | 0.75% | [7],[8],[10],[11],[16],[17] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Mar. 31, 2028 | [1],[2],[3],[4],[5],[14],[15] | Mar. 31, 2028 | [7],[8],[10],[11],[16],[17] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 12.21% | [1],[3],[4],[5],[14],[15] | 12.22% | [7],[8],[10],[11],[18],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.75% | [1],[3],[4],[5],[14],[15] | 0.75% | [7],[8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Mar. 29, 2029 | [1],[3],[4],[5],[14],[15] | Mar. 29, 2029 | [7],[8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiere Global Services Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 13.00% | [1],[2],[3],[4],[5],[20],[21],[22] | 13.00% | [8],[9],[10],[11],[12],[23],[24],[25] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 1.00% | [1],[2],[3],[4],[5],[20],[21],[22] | 1.00% | [8],[9],[10],[11],[12],[23],[24],[25] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Sep. 09, 2021 | [1],[2],[3],[4],[5],[20],[21],[22] | Sep. 09, 2021 | [8],[9],[10],[11],[12],[23],[24],[25] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Prime interest rate | 5.50% | [1],[2],[3],[4],[5],[20],[21],[22] | 5.50% | [8],[9],[10],[11],[12],[23],[24],[25] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiere Global Services Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 1.00% | [1],[3],[4],[5],[20],[22],[26] | 1.00% | [8],[10],[11],[12],[23],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jun. 06, 2024 | [1],[3],[4],[5],[20],[22],[26] | Jun. 06, 2024 | [8],[10],[11],[12],[23],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Prime interest rate | 8.50% | [1],[3],[4],[5],[20],[22],[26] | 8.50% | [8],[10],[11],[12],[23],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment PIK interest rate | 17.00% | [1],[3],[4],[5],[20],[22],[26] | 17.00% | [8],[10],[11],[12],[23],[27],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiere Global Services Inc [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 13.00% | [1],[3],[4],[5],[20],[22],[29] | 13.00% | [8],[10],[11],[12],[23],[24],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 1.00% | [1],[3],[4],[5],[20],[22],[29] | 1.00% | [8],[10],[11],[12],[23],[24],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 07, 2023 | [1],[3],[4],[5],[20],[22],[29] | Apr. 07, 2023 | [8],[10],[11],[12],[23],[24],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Prime interest rate | 5.50% | [1],[3],[4],[5],[20],[22],[29] | 5.50% | [8],[10],[11],[12],[23],[24],[30] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 9.60% | [1],[2],[3],[4],[5],[6],[14] | 8.76% | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[6],[14] | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[2],[3],[4],[5],[6],[14] | 0.00% | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Aug. 20, 2025 | [1],[2],[3],[4],[5],[6],[14] | Aug. 20, 2025 | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[28] | 9.64% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shearer’s Foods, LLC [Member] | Food and Beverage [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[2],[3],[4],[5],[14],[15] | 9.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[14],[15] | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[2],[3],[4],[5],[14],[15] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[2],[3],[4],[5],[14],[15] | Jan. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 9.96% | [1],[2],[3],[4],[5],[14],[15] | 9.97% | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[14],[15] | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[2],[3],[4],[5],[14],[15] | 0.00% | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 03, 2025 | [1],[2],[3],[4],[5],[14],[15] | Apr. 03, 2025 | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[19] | 4.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 9.21% | [1],[2],[3],[4],[5],[14],[15] | 9.22% | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[14],[15] | 3.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[2],[3],[4],[5],[14],[15] | 0.00% | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 02, 2025 | [1],[2],[3],[4],[5],[14],[15] | Jul. 02, 2025 | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[19] | 3.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 13.21% | [1],[3],[4],[5],[14],[15] | 13.22% | [7],[8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 7.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[3],[4],[5],[14],[15] | 0.00% | [7],[8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 02, 2026 | [1],[3],[4],[5],[14],[15] | Jul. 02, 2026 | [7],[8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 7.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Michael Baker International, Inc. [Member] | Industrials [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[3],[4],[5],[14],[15] | 10.09% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 4.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[3],[4],[5],[14],[15] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[3],[4],[5],[12],[14],[15] | Nov. 02, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[9],[10],[11],[12],[31] | 10.88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[9],[10],[11],[12],[31] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[9],[10],[11],[12],[31] | May 08, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[31] | 5.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[10],[11],[12],[31] | 14.64% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[10],[11],[12],[31] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[10],[11],[12],[31] | May 07, 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[31] | 9.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Second Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[3],[4],[5],[15],[26],[32] | 6.44% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[15],[26],[32] | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[3],[4],[5],[15],[26],[32] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[3],[4],[5],[15],[26],[32] | May 05, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment PIK interest rate | [1],[3],[4],[5],[15],[26],[32] | 6.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche A Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[3],[4],[5],[15],[26],[32] | 7.44% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[15],[26],[32] | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[3],[4],[5],[15],[26],[32] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[3],[4],[5],[15],[26],[32] | May 05, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment PIK interest rate | [1],[3],[4],[5],[15],[26],[32] | 5.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche B Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[3],[4],[5],[15],[32] | 12.46% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[15],[32] | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[3],[4],[5],[15],[32] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[3],[4],[5],[15],[32] | May 05, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Fourth Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[3],[4],[5],[15],[32] | 12.46% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[15],[32] | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[3],[4],[5],[15],[32] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[3],[4],[5],[15],[32] | May 05, 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dodge Data & Analytics, LLC [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [4] | 10.23% | [1],[2],[3],[5],[6],[14] | 10.25% | [7],[8],[9],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [4] | 4.75% | [1],[2],[3],[5],[6],[14] | 4.75% | [7],[8],[9],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [4] | 0.50% | [1],[2],[3],[5],[6],[14] | 0.50% | [7],[8],[9],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4] | Feb. 23, 2029 | [1],[2],[3],[5],[6],[14] | Feb. 23, 2029 | [7],[8],[9],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dodge Data & Analytics, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [4] | 13.73% | [1],[3],[5],[6],[14] | 13.75% | [7],[8],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [4] | 8.25% | [1],[3],[5],[6],[14] | 8.25% | [7],[8],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [4] | 0.50% | [1],[3],[5],[6],[14] | 0.50% | [7],[8],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4] | Feb. 25, 2030 | [1],[3],[5],[6],[14] | Feb. 25, 2030 | [7],[8],[10],[12],[33] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Help/Systems Holdings, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[2],[3],[4],[5],[6],[14] | 9.43% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[6],[14] | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[2],[3],[4],[5],[6],[14] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[2],[3],[4],[5],[6],[14] | Nov. 19, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Help/Systems Holdings, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[3],[4],[5],[6],[14] | 12.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[6],[14] | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[3],[4],[5],[6],[14] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[3],[4],[5],[6],[14] | Nov. 19, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[2],[3],[4],[5],[6],[14] | 10.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[6],[14] | 5.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[2],[3],[4],[5],[6],[14] | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[2],[3],[4],[5],[6],[14] | Jul. 20, 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 10.59% | [1],[2],[3],[4],[5],[6] | 10.64% | [7],[8],[9],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[4],[5],[6] | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.75% | [1],[2],[3],[4],[5],[6] | 0.75% | [7],[8],[9],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 27, 2028 | [1],[2],[3],[4],[5],[6] | Jul. 27, 2028 | [7],[8],[9],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [8],[9],[10],[11],[12] | 4.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 13.84% | [1],[3],[4],[5],[6] | 13.89% | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[6] | 8.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.75% | [1],[3],[4],[5],[6] | 0.75% | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 27, 2029 | [1],[3],[4],[5],[6] | Jul. 27, 2029 | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[28] | 8.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quest Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 9.73% | [1],[2],[3],[4],[5],[6],[14] | 9.78% | [7],[8],[9],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | 4.25% | [1],[2],[3],[4],[5],[6],[14] | 4.25% | [7],[8],[9],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.50% | [1],[2],[3],[4],[5],[6],[14] | 0.50% | [7],[8],[9],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Feb. 01, 2029 | [1],[2],[3],[4],[5],[6],[14] | Feb. 01, 2029 | [7],[8],[9],[10],[11],[12],[16] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quest Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 12.98% | [1],[3],[4],[5],[6],[14] | 13.03% | [7],[8],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | 7.50% | [1],[3],[4],[5],[6],[14] | 7.50% | [7],[8],[10],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.50% | [1],[3],[4],[5],[6],[14] | 0.50% | [7],[8],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Feb. 01, 2030 | [1],[3],[4],[5],[6],[14] | Feb. 01, 2030 | [7],[8],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSA Security, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 13.21% | [1],[3],[4],[5],[14],[15] | 13.22% | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 7.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.75% | [1],[3],[4],[5],[14],[15] | 0.75% | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 27, 2029 | [1],[3],[4],[5],[14],[15] | Apr. 27, 2029 | [7],[8],[10],[11],[12],[28] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[28] | 7.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 11.08% | [1],[3],[4],[5],[6] | 12.50% | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[6] | 5.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[3],[4],[5],[6] | 0.00% | [7],[8],[9],[10],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jun. 04, 2030 | [1],[3],[4],[5],[6] | Jan. 04, 2026 | [7],[8],[9],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[19] | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[10],[11],[12],[19] | 16.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[10],[11],[12],[19] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[10],[11],[12],[19] | Jan. 04, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Tel Link Corp. [Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 15.44% | [1],[3],[4],[5],[14],[15] | 15.53% | [7],[8],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | 10.00% | [1],[3],[4],[5],[14],[15] | 10.00% | [7],[8],[10],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[3],[4],[5],[14],[15] | 0.00% | [7],[8],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Nov. 29, 2026 | [1],[3],[4],[5],[14],[15] | Nov. 29, 2026 | [7],[8],[10],[11],[12],[13] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | 12.69% | [1],[3],[4],[5],[14],[15] | 12.71% | [8],[10],[11],[13],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | 0.00% | [1],[3],[4],[5],[14],[15] | 0.00% | [8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Aug. 10, 2026 | [1],[3],[4],[5],[14],[15] | Aug. 10, 2026 | [8],[10],[11],[12],[19] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [8],[10],[11],[12],[13],[19] | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ares XLIV CLO Ltd.[Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Apr. 15, 2034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 28.37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlas Senior Loan Fund XI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 26, 2031 | [4],[5],[34],[35],[36],[37],[38],[39] | Jul. 26, 2031 | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39] | 0.00% | [40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bain Capital Credit CLO 2017-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Jul. 25, 2034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 21.54% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BlueMountain CLO 2014-2 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Oct. 20, 2030 | [4],[5],[34],[35],[36],[37],[39] | Oct. 20, 2030 | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[39] | 7.29% | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BlueMountain CLO XXXI Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Apr. 19, 2034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 23.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carlyle Global Market Strategies CLO 2013-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jan. 18, 2029 | [4],[5],[34],[35],[36],[37],[38],[39],[45] | Jan. 18, 2029 | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39],[45] | 0.00% | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carlyle Global Market Strategies CLO 2021-6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 17, 2034 | [4],[5],[34],[35],[36],[37] | Jul. 17, 2034 | [7],[11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 13.88% | [4],[5],[14],[34],[35],[36],[37] | 14.85% | [7],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cedar Funding II CLO, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 20, 2034 | [4],[5],[14],[34],[35],[36],[37],[46],[47] | Apr. 20, 2034 | [7],[40],[41],[42],[43],[48],[49] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 9.86% | [4],[5],[14],[34],[35],[36],[37],[46],[47] | 11.36% | [7],[11],[12],[40],[41],[42],[43],[48],[49] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cedar Funding VI CLO Ltd [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 20, 2034 | [4],[5],[34],[35],[36],[37] | Apr. 20, 2034 | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 12.28% | [4],[5],[34],[35],[36],[37] | 13.08% | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CIFC Funding 2014-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Oct. 22, 2031 | [4],[5],[34],[35],[36],[37],[38],[39] | Oct. 22, 2031 | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39] | 6.80% | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dryden 43 Senior Loan Fund [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 20, 2034 | [4],[5],[14],[34],[35],[36],[37] | Apr. 20, 2034 | [7],[11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 13.97% | [4],[5],[14],[34],[35],[36],[37] | 17.05% | [7],[11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Jul. 15, 2034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 22.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telos CLO 2013-4, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Oct. 21, 2030 | [4],[5],[34],[35],[36],[37],[38] | Oct. 21, 2030 | [11],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 24.78% | [4],[5],[34],[35],[36],[37],[38] | 29.46% | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Madison Park Funding XIX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jan. 22, 2037 | [4],[5],[34],[35],[36],[37],[38] | Jan. 22, 2028 | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 12.01% | [4],[5],[34],[35],[36],[37],[38] | 8.03% | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Octagon Investment Partners 49, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 15, 2037 | [4],[14],[34],[35],[36],[37],[46],[47] | Jan. 18, 2033 | [7],[11],[12],[40],[41],[42],[43],[48],[49] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 16.58% | [4],[14],[34],[35],[36],[37],[46],[47] | 8.89% | [7],[11],[12],[40],[41],[42],[43],[48],[49] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sound Point CLO XVI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 25, 2030 | [4],[5],[34],[35],[36],[37],[39] | Jul. 25, 2030 | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[39] | 0.00% | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telos CLO 2013-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 17, 2026 | [4],[5],[34],[35],[36],[37],[38],[39] | Jul. 17, 2026 | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39] | 0.00% | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Telos CLO 2014-5, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 17, 2028 | [4],[5],[34],[35],[36],[37],[39] | Apr. 17, 2028 | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[39] | 0.00% | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture XVII, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Apr. 15, 2027 | [4],[34],[35],[36],[37],[38],[39] | Apr. 15, 2027 | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39] | 0.00% | [11],[12],[40],[41],[42],[43],[44] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture XX, Ltd. [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [11],[12],[40],[41],[42],[43],[44] | Apr. 15, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture XX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[5],[34],[35],[36],[37],[38],[39],[45] | Apr. 15, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39],[45] | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture 35 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Oct. 22, 2031 | [4],[5],[34],[35],[36],[37],[38],[39] | Oct. 22, 2031 | [11],[12],[40],[41],[42],[43] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[38],[39] | 46.06% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[5],[34],[35],[36],[37],[38],[39],[45] | Jul. 18, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [4],[5],[34],[35],[36],[37],[38],[39],[45] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zais CLO 6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | Jul. 15, 2029 | [4],[5],[34],[35],[36],[37],[39],[46],[47] | Jul. 15, 2029 | [11],[12],[40],[41],[42],[43],[48],[49] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | 0.00% | [4],[5],[34],[35],[36],[37],[39],[46],[47] | 0.00% | [11],[12],[40],[41],[42],[43],[48],[49] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[9],[10],[11],[12],[28] | 10.64% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[9],[10],[11],[12],[28] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[9],[10],[11],[12],[28] | Aug. 15, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[28] | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[10],[11],[12],[19] | 12.72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[10],[11],[12],[19] | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[10],[11],[12],[19] | Jan. 05, 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[10] | 9.48% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [11],[12],[13] | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [7],[8],[10],[11],[12],[13] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [7],[8],[10],[11],[12],[13] | Nov. 19, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [7],[8],[10],[13] | 12.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [4],[7],[8],[10],[12],[13] | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [4],[7],[8],[10],[12],[13] | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [4],[7],[8],[10],[11],[12],[13] | Nov. 19, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [1],[2],[3],[6] | 10.73% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment SOFR interest rate | [1],[2],[3],[6] | 5.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [1],[2],[3],[6] | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [1],[2],[3],[6] | Jul. 20, 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Veritas USA, Inc.[Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment interest rate | [8],[10],[11],[12],[28] | 10.47% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment floor interest rate | [8],[10],[11],[12],[28] | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [8],[10],[11],[12],[28] | Sep. 01, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment LIBOR interest rate | [8],[10],[11],[12],[28] | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ares XLIV CLO Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [40],[41],[42],[43],[44] | Apr. 15, 2034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [40],[41],[42],[43],[44] | 20.16% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [40],[41],[42],[43],[44] | Jul. 15, 2034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [40],[41],[42],[43],[44] | 22.23% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Venture 39 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [11],[12],[40],[41],[42],[43],[44],[48],[49] | Apr. 15, 2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [11],[12],[40],[41],[42],[43],[44],[48],[49] | 18.61% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment maturity date | [11],[12],[40],[41],[42],[43],[44] | Jul. 18, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment estimated yield | [11],[12],[40],[41],[42],[43],[44] | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class Z [Member] | Cash Equivalents [Member] | First American Government Obligations Fund [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Shares interest rate | 5.20% | [4],[5],[50] | 5.26% | [7],[11],[12],[51] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Operations (Unaudited) (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Income Statement [Abstract] | ||||
| Net increase in net assets resulting from net investment income per common share diluted | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 |
| Net increase/(decrease) in net assets resulting from operations per common share diluted | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 |
| Weighted average shares of common stock outstanding diluted (in Shares) | 60,654,421 | 50,542,374 | 60,146,853 | 50,202,259 |
Statements of Changes in Net Assets (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Increase in net assets from operations: | ||||
| Net investment income | $ 7,721,906 | $ 6,665,781 | $ 14,259,462 | $ 13,156,565 |
| Net change in unrealized appreciation on investments | 27,977,061 | 8,252,931 | 27,766,055 | 8,030,630 |
| Net realized losses | (30,439,962) | (3,331,308) | (38,534,902) | (3,331,308) |
| Net increase in net assets resulting from operations | 5,259,005 | 11,587,404 | 3,490,615 | 17,855,887 |
| Distributions to stockholders | ||||
| Distributions from net investment income | (6,378,631) | (5,239,855) | (12,641,734) | (10,474,935) |
| Tax return of capital distributions | ||||
| Total distributions to stockholders | (6,378,631) | (5,239,855) | (12,641,734) | (10,474,935) |
| Capital share transactions: | ||||
| Issuance of common stock (net of offering costs and underwriting fees of $188,102, $1,092,009, $197,595, and $1,092,009, respectively) | 8,896,714 | 16,068,375 | 9,820,169 | 16,068,375 |
| Reinvestment of distributions | 295,121 | 157,087 | 434,357 | 290,870 |
| Net increase in net assets from capital share transactions | 9,191,835 | 16,225,462 | 10,254,526 | 16,359,245 |
| Total increase in net assets | 8,072,209 | 22,573,011 | 1,103,407 | 23,740,197 |
| Net assets at beginning of period | 144,339,823 | 139,839,148 | 151,308,625 | 138,671,962 |
| Net assets at end of period | $ 152,412,032 | $ 162,412,159 | $ 152,412,032 | $ 162,412,159 |
| Capital share activity: | ||||
| Shares issued (in Shares) | 2,932,908 | 6,451,272 | 3,257,030 | 6,451,272 |
| Shares issued from reinvestment of distributions (in Shares) | 100,383 | 58,525 | 148,126 | 99,683 |
| Net increase in capital share activity (in Shares) | 3,033,291 | 6,509,797 | 3,405,156 | 6,550,955 |
Statements of Changes in Net Assets (Unaudited) (Parentheticals) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Statement of Stockholders' Equity [Abstract] | ||||
| Net of underwriting fees and offering costs | $ 188,102 | $ 1,092,009 | $ 197,595 | $ 1,092,009 |
Statements of Cash Flows (Unaudited) - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net increase in net assets resulting from operations | $ 3,490,615 | $ 17,855,887 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||
| Accretion of discounts on investments | (705,550) | (662,250) |
| Accretion of discount on notes payable and deferred debt issuance costs | 308,503 | 467,826 |
| Non-cash interest income due to PIK | (117,181) | |
| Purchases of investments | (28,512,731) | (8,195,000) |
| Repayments of principal | 32,179,109 | 756,721 |
| Proceeds from the sale of investments | 1,392,002 | 13,919,696 |
| Net realized losses on investments | 38,534,902 | 3,331,308 |
| Reductions to CLO equity cost value | 7,225,657 | 7,430,811 |
| Net change in unrealized appreciation on investments | (27,766,055) | (8,030,630) |
| Decrease/(Increase) in interest and distributions receivable | 701,909 | (630,209) |
| Increase in other assets | (322,915) | (174,602) |
| Increase in Base Fee and Net Investment Income Incentive Fee payable | 10,963 | 1,233,439 |
| Increase in accrued expenses | 241,833 | 822,809 |
| Net cash provided by operating activities | 26,661,061 | 28,125,806 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Distributions paid (net of stock issued under distribution reinvestment plan of $434,357 and $290,870, respectively) | (12,207,377) | (10,184,065) |
| Proceeds from issuance of common stock | 10,017,764 | 17,160,384 |
| Underwriting fees and offering costs for the issuance of common stock | (197,595) | (1,092,009) |
| Net cash (used in)/provided by financing activities | (2,387,208) | 5,884,310 |
| Net increase in cash and cash equivalents | 24,273,853 | 34,010,116 |
| Cash and cash equivalents, beginning of period | 5,740,553 | 9,019,164 |
| Cash and cash equivalents, end of period | 30,014,406 | 43,029,280 |
| NON-CASH FINANCING ACTIVITIES | ||
| Value of shares issued in connection with distribution reinvestment plan | 434,357 | 290,870 |
| SUPPLEMENTAL DISCLOSURES | ||
| Cash paid for interest | 3,613,461 | 5,705,493 |
| Securities sold, not settled | 3,402,645 | |
| Securities purchased, not settled | $ 10,852,405 | |
Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Statement of Cash Flows [Abstract] | ||
| Net of stock issued under distribution reinvestment plan | $ 434,357 | $ 290,870 |
Unaudited Interim Financial Statements |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Unaudited Interim Financial Statements [Abstract] | |
| UNAUDITED INTERIM FINANCIAL STATEMENTS | NOTE 1. UNAUDITED INTERIM FINANCIAL STATEMENTS Interim financial statements of Oxford Square Capital Corp. (“OXSQ” or the “Company”), are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (“SEC”) on March 19, 2024. |
Organization |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Organization [Abstract] | |
| ORGANIZATION | NOTE 2. ORGANIZATION OXSQ was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July 21, 2003 and is a closed-end investment company. OXSQ has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, OXSQ has elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2003 taxable year. The Company’s investment objective is to maximize its total return, by investing primarily in corporate debt securities and collateralized loan obligation (“CLO”) structured finance investments that own corporate debt securities. OXSQ’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of OXSQ’s Board of Directors (the “Board”) who holds a minority, non-controlling interest in Oxford Square Management. Under the investment advisory agreement with Oxford Square Management (the “Investment Advisory Agreement”), OXSQ has agreed to pay Oxford Square Management an annual base investment advisory fee (the “Base Fee”) based on its gross assets as well as an incentive fee based on its performance. For further details, please refer to “Note 7. Related Party Transactions.” |
Summary of Significant Accounting Policies |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Summary of Significant Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. USE OF ESTIMATES The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material. CONSOLIDATION As provided under Regulation S-X and ASC Topic 946-810, Consolidation (“ASC 946-810”), the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or a controlled operating company whose business consists of providing services to the Company for the periods during which it was held. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share. INVESTMENT VALUATION The Company’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement (“ASC 820”) and Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Estimates made in the preparation of the Company’s financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes. The Board of Directors values the Company’s investments for which market quotations are not readily available at fair value as determined in good faith by the Board on at least a quarterly basis. ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 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. ASC 820-10 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company considers the attributes of current market conditions on an on-going basis and has determined that due to the general illiquidity of the market for its investment portfolio, whereby little or no market data exists, all of the Company’s investments are based upon Level 3 inputs as of June 30, 2024 and December 31, 2023. The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain of its syndicated loans and bilateral investments, including related equity investments, although the Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments. Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820-10, the Company’s valuation procedures specifically provide for the review of indicative quotes supplied by the large agent banks that make a market for each security. However, the marketplace from which the Company obtains indicative bid quotes for purposes of determining the fair value of its syndicated loan investments has shown attributes of illiquidity as described by ASC 820-10. During such periods of illiquidity, when the Company believes that the non-binding indicative bids received from agent banks for certain syndicated loan investments that it owns may not be determinative of their fair value, or when no market indicative quote is available, the Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain syndicated investments that the Company owns. The third-party valuation firms may use the income or market approach in arriving at a valuation. Unobservable inputs utilized could include discount rates derived from estimated credit spreads and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. In addition, Oxford Square Management analyzes each syndicated loan by reviewing the portfolio company’s financial statements, covenant compliance and recent trading activity in the security, if known, and other business developments related to the portfolio company. All available information, including non-binding indicative bids which may not be determinative of fair value, is presented to the Company’s Valuation Committee (the “Valuation Committee”) to consider in its determination of fair value. In some instances, there may be limited trading activity in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third-party valuation firms, if any. All information is presented to the Board for its determination of fair value of these investments. Collateralized Loan Obligations — Debt and Equity The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by the broker who arranges transactions in such investment vehicles. The Company also considers those instances in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, the Company considers the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. In periods of illiquidity and volatility, the Company may rely more heavily on other qualities and metrics, including but not limited to, the collateral manager, time left in the reinvestment period, expected cash flows and overcollateralization ratios, instead of the Company’s generated valuation yields. Oxford Square Management or the Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to the Board for its determination of fair value of these investments. Bilateral Investments (Including Equity) Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third-party valuation firm will prepare valuations for each of OXSQ’s bilateral investments that, when combined with all other investments in the same portfolio company, have a value as of the previous quarter of greater than or equal to 2.0% of its total assets as of the previous quarter. In addition, in those instances where a third-party valuation is prepared for a portfolio investment which meets the parameters noted above, the frequency of those third-party valuations is based upon the grade assigned to each such security under its credit grading system as follows: Grade 1, at least annually; Grade 2, at least semi-annually; Grades 3, 4, and 5, at least quarterly. Bilateral investments which do not meet the parameters above are not required to have a third-party valuation and, in those instances, a valuation analysis will be prepared by Oxford Square Management. All information is presented to the Board for its determination of fair value of these investments. The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ). Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments. INVESTMENT INCOME Interest Income Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Company generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current. As of June 30, 2024, the Company had three debt investments in one portfolio company that were on non-accrual status. As of December 31, 2023, the Company had four investments in two portfolio companies that were on non-accrual status. Interest income also includes a payment-in-kind (“PIK”) component on certain investments in the Company’s portfolio. Refer to the section below, “Payment-In-Kind,” for a description of PIK income and its impact on interest income. Payment-In-Kind The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends would be reversed from the related receivable through interest or dividend income, respectively. PIK investments on non-accrual status are restored to accrual status once it becomes probable that such PIK will be ultimately collectible in cash. For the three and six months ended June 30, 2024, approximately $104,000 and $117,000 of PIK, respectively, was recognized as interest income. For the three and six months ended June 30, 2023, no PIK interest was recognized as interest income. For the three and six months ended June 30, 2024 and 2023, the Company did not recognize PIK dividend income on its preferred stock investments. Income from Securitization Vehicles and Investments Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325-40, Beneficial Interests in Securitized Financial Assets, based upon estimated cash flows, amounts and timing, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. We monitor the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly, investment income recognized on CLO equity securities in the statements of operations differs from both the tax-basis investment income and from the cash distributions actually received by the Company during the period. The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp-up of the CLO warehouse facility. For the three and six months ended June 30, 2024 and 2023, no income was recognized related to CLO warehouse facilities. As of June 30, 2024 and December 31, 2023, the Company did not hold any investments in CLO warehouse facilities. Other Income Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund. Preferred Stock Dividends The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the three and six months ended June 30, 2024 and 2023, as the Company deemed them to be uncollectible. DEFERRED DEBT ISSUANCE COSTS Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations. EQUITY OFFERING COSTS Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active. SHARE REPURCHASES From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. SECURITIES TRANSACTIONS Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non-call period, to cause the redemption of the secured notes issued by the CLO with proceeds paid either through the liquidation of the CLO’s assets or through a refinancing with new debt. The optional redemption is effectively a voluntary prepayment of the secured debt issued by the CLO prior to the stated maturity of such debt. Distributions received on CLO equity investments where the optional redemption feature has been exercised are first applied to the remaining cost basis until it is reduced to zero, after which distributions are recorded as realized gains. U.S. FEDERAL INCOME TAXES The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least 90% of its investment company taxable income annually, meet diversification requirements quarterly and file Form 1120-RIC, as defined by the Code. Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through June 30, 2024, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2023 or 2024 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740-10-25, Income Taxes, nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company files tax returns with the Internal Revenue Service and the state of Connecticut. Generally, each of the tax years in the four-year period ended June 30, 2024 remains subject to examination by taxing authorities. For tax purposes, the cost basis of the portfolio investments as of June 30, 2024 and December 31, 2023, was approximately $442,173,994 and $479,922,143, respectively. |
Fair Value |
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| Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | NOTE 4. FAIR VALUE The Company’s assets measured at fair value by investment type on a recurring basis as of June 30, 2024 were as follows:
The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2023 were as follows:
(1) Totals may not sum due to rounding. Significant Unobservable Inputs for Level 3 Investments The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2024 and December 31, 2023, respectively. The Company’s Valuation Policy, which was previously approved by the Board, establishes parameters for the sources and types of valuation analysis, as well as the methodologies and inputs that the Company uses in determining fair value. If the Valuation Committee or Oxford Square Management determines that additional techniques, sources or inputs are appropriate or necessary in a given situation, such additional analysis will be undertaken. The tables, therefore, are not all-inclusive, but provide information on the significant Level 3 inputs that are pertinent to the Company’s fair value measurements. The weighted average calculations in the tables below are based on fair values for all debt related calculations and CLO equity.
(1) Weighted averages are calculated based on fair value of investments. (2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement. (3) The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee. (4) Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee. (5) The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”). (6) The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution. (7) Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk. (8) Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value. (9) EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.” (10) The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.
(1) Weighted averages are calculated based on fair value of investments. (2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement. Yield analysis refers to determining a yield through projected, discounted future cash flows. Once the yield is calculated, that yield corresponds to a specific fair value. An increase to the yield, in isolation, would result in a decrease in the fair value measurement. (3) The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee. (4) Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee. (5) The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”). (6) The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution. (7) Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk. (8) Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value. (9) EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.” (10) The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period. Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2024, and the level of each financial liability within the fair value hierarchy:
(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.4 million as of June 30, 2024. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.6 million as of June 30, 2024. (2) For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”, and “OXSQG”, respectively). (3) Totals may not sum due to rounding. The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2023 and the level of each financial liability within the fair value hierarchy:
(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.5 million as of December 31, 2023. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.8 million as of December 31, 2023. (2) For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ” and “OXSQG”, respectively). (3) Totals may not sum due to rounding. A reconciliation of the fair value of investments for the three months ended June 30, 2024, utilizing significant unobservable inputs, is as follows:
____________ (1) Reduction to CLO equity cost value of approximately $6.4 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $10.2 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $52,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $3.9 million. (2) Purchases and Repayments and Sales include non-cash conversions of securities of approximately $1.6 million. (3) Totals may not sum due to rounding. A reconciliation of the fair value of investments for the six months ended June 30, 2024, utilizing significant unobservable inputs, is as follows:
(1) Reduction to CLO equity cost value of approximately $7.2 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $15.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $58,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $7.8 million. (2) Purchases and Repayments and Sales include non-cash conversions of securities of approximately $1.6 million. (3) Totals may not sum due to rounding. A reconciliation of the fair value of investments for the year ended December 31, 2023, utilizing significant unobservable inputs, is as follows:
(1) Reduction to CLO equity cost value of approximately $15.3 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $32.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $123,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.8 million. (2) Totals may not sum due to rounding. The following table shows the fair value of the Company’s portfolio of investments by asset class as of June 30, 2024 and December 31, 2023:
(1) Totals may not sum due to rounding. |
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Cash and Cash Equivalents |
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| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||
| CASH AND CASH EQUIVALENTS | NOTE 5. CASH AND CASH EQUIVALENTS At June 30, 2024 and December 31, 2023, respectively, cash and cash equivalents were as follows:
For further details regarding the composition of cash and cash equivalents refer to “Note 3. Summary of Significant Accounting Policies.” |
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Borrowings |
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| Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BORROWINGS | NOTE 6. BORROWINGS In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%, immediately after such borrowing. As of June 30, 2024 and December 31, 2023, the Company’s asset coverage for borrowed amounts was 220% and 219%, respectively. The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of June 30, 2024 and December 31, 2023. The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”).
(1) The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of June 30, 2024, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes and 5.50% Unsecured Notes was approximately $0.4 million and $1.6 million, respectively. As of December 31, 2023, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.5 million, and $1.8 million, respectively. (2) Totals may not sum due to rounding. The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of June 30, 2024 were 5.77% and 3.3 years, respectively, and as of December 31, 2023 were 5.77% and 3.8 years, respectively. The tables below summarize the components of interest expense for the three and six months ended June 30, 2024 and June 30, 2023, respectively:
(1) Totals may not sum due to rounding.
(1) Totals may not sum due to rounding. Notes Payable — 6.25% Unsecured Notes Due 2026 (the “6.25% Unsecured Notes”) On April 3, 2019, the Company completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes will mature on April 30, 2026, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 30, 2022. The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The aggregate accrued interest payable on the 6.25% Unsecured Notes as of June 30, 2024 was approximately $467,000. As of June 30, 2024, the Company had unamortized deferred debt issuance costs of approximately $427,000 relating to the 6.25% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 6.25% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the three months ended June 30, 2024 were approximately $700,000 and 6.81%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2024 were approximately $1.4 million and 6.81%, respectively. The cash paid and the effective annualized interest rate for the three months ended June 30, 2023 were approximately $700,000 and 6.79%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2023 were approximately $1.4 million and 6.82%, respectively. Notes Payable — 5.50% Unsecured Notes Due 2028 (the “5.50% Unsecured Notes”) On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The aggregate accrued interest payable on the 5.50% Unsecured Notes as of June 30, 2024 was approximately $738,000. As of June 30, 2024, the Company had unamortized deferred debt issuance costs of approximately $1.6 million relating to the 5.50% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 5.50% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the three months ended June 30, 2024 were approximately $1.1 million and 6.01%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2024 were approximately $2.2 million and 6.01%, respectively. The cash paid and the effective annualized interest rate for the three months ended June 30, 2023 were approximately $1.1 million and 5.99%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2023 were approximately $2.2 million and 6.02%, respectively. Notes Payable — 6.50% Unsecured Notes Due 2024 (the “6.50% Unsecured Notes”) On April 12, 2017, the Company completed an underwritten public offering of approximately $64.4 million in aggregate principal amount of the 6.50% Unsecured Notes. The 6.50% Unsecured Notes had a stated maturity of March 30, 2024, and were redeemable in whole or in part at any time or from time to time at the Company’s option on or after March 30, 2020. The 6.50% Unsecured Notes bore interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. On July 24, 2023, the Company redeemed $40.0 million in aggregate principal amount of the 6.50% Unsecured Notes. On September 11, 2023, the Company redeemed $10.0 million in aggregate principal amount of the 6.50% Unsecured Notes. On November 3, 2023, the Company redeemed $7.0 million in aggregate principal amount of the 6.50% Unsecured Notes. On December 21, 2023, the Company redeemed the remaining $7.4 million aggregate principal amount of 6.50% Unsecured Notes. In connection with the December 21, 2023 redemption, the 6.50% Unsecured Notes were delisted from the NASDAQ Global Select Market. There was no accrued interest payable on the 6.50% Unsecured Notes as of June 30, 2024 or December 31, 2023. With respect to the 6.50% Unsecured Notes, there was no cash paid nor interest expense incurred for the three or six months ended June 30, 2024. The cash paid and the effective annualized interest rate for the three months ended June 30, 2023 were approximately $1.0 million and 7.02%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2023 were approximately $2.1 million and 7.06%, respectively. |
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Related Party Transactions |
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| RELATED PARTY TRANSACTIONS | NOTE 7. RELATED PARTY TRANSACTIONS The Company pays Oxford Square Management a fee for its services under the Investment Advisory Agreement consisting of — a base investment advisory fee (the “Base Fee”) based on its gross assets, as described below, and two types of incentive fees. The cost of both the Base Fee and any incentive fees earned by Oxford Square Management are ultimately borne by the Company’s common stockholders. As described in greater detail under Item 1. Business — Investment Advisory Agreement — Advisory Fee in its Annual Report on Form 10-K for the year ended December 31, 2023, the Company first calculates the Base Fee and any incentive fee under the terms of the Investment Advisory Agreement, then calculates the Base Fee and any incentive fee under the terms of the fee waiver letter unilaterally adopted by Oxford Square Management, effective April 1, 2016 (the “2016 Fee Waiver”), and, finally, adopts the lower of two combined results as the total fees payable to Oxford Square Management. Base Fee The Base Fee is payable quarterly in arrears, calculated based on a percentage of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately prorated for any partial quarter. Accordingly, the Base Fee will be payable regardless of whether the value of the Company’s gross assets has decreased during the quarter. Under the terms of the Investment Advisory Agreement, the Base Fee is calculated at an annual rate of 2.00%, and appropriately adjusted for any equity or debt capital raises, repurchases, or redemptions during the current calendar quarter. Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Base Fee (as a portion of the total calculation) is calculated at an annual rate of 1.50%, and adjusted pro rata for any share issuances, debt issuances, repurchases or redemptions during the current calendar quarter; provided, however, that no Base Fee is payable on the cash proceeds received by the Company in connection with any share or debt issuances until such proceeds have been invested in accordance with the Company’s investment objectives. The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the three and six months ended June 30, 2024 and 2023, respectively:
The Base Fee payable to Oxford Square Management as of June 30, 2024 and December 31, 2023 was $1,023,352 and $1,012,389, respectively. Incentive Fee The incentive fees are commonly referred to as the “Income Incentive Fee” and the “Capital Gains Incentive Fee,” with the first fee payable quarterly in arrears and the second fee payable in arrears at the end of each calendar year. Net Investment Income Incentive Fee The first fee (the “Net Investment Income Incentive Fee”), is determined by reference to the Company’s “Pre-Incentive Fee Net Investment Income” (as defined below). Given that this incentive fee is payable without regard to any gain, loss or unrealized depreciation that may occur during the quarter, Oxford Square Management’s incentive fee may be payable notwithstanding a decline in net asset value that quarter. Under the terms of the Investment Advisory Agreement, the Net Investment Income Incentive Fee is calculated based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter. • For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company’s operating expenses for the quarter (including the Base 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 PIK interest, and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. • Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to one-fourth of an annual “hurdle rate.” The annual hurdle rate is determined as of the immediately preceding December 31st by adding 5.0% to the interest rate then payable on the most recently issued five-year U.S. Treasury Notes, up to a maximum annual hurdle rate of 10.0%. The annual hurdle rates for the 2024 and 2023 calendar years, calculated as of the immediately preceding December 31st, were 8.84% and 8.99% respectively, under the terms of the Investment Advisory Agreement. The Company’s net investment income (to the extent not distributed to stockholders) used to calculate the Net Investment Income Incentive Fee was also included in the amount of gross assets used to calculate the 2% Base Fee. a. The operation of the incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income for each quarter is as follows: i. no incentive fee is payable to Oxford Square Management in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed one fourth of the annual hurdle rate (8.84% for the 2024 calendar year). ii. 20% of the amount of the Pre-Incentive Fee Net Investment Income, if any, that exceeds one-fourth of the annual hurdle rate (8.84% for the 2024 calendar year) in any calendar quarter is payable to Oxford Square Management (i.e., once the hurdle rate is reached, 20% of all Pre-Incentive Fee Net Investment Income thereafter will be allocated to Oxford Square Management). Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Income Incentive Fee (as a portion of the total calculation) is calculated based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) for the calendar quarter exceeds (y) the “Preferred Return Amount” (as defined below) for the calendar quarter. a. A “Preferred Return Amount” is calculated on a quarterly basis by multiplying 1.75% by the Company’s net asset value at the end of the immediately preceding calendar quarter. b. The Net Investment Income Incentive Fee is then calculated as follows: (a) no Net Investment Income Incentive Fee is payable to Oxford Square Management in any calendar quarter in which the “Pre-Incentive Fee Net Investment Income” does not exceed the “Preferred Return Amount”; (b) 100% of the “Pre-Incentive Fee Net Investment Income” for such quarter, if any, that exceeds the “Preferred Return Amount” but is less than or equal to a “Catch-Up Amount” determined on a quarterly basis by multiplying 2.1875% by OXSQ’s net asset value at the end of such calendar quarter; and (c) for any quarter in which the “Pre-Incentive Fee Net Investment Income” exceeds the “Catch-Up Amount,” the Net Investment Income Incentive Fee will be 20% of the amount of the “Pre-Incentive Fee Net Investment Income” for such quarter. c. There is no accumulation of amounts from quarter to quarter for the “Preferred Return Amount,” and accordingly there is no claw back of amounts previously paid to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for subsequent quarters is below the quarterly “Preferred Return Amount,” and there is no delay of payment of incentive fees to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for prior quarters is below the quarterly “Preferred Return Amount” for the quarter for which the calculation is being made. d. The calculation of the Company’s Net Investment Income Incentive Fee is subject to a total return requirement that provides that a Net Investment Income Incentive Fee will not be payable to Oxford Square Management except to the extent 20% of the “cumulative net increase in net assets resulting from operations” (which is the amount, if positive, of the sum of the “Pre-Incentive Fee Net Investment Income,” realized gains and losses and unrealized appreciation and depreciation) during the calendar quarter for which such fees are being calculated and the eleven (11) preceding quarters exceeds the cumulative Net Investment Income Incentive Fees accrued and/or paid for such eleven (11) preceding quarters. In the event that the advisory fee calculations under the 2016 Fee Waiver produce a higher combined Base Fee and Net Investment Income Incentive Fee for any quarterly period, the combined fees are set to the original (lower) level, calculated pursuant to the Investment Advisory Agreement. In the event that advisory fee calculations under the 2016 Fee Wavier produce a lower combined Base Fee and Net Investment Income Incentive Fee for that quarterly period, those lower combined fees are adopted for that quarterly period. In either case, the lower level of combined fees is used for that quarter, and, accordingly, the advisory fee payable to Oxford Square Management can only be reduced, and never increased, as a result of the 2016 Fee Waiver. The following table represents the portion of the total advisory fee ascribed to Net Investment Income Incentive Fees (pursuant to the 2016 Fee Waiver calculation) for the three and six months ended June 30, 2024 and 2023, respectively.
There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of June 30, 2024 and December 31, 2023. Capital Gains Incentive Fee The Capital Gains Incentive Fee, which is calculated identically under the Investment Advisory Agreement and under the 2016 Fee Waiver, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20% of the Company’s “Incentive Fee Capital Gains,” which consists of its realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year. For accounting purposes only, in order to reflect the theoretical Capital Gains Incentive Fee that would be payable for a given period as if all unrealized gains were realized, the Company will accrue a Capital Gains Incentive Fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Investment Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. It should be noted that a fee so calculated and accrued would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of Capital Gains Incentive Fees in subsequent periods. Amounts paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement. The amount of Capital Gains Incentive Fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to Oxford Square Management in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Investment Advisory Agreement on such date. Also, it should be noted that the Capital Gains Incentive Fee expense fluctuates with the Company’s overall investment results. There were no Capital Gains Incentive Fees based on hypothetical liquidation for the three and six months ended June 30, 2024 and 2023. There was no liability for Capital Gains Incentive Fees based on hypothetical liquidation as of June 30, 2024 and December 31, 2023. Administration Agreement The Company has also entered into the Administration Agreement with Oxford Funds under which Oxford Funds provides administrative services for the Company. The Company pays Oxford Funds an allocable portion of overhead and other expenses incurred by Oxford Funds on its behalf under the Administration Agreement, including a portion of the rent and the compensation of the Chief Financial Officer, accounting staff and other administrative support personnel, which creates potential conflicts of interest that the Board must monitor. The Company also reimburses Oxford Funds for the costs associated with the functions performed by the Company’s Chief Compliance Officer that Oxford Funds pays on the Company’s behalf pursuant to the terms of an agreement between the Company and ACA Group, LLC. Oxford Square Management is controlled by Oxford Funds, its managing member. Charles M. Royce, a member of the Board, holds a minority, non-controlling interest in Oxford Square Management. Oxford Funds manages the business and internal affairs of Oxford Square Management. Jonathan H. Cohen, the Company’s Chief Executive Officer, as well as a Director, is the Chief Executive Officer of Oxford Square Management and managing member of Oxford Funds. Saul B. Rosenthal, the Company’s President and Chief Operating Officer, is also the President and Chief Operating Officer of Oxford Square Management and a member of Oxford Funds. Messrs. Cohen and Rosenthal together control the equity interests in Oxford Funds. For the three months ended June 30, 2024 and 2023, the Company incurred approximately $174,000 and $190,000, respectively, in compensation expenses for the services of employees allocated to the administrative activities of the Company, pursuant to the Administration Agreement with Oxford Funds. For the six months ended June 30, 2024 and 2023, the Company incurred approximately $381,000 and $457,000, respectively, in compensation expenses. In addition, the Company incurred approximately $16,000 and $19,000 for facility costs allocated under the Administration Agreement for the three months ended June 30, 2024 and 2023, respectively. The Company incurred approximately $32,000 and $38,000 for facility costs for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there were no accrued compensation expenses payable under the Administration Agreement. As of December 31, 2023, there were no accrued compensation expenses payable under the Administration Agreement. Co-Investment Exemptive Relief On June 14, 2017, the SEC issued an order permitting the Company and certain of its affiliates to complete negotiated co-investment transactions in portfolio companies, subject to certain conditions (the “Order”). Subject to satisfaction of certain conditions to the Order, the Company and certain of its affiliates are permitted, together with any future BDCs, registered closed-end funds and certain private funds, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by, or under common control with the Oxford Square Management, to co-invest in negotiated investment opportunities where doing so would otherwise be prohibited under the 1940 Act, providing the Company’s stockholders with access to a broader array of investment opportunities. Pursuant to the Order, the Company is permitted to co-invest in such investment opportunities with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objective and strategies. |
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | NOTE 8. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income and operations per share for the three and six months ended June 30, 2024 and 2023, respectively:
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Distributions |
6 Months Ended |
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Jun. 30, 2024 | |
| Distributions [Abstract] | |
| DISTRIBUTIONS | NOTE 9. DISTRIBUTIONS The Company intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, the Company would not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify to be taxed as a RIC, the Company is required, among other requirements, to distribute at least 90% of its annual investment company taxable income, as defined by the Code. The amount to be paid out as a distribution each quarter is determined by the Board and is based upon the annual taxable income estimated by the management of the Company. Income calculated in accordance with U.S. federal income tax regulations differs substantially from GAAP income. To the extent that the Company’s cumulative undistributed taxable earnings fall below the amount of distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders. The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on such income. The Company will accrue excise tax on estimated excess taxable income, if any, as required. For the three and six months ended June 30, 2024, the Company had recorded net expense accrual adjustments of approximately $(373,824) and $(48,024), respectively, for estimated excise tax. Those accrual adjustments for the three and six months ended June 30, 2024 reflect reversals of previously overestimated excise tax. For the three and six months ended June 30, 2023, the Company incurred approximately $300,000 for estimated 2023 excise tax. As of June 30, 2024, the Company had a liability of approximately $702,000 of estimated excise tax payable. As of December 31, 2023, the Company had a liability of approximately $750,000 of estimated excise tax payable. This amount is included in “Accrued Expenses” on the Statements of Assets and Liabilities. The Company has adopted an “opt out” distribution reinvestment plan for its common stockholders. As a result, if the Company makes a cash distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended June 30, 2024 and 2023, the Company issued 100,383 and 58,525 shares, respectively, of common stock for approximately $295,000 and $157,000, respectively, to stockholders in connection with the distribution reinvestment plan. During the six months ended June 30, 2024 and 2023, the Company issued 148,126 and 99,683 shares, respectively, of common stock for approximately $434,000 and $291,000, respectively, to stockholders in connection with the distribution reinvestment plan. During the three months and six months ended June 30, 2024 as part of the Company’s dividend reinvestment plan for its common stockholders, the Company’s dividend reinvestment administrator did not purchase any shares of common stock in the open market to satisfy the reinvestment portion of the Company’s dividends. On each of January 31, February 29, March 29, April 30, May 31, 2024, the Company paid monthly distributions of approximately $2.1 million, or $0.035 per share. On June 28, 2024, the Company paid monthly distributions of approximately $2.2 million, or $0.035 per share. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Company is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law. The tax character of distributions for the six months ended June 30, 2024, represented, on an estimated basis, $0.21 per share from ordinary income. For the six months ended June 30, 2024, the amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. federal income tax reporting purposes. The timing and character of distributions for U.S. federal income tax purposes (which are determined in accordance with the U.S. federal tax rules which may differ from GAAP) may be materially different than the historical information the Company used in providing the estimates herein. The final determination of the source of all distributions in 2024 will be made after year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Company’s investment performance and may be subject to change based on tax regulations. |
Net Asset Value Per Share |
6 Months Ended |
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Jun. 30, 2024 | |
| Net Asset Value Per Share [Abstract] | |
| NET ASSET VALUE PER SHARE | NOTE 10. NET ASSET VALUE PER SHARE The Company’s net asset value per share as of June 30, 2024, and December 31, 2023, was $2.43 and $2.55, respectively. In determining the Company’s net asset value per share, the Board determined in good faith the fair value of the Company’s portfolio investments for which reliable market quotations are not readily available. |
Share Issuance and Repurchase Programs |
6 Months Ended |
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Jun. 30, 2024 | |
| Share Issuance and Repurchase Programs [Abstract] | |
| SHARE ISSUANCE AND REPURCHASE PROGRAMS | NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS On August 22, 2023, the Company entered into Amendment No. 1 to that certain Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through an ATM offering. The Company sold a total of 2,932,908 and 3,257,030 shares of common stock pursuant to the ATM offering during the three months and six months ended June 30, 2024, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $8.9 million and $9.8 million during the three and six months ended June 30, 2024, respectively. From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the three months ended June 30, 2024 and 2023, the Company was not authorized to repurchase any shares of outstanding common stock. |
Investment Income |
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| INVESTMENT INCOME | NOTE 12. INVESTMENT INCOME The following table sets forth the components of investment income for the three and six months ended June 30, 2024 and 2023, respectively:
The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three and six months ended June 30, 2024 and 2023, the Company received no fee income for managerial assistance. |
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2024 | |
| Commitments and Contingencies [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | NOTE 13. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of June 30, 2024, the Company did not have any commitments to purchase additional debt investments. The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition. |
Financial Highlights |
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| Investment Company, Financial Highlights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL HIGHLIGHTS | NOTE 14. FINANCIAL HIGHLIGHTS Financial highlights for the three and six months ended June 30, 2024 and 2023, respectively, are as follows:
(1) Represents per share net investment income for the period, based upon weighted average shares outstanding. (2) Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share. (3) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes. (4) Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts. Total return is not annualized. (5) Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized. (6) Annualized. (7) Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value. (8) The following table provides supplemental performance ratios (annualized) measured for the three and six months ended June 30, 2024 and 2023:
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Risks and Uncertainties |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Risks and Uncertainties [Abstract] | |
| RISKS AND UNCERTAINTIES | NOTE 15. RISKS AND UNCERTAINTIES The Company may be materially adversely affected by market conditions. Government spending, government policies, changes in interest rates, and disruptions in supply chains in the United States and elsewhere in conjunction with other factors, have led and could continue to lead to inflationary economic environments that could affect the Company’s portfolio companies, financial condition and results of operations. The Company has exposure to interest rate risks to the extent prevailing interest rates change and it could negatively affect the fair value of the Company’s investments. If interest rates continue to rise in response to inflation, the value, volatility and liquidity of income paying investments could be adversely affected. Market volatility, dramatic change to interest rates and/or unfavorable economic conditions may lower performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of the above events could have a significant adverse impact on the value and risk profile of the Company’s investments. Although it is difficult to predict the extent of the impact of economic disruptions on the Company’s portfolio companies and underlying CLO vehicles the Company invests in, the failure by a portfolio company or CLO vehicle to satisfy certain financial covenants, including with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle fails certain tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. A portfolio company’s failure to satisfy financial or operating covenants imposed by the Company or other lenders could lead to defaults and, potentially, termination of the portfolio company’s loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt securities that the Company holds. Separately, the Company may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, CLO vehicle or any other investment we may make. In addition, if a portfolio company goes bankrupt, even though the Company may have structured its investment as senior debt or secured debt, depending on the facts and circumstances, including the extent to which the Company actually provided significant managerial assistance, if any, to that portfolio company, a bankruptcy court might re-characterize the Company’s debt holding and subordinate all or a portion of the Company’s claim to that of other creditors. If any of these occur, it could materially and adversely affect the Company’s operating results and cash flows. Various social and political circumstances in the United States and around the world (including wars and other forms of conflict and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. The Israel-Hamas war and the conflict between Russia and Ukraine, and resulting market volatility, could also adversely affect the Company’s business, operating results, and financial condition. The extent and duration or escalation of such conflicts, resulting sanctions and resulting future market disruptions are impossible to predict, but could be significant. Any disruptions resulting from such conflicts and any future conflict (including cyberattacks, espionage or the use or threatened use of nuclear weapons) or resulting from actual or threatened responses to such actions could cause disruptions to any of the Company’s portfolio companies located in Europe or the Middle East or that have substantial business relationships with companies in affected regions. It is not possible to predict the duration or extent of longer-term consequences of these conflicts, which could include further sanctions, retaliatory and escalating measures, embargoes, regional instability, geopolitical shifts and adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, currency exchange rates and financial markets around the globe. Any such market disruptions could have a material adverse effect on the Company’s business, financial condition and results of operations. These market and economic disruptions could also negatively impact the operating results of the Company’s portfolio companies. |
Subsequent Events |
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| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS The following distributions payable to stockholders are shown below:
The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements. |
Pay vs Performance Disclosure - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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| Pay vs Performance Disclosure | ||||
| Net Income (Loss) | $ 5,259,005 | $ 11,587,404 | $ 3,490,615 | $ 17,855,887 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
N-2 - $ / shares |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
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| Cover [Abstract] | ||
| Entity Central Index Key | 0001259429 | |
| Amendment Flag | false | |
| Securities Act File Number | 814-00638 | |
| Document Type | 10-Q | |
| Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | |
| Entity Address, Address Line One | 8 SOUND SHORE DRIVE | |
| Entity Address, Address Line Two | SUITE 255 | |
| Entity Address, City or Town | GREENWICH | |
| Entity Address, State or Province | CT | |
| Entity Address, Postal Zip Code | 06830 | |
| City Area Code | (203) | |
| Local Phone Number | 983-5275 | |
| Entity Emerging Growth Company | false | |
| General Description of Registrant [Abstract] | ||
| Investment Objectives and Practices [Text Block] | Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extent, in collateralized loan obligations (“CLO”), which are structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loans that may be used to form the basis of a traditional CLO vehicle. We operate as a closed-end management investment company and have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). |
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| Risk [Text Block] | ITEM 1A.RISK FACTORS. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes known to us during the six months ended June 30, 2024, to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023. |
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| Share Price [Table Text Block] | Issuer Purchases of Equity Securities During the three months ended June 30, 2024, no common stock was repurchased by the Company. |
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| NAV Per Share | $ 2.43 | $ 2.55 |
Accounting Policies, by Policy (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Summary of Significant Accounting Policies [Abstract] | |
| BASIS OF PRESENTATION | BASIS OF PRESENTATION The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. |
| USE OF ESTIMATES | USE OF ESTIMATES The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material. |
| CONSOLIDATION | CONSOLIDATION As provided under Regulation S-X and ASC Topic 946-810, Consolidation (“ASC 946-810”), the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or a controlled operating company whose business consists of providing services to the Company for the periods during which it was held. |
| CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share. |
| INVESTMENT VALUATION | INVESTMENT VALUATION The Company’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement (“ASC 820”) and Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Estimates made in the preparation of the Company’s financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes. The Board of Directors values the Company’s investments for which market quotations are not readily available at fair value as determined in good faith by the Board on at least a quarterly basis. ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 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. ASC 820-10 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company considers the attributes of current market conditions on an on-going basis and has determined that due to the general illiquidity of the market for its investment portfolio, whereby little or no market data exists, all of the Company’s investments are based upon Level 3 inputs as of June 30, 2024 and December 31, 2023. The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain of its syndicated loans and bilateral investments, including related equity investments, although the Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments. Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820-10, the Company’s valuation procedures specifically provide for the review of indicative quotes supplied by the large agent banks that make a market for each security. However, the marketplace from which the Company obtains indicative bid quotes for purposes of determining the fair value of its syndicated loan investments has shown attributes of illiquidity as described by ASC 820-10. During such periods of illiquidity, when the Company believes that the non-binding indicative bids received from agent banks for certain syndicated loan investments that it owns may not be determinative of their fair value, or when no market indicative quote is available, the Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain syndicated investments that the Company owns. The third-party valuation firms may use the income or market approach in arriving at a valuation. Unobservable inputs utilized could include discount rates derived from estimated credit spreads and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. In addition, Oxford Square Management analyzes each syndicated loan by reviewing the portfolio company’s financial statements, covenant compliance and recent trading activity in the security, if known, and other business developments related to the portfolio company. All available information, including non-binding indicative bids which may not be determinative of fair value, is presented to the Company’s Valuation Committee (the “Valuation Committee”) to consider in its determination of fair value. In some instances, there may be limited trading activity in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third-party valuation firms, if any. All information is presented to the Board for its determination of fair value of these investments. Collateralized Loan Obligations — Debt and Equity The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by the broker who arranges transactions in such investment vehicles. The Company also considers those instances in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, the Company considers the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. In periods of illiquidity and volatility, the Company may rely more heavily on other qualities and metrics, including but not limited to, the collateral manager, time left in the reinvestment period, expected cash flows and overcollateralization ratios, instead of the Company’s generated valuation yields. Oxford Square Management or the Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to the Board for its determination of fair value of these investments. Bilateral Investments (Including Equity) Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third-party valuation firm will prepare valuations for each of OXSQ’s bilateral investments that, when combined with all other investments in the same portfolio company, have a value as of the previous quarter of greater than or equal to 2.0% of its total assets as of the previous quarter. In addition, in those instances where a third-party valuation is prepared for a portfolio investment which meets the parameters noted above, the frequency of those third-party valuations is based upon the grade assigned to each such security under its credit grading system as follows: Grade 1, at least annually; Grade 2, at least semi-annually; Grades 3, 4, and 5, at least quarterly. Bilateral investments which do not meet the parameters above are not required to have a third-party valuation and, in those instances, a valuation analysis will be prepared by Oxford Square Management. All information is presented to the Board for its determination of fair value of these investments. The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ). Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments. |
| INVESTMENT INCOME | INVESTMENT INCOME Interest Income Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Company generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current. As of June 30, 2024, the Company had three debt investments in one portfolio company that were on non-accrual status. As of December 31, 2023, the Company had four investments in two portfolio companies that were on non-accrual status. Interest income also includes a payment-in-kind (“PIK”) component on certain investments in the Company’s portfolio. Refer to the section below, “Payment-In-Kind,” for a description of PIK income and its impact on interest income. Payment-In-Kind The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends would be reversed from the related receivable through interest or dividend income, respectively. PIK investments on non-accrual status are restored to accrual status once it becomes probable that such PIK will be ultimately collectible in cash. For the three and six months ended June 30, 2024, approximately $104,000 and $117,000 of PIK, respectively, was recognized as interest income. For the three and six months ended June 30, 2023, no PIK interest was recognized as interest income. For the three and six months ended June 30, 2024 and 2023, the Company did not recognize PIK dividend income on its preferred stock investments. Income from Securitization Vehicles and Investments Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325-40, Beneficial Interests in Securitized Financial Assets, based upon estimated cash flows, amounts and timing, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. We monitor the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly, investment income recognized on CLO equity securities in the statements of operations differs from both the tax-basis investment income and from the cash distributions actually received by the Company during the period. The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp-up of the CLO warehouse facility. For the three and six months ended June 30, 2024 and 2023, no income was recognized related to CLO warehouse facilities. As of June 30, 2024 and December 31, 2023, the Company did not hold any investments in CLO warehouse facilities. Other Income Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund. Preferred Stock Dividends The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the three and six months ended June 30, 2024 and 2023, as the Company deemed them to be uncollectible. |
| DEFERRED DEBT ISSUANCE COSTS | DEFERRED DEBT ISSUANCE COSTS Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations. |
| EQUITY OFFERING COSTS | EQUITY OFFERING COSTS Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active. |
| SHARE REPURCHASES | SHARE REPURCHASES From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. |
| SECURITIES TRANSACTIONS | SECURITIES TRANSACTIONS Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non-call period, to cause the redemption of the secured notes issued by the CLO with proceeds paid either through the liquidation of the CLO’s assets or through a refinancing with new debt. The optional redemption is effectively a voluntary prepayment of the secured debt issued by the CLO prior to the stated maturity of such debt. Distributions received on CLO equity investments where the optional redemption feature has been exercised are first applied to the remaining cost basis until it is reduced to zero, after which distributions are recorded as realized gains. |
| U.S. FEDERAL INCOME TAXES | U.S. FEDERAL INCOME TAXES The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least 90% of its investment company taxable income annually, meet diversification requirements quarterly and file Form 1120-RIC, as defined by the Code. Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through June 30, 2024, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2023 or 2024 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740-10-25, Income Taxes, nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company files tax returns with the Internal Revenue Service and the state of Connecticut. Generally, each of the tax years in the four-year period ended June 30, 2024 remains subject to examination by taxing authorities. For tax purposes, the cost basis of the portfolio investments as of June 30, 2024 and December 31, 2023, was approximately $442,173,994 and $479,922,143, respectively. |
Fair Value (Tables) |
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| Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis | The Company’s assets measured at fair value by investment type on a recurring basis as of June 30, 2024 were as follows:
(1) Totals may not sum due to rounding. |
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| Schedule of Significant Level 3 Fair Value Measurements | The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2024 and December 31, 2023, respectively.
(1) Weighted averages are calculated based on fair value of investments. (2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement. (3) The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee. (4) Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee. (5) The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”). (6) The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution. (7) Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk. (8) Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value. (9) EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.” (10) The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.
(2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement. Yield analysis refers to determining a yield through projected, discounted future cash flows. Once the yield is calculated, that yield corresponds to a specific fair value. An increase to the yield, in isolation, would result in a decrease in the fair value measurement. |
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| Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value | The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2024, and the level of each financial liability within the fair value hierarchy:
(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.4 million as of June 30, 2024. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.6 million as of June 30, 2024. (2) For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”, and “OXSQG”, respectively). (3) Totals may not sum due to rounding. The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2023 and the level of each financial liability within the fair value hierarchy:
(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.5 million as of December 31, 2023. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.8 million as of December 31, 2023. (2) For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ” and “OXSQG”, respectively). (3) Totals may not sum due to rounding. |
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| Schedule of Reconciliation of the Fair Value of Investments | A reconciliation of the fair value of investments for the three months ended June 30, 2024, utilizing significant unobservable inputs, is as follows:
(1) Reduction to CLO equity cost value of approximately $6.4 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $10.2 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $52,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $3.9 million. (2) Purchases and Repayments and Sales include non-cash conversions of securities of approximately $1.6 million. (3) Totals may not sum due to rounding. A reconciliation of the fair value of investments for the six months ended June 30, 2024, utilizing significant unobservable inputs, is as follows:
(1) Reduction to CLO equity cost value of approximately $7.2 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $15.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $58,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $7.8 million. A reconciliation of the fair value of investments for the year ended December 31, 2023, utilizing significant unobservable inputs, is as follows:
(1) Reduction to CLO equity cost value of approximately $15.3 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $32.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $123,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.8 million. |
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| Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class | The following table shows the fair value of the Company’s portfolio of investments by asset class as of June 30, 2024 and December 31, 2023:
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Cash and Cash Equivalents (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents | At June 30, 2024 and December 31, 2023, respectively, cash and cash equivalents were as follows:
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Borrowings (Tables) |
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| Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unsecured Notes | The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of June 30, 2024 and December 31, 2023.
(1) The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of June 30, 2024, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes and 5.50% Unsecured Notes was approximately $0.4 million and $1.6 million, respectively. As of December 31, 2023, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.5 million, and $1.8 million, respectively. (2) Totals may not sum due to rounding. |
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| Schedule of Interest Expense | The tables below summarize the components of interest expense for the three and six months ended June 30, 2024 and June 30, 2023, respectively:
(1) Totals may not sum due to rounding.
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Related Party Transactions (Tables) |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee | The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the three and six months ended June 30, 2024 and 2023, respectively:
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Earnings Per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Net Increase | The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income and operations per share for the three and six months ended June 30, 2024 and 2023, respectively:
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Investment Income (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Investment Income | The following table sets forth the components of investment income for the three and six months ended June 30, 2024 and 2023, respectively:
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Financial Highlights (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Company, Financial Highlights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Highlights | Financial highlights for the three and six months ended June 30, 2024 and 2023, respectively, are as follows:
(1) Represents per share net investment income for the period, based upon weighted average shares outstanding. (2) Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share. (3) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes. (4) Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts. Total return is not annualized. (5) Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized. (6) Annualized. (7) Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value. (8) The following table provides supplemental performance ratios (annualized) measured for the three and six months ended June 30, 2024 and 2023: |
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| Schedule of Supplemental Performance Ratios | The following table provides supplemental performance ratios (annualized) measured for the three and six months ended June 30, 2024 and 2023:
|
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Subsequent Events (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Distributions Payable to Stockholders | The following distributions payable to stockholders are shown below:
|
Summary of Significant Accounting Policies (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Summary of Significant Accounting Policies [Abstract] | |||
| Investments assets percentage | 2.00% | 2.00% | |
| Interest income | $ 104,000 | $ 117,000 | |
| Distribution of investment, percentage | 90.00% | ||
| Portfolio investments | $ 442,173,994 | $ 442,173,994 | $ 479,922,143 |
Fair Value (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Fair Value [Line Items] | |||||
| Investment held in subordinated and income notes | $ 7,721,906 | $ 6,665,781 | $ 14,259,462 | $ 13,156,565 | |
| non-cash conversions of securities | $ 1,600,000 | ||||
| OXSQZ [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 6.25% | ||||
| OXSQG [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 5.50% | ||||
| OXSQG [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 5.50% | ||||
| OXSQG [Member] | 5.50% Unsecured Notes [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 5.50% | ||||
| 6.25% Unsecured Notes [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 6.25% | ||||
| Total deferred debt issuance costs | 400,000 | $ 400,000 | $ 500,000 | ||
| 6.25% Unsecured Notes [Member] | OXSQZ [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 6.25% | 6.25% | |||
| 5.50% Unsecured Notes [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 5.50% | ||||
| Total deferred debt issuance costs | 1,600,000 | $ 1,600,000 | $ 1,800,000 | ||
| CLO [Member] | |||||
| Fair Value [Line Items] | |||||
| Equity cost value | 6,400,000 | 7,200,000 | 15,300,000 | ||
| Investment held in subordinated and income notes | 10,200,000 | 15,000,000 | 32,000,000 | ||
| Amortization of cost | 52,000 | 58,000 | 123,000 | ||
| Interest income recognized | $ 3,900,000 | 7,800,000 | $ 16,800,000 | ||
| non-cash conversions of securities | $ 1,600,000 | ||||
| Fair Value [Member] | 6.25% Unsecured Notes [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 6.25% | 6.25% | |||
| Fair Value [Member] | 5.50% Unsecured Notes [Member] | |||||
| Fair Value [Line Items] | |||||
| Unamortized deferred debt, percentage | 5.50% | 5.50% | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis - Recurring [Member] - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
|||
|---|---|---|---|---|---|
| Senior Secured Notes [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | $ 165.3 | $ 179.5 | |||
| Senior Secured Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| Senior Secured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| Senior Secured Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 165.3 | 179.5 | |||
| CLO Equity [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 82.3 | 82.2 | |||
| CLO Equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| CLO Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| CLO Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 82.3 | 82.2 | |||
| Equity and Other Investments [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 4.5 | 5.3 | |||
| Equity and Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| Equity and Other Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| Equity and Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 4.5 | 5.3 | |||
| Total Investments at fair value [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 252.1 | 266.9 | [1] | ||
| Total Investments at fair value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | [1] | ||||
| Total Investments at fair value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | [1] | ||||
| Total Investments at fair value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 252.1 | 266.9 | [1] | ||
| Cash Equivalents [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 29.4 | 4.6 | |||
| Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 29.4 | 4.6 | |||
| Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | |||||
| Total assets at fair value [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 281.5 | 271.5 | [1] | ||
| Total assets at fair value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | 29.4 | 4.6 | [1] | ||
| Total assets at fair value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | [1] | ||||
| Total assets at fair value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
| Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||||
| Assets | $ 252.1 | $ 266.9 | [1] | ||
| |||||
Fair Value (Details) - Schedule of Significant Level 3 Fair Value Measurements - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 252.1 | $ 266.9 | |||||||||||||||||||||
| Senior Secured Notes [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 164.8 | $ 179.0 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | Market quotes | Market quotes | |||||||||||||||||||||
| Unobservable Input | [1] | NBIB(3) | NBIB(3) | ||||||||||||||||||||
| Range/Weighted Average | [2] | 10.0% – 100.8%/74.6% | 10.0% – 99.8%/68.9% | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||||||||||||||||||||
| Senior Secured Notes One [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 0.5 | $ 0.5 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | Liquidation Net Asset Value | Liquidation Net Asset Value | |||||||||||||||||||||
| Unobservable Input | [1] | NBIB(3) | NBIB(3) | ||||||||||||||||||||
| Range/Weighted Average | [2] | 0.0% – 19.8%/1.5% | 0.0% – 20.2%/1.6% | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||||||||||||||||||||
| CLO Equity [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 79.4 | $ 70.8 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | Market quotes | Market quotes | |||||||||||||||||||||
| Unobservable Input | [1] | NBIB(3) | NBIB(3) | ||||||||||||||||||||
| Range/Weighted Average | [2] | 0.0% – 60.0%/26.5% | 0.0% – 61.0%/26.1% | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||||||||||||||||||||
| CLO Equity One [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 1.7 | $ 10.5 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | Recent transactions | Yield Analysis | |||||||||||||||||||||
| Unobservable Input | Actual trade/payoff(4) | [4] | Yield | ||||||||||||||||||||
| Range/Weighted Average | [2] | 56.0%/ncm(5) | [5] | 12.4% – 22.6%/20.2% | |||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | NA | Decrease | ||||||||||||||||||||
| CLO Equity Two [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 1.2 | $ 0.8 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | [6] | Discounted cash flow(6) | Discounted cash flow(6) | ||||||||||||||||||||
| Unobservable Input | [7] | Discount rate(7) | Discount rate(7) | ||||||||||||||||||||
| Range/Weighted Average | [2] | 19.3% – 21.5%/20.5% | 22.2% – 35.5%/23.6% | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | Decrease | Decrease | ||||||||||||||||||||
| CLO Equity Three [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 0.0 | $ 0.0 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | [8] | Liquidation Net Asset Value(10) | Liquidation Net Asset Value(10) | ||||||||||||||||||||
| Unobservable Input | [1] | NBIB(3) | NBIB(3) | ||||||||||||||||||||
| Range/Weighted Average | [2] | 0.0% – 0.1%/0.0% | 0.0% – 0.3%/0.2% | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||||||||||||||||||||
| Equity/Other Investments [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Total Fair Value for Level 3 | $ 4.5 | $ 5.3 | |||||||||||||||||||||
| Valuation Techniques/ Methodologies | [9] | Enterprise value(8) | Enterprise value(8) | ||||||||||||||||||||
| Unobservable Input | [10] | LTM EBITDA(9) | LTM EBITDA(9) | ||||||||||||||||||||
| Range/Weighted Average | [2],[5] | $32.4 million/ncm(5) | $40.3 million/ncm(5) | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | ||||||||||||||||||||
| Equity/Other Investments One [Member] | |||||||||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||||||||||||||||
| Unobservable Input | [10] | Market multiples(9) | Market multiples(9) | ||||||||||||||||||||
| Range/Weighted Average | [2] | 7.5x – 8.5x/8.0x | 7.3x – 8.3x/7.8x | ||||||||||||||||||||
| Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | ||||||||||||||||||||
| |||||||||||||||||||||||
Fair Value (Details) - Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Point Two Five Percentage Unsecured Notes [Member] | Level 1 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | ||||||||||||||||
| Six Point Two Five Percentage Unsecured Notes [Member] | Level 2 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 43.6 | 42.9 | ||||||||||||||
| Six Point Two Five Percentage Unsecured Notes [Member] | Level 3 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | ||||||||||||||||
| Six Point Two Five Percentage Unsecured Notes [Member] | Carrying Value [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 44.4 | [1] | 44.2 | [2] | ||||||||||||
| Six Point Two Five Percentage Unsecured Notes [Member] | Fair Value [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 43.6 | [3] | 42.9 | [4] | ||||||||||||
| Five Point Five Zero Percentage Unsecured Notes [Member] | Level 1 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | ||||||||||||||||
| Five Point Five Zero Percentage Unsecured Notes [Member] | Level 2 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 72.5 | 72.5 | ||||||||||||||
| Five Point Five Zero Percentage Unsecured Notes [Member] | Level 3 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | ||||||||||||||||
| Five Point Five Zero Percentage Unsecured Notes [Member] | Carrying Value [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 78.9 | [1] | 78.7 | [2] | ||||||||||||
| Five Point Five Zero Percentage Unsecured Notes [Member] | Fair Value [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 72.5 | [3] | 72.5 | [4] | ||||||||||||
| Unsecured Debt [Member] | Level 1 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | [5] | [6] | ||||||||||||||
| Unsecured Debt [Member] | Level 2 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 116.2 | [5] | 115.4 | [6] | ||||||||||||
| Unsecured Debt [Member] | Level 3 [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | [5] | [6] | ||||||||||||||
| Unsecured Debt [Member] | Carrying Value [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | 123.3 | [1],[5] | 123.0 | [2],[6] | ||||||||||||
| Unsecured Debt [Member] | Fair Value [Member] | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total | $ 116.2 | [3],[5] | $ 115.4 | [4],[6] | ||||||||||||
| ||||||||||||||||
Fair Value (Details) - Schedule of Reconciliation of the Fair Value of Investments - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||||||||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||
| Balance | [1] | $ 250.9 | $ 266.9 | $ 314.7 | ||||||||||
| Net realized losses included in earnings | [1] | (30.4) | (38.5) | (17.1) | ||||||||||
| Net unrealized appreciation/(depreciation) included in earnings | [1] | 28.0 | 27.8 | 7.1 | ||||||||||
| Accretion of discount | [1] | 0.4 | 0.7 | 1.1 | ||||||||||
| Purchases | [1] | 28.8 | 40.9 | 11.7 | ||||||||||
| Repayments and Sales | [1] | (19.2) | (38.5) | (35.4) | ||||||||||
| Reductions to CLO Equity cost value | [1] | (6.4) | [2] | (7.2) | [3] | (15.3) | [4] | |||||||
| Payment in Kind income | [1] | 0.1 | 0.1 | |||||||||||
| Transfers in and/or (out) of level 3 | [1] | |||||||||||||
| Balance | [1] | 252.1 | 252.1 | 266.9 | ||||||||||
| Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | [1] | (2.6) | (6.1) | (12.1) | ||||||||||
| Senior Secured Notes [Member] | ||||||||||||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||
| Balance | 161.7 | 179.5 | 211.4 | |||||||||||
| Net realized losses included in earnings | (29.9) | (37.8) | 0.3 | |||||||||||
| Net unrealized appreciation/(depreciation) included in earnings | 31.4 | 29.2 | (13.0) | |||||||||||
| Accretion of discount | 0.4 | 0.7 | 1.1 | |||||||||||
| Purchases | 20.8 | 30.8 | 8.2 | |||||||||||
| Repayments and Sales | (19.2) | (37.2) | (28.5) | |||||||||||
| Reductions to CLO Equity cost value | [2] | [3] | [4] | |||||||||||
| Payment in Kind income | 0.1 | 0.1 | ||||||||||||
| Transfers in and/or (out) of level 3 | ||||||||||||||
| Balance | [1] | 165.3 | 165.3 | 179.5 | ||||||||||
| Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | 1.4 | (3.4) | (13.9) | |||||||||||
| Equity and Other Investments [Member] | ||||||||||||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||
| Balance | 4.9 | 5.3 | 4.3 | |||||||||||
| Net realized losses included in earnings | ||||||||||||||
| Net unrealized appreciation/(depreciation) included in earnings | (1.8) | (2.1) | 0.9 | |||||||||||
| Purchases | 1.3 | 1.3 | ||||||||||||
| Reductions to CLO Equity cost value | [2] | [3] | [4] | |||||||||||
| Payment in Kind income | ||||||||||||||
| Transfers in and/or (out) of level 3 | ||||||||||||||
| Balance | [1] | 4.5 | 4.5 | 5.3 | ||||||||||
| Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | (1.8) | (2.1) | 0.9 | |||||||||||
| CLO Equity [Member] | ||||||||||||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||
| Balance | 84.2 | 82.2 | 98.9 | |||||||||||
| Net realized losses included in earnings | (0.5) | (0.8) | (17.3) | |||||||||||
| Net unrealized appreciation/(depreciation) included in earnings | (1.6) | 0.8 | 19.2 | |||||||||||
| Purchases | 6.7 | 8.8 | 3.5 | |||||||||||
| Repayments and Sales | (1.4) | (6.9) | ||||||||||||
| Reductions to CLO Equity cost value | (6.4) | [2] | (7.2) | [3] | (15.3) | [4] | ||||||||
| Payment in Kind income | ||||||||||||||
| Transfers in and/or (out) of level 3 | ||||||||||||||
| Balance | [1] | 82.3 | 82.3 | 82.2 | ||||||||||
| Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | $ (2.2) | $ (0.6) | $ 0.9 | |||||||||||
| ||||||||||||||
Fair Value (Details) - Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Senior Secured Notes [Member] | ||
| Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
| Investments at Fair Value | $ 165.3 | $ 179.5 |
| Percentage of Total Portfolio | 65.60% | 67.20% |
| Equity and Other Investments [Member] | ||
| Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
| Investments at Fair Value | $ 4.5 | $ 5.3 |
| Percentage of Total Portfolio | 1.80% | 2.00% |
| Total assets at fair value [Member] | ||
| Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
| Investments at Fair Value | $ 252.1 | $ 266.9 |
| Percentage of Total Portfolio | 100.00% | 100.00% |
| CLO Equity [Member] | ||
| Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
| Investments at Fair Value | $ 82.3 | $ 82.2 |
| Percentage of Total Portfolio | 32.60% | 30.80% |
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Schedule of Cash and Cash Equivalents [Abstract] | ||
| Cash | $ 633,747 | $ 1,160,664 |
| Cash Equivalents | 29,380,659 | 4,579,889 |
| Total Cash and Cash Equivalents | $ 30,014,406 | $ 5,740,553 |
Borrowings (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2023 |
Oct. 31, 2023 |
Sep. 30, 2023 |
Jul. 31, 2023 |
Jun. 30, 2023 |
Apr. 30, 2023 |
Mar. 30, 2023 |
Jan. 31, 2023 |
May 20, 2021 |
Apr. 03, 2019 |
Apr. 12, 2017 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 21, 2023 |
Nov. 03, 2023 |
Sep. 11, 2023 |
Jul. 24, 2023 |
|
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Least borrowing percentage | 150.00% | |||||||||||||||||||
| Asset coverage borrowed | 220.00% | 220.00% | 219.00% | |||||||||||||||||
| Closing price on the last day of the period | 6.25% | |||||||||||||||||||
| Weighted average maturity | 3 years 3 months 18 days | 3 years 9 months 18 days | ||||||||||||||||||
| Extinguishment of debt (in Dollars) | $ 427,000 | |||||||||||||||||||
| Unamortized deferred debt | 6.25% | 6.25% | ||||||||||||||||||
| NASDAQ [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Closing price on the last day of the period | 6.25% | |||||||||||||||||||
| OXSQG [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Closing price on the last day of the period | 5.50% | |||||||||||||||||||
| UnsecuredDebtOneMember | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Deferred issuance costs percentage | 6.25% | 6.25% | ||||||||||||||||||
| UnsecuredDebtTwoMember | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Deferred issuance costs percentage | 5.50% | 5.50% | ||||||||||||||||||
| 6.25% Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Deferred issuance costs percentage | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||
| Unamortized deferred debt issuance costs (in Dollars) | $ 400,000 | $ 400,000 | $ 500,000 | |||||||||||||||||
| Effective annualized interest rate | 6.25% | 6.25% | 6.25% | |||||||||||||||||
| Accrued interest payable (in Dollars) | $ 467,000 | $ 467,000 | ||||||||||||||||||
| Deferred debt issuance costs percentage | 6.25% | |||||||||||||||||||
| Interest paid (in Dollars) | $ 1,400,000 | $ 1,400,000 | ||||||||||||||||||
| Effective annualized interest rate | 6.82% | 6.81% | 6.82% | 6.81% | 6.82% | |||||||||||||||
| 5.50% Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Deferred issuance costs percentage | 5.50% | 5.50% | 5.50% | 5.50% | 6.01% | 5.99% | 6.01% | 6.02% | ||||||||||||
| Unamortized deferred debt issuance costs (in Dollars) | $ 1,600,000 | $ 1,600,000 | $ 1,800,000 | |||||||||||||||||
| Effective annualized interest rate | 5.50% | 5.50% | 5.50% | |||||||||||||||||
| Accrued interest payable (in Dollars) | $ 738,000 | $ 738,000 | ||||||||||||||||||
| Deferred debt issuance costs percentage | 5.50% | |||||||||||||||||||
| Interest paid (in Dollars) | $ 1,100,000 | $ 1,100,000 | $ 2,200,000 | $ 2,200,000 | ||||||||||||||||
| Unamortized deferred issuance costs percentage (in Dollars) | $ 5.5 | |||||||||||||||||||
| Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Deferred issuance costs percentage | 6.50% | |||||||||||||||||||
| Weighted average interest rate | 5.77% | 5.77% | 5.77% | |||||||||||||||||
| Effective annualized interest rate | 6.50% | 6.50% | 6.50% | |||||||||||||||||
| 6.50% Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Deferred issuance costs percentage | 6.50% | 6.50% | 6.50% | |||||||||||||||||
| Effective annualized interest rate | 7.02% | 6.50% | 6.50% | 7.02% | 6.50% | 7.02% | 6.50% | |||||||||||||
| Interest paid (in Dollars) | $ 1,000,000 | $ 2,100,000 | ||||||||||||||||||
| Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Effective annualized interest rate | 6.50% | 6.50% | ||||||||||||||||||
| Unsecured Notes [Member] | 6.25% Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Aggregate principal amount (in Dollars) | $ 44,800,000 | |||||||||||||||||||
| Effective annualized interest rate | 6.25% | |||||||||||||||||||
| Maturity date | Apr. 30, 2026 | |||||||||||||||||||
| Interest paid (in Dollars) | $ 700,000 | $ 700,000 | ||||||||||||||||||
| Effective annualized interest rate | 6.79% | 6.81% | 6.79% | 6.81% | 6.79% | |||||||||||||||
| Unsecured Notes [Member] | 5.50% Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Unamortized deferred debt issuance costs (in Dollars) | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||
| Effective annualized interest rate | 5.50% | |||||||||||||||||||
| Maturity date | Jul. 31, 2028 | |||||||||||||||||||
| Interest paid (in Dollars) | $ 80,500,000 | |||||||||||||||||||
| Unsecured Notes [Member] | 6.50% Unsecured Notes [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Aggregate principal amount (in Dollars) | $ 64,400,000 | $ 7,400,000 | $ 7,000,000 | $ 10,000,000 | $ 40,000,000 | |||||||||||||||
| Effective annualized interest rate | 7.06% | 6.50% | 6.50% | 7.06% | 6.50% | 7.06% | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||||
| Maturity date | Mar. 30, 2024 | |||||||||||||||||||
| Borrowings [Member] | ||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||
| Closing price on the last day of the period | 5.50% | |||||||||||||||||||
Borrowings (Details) - Schedule of Unsecured Notes - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|
| 6.25% Unsecured Notes [Member] | ||||||
| Schedule of Unsecured Notes [Line Items] | ||||||
| Principal Amount | $ 44.8 | $ 44.8 | ||||
| Carrying Value | [1] | 44.4 | 44.2 | |||
| Fair Value | 43.6 | 42.9 | ||||
| 5.50% Unsecured Notes [Member] | ||||||
| Schedule of Unsecured Notes [Line Items] | ||||||
| Principal Amount | 80.5 | 80.5 | ||||
| Carrying Value | [1] | 78.9 | 78.7 | |||
| Fair Value | 72.5 | 72.5 | ||||
| Unsecured Notes [Member] | ||||||
| Schedule of Unsecured Notes [Line Items] | ||||||
| Principal Amount | [2] | 125.3 | 125.3 | |||
| Carrying Value | [1],[2] | 123.3 | 123.0 | |||
| Fair Value | [2] | $ 116.2 | $ 115.4 | |||
| ||||||
Borrowings (Details) - Schedule of Interest Expense - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
| 6.25% Unsecured Notes [Member] | ||||||||
| Schedule of Interest Expense [Line Items] | ||||||||
| Stated Interest Expense | $ 699,900 | $ 699,900 | $ 1,399,700 | $ 1,399,700 | ||||
| Amortization of Deferred Debt Issuance Costs | 58,100 | 58,100 | 116,300 | 115,600 | ||||
| Total | 758,000 | 758,000 | 1,516,000 | [1] | 1,515,300 | [1] | ||
| 5.50% Unsecured Notes [Member] | ||||||||
| Schedule of Interest Expense [Line Items] | ||||||||
| Stated Interest Expense | 1,106,900 | 1,106,900 | 2,213,800 | 2,213,800 | ||||
| Amortization of Deferred Debt Issuance Costs | 96,100 | 96,100 | 192,200 | 191,200 | ||||
| Total | 1,203,000 | 1,203,000 | 2,406,000 | [1] | 2,404,900 | [1] | ||
| Unsecured Notes [Member] | ||||||||
| Schedule of Interest Expense [Line Items] | ||||||||
| Stated Interest Expense | [1] | 1,806,700 | 2,852,700 | 3,613,500 | 5,705,500 | |||
| Amortization of Deferred Debt Issuance Costs | [1] | 154,300 | 235,200 | 308,500 | 467,800 | |||
| Total | [1] | $ 1,961,000 | 3,088,000 | $ 3,922,000 | 6,173,300 | |||
| 6.50% Unsecured Notes [Member] | ||||||||
| Schedule of Interest Expense [Line Items] | ||||||||
| Stated Interest Expense | 1,046,000 | 2,092,000 | ||||||
| Amortization of Deferred Debt Issuance Costs | 81,000 | 161,000 | ||||||
| Total | $ 1,127,000 | $ 2,253,000 | [1] | |||||
| ||||||||
Related Party Transactions (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||
| Related Party Transactions [Line Items] | ||||||||
| Base fee | 2.00% | |||||||
| Base fee payable (in Dollars) | $ 1,012,389 | $ 1,023,352 | $ 1,023,352 | |||||
| Pre-incentive fee hurdle rate | 8.84% | 8.99% | ||||||
| Pre-Incentive fee net investment income | 20.00% | 20.00% | ||||||
| Preferred return amount, percentage | 1.75% | |||||||
| Catch-up amount, percentage | 2.1875% | |||||||
| Compensation expenses (in Dollars) | $ 174,000 | $ 190,000 | $ 381,000 | $ 457,000 | ||||
| General and administrative expenses (in Dollars) | [1] | $ 447,519 | 430,149 | $ 794,144 | 803,322 | |||
| Oxford Funds [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Pre-Incentive fee net investment income | 20.00% | 20.00% | ||||||
| Investment Advisory Agreement [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Base fee | 2.00% | |||||||
| Capital gains incentive fee percentage | 20.00% | |||||||
| Oxford Square Management [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Annual hurdle rate | 8.84% | 8.84% | ||||||
| Pre-Incentive fee net investment income | 100.00% | 100.00% | ||||||
| Administration Agreement [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| General and administrative expenses (in Dollars) | $ 16,000 | $ 19,000 | $ 32,000 | $ 38,000 | ||||
| Minimum [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Pre-incentive fee hurdle rate | 5.00% | |||||||
| Maximum [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Pre-incentive fee hurdle rate | 10.00% | |||||||
| 2016 Fee Waiver [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Base fee | 1.50% | |||||||
| Net Investment Income Incentive Fee [Member] | ||||||||
| Related Party Transactions [Line Items] | ||||||||
| Pre-incentive fee hurdle rate | 8.84% | |||||||
| Income advisor incentive fee rate | 20.00% | |||||||
| Pre-Incentive fee net investment income | 20.00% | 20.00% | ||||||
| ||||||||
Related Party Transactions (Details) - Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Base Fee [Member] | ||||
| Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items] | ||||
| Base Fee | $ 1.0 | $ 1.3 | $ 2.0 | $ 2.4 |
| Net Investment Income Incentive Fee [Member] | ||||
| Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items] | ||||
| Net Investment Income Incentive Fee | $ 1.3 | $ 2.5 | ||
Earnings Per Share (Details) - Schedule of Basic and Diluted Net Increase - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Earnings Per Share [Abstract] | ||||
| Net investment income | $ 7,721,906 | $ 6,665,781 | $ 14,259,462 | $ 13,156,565 |
| Weighted average common shares outstanding | 60,654,421 | 50,542,374 | 60,146,853 | 50,202,259 |
| Net increase in net assets resulting from net investment income per common share - basic | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 |
| Net increase in net assets resulting from operations | $ 5,259,005 | $ 11,587,404 | $ 3,490,615 | $ 17,855,887 |
| Net increase in net assets resulting from operations per common share - basic | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 |
Earnings Per Share (Details) - Schedule of Basic and Diluted Net Increase (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Earnings Per Share [Abstract] | ||||
| Net increase in net assets resulting from net investment income per common share - Diluted | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 |
| Net increase in net assets resulting from operations per common share - Diluted | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 |
Distributions (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
May 31, 2024 |
Apr. 30, 2024 |
Mar. 29, 2024 |
Feb. 29, 2024 |
Jan. 31, 2024 |
Dec. 31, 2023 |
|||
| Distributions [Line Items] | |||||||||||||
| Annual investment percentage | 90.00% | ||||||||||||
| Excise tax percentage | 4.00% | ||||||||||||
| Estimated excise tax | [1] | $ (373,824) | $ 300,000 | $ (48,024) | $ 300,000 | ||||||||
| Excise tax payable | $ 702,000 | $ 702,000 | $ 750,000 | ||||||||||
| Shares issued from reinvestment of distributions (in Shares) | 100,383 | 58,525 | 148,126 | 99,683 | |||||||||
| Common stock value in connection with the distribution reinvestment plan | $ 295,121 | $ 157,087 | $ 434,357 | $ 290,870 | |||||||||
| Interest and dividends payable | $ 2,200,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | |||||||
| Dividends payable (in Dollars per share) | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | |||||||
| Ordinary income per share (in Dollars per share) | $ 0.21 | $ 0.21 | |||||||||||
| Common Stock [Member] | |||||||||||||
| Distributions [Line Items] | |||||||||||||
| Common stock value | $ 295,000 | $ 157,000 | $ 295,000 | $ 157,000 | |||||||||
| |||||||||||||
Net Asset Value Per Share (Details) - $ / shares |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|---|---|
| Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
| Net Asset Value Per Share [Line Items] | ||||||
| Net asset value per share | $ 2.43 | $ 2.42 | $ 2.55 | $ 2.88 | $ 2.8 | $ 2.78 |
Share Issuance and Repurchase Programs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Aug. 22, 2023 |
Jun. 30, 2024 |
Jun. 30, 2024 |
|
| Share Issuance and Repurchase Programs [Abstract] | |||
| Current capacity of share issuances | $ 150.0 | ||
| Total of shares of common stock (in Shares) | 2,932,908 | 3,257,030 | |
| Underwriting fees and offering costs | $ 8.9 | $ 9.8 |
Investment Income (Details) - Schedule of Components of Investment Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Interest Income | ||||
| Stated interest income | $ 6,371,911 | $ 8,467,421 | $ 12,500,368 | $ 16,412,453 |
| Paid in Kind interest income | 103,609 | 117,181 | ||
| Original issue discount and market discount income | 403,275 | 322,231 | 705,550 | 662,250 |
| Discount income derived from unscheduled remittances at par | 143,024 | 9,528 | 119,767 | 18,637 |
| Total interest income | 7,021,819 | 8,799,180 | 13,442,866 | 17,093,340 |
| Income from securitization vehicles and investments | 3,885,916 | 4,329,300 | 7,818,290 | 8,708,795 |
| Commitment, amendment and other fee income | ||||
| Fee letters | 223,141 | 164,449 | 355,129 | 319,528 |
| Loan prepayment and bond call fees | ||||
| Money market fund income and all other fees | 314,580 | 220,051 | 506,595 | 333,115 |
| Total commitment, amendment and other fee income | 537,721 | 384,500 | 861,724 | 652,643 |
| Total investment income | $ 11,445,456 | $ 13,512,980 | $ 22,122,880 | $ 26,454,778 |
Financial Highlights (Details) - Schedule of Financial Highlights - Fair Value Measured at Net Asset Value Per Share [Member] - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Net asset value at beginning of period | $ 2.42 | $ 2.8 | $ 2.55 | $ 2.78 | ||||||||||||||||
| Net investment income | [1] | 0.13 | 0.13 | 0.24 | 0.26 | |||||||||||||||
| Net realized and unrealized (losses)/gains | [2] | (0.04) | 0.1 | (0.18) | 0.09 | |||||||||||||||
| Net increase in net asset value from operations | 0.09 | 0.23 | 0.06 | 0.35 | ||||||||||||||||
| Distributions per share from net investment income | (0.11) | (0.11) | (0.21) | (0.21) | ||||||||||||||||
| Tax return of capital distributions | [3] | |||||||||||||||||||
| Total distributions | (0.11) | (0.11) | (0.21) | (0.21) | ||||||||||||||||
| Effect of shares issued | 0.03 | (0.04) | 0.03 | (0.04) | ||||||||||||||||
| Net asset value at end of period | 2.43 | 2.88 | 2.43 | 2.88 | ||||||||||||||||
| Per share market value at beginning of period | 3.17 | 3.16 | 2.86 | 3.12 | ||||||||||||||||
| Per share market value at end of period | $ 2.94 | $ 2.65 | $ 2.94 | $ 2.65 | ||||||||||||||||
| Total return based on Market Value | [4] | (4.06%) | (13.00%) | 9.98% | (9.15%) | |||||||||||||||
| Total return based on Net Asset Value | [5] | 4.75% | 6.61% | 3.53% | 11.15% | |||||||||||||||
| Shares outstanding at end of period (in Shares) | 62,705,628 | 56,395,751 | 62,705,628 | 56,395,751 | ||||||||||||||||
| Ratios/Supplemental Data(8) | ||||||||||||||||||||
| Net assets at end of period (000’s) (in Dollars) | [6] | $ 152,412 | $ 162,412 | $ 152,412 | $ 162,412 | |||||||||||||||
| Average net assets (000’s) (in Dollars) | [6] | $ 146,781 | $ 144,439 | $ 147,520 | $ 141,852 | |||||||||||||||
| Ratio of expenses to average net assets | [6],[7] | 11.15% | 18.96% | 10.99% | 18.75% | |||||||||||||||
| Ratio of net investment income to average net assets | [6],[7] | 20.04% | 18.46% | 19.00% | 18.55% | |||||||||||||||
| Portfolio turnover rate | [6],[8] | 7.02% | 1.48% | 14.37% | 2.60% | |||||||||||||||
| ||||||||||||||||||||
Financial Highlights (Details) - Schedule of Supplemental Performance Ratios |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Ratio of expenses to average net assets: | ||||
| Operating expenses before incentive fees | 11.15% | 15.36% | 10.99% | 15.18% |
| Net investment income incentive fees | 3.60% | 3.57% | ||
| Ratio of expenses, excluding interest expense, to average net assets | 5.81% | 10.41% | 5.68% | 10.05% |
Subsequent Events (Details) - Schedule of Distributions Payable to Stockholders - Distributions Payable [Member] |
6 Months Ended |
|---|---|
|
Jun. 30, 2024
$ / shares
| |
| Date of issuance [Member] | |
| Subsequent Event [Line Items] | |
| Date Declared | May 02, 2024 |
| Record Dates | Jul. 17, 2024 |
| Payable Dates | Jul. 31, 2024 |
| Per Share Distribution Amount Declared | $ 0.035 |
| Date of issuance one [Member] | |
| Subsequent Event [Line Items] | |
| Date Declared | May 02, 2024 |
| Record Dates | Aug. 16, 2024 |
| Payable Dates | Aug. 30, 2024 |
| Per Share Distribution Amount Declared | $ 0.035 |
| Date of issuance two [Member] | |
| Subsequent Event [Line Items] | |
| Date Declared | May 02, 2024 |
| Record Dates | Sep. 16, 2024 |
| Payable Dates | Sep. 30, 2024 |
| Per Share Distribution Amount Declared | $ 0.035 |
| Date of Issuance Three [Member] | |
| Subsequent Event [Line Items] | |
| Date Declared | Aug. 08, 2024 |
| Record Dates | Oct. 17, 2024 |
| Payable Dates | Oct. 31, 2024 |
| Per Share Distribution Amount Declared | $ 0.035 |
| Date of Issuance Four [Member] | |
| Subsequent Event [Line Items] | |
| Date Declared | Aug. 08, 2024 |
| Record Dates | Nov. 15, 2024 |
| Payable Dates | Nov. 29, 2024 |
| Per Share Distribution Amount Declared | $ 0.035 |
| Date of Issuance Five [Member] | |
| Subsequent Event [Line Items] | |
| Date Declared | Aug. 08, 2024 |
| Record Dates | Dec. 17, 2024 |
| Payable Dates | Dec. 31, 2024 |
| Per Share Distribution Amount Declared | $ 0.035 |